Share Market Highlights 11 September 2023: Nifty hits 20k for first time, settles at fresh closing high; Sensex gains over 500 pts

Benchmark Sensex jumped by 528 points to regain the 67,000 level while Nifty scaled the record 20,000 mark for the first time as robust buying by domestic investors helped equity markets extend the winning run to the seventh straight session on Monday.

The successful G20 summit and buying in index majors Reliance Industries and HDFC Bank also added to the winning momentum in equities.

The 30-share BSE Sensex regained the 67,000 level. The benchmark jumped 528.17 points or 0.79 per cent to settle at 67,127.08. During the day, it rallied 573.22 points or 0.86 per cent to 67,172.13.

The Nifty hit its all-time high of 20,008.15, a gain of 188.2 points or 0.94 per cent, in day trading. The 50-issue barometer closed just below the 20,000 mark at 19,996.35, reflecting gains of 176.40 points or 0.89 per cent.

The rupee settled 1 paisa lower at 83.03 (provisional) against the US dollar on Monday, as positive cues from domestic equity markets failed to allay investors’ concerns over elevated crude prices.

A weak American currency against major rivals overseas, however, supported the domestic unit and restricted the fall, forex traders said.

At the interbank foreign exchange market, the rupee opened at 82.93 against the US dollar and moved between the peak of 82.83 and the lowest level of 83.06.

The rupee finally settled 1 paisa lower at 83.03 (provisional) against the previous close.

Bartronics India informed the exchange that Naveen Kumar Reddy Bheemavarapu has resigned from the position of Chief Financial Officer (CFO).

Nifty touched the 20,000-levels for the first time. Nifty gained 176 pts or 0.89% to end at 19,996.35, while BSE Sensex gained 528 pts or 0.79% to close at 67,127. Nifty50 touched a high of 20,008.15 intraday. On July 20, Nifty50 closed at 19,979 after touching an intra-day high of 19,991.85. Nifty 50 has risen 3.9 per cent since August 31.

From a technical perspective, the Nifty has recently broken out of a bullish flag formation, suggesting the potential for a significant upmove. The 20,000 mark was a key resistance level which has now been broken.

“Robust flows from the local investors amid mixed and negative flows from foreigners has helped Nifty achieve this landmark. Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky. Small-cap and Mid-cap stocks have run up quite sharply and in some cases unjustifiably so. Review of asset allocation and booking some profits/raising some cash is advised,” said Dhiraj Relli, MD & CEO, HDFC Securities.

Until last week, the Nifty 50 was poised to fall below 19,000 but has staged a smart comeback in the September F&O series, rallying by over 750 points from the recent lows of around 19,200.

Nifty posted its new life-time high on Monday. It touched 20,002 at 3.10 pm against its previous record of 19,991.85 on July 20. BSE Sensex gained 532 pts or 0.8% to trade at 67,130 against its previous life time high of 67,619.17.

Major gainers on the NSE at 3 pm:

Adani Ports (6.87%); Adani Enterprises (4.16%); Power Grid (2.20%); Apollo Hospitals (2.20%); Hindalco (2.09%)

Major losers:

Coal India (-1.03%); ONGC (-0.81%); Bajaj Finance (-0.35%); LT (-0.20%); IndusInd (-0..01%)

Stocks advanced on BSE at 3 pm on September 11 were 2,094 against 1,639 stocks that declined. Total stocks traded were 3,904. The number of stocks that recorded a 52-week high was 363, and those that hit a 52-week low was 16.

The company’s stock trades at ₹271.90, up by 0.04% on the NSE.

August 2023 has turned out to be a lucrative month for Tata Consultancy Services, Infosys and HCL Tech. In a report, equities research firm BNP Paribas pointed to the greenshoots: “Announcements of deal wins in the IT services sector were slightly higher than in the previous month. The three-month rolling average of deal signings fell a bit. In recent weeks, mega deal wins have increased significantly. This gives us comfort about a recovery in 2HFY24 and a strong FY25, helped by the ramp-up of large cost optimisation deals and the bottoming out of macroeconomic concerns.” Read more.

Ircon International (19.98%)

ITI (19.97%)

SJVN (15.63%)

RVNL (15.11%)

ITI Limited’s shares were up by 14.46 per cent after the company reported that a Central PSU under the Ministry of Communication, has introduced its own branded Laptop and Micro PC named ‘SMAASH’.

These products, developed in collaboration with Intel Corporation, have already been deployed in the market and have won tenders against major MNC brands. Read more.

The company announced that the total volume, including surface and air express, came in at 113kt, recording an increase of 24% as compared to August 2022 and 2% as compared to July 2023.

The stock jumps 7.87% on the NSE, trading at ₹162.50.

The stock declines by 0.90% on the BSE, trading at ₹22.01.

The company recently commenced commercial operations of the ‘Mini Blast Furnace - I’ of the company situated at Koppal, Karnataka.

The shares of SpiceJet were trading with 2 per cent gain at Rs 39.65 on the BSE

Arihant Superstructures and Xanadu Realty have partnered to launch a residential project in Vashi, Mumbai. Nestled in the historic Sector-9, this project represents the debut of Vashi’s inaugural modern in-city township.

Arihant Superstructures gained 2.44% to trade at Rs 186.85 on NSE.

The QIB portion has been subscribed 0.47 times, NII portion 18.54 times, and retail 12.08 times. The issue closes tomorrow.

Domestic Gold ETFs saw an inflow of Rs 1,028 crore in August, taking YTD inflows into the category to Rs 1,482 crore. The category AUM now stands at over Rs 24,000 crore. August is the highest monthly inflow into Gold ETFs since April 2022 which saw the category attract flows of Rs 1,100 crore on the back of the Russia-Ukraine war.

Flows into Gold ETFs have been subdued since then as the Fed embarked on its tightening cycle. As the end to the Fed’s tightening cycle is now coming close, prospects for gold are looking good. The metal has held its ground despite US yields and US dollar being on an upward trajectory lately.

A potential US recession, central bank gold buying, geopolitical tensions, rising US debt levels are all supporting interest in the precious metal.

The stock rises by 2.04% on the NSE, trading at ₹77.70.

The board of Gallantt Ispat has approved the setting up a new Direct Reduced lron (oRl) Kiln having a capacity of 1,65,00O MTPA at the company’s manufacturing facilities at Gorakhpur, Uttar Pradesh. The total investment towards the project, which is expected to be operational in the first quarter of FY 2025, is ₹125 crore.

The company’s stock surges by 4.83% on the NSE, trading at ₹100.90.

Edelweiss Alternatives has announced launching its First Climate Fund committed to support country’s ambition to a carbon neutral economy and provide a fillip for efforts to decisively nudge the adverse impacts of climate change on Earth.

The stock of Edelweiss Financial Services slides down by 0.26% on the NSE, trading at ₹56.80.

