Market today: Sensex, Nifty50 down ahead of Expiry
Today, selling pressure was seen in the Indian market. Global cues were not positive, SGX Nifty was down in the morning indicated negative opening for Indian market. Indian market opened in red and extended its morning losses.
Today’s Market
At close, Nifty50 fell 148 points and closed at 11,440.20, Sensex plunge 503.62 points and closed at 38593.52. Whereas Bank Nifty fell 2% or 597.10 points and closed at 29586. Nifty midcap 100 and small-cap 100 index also fell 315.55 and 113.75 points respectively during the day which is almost 2% from the previous close.
The top five Nifty50 gainers of the day are Power Grid, TCS, NTPC, IOC and BPCL. The top five losers of the Nifty50 index are SBI, Tata Motors, Maruti Suzuki, Eicher Motors and M&M. In the midcap space, the gainers are IDBI Bank (8.21%) and DHFL (4.89%) losers are Dish TV (-8.16%) and Sterlite Techno (-7.72%). In the Nifty small-cap gainers are CG Power (4.81%) and India Tourism (3.95%) whereas losers are Jain Irrigation (-6.97%) and RCom (6.67%)
On the sectoral front, Oil & Gas, Power, Paper, and IT are the gainers whereas Banking, Auto, Capital Goods, Real estate, Manufacturing, Textile are the losers. After two days of buying yesterday FIIs sold in the cash segment but net buyers in the F&O segment. DIIs are the net buyers in the cash segment.
Stocks in News
Below are the stock related news in the market today.
The board of Kaveri Seed has approved buyback of fully paid-up equity shares of face value Rs2 each not exceeding 28,00,000 equity shares for an aggregate amount not extending Rs 196 crore. The share price of Kaveri Seed shares fell 0.22% and closed at Rs 546.65 per share
The market regulator has prohibited Morephan Lab from accessing security market for one year. The share price of Morephen Lab fell 20 % and closed at Rs 17.40 per share
Maruti Suzuki has decided to cut the price by Rs 5000 of selected models. The share price of Maruti Suzuki fell 5.29 % and closed at Rs 6638.50 per share
Lupin has appointed Jon Stelzmiller as the president of its US Specialty business. The share price of Lupin fell 1.06% and closed at Rs 731.40 per share
Morgan Stanley has downgraded the PSU banking giant SBI to equal-weight from overweight with a target of Rs 330 per share. The share price of SBI fell 7.39% and closed at Rs 280.25 per share.
Zee Entertainment has got an extension from some of its lenders to repay the outstanding loans. The share price of Zee Ent. has fell 1.99% and closed at Rs 273.45 per share.
CARE has revised the long term rating of Indiabulls Housing from ‘CARE AAA to CARE AA+’. The share price of Indiabulls Housing fell 2.55 % and closed at Rs 423.90 per share.
Dewan Housing Finance Corporation (DHFL) share price raises continuously for two days ahead of the company’s meeting with its lenders to discuss the resolution plan. The share price of DHFL gained 4.89 % and closed at Rs 47.15 per share.
TCS gets an order from QNB group, to support the digital transformation of its capital market operations. The share price of TCS gained 2.14 % and closed at Rs 2088.45 per share.
Today’s other market news
Indian Railway Catering & Tourism Corporation Ltd (IRCTC) IPO price band set at Rs 315-Rs320 discount ( Retail and employees) Rs 10 on offer price. Bid lot is 40 and multiples thereafter. The IPO issue will open on 30th Sept and closes on Oct 3rd.
Government proposes stake sale in 5 top central public sector enterprises (CPSEs). A strategic disinvestment is going to happen in BPCL, Container Corporation (CONCOR), Shipping Corporation of India (SCI), THDC and NEEPCO.
As per the report in CNBC TV18, PMC Bank has exposure of Rs 2500 cr to HDIL whereas the Bank’s MD says the report is not correct and the exposure is much lower. Yesterday RBI has imposed restriction on PMC Bank.
Crude and Rupee Update
The Brent crude oil price is trading lower today, currently it is trading at $62.09 per barrel which is 1.60% lower than yesterday’s price. Indian rupee is trading marginally lower today is currently trading at Rs 71.05 almost 0.03% weaker than yesterday’s rate.
Conclusion
As we discussed in yesterday’s report, today the market has paused for breath after a strong rally. This may continue for another day or two for a fresh up move. Tomorrow is monthly F&O expiry so traders should remain cautious.
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