Stock Market | Share Market Updates - Find here all the updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 13 September 2023.
- September 13, 2023 16:33
Sensex rises for 9th straight session, Nifty closes at record high
Benchmark Sensex rose for a ninth straight session while Nifty closed above the record 20,000 mark for the first time on Wednesday as positive macroeconomic data triggered buying in banking, energy and telecom shares.
The 30-share BSE Sensex bounced back from early lows to trade near its all-time high levels at 67,565.41 in day trading. The barometer settled at 67,466.99, up 245.86 points or 0.37 per cent. As many as 20 Sensex shares closed in the green while 10 declined.
The broader Nifty closed above the 20,000 mark for the first time, rallying 76.80 points or 0.38 per cent to 20,070, its all-time closing high. Of 50 Nifty shares, 31 closed higher and 19 declined.
- September 13, 2023 16:23
Rupee falls 2 paise to close at 82.97 against US dollar
The rupee depreciated by 2 paise to close at 82.97 (provisional) against the US dollar on Wednesday, weighed down by a surge in crude oil prices and strong American currency overseas.
However, a positive trend in domestic markets and upbeat macroeconomic data from India cushioned the downside for the local unit, forex traders said.
At the interbank foreign exchange market, the local unit opened at 82.92 against the US dollar and moved in a range of 82.89 and 82.99.
The rupee finally settled at 82.97 (provisional) against the US dollar, down 2 paise from its previous close.
- September 13, 2023 16:22
NCLAT Chennai terminates CIRP proceedings against company unit Coffee Day Global
- September 13, 2023 16:08
NIIT Canada announces implementation of its cutting-edge Xsel Learning platform
NIIT Learning Solutions (Canada) Limited (NIIT Canada), a wholly owned subsidiary of NIIT Learning Systems Limited, has announced the successful implementation of its cutting-edge Xsel Learning platform in collaboration with CENTURY 21 Heritage Group.
- September 13, 2023 16:05
Castrol India announces appointment of Priyanka Ghosh as Vice-President & Head Industrial Sales
Castrol India has announced appointment of Priyanka Ghosh as Vice-President & Head Industrial Sales, with effect from November 1, 2023. The company’s stock were up by 0.64% on the NSE, and traded at ₹148.50.
- September 13, 2023 16:03
Bank of Maharashtra stock were up by 4.62% on the BSE, trading at ₹43.
- September 13, 2023 15:25
Stock market live updates: Trent’s Westside has partnered with Fitpage, integrated heart-fitness platform, to launch new initiative called ‘WESNESS’ across 25 stores.
Trent Ltd stock inches up by 0.29% on the NSE, trading at ₹2,063.45.
- September 13, 2023 15:22
Stock market live updates: LIC has increased its shareholding in Mahanagar Gas Ltd from 7.015% to 9.030% of the company’s paid-up capital.
- September 13, 2023 15:18
Stock market live updates: KEC International has secured ₹1,145-crore order in its T&D business for design, supply and installation of 380 kV Overhead Transmission Line in Saudi Arabia
The stock rises by 2.78% on the NSE, trading at ₹683.75.
- September 13, 2023 15:17
Stocks in news: Kuantum Papers’ promoter released pledge of 2.6 crore shares or 29.91% on sept 11.
The stock gained 1.88% to trade at Rs 184.70 on NSE.
- September 13, 2023 15:06
Stocks in news: Concord Control Systems
The board of Concord Control Systems has approved the issuance of 2,70,000 equity shares at ₹450 of face value of ₹10 each at a premium of ₹440 to the allottees on a preferential issue basis. The stock rises by 1.27% on the NSE, trading at ₹675.
- September 13, 2023 15:05
Stock market live updates: Top gainers, top losers at this hour
Grasim (3.90%); Coal India (3.51%); Tata Consumer Products (2.80%); Bharti Airtel (2.77%); Titan (2.37%);
Major losers: HDFC Life (-1.66%); LT (-1.29%); M&M (-1.25%); Divi’s Lab (-0.84%); Adani Ports (-0.79%)
- September 13, 2023 15:03
Stock market live updates: Stocks advanced/declined on BSE
Stocks advanced on BSE at 3 pm on September 13 were 2,092 against 1,516 stocks that declined. Total stocks traded were 3,749. The number of stocks that recorded 52-week high were 138, and those that hit 52-week low were 23.
- September 13, 2023 14:57
IPO of RR Kabel, competitor to Havells, Polycab and Finolex Cables, opens today. Should you subscribe?
The initial public offering (IPO) of wire and cables manufacturing company RR Kabel opens for subscription today - September 13 - at a price band of ₹983-1035 and closes on September 15. The total offer is ₹1,964 crore, of which ₹180 crore is a fresh issue, while the rest is an offer-for-sale, wherein private equity firm TPG is selling stake. Of the ₹180 crore, ₹136 crore will be used for re/ pre-payment of debt, and the rest for general corporate purposes. Post-issue, the promoter’s shareholding will be around 62.8 per cent, from the current level of 66.4 per cent.
- September 13, 2023 14:52
Share Market Live Update: Niraj Cement Structurals stock surges by 4.96%
Niraj - Patel JV has received work order from Indian Port Rail & Ropeway Corporation Ltd. worth ₹188.88 crore. Niraj Cement Structurals stock surges by 4.96% on the NSE, trading at ₹37.05.
- September 13, 2023 14:49
Share Market Live Update: Aarti Drugs stock rises by 3.04% on the NSE, trading at ₹600.30
- September 13, 2023 14:49
Share Market Live Update: PNB stock surges 7.70%
PNB has 15 lakh shares change hands in a large trade. The stock surges 7.70% on the NSE, trading at ₹72.
- September 13, 2023 14:39
Share Market Live Update: Supreme Industries stock falls by 5.07% on the NSE, trading at ₹4,350.15.
- September 13, 2023 14:37
Sterling Holiday Resorts has announced the opening of its new resort Sterling Aatapi Wonderland, Vadodara located within Gujarat’s theme park.
- September 13, 2023 14:29
Impact of Rising Crude Prices on India’s Economy and Stock Market from Geojit Financial Services
“Rising crude prices positively impact oil exporters and negatively impact oil importing countries like India. Every 10 dollar rise in Brent crude prices widens India’s Current Account Deficit by 0.5%. Consequently this depreciates the INR and leads to imported inflation. Also rising crude prices impact the profit margins of companies that use oil as input.
So, the impact on the stock market will be negative. But now in India the markets are ignoring the rising crude prices. The reason is that the positive impact of good GDP growth, decent corporate earnings and sustained fund flows to the market is neutralising the negative impact of rising crude. The situation might change if Brent crude rises to $100.”
- September 13, 2023 14:27
A 10-month high for oil prices due to supply constraints
The latest market outlook reports suggested that production cuts by major oil producers would continue to tighten the market in the coming months, which led to a rise in Brent crude futures to $92.5 per barrel on Wednesday, the highest level in ten months. In 2024, OPEC predicted that the world’s oil consumption would rise by 2.25 million barrels per day and that there would be a significant shortfall of 3.3 million barrels per day in the final three months of this year.
The International Energy Agency predicted that significant deficits would exist through the fourth quarter of 2023 if Saudi Arabia and Russia cut their oil output through the end of the year. The US Energy Information Administration (EIA) anticipated a smaller deficit of 230,000 barrels in the following quarter.
- September 13, 2023 14:22
Share Market Live Update: BHEL stock rises by 2.23%
BHEL stock rises by 2.23% on the NSE, trading at ₹128.45. The company recently bagged order for the 12x240 MW project from NHPC, located in Roing in the Lower Dibang Valley district of Arunachal Pradesh.
- September 13, 2023 14:11
Malaysian palm oil futures have remained relatively stable, hovering near MYR 3,700 per tonne for the second consecutive day.
The stability in Malaysian palm oil futures is largely influenced by signs of a recovery in Chicago soyoil prices. Palm oil and soyoil prices often exhibit some degree of correlation due to their use in various applications.
Traders are keeping a close eye on key economic data expected to be released from China later in the week. This data is significant as it can provide insights into economic trends and potential impacts on commodities like palm oil, said Kedia Commodities.
European Union palm oil imports for the 2023-24 stood lower at 634,515 tonne as of September 8 compared to 736,716 tonne imported during the same period in the previous year.
Recent data from the Malaysian Palm Oil Board indicates that palm oil stockpiles in Malaysia reached 2.12 million tonne as of August-end. This marks a notable increase of 22.5 per cent from the previous month and represents a 7-month high. The rise in stockpiles can be attributed to increased production and slower exports, it said.
Cargo data from Intertek Testing Services shows that exports of Malaysian palm oil products for September 1-10 declined by 11.2 per cent compared to the previous month. Another independent inspection company, AmSpec Agri Malaysia, estimated a larger drop of 20.4 per cent in the same period.
- September 13, 2023 14:10
Share Market Live Update: Major gainers and losers on the BSE at 2 pm
- NIIT (20%)
- Coffee Day (20%)
- IOL Chemicals (19.13%)
- Indiabulls Housing Finance (12.18%)
- Jyothy Labs (9.80%)
- IRFC (-5.65%)
- Supreme Industries (-5.24%)
- Suzlon (-4.99%)
- RattanIndia (-4.99%)
- Max Health (-4.88%)
- September 13, 2023 14:04
Chennai Metro Rail Limited on Wednesday signed three contract agreements with Rail Vikas Nigam Limited for a combined value of Rs 4058.20 crore
- September 13, 2023 14:03
ICRA revises the FY2024 domestic steel demand growth forecast upwards to 9-10 per cent
ICRA has revised the FY2024 domestic steel demand growth forecast upwards to 9-10 per cent, from 7-8 per cent made at the start of the current fiscal, on the back of strong government capital expenditure. As a result, domestic steel demand is poised to grow at a double-digit compounded annual growth rate (CAGR) of 10.5-11 per cent between FY2022 and FY2024.