CreditAccess Grameen Limited’s shares were up by 3.12 per cent after the company secured Rs. 989.58 crore through a public issue of secured, redeemable Non-Convertible Debentures (NCDs). These NCDs are now listed on both the NSE and the BSE.

The NCD Tranche II Issue, with a base issue size of Rs. 400 crore and an option to retain oversubscription up to Rs. 600 crore, saw a response, aggregating to Rs. 1,000 crore, well within the shelf limit of Rs. 1,500 crore. Read more.

Dynamic Cables’ board recently approved expansion plan of the plant situated at Tehsil Shree Madhopur, Sikar, Rajasthan. It also approved purchase of land ad measuring 25091.00 sq. meters from Shiv Kripa Pipes Private Limited (Related Party of the Company) situated at SKS Industrial Area, Reengus, District Sikar (Rajasthan).

State-owned Indian Renewable Energy Development Agency (IREDA), a Systemically Important Non-Deposit-taking Non-Banking Finance Company, with Infrastructure Finance Company status has filed its Draft Red Herring prospectus (DRHP) with capital market regulator SEBI to raise funds through for its initial public offering (IPO).

It is the first IPO by a public sector enterprise after Life Insurance Corporation’s public issue in May last year.

The IPO with a face value of Rs 10 consists of fresh issue of up to 403.16 million equity shares and an offer for sale (OFS) of up to 268.78 million equity shares by the President of India, acting through the Ministry of New and Renewable Energy, Government of India (Promoter Selling Shareholders). The offer includes a reservation of up to for subscription by eligible employees.

The offer is being made through the book building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers, not less than 15% of the offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the offer shall be available for allocation to retail individual bidders.

Canara Bank (5.15%)

Bank of India (4.89%)

IOB (4.57%)

PSB (2.52%)

UCO Bank (2.42%)

The company recently bagged contract from Indian Railways for Garib Rath initiative.

The FMCG sector - A crude spike and an uneven monsoon could spoil margin gains

Spotty monsoon could drive food inflation higher and thus, drag rural demand. August saw a sharp monsoon deficit after a flurry of rain in July. At present, the all-India monsoon (till 6th Sep) is 11% deficient with uneven rainfall distribution across the country. While sowing area rose 0.4% over the last year, less area sown in pulses, cotton, jute, etc was seen till 1st Sep. This could drive food prices up as was seen with select vegetable prices shooting up recently.

Palm oil prices fell nearly 40% in FY23 and fallen another around 11% so far in FY24. The steep fall in palm oil prices benefits soap (around 60% of input cost), snack (about 30%) and biscuit (10-20%) manufacturers. We expect the drop in palm oil prices to be favourable to HUL (about 25% soaps portfolio) and GCP (about 25%). Further, prices of many crude-linked inputs have fallen (soda ash down 14% y/y in the last six months, polyethylene down 12% y/y). Soda ash accounts for about 20-25% of the input cost in the manufacture of detergents. Packaging costs constitute 15-30% of FMCG companies’ input costs. HUL (about 25% of the portfolio) and Jyothy Labs (about 30% of the portfolio) are expected to benefit from lower soda ash prices.

Mahindra Lifespace Developers (3.56%)

Lodha (2.25%)

Phoenix Mills (2.04%)

Oberoi Realty (1.03%)

Schaeffler India stock rises by 3.18% on the NSE, trading at ₹3,689.45, following its acquisition of KRSV Innovative Auto Solutions.

As the divestment of IDBI Bank moves to the next phase and an asset valuer is set to be appointed in a few weeks, a top-of-the-mind question for potential bidders, people in the banking fraternity and divesting shareholders – namely the Government of India and Life Insurance Corporation of India – is the Reserve Bank of India’s comfort level in taking certain exceptions to ensure closure of the divestment process.

According to highly placed sources, two investors – Kotak Mahindra Bank and Prem Watsa-led Fairfax India Holding (which owns CSB Bank) – who have submitted their expressions of interest, have sought a structure whereby existing banking entities held by them would be retained alongside IDBI Bank. Such a structure has been sought for at least three years post the acquisition of IDBI Bank, after which they would merge with the respective banking outfits.

The exception is being sought because if IDBI Bank should be merged with their existing banks, government and LIC, which would continue to hold 30 per cent stake in IDBI Bank after the divestment, may become a major shareholder of the merged entity. Read more

The QIB portion has been subscribed 0.11 times, NII portion 15.37 times, and retail 10.02 times. The issue closes tomorrow.

ITI Limited has developed its own branded Laptop and Micro PC - SMAASH - in the market that match international quality and performance. The company has won many tenders competing against MNC brands like Acer, HP, Dell and Lenovo.

SJVN Ltd’s shares were up over 13 per cent after the company, operating through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL), finalised a Power Purchase Agreement (PPA) with the Bhakra Beas Management Board (BBMB) for an 18 MW Solar Power project.

It will be established on BBMB’s land parcels in Himachal Pradesh and Punjab, and is slated for commissioning by August 2024. Read more.

The US International Development Finance Corporation’s (DFC) has approved the provision of up to $425 million in financing in TP Solar Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), for its upcoming greenfield 4.3 GW solar cell and module manufacturing plant at Tirunelveli district in Tamil Nadu, India.

Tata Power Renewable Energy Limited (TPREL) is a subsidiary of Tata Power. The stock rises by 1.13% on the NSE, trading at ₹217.90. Read more.

Major gainers on the NSE at 12 noon:

Adani Ports (5.33%); Apollo Hospitals (1.90%); HDFC Life (1.80%); Adani Enterprises (1.80%); Maruti (1.66%)

Major losers:

Cipla (-0.53%); Coal India (-0.51%); IndusInd (-0.36%); Bajaj Finance (-0.32%); Sun Pharma (-0.13%)

Stocks advanced on BSE at 12 noon on September 11 were 2,241 against 1,373 stocks that declined. Total stocks traded were 3,810. The number of stocks that recorded a 52-week high was 332, and those that hit a 52-week low was 14.

Moreover, six new fund offers had raised Rs 5,002 crore through equity schemes last month.

Thematic and multi-cap funds have recorded an inflow of Rs 4,806 crore (Rs 1,429 crore) and Rs 3422 crore (Rs 2,500 crore).

Small cap funds have registered an increase in inflow at Rs 4,265 crore (Rs 4,171 crore) last month.

The stock rises by 5% on the NSE, trading at ₹126.

Vakrangee entered into a binding term-sheet with private equity investor Aaviskaar Capital to acquire a 48.5 per cent stake in Vortex Engineering.

Marico Ltd informed the exchange that the company’s COO- India Business and CEO New Business, Sanjay Mishra, will resign from his position on December 15, 2023.

