Stock Market LIVE Updates: Sensex up 300pts at 85,800, Nifty over 25,900; PSU Bank, O&G, Auto gain
Stock Market LIVE Updates: India equity benchmark indices started at fresh record highs on Monday, driven higher by gains in Asia markets.
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Stock Market LIVE Updates, Monday, September 23, 2024: Indian equity benchmark indices BSE Sensex and Nifty 50, after hitting record highs at opening bell on Monday, were trading higher, led by gains in other Asian markets.
At 10:00 AM, the BSE Sensex was up 270 points, or 0.32 per cent, at 84,815, while the Nifty 50 was at 25,906, pu 115 points, or 0.45 per cent.
Only six of the 30 constituent stocks of the BSE Sensex, including ICICI Bank, HCL Tech, Power Grid, Infosys, IndusInd Bank and Axis Bank, were trading in the red, while Bharti Airte, Mahindra & Mahindra, SBI, Kotak Mahindra Bank, and Tata Steel were the top gainers.
On the Nifty 50, IndusInd was the only laggard at open, while gains were led by Tata Steel, Apollo Hospitals Enterprises, BPCL, JSW Steel, and Nestle India.
Among sectoral indices, Pharma was the top gainer (up 1.02 per cent), followed by Nifty Auto (up 0.87 per cent) and Nifty
Realty (up 0.85 per cent).
The broader markets were also climbing, with the BSE SmallCap up 0.58 per cent, and the BSE MidCap up 0.16 per cent.
Markets in India had climbed to record levels on Friday, with both the benchmark indices BSE Sensex and Nifty 50 ending 1 per cent higher, each.
The Sensex had gained 1,360 points, or 1.63 per cent, to close at 84,544.31, while the Nifty 50 hit a fresh all-time high of 25,849.25 before ending with gains of 375 points, or 1.48 per cent higher, at 25,791.
Meanwhile, markets in the Asia-Pacific region opened lower on Monday as investors digested interest rate decisions from China and Japan.
While markets in Japan were closed on Monday for a public holiday, Australia’s S&P/ASX 200 opened 0.43 per cent higher.
South Korea's Kospi fell 0.15 per cent and Hong Kong’s Hang Seng index futures were at 18,199, lower than the HSI’s last close of 18,258.57. Futures for China CSI 300 stood at 3,183.8, lower than their last close of 3,201.05.
That apart, Wall Street closed flat on Friday, hovering near the previous session's record-high close for the Dow and S&P 500, while the dollar firmed.
All three major US stock indices ended the week higher, not far off all-time peaks hit on Thursday as buyers piled in to riskier assets.
Markets are fully pricing in a cut of at least 25 bps in November, with expectations for a cut of 50 bps given a 48.9 per cent chance, according to CME's FedWatch Tool.
The Dow Jones Industrial Average closed up 0.09 per cent, to 42,063.36, the S&P 500 ended down 0.19 per cent, to 5,702.55 and the Nasdaq Composite rounded out the week 0.36 per cent lower, at 17,948.32.
The MSCI index of world stocks drooped 0.21 per cent, to 837.69.
Rounding off a busy week for monetary policy, the Bank of Japan left rates unchanged. Markets had been expecting rates to remain steady, but Governor Kazuo Ueda tempered expectations around imminent rate hikes.
The US economic outlook also rippled into the Bank of Japan's meeting. Ueda said uncertainty around the world's largest economy and market volatility could impact its policy moves.
The dollar climbed to a two-week high against the yen after Ueda's remarks.
The dollar gained ground after suffering losses earlier in the week. The index, which measures the greenback against a basket of currencies, was up 0.12 per cent to 100.79.
European stocks had fallen earlier from two-week highs, with automakers leading the slide after Mercedes-Benz cut a profit margin target, citing weakness in China.
In China, too, the central bank kept its benchmark lending rates on hold, countering expectations for a move lower. Chinese blue chips edged up 0.2 per cent but remained close to a seven-month low touched earlier in the week.
Downbeat data in recent days has raised hopes of aggressive stimulus to prop up the world's second largest economy.
Commodities also held on to their weekly gains. Gold touched a record high at $2,614 an ounce.
Two major oil benchmarks ended lower on the day, but more than 4 per cent higher on the week.
Brent futures settled down 0.52 per cent, at $74.49 a barrel. US WTI crude futures settled down 0.4 per cent, to $71.92.
10:03 AM
At 10:00 AM, the BSE Sensex was up 270 points, or 0.32 per cent, at 84,815, while the Nifty 50 was at 25,906, pu 115 points, or 0.45 per cent. ![]()
Stock Market LIVE Updates: 10 AM market update - Markets at record levels
Stock Market LIVE Updates: Indian equiuty benchmark indices BSE Sensex and Nifty 50, after hitting record highs at opening bell on Monday, were trading higher, