Market Commentary - Mid-Session
Nifty trades near 25,400; NTPC gains 1.97% As on : 16-Sep-24  13:39

The domestic equity benchmarks traded with limited gains in afternoon trade. The Nifty traded near the 25,400 level after hitting the day's low of 25,336.20 in early afternoon trade. Barring the Nifty FMCG index, all the other sectoral indices on the NSE were traded in green

At 13:30 IST, the barometer index, the S&P BSE Sensex rose 143.76 points or 0.17% to 83,034.59. The Nifty 50 index added 43.30 points or 0.17% to 25,399.80.

The Sensex and Nifty clocked an all-time high of 83,184.34 and 25,445.70, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index added 0.02% and the S&P BSE Small-Cap index rose 0.26%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit a record high of 49,506.01 and 57,502.74 respectively.

The market breadth was positive. On the BSE, 2,122 shares rose and 1,882 shares fell. A total of 125 shares were unchanged.

Economy:

India's forex reserves jumped $ 5.248 billion to a new all-time high of $ 689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by $ 2.299 billion to a record $ 683.987 billion for the previous reporting week. For the week ended September 6, foreign currency assets, a major component of the reserves, increased by $ 5.107 billion to $ 604.144 billion, the data showed.

Gainers & Losers:

NTPC (up 1.97%), JSW Steel (up 1.85%), Shriram Finance (up 1.77%), Hindalco Industries (up 1.51%) and Mahindra & Mahindra (up 1.39%) were major Nifty gainers.

Bajaj Finance (down 3.14%), Hindustan Unilever (down 2.39%), Bajaj Finserv (down 2.05%), SBI Life Insurance Company (down 1.47%) and Britannia Industries (down 1.46%) were major Nifty losers.

Stocks in Spotlight:

Infosys shed 0.22%. The IT major announced a collaboration with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement).

Central Depository Services (India) (CDSL) rallied 4.38% after its board approved the appointment of Nehal Vora as the managing director (MD) & chief executive officer (CEO) for a term of five years effective from 18 September 2024.

Adani Power jumped 6.22% and Adani Green Energy surged 7.57%. The said companies will sign a long term power purchase agreement (PPA) and supply power agreement (SPA) with Maharashtra State Electricity Distribution Company (MSEDCL) for supply of 6600 MW hybrid solar and thermal power.

Torrent Power rose 0.79%. The company informed that it has committed investments of over Rs 64,000 crore for green or renewable energy projects at 'RE-Invest 2024' with potential employment of 26,000.

HEG rallied 4.17% after the company informed that its board has approved the enhancement of existing investment limit from Rs 200 crore to Rs 250 crore in one or more tranches.

The Phoenix Mills advanced 3.75% after the company said that its board has approved issuance of one bonus equity share for every one existing equity share held (1:1).

Global Markets:

European and Asian stocks traded mixed on Monday as investors braced for a significant week of interest rate decisions from the U.S. Federal Reserve and the Bank of England.

Hong Kong stocks falling as investors assessed downbeat economic data from China, while several key markets were closed for holidays.

China's economy continued to weaken in August, with factory output, consumption, and investment all declining more than expected. Home prices fell at the fastest pace since 2014, prompting the People's Bank of China to signal more monetary easing and a heightened focus on combating deflation.

Sentiment in Asia was also dampened following a second assassination attempt on US presidential candidate Donald Trump. He was later taken to safety.

US stocks closed higher on Friday ahead of the Federal Reserve's upcoming policy meeting. The S&P 500 gained 0.54%, the tech-heavy Nasdaq Composite added 0.65%, and the Dow Jones Industrial Average jumped 0.72%, marking their fifth consecutive winning day.

Wall Street is now looking ahead to the Fed's meeting on September 17-18, where a 25-basis-point interest rate cut is widely expected. The current target rate stands at 5.25% to 5.5%.

Economic data indicating a moderation in inflation further supports the case for a rate cut. The consumer price index in August rose 2.5% year-over-year, the lowest level since February 2021. Wholesale prices increased by 0.2% in August, in line with expectations.

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