Vaibhav Bhanchawat, who is currently an SMP and designated as Chief Operating Officer – South East Asia & South Africa, will move as Chief Operating Officer – India & Foods Business w.e.f. October 1, 2023. Further, Ashish Goupal, who is currently an SMP and designated as Chief Operating Officer- Marico Bangladesh, MENA & New Country Development (NCD), will take on the responsibility of leading all international geographies of Marico including South East Asia and South Africa w.e.f. October 1, 2023 and will be designated as CEO- International Business.

The company’s stock inches up by 0.20% on the NSE, trading at ₹587.80.

Sun Pictures, an arm of ​Sun TV Networks​, has announced the launch of Superstar Rajinikanth-starred ‘Thalaivar 171’. Rajinikanth is teaming up with filmmaker Lokesh Kanagaraj while music will be done by Anirudh Ravichandran. ​

The stock of Sun TV trading 0.62 per cent higher at Rs 622.65.

IDFC First Bank Ltd shares were up by 0.85 per cent after the company reported that GQG Partners acquired 5,07,39,653 equity shares of the bank from V. Vaidyanathan, MD and CEO, in a block trade transaction.

The utilisation of the sale proceeds is outlined as follows: Rs 229 crore for subscribing to new shares of IDFC FIRST Bank; Rs 240.5 crore for income tax related to stock option exercises; and Rs 9.2 crore for contributions to predetermined social causes.

The shares were up by 1.47 per cent at Rs 96.76 at 11.33 am on the BSE. Read more.

The market witnessed two IPO listings today. Ratnaveer Precision gave a decent return to its investors, while Rishabh Instruments registered a positive yet not so impressive listing with a gain of just around 4% at ₹460 per share.

Rishabh Instruments is a multinational company that offers energy efficiency solutions. It has a diverse product portfolio and vertically integrated operations. However, the company faces risks related to international exposure and any shortage of production inputs like semiconductors. The IPO valuation was also slightly high.

We recommend exiting the position after this listing. However, if any high-risk investors want to hold it, they should maintain a stop-loss at the issue price.

Natco Pharma Limited’s shares were down by 5.34 per cent after the company announced that it is a defendant in an antitrust lawsuit filed in the United States. The lawsuit revolves around Pomalidomide (POMALYST), a pharmaceutical product.

The lawsuit was brought forth by Louisiana Health Service & Indemnity Company along with HMO Louisiana Inc., and it lists the defendants in the lawsuit, which include Celgene Corporation, Bristol Myers Squibb, Breckenridge Pharmaceutical Inc., and Natco Pharma Ltd., among others. Read more.

MMTC informed the exchange that its wholly owned subsidiary, MTPL Singapore has received liquidation notice, which has been filled by UCO Bank before the general division, High Court of Singapore due to default made by it in repayment of its commercial transactions.

However, MMTC stock trades at ₹65.55, up by 0.23% on the NSE.

Cosmo First Ltd has informed the exchange that its tech-enabled omnichannel pet care brand Zigly marks its second anniversary with strategic expansion into Tier 2 cities.

The stock inches up by 0.17% on the NSE, trading at ₹720.50.

Ircon International (17.99%)

RVNL (14.61%)

IRFC (9.99%)

The rupee continued its upward trend for the second straight session and appreciated by 9 paise to 82.93 against the US dollar in early trade on Monday, tracking positive cues from domestic equity markets and a weak American currency against major overseas rivals.

However, firm crude oil prices hovering above $90 per barrel and outflow of foreign funds weighed on the Indian currency, forex traders said. Read more.

Cupid Ltd’s shares were up by 3.11 per cent after the company reported that Universal-Halwasiya Group, in conjunction with Columbia Petro Chem Pvt Ltd, had finalised the acquisition of a 41.84 per cent stake in Cupid Ltd.

This acquisition includes both equity capital and voting rights from the existing promoters, Omprakash Garg and Veena Garg. Management control of Cupid Ltd will also be transferred, pending regulatory approvals. Read more.

On the other hand, the market awaits the US inflation data later this week which could influence the interest rate outlook. At 11 a.m. IST, gold ruled at $1,927.42 an ounce. Silver ruled at $23.09 an ounce.

Jash Engineering Ltd has announced that the company in August 2023, received the consolidated orders worth ₹55 crore. The company said in its regulatory filing, “as on September 1, 2023 the total consolidated order book position of the company is ₹850 crore out of which orders worth ₹381 crore are for Indian market and orders worth ₹469 crore are for markets outside India.”

The stock rises by 1.06% on the NSE, trading at ₹1,482.

Tata Consultancy Services has partnered with Dassault Systems through its Living Heart Project that unites an ecosystem of cardiovascular researchers, educators, medical device developers, regulatory agencies, including USFDA, and practicing cardiologists, to develop and validate realistic digital simulations of the human heart.

TCS stock inches up by 0.95% on the NSE, trading at ₹3,474.45. Read more.

Bank Nifty Futures

The Nifty Bank September Futures (45,535) is up 0.48 per cent. Outlook is bullish. Intraday supports will be at 45,400 and 45,250. The contract can rise to 45,950-46,000 in the coming sessions. Read more.

Nifty 50 futures

The September futures contract of Nifty 50 opened today’s session with a gap-up at 19,912 versus Friday’s close of 19,872. It is currently hovering around 19,985.

The nearest resistance from the current level is 20,060, with the next barrier at 20,180. On the other hand, the support levels are at 19,925 and 19,850.

The 14-day average true range for Nifty futures is nearly 130 points, and the contract has already rallied over 100 points today. Read more.

The flag breakout in Nifty Auto index fuelled the upward momentum. Consequently, it conquered fresh life highs.

Within this space, Tata Motors (which has been the leader of current secular rally) is regaining upward momentum after undergoing healthy retracement post decade long breakout. Thereby, offering fresh entry opportunity with favourable risk reward

Key point to highlight is that, the stock has formed a higher base above 10 week’s EMA which has been held since April 2023, highlighting inherent strength

Structurally, over past five week’s it retraced 61.8% of preceding five week’s rally (558-665). The slower pace of retracement above decade long breakout area of 605 coincided with 10 weeks EMA, signifies buying demand at elevated support base

Monthly MACD generated bullish crossover, suggesting positive bias.

The QIB portion has been subscribed 0.10 times, NII portion 9.70 times, and retail 7.02 times. The issue closes tomorrow.

Ratnaveer Precision’s post listing view from Anubhuti Mishra, Equity Research Analyst at Swastika Investmart Ltd.

Ratnaveer Precision Engineering Limited (RPEL) debot on stock exchanges today, listing on NSE at ₹129 per share, a 31% premium to its initial public offering (IPO) price of ₹98.

RPEL is a manufacturer of stainless steel products with a diverse range of products and designs. ​​

The company has a backward-integrated business model and a research and development (R&D) facility for new product development. It has also demonstrated strong financial performance over the past three years.

The IPO was well-received by investors, with the issue being subscribed to 93.99 times.

