Share Market HIGHLIGHTS: Sensex finishes 796 pts lower, Nifty slips to 19,901; all sectors bleed; HFDC Bank falls 4%, JSW Steel down 3%
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex closed on Wednesday, September 20, with deep cuts as bears took over Dalal Street amid selling in blue-chips such as HDFC Bank and Reliance Industries (RIL). Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.coms blog.
Share Market HIGHLIGHTS: Domestic equity benchmarks Nifty 50 and Sensex closed on Wednesday, September 20, with deep cuts as bears took over Dalal Street amid selling in blue-chips such as HDFC Bank and Reliance Industries (RIL). HDFC Bank slipped after the lender, in its Analyst Meet, said that its net interest margin (NIM) will stay under pressure in the near term. All counters on the sectoral front bled. Globally, the US Fed will announce the policy decision later in the day, which also dragged the index.
At close, the S&P BSE Sensex was down 796 points, or 1.18 per cent at 66,800.84, and the NSE Nifty was down 231.9 points, or 1.15 per cent, at 19,901.4 levels. In the broader market, the Nifty Mid Cap 100 and Small Cap 100 also closed in negative territory. On the sectoral front, Nifty Bank was down 1.29 per cent at 45,384.6 levels.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog.
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Share Market HIGHLIGHTS: Sensex finishes 796 pts lower, Nifty slips to 19,901
Nifty
Nifty slips to 19,901, down 1.15 per cent.
Source: NSE
Sensex
Sensex finishes 796 points lower at 66,801.
Source: BSE
Share Market HIGHLIGHTS | HDFC Bank, JSW Steel, RIL emerge as top losers in 50-scrip blue-chip basket
HDFC Bank, JSW Steel, RIL and BPCL are among the top losers in the Nifty basket, down nearly 4-2 per cent. On the other hand, PowerGrid, Coal India, ONGC and Asian Paints are among the top gainers, trading with gains of up to 2.5% per cent.
Source: NSE
Share Market Today LIVE | TCS, Coal India, PowerGrid, other stocks hit 52-week highs
As many as 21 stocks in the BSE 500 basket — the broadest index on the bourse — reached the milestone.
Stock CMP 52 Weeks High Previous 52 Weeks High(Price/Date) All Time High(Price/Date) APARINDS 5,452.40 5,740.00 5,353.20 (21 Aug 2023) 5,740.00 (20 Sep 2023) APLLTD 778.25 825 799.00 (12 Sep 2023) 1,150.00 (18 Dec 2020) AXISBANK 1,027.40 1,047.45 1,031.40 (15 Sep 2023) 2,042.95 (23 Jul 2014) BALKRISIND 2,547.10 2,577.80 2,568.55 (01 Aug 2023) 2,724.40 (23 Sep 2021) BANKINDIA 106.1 114.02 113.64 (18 Sep 2023) 588.00 (07 Oct 2010) BERGEPAINT 744.7 759.15 747.45 (18 Sep 2023) 872.00 (22 Jul 2021) BLUESTARCO 909 945.8 825.95 (18 Sep 2023) 1,554.40 (14 Jun 2023) COALINDIA 284.45 288 284.90 (11 Sep 2023) 447.25 (05 Aug 2015) INDUSINDBK 1,441.30 1,475.50 1,466.90 (14 Sep 2023) 2,037.90 (03 Aug 2018) IOB 43.86 48.65 47.40 (18 Sep 2023) 228.90 (07 Jan 2008) KIOCL 308.05 322 314.55 (18 Sep 2023) 506.45 (14 Nov 2017) NIACL 144.95 150.6 148.60 (15 Sep 2023) 764.25 (30 May 2018) NTPC 242.1 245.9 244.95 (12 Sep 2023) 291.00 (15 Jan 2008) POWERGRID 204.7 205.9 203.95 (12 Sep 2023) 266.85 (31 Jul 2023) SJVN 81.95 83.69 83.18 (12 Sep 2023) 83.69 (20 Sep 2023) TCS 3,609.00 3,625.00 3,618.95 (18 Sep 2023) 4,045.50 (18 Jan 2022) TRITURBINE 435.55 454 448.95 (18 Sep 2023) 454.00 (20 Sep 2023) TVSMOTOR 1,510.95 1,532.00 1,530.95 (18 Sep 2023) 1,532.00 (20 Sep 2023) UNIONBANK 99.51 102.79 100.60 (18 Sep 2023) 426.80 (27 Oct 2010) VARROC 494.6 515 482.40 (18 Sep 2023) 1,177.45 (03 Sep 2018) WELCORP 399.6 404.3 403.50 (18 Sep 2023) 537.70 (17 Jan 2008) Share Market Today LIVE | Ethnic apparel retailer Sai Silks’ IPO hits D-Street; should you apply for it?
