The BSE Sensex ended Monday's session at a record high, while the NSE Nifty 50 also closed higher, buoyed by gains in ICICI Bank Ltd. and Larsen & Toubro Ltd. Both the benchmark stock indices traded at fresh opening highs, before paring gains through midday.
The Nifty closed 27.25 points or 0.11%, higher at 25,383.75 and Sensex settled 97.84 points or 0.12%, higher at 82,988.78. Intraday, the Nifty and Sensex advanced as much as 0.35% each to 25,445.70 and 82,184.34, respectively.
Overseas investors turned net sellers of Indian equities on Monday after five consecutive sessions of buying. Foreign portfolio investors offloaded stocks worth approximately Rs 1,635 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors stayed net buyers for the second consecutive session and purchased equities worth Rs 754.1 crore, the NSE data showed.
The Indian Rupee appreciated two paise to close at Rs 83.88 against the US dollar.
US Stocks Open Lower Ahead Of Fed Decision; Dow Hits Record, Apple Declines
Stocks To Watch
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TVS Motor: The company launched the new Apache RR 310 at starting price of Rs 2.75 lakh, ex-showroom. It is the company’s flagship offering in the super premium sports motorcycle category.
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Torrent Power: The company entered an MoU with the government of Gujarat for execution of 5 GW solar, wind or solar-wind hybrid project in Dwarka.
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FirstSource Solutions: The company partnered with Microsoft for digital services.
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Globus Spirits: The company launched its first single malt whisky under brand DŌAAB India Craft Whisky.
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Tarmat: The company, in an 80:20 joint venture, received Rs 139-crore order from Maharashtra Infrastructure Development Corp.
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Panacea Biotech: The company has reached a settlement agreement with Sanofi India in case of marketing dispute over alleged patent infringement. Sanofi agreed to not commercially launch the disputed vaccine in India.
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Carborundum Universal: The company said it will acquire the US-based Silicon Carbide Products for Rs 56 crore.
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Reliance Infra: The company will consider fundraise on Sept. 19.
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JK Tyre: The company approved the plan to merge Cavendish Industries with it.
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Indo Count Industries: The company’s unit bought 81% stake in the US-based Fluvitex for $19.6 million. It also has an exclusive option to buy balance 19% for $4.6 million in the next five years.
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Monarch Networth: The company appointed Govinda Meghani as CFO with effect from Monday.
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Sandur Manganese: The company approved raising up to Rs 1,000 crore via QIP.
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HEG: Gulshan Sakhuja resigned as CFO with effect from Monday.
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Allcargo Terminals: The company’s volumes in August 2024 were 53.6’000 TEUs depicting a marginal decline of 1% over last month as well as previous year.
JK Tyre And Industries’ Approves Merger With Cavendish Industries
Listing Day
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PN Gadgil Jewellers: The company’s shares will debut on the stock exchanges on Tuesday at an issue price of Rs 480 apiece. The Rs 1,100-crore IPO was subscribed 59.4 times on its third and final day. Bids were led by institutional investors (136.85 times), retail investors (16.58 times), non-institutional investors (56.09 times).
IPO Offerings
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Western Carriers (India): The public issue was subscribed to 4.84 times on day 2. The bids were led by retail investors (7.33 times), non-institutional investors (5.36 times) and qualified institutional investors (0.03 times).
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Arkade Developers: The public issue was subscribed to 5.8 times on day 1. There bids were led by retail investors (8.06 times), non-institutional investors (7.9 times), portion reserved for employees (7.63 times), and qualified institutional investors (0.24 times).
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Northern Arc Capital: The public issue was subscribed to 2.87 times on day 1. The bids were led by, non-institutional investors (4.48 times), retail investors (3.87 times), portion reserved for employees (0.92 times), and qualified institutional investors (0.02 times).
Shapoorji Pallonji Group’s Afcons Infrastructure Seeks Market Debut Amidst Fund Crunch
Bulk Deals
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India Shelter Finance Corporation: US-based Nexus Venture Partners’ units sold 5.95% stake for Rs 482 crore. ICICI Prudential Life Insurance bought 7.7 lakh shares (0.71%), Goldman Sachs bought 7.42 lakh shares (0.69%), SBI Life Insurance bought 6.7 lakh shares (0.62%), Patronus Research LLP bought 6.25 lakh shares (0.58%) at Rs 752.3 apiece.
India Shelter Finance: Nexus Venture Partners’ Units Offload Stake For Rs 482 Crore
Trading Tweaks
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Ex/record dividend: Likhitha Infrastructure.
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Moved into short term ASM: EPACK Durable, Sundaram Clayton.
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Moved out of short term ASM: Nectar Lifesciences, Rama Steel Tubes, Swelect Energy Systems.
Who’s Meeting Whom
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Ramkrishna Forgings: To meet analysts and investors on Sept. 17.
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Narayana Hrudayalaya: To meet analysts and investors on Sept. 17.
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Metro Brands: To meet analysts and investors on Sept. 17.
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Adani Ports and Special Economic Zone: To meet analysts and investors on Sept. 23.
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FirstSource Solutions: To meet analysts and investors on Sept. 23.
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Shriram Finance: To meet analysts and investors on Sept. 19.
Bajaj Housing Finance: Phillip Capital Initiates ‘Buy’ Rating, Expects 27% Upside
F&O Cues
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Nifty September futures up by 0.25% to 25,442 at a premium of 59 points.
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Nifty September futures open interest down by 2.9%.
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Nifty Bank September futures up by 0.64% to 52,261 at a premium of 108 points.
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Nifty Bank September futures open interest down by 4.29%.
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Nifty Options Sept 19 Expiry: Maximum call open interest at 26,000 and maximum put open interest at 25,000.
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Bank Nifty Options Sept 18 Expiry: Maximum call open Interest at 53,000 and maximum put open interest at 50,000.
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Securities in ban period: Aarti Industries, Balrampur Chini Mills, Bandhan Bank, Birla soft, Chambal Fertilizers, GNFC, Granules, Hindustan Copper, LIC Housing Finance, RBL Bank.
Your Guide To FII Positions On Sept. 17 Trade
Money Market Update
The Indian rupee strengthened against US dollar on Monday as traders await the outcome of the Federal Open Market Committee's decision on interest rates this week.
The local currency appreciated two paise to close at Rs 83.88 against the US dollar, according to Bloomberg.
Research Reports
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Northern Arc Capital IPO – Issue Details, Financials, Peer Comparison, Strengths, Risks And More: DRChoksey
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Arkade Developers IPO – Issue Details, Financials, Future Growth Strategies, Risks And More: Anand Rathi
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JSW Steel – Muted Steel Prices A Near-Term Headwind; Motilal Oswal Reiterates ‘Buy’, Revises Target Price
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Northern Arc Capital IPO – Investment Rationale, Issue Details, Strengths, Risks And More: Anand Rathi
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Gravita India – The Stars Shine Down: ICICI Securities
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PVR INOX – Strong Pipeline, Deleveraging On-Track; Maintaining A Buy: Anand Rathi
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Som Distilleries – In Growth Phase With Eye On State Diversification: Yes Securities
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Godrej Agrovet- Revitalizing Profitability, A Turnaround For Sustainable Growth Across Segments: Motilal Oswal
US Fed Meeting: The Key Indicator That Signals Aggressive Rate Cuts As Recession Fears Rise. Read more on Markets by NDTV Profit.