The last time the industry witnessed such a sustained period of high growth was before the global financial crisis, when, strong private sector capex helped domestic steel demand grow at a CAGR of 12.7 per cent between FY2006 and FY2008, it said.
- September 13, 2023 13:56
Top gainers of Nifty PSU Bank stocks:
- Central Bank of India (7.31%)
- PNB (6.88%)
- IOB (5.56%)
- PSB (4.41%)
- UCO Bank (4.16%)
- September 13, 2023 13:55
Share Market Live Update: Coffee Day Enterprises stock jumps 20%
Coffee Day Enterprises stock jumps 20% on the NSE, trading at ₹51.30. NCLAT has terminated Corporate Insolvency Resolution Process (CIRP) proceedings against the company and has set aside NCLT Order.
- September 13, 2023 13:54
Major stocks that hit 52-week high at 2 pm:
- IOL Chemicals and Pharmaceuticals (17.11%)
- NIIT Learning Systems (16.90%)
- Silver Touch Technologies (16.88%)
- PDS (11.59%)
- Jyothy Labs (10.43%)
- September 13, 2023 13:53
The Indian crude oil basket has averaged - USD 80.1 per barrel in the first five months of FY24
The Indian crude oil basket has averaged - USD 80.1 per barrel in the first five months of FY24. But the price of the Indian crude basket touched USD 90.7 per barrel in the first week of September. If Brent crude prices remain elevated at this level for the remainder of the fiscal year, CARE Ratings anticipates that the full-year average price for Indian crude oil basket could be ~ USD 86-87 per barrel. Assuming India imports ~ 5 million bpd of oil, the full-year current account deficit will likely increase by approximately 20 basis points (bps). Consequently, CAD may increase to 1.8% of GDP if Indian crude basket averages ~USD 90 per barrel for the remainder of the year.
- September 13, 2023 13:47
Share Market Live Update: Zydus’ stock rises by 1.92%
Zydus has received EIR from USFDA for the injectables manufacturing facility at Zydus Biotech Park, Ahmedabad.
The stock rises by 1.92% on the NSE, trading at ₹639.80.
- September 13, 2023 13:41
Share Market Live Update: Shares of Mahindra Holidays are down 2.9%
As per an exchange filing, Arun Excello Urban Infra, a contractor engaged by Mahindra Holidays for construction of a resort, has been allowed by arbitrator to claim Rs 6.53 crore together with interest thereon at 9% p.a. from October-2011. The original claim was for Rs 12.56 crore. The arbitrator (Justice K. P. Sivasubramaniam (retd.) at Chennai) has rejected the counter-claim of Rs 20 crore made by Mahindra Holidays.
Mahindra Holidays is evaluating the award and in consultation with advocates, will take such action as advised. Shares of Mahindra Holidays are down 2.9%.
- September 13, 2023 13:10
Blue Dart shares up on relaunch of service as Bharat Dart
Blue Dart Express Limited’s shares were up by 1.27 per cent after the company revealed the relaunch of its service, formerly known as Dart Plus, as Bharat Dart.
Bharat Dart is a time-sensitive delivery service distinguished by its speed, security, and careful handling, coupled with value-added features such as complete visibility on the last mile and convenient payment options. The decision to rebrand this service arose from extensive research and discovery, with the aim of aligning Blue Dart with the evolving demands of its customers.
- September 13, 2023 13:08
Share Market Live Update: RVNL-MPCC (JV) has bagged contract from Vadodara Division
RVNL-MPCC (JV) has bagged contract from Vadodara Division on Western Railway, worth ₹245 crore approx. The stock declines by 2.24% on the NSE, trading at ₹166.05.
- September 13, 2023 13:00
Top losers of Nifty Auto stocks at 1 pm:
- Tube Investments of India (-4.42%)
- Sona BLW Precision Forgings (-2.36%)
- TVS Motor (-1.45%)
- Hero Motocorp (-1.04%)
- September 13, 2023 12:58
Share Market Live Update: EIML announces appointment of Manish Sonthalia as Chief Investment Officer at the firm
Emkay Investment Managers Ltd. (EIML), the asset management arm of Emkay Global Financial Services Ltd., a leading financial services group, today announced the appointment of Manish Sonthalia as the Chief Investment Officer at the firm.
- September 13, 2023 12:52
Share Market Live Update: Tamboli Capital stock rises by 5.12%
Tamboli Capital Limited rebrands as Tamboli Industries Limited
The stock rises by 5.12% on the BSE, trading at ₹154.
- September 13, 2023 12:51
Tata Power, SIDBI tie up to facilitate solar adoption by MSMEs
Tata Power Company shares were up by 0.5 per cent after the integrated solar company and a subsidiary of Tata Power Renewable Energy Ltd (TPREL) inked a Memorandum of Understanding (MoU) with the Small Industries Development Bank of India (SIDBI) to provide accessible financing options to micro, small, and medium enterprises (MSMEs) looking to adopt solar solutions.
- September 13, 2023 12:50
Datamatics launches FINATO to drive finance transformation
Datamatics Global Services Ltd.’s shares were up by 1.87 per cent after the company, unveiled FINATO, an advanced digital suite powered by artificial intelligence, machine learning, automation, analytics, and mobility. This innovative platform represents a significant upgrade for all of Datamatics’ Finance and Accounting (F&A) customers, replacing the existing iPM platform.
- September 13, 2023 12:50
3i Infotech acknowledged in 2023 Gartner Market, shares rise
3i Infotech Limited’s shares were up by 2.29 per cent after the company announced its recognition as one of the Representative Vendors in the 2023 Gartner Market Guide for Application Testing Services, Worldwide.
- September 13, 2023 12:20
Share Market Live Update: Gensol Engineering has approved allotment of 4.05 lakh shares
The board of Gensol Engineering has approved allotment of 4.05 lakh shares at ₹1480.08 per equity share to non-promoters.
The stock trades at ₹1,842.50, up by 0.08% on the NSE.
- September 13, 2023 12:13
Share Market Live Update: Vodafone Idea stock rises by 2.38% on the NSE, trading at ₹10.75
- September 13, 2023 12:13
Share Market Live Update: Zydus Wellness stock rises by 1.60% on the NSE, trading at ₹1,589.20
- September 13, 2023 12:11
Share Market Live Update: Tata Elxsi has announced a strategic alliance with Ateme
Tata Elxsi has announced a strategic alliance with Ateme, a global leader in video compression, delivery, and streaming solutions, to deliver a pre-integrated FAST (Free Ad-Supported Television) channel deployment solution. “Tata Elxsi’s OTT delivery platform, TEPlay, combined with Ateme’s NEA Server-Side Ad Insertion (SSAI) solution, is poised to help linear TV providers seamlessly transition from satellite-only services to streaming platforms,” the company said in its regulatory filing.
The stock slips by 0.80% on the NSE, trading at ₹7,308.10.
- September 13, 2023 12:08
Share Market Live Update: Max Healthcare stock falls by 4.11%
Max Healthcare Institute has allotted 1,50,724 equity shares of face value ₹10 each, fully paid-up, to eligible employees, consequent to the exercise of Employee Stock Option Plan 2020.
The stock falls by 4.11% on the NSE, trading at ₹593.05.
- September 13, 2023 12:05
Share Market Live Update: Major gainers and losers on the NSE at 12 noon
- Grasim (3.21%)
- Bharti Airtel (1.89%)
- BPCL (1.46%)
- Coal India (1.46%)
- Power Grid (1.28%)
- LT (-1.76%)
- Adani Ports (-1.43%)
- HDFC Life (-1.41%)
- Cipla (-1.10%)
- Divi’s Lab (-1.02%)
- September 13, 2023 12:03
Share Market Live Update: The spice complex was positive on Wednesday
On NCDEX, dhaniya (coriander) October contracts increased by ₹86 to ₹7,156 a quintal. Jeera (cumin) October futures were up by ₹50 to ₹61,625 a quintal. Turmeric December futures gained ₹366 at ₹14,738 a quintal.
- September 13, 2023 12:02
Share Market Live Update: Stocks advanced on BSE at 12 noon
Stocks advanced on BSE at 12 noon on September 13 were 1,696 against 1,762 stocks that declined. Total stocks traded were 3,604. The number of stocks that recorded a 52-week high was 103, and those that hit a 52-week low was 18.
- September 13, 2023 11:59
Share Market Live Update: HPL Electric and Power Ltd stock inches up by 0.60%
HPL Electric and Power Ltd has announced partnership with Wirepas Oy, a global leader in RF mesh technology, to reshape the landscape of smart metering in India. The stock inches up by 0.60% on the NSE, trading at ₹218.40.
- September 13, 2023 11:56
Share Market Live Update: Avantel Ltd stock declines by 3.59%
Avantel Ltd has received a supply order worth of ₹7.03 crore from Material Organisation, Visakhapatnam. The stock declines by 3.59% on the BSE, trading at ₹216.
- September 13, 2023 11:54
Automobiles | Quarterly update and outlook from global OEMs
Sector Update - Vivek Kumar, Analyst, JM Financial
This is the 15th note in our global auto series covering quarterly commentary from 30+ global automotive companies. As per most OEMs, the shortage of chip supplies and logistics’ challenges continue to ease and this has started reflecting in better wholesale performance. Wholesales for major OEMs were in positive trajectory owing to favourable base. Majority of the OEMs have either maintained or upgraded volume guidance for CY23. Inflationary pressure has softened and most companies have guided for better margin outlook during the year. Global Tractor demand remains mixed with positive outlook for large agri equipment and inventory destocking for small agri equipment. Tyre companies indicated of sluggish demand environment and continued inventory destocking in replacement market in the near term. Overall, automakers are maintaining a positive mid-term outlook, focusing on executing healthy order book and move to electrification. We expect revenue/margins of Indian auto companies with higher global exposure like SAMIL / TTMT / SONACOMS / SEL to continue to improve.
- September 13, 2023 11:48
Share Market Live Update: Goa Carbon stock rises by 1.41%
Goa Carbon Ltd informed the exchange that operations at its Goa Unit located at St. Jose de Areal, Salcete-Goa, has resumed. The stock rises by 1.41% on the NSE, trading at ₹533.20.
- September 13, 2023 11:46
A comprehensive analysis of Gold ETF (Exchange-Traded Fund) holdings and fund flow across different regions
A comprehensive analysis of Gold ETF (Exchange-Traded Fund) holdings and fund flow across different regions, namely North America, Europe, Asia, and others put out by the World Gold Council is crucial for understanding the dynamics of the gold market, as it sheds light on investor sentiment and the demand for this precious metal.
One of the most striking observations is the direction of fund flows in each region. In North America and Europe, there was a negative fund flows of $2676.1 million and $314.7 million, respectively. This indicates a significant divestment or liquidation of gold ETFs in these regions during the specified period. In contrast, Asia has experienced a positive fund flow of $429.8 million, reflecting a strong appetite for gold ETFs among Asian investors. The “Other” region also shows a positive but relatively modest fund flow of $23.9 million. These positive fund flows suggest that investors in Asia and the “Other” region are actively increasing their exposure to gold through ETFs.
North America holds the largest amount of gold, with 1683.7 tonnes, followed by Europe with 1471.1 tonnes. Asia and the “Other” region have lower holdings of 127.8 tonnes and 58 tonnes, respectively.
Despite the negative fund flows in North America and Europe, the significant quantum of holdings in these regions suggests that investors are not completely abandoning gold. They may be reshuffling their portfolios or adopting a wait-and-see approach amid market uncertainties.
The total change in holdings across all regions was -45.6 tonnes, indicating a net decrease in gold ETF holdings during the specified period. This aligns with the negative fund outflow of $2.54 billion, suggesting that overall demand for gold ETFs has been soft during this period.
Asia’s positive fund flows and modest increase in holdings suggest a growing appetite for gold ETFs in this region, potentially driven by factors such as inflation concerns, currency devaluation and geopolitical uncertainties.
- September 13, 2023 11:41
Gold October contracts declined by ₹71
On MCX, gold October contracts declined by ₹71 to ₹58,555 pwr 10 gm. Silver December futures slid by ₹570 to ₹71,364 a kg.
- September 13, 2023 11:40
Share Market Live Update: Coffee Day Enterprises stock surges by 10.29% on the NSE, trading at ₹47.15.
- September 13, 2023 11:37
Share Market Live Update: PDS stock jumps 12.43%
PDS stock jumps 12.43% on the NSE, trading at ₹464.50. The company recently launched a Solar Power Plant in its manufacturing unit, Green Smart Shirts Ltd (GSSL), in Bangladesh.
- September 13, 2023 11:35
Share Market Live Update: Gold fell below $1,910 an ounce
Gold fell below $1,910 an ounce and to a three-week low in Asian trade. Investors are keenly awaiting US inflation data that will hold the key to US Fed’s further moves on interest rates. The yellow metal was last quoted at $1,909.80 an ounce. Silver was stable at $22.86 an ounce.
- September 13, 2023 11:34
Share Market Live Update: Wipro stock inches up by 0.06%
Wipro stock inches up by 0.06% on the NSE, trading at ₹435.25. The company’s wholly-owned subsidiary Wipro Holdings (UK) has transferred 100% shareholding in Wipro 4C NV (step-down subsidiary) to Wipro IT Services UK Societas, effective September 12.
- September 13, 2023 11:33
Russian oil production is seen declining to 527 million tonne (10.54 million barrels per day) this year from 535 million in 2022, said their Energy Minister Nikolai Shulginov.
- September 13, 2023 11:33
Top losers of Nifty IT stocks at 11 am
- Persistent Systems Ltd (-1.75%)
- L&T Technology (-1.24%)
- Coforge (-1.09%)
- HCL Tech (-0.96%)
- Mphasis Ltd (-0.80%)
- September 13, 2023 11:31
Share Market Live Update: Mastek’s stock falls by 3.06%
Mastek has been named a Major Contender by the global analyst firm Everest Group in its ‘Oracle Cloud Applications Services PEAK Matrix Assessment 2023’.
The company’s stock falls by 3.06% on the NSE, trading at ₹2,326.20.
- September 13, 2023 11:26
Share Market Live Update: JFrog Ltd. announces a new global channel program
JFrog Ltd. (“JFrog”) (Nasdaq: FROG), the Liquid Software company and creators of the JFrog Software Supply Chain Platform, today announced - at the company’s inaugural Partner Day – a new global channel program that eases customer adoption of JFrog solutions through third parties and aims to create new revenue streams for JFrog and its partners.
- September 13, 2023 11:18
Share Market Live Update: 3i Infotech stock rises by 3.03% on the NSE, trading at ₹37.40
- September 13, 2023 11:17
Share Market Live Update: Datamatics stock slips down by 0.18%
Datamatics has upgraded all its Finance and Accounting (F&A) customers to FINATO from its existing iPM platform. FINATO is a digital augmented suite powered by artificial intelligence, machine learning, automation, analytics and mobility.
The stock slips down by 0.18% on the NSE, trading at ₹554.
- September 13, 2023 11:16
Share Market Live Update: Blue Dart stock rises by 1.54%
Blue Dart Express has announced revamp of its service, formerly known as Dart Plus, as Bharat Dart. The stock rises by 1.54% on the NSE, trading at ₹6,730.
- September 13, 2023 11:14
Major gainers and losers on the BSE at 11 am:
- NIIT (16.82%)
- IOL Chemicals (8.40%)
- Ajanta Pharma (7.96%)
- Indiabulls Housing Finance (7.96%)
- RBA (7.15%)
- Titagarh (-6.22%)
- Max Health (-6.18%)
- Data Patterns (-6.15%)
- IRFC (-6.13%)
- Lodha (-6.06%)
- September 13, 2023 11:06
RBI directs banks, NBFCs to release property documents within 30 days of settlement of loan account
The Reserve Bank of India (RBI) has asked all banks, non-banking finance companies (NBFCs) and asset reconstruction companies (ARCs) to release all the original movable/immovable property documents and remove charges registered with any registry within a period of 30 days after full repayment/settlement of the loan account.
These directions are part of the central bank’s responsible lending conduct for regulated entities (REs).
The borrower shall be given the option of collecting the original movable/immovable property documents either from the banking outlet/branch where the loan account was serviced or any other office of the RE where the documents are available, as per her / his preference.
- September 13, 2023 11:04
Share Market Live Update: Top gainers of Nifty Energy stocks at 11 am:
- BPCL (1.81%)
- Power Grid (1.52%)
- ONGC (1.16%)
- IOC (1.09%)
- Coal India (0.78%)
- September 13, 2023 10:50
Nifty prediction today – September 13, 2023: Range-bound with a bullish bias. Go long on dips
The Nifty 50 and Sensex are trading flat. The Sensex is trading at 67,201 and Nifty at 19,990. The advances/ declines ratio for Nifty at 24:26 indicates a mixed outlook. Even on the charts, the immediate outlook is a little unclear.
Nifty has support at 19,950-19,900 and then at 19,850-19,800. Unless a decisive fall below 19,800 is seen, there is no threat of a trend reversal for the Nifty. Resistance is seen around 20,050. A strong break above it can take the Nifty up to 20,150-20,200.
- September 13, 2023 10:48
Bank Nifty prediction today – Sep 13, 2023: Bullish sentiment persists in the index
Bank Nifty began today’s session lower at 45,449 versus Tuesday’s close of 45,511. The index is now trading at around 45,360, down 0.3 per cent after the initial hour of trade.
- September 13, 2023 10:47
Saroja Pharma Industries India Limited got listed on NSE Emerge today
- September 13, 2023 10:38
Share Market LIve Update: GE Power India stock surges by 4.84%
GE Power India stock surges by 4.84% on the NSE, trading at ₹177.55. The company had secured a purchase order for NOX Reduction order at Vedanta Limited, Lanjigarh CGPP unit 3 x 30 MW.. The order base value is INR 25 Crores plus (GST 18%).
- September 13, 2023 10:31
Share Market Live Update: Granules India stock surges by 4.76% on the NSE, trading at ₹322.40.
- September 13, 2023 10:30
Midcap and smallcap stocks continue to wilt even as broader benchmark trades flat
While Sensex is flat, the pain is evident in midcap and smallcap indices. Over 720 stocks in 959-scrip BSE SmallCap index are down, with the smallcap basket down over 1%. Similarly, BSE Midcap index is down 1.4% with over 95 scrips in the red vs. 29 advances. Meanwhile, Sensex is almost flat (- 0.13%) with declines at 17 vs. advances at 13.
- September 13, 2023 10:29
Share Market Live Update: Top losers of Nifty Realty stocks on the NSE
- Lodha (-6.66%)
- Phoenix Mills (-2.16%)
- Brigade Enterprises (-1.46%)
- Godrej Properties (-1.30%)
- September 13, 2023 10:28
Share Market Live Update: Macrotech Developers down 6% after hitting 52-week yesterday
Real estate major Macrotech Developers stock is down 5.7% to Rs 741 on profit-taking in early trades. It had 52-week high of Rs 817.75 yesterday.
- September 13, 2023 10:26
Share Market Live Update: Railways stocks get derailed
Railways-linked stocks such as Titagarh, Railtel, IRCON, IRFC and Texmaco are down 5-8% in early trades today.
- September 13, 2023 10:26
Sensex tumbles in early trade, halts eight days of rally
Equity benchmark indices declined in early trade on Wednesday, with the BSE Sensex halting an eight-day rally amid a weak trend in global markets and fresh foreign fund outflows.
The 30-share BSE Sensex declined 167.77 points to 67,053.36. The Nifty slipped 49.1 points to 19,944.10.
Among the Sensex firms, ICICI Bank, Tata Consultancy Services, HCL Technologies, Asian Paints, Bajaj Finserv and Infosys were the major laggards.
- September 13, 2023 10:25
Datamatics TruCap+ IDP platform now in Azure marketplace, shares rise
Datamatics Global Services Ltd.’s shares were up by 0.91 per cent after the company announced the availability of TruCap and IDP in the Microsoft Azure Marketplace. This online store serves as a repository of applications and services optimized for use on Azure, offering Datamatics TruCap and IDP customers access to the Azure cloud platform for streamlined deployment and management.
- September 13, 2023 10:24
Rupee trades in narrow range against US dollar
The rupee witnessed a range-bound trading against the US dollar in early trade on Wednesday, as the support from positive macroeconomic data was negated by elevated crude oil prices and a firm American currency.
Forex traders said domestic retail inflation data and industrial production figures were better than market expectations and supported investors’ sentiments.
However, investors are awaiting cues from the CPI data from the US to know the path the US FED will tread in its fight for lower inflation.
- September 13, 2023 10:11
Share Market Live Update: Titagarh Rail Systems slumps 7.5%
Titagarh Rail Systems slumps 7.5% on profit-booking to Rs 706 levels, after a whopping 70% rally in last 3 months aided by positive sentiments towards railway-linked stocks.
- September 13, 2023 10:08
Stock Market Live: Shares of Heritage Foods gain 1.49%
Heritage Foods scrip witnesses spurt in volumes, up by 1.54 times, in early trade. Shares gain 1.49 pc over the previous close of Rs 224.30.
- September 13, 2023 10:07
Share Market Live Update: PSU ITI Ltd. shares drop 2%
PSU ITI Ltd. shares drop 2% to Rs 162 levels today in early trades, after a spirited 30%+ rally in previous two sessions on the back of partnership with Intel.
- September 13, 2023 10:06
Share Market Live Update: NIIT stock jumps 12.02% on the NSE, trading at ₹131.40
- September 13, 2023 10:06
Large Trade Update: Devyani International has 10.55 lakh shares change hands in a large trade.
- September 13, 2023 10:05
Future Retail: NCLT extends deadline till September 15 for completing insolvency process
The decision came on an application moved by the company’s Resolution Professional before the tribunal’s Mumbai bench seeking to exclude a period of 29 days from the process, according to a regulatory filing.
- September 13, 2023 10:04
SpiceJet-Credit Suisse case: Apex court warns SpiceJet CMD he will be arrested if he did not comply with orders
The Supreme Court has come down hard on SpiceJet Chairman and Managing Director Ajay Singh, warning him he will be sent to Tihar jail for non-compliance with its order on making payment to global investment bank and financial services firm Credit Suisse AG.
- September 13, 2023 10:04
Happiest Minds gets recognition in ISG digital awards, shares up
Happiest Minds Technologies Limited’s shares were up by 0.38 per cent after the company announced that their collaboration with DoubleVerify has been recognised as a ‘Standout’ in the 2022 Digital Case Study Awards by ISG.
ISG, a technology research and advisory firm, evaluated over 320 submissions, marking a 30 per cent increase from the previous year. Among these, Happiest Minds’ work for DoubleVerify stood out in the media and entertainment category.
- September 13, 2023 10:03
Morning market quote from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Market experts have been repeatedly warning of froth in the mid-and small-cap segments. And, the fear of sharp correction in this space has finally happened with 4.10 percent correction in the Nifty Small-cap index and 3.07 percent correction in the Nifty Mid-cap index. Even after this correction, fundamentals do not support the valuations in these segments. Therefore, more pain is likely.
On the other hand, high quality large-caps in banking, capital goods and IT are on stronger wicket. More selling in the broader market and buying in large-caps is likely in the near-term.
Even though the undercurrent of the market is strong, fundamentals do not support a sustained rally. Crude at $92 is a big macro concern. The market is ignoring this headwind.”
- September 13, 2023 09:57
Stock market live: Shares of KEC International surges by 6.80%
Shares of KEC International surges by 6.80% on the NSE, trading at ₹710.50. The company had secured new orders of ₹1,012 crores across its various businesses such as civil, T&D and cable.
- September 13, 2023 09:56
India VIX the markets fear gauge, is at 11.7, barely moving from yesterday. This is a sign of not much fear or panic in markets as yet
- September 13, 2023 09:55
Share Market Live Update: RITES Ltd stock surges by 1.02%
RITES Ltd stock rises by 1.02% on the NSE, trading at ₹518.45. The company had signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock.
- September 13, 2023 09:49
Market breadth seems to be negative on opening with 31 declines to 17 advances on the Nifty50
- September 13, 2023 09:41
The Asian market was trading in a mixed note after US markets closed lower on Tuesday
Global markets gear up for a key inflation report that’s expected to bring insights on the outlook for the Federal Reserve’s benchmark interest rate.
DIIs were net sellers, offloading shares worth ₹247 crore while FIIs also sold shares worth ₹3,245 crore on a net basis.
Nifty would attempt to hold above 20000 levels, but the tone for today’s session would be set by midcap and small cap. Based on the Open Interest, Index may swing within 19900 and 20100; crossing this range would show a clear direction. Support for the Bank Nifty is still in the range of 45000-45120, while resistance is set at 45850.
The IT and FMCG sectors may remain on the radar for today’s session.
- September 13, 2023 09:40
Brightcom Group stock rises by 4.93% on the NSE, trading at ₹15.95
- September 13, 2023 09:37
Zomato stock rises by 1.22% on the NSE, trading at ₹99.95
- September 13, 2023 09:37
One swallow does not make a summer by Kotak Institutional Equities
Chemical stocks have recently run up on a rise in prices of several basic chemicals in China; however, the firmness in prices appears to be related more to short-term and seasonal factors than to a structural improvement in demand-supply, which seems likely to remain challenged for the next few quarters. We remain cautious on the sector, given stretched valuations and downgrade Deepak Nitrite to REDUCE and Vinati Organics to SELL.
- September 13, 2023 09:35
GMR Power and Urban Infra stock surges by 9.91% on the NSE, trading at ₹36.60.
- September 13, 2023 09:35
Share Market Today: Major gainers and losers on the NSE at 9:30 am
Major gainers: Grasim (1.98%); Coal India (1.81%); Power Grid (1.46%); BPCL (1.28%); Ultratech Cement (1.20%)
Major losers: HDFC Life Insurance (-0.77%); TCS (-0.75%); HCL Tech (-0.69%); Divi’s Lab (-0.62%); Asian Paints (-0.48%)
- September 13, 2023 09:33
BSE Ltd. - Buyback
BSE Ltd. - Buyback – Record Date Tomorrow
Route – Tender
Buyback Price: 1080/-
Current Market Price: 1294.25/-
Buyback Size (in ₹): 374.80 Crs
Buyback Size (in Shares): 34.70 lakh shares (representing 2.56% of O/s. shares)
Retail Quota – 5,20,556 Shares
Last Cum Trading Date – 13 September 2023 (Today)
Ex-Date –14 September 2023
Record Date – 14 September 2023
Tender Period: Not Yet Announced
- September 13, 2023 09:27
Crude oil futures traded higher on Wednesday morning as the latest monthly report by OPEC
Crude oil futures traded higher on Wednesday morning as the latest monthly report by OPEC (Organization of the Petroleum Exporting Countries) indicated an increase in the demand during 2024 and a shortfall in supply during fourth quarter of 2023. At 9.23 am on Wednesday, November Brent oil futures were at $92.23, up by 0.18 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $89.07, up by 0.26 per cent. September crude oil futures were trading at ₹7387 on Multi Commodity Exchange (MCX) in the initial trading hour of Wednesday morning against the previous close of ₹7385, up by 0.03 per cent; and October futures were trading at ₹7328 as against the previous close of ₹7325, up by 0.04 per cent.
- September 13, 2023 09:25
Demerger Update Record Date Tomorrow
Bajaj Electricals Ltd. (Demerged Company)
Bajel Products Ltd. (Resulting Company)
Stock Price: 1132.60/-
Last cum date: 13th September 2023 (Today)
Record date: 14th September 2023\u0009
Ratio : 1:1 (1 equity share of Rs 2 each in Bajel Products Ltd for every 1 equity share of Rs 2 each fully paid up held)
- September 13, 2023 09:24
Eco Recycling joins C-MET to introduce cutting-edge technology for the efficient recovery of valuable elements from Li-on Batteries.
Eco Recycling Limited has joined forces with the Centre for Materials for Electronics Technology (C-MET), under the Ministry of Electronics & Information Technology (MeitY), Government of India, which will introduce cutting-edge technology for the efficient recovery of valuable elements from Li-on Batteries.
- September 13, 2023 09:22
CLI Footwear is in partnership with Christian Louboutin SAS
Aditya Birla Fashion and Retail has incorporated a new company CLI Footwear and Accessories in partnership with Christian Louboutin SAS. It is an equal partnership with a capital of Rs 1 crore. Through incorporation of CLI, the company would aim towards building formidable luxury brand portfolio and will add footwear, supplementing fashion apparel in its portfolio.
- September 13, 2023 09:20
Tata Power Renewable Energy, signs a MoU with SIDBI
Tata Power Solar Systems, a wholly owned subsidiary of Tata Power Renewable Energy, have signed a Memorandum of Understanding with Small Industries Development Bank of India (SIDBI) to offer an easy financing option for Medium, Small and Micro Enterprises.
MSMEs that are willing to opt for Rooftop Solar PV Plant or associated services from Tata Power or its authorised channel Partners across India will be financially supported by SIDBI under the scheme.
Under this strategic partnership, TPSSL and SIDBI will encourage solar energy adoption among MSMEs by offering customised & innovative financing solutions through SIDBI’s 4E (End to End Energy Efficiency) Scheme. The 4E solar financing scheme offers TPSSL’s customers an array of compelling benefits, including the most competitive interest rates and loan limit to meet the requirement of the MSME sector.
The financing provided by SIDBI will range from Rs 100-500 crore.
- September 13, 2023 09:17
With the moderation in the vegetable prices, the headline CPI inflation has moderated to 6.83% in Aug-23 compared to 7.44% in July: Suman Chowdhury
Suman Chowdhury, Chief Economist, and Head- Research, Acuité Ratings & Research
“With the moderation in the vegetable prices, the headline CPI inflation has moderated to 6.83% in Aug-23 compared to 7.44% in July. This is a relief to the central bank and also reflects the steps being taken by the Government to cool down food prices.
Nevertheless, concerns on the kharif crop remain due to deficient rains so far in the current monsoon and the potential impact of low reservoir levels on also the rabi crop. Pulses inflation along with cereal inflation continues to be in double digits. We believe that food inflation will continue to be a risk factor over the next six months though the near-term pressures have subsided. Further, the rising crude oil prices at over USD 90 pb need to be monitored, and while the retail fuel prices may not be increased immediately, its impact is set to be felt particularly in the industrial sector.
RBI MPC will keep its eye closely on the inflation data and it is unlikely that they will take any decision on rates over the next few months. The status quo in rates is expected to continue with a tightening bias in system liquidity.”
- September 13, 2023 09:14
GMR Group receives LOA for Smart Metering Project from Dakshinanchal Vidyut Vitran Nigam Limited
- September 13, 2023 09:03
Indian Rupee Technical Analysis: USD-INR September futures in a tight range, technicals suggest potential breakout
“The USDINR 26 September futures contract traded in a tight range. As per the daily technical chart, the pair is trading above the moving average trend-line support level of 82.90 and RSI is fetching above 50 levels. Looking at the technical set-up, MACD is showing positive divergence and the pair is sustaining above 82.90 levels. As per the daily technical chart the pair is having support at 82.85-82.70 while resistance is placed at 83.20-83.35. If the pair crosses its crucial resistance level of 82.80 and sustains above this level, it could witness further strength towards 83.20-83.35 with support being placed at 82.85-82.70. We suggest closely watching the level of 82.85-83.10 for taking fresh positions in the pair; either side breakout of the range could give further - Rahul Kalantri, VP Commodities, Mehta Equitiesdirections.”
- September 13, 2023 09:02
Commodity Markets Live Today: Crude oil hits 10-month highs on OPEC+ cuts and record U.S. stock decline
“Crude oil extended gains and hit fresh 10-month highs in the international markets, buoyed by OPEC+ nations decision on further production cuts and a record decline in the U.S. crude oil stocks. The dollar index also slipped from 6-month highs and supported crude oil prices. Crude oil prices also showed strength after a monthly report of OPEC came out on Tuesday which indicated that the global supply positions could be tighter this year due to output cuts by OPEC+ and increased demand. We expect crude oil prices to remain volatile in today’s session. Crude oil has support at $87.40–86.80 and resistance is at $89.00–89.80 in today’s session. In INR Crude oil has support at Rs 7,300-7,220, while resistance is at Rs7,450–7,520.” - Rahul Kalantri, VP Commodities, Mehta Equities
- September 13, 2023 09:00
Commodity Markets Live Today: Gold prices hit three-week low amid bearish technicals and strong dollar
“Gold prices were marginally down and hit a three-week low while silver closed flat on Tuesday. Chart-based selling was seen amid bearish technicals. A firmer U.S. dollar index too had been weighing on the precious metals. Metals traders are anxiously awaiting the U.S. inflation report scheduled for this evening.The dollar index is trading steady near 6-month highs and the U.S. 10-year bond yields are also sustaining above 4.25% levels ahead of the U.S. inflation data. Silver traded steady amid recovery in the base metals. We expect gold and silver to remain volatile in today’s session ahead of the U.S. inflation data and ECB monetary policy meetings.Gold has support at $1900-1888 while resistance is at $1924-1936. Silver has support at $22.72-22.58, while resistance is at $23.22-23.40 In INR terms gold has support at Rs58,480, 58,240. while resistance is at Rs58,920, 59,170. Silver has support at Rs71,350-70,650, while resistance is at Rs72,540–72,950.” - Rahul Kalantri, VP Commodities, Mehta Equities
- September 13, 2023 08:57
Stock Market Live Today: Flat open expected in Indian markets amid mixed Asian sentiments and Apple’s iPhone 15 launch, Oil at 10-month high
Deepak Jasani, Head of Retail Research, HDFC Securities
Indian markets could open flat, in line with mixed Asian markets today and despite lower US markets on Sept 12
U.S. stocks closed lower Tuesday, a day that saw Apple unveil its iPhone 15 at an annual marketing event, and raise its price on iPhone Pro Max for the first time. Investors were also looking ahead to an August inflation from the consumer-price index on Wednesday.
Apple Inc., which unveiled the iPhone 15 and other products, dropped almost 2%. Its launches are famous “sell-the-news” events. Oracle Corp. sank the most since 2002 after a slowdown in cloud sales.
Economists polled by the Wall Street Journal have forecast that core CPI increased 0.2% last month and 4.3% year over year. Core inflation had climbed 4.7% in the 12 months through July, as measured by the consumer-price index.
Interest rate traders see a 93% chance of rates remaining at the current levels in September but just a 56% likelihood of a pause at the November meeting, according to the CME FedWatch Tool.
Oil traded near a 10-month high amid strains in global supplies. U.S. crude rose 1.78% to settle at $88.84 per barrel, while Brent settled at $92.06, up 1.57% on the day.
India’s industrial output grew by 5.7 percent in July. At 5.7 percent, the latest industrial growth figure as per the Index of Industrial Production (IIP) is at a five-month high. It is also above the consensus estimate of 5 percent. Industrial growth had come in at 3.7 percent in June - now revised to 3.8 percent - and was 2.2 percent in July 2022.
The Consumer Price Index-based inflation stood at 6.83% in August, as compared with 7.44% in July. The July figures were the highest in 15 months. A panel of economists polled by Bloomberg had estimated a reading of 7.1% for August.
Asian shares were subdued Wednesday after Wall Street wobbled overnight with markets bracing for key U.S. inflation data on Wednesday, while an oil price spike stoked anxiety about persistent price pressures, complicating the interest rate outlook.
Nifty swung between gains and losses on Sept 12 after scaling a fresh all-time at 20,110.35 in early trade. At close, Nifty was almost unchanged, falling 0.02% or 3.2 points at 19993.2. Nifty closed almost flat after opening higher on the 8th day of rise. Broad market sell-off has dented sentiments to some extent. While Nifty may not fall much in the near term, the broad market indices may take time to find a bottom. Nifty could remain in the 20110-19865 band for the near term.
- September 13, 2023 08:54
IPO Watch: JSW Infrastructure IPO expected to raise Rs 3,000-3,500 crore, opens on Sept 25
JSW Infrastructure initial public offering to raise Rs 3000-Rs 3500 crore likely to open next week, says banking sources.
Expected to open on Sept 25 and close on Sept 27.
Markets expect an issue price of Rs 119.
Official announcement awaited.
- September 13, 2023 08:52
Economy Watch: Japan’s producer prices show minimal growth in 29 months, slow to 3.2% in August
Japan’s producer prices haven’t increased much in 29 months.
The annual increase in producer prices in Japan slowed to 3.2 per cent in August from 3.4 per cent in July, registering the lowest figure since March 2021. Amid reducing global cost pressures, the most recent result also represented the eighth month in a row that producer inflation has slowed.
Prices decreased significantly for minerals (2.7% vs. 6%), iron & steel (2.2% vs. 3.9%), business-oriented machinery (2.5% vs. 4.3%), drinks & food (5.9% vs. 6.3% in July), and iron & steel (5.9% vs. 6.3%).
At the same time, prices for timber and wood products continued to fall (by 22.1%), as did those for chemicals and allied goods (by 2.8%), and for electricity, gas and water (by 10.9%). Producer prices increased by 0.3% on a monthly basis in August after increasing by 0.1% in July.
- September 13, 2023 08:51
Stocks to Watch: K&R Rail Engineering board to discuss warrant conversion and other matters on September 16
K&R Rail Engineering Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 16/09/2023 ,inter alia, to consider and approve Conversion of warrants into equity shares of the Company to the Promoters and Non-Promoters, subject to the depositing the balance outstanding amount for conversion of warrants into the equity shares of the Company. 2. To consider any other matter with the permission of the chair.
- September 13, 2023 08:49
Commodities Markets Live: Australian forecast: Positive Indian Ocean Dipole brings hope for Indian Rabi crops
Good tidings for Indian rabi crops as Australia’s Bureau of Meteorology has predicted rains during Sept-Dec due to positive Indian Ocean Dipole.
- September 13, 2023 08:48
Stocks to Watch: Godfrey Phillips India shareholders reject Rs 1,000 crore tobacco export deal with Philip Morris
Shareholders of Godfrey Phillips India have rejected the company’s proposal for a related party transaction to annually export unmanufactured tobacco worth up to Rs 1,000 crore to Philip Morris Products SA.
- September 13, 2023 08:47
Stocks to Watch: Shalimar Paints CFO resigns
Davinder Dogra has tendered his resignation from the post of Chief Financial Officer of Shalimar Paints due to personal reasons
- September 13, 2023 08:45
Pre-market report: Investor caution prevails as analysts anticipate mid and small-cap volatility
Benchmarks Sensex and Nifty are likely to open on flat note though id and small-cap stocks may continue come under pressure. After Tuesday’s heavy fall in some of the mid and small-cap socks, analysts expect volatility in that space. Gift Nifty is ruling at 20,070, signalling a flat opening for Nifty.
“Overall, we expect the focus to shift from mid and small caps to large caps in the near term, as investors may turn cautious on the broader market,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
- September 13, 2023 08:41
Stocks to Watch: Protest by locals shuts down Greenply Gabon SA operations in West Africa’s NKOK
Local workforce at the NKOK, West Africa has gone on protest leading to shutdown of operations of Greenply Gabon SA
- September 13, 2023 08:39
Economy Watch: IIP growth in July 2023 hits 5.7% YoY, manufacturing and mining lead the way
“ IIP growth in Jul-23 has improved to 5.7% YoY vs 3.8% YoY in Jun-23. The growth in the manufacturing sector stood at 4.7% YoY although on a sequential basis, the output has been largely stagnant. The major growth drivers in the manufacturing sector were higher production of metals, pharmaceuticals and automotives.
The mining sector has benefitted from the delayed rainfall across the country, leading to an YoY output growth of 10.7% during the month but its performance will be impacted by the seasonality factor. Typically, the electricity sector witnesses a decline in generation during the monsoon months but given the lack of consistency in the rainfall, the output has been relatively stable in the current quarter. Power demand and generation is estimated to have increased further in August due to the nation-wide deficiency in rainfall.
It is encouraging to see both annualized and sequential output growth in the consumer goods sector in July-23 and this is likely to be due to the stocking requirements before the festive season. However, any sustained growth in consumer goods will require a consistently favourable demand scenario.
Cumulatively, IIP has grown by 4.8% YoY in the first four months of the fiscal which we believe is healthy. We expect IIP to maintain such a trend for FY24 as a whole although the base factor will not remain as favourable.”
- Mr. Suman Chowdhury, Chief Economist, and Head- Research, Acuité Ratings & Research
- September 13, 2023 08:37
Economy Watch: Shlok Srivastav, COO of Appreciate, on IIP & CPI data: August inflation relief, impressive industrial output growth in July
Shlok Srivastav, Co-founder & COO, Appreciate, a fintech platform for Savings and investment on IIP & CPI Data release.
“The overall retail inflation rate of 6.83% for August comes as a much-needed point of relief after the 7.44% rate that we saw in July. Given that the government has stepped in to curb rice and tomato exports, a gradual reduction in inflation in September and beyond is to be expected.
As for the IIP data, the industrial output growth of 5.7% in July, up from 3.7% a month earlier, is extremely heartening. Mining has made a particularly impressive comeback, with its output standing at 10.7%, compared to -3.3% a year prior. Power production has also done well, with a growth rate of 8%, compared to 2.3% a year prior.
Overall, these numbers bode well, under the assumption that seasonal factors normalise themselves. Once inflation has been steadied, the RBI should be able to bring it back to its usual comfort zone of 2-6%.”
- September 13, 2023 08:36
Fund Houses Recommendations
UBS on MCX: Maintain Buy on Company, target price at Rs 2100
HSBC on M&M: Maintain Buy on Company, raise target price at Rs 1800
HSBC on Tata Chemicals: Maintain Buy on Company, target price at Rs 1100
CLSA on L&T: Maintain Buy on Company, target price at Rs 3240
GS on Sapphire Foods: Maintain Buy on Company, target price at Rs 1800
Nuvama on Star Health: Initiate Buy on Company, target price at Rs 770
Jefferies on Can Fin Home: Maintain Buy on Company, target price at Rs 970
Macquarie on Dr Reddy: Maintain Outperform on Company, target price at Rs 6300
- September 13, 2023 08:35
Economy Watch: Retail inflation eases in August, industrial output grows in July
Nish Bhatt, Founder & CEO, Millwood Kane International on July IIP and August CPI data” India’s retail inflation (CPI) in August have fallen to 6.83 percent from a 15-month high of 7.44 percent in July, led by cooling of in food and vegetables prices, providing a relief to households. While India’s industrial output grew by 5.7 percent in July, a five-month high which can create some volatility and has implications for India’s economic growth prospects.
We see inflation still as concern in the coming months due to rising crop and oil prices globally.”
- September 13, 2023 08:33
Economy Watch: Important Macro Events during two upcoming weeks
18.00 pm U.S. CPI m/m (Expected: 0.6%, Previous: 0.2%)
18.00 pm U.S. PPI m/m (Expected: 0.4%, Previous: 0.3%)
18.00 pm U.S. Retail Sales (Expected: 0.2%, Previous: 0.7%)
07.30 am China Industrial Production y/y (Expected: 3.9%, Previous: 3.7%)
11.30 am U.K. CPI y/y (Previous: 6.8%)
- September 13, 2023 08:33
Economy Watch: Important Monetary Policies during two upcoming weeks
17.45 pm European Central Bank Monetary Policy (Expected: 4.25%, Previous: 4.25%)
23.30 pm Federal Reserve Monetary Policy (Expected: 5.50%, Previous: 5.50%)
16.30 pm Bank of England Monetary Policy (Expected: 5.50%, Previous: 5.25%)
08.30 am Bank of Japan Monetary Policy (Expected: -0.1%, Previous: -0.1%)
- September 13, 2023 08:32
Economic Calendar – 13.09.2023
11:30 U.K. GDP m/m (Expected: -0.2% versus Previous: 0.5%)
11:30 U.K. Manufacturing Production m/m (Expected: -0.9% versus Previous: 2.4%)
18:00 U.S. CPI y/y (Expected: 3.6% versus Previous: 3.2%)
18:00 U.S. CPI m/m (Expected: 0.6% versus Previous: 0.2%)
- September 13, 2023 08:32
Stocks to Watch Today: Greenply’s African Safari hit roadblock
Greenply informed the exchanges that local workforce at the NKOK Special Economic Zone (SEZ), Gabon, West Africa, has gone on protest leading to shutdown of operations at the entire SEZ including the unit of Greenply Gabon SA, Gabon, step-down wholly owned subsidiary of the Company, situated at NKOK SEZ. This unit had resumed near normalcy post appointment of new President by the military following the military coup last month. Based on the uncertain situation it is difficult to assess the financial impact of this till more clarity emerges.
- September 13, 2023 08:31
Stocks to Watch Today: One97 Communication
One97 Communication, that operates *Paytm:bets on AI; says it will create more opportunities at lower costs and higher spreads
- September 13, 2023 08:31
Stocks to Watch Today: ABFRL walking into new space
Aditya Birla Fashion & Retail Ltd has incorporated a new company viz. CLI Footwear and Accessories Private Limited in partnership with Christian Louboutin SAS. The Ministry of Corporate Affairs, Government of India has issued the Certificate of Incorporation on September 12.
- September 13, 2023 08:30
Stocks to Watch Today: Bajaj Healthcare
Bajaj Healthcare Limited : Company announces the appointment of Dr. Mohammed Jaweed Mukarram as an Advisor in the Research and Development division, specializing in Active Pharmaceutical Ingredients (APIs)
- September 13, 2023 08:30
Stocks to Watch Today: DMR Hydroengineering
DMR Hydroengineering & Infrastructures Limited : Company has received a work order from Sri SCL Infratech Limited on September 12, 2023 for Prebid Engineering Services for In-stream storage structure (‘ISS’) at Godhaneswar across river Mahanadi in Odisha.worth of Rs. 10 Lakhs
- September 13, 2023 08:29
Stocks to Watch Today: Dai-Ichi Karkaria
DAI‐ICHI KARKARIA LIMITED : Company has received today i.e. 12th September, 2023, final balance Insurance claim pertaining to Building and Plant and machinery of Rs. 20,57,96,918/‐ from New India Assurance Co. Ltd.
- September 13, 2023 08:29
Stocks to Watch: Dhruv Consultancy
DHRUV CONSULTANCY SERVICES LIMITED : Company has been shortlisted along with Planover Engineering Consult Ltd. and Abfort Associates Ltd, have been requested to submit the Request for Proposal(RFP) letter as “Consultant” towards consultancy services for the Design and Construction Supervision of Rural Roads Upgrading in Osun State by Osun Rural Access and Agricultural Marketing Project (RAAMP) – Ministry of Rural Development and Community Affairs - Nigeria (“the Authority”) vide letter dated September 11, 2023 as received by the Company on September 12, 2023.
- September 13, 2023 08:28
Stocks to Watch: Texmaco Rail discuss fundraising proposal on September 15
Texmaco Rail & Engineering Limited : Company is meet on 15 Sep 2023 to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities through permissible modes, including but not limited to Preferential Issue, Private Placement, Qualified Institutions Placement
- September 13, 2023 08:27
Stocks to Watch: National Peroxide sets record date for equity share distribution in scheme of arrangement
National Peroxide Limited : The Composite Scheme of Arrangement amongst National Peroxide Limited (“Demerged Company”) and Naperol Investments Limited (“Transferor Company”) and NPL Chemicals Limited (“Resulting Company”) and their respective shareholders and creditors .Company informing that, Monday, September 25, 2023, has been fixed as the ‘Record Date’ for the purpose of ascertaining the shareholders of the Demerged Company who will be entitled to receive Equity shares of the Resulting Company where 1 fully paid up equity share of INR 10/- each of the Resulting Company, credited as fully paid up, for every 1 equity share of INR 10/- each of the Demerged Company.
- September 13, 2023 08:26
Stocks to Watch: Ashok Leyland
ASHOK LEYLAND LIMITED : The State Tax officer, Maharashtra, has issued an order demanding a GST tax liability of Rs. 13,05,420/- (including interest and penalty) relating to Ashley Aviation Limited (AAL), subsidiary of Ashok Leyland Limited towards utilization of GST input tax credit for the year 2019-20.AAL will be challenging this order before the Appellate Authority
- September 13, 2023 08:26
Stocks to Watch: Avance Technologies to discuss stock split proposal on September 25
Avance Technologies Limited : Company is going to meet on 25 September 2023 to consider and approve the proposal of sub-division/split of the equity shares of the Company in such manner as may be determined by the Board of Directors, subject to approval of the members
- September 13, 2023 08:24
Stocks to Watch Today: Thomas Scott (India) Board to discuss fundraising
THOMAS SCOTT (INDIA) LIMITED : Board is going to meet on 15.09.2023 for raising of funds through issue of equity shares, Convertible warrants and/or any other eligible instruments or securities representing equity shares or convertible into or exchangeable for equity shares, by way of preferential issue on a private placement basis to the promoters/Non-Promoters of the Company
- September 13, 2023 08:21
Share Market Today: F&O ban details
- September 13, 2023 08:20
Share Market Today: Trading Tweaks
Ex-date Dividend: Alicon Castalloy, Gokaldas Exports, Hester Biosciences, and Hinduja Global Solutions
Ex-date AGM: India Nippon Electricals, Alicon Castalloy, Gokaldas Exports, Hester Biosciences, Hinduja Global Solutions, SEPC, Sandur Manganese & Iron Ores
Record-date Dividend: Vijaya Diagnostic Centre, Sandur Manganese, and Iron Ores
Move Into Short-Term ASM Framework: Vodafone Idea, Transformers, and Rectifiers
Move Out Of Short-Term ASM Framework: HLV, Pokarna, and UFLEX.
- September 13, 2023 08:20
Share Market Today: Pledge Share Details
Kuantum Papers: Promoter Kapedome Enterprises revoked a pledge of 2.61 crore shares on Sept. 12.
- September 13, 2023 08:19
Share Market Today: Insider Trades
Paisalo Digital: Promoter Equilibrated Venture Cflow bought 1.99 lakh shares on Sept 12.
Som Distilleries & Breweries: Promoters Deepak Arora and Jagdish Kumar Arora sold 10,000 shares each on Sept 11.
Usha Martin: Promoter Rajeev Jhawar bought one lakh shares on Sept 8.
KPI Green Energy: Promoter Farukbhai Gulambhai Patel sold 6,100 shares on Sept 12. Dr.
Lal PathLabs: Promoter Dr. Arvind Lal sold 10,000 shares on Sept 8.
Ultramarine & Pigments: Promoters Deepa Ajay sold 6,582 shares and S Narayan sold 2,000 shares on Sept 8.
Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 1.25 lakh shares between Sept. 8 to Sept. 11.
Star Cement: Promoter Laxmi Chamaria sold 30,250 shares on Sept 8.
- September 13, 2023 08:19
Bulk Deals: Shyam Metalics and Energy
Shyam Metalics and Energy: Setu Securities sold 16 lakh shares (0.63%) at Rs 441.69 apiece.
- September 13, 2023 08:18
Block Deals: L&T Finance Holdings
L&T Finance Holdings: BC Investments VI sold 2.37 crore shares (0.95%), and BC Asia Growth Investments sold 4.62 crore shares (1.86%), while BNP Paribas Arbitrage bought 3.63 crore shares (1.46%), SBI Life Insurance bought 1.46 crore (0.6%), DSP Blackrock Mutual Fund bought 1.17 crore (0.5%), Bajaj Allianz Life Insurance bought 31 lakh shares (0.12%), and Axis Mutual Fund bought 19 lakh shares (0.07%) at Rs 130 apiece, among others.
- September 13, 2023 08:18
IPO Offerings: RR Kabel
RR Kabel: The company will launch its initial public offering on Wednesday, and the offer will be open till Friday. The Mumbai-based wire and cable manufacturer plans to raise Rs 180 crore via a fresh issue and Rs 1,784 crore through an offer for sale. The price band is fixed at Rs 983 to Rs 1,035 apiece
- September 13, 2023 08:17
Stocks to Watch: Waaree Renewable Technologies bags solar project EPC deal
Waaree Renewable Technologies: The company received a letter of intent for engineering, procurement, and construction services for setting up a solar power project of 52.6 MWp capacity. The project is expected to be completed in FY24.
- September 13, 2023 08:16
Stocks to Watch: Vakrangee to acquire 8.8% stake in Vortex Engineering from IFC
Vakrangee: The company will acquire an 8.8% equity stake in Vortex Engineering from the International Finance Corporation. Through this acquisition, Vakrangee will have a cumulative shareholding of 57.3%.
- September 13, 2023 08:14
Stocks to Watch: GE Power secures Rs 25 crore order from Vedanta for boiler modification
GE Power: The company received a purchase order from Vedanta for the combustion modification of a boiler. The base value of the order is Rs 25 crore, and the time period for execution is 14 months.
- September 13, 2023 08:12
Stocks to Watch: GMR Power and Urban Infra raises stake to 100% in GMR Smart Electricity Distribution
GMR Power and Urban Infra: The company increased its stake from 82% to 100% in GMR Smart Electricity Distribution from its subsidiary, GMR Generation Asset, for Rs 5 lakh.
- September 13, 2023 08:12
Stocks to Watch: CRISIL to acquire Bridge To India Energy for Rs 6 crore
CRISIL: The company has entered into a definitive agreement to acquire renewable energy consulting and knowledge services provider Bridge To India Energy for a consideration of Rs 6 crore. The acquisition is expected to close in the next three months.
- September 13, 2023 08:11
Stocks to Watch: The Phoenix Mills
The Phoenix Mills: The company has incorporated a wholly owned subsidiary, Orcus Logistics and Industrial Parks.
- September 13, 2023 08:09
Stocks to Watch: Trent’s arm Booker India acquires 4.95% stake in Fiora Online for Rs 4.1 crore
Trent: Booker India, a subsidiary of the company, has acquired approximately 4.95% of the equity share capital of its subsidiary, Fiora Online, from a shareholder. The cost of acquisition is Rs 4.1 crore.
- September 13, 2023 08:08
Sectoral Watch: Government offers 25% incentive for critical mineral exploration
Mining companies: To boost exploration of critical minerals, the government has announced that an incentive of 25% of the approved project cost will be extended to exploration agencies. This incentive will be provided through the National Mineral Exploration Trust and will help in the discovery of critical minerals in the country. Exploration agencies from both the public and private sectors can avail this financial incentive upon successful discovery of critical minerals in the projects.
- September 13, 2023 08:07
Stocks to Watch: Avenue Supermarts:
Avenue Supermarts: The retailer has opened a new store in Perungudi, Tamil Nadu, taking the total number of stores to 334.
- September 13, 2023 08:06
Stocks to Watch: Mahindra and Mahindra fined for VAT issue in Hyderabad
Mahindra and Mahindra: Company has been fined Rs 1,69,949 by the Assistant Commercial Taxes Department, Begumpet Division, Hyderabad for not reversing VAT ITC, as per an exchange filing. It also added that it is hopeful for a favourable outcome at the appellate level.
- September 13, 2023 08:05
Stocks to Watch: Tata Power arm inks MoU with IDBI to finance MSMEs solar adoption
Tata Power: Subsidiary Tata Power Solar Systems, signed an MoU with the Small Industries Development Bank of India to finance MSMEs for solar adoption.
- September 13, 2023 08:03
Stocks to Watch: IRCTC partners with NBCC Services for Delhi office interior project
IRCTC: The company signed an MoU with NBCC Services for the planning, designing, and execution of interior works for its upcoming office space in Delhi. The cost of the project is Rs 31.4 crore.
- September 13, 2023 08:02
Stocks to Watch: Wipro transfers Wipro 4C NV ownership to simplify group structure
Wipro: Wipro Holdings (UK) has transferred 100% of its shareholding in Wipro 4C NV to Wipro IT Services UK Societas, effective Sept 12. Wipro Holdings (UK) and Wipro IT Services UK Societas are wholly-owned subsidiaries of the company, while Wipro 4C NV is the step-down subsidiary. The rationalisation and simplification of the overall group structure is the objective behind the stake transfer.
- September 13, 2023 08:00
Stocks to Watch: Infosys partners with STARK Group for AI-powered data Centre in Denmark
Infosys: The IT major has tied up with STARK Group, Europe’s largest retailer and distributor of building materials, to establish a state-of-the-art data centre in Denmark, which will serve as the foundation to drive technological advancements with an ‘AI first’ approach powered by Infosys Topaz.
- September 13, 2023 07:59
Stocks to Watch: NTPC completes trial operation, expands installed capacity to 57,838 MW
NTPC: The power company completed the trail operation of Unit 1 of the 800 MW capacity of Stage I of the Telangana Super Thermal Power Project and consequently included it in its installed capacity. With this, the installed capacity of NTPC and the NTPC Group has become 57,838 MW and 73,824 MW, respectively.
- September 13, 2023 07:58
Stocks to Watch: Dixon eyeing laptop, desktop biz
Dixon Infotech Private Limited has been incorporated as the Wholly Owned Subsidiary of Dixon Technologies (India) Limited. The new entity will carry on the business of manufacturing/ trade/ repair of laptops, desktop computers, IOT devices, monitors, servers, tablets, electronic books/E-readers and related hardware and software products.
- September 13, 2023 07:57
Stocks to Watch: KEC International’s order win
KEC International Ltd., a global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs. 1,012 crores across its various businesses such as civil, T&D and cable.
- September 13, 2023 07:56
Stocks to Watch: RITES’ Angola drive
RITES Limited, a prime transport infrastructure consultancy and engineering firm, has signed a Memorandum of Understanding (MoU) with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in the development of Railways and related infrastructure, including the supply of rolling stock.
- September 13, 2023 07:55
Stocks to Watch: Zydus to move challenge Sikkim HC order
Sikkim High Court has dismissed a writ petition filed by Zydus Wellness Products Limited, subsidiary of Zydus Wellness Ltd, with respect to Scheme of budgetary support in Goods and Service Tax Regime issued by the Department of Industrial Policy and Promotion, The Ministry of Commerce and Industry. ZWPL believes that it has a strong case and thus it shall prefer an appeal in due course against the aforesaid judgement
- September 13, 2023 07:52
Stocks to Watch: AU Small Finance eyes Fincare SFB for acquisition
AU Small Finance Bank is said to be in preliminary talks to acquire the business of Fincare Small Finance Bank. According to highly placed sources, the development is quite recent, and discussions are at nascent stages.
If talks fructify, it would be the first deal in the small finance bank space symbolising consolidation in the industry.
- September 13, 2023 07:50
NFO Recommendations: Bajaj Finserv Arbitrage Fund NFO: Should you invest?
The derivatives market has deepened considerably, with institutional and retail investor participation in futures and options surging in recent years.
Mutual funds often use derivatives for hedging. Some categories of schemes also use safe strategies with futures and options to derive steady returns.
Among the key mutual fund categories that use derivatives extensively are equity savings, arbitrage and balanced advantage funds. Read more
- September 13, 2023 07:46
Stocks that will see action today: September 13, 2023
Buzzing Stocks: Tata Power, RITES, Zydus Wellness, Wipro, KEC International, Crisil, Bajaj Healthcare, Aditya Birla Fashions, Vakrangee, Piramal Enterprises, Dixon Tech, GE Power, Waaree Renewable
- September 13, 2023 07:39
IPO Watch: Zaggle Prepaid Ocean Services IPO opens on September 14
Zaggle Prepaid Ocean Services IPO opens on September 14.
The issue comprises a fresh issue of equity shares aggregating up to ₹ 3,920 million and an offer for sale up to 1. 04 crore shares by selling shareholders.
- September 13, 2023 07:36
Stock Recommendations: Broker’s call: Gulf Oil (Buy)
Gulf Oil Lubricants India has recently announced to acquire 51 per cent stake in Tirex Transmission for ₹103 crore.
Tirex based in Ahmedabad is working on DC fast chargers and currently has over 400 charges installed for customers such as NTPC, HPCL, PowerGrid and Electra. This is Gulf Oil Lubricant’s third investment in the EV charging space after investing in Indra Renewables which is in AC & bidirectional charging and in ElectreeFi which is a SaaS provider having expertise in implementation of IoT based e-mobility solutions. Read more
- September 13, 2023 07:20
Stock Recommendations: Broker’s call: Samvardhana Motherson (Buy)
Led by 30+ acquisitions over the last two decades, Motherson Group has expanded from a single-product / geography to a multi-product / geography auto components behemoth.
During this period, its revenue has grown at 30 per cent CAGR to $14 billion. The company has jumped global automotive supplier ranking from Top-40 in 2005 to Top-15 in 2023.
- September 13, 2023 07:18
Sectoral Watch: Mid-, small-cap indices crack amid signs of froth
Small and mid-cap shares saw a sharp selloff on Tuesday, amid signs of a froth building up in the space. The BSE SmallCap crashed 1,550.66 or 4 per cent at 36,982.74 and the BSE MidCap slumped 980 points or 2.96 per cent at 32,084.93.
Nifty Midcap 100 and Nifty Smallcap 100 fell 3.1 per cent and 4.1 per cent, while the Nifty Smallcap 250 posted its biggest single day fall this year, slipping 3.9 per cent. On the other hand, the NSE Nifty and BSE Sensex closed flat.
- September 13, 2023 07:16
Stock Markets Live Today: Assets of sovereign wealth funds investing in India swell
The investments of sovereign wealth funds (SWFs) have seen a steady rise over the past few years.
Assets under custody (AUC) of such funds in public markets have risen to ₹3.65 lakh crore at the end of August from ₹3.08 lakh crore last year, data from NSDL showed. The total AUC was ₹1.62 lakh crore in August 2018.
The total assets of six of the top 10 SWFs investing in Indian equities rose by more than 50 per cent in the year to June. The Singapore government was the largest SWF, with investments of ₹1.76 lakh crore at the end of June, followed by Norway’s Norges (₹76,812 crore) and Kuwait Investment Authority (₹8,790 crore), data from primeinfobase.com shows. Investment from Abu Dhabi Investment Authority rose 400 per cent to ₹2,885 crore, the most in percentage terms among the top 10 SWFs.
- September 13, 2023 07:13
Economy Watch: Factory output grew 5.7% in July, caution remains
Better performance of industry along with moderation in inflation will give room to Monetary Policy Committee to maintain status quo in policy rate. Read more
- September 13, 2023 07:12
Economy Watch: Retail inflation dropped to 6.8% in Aug as veg, edible oil prices fall
Fall in vegetable and edible oil prices pushed retail inflation based on Consumer Price Index (CPI) below 7 per cent in August to 6.8 per cent. It was 7.4 per cent in July. However, cereal prices are still high. Read more
- September 13, 2023 07:10
Technical Recommendations: Day trading guide for September 13, 2023: Intraday supports, resistances for Nifty50 stocks
Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI
- September 13, 2023 07:08
Technical Recommendations: Stock to buy today: ICICI Bank (₹990.90): BUY
The short-term outlook is bullish for ICICI Bank. The stock has risen 1.28 per cent on Tuesday breaking above a key resistance level of ₹975. This rise has happened after taking good support from around the 100-Day Moving Average over the last one month. This will act as a good support now. Read more
- September 13, 2023 06:59
Stock Market Live Today: Mixed performance in Asian equities ahead of key US inflation data and oil nearing 10-month high
Asian markets exhibited a mixed performance ahead of the release of US inflation data for August, which holds the potential to offer valuable insights into the Federal Reserve’s future interest rate decisions. Concurrently, oil prices remained near a 10-month peak due to ongoing global supply concerns.
In South Korea and Japan, stock markets saw gains, while Australian equities experienced a decline. The Japanese stock market received a boost from August’s producer price data, which, although slightly below economist expectations, had a positive impact. Additionally, Hong Kong stock futures showed advancement, whereas US futures remained relatively stable.
The Nikkei 225 index surged by 0.95% to reach 32,776.37, with the Topix index posting a modest increase of 0.18% to reach 2,384.18. In contrast, South Korea’s Kospi index recorded a 0.79% decline, settling at 2,536.58, while Australia’s S&P/ASX 200 Index experienced a 0.40% decrease, ending the day at 7,178.10.
- September 13, 2023 06:58
Commodity Market Live Today: Oil prices surge to 10-Month high on tightening global supply and Libya concerns, defying China demand worries
On Wednesday, oil prices inched upwards, maintaining their recent upward trajectory, reaching a new 10-month peak achieved the day before. This uptick can be attributed to the prevailing expectations of a tighter global supply and apprehensions regarding potential disruptions in Libya, which have outweighed concerns about decreased demand in certain countries, notably China.
The global benchmark, Brent futures, registered an increase of 8 cents, equivalent to 0.1%, reaching $92.14 per barrel. Simultaneously, U.S. West Texas Intermediate (WTI) crude saw a 14-cent uptick, or 0.2%, settling at $88.98 per barrel.
Both these benchmarks demonstrated remarkable gains of nearly 2% on Tuesday, concluding at their highest price points since November 2022.
- September 13, 2023 06:57
Stock Market Live Today: Wall Street ends lower
On Tuesday, stocks on Wall Street closed in negative territory, with the S&P 500 slipping by 0.57% to conclude the session at 4,461.91 points.
The Nasdaq also experienced a decline of 1.04%, closing at 13,773.62 points, while the Dow Jones Industrial Average registered a marginal decrease of 0.05%, settling at 34,645.99 points.