Ethnic apparel retailer Sai Silks’ Rs 1,201 crore initial public offering (IPO) has opened for subscription on Wednesday, September 20. The bidding process for the public offer, comprising fresh issuance worth Rs 600 crore and an offer for sale (OFS) component of up to 2.7 crore equity shares by promoters and promoter entities, will conclude on Friday, September 22.
Here are a few important details to know about the Sai Silks IPO:
The basis of the allotment of shares is set to be finalised on September 27, and the credit of shares to the demat accounts of successful bidders is expected to be finalised on October 3. Sai Silks' shares are likely to be listed on the BSE and NSE on October 4. Read more
Share Market Today LIVE | NBCC shares gain 4% in the bearish market - Here's why
Shares of NBCC (India) Limited, formerly known as National Buildings Construction Corporation, gain as much as 4.25 per cent to Rs 61.20 apiece on the NSE on Wednesday, i.e., September 20. The surge in price came after NBCC won an order worth Rs 150 crore from the Khadi and Village Industries Commission (KVIC). According to an exchange filing, the order relates to "planning, designing, and execution of upcoming works such as construction of office building(s), residential campus, redevelopment, repair, and renovation of KVIC properties pan India etc." Read more
Share Market Today LIVE | Signatureglobal IPO hits D-Street; subscription status, issue price, other important details to know
Realty developer Signatureglobal has launched its initial public offer (IPO) on Wednesday, September 20, to raise up to Rs 730 crore. The public offer comprises fresh issuance of shares worth up to Rs 603 crore, and an offer for sale (OFS) worth up to Rs 127 crore by promoters and existing shareholders.
Signatureglobal IPO subscription status
So far on the first day of the bidding process, the Signature Global was subscribed an overall 22 per cent, with bids for 24.5 lakh shares in place against the 1.1 crore shares on offer, according to provisional exchange data. Read more
Category Reservation Subscription (No. of times the equity reserved) Qualified institutional buyers 75% Nil Non-institutional investors 15% 43 Retail investors 10% 58 Overall 22 Source: Exchange data Share Market Today LIVE | L&T buyback opens today; should investors tender their shares?
The much-talked-about share buyback offer by the engineering and construction major Larsen & Toubro (L&T) has opened today (September 18, 2023) and shall remain open until September 25. During this period, investors in the conglomerate have the option to surrender their shares and go home with substantial cash.
The buyback price stands at Rs 3,200, and the share offered for buyback is 3.12 crore. Read more
MARKET UPDATE: Nifty trades below 19,900
MARKET UPDATE: Sensex down 800 pts
EXPERT VIEW | Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services
“Despite touching all time highs the nifty ended marginally down over the past five days. Valuations are increasingly getting a bit uncomfortable especially within the small and mid-cap space. The frontline market still seems one where buy on dips can be the preferred strategy. Consumer space, metals and select large cap banks can be the drivers of keeping the Nifty buoyant.
China on the other hand keeps taking measures to resurrect its economy, the latest being a 25bps cut in CRR in an attempt to increase the system wide liquidity. Driven by potential rebound in China, lower SPR and continued production cuts at Saudi has ensured Oil is now nearing $100/bbl. If Chinese economy surprises positively there is a high probability that Oil will breach the physiological $100/bbl mark which will be viewed negatively for Indian equities especially going into an election year.
On the US front, all eyes will be on the US FOMC meeting tonight. Any soft guidance can potentially drive risk sentiment globally and would be viewed as one that can be taken as slightly long term in nature.”
Share Market Today LIVE | Sensex tanks over 650 points, what should investors do now?
Commenting on the decline in benchmark indices, Parth Nyati, Founder at Tradingo said that both Nifty and Sensex experienced profit booking, largely attributed to a sharp sell-off in HDFC Bank following its analyst meeting. During the meeting, concerns were raised about potential margin pressure and the asset quality post-merger of HDFC twins.
"Additionally, global markets exhibited caution in anticipation of the upcoming FOMC meeting. Factors such as increasing US bond yields, rupee weakness, a surge in crude oil prices, and selling by foreign institutional investors (FIIs) further contributed to the challenges faced by our markets," he said.
"From a technical perspective, Nifty and Sensex have identifiable immediate support levels at 19,900 and 66,900, respectively. If these levels are breached, we may witness additional profit booking, potentially leading towards 19,640 for Nifty and 66,000 for Sensex," he added.