The company’s strong fundamentals and good subscription levels are positive factors for this. Investors who participated in the IPO can consider booking profits, and those who want to hold may keep a stop-loss at around 116.

The stock rises by 3.86% on the NSE, trading at ₹1,487.75.

The company’s subsidiary SJVN Green Energy had signed a power-purchase agreement with Bhakra Beas Management Board for 18 MW solar power project.

Basic Fly Studio gets record subscription of ₹14,170-crore for ₹66-crore IPO.

The company’s step-down wholly owned subsidiary Adani Global Pte Ltd, Singapore, had signed a joint venture agreement with Kowa Holdings Asia Pte Ltd, Singapore.

Stocks that are likely to improve their RoEs over FY23 to FY25 and transition into value-creation zone include capital intensive and cyclical sectors such as auto, capital goods and infrastructure, utilities, telecom, commodities and financials.

The RoE trajectory provides a sense of ‘déjà vu’ of what happened in the pre-GFC era between 2003-2007 when stocks within capital-intensive and cyclical sectors like L&T, BHEL, Bharti, NTPC, Hindalco, M&M, ACC, Reliance and DLF transitioned from sub-14% level RoE to value-creation zone of RoE greater than 15%.

Most of the aforementioned stocks further touched the high quality zone of RoE greater than 25% at the peak of the investment and credit cycle.

The company recently signed Master Ship Repair Agreement (MSRA) with the US Government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka.

We see limited point in trying to find fundamental reasons behind the steep increase in stock prices of several mid-cap. and small-cap stocks. There is no meaningful change in the fundamentals of most companies. In fact, they have worsened in many cases.

The primary driver of the rally appears to be irrational exuberance among investors, with high return expectations (and purchase decisions) being driven by the high returns of the past few months.

Varying degrees of exuberance in the mid- and small-caps

We do not see many fundamental reasons for the meteoric rise in the stock prices of many mid-cap and small-cap stocks in the past few months.

The fundamentals of most sectors have not changed much. However, market sentiment is quite exuberant, based on (1) steep increase in the prices of many mid-cap. and small-cap. stocks (2) large inflows into mid-cap and small-cap. mutual funds and (3) huge number of new retail participants in the mid-cap and small-cap funds. The strong performance of the mid-cap and small-cap indices has possibly pushed up return expectations among retail investors.

Two days of consistent close above the upper Bollinger band raises prospects of consolidation. If unable to float above 19820-790, expect indecisiveness, but a collapse is ruled out until 19700-600 marks hold. Towards this end, we will go in today with modest upside objectives of 19900-20050, before playing yet another range expansion.

IDFC FIRST Bank has been duly informed that the proceeds of the sale net of STT and other brokerage charges of ₹ 478.7 crore will be utilised for subscribing to fresh shares of the Bank through exercise of options, for payment of related income tax and for contributing to specific pre-committed social causes.

The bank’s stock rises by 1.31% on the NSE, trading at ₹96.60.

The stock inches up by 0.10% on the NSE, trading at ₹243.65.

The G20 Delhi Declaration and India’s diplomatic triumph can trigger continuation of the positive market mood and momentum. More importantly, the inclusion of the African Union in G20 and the proposed India-Middle East-Europe Corridor have positive economic and market connotations. For instance, the inclusion of the African Union in G20 is positive news for Bharti Airtel which has a significant presence in Africa.

In the present favourable market mood Nifty is likely to make another attempt at a new record high trying to conquer the psychological market of 20000. But investors have to be cautious since fundamentals do not support a sustained rise above 20000. Large FII selling may re-emerge at higher levels. The market is ignoring worries arising out of crude at $90. Some profit booking in small-caps is advisable. Now, safety is in quality large-caps.

Gold and silver prices plunged last week after robust economic activity continued to support the US dollar, which had a negative effect on the gold and silver market and kept prices under pressure. Upbeat US data increased fear of US Fed rate hike and supported the dollar index. Besides, the focus now shifts to Europe ahead of the European Central Bank’s monetary policy decision. The US dollar index crossed the 105 mark and remains well positioned to move higher which will put further pressure on the bullion markets. We expect gold and silver to remain volatile in today’s session. Gold has support at $1907-1896 while resistance is at $1930-1940. Silver has support at $22.72-22.58, while resistance is at $23.22-23.40, In rupee terms, gold has supports at Rs 58,780 and Rs 58,620, while resistances are at Rs 59,220 and Rs 59,410. Silver has supports at Rs71,050-70,450, while resistances is at Rs 72,140–72,850.

Major gainers on the NSE at 9:30 am:

Adani Ports (2.13%); Apollo Hospitals (1.84%); Adani Enterprises (1.57%); HCL Tech (1.23%); Dr Reddy’s (0.98%)

Major losers:

Coal India (-0.60%); IndusInd (-0.56%); Cipla (-0.27%); NTPC (-0.25%); Bajaj Finance (-0.02%)

Ratnaveer Precision Engineering would be the first IPO in history to start T+3 listing on Monday

The IPO closed on September 6 (Wednesday).

The Ratnaveer Precision Engineering IPO was subscribed 93.99 times -- it was subscribed 54 times in the retail category, 133.05 times by QIBs, and 135.21 times in the NII category.

The engineering company has fixed the price at Rs 98, at the upper end of the price band of Rs 93-98 per equity. Read more.

“Rupee ended at 82.94 on Friday on purposeful intervention by the RBI. Rupee as a result outperformed its Asian and EM peers last week,” IFA said.

Added to this, concerns over the economic recovery in China also impacted the prices of the commodity.

At 9.18 am on Monday, November Brent oil futures were at $90.49, down by 0.18 per cent; and October crude oil futures on WTI (West Texas Intermediate) were at $87.06, down by 0.51 per cent. September crude oil futures were trading at ₹7220 on Multi Commodity Exchange (MCX) in the initial trading hour of Monday morning against the previous close of ₹7258, down by 0.52 per cent; and October futures were trading at ₹7173 as against the previous close of ₹7198, down by 0.35 per cent.

Nifty has seen a strong addition of longs and is now nearing a fresh life high. Nifty in the upcoming week is likely to cross the 20000 levels and make fresh life highs. The immediate support for Nifty is now at 19600 and 19400 levels.

Bank Nifty in the last two days of the week did see a short covering rally and it can continue to witness the same in the upcoming week. The immediate targets for Bank Nifty are placed at 45900, while resistance is at 44700.

India VIX is now at 10.78 and has witnessed a sharp decline from the last week’s highs. VIX, if again starts to consolidate with a narrow range of 10-12 then there is a possibility of a start of a fresh trend and Nifty can make fresh highs. FIIs’ started the Sep series with 51% of the Index positions on the long side. Thus, indicating positions are at par but now has moved to 58% on the long side showing a positive trend.

On the global front, the US Market gained slightly on Friday but noted a losing week amid renewed worries that the Fed Reserve may raise the policy rates earlier than expected.

European markets closed slightly higher on Friday, following the US stocks, with tentative gains amid uncertainty over the inflationary outlook.

On the commodity front, Oil prices gained almost 1% on Friday on rising US diesel futures and worries about tight oil supplies after Saudi Arabia and Russia extended supply cuts.

Asia stock markets were weaker on Monday ahead of US inflation data, with investors seeking signals about the Federal Reserve’s following likely changes in interest rates. Taking cues from the Gift Nifty, Indian indices are expected to open in green. Markets will keep an eye on the key economic data this week as on Tuesday, India will release its inflation and industrial output figures for August, while China will announce its industrial output, retail sales, and, most notably, house sale prices on Friday and US announced its CPI data on Wednesday and PPI retail sales and initial jobless claim on Thursday.

The 50-index closed higher on all five trading sessions in the previous week as the investors generated even modest buying interest after reclaiming the 50 DMA. The index ascended 2% in the week while the VIX cooled off 4.3%, however, the undercurrent in the markets remains strong. Going forward the index is anticipated to attract bullish strength provided it continues to trade above the pivotal support near 19645 on a closing basis.

Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

The Nifty50 has shown strong performance recently, with a nearly 2% gain, finding solid support at the 19200 levels. Currently, prices are trading above the 21-day EMA on the daily chart, indicating positive momentum.

There’s a strong likelihood that Nifty will break its all-time high in the upcoming weeks of September. The immediate support level now stands at 19650, while 19900 serves as an immediate resistance.

Turning to Bank Nifty, the weekly chart displays a robust performance, closing above the high of the preceding four weeks and rising by more than 1.5%. On the daily chart, it has broken out convincingly above the 45000 level. Looking ahead, the initial resistance levels can be found at 45800-46000.

Among the BSE 500 stocks, Indian Railway Finance Corporation (IRFC), MMTC and Cochin Shipyard were the top gainers last week

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

“Markets may see a mixed trend in early trades Monday as the Gift Nifty index has been displaying a fluctuating trend amid weak Asian cues. Already, benchmark indices have rallied for 6 consecutive trading sessions, hence caution may prevail amongst the investors in the backdrop of inflation fears, rising US Dollar, strength in oil prices, and spiking US treasury yields. With FIIs selling local shares worth Rs 9,097 crore in the last 5 trading sessions, investors could be feeling the heat as any extended offloading could dampen the sentiment going ahead.”

Santosh Meena, Head of Research, Swastika Investmart Ltd.*

Bulls will eye the 20000 mark in the Nifty by ignoring weak global cues.

It was a stellar week for the bulls, where headline indexes Nifty, Banknifty, and Sensex joined the broader market party despite lots of negative global cues.

Despite the US 10-year bond yield surpassing 4.3%, the dollar index reaching above 50, and Brent crude trading at over $90, the Indian market has displayed remarkable resilience. Bullish sentiment is strong, with hopes of the Nifty reaching the 20,000 mark this week. The standout performer last week was the Nifty PSE index, which experienced its best week in years. The broader market is also in high spirits, as the Nifty midcap and small cap indices have posted substantial gains for the third consecutive week.

However, caution is warranted in the broader market, as signs of frothiness are becoming apparent in certain segments. Despite last week’s market rally, institutional investors remained net sellers throughout the week, making it crucial to monitor institutional flows going forward.

On the global front, close attention will be paid to movements in crude oil prices, the dollar index, and US bond yields. Additionally, global factors such as the US inflation rate and the outcome of the ECB meeting will be of significance. Domestically, developments stemming from the G20 summit may lead to sector- or stock-specific movements. Furthermore, it is worth noting that our IIP and CPI numbers are scheduled to be announced on September 12.

From a technical perspective, the Nifty has recently broken out of a bullish flag formation, suggesting the potential for a significant upward move. However, it faces a critical psychological hurdle at the 20,000 mark, which currently acts as a key resistance level. If Nifty struggles to breach this level, there’s a possibility of it forming a double top pattern around this point, which could trigger profit booking. On the downside, the range of 19,600–19,500 is a robust demand zone, providing support.

In the case of Banknifty, it has displayed a strong recovery from its 100-day moving average (DMA). The immediate resistance zone for Banknifty is around 45,600–45,700, and surpassing this level may pave the way for an attempt to reach the all-time high of 46,350. On the downside, the key support level is at 44,400.

Turning to the derivative market, it’s noteworthy that FIIs (foreign institutional investors) hold a long exposure in index futures at 58%, indicating a neutral to bullish bias.

Price Band Revised From 10% To 5%: Jayaswal Neco Industries

Price Band Revised From 10% To 20%: Texmaco Rail & Engineering

Price Band Revised From 20% To 10%: Ashapura Minechem, GTL Infrastructure

Inox Wind: Promoter Inox Wind Energy released a pledge of 9 lakh shares on Sept. 6.

Emami: Promoters Diwakar Finvest released a pledge of 10 lakh shares between Sept. 4 and 5, and Suraj Finvest released a pledge of 2 lakh shares on Sept. 6.

Greenpanel Industries: Promoter Prime Holdings bought 41,500 shares between Sept. 6 and 7.

Kirloskar Oil Engines: Promoters Navsai Investments and Alpak Investments each bought 13,200 shares on Sept. 7.

Genus Power Infrastructures: Promoter Simple Agarwal sold 3.18 lakh shares on Sept. 5.

Info Edge (India): Promoter Endeavour Holding Trust sold 9,000 shares on Sept. 8.

Advanced Enzyme Technologies: Promoters of Advanced Vital Enzymes sold 1.5 lakh shares between Sept. 5 and 7.

Paisalo Digital: Promoters Equilibrated Venture Cflow, PRI CAF, and PRO FITCCH each bought 45,000 shares on Sept. 8.

The Rs 320-crore IPO of EMS Limited subscribed 3.77 times at the end of Day 1. The company comes out with a price band of Rs 200-211 and the market lot is 70 shares.

The issue comprises a fresh issue of Rs 146.24 crore and 82.94 lakh shares under Offer for Sale by the Promotor, Mr. Ramveer Singh. The IPO will close on September 12. At the upper price band, the company’s IPO size would be Rs. 320-321 crore.

•Fixed Income

The New 10 Year Benchmark GOI 7.18 2033 traded between 7.13% - 7.19% during this week

Old 10 Year Benchmark GOI 7.26 2033 traded between 7.15% – 7.23% during this week, tracking movement in Crude Oil, Currency and US Treasury Yields

•Auction Highlights

RBI conducted the Auction for G-sec, SDL and T-Bill for the aggregated amount of INR 33,000 Crore, INR 15,700 Crore and INR 24,000 Crore respectively.

