Market Highlights, Sept 19: Sensex, Nifty end at record closing high after US Fed announces rate cut
Stock Market Highlights: Despite a choppy session, the day ended in favor of bulls, as many as 30 stocks of the Nifty50 index ended in the green with gains led by NTPC, Titan, and Nestle India
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2:14 PM
Stock Market LIVE Updates: EIH to sublease Trident Hotel, Cochin, land and building to Concept Hospitality
Stock Market LIVE Updates: EIH Associated Hotel today announced that its board of directors has decided to sub lease the land along with building and fittings at Bristow Road, Willington Island, Kochi, Kerala, known as Trident Hotel, Cochin for the residual period of Head Lease which ends on 27 April 2032 to Concept Hospitality.
2:04 PM
At 2 PM, the BSE Sensex was at 83,149, up 201 points, or 0.24 per cent, while the Nifty 50 was at 25,403, up 25 points, or 0.1 per cent.
Stock Market LIVE Updates: 2 PM market update
Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50, off from the record levels they hit at open, were dragged down by a fall in Oil and Gas, Metal and PSB stocks, among others.
At 2 PM, the BSE Sensex was at 83,149, up 201 points, or 0.24 per cent, while the Nifty 50 was at 25,403, up 25 points, or 0.1 per cent.
1:46 PM
The company has teamed up with renowned names such as Ajmal & Sons, Cadbury, Ferrero Rocher, and Casa Decor, to offer a curated collection of gifting options.
The collaboration aims to provide customers with a seamless and diverse gifting experience, featuring an exclusive range of products from luxury fragrances, premium chocolates, stylish home décor, and unique stationery items, the company said in an exchange filing.
Stock Market LIVE Updates: Archies ties up with premium brands for curated gifting options this festive season
Stock Market LIVE Updates: Archies today announced that it has entered into strategic partnerships with a host of premium brands for the upcoming festive season.
The company has teamed up with renowned names such as Ajmal & Sons, Cadbury, Ferrero Rocher, and Casa Decor, to offer a curated collection of gifting options.
The collaboration aims to provide customers with a seamless and diverse gifting experience, featuring an exclusive range of products from luxury fragrances, premium chocolates, stylish home décor, and unique stationery items, the company said in an exchange filing.
1:36 PM
Firstsource added that it plans to partner with Victorian education institutions to set up an innovation lab focused on AI, engineering, robotics, and digital experimentation.
Stock Market LIVE Updates: Firstsource begins operations in Australia and NZ with headquarters in Victoria
Stock Market LIVE Updates: RP-Sanjiv Goenka Group company, Firstsource Solutions, a global provider of specialist domain-led Business Process Services (BPS), today announced the beginning of its operations in Australia and New Zealand.
The company, in an exchange filing, said, "The company will be headquartered in Victoria, Melbourne."
Firstsource added that it plans to partner with Victorian education institutions to set up an innovation lab focused on AI, engineering, robotics, and digital experimentation.
1:30 PM
The company added that with this repayment, it has become and external debt free entity.
The company, in an exchange filing, said, "Religare Enterprises Limited has today on its due date fully repaid the outstanding term loan and interest amounting to Rs 163.75 crore drawn from JM Financial Products Limited and JM Financial Credit Solutions Limited in the year 2022. Upon such re-payment, the Company has now become an external debt free entity."
Stock Market LIVE Updates: Religare Enterprises becomes debt free, pays of Rs 163 crore debt to JM Financial
Stock Market LIVE Updates: Religare Enterprises today announced that it has repaid the outstanding term loan and interest of Rs 163.75 crore, to JM Financial Products and JM Financial Credit Solutions.
The company added that with this repayment, it has become and external debt free entity.
The company, in an exchange filing, said, "Religare Enterprises Limited has today on its due date fully repaid the outstanding term loan and interest amounting to Rs 163.75 crore drawn from JM Financial Products Limited and JM Financial Credit Solutions Limited in the year 2022. Upon such re-payment, the Company has now become an external debt free entity."
1:19 PM
This looks like an apt decision from risk-management perspective, the economic cost of this pre-emptive 50 bps cut is lower than the cost of waiting and then being forced into a bigger cut later if incoming data suggest further deterioration in the labor market. Also note it is usually too late to cut rates by the time the evidence of labor-market deterioration is clear.
Globally the other central bank which matters now is Bank of Japan. It has got competing considerations such as hot wages and inflation data pointing to the need to adjust policy rates higher versus the risk of market bumps that would call for more patience.”