Dividend stocks | RVNL, Mazagon Dock Shipbuilders, Heidelberg Cement, Hindware home Innovation, Victoria mills among 40 shares trade ex-date
A total of 40 stocks traded ex-dividend on Wednesday, September 20, according to the BSE website. The list includes Bharat Dynamics, RVNL, Mazagon Dock Shipbuilders, Heidelberg Cement, Hindware home Innovation, Victoria mills, other stocks.
Bharat Dynamics dividend
Bharat Dynamics had announced a final dividend of Re 1.2 per equity share.
Mazagon Dock dividend 2023 record date
Mazagon Dock Shipbuilders had announced a dividend of Rs 6.86 per equity share.
SAIL dividend
SAIL had announced a final dividend of Re 0.5 per equity share.
RVNL dividend
Rail Vikas Nigam had announced a dividend of Re 0.36 per equity share.
Heidelberg Cement dividend
Heidelberg Cement had announced a dividend of Rs 7 per equity share.
Hindware Home Innovation dividend
Hindware Home Innovation had announced a dividend of Re 0.5 per equity share.
Victoria mills dividend
Victoria Mills had announced a dividend of Rs 50 per equity share. Read more
Share Market Today LIVE | Power Grid shares hit all-time high; Check brokerages' views and target prices
Shares of Power Grid Corporation of India surge as much as 2.47 per cent to hit an all-time high of Rs 205 apiece on the BSE on Wednesday, September 20, after the company, in its regulatory filing, informed that a meeting of the "Committee of Directors for Bonds" is scheduled to be held on September 25, 2023, to consider the issue of unsecured, redeemable, non-convertible, non-cumulative, taxable bonds as "POWERGRID Bond - LXXIV (74th) Issue" (Debenture) under private placement. Read more
Nifty Today LIVE | ITC, M&M, SBI among top movers in Nifty basket
HDFC Bank, RIL, ICICI Bank, Infy and Kotak Bank are among the top drags in the Nifty basket at this hour. On the contrary, Axis Bank, PowerGrid, NTPC and Bajaj Finance are the top movers.
Source: NSE Share Market Today LIVE | Sensex falls over 600 pts, Nifty near 19,950
Nifty
Nifty near 19,950, down 0.92 per cent.
Source: NSE
Sensex
Sensex falls nearly 650 points, at 66,952.
Source: BSE
Share Market Today LIVE | Bharat Dynamics stock flies higher after receiving Rs 290 crore order from IAF
The stock of Bharat Dynamics made a strong opening on Wednesday morning as it rose 2.52 per cent higher, or Rs 26.55, at Rs 1,081.15 after the defence sector company recieved order worth Rs 290.90 crore from the Indian Air Force on Tuesday. "Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, (as amended) we wish to inform that BDL has signed contract with IAF for supply of Surface to Air missiles order worth Rs.290.90 crore," the company said in a statement on Tuesday. The stock reached the day's high of Rs 1087.60 and is still in a strong position. Read more
Anil Singhvi Market Strategy | Important levels to track in Nifty, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index coming in at 20,000-20,050 levels and a strong buy zone at 19,865-19,950 levels on Wednesday, September 20, as market participants return to trade after a holiday. For the Nifty Bank, he expects support at 45,425-45,575 levels and a strong buy zone at 45,150-45,300 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | RR Kabel IPO Listing LIVE Updates: Shares list at premium of 14% on BSE
Shares of RR Kabel lists at a premium of 14 per cent on BSE at Rs 1,179 against the issue price of Rs 1,035. The stock of RR Kabel begins trading at Rs 1,181 on the NSE, a 14.11 per cent premium to its IPO price of Rs 1,035.
RR Kabel share price target
Brokerage firm Prabhudas Lilladher has given a 'buy' rating for RR Kabel with a target price of Rs 1,407 valuing at 35x FY25 earnings. Read more
Currency Update | Rupee rises 6 paise against US dollar in early trade
The rupee strengthens by 6 paise to 83.26 against the US dollar in early trade on Wednesday on easing global crude oil prices and rising appetite for riskier assets.
Share Market Today LIVE | Blue Star shares clock 52-week high post-QIP launch
Shares of Blue Star zoom as much as 10.5 per cent on Wednesday, September 20, to hit a fresh 52-week high of Rs 884.75 on the BSE, surpassing their earlier 52-week high of Rs 1,554.4, touched on June 14, 2023, after the company launched a qualified institutional placement (QIP) issue to raise funds. Blue Star shares trade 8.09 per cent or Rs 64.7 higher at Rs 864.7 on the BSE. Blue Star has approved the floor price for the QIP at Rs 784.55 per share, reflecting a 2 per cent discount to Monday's closing price of Rs 800.05.The executive management committee of the company will hold a meeting on September 22, Monday to consider the issue price.