G-sec:

7.06% GS 2028 (99.50/7.1878%)

7.18% GS 2033 (100.15/7.1575%)

7.30% GS 2053 (99.48/7.3419%)

SDL Cutoff:

10 Years: AP 7.44%, AS 7.47%, GA 7.47%, TN 7.43%, UK 7.47%

11 Years: PN 7.45%

12 Years: HR 7.44%, MN 7.44%

13 Years: RJ 7.44%

15 Years: HP 7.42%

16 Years: TS 7.44%

20 Years: TS 7.40%, AP 7.40%

Reissue of 7.33% Maharashtra SGS 2031 issued on May 31, 2023 at 99.30/7.4478%

Reissue of 7.98% Rajasthan SDL 2042 issued on July 20, 2022 at 105.66/7.4167%

T-Bill Cutoff:

091 Days: INR 10000 Crore 98.3392/ 6.8001%

182 Days: INR 8000 Crore 96.6160/ 7.0243%

364 Days: INR 6000 Crore 93.4486/ 7.0300%\u0009

•Corporate Bond Highlights

AAA 5 Years PSU Bond traded between 7.62%-7.64% this week.

AAA 10 Years Private Bond traded between 7.73%-7.78% this week.

•New Issuances:

Aditya Birla Fashion and Retail Limited

Ratings: AA+ by CRISIL & IND

Issue Size: 750 + 0 Crs

Maturity Date: 12/09/2030

Allocated 750 Crs at 7.57%

Mindspace Business Parks Reit

Ratings: AAA/stable by CRISIL & ICRA

Issue Size: 500 + 0 Crs

Maturity Date: 10/09/2026

Allocated 500 Crs at 8.03%

Varroc Engineering Limited

Ratings: A+/stable by IND

Issue Size: 250 + 0 Crs

Maturity Date: 07/09/2028

Allocated 250 Crs at 9.20%

Shriram Finance Limited

Ratings: AA+/stable by CRISIL

Issue Size: 75 + 150 Cr

Maturity Date: 04/05/2026

Allocated 85 Crs at 8.70%

Toyota Financial Services India Limited

Ratings: AAA/stable by ICRA

Issue Size: 500 + 0 Crs

Maturity Date: 11/08/2028

Allocated 500 Crs at 8.12%

•Commodities:

1)Brent Crude Oil: $88.60-$91.15 (Per barrel)

2)WTI Crude Oil: $85.02-$88.08 (Per barrel)

3)Gold: INR 5,989-INR 6,032 24 Carat (1 Gram)

4)Silver: INR 74,000-INR 76,200 (1 KG)

•US Treasury Yield:

1)US 2 Year Treasury: 4.89%-5.03%

2)US 5 Years Treasury: 4.32%-4.45%

3)US 10 Years Treasury: 4.18%-4.30%

•News Highlights:

INDIA

1)The state governments have offered to sell SDLs worth Rs 15,100 crore on September 12, as against the scheduled market borrowing of Rs 8,100 crore.

2)India’s foreign exchange or forex reserves jumped by $4.039 billion to $598.897 billion for the week ended September 1, data from the Reserve Bank of India (RBI) showed on Friday, September 8. With this, forex reserves halted a two-week losing streak and an increase of $4.04 billion from the previous week, recorded the biggest gain in nearly two months.

3)India S&P Global India Services PMI slowed to 60.1 in August compared to July 62.3 while composite PMI fell to 60.9 compared to 619.

4)Central Board of Direct Taxes (CBDT) said the Income Tax Department has processed refunds of over Rs 2.45 lakh cr for 6.84 crore verified Income tax returns (ITR) till September 5.

5)SEBI chief said the regulator is planning to introduce a one-hour settlement of trades in the Indian stock markets by March 2024 and this will be followed by instantaneous settlement.

6)SEBI said credit rating agencies will have to submit their disclosures to the debenture trustees in a specified format for easier accessibility and analysis of the data submitted by them.

7)The Reserve Bank of India (RBI) on Friday announced its decision to discontinue the Incremental Cash Reserve Ratio (I-CRR) in a phased manner. This decision comes after a careful assessment of current and evolving liquidity conditions in the financial market.

8)The Finance Ministry in its annual status report said India’s external debt declined to 18.9% of GDP at the end of March 2023 from 20% last year.

9)National Payments Corporation of India (NPCI) launched new products to ensure more digital inclusivity of the payment service including a credit line on UP UPI Lite X for offline payments and a near field communication (NFC)- enabled Tap & Pay feature

10)The rupee depreciated for the fourth straight day and settled nine9 paise lower at its lifetime low of 83.22 (provisional) against the U.S. dollar on September 7 amid a firm American currency and elevated crude oil prices.

11)LIC Housing Finance accepts bids worth INR9.41 billion via four-year and 11-month bonds at 7.77% coupon

12)14D VRRR by RBI elicited a tepid response of INR 18,670 crore as against notified INR 50,000 crore in view of scheduled statutory payments.

13)India removed import duties on several US products, including chickpeas, lentils and apples etc. These duties were imposed in 2019 in response to America’s decision to increase tariffs on certain steel and aluminum products.

WORLD

1)Saudi news agency SPA, which quoted an official source from the Saudi Energy Ministry, said Saudi Arabia will extend the voluntary cut of one million barrels a day, which has gone into implementation in July and was extended to include August and September, for another three months until the end of December 2023.

2)U.S. initial jobless claims fell to 216,000 in the week ended Sept. 2, the lowest level since February and below market estimates (Refinitiv: 234,000), from a revised 229,000 in the prior week.

3)US ISM Services PMI rose to a six-month high of 54.5 in August versus 52.5 expected and 52.7 prior.

4)US S&P Global Services PMI slowed to 50.5 in August from 52.3 in July while composite PMI came in at 50.2 compared to 52.

5)Eurozone employment change rose by 0.2% in the three months leading to June of 2023, slowing from the 0.5% growth rate in the first quarter.

6)Eurozone economy expanded 0.5% on year in the second quarter of 2023, slightly below 0.6% seen in the previous estimates and easing from a 1.1% expansion in the previous quarter.

7)UK’s S&P Global/CIPS Composite PMI drops to 48.6, entering contraction territory for the first time since January.

8)UK S&P Global CIPS Construction PMI declined to 50.8 in August from 51.7 in July

9)Japanese economy grew by 4.8% on an annualized basis during the second quarter of 2023, compared with preliminary data of a 6.0% expansion and a downwardly revised 3.2% increase in the prior period.

10)Japan leading economic index declined to 107.6 in July from a downwardly revised final 108.8 in June while coincident economic index fell to 114.5, from an upwardly revised 115.6.

11)Australia’s Q2-23 annualized GDP growth came in at 2.1%, better than expected, but clocked a slowdown from 2.1% in Q1.

