Stock Market Highlights: Sensex ends in the green, Nifty 50 holds 25,350 led by ICICI Bank, L&T and NTPC

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“The domestic market traded in a narrow range with a positive bias as the participants are keenly awaiting the FEDs decision this week. The weakness in the US job market and benign inflation are pointing at a slew of rate cuts on the table. The inflow of foreign money and an expectation of stability in domestic growth may keep sentiment optimistic,” says Vinod Nair, Head of Research, Geojit Financial Services.

– Market ends higher in a rangebound session.
– Midcap posts record close for the second straight session, market breadth favours advances.
– Sensex rises 98 points to 82,989, Nifty 27 points to 25,384.
– Midcap index gains 226 points to 60,260, Nifty Bank 215 points to 52,153.
– Sensex, Nifty, Midcap hit record highs intra-day.
– Metal stocks and financials lift Nifty while the FMCG index drags; JSW Steel and Hindalco are top gainers.
– Bajaj Housing Finance makes a strong debut and ends the first day with 135% upper circuit.
– Housing finance companies move lower; LIC Housing Fin and PNB Housing Fin fall up to 6% each.
– Adani Group bags order to supply 6,600 MW of electricity; Adani Green jumps 8%.
– Bajaj Finance and Bajaj Finserv see profit booking; stocks end as top Nifty losers.
– Reliance Power hits 5% upper circuit after company bags battery storage order of 500 MW.
– Nomura initiates buy call on Macrotech and Investec upgrades Union Bank; both stocks gain 3%.
– Dixon Tech surges 7% as arm signs MoU with ASUS to manufacture notebooks.
– SpiceJet jumps 9% as market regulator SEBI exempts promoter Spice Health from open offer requirements.
– Government removes MEP on basmati rice; KRBL and LT Foods gain up to 6% each.
– Lumax Auto jumps 10% after the company announces the acquisition of a 60% stake in Greenfuel Energy for ₹133 crore.
– Edelweiss Fin ends 4% higher after 27.5 lakh shares change hands in multiple blocks.
– Repeat orders worth ₹516 crore help Thermax gain 5%.

Strides Pharma receives US FDA approval for Fluoxetine Tabs used to treat depression, obsessive-compulsive disorder

Recommendations Ashish Kyal, Waves Strategy Advisors:
Buy HEG for a target of ₹2,310 with a stop loss at ₹2,075
Buy Vedanta for a target of ₹520 with a stop loss at ₹450

In August 2024, mutual funds purchased shares worth ₹35,600 crore (₹356 billion) while foreign institutional investors (FIIs) sold shares worth ₹2,700 crore (₹27 billion), according to the Nuvama Research report.

Take a look at the top stock here

Torrent Power on Monday, September 16, said it has committed investments worth over ₹64,000 crore at the fourth edition of the ‘RE-Invest 2024’ event in Gandhinagar, which would result in potential employment for around 26,000 people.

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Here are a few stock recommendations by Soni Patnaik, JM Financial Services:

Buy Larsen and Toubro for a target price of ₹3,700-3,730 with a stop loss of ₹3,620
Buy ABB India for a target price of ₹7,950 with a stop loss of ₹7,770
Buy Info Edge for a target price of ₹8,000 with a stop loss of ₹7,800

Despite the strong subscription demand for Bajaj Housing Finance, the initial public offering (IPO) of PN Gadgil also attracted significant interest during the same period, with the Qualified Institutional Buyers (QIB) portion being oversubscribed by 137 times and the overall subscription reaching 59 times.

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Shares of Dixon Technologies climbed over 6% to hit a 52-week high on Monday, nearing the mark of ₹14,000 for the first time. With today’s surge, Dixon’s market capitalisation stood at ₹82,353 crore.

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Here are a couple of stock recommendations by Sudeep Shah, SBI Securities:

Buy MCX with a stop loss of ₹5,350 and a target of ₹5,650-5,700
Buy Eicher Motors with a stop loss of ₹4,780 and a target of ₹5,150-5,200

In August 2024, mutual funds purchased shares worth ₹35,600 crore (₹356 billion) while foreign institutional investors (FIIs) sold shares worth ₹2,700 crore (₹27 billion), according to the Nuvama Research report.