Image: Official website Share Market Today LIVE | Tata Motors shares shrug off overall weakness on D-Street; what is keeping the stock afloat?
Tata Motors shares rises on Wednesday, shrugging off market-wide weakness on Dalal Street, after the Tata group auto major announced an increase in the prices of its commercial vehicles. The Tata Motors stock gains by as much as Rs 4.4, or 0.7 per cent, to Rs 645 apiece on BSE, continuing to rise for the third session in a row.
In a regulatory filing post-market hours on Monday, Tata Motors announced its decision to raise the prices in its commercial vehicle (CV) segment by up to 3 per cent, with effect from October 1. That was the carmaker's third upwards revision in the prices in 2023 so far. Read more
Share Market Today LIVE | HDFC Bank says excess liquidity to weigh on NIM in near term; Nomura double-downgrades stock to neutral
Shares of HDFC Bank are on investors' radar on Wednesday, September 20, after its Analyst Meet update. The lender said in its update that the merged entity's net interest margin, or NIM (on total assets), has declined to 3.7–3.8 per cent (as already indicated by management earlier) from 4.1 per cent for the standalone bank in 1QFY24.
Further, due to the impact of excess liquidity of Rs 1 trillion in e-HDFC’s balance sheet towards June-end and the incremental cash reserve ratio (ICRR), the NIM is expected to see further compression of 25–30 basis points (bps). The bank expects NIM to improve in a few quarters, led by excess liquidity’s deployment on the lending side, repayment of some borrowings of e-HDFC switch-over with deposits, and a changing business mix towards retail assets.
Following this, Nomura has double-downgraded HDFC Bank stock to neutral from buy. The target price has been cut to Rs 1,800 from Rs 1,970 earlier. Read more
Share Market Today LIVE | Nifty slips below 20k, Sensex falls over 500 pts
Nifty
Nifty slips below 20,000, down 0.73 per cent in opening deals.
Source: NSE
Sensex
Sensex falls nearly 500 points, at 67,100 in opening deals.
Source: BSE
Pre-Opening Market Comment | Prashanth Tapse, Senior VP (Research), Mehta Equities
“Markets may struggle in early Wednesday trades amid weak global cues as investors are likely to maintain caution ahead of the outcome of the US FOMC meeting on interest rates later today. Nervousness will prevail as besides the US Fed meeting, the BoE, the BoJ and central banks of Sweden, Norway and Switzerland are also scheduled to meet this week on their decision on interest rates. Also dampening the sentiments are WTI crude futures spiking towards $91.13 per barrel, the US Dollar index rising to 105.33 levels, and the US 10-year Treasury yields spiking to 4.33 per cent. Technically for Nifty, the biggest make-or-break support is seen at the 19821 mark.”
Stocks to Watch | HDFC Bank, Tata Motors, Biocon, Nykaa, RR Kabel, Biocon, NBCC among top stocks to track today
ZeeBiz takes you through the list of stocks that can shoot into the limelight in early trading hours on Wednesday (September 20).
HDFC Bank
HDFC Bank on Tuesday (September 19) reappointed Sashidhar Jagdishan as managing director and chief executive officer of the company for a period of three years with effect from October 27, 2023, to October 26, 2026. "The bank has approved the re-appointment of Mr. Sashidhar Jagdishan (DIN: 08614396) as the Managing Director and Chief Executive Officer of the Bank for a period of three (three) years w.e.f. October 27, 2023, to October 26, 2026," HDFC Bank said in a BSE filing on Tuesday.
Tata Motors
Automaker Tata Motors said on Monday it would increase the prices of its commercial vehicles by up to 3 per cent from October 1, 2023. "The price increase is to offset the residual impact of past input costs and will be applicable across the entire range of commercial vehicles," Tata Motors said in a statement. The company increased prices of commercial vehicles by up to 5 per cent from April 1 this year.
NHPC
The public sector hydropower company on Tuesday approved the appointment of Raj Kumar Chaudhary as director (technical) w.e.f. September 18, 2023. "Shri Raj Kumar Chaudhary is not related to any of the directors of the company and is not debarred from holding the office of director by virtue of any order of the Securities and Exchange Board of India or any other such authority.
Nykaa
Nykaa, in its investor presentation, projected that the demand for its beauty and personal products would grow more than three times by 2030. It is also said that the company's annual consumption value is $80, which is five times the national average. Among its other findings, the company said that Nykaa customers are spending $130 on fashion. It has 145 beauty specialty stores in different formats, while this year, the number of brands on the platform has increased from 1500 to 2850. Read more
Share Market Today LIVE | GIFT Nifty futures indicate negative start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are down 99.35 points or 0.49 per cent at 20,079.5 ahead of the opening bell on Dalal Street.
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