12)The Central Banks of Australia and Canada kept policy rates on hold but remained committed to consider further rate hikes, should the economic conditions .

Ratnaveer Precision Engineering would be the first IPO in history to start T+3 listing on Monday even before SEBI’s mandatory of listing within three days set to kick in.

Ratnaveer Precision Engineering IPO subscribed 93.99 times. The public issue subscribed 54 times in the retail category, 133.05 times in QIB, and 135.21 times in the NII category.

The engineering company has fixed the price at Rs 98, at the upper end of price band Rs 93-98 per equity

The company mopped up ₹165.03 crore from the public issue.

Schaeffler India Limited : Company has acquired 100% shareholding of KRSV Innovative Auto Solutions Private Limited (“Koovers”) and the closure of acquisition transaction has been completed on September 8, 2023.

SANDUR MANGANESE & IRON ORES LTD : Company lists on NSE .Intends to get into hot metal production and downstream value-add products Vision is to augment its product portfolio while building internal capabilities to materialize the long-term goal of the Company to set up a steel plant

Speciality Restaurants Limited : CRISIL Ratings Limited has upgraded its outlook on total bank facilities of Rs. 10 Crore of the Company, the long term rating to “CRISIL A-/Stable” (upgraded from ‘CRISIL BBB+/Positive’) and the short-term rating to “CRISIL A2+” (upgraded from ‘CRISIL A2’).

Domestic markets are expected open on a strong note, amid optimism across-the-board following successful G20 event and on sound technical condition. Technical analysts expect the bullish momentum to continue as most stocks, especially from mid and small-cap space, have breached the 200-day SMA and giving strong foundation for further rally.

Analysts expect the benchmarks Nifty and Sensex to register new record highs, as they are tantalisingly close their earlier peaks. Dream run continues for a few sectoral, MidCap and SmallCap indices that are scaling new peaks on each passing day in the last few days.

HALDYN GLASS LIMITED : Company has completed the relining work of the aforesaid furnace and fired the furnace. they are expected to start the production from September 9, 2023 in phase wise manner.

Ahasolar Technologies Limited : Company has received a Work Order for Consultancy Services for Solar Power plant pre-feasibility report at different location in India from Hindustan Petroleum Corporation Limited. The whole Consultancy Service is priced at around ₹ 30 lacs

Dhruv Consultancy Services Limited : Company has received the Letter of Award for providing Consultancy Services towards Independent Engineer Services during O&M phase for 4 laning of Solpaur to Vijayapura section of NH-52 from Design Ch.0.000 to Ch. 110.542 in the State of Maharashtra and Karnataka .The contract price for the said Project will be Rs. 9,00,00,000/- excluding GST The Contract period will be of 60 months. and also M/S Ayoleeza Consultants Private Limited and in association with M/S Transtek Engineers and Services Private Limited has received the Letter of Award for providing Consultancy Services for Authority’s Engineer for Improvement to two lane with paved shoulder from Ramnagar to Roseda from (km 3.500 to km 43.000) of NH-527E in State of Bihar on EPC mode from the office of Assistant Executive Engineer-RO Patna from the Office of the Regional Officer, Ministry of Road Transport and Highways worth of 10,62,00,000/-

Advance Lifestyles Limited : Company recommended the Bonus Issue of Equity Shares in the ratio of 1:1 [i.e. 1 (One) fully paid up equity share for every 1 (One) equity share held to the shareholders of the Company as on Record Date as may be determined by the board of director(s), subject to the approval of the shareholders in AGM.

Tata Communications: The company will collaborate with Nvidia to develop an AI cloud in India aimed at providing critical infrastructure that enables computing’s next lifecycle. That will result in high-speed data transfers for enterprises

REC: The state-owned company has received shareholders’ approval to increase the overall borrowing limit of the company from Rs 4.5 lakh crore to Rs 6 lakh crore in its 54th AGM. Besides, the shareholders also approved a special resolution for raising funds through private placement of unsecured or secured non-convertible bonds or debentures up to Rs 1 lakh crore in one or more tranches till Sept.

Shyam Metalics and Energy: The company has announced an offer for sale of up to 1.3 crore shares, or 5.11% stake, for Rs 414 apiece. Promoters Narantak Dealcomm and Subham Buildwell will sell stakes. The OFS will open and close on Sept. 11 for non-retail investors and on Sept. 12 for retail investors

Coffee Day Enterprises: IDBI Trusteeship Services has filed a bankruptcy and insolvency plea with the NCLT against the company on an alleged Rs 228.45 crore default

Vakrangee: The company will acquire a 48.5% stake in Vortex Engineering from Aaviskaar Capital

Dilip Buildcon, Gujarat Gas, Sterling Tools, Asahi India Glass, Landmark Cars, Nitin Spinners, Manorama Industries, Pokarna, Garware Technical Fibres

BALRAMCHIN

CHAMBLFERT

DELTACORP

HINDCOPPER

IBULHSGFIN

INDIACEM

MANAPPURAM

PNB

SAIL

Banking & financial services, capital goods and automobiles were the favourite sectors of investment for foreign investors in the first five months of the current fiscal.

According to National Securities Depository Ltd (NSDL) data, foreign portfolio investors (FPIs) infused ₹49,086 crore into the banking and financial services sector during the April-August period. I

ICRA’s full participation in the extant ratings cycle has been a function 1) reorganisation of ratings team structure with sharpened sectoral rigor, 2) restructuring of business development team on lines of key sectors, 3) strong ratings performance and timely actions, 4) focus on remunerative and appropriate pricing/yields, and 5) inherent strength (leading market position) in faster growing sectors (financial incl. Securitisation, and Infra) and bond ratings (issuances have increased in recent quarters).

A media report indicated that L&T has been issued a letter of intent in the Middle East for two packages worth total USD 4bn. Aramco is the developer of Jafurah field, which is the first unconventional gas field of Saudi Arabia with 2trn cubic feet of reserves. It has awarded the contract for phase 1 worth ₹10 bilion. The total estimated cost of the field is ₹100 billion over the life of the field.

Retail investors have gone crazy over IPO of Kahan Packaging. The public issue of this little-known Mumbai based firm that manufactures polymer-based woven products saw bids over 1,000 times, precisely 1,044 times from retail investors. Non-institution investors portion received bids for 405.59 times.

The dollar index (DXY) measures the value of USD against a geometric weighted average basket of six major international currencies – Euro, Yen, British Pound, Canadian Dollar, Swedish Krona, and the Swiss Franc.

An important characteristic of a butterfly is that the three strikes used to set up the strategy must be equidistant from each other. But what if you create a position such that the distance between the higher strike and the middle strike is smaller than the distance between the middle strike and lower strike? Read more

As an amateur investor, do you wonder why your portfolio returns are so average when many of your stocks are flying? The answer could lie in portfolio weights or position sizing. Read more

The stock of Larsen & Toubro will turn ex-date tomorrow (Tuesday) for the proposed mega buyback offer. That means, for investors who wish to participate in its first-ever buyback, today is the cut-off date to acquire L&T shares.

