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The benchmark Sensex and Nifty indices are likely to open marginally higher on September 25 as trends in the GIFT Nifty indicate a positive start for the broader index with a gain of 25 points.
On September 22, the BSE Sensex was down 221 points at 66,009, while the Nifty50 fell 68 points to 19,674 and formed a bearish candlestick pattern with a minor upper shadow on the daily charts, indicating selling at higher levels.
“The Nifty experienced consistent selling pressure throughout the last week, resulting in a decline of 2.80 percent from its all-time high. This recent correction has caused it to dip below the critical 21-day exponential moving average (21EMA),” Rupak De, senior technical analyst at LKP Securities said
The pivot point calculator indicates that the Nifty may be taking support at 19,656, followed by 19,623 and 19,569. On the higher side, 19,764 can be an immediate resistance, followed by 19,797 and 19,851.
Stay tuned to Moneycontrol to find out what happens in the currency and equity markets today. We have collated a list of important headlines across news platforms, which could impact Indian as well as international markets.
The GIFT Nifty indicates a marginally positive start for the broader index with a gain of 25 points. GIFT Nifty futures stood at 19,669 points after making a high of 19,679 points.
Trade setup for Monday: Top 15 things to know before the opening bell
US stocks retreated on Friday, concluding what has been a tough week for the market. The Dow Jones Industrial Average slid 106.58 points, or 0.31 percent, to close at 33,963.84. The S&P 500 shed 0.23 percent to 4,320.06. The Nasdaq Composite slipped 0.09 percent to 13,211.81. Ford ended the day up 1.9 percent after a source told CNBC that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis also traded slightly higher, while General Motors finished lower.
Friday’s slide marked the fourth straight day of losses for the three major indexes. The losing streak came as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer. The S&P 500 and the technology-heavy Nasdaq Composite have dropped 2.9 percent and 3.6 percent this week.
That marked the third straight negative week and worst weekly performance since March for each. The blue-chip Dow slid 1.9 percent on the week. Bond yields surged after the central bank forecasted one more rate hike for 2023. The benchmark 10-year Treasury yield popped to its highest level since 2007 this week. The two-year rate touched its highest level since 2006.
European markets closed lower on Friday as the prospect of higher for longer interest rates emerged from a slew of central bank decisions this week. The pan-European Stoxx 600 index ended the session down 0.3 percent, taking its losses for the week to 1.57 percent — its worst performance since mid-August, according to LSEG data. Construction and material stocks dropped 0.9 percent on Friday, while tech stocks added 0.77 percent.
Global stock markets have endured a rough few days. The US Federal Reserve held interest rates steady on Wednesday but struck a hawkish tone, signaling that a further hike is on the cards later this year and that rates will likely stay elevated for a prolonged period as the central bank looks to exert sustained downward pressure on inflation. Fed Chairman Jerome Powell reiterated that the top priority is restoring price stability and ensuring that inflation won’t rear its head again.
Asia-Pacific markets are mixed as investors look toward inflation data from across the region this week. Singapore and Australia are expected to report inflation figures for August this week, while Japan will release inflation data for the Tokyo region. The capital region’s inflation data is seen as a leading indicator of nationwide trends.
In Australia, futures for the S&P/ASX 200 fell 0.45 percent to start the week. In contrast, Japan’s Nikkei 225 climbed 0.24 percent and the Topix is up 0.16 percent, rebounding from losses last week. South Korea’s Kospi slid 0.24 percent and the Kosdaq 0.94 percent, extending losses from the week before. Futures for Hong Kong’s Hang Seng index stood at 18,040, pointing to a weaker open compared with the HSI’s close of 18,057.45.
Bajaj Finance plans mega $800mn-$1bn fund raise; engages JM Fin, Citi, Morgan Stanley & BofA Securities
Pune-headquartered NBFC behemoth Bajaj Finance is gearing up for big-bang fundraising between $800 million to $1 billion from the QIP or/and preferential issue route with four investment banks shortlisted for the proposed deal, multiple industry sources with knowledge of the matter told Moneycontrol.
“JM Financial, Citi, Morgan Stanley and BofA Securities have been mandated by Bajaj Finance. The firm is known to do large trades every few years and this deal was kicked off over the weekend,” said one of the persons cited above.
According to a second person familiar with ongoing negotiations, a final decision on the deal size and the mechanism would be taken during the upcoming board meeting on October 5.
Two other persons confirmed the syndicate of i-banks and said the fundraising proceeds were likely to be used for growth capital and to strengthen the firm’s balance sheet. The Bajaj Finance stock has risen by 21 per cent in the last six months.
