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The domestic equity market took a significant hit on Wednesday, with the Nifty50 closing below 24,950. The early-afternoon high of 25,113 was short-lived as sectors like oil & gas, PSU banks, and metals faced selling pressure. Investors are closely watching upcoming inflation data from the US and India. While US inflation is anticipated to increase, Indian inflation is expected to remain steady. Additionally, the Bank of Japan's suggestion of a potential rate hike if inflation stays elevated added to the market's cautious tone.
The S&P BSE Sensex slipped 398.13 points or 0.49% to 81,523.16. The Nifty 50 index declined 122.65 points or 0.49% to 24,918.45.
Tata Motors (down 5.74%), Larsen & Toubro (down 1.51%) and Reliance Industries (down 0.68%) were major drags.
In the broader market, the S&P BSE Mid-Cap index fell 0.52% and the S&P BSE Small-Cap index declined 0.57%.
The market breadth was negative. On the BSE, 1603 shares rose and 2368 shares fell. A total of 100 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, gained 2% to 13.63.
Numbers to Track:
The yield on India's 10-year benchmark federal grew 1.45% to 6.950 as compared with previous close 6.965.
In the foreign exchange market, the rupee was flat against the dollar. The partially convertible rupee was hovering at 83.9800, compared with its close of 83.9800 during the previous trading session.
MCX Gold futures for 4 October 2024 settlement rose 0.59% to Rs 73,100.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.19% to 101.44.
The United States 10-year bond yield gained 1.45% to 6.950.
In the commodities market, Brent crude for October 2024 settlement added 1.65 cents or 2.38% to $70.84 a barrel.
Global Markets:
The Dow Jones index futures were down 166 points, indicating a weak opening in the US stocks today.
European stocks advanced while Asian shares ended lower on Wednesday, as investors focus on the latest U.S. inflation data set to be released later in the day. Crude oil prices remained near three-year lows, below $70 per barrel, due to concerns about weak demand.
South Korea reported that its unemployment rate fell to 2.4% in August, marking the lowest level since the data series began in 1999, according to Statistics Korea.
On Wednesday, Bank of Japan board member Junko Nakagawa stated that the central bank would continue to raise interest rates if the economy and inflation align with the bank's forecasts.
The upcoming debate between Vice President Kamala Harris and former President Donald Trump could significantly influence the U.S. election. Investors will then turn their attention to the U.S. Consumer Price Index (CPI) report, which could provide clues about potential Federal Reserve interest rate cuts.
While the Fed is expected to lower rates next week, the magnitude of the cut remains uncertain, especially after a mixed jobs report last Friday.
U.S. stock markets experienced a volatile session on Tuesday, closing mixed as investors prepared for the CPI report. The S&P 500 (+0.5%) and Nasdaq Composite (+ 0.9%) finished slightly higher, while the Dow Jones Industrial Average (-0.2%) closed lower. Apple shares declined after the company lost a legal battle in the EU over a $14 billion tax bill. This followed the recent launch of the iPhone 16, which was met with some disappointment regarding its artificial intelligence capabilities.
Stocks in Spotlight:
Tata Motors dropped 5.74% to Rs 976 as auto major BMW downgrades 2024 outlook over brake issues and weak demand in China. Meanwhile, a foreign broker maintained its Sell rating on Tata Motors with a price target of Rs 825/-
Samvardhana Motherson International slipped 3.01% as BMW cuts its 2024 guidance due to weaker demand, especially from China. This impacts Motherson's business supplying to BMW's motorcycle joint venture.
Bharat Electronics (BEL) rose 0.8% after the aerospace & defense firm received two orders from Cochin Shipyard aggregating to Rs 1,155 crore. With these orders, the company has now accumulated orders totaling Rs 7,075 crore in the current financial year.
Ashoka Buildcon slipped 3.73%. The company informed that it has entered into a joint venture with Indira Projects & Development to form ABL Indira Projects JV LLP, for execution of project at Maldives.
Ravindra Energy was locked in upper circuit of 5% after the company announced that its board approved raising Rs 180 crore on preferential basis. Some of the prominent investors include Ashish Kacholia, Mukul Agrawal and Quant Manufacturing Fund.
Gensol Engineering gained 1.22% after the company and Matrix Gas & Renewables has secured the project to setup green hydrogen production plant in Pune on build own and operate (BOO) basis.
The said project will be India's first green hydrogen valley project in Pune, Maharashtra. The company and Matrix will set up green hydrogen production plant to supply green hydrogen to specialty chemical sector with the firm offtake for 20 years.
Aurionpro Solutions was hit a lower circuit of 5%. The company informed that it has received contract to deliver, implement, and maintain the safe city project from Panvel Municipal Corporation (PMC), Maharashtra. The scope of the project includes the establishment of data centers, control command center, and video analytics capabilities to enable real-time monitoring and faster response times.
Goa Carbon advanced 3.03% after the company informed that it has resumed operations at its Goa unit located at St. Jose de Areal, Salcete-Goa.
Jubilant Pharmova added 0.92% after its subsidiary, Jubilant HollisterStier LLC's (JHS) manufacturing facility located at Spokane, Washington (USA) received classification of 'Voluntary Action Indicated' from USFDA.
The United States Food & Drug Administration (USFDA) conducted an audit of the facility from 28 May to 6 June 2024. The US drug regulator has now determined the inspection classification of the facility as Voluntary Action Indicated.
IPO Update:
The initial public offer (IPO) of Bajaj Housing Finance received 46,22,63,63,416 bids for shares as against 72,75,75,756 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (11 September 2024). The issue was subscribed 63.53 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 66 to 70 per share. An investor can bid for a minimum of 214 equity shares and in multiples thereof.
P N Gadgil Jewellers' received 11,61,92,123 bids for shares as against 1,68,85,964 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (11 September 2024). The issue was subscribed 6.88 times.
The issue opened for bidding on Tuesday (10 September 2024) and it will close on Thursday (12 September 2024). The price band of the IPO is fixed between Rs 456 to Rs 480 per share. An investor can bid for a minimum of 31 equity shares and in multiples thereof.
Kross' received 25,44,18,116 bids for shares as against 1,53,50,877 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (11 September 2024). The issue was subscribed 16.57 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 228 to Rs 240 per share. An investor can bid for a minimum of 62 equity shares and in multiples thereof.
Tolins Tyres' received 17,58,80,694 bids for shares as against 74,88,372 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (11 September 2024). The issue was subscribed 23.49 times.
The issue opened for bidding on Monday (9 September 2024) and it will close on Wednesday (11 September 2024). The price band of the IPO is fixed between Rs 215 to 226 per share. An investor can bid for a minimum of 66 equity shares and in multiples thereof.
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