The board of L&T had approved buying back 3.3 crore shares, or 2.4 per cent of its equity, through the tender offer route at a price of up to ₹3,000 per share for a maximum consideration of ₹10,000 crore.

Strides Pharma Science Limited (Strides) has announced that its step-down wholly owned subsidiary,

Strides Pharma Global Pte. Limited, Singapore, has received approval for Sevelamer Carbonate for Oral Suspension USP, 0.8g and 2.4g, from the United States Food & Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Renvela for Oral Suspension, 0.8g and 2.4g of Genzyme. The approval completes the Company’s Sevelamer Carbonate portfolio

Adani Global Pte Ltd, Singapore, a step-down wholly owned subsidiary of Adani Enterprises has signed a joint venture agreement with Kowa Holdings Asia Pte Ltd, Singapore. The deal is for the sales and marketing of green ammonia, green hydrogen and its derivatives produced and supplied by the Adani Group in the agreed territory.

Buzzing stocks: Cupid, Mazagon Dock, Adani Enterprises, DroneAcharya, Strides Pharma, Natco Pharma, SJVN, PVR Inox, Kirloskar Ferrous, Captain Pipes, Vakrangee, Schaffer, Dynamic Cables

Small is attractive. But in stock market, it appears very small is even more attractive, if one goes by the responses and listing gains garnered by small and medium enterprises on the bourses.

DroneAcharya Aerial Innovations Limited has launched BHUJANG (Battlefield Hybrid UAV for Joint Attack, Navigation and Guarding), a heavy lift off, super-high-altitude, long-range drone with multiple capabilities. The launching was done on Saturday.

Mazagon Dock Shipbuilders Ltd (MDL) has signed Master Ship Repair Agreement (MSRA) with the US Government represented by NAVSUP Fleet Logistics Center (FLC) Yokosuka. This is a Non-Financial Agreement. There are only two shipyards in the country including MDL who have signed MSRA. The agreement is expected to open-up voyage repairs of US Navy Ships at MDL.

Cupid Limited, one of the leading Manufacturer & Supplier of Male Condoms, Female Condoms, Lubricant Jelly and In Vitro Diagnostic Test Kits has been acquired by Universal-Halwasiya Group and Family through Columbia Petro Chem Private Limited and Aditya Halwasiya, a promoter of Universal Petro Chemicals Limited. The Universal-Halwasiya Group and Family have entered in definitive Agreement to be bought 41.84 per cent Equity Capital/Voting right from the promoter/Promoter Group, subject to regulatory compliances and approval. As per SEBI Regulation, Universal-Halwasiya Group and Family has made an open offer to acquire additional 26% of the outstanding equity shares of the Cupid Limited from the public shareholders at Rs 325 a share.

Here is what the charts say about the shares of Bajaj Auto, Geojit Financial Services and Goodyear India

he downtrend in the BSE Information Technology (IT) index that was in place since January 2022 has come to an end. The gradual rise in the index since May this year indicates a trend reversal. Also, the strong breakout and a close above 32,000 last week marks the end of the prolonged sideways consolidation that was in place since May last year. It also confirms the trend reversal and indicates that a new leg of upmove has begun. The BSE IT is currently at 32,697.84, up 14 per cent so far this year. Read more

Nifty 50 and Sensex witnessed a strong rise last week. The benchmark indices have risen about 1.9 per cent each last week. The Nifty Bank index has also risen breaking above the key 45,000-mark last week. As we have been mentioning over the last couple of weeks, the corrective fall in the benchmark indices have come to an end and a new leg of rise has begun. So, the broader uptrend is intact and more rise is on the cards, going forward. Read more

The outlook for Oil and Natural Gas (ONGC) has turned positive. The bullish outlook will not change as long as the stock rules above ₹155. Immediate support is at ₹175 and the next one is at ₹167.50. ONGC finds an immediate resistance at ₹197.30 and the crucial one at ₹239. Read more

Torrent Pharma and Dr.Reddy’s eyeing promoter stake in Cipla might just be the start of an acquisition spree in the pharma space. We believe Indian Pharma may now flex its financial muscle for both big and small deals, with sectoral sentiments on a high, balance sheets strong and all business segments gathering momentum. Read more

The IPO of EMS opened on September 8, and closes on September 12. The issue size is around ₹321 crore with ₹146 crore as fresh issue and remaining offer for sale (OFS). The proceeds from the fresh issue will be utilised to fund the company’s working capital requirements. Read more:

The Indian power sector has been seeing good momentum, such as all-time high peak power demand and the power ministry inviting bids of about 50 GW to develop installed renewable energy capacity annually for the next five years — to achieve the 500 GW non-fossil fuel target. Tata Power, being an integrated power utility company with renewable-based plans, appears to be a beneficiary here. Read more

The long-term outlook is bullish for the stock of Gujarat Ambuja Exports (₹285.85). The stock has been in a strong downtrend since April 2022. However, since December last year, the stock has been broadly consolidating between ₹220 and ₹300. Read more

Vodafone Idea: Hope springs eternal, inexplicable as it may be, when it comes to stocks trading in single digits! As of June FY19, individual shareholders (category that includes retail investors) held around 60 crore shares in Vodafone Idea (Vi), representing a 2.09 per cent stake in the company. Read more

Oil prices dipped in Asian trading due to concerns about China’s economic growth affecting fuel demand. Brent crude dropped 0.5% to $90.16 per barrel, while U.S. West Texas Intermediate crude fell 0.9% to $86.77 per barrel. A stronger USD further dampened investor interest. However, prices had recently risen after Saudi Arabia and Russia extended supply cuts. Analysts anticipate oil market reports from the IEA and OPEC this week to influence prices. Despite a slight increase in U.S. oil rigs, overall counts remained well below the previous year’s level.

Asian markets opened cautiously with a mix of performance, while the yen gained strength due to potentially hawkish comments from the Bank of Japan governor.

Stocks in South Korea and Japan’s Topix index saw gains. Hong Kong’s equity futures remained unchanged, with the market set to reopen after a closure due to heavy rainstorms on Friday.

At 6.40 am, Japan’s Topix Index showed a marginal increase of 0.12% at 2,361.99 points, while the Nikkei Index dropped 0.30% to 32,509.79. South Korea’s Kospi index traded with slight weakness at 2,544.97 points.

Market sentiment is fragile, as evidenced by the Nasdaq’s 2% decline last week and more than 1% drops in the S&P 500, MSCI World, and MSCI Asia ex-Japan Index. Concerns about rising bond yields, a strong U.S. dollar, and uncertainty surrounding the Federal Reserve’s rate hikes are contributing to the volatility, typical for this historically turbulent month in the stock market.