IPO rush continues with 18 public issues worth over Rs 4,000 cr set to open this week
The flow of initial public offers (IPOs) on Dalal Street will be strong this week too, starting todat i.e., September 25, as Rs 4,095 crore worth of IPOs by 18 companies will be opening for subscription, including four in the mainboard segment. There are also five ongoing issues.
The IPO of port-related infra company JSW Infrastructure, the first IPO from the JSW Group since 2010, will be opening on September 25. The public issue aims to raise Rs 2,800 crore at the upper end of the price band of Rs 113-119 per share. The offer will close September 27.
Facility management services company Updater Services will also open its Rs 640-crore public issue during the same period, with a price band of Rs 280-300 per share. JSW Infrastructure has already mopped up Rs 1,260 crore, and Updater Services Rs 288 crore from anchor investors on September 22, which was the last working day before the opening of the issue.
ICICI Lombard appoints Sanjeev Mantri as MD and CEO
ICICI Lombard General Insurance has announced the appointment of Sanjeev Mantri as Managing Director and Chief Executive Officer, according to a filing with the exchanges on September 24. Mantri presently serves as Executive Director of the company.
ICICI Lombard General Insurance has announced that Mantri will take on the position of MD and CEO starting from December 1 or upon IRDAI approval for a five-year term or until his retirement pending IRDAI and shareholder approval. With a career spanning over 28 years, Mantri started his journey at Bennett Coleman and Co, held leadership roles at BNP Paribas and spent over 20 years with the ICICI Group, initially at ICICI Bank in 2003 while overseeing various sectors including small and medium enterprises and rural and inclusive banking.
He joined ICICI Lombard in 2015 as Executive Director overseeing the retail division, responsible for product distribution across various channels. In this role, Mantri played a vital role in enhancing the company’s revenue, profitability, and stock exchange listing, as well as the merger with Bharti Axa and the integration process.
Aggressive divestment drive triggers doubts on the fate of PSU stocks
A 12 percent correction in the SJVN counter after the government announced its decision to divest stakes at a deep discount to market price has raised concerns among investors about a potential correction in other public sector companies.
Investor worries about the government going ahead aggressively with divestments at a discount to market price has caused stocks of state-run companies to take a beating on the bourses. The NSE CPSE index, which constitutes central public sector enterprises, was trading 1.68 percent down on September 22. The index has been the best performer this year with a gain of 36 percent. On September 20, the government announced its decision to sell 4.95 percent in SJVN at Rs 69, which was 15.59 percent lower than the prevailing price on September 20. Currently the stock trades at Rs 71.15 per share, which is 0.03 percent higher than the divestment price.
Oil prices held steady on Friday but closed the week lower on profit-taking and as markets weighed supply concerns stemming from Russia’s fuel export ban against demand woes from future rate hikes. Brent futures settled 3 cents lower at $93.27 a barrel. It fell 0.3 percent in the week, breaking a three-week streak of gains.
US West Texas Intermediate crude (WTI) futures rose 40 cents, or 0.5 percent, to $90.03 a barrel, as US oil rig counts fell. The benchmark fell 0.03 percent for the week, the first decline in four weeks. “Investors are anticipating a slack in demand coming into October as refineries go into maintenance and as a higher interest rate is going to further pressure markets,” said Dennis Kissler, senior vice president of trading at BOK Financial, adding that there was also some profit taking. The contracts have rallied more than 10 percent in the previous three weeks on concerns about tight supply.
The Dollar index traded 0.21 percent higher in futures at 105.58, whereas the value of one dollar hovered near Rs 83.10.
Gold prices edged higher on Friday, helped by a slight pullback in the dollar and bond yields as investors digested a still hawkish stance from the Federal Reserve. Spot gold rose 0.3 percent to $1,925.21 per ounce by 1:59 pm EDT (1759 GMT), following three sessions of losses. US gold futures settled 0.3 percent higher at $1,945.60 per ounce.
The dollar retreated from a six-month peak against a basket of major currencies, making gold less expensive for other currency holders, while benchmark 10-year Treasury yields slipped from 16-year highs. “The main focal point is the idea that Fed will keep rates higher for longer and that has driven the dollar, yields higher and has applied pressure to not just gold, but commodity markets across the board,” said David Meger, director of metals trading at High Ridge Futures.
FIIs and DIIs
Foreign institutional investors (FII) sold shares worth Rs 1,326.74 crore, while domestic institutional investors (DII) bought Rs 801.27 crore worth of stocks on September 22, provisional data from the National Stock Exchange (NSE) showed.
With inputs from Reuters and other agencies.
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