Good morning!
The GIFT Nifty was trending marginally higher at 25,488 as of 6:30 a.m., indicating a flattish open for the benchmark Nifty 50.
Asian equity benchmarks opened with sharp gains on the back of US Fed's 25 basis point rate cut. US index futures traded positive as well, with gains of up 0.4% while Euro Stoxx 50 futures were flat.
Markets On Home Turf
The benchmark equity indices closed in the green for the second straight session on Wednesday. The NSE Nifty 50 ended 91.15 points or 0.36% higher at 25,330.25 and the BSE Sensex closed 313.02 points or 0.38% up at 82,693.71. The Nifty rose over 0.43% during the day to 15,346.50, while the Sensex climbed 0.44% to 82,741.95.
The foreign portfolio investors on Wednesday turned net sellers of Indian shares despite a rise in markets ahead of the US Federal Reserve's rate cut decision.
The FPIs sold stocks worth approximately Rs 989.81 crore, according to provisional data from the National Stock Exchange. The DIIs stayed net buyers for the eighth session and bought stakes worth Rs 2,205.12 crore.
Catch all the live markets here for real-time updates, stock movements, and broader market trends throughout the day.
Wall Street Recap
US benchmarks fell on Wednesday even as Federal Reserve officials lowered the interest rate by 25 bps while pointing to growing weakness in the labour market and elevated inflation.
The S&P 500 Index slumped 0.1%, with the information technology, consumer discretionary and communications services sectors facing pressure. The Nasdaq 100 Index sank 0.2% after paring an intraday loss of 1.1%, Bloomberg reported.
Asian Market Update
Asian benchmark indices zoomed on the back of US Federal Reserve's 25 bps rate cut, with the tech-heavy Hang Seng, in particular, trading with gains of up to 1.8%.
Nikkei 225 also gained more than 0.7% while the Shanghai Composite rose 0.37%, as investors weighed in the benefits of a rate cut.
Commodities Check
On account of the rate cut, oil prices declined as traders weighed an increase in US fuel inventories.
Brent traded around $68 a barrel, after losing 0.8% on Wednesday, while West Texas Intermediate was near $64.
Gold prices, meanwhile, declined after slipping from a fresh record in the previous session following the Federal Reserve’s much-anticipated announcement to cut interest rates.
Gold briefly spiked to a fresh record of $3,707.57 an ounce following the announcement, as lower rates typically benefit bullion, a non-yielding asset, Bloomberg reported.
Key Events To Watch
Commerce & Industry Minister Piyush Goyal is on a two-day visit to the UAE.
SEBI Chairman Tuhin Kanta Pandey will address NaBFID’s Annual Infrastructure Conclave 2025.
Finance Minister Nirmala Sitharaman will inaugurate the Indian Foundation for Quality Management Annual Symposium.
Stocks In News
Cohance Lifesciences: Jusmiral Holdings to sell 1.9 crore shares, representing 5.1% stake worth about Rs 1,756.2 crore. The floor price has been fixed at Rs 900 per share, a 6.9% discount to the last current market price. IIFL Capital Services is the sole broker.
Marico: Certain officials of the Income Tax department visited some of the company’s offices and manufacturing units in India. The company further added that the proceedings are underway, and it is extending full cooperation to the officials. The FMCG company further added that there will be no material impact on business operations.
Kansai Nerolac: The company received a penalty of Rs 1.68 crore from the Income Tax Department.
Sagility India: Name of the company to be changed to Sagility effective Sept. 22.
Zinka Logistics: The name of the company is to be changed to Blackbuck effective Sept. 22.
Biocon: Arm Biocon Biologics receives USFDA approval for Bosaya and Aukelso. Bosaya is used for the treatment of postmenopausal women with osteoporosis and Aukelso is used for prevention of skeletal-related events in patients with multiple myeloma.
Cochin Shipyard: The company signed an agreement with ONGC for dry dock/ major lay-up repairs of jack up rig. The estimated contract value is around Rs 200 crore.
TVS Motor: The company launched TVS King Deluxe Plus CNG 3-Wheeler in Tanzania.
Allied Blenders and Distillers: The company’s supreme court appeal was disposed of. The trial court directed to conclude the pending suit and counterclaim within six months.
JK Tyre: The company revised GST Demand of Rs 8.18 crore.
Muthoot Microfin: The board approved raising up to Rs 75 crore via NCDs on private placement basis.
Bandhan Bank: The bank sells 15.39 crore shares of Yes Bank at Rs 21.5 per share to SMBC. The stake in Yes Bank reduced to 0.21% from 0.7%.
Lodha Developers: The company to refer Rajendra Lodha resignation matter to authorities for investigation. Rajendra Lodha resigned as director on Aug. 17.
Federal Bank: The bank sells 16.62 crore shares of Yes Bank at Rs 21.5 per share to Sumitomo Mitsui Banking Corp.
Rashtriya Chemicals: The board is to meet on Sept. 25 to consider issuance of NCDs worth Rs 400 crore on a private placement basis.
Railtel Corp: The company received Rs 106 crore order for the procurement, supply and installation of smart classrooms from Bihar Education Body.
Shree Digvijay Cement: The company appointed Axis Capital as a manager for open offer. The offer is for acquisition of up to 3.85 crore shares of the company, which represents 26% of company's expanded share capital.
Bajaj Finserv: The company has ambitious financial and operational targets for 2029. It expects its total income to increase by 20-22%, reaching Rs 3 lakh crore. Concurrently, its profit is projected to grow by 18-22%, hitting Rs 20,000 crores. The company also aims to significantly expand its customer base, anticipating a 15-17% rise to 20 crore customers by 2029. These projections reflect a strong focus on both revenue growth and profitability, supported by a substantial increase in its customer base.
Aavas Financiers: The company approved raising up to Rs 8,500 crore via NCDs on a private placement basis.
Cera Sanitaryware: The company is currently in the process of divesting its stake in joint venture partner Shreeyam Ceramic LLP.
MOIL: The company started exports of Manganese Ore as State Trading Enterprise.
Apar Industries: Name of arm changed to Apar USA LLC from CEMA Wires & Cables LLC.
Poonawalla Fincorp: The board approved the allotment of 3.3 crore shares worth nearly Rs 1,500 crore to promoter Rising Sun.
Escorts Kubota: Introduces new combine harvester in Punjab and Haryana.
Indosolar: Promoter Waaree Energies to sell up to 61 lakh shares representing 14.66% stake via OFS on Sept. 18 and 19. The floor price was set at Rs 500 per share.
JSW Steel: The company in a definitive document to acquire additional economic Interest in M Res NSW for $60 million.
Knowledge Marine: The company's board will meet on Oct. 9 to consider issuing equity shares on a preferential basis.
Dixon: Following a preliminary agreement in July, Dixon Tech signed a definitive share subscription and purchase agreement to officially acquire a 51% stake in Kunshan Q Tech Microelectronics (India). The action is a key step towards completing the deal, which was initially announced via a binding term sheet.
Vikram Solar: The company's promoters initially pledged 30% of their pre-IPO shares to secure a working capital loan. The shares were temporarily unpledged to meet the lock-in requirements stipulated by SEBI for IPO. Following the IPO, a portion of these shares, constituting 26.25% of the post-IPO share capital, was re-pledged to the same lenders.
ISGEC Heavy: Re-designated Kishore Chatnani and Sanjay Gulati as joint managing directors effective Oct. 1.
Bombay Dyeing: The company appointed Rohit Santhosh as chief executive officer of Bombay Realty.
IPO Offering
VMS TMT: The company is engaged in the manufacturing of Thermo Mechanically Treated Bars (TMT Bars) and deals in scrap and binding wires, sold within Gujarat and other states. The public issue was subscribed to 8.4 times on day 1. The bids were led by Qualified institutional investors (7.09 times), non-institutional investors (13.78 times), retail investors (6.56 times).
Euro Pratik Sales: The company is engaged in the business of decorative wall panel and decorative laminates industry as a seller and marketer of Decorative Wall Panels and Decorative Laminates. The public issue was subscribed to 0.7 times on day 2. The bids were led by Qualified institutional investors (0.26 times), non-institutional investors (1.23 times), retail investors (0.71 times), Employee reserved (2.55 times)
iValue Infosolutions: The company is a technology services and solutions provider specializing in enterprise digital transformation. The company will offer shares for bidding on Thursday. The price band is set from Rs 284 to Rs 299 per share. The Rs 560.29-crore IPO is entirely an offer for sale. The company raised Rs 168 crores from anchor investors.
Bulk Deals
Pitti Engineering: Motilal Oswal Mutual Fund sold 10.74 lakh shares (2.84%) at Rs 950.1 apiece, SBI MF sold 10.74 lakh shares (2.84%) at Rs 950.1 apiece.
Gujarat Fluorochem: Devansh Trademart LLP sold 13 lakh shares (1.18%) at Rs 3539.3 apiece.
Dev Accelerator: NEO Apex Venture bought 10 lakh shares at Rs 61 apiece. Axis Bank sold 6.32 lakh shares at Rs 61 apiece, AU small Finance Bank sold 5.3 lakh shares at Rs 62.89 apiece, The South Indian Bank sold 6.3 lakh shares at Rs 61 apiece.
Insider Trades
Thyrocare Technologies: Promoter Docon Technologies Private Limited revoked a pledge for 3.77 crore shares.
Axiscades Technologies: Promoter Jupiter Capital Private Limited revoked a pledge for 1.9 lakh shares.
Alembic Pharmaceuticals: Promoter Chirayu Ramanbhai Amin HUF bought 5200 shares.
Natco Pharma: Promoter Satya Vani Nannapaneni sold 23000 shares.
Rama Steel Tubes: Promoter Naresh Kumar Bansal sold 12 crore shares.
Trading Tweaks
Ex-Dividend: NCL Industries, Jamna Auto, GMDC, Goodluck India, Venus Pipes, Shakti Pumps, Quality Power, Hindustan Copper.
Ex-Stock Split: Zydus Wellness (From 10/sh to Rs 2/sh)
Shares to exit anchor Lock-in: Popular Vehicles and Services (20%), P N Gadgil Jewellers (63%)
Price Band change from 10% to 5%:
Price Band change from 20% to 10%: Sigachi Industries.
List of securities to be excluded from ASM Framework: Salasar Techno Engineering, Nagreeka Exports, D P Wires.
List of securities shortlisted in Short - Term ASM Framework Stage – I: Rushil Décor.
F&O Cues
Nifty September Futures up by 0.74% to 25,351 at a premium of 112 points.
Nifty September futures open interest down by 3.4%.
Nifty Options 23 September Expiry: Maximum Call open interest at 26,000 and Maximum Put open interest at 25,200.
Securities in Ban Period: Angelone, OFSS, RBL Bank.
Currency/Bond
The Indian rupee rose to the highest level against the greenback in over two weeks on Wednesday before the US Federal Reserve policy meet outcome. The Indian unit settled above the psychologically crucial mark of 87 for the first time since Aug. 28.
The rupee strengthened 23 paise to 87.82 against the US dollar. It closed at 88.05 on Tuesday, according to Bloomberg data. The yield on the 10-year bond, went down two basis points to close at 6.47%.
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