Read more here

Reliance Power has won a significant contract to establish a 500 MW/1000 MWh Battery Energy Storage System (BESS) awarded by the Solar Energy Corporation of India (SECI). The contract, secured through a competitive auction, is part of SECI’s ambitious initiative to develop 1,000 MW/2,000 MWh of standalone battery energy storage systems.

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Here are a couple of stock recommendations by Shivangi Sarda, Motilal Oswal Financial Service:

– Buy Bharti Airtel at a target of Rs 1,720 with a stop loss of Rs 1,620
– Buy Dixon Tech at a target of Rs 14,100 with a stop loss of Rs 13,290

So far in 2024, gold prices have risen nearly 23%, with a 35% increase over the past year. One of the key beneficiaries of this sharp spike is India’s gold loan financiers.

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#JustIn | #ReliancePower secures Battery Storage Contract of 500 MW/1000 MWh in India’s Renewable Energy sector pic.twitter.com/4B1P8CeW9F

— CNBC-TV18 (@CNBCTV18Live) September 16, 2024

Shares of Dixon Technologies climbed over 6% to hit a 52-week high on Monday, nearing the mark of ₹14,000 for the first time. With today’s surge, Dixon’s market capitalisation stood at ₹82,353 crore.

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The shares of a two-wheeler maker have given a return of almost 85% in the past year and nearly 40% in 2024 so far (year-to-date). However, global brokerage firm UBS recommends selling the auto stock as it sees a potential downside of 42%, from the closing price of September 13, as it sees another company taking the top spot in the current fiscal.

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Here are a few stock recommendations by Sudarshan Sukhani, Technical Trends:

Buy Bharat Forge with a stop loss of ₹1,585
Buy Grasim with a stop loss of ₹2,750
Sell Colgate with a stop loss of ₹3,670
Buy Kotak Mahindra Bank with a stop loss of ₹1,800

India Inc has started announcing dates for their respective quarterly results for the July-September period. Two IT companies have announced their respective dates and plans to also consider dividend, if any, to pay its shareholders.

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-Signs MoU with Guj govt for execution of 5 GW solar, wind project in Dwarka

-Submits ‘Shapath Patra’ to set up 1 Lk KTPA Green Ammonia production facility with an investment of Rs 7,200 Crore

#OnCNBCTV18 | “Expect margin to improve, targetting numbers in mid-teens in the next 2 years. Current capex will fuel growth for the next 3-4 years”.

Kunal Rai of Kross tells #CNBCTV18 pic.twitter.com/0cgt5nr48t

— CNBC-TV18 (@CNBCTV18Live) September 16, 2024

Shares of two Adani group companies — Adani Power Ltd. and Adani Green Energy Ltd. — gained as much as 5% in Monday’s (September 16) trading session.

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Here are a couple of stock recommendations by technical analyst Mitessh Thakkar:

– Buy NMDC at a target of Rs 231 with a stop loss of Rs 215.3-216
– Buy NALCO at a target of Rs 185 with a stop loss of Rs 180

Jindal Steel and Power Ltd on Monday, September 16, said it has signed a Memorandum of Understanding (MOU) with Jindal Renewable Power Private Ltd (JRPL) to initiate India’s largest investment in green hydrogen by a domestic steelmaker.

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#NewListing | Truly overwhelmed by the response seen over last couple of minutes, expect steady credit growth at 12-15% in housing finance industry

Rate cuts do not impact demand, did not see an impact when rates were higher#SanjivBajaj at #BajajHousingFin listing pic.twitter.com/O3OUdNlZh5

— CNBC-TV18 (@CNBCTV18Live) September 16, 2024

Shares of Kross Ltd. disappointed investors on its Dalal Street debut on Monday, September 16, as the stock was listed at par, that is at ₹240 on both the NSE and the BSE, which is its issue price only.

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