Rupee weakened by 12 paise to close at 83.67 against the US dollar.
It closed at 83.55 on Monday.
Source: Bloomberg
The Nifty hit 26,000-mark for the first time and Sensex hit 85,000
Nifty recorded its highest closing at 25940.4, up 0.01% or 1.35 points
Sensex ends at 84914.04, down 0.02% or 14.57 points
Intraday, both Nifty and Sensex rose around 0.3% to hit their new record highs of 26011.55 and 85,163.23 respectively
Broader indices were mixed at close; Nifty Midcap 100 ended 0.2% up while Nifty Smallcap 250 closed 0.2% down.
Sectoral indices ended on a mixed note, Nifty Metal rose the most
Tata Steel and Hindalco were top Nifty gainers
SBI Life and HUL fell the most
Sebi has raised concerns over quality of due diligence carried out in SME IPOs and it is probing whether due diligence process were completed in line with the regulations. Over a dozen of merchant banks have come under Sebi scanner.
Sources told NDTV Profit
Aditya Agarwala, Co-Founder & Director at invest4Edu Pvt. Ltd. said that for now 26000 could be the top and there might be some cool-off of 100-150 points both in Nifty and bank Nifty. He recommends moving to sectors like IT and metal while also advising to hold NBFCs and Banks in the portfolio.
Kush Bohra, founder of Kushbohra.com said that while he expects a pullback, options data is not really as cautionary. The put base has moved from 25,800 to 25,900 and a dip to those levels should be a good entry point. All in all he said he is positive.
Chalet Hotels clarified on media reports of association with Fyers Securities and said it has not considered or approved any bid for shares. The company is not associated in any way with Fyers Securities, it added.
Source: Exchange filing
A press release said that Tata Motors has launched Nexon iCNG with starting price at Rs 8.99 lakh and Nexon.ev 45 KWh priced At Rs 13.99 lakh.
JTL Industries Share Price Jumps With Stock Split On The Cards
According to Parthiv Jhonsa, lead analyst of metal & mining at Anand Rahi, the index is up following China's announcement of measures to boost property market. Chinese govt expected to lower outstanding mortgage rate and reduce down payment required for second home purchases, said while noting opportunities to renegotiate, refinance existing mortgages among banks.
Stock Market Live: Nifty, Sensex Fall After Hitting Fresh Highs As Infosys, HUL Drag
Chinese copper smelters have raised guidance for Q4 copper processing charges. In addition, copper concentrate processing treatment and refining charges have also been raised to $35 per metric ton and 3.5 cents per pound.
The group has set price guidance for Q3 at a nine-year, at $30 a metric ton and 3 cents a pound. Slight increase in charges are due to talks with miners.
What are Treatment & Refining Charges (TC/RCs)?
TC/RCs are a key source of revenue for smelters that are paid by miners when they sell concentrate or semi-processed ore.
Potential Impact of High TC/RCs
Potential higher profitability for Chinese smelters and higher costs for copper producers as they pay more to have their concentrate processed. This can also impact copper prices, in which Indian key players are Vedanta, Hindustan Copper
Production
Top Chinese copper smelters have called for production cuts due to tightness in raw material supply. China smelters account for about 47% of world refined copper output
Source: Reuters
Total volume for August 2024, including surface and air express, stood at 101kt, as compared to 108kt during July 2024, an exchange filing said.
Read here.
Tata Power Share Price Rises As Motilal Oswal Initiates Coverage with 'Buy' Rating
HDFC Bank Shares Rise On Plan To Sell Loan Assets Worth Rs 70,000 Crore
Larsen & Toubro Bags Mega Order In Middle East To Strength Electricity Grids
Western Carriers Shares List At 1% Discount Over Issue Price
Reliance Power Rises To Over Six-Year High As Board Approves Fundraise Via Preferential Issue
Source: Exchange Filing
Northern Arc Capital Shares List At 33.46% Premium Over Issue Price
Arkade Developers Shares Debut At 37% Premium Over IPO Price
At pre-open, the Nifty 50 was at 25921.45, down 0.07% or 17.60 points and Sensex was at 84864.61, down 0.08% or 64 points.
"The 25600 level would be the immediate strong support for the index which needs to be sustained to carry on with the positive move further ahead," said Prabhudas Lilladher in a report. "Sensex sustaining above the 1.61% retracement level at the 84500 zone, has gradually picked up in the last 3 sessions to make new highs and is aiming for the next near-term target of 86000 levels with bias maintained strong."
The yield on the 10-year bond opened flat at 6.76%, after it closed at 6.77% on Monday.
Source: Bloomberg
Rupee weakened by 2 paise to open at 83.57 against the US dollar after it closed at 83.55 on Monday.
Source: Bloomberg
HDFC Bank May Offload Rs 60,000-70,000 Crore Worth Loan Assets
China Frees Banks To Lend More, Cuts Key Interest Rate
Nomura has maintained a 'buy' on Ipca Labs with a higher target of Rs 1,750 as against Rs 1,502 earlier, implying 20% upside as it likes the companies consistent outperformance in domestic formulation market.
It also likes improvement in Generics and API, cost and revenue synergies expected from subsidiary Unichem and estimates 30% CAGR over FY25-27, with strong momentum post-FY27. "EBITDA Margins are expected to rise to 25-26% vs estimated 23.6% for FY27," it said. adding that focus on biologics and CDMO revival, previously impacted by USFDA issues.
Hang Seng, Nikkei Gain As China Policy Easing Revives Hopes Of Economic Comeback
Emkay has upgrades its rating for the shares of One97 Communications to 'add' with target revised to Rs 750 as against 375 earlier, implying upside of 13%. It said that easing regulatory stance should pave the way for approvals from NPCI/RBI and that company is set to onboard new users/online merchants soon and, thus, drive business turnaround.
Along with this, strong cost optimization measures should put Paytm on an early path to profitability and management expects the loan distribution business to gradually re-accelerate, led by merchant loans.
The brokerage expects the company to again turn operating EBITDA ex-ESOP and UPI incentive positive by 4QFY25E.
Bombay High Court Denies Hearing Hindustan Unilever's Challenge Against Tax Demand On Horlicks Acquisition
Indian Power Sector Could See Rs 40 Lakh-Crore Investment Opportunity
Target assigned by Emkay is Rs 180, implying 20% upside. Bull case target price set at Rs 205, implying 38% upside
The brokerage said that healthy earnings visibility on core is generating assets to support deleveraging efforts and 7.5 million smart meter contract opens up lucrative asset-light business opportunity with Bosch.
Key risks to Emkay's call are project execution, policy, resource availability, credit.
Price Band of E-pack Durable has been changed from 20% to 10% and that of Nectar Lifesciences from 10% to 5%.
Shares of Kaveri Seed will trade Ex/record AGM. Those of Concord Biotech, Crest Ventures, Dhanuka Realty have moved into short term ASM and NELCO, Rane (Madras) have moved out of short term ASM.
Power Grid Wins Bid For Khavda Transmission System
Shares of Western Carriers (India) will debut on the stock exchanges on Tuesday at an issue price of Rs 172 apiece, Arkade Developers at an issue price of Rs 128 apiece, and Northern Arc Capital at an issue price of Rs 263 apiece.
SEBI Approves IPOs Of Waaree Energies, One Mobikwik Systems
Punjab National Bank Launches QIP To Raise Up To Rs 7,500 Crore
Trade Setup For Sept. 24: Nifty Looks Bullish With Key Support At 25,850