Views By: Siddharth Chaudhary, Senior Fund Manager – Fixed Income, Bajaj Finserv AMC
Stock Market LIVE Updates: 'The Dot Plot indicates an additional 50 bps of rate cuts by the Fed by year end'
Stock Market LIVE Updates: “The FOMC has started easing by cutting rates 50 basis points in line with market expectation. So, it is clear now that the worse than expected July employment data was the turning point. The Dot Plot is indicating an additional 50 bps of rate cuts by year end. The focus is clearly back to maximum employment mandate of Federal reserve.
This looks like an apt decision from risk-management perspective, the economic cost of this pre-emptive 50 bps cut is lower than the cost of waiting and then being forced into a bigger cut later if incoming data suggest further deterioration in the labor market. Also note it is usually too late to cut rates by the time the evidence of labor-market deterioration is clear.
Globally the other central bank which matters now is Bank of Japan. It has got competing considerations such as hot wages and inflation data pointing to the need to adjust policy rates higher versus the risk of market bumps that would call for more patience.”
Views By: Siddharth Chaudhary, Senior Fund Manager – Fixed Income, Bajaj Finserv AMC
1:11 PM
In a stock exchange filing on Wednesday, GE T&D said promoters, Grid Equipments Private Limited and GE Grid Alliance B.V., propose to sell an 11.7 per cent stake in the company through the stock exchange mechanism. READ MORE
Stock Market LIVE Updates: GE T&D stock hits 5% lower circuit as promoters begin stake sale via OFS
Stock Market LIVE Updates: GE T&D India shares were locked in a 5 per cent lower circuit on the National Stock Exchange (NSE), registering an intraday low of Rs 1,606.85 per share, after promoters began offloading partial stake via offer for sale (OFS) mechanism.
In a stock exchange filing on Wednesday, GE T&D said promoters, Grid Equipments Private Limited and GE Grid Alliance B.V., propose to sell an 11.7 per cent stake in the company through the stock exchange mechanism. READ MORE
1:03 PM
At 1 PM, the BSE Sensex was at 83,198, up 250 points, or 0.30 per cent, while the Nifty 50 was at 25,420, up 42 points, or 0.16 per cent.
Stock Market LIVE Updates: 1 PM market update
Stock Market LIVE Updates: Indian benchmark indices BSE Sensex and Nifty 50, off from the record levels they hit at open, were trading higher, following Federal Reserve Chiar Jerome Powell's announcement of a 50bps rate cut on Wednesday evening.
At 1 PM, the BSE Sensex was at 83,198, up 250 points, or 0.30 per cent, while the Nifty 50 was at 25,420, up 42 points, or 0.16 per cent.
12:57 PM
Stock Market LIVE Updates: Aavas Financiers board okays raising funds of Rs 630-cr via NCDs; shares up
Stock Market LIVE Updates: Shares of housing finance company Aavas Financiers surged up to 2.93 per cent to hit an intraday high of Rs 1,867.30 per share on Thursday, September 19, 2024.
The rise in Aavas Financiers came after the company approved issuance of non-convertible debentures (NCDs) to raise Rs 630 crore. NCDs are a type of debt instrument used by companies and institutions to raise funds from the public or institutional investors. READ MORE
12:51 PM
The company, in an exchange filing, said, post this investment, Tilaknagar Industries will hold a 36.17 per cent share of the equity share capital in the company on a fully-diluted basis.
It added that the founders of Bartisans will continue to own 56.54 per cent share of the equity share capital, with the rest marked for the pool for Employee Stock Ownership Plan.
The company further said that upon Bartisans achieving certain pre-agreed milestones, the definitive agreements provide an option for Tilaknagar to invest or acquire further shares held by other shareholders as per a pre-determined valuation methodology.
Stock Market LIVE Updates: IMFL maker Tilaknagar to invest Rs 8 crore in ready-to-pour mixer brand Bartisans
Stock Market LIVE Updates: Indian-Made Foreign Liquor (IMFL) maker Tilaknagar Industries today announced a strategic investment of Rs 8 crore, through a mix of primary investment and secondary acquisition, to own a significant minority stake in Round the Cocktails Private Limited, makers of 'ready-to-pour' premium mixer brand, Bartisans.
The company, in an exchange filing, said, post this investment, Tilaknagar Industries will hold a 36.17 per cent share of the equity share capital in the company on a fully-diluted basis.
It added that the founders of Bartisans will continue to own 56.54 per cent share of the equity share capital, with the rest marked for the pool for Employee Stock Ownership Plan.
The company further said that upon Bartisans achieving certain pre-agreed milestones, the definitive agreements provide an option for Tilaknagar to invest or acquire further shares held by other shareholders as per a pre-determined valuation methodology.
12:44 PM
Views By: Deepak Shenoy, Founder & CEO, Capitalmind
Stock Market LIVE Updates: 'Rate cuts are possible in India, with CPI inflation below the RBI’s target'
Stock Market LIVE Updates: “The Fed’s 50 bps rate cut comes as a positive surprise, signalling confidence in its inflation control measures. Markets reacted predictably—yields and stocks edged up, and gold rose. A weaker dollar will help US exports and improve the global economic outlook. The Fed also projects two more 25 bps rate cuts in 2024 and additional cuts through 2025 and 2026, which is positive for the global outlook. In India, with CPI inflation below the RBI’s target, similar rate cuts are possible. However, the key challenge remains liquidity in our system, as banks have sufficient deposits but are cautious in lending.”
Views By: Deepak Shenoy, Founder & CEO, Capitalmind
12:42 PM
Stock Market LIVE Updates: Shilpa Medicare appoints Dr Sridevi Khambhampaty as CEO of Shilpa Biologicals
Stock Market LIVE Updates: Shilpa Medicare today announced that it has appointed Dr Sridevi Khambhampaty as CEO of its subsidiary, Shilpa Biologicals.
12:31 PM
The company, in an exchange filing, said, "We are pleased to inform that the company has received an order worth Rs 865 crore."
Stock Market LIVE Updates: Power Mech bags Rs 865 crore O&M project from Vedanta subsidiary
Stock Market LIVE Updates: Power Mech Projects today announced that it has received an order worth Rs 865 crore, from a Vedanta subsidiary for the operation and maintenance of a 3x600 MW thermal power plant.
The company, in an exchange filing, said, "We are pleased to inform that the company has received an order worth Rs 865 crore."
The company added that the project involved "operation and maintenance (O&M) of 3X660 MW supercritical thermal power plant of Talwandi Sabo Power Limited (a subsidiary of Vedanta Limited) at Banawala village, Mansa District, Punjab."
12:23 PM
With today's new summit, the NSE Nifty 50 index registered its 59th new all-time high in the calendar year 2024, surpassing its previous best of 58 new highs in the year 2021. READ MORE
Stock Market LIVE Updates: Nifty creates history: Hits 59th new high in 2024, most no of times in a yr
Stock Market LIVE Updates: The NSE Nifty 50 index today hit a fresh life-time high at 25,611.95 on the back of 50 basis points interest rate cut by the US Federal Reserve, a first in the last four years. Today's market rally was led by FMCG stocks with some support from select IT and financial shares.
With today's new summit, the NSE Nifty 50 index registered its 59th new all-time high in the calendar year 2024, surpassing its previous best of 58 new highs in the year 2021. READ MORE
12:12 PM
Sentiment for domestic equities in India, in the near-term, will depend on the prevailing global market sentiment (especially, expectations of soft / hard landing of the US economy). The Indian economy in itself is on a solid footing and compares favorably over other Emerging Markets. Valuations however are rich, and this may limit the near-term upside unless there is a runaway global rally. Moreover, if the probability of a global hard landing rises, Indian equities could witness higher volatility.
Soft (global) landing scenario: A prudent strategy would be near-term caution, plus staggered investment along with preference for large caps and longer investment horizon.
Hard (global) landing scenario: Some profit booking might be desirable, especially in mid/small caps along with buy in market dips."
Views By: Unmesh Kulkarni, Managing Director Senior Advisor, Julius Baer India
Stock Market LIVE Updates: Fed rate cut - 'Valuations (in India) are rich and this may limit near-term upside'
"Historically, Fed easing cycles have been particularly supportive for emerging market equities, in absence of a recession. However, it is important to assess whether the US economy is heading for a soft landing or into a hard landing (recession), as this will determine the market sentiment through the rate cut cycle.
Sentiment for domestic equities in India, in the near-term, will depend on the prevailing global market sentiment (especially, expectations of soft / hard landing of the US economy). The Indian economy in itself is on a solid footing and compares favorably over other Emerging Markets. Valuations however are rich, and this may limit the near-term upside unless there is a runaway global rally. Moreover, if the probability of a global hard landing rises, Indian equities could witness higher volatility.
Soft (global) landing scenario: A prudent strategy would be near-term caution, plus staggered investment along with preference for large caps and longer investment horizon.
Hard (global) landing scenario: Some profit booking might be desirable, especially in mid/small caps along with buy in market dips."
Views By: Unmesh Kulkarni, Managing Director Senior Advisor, Julius Baer India
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First Published: Sep 19 2024 | 7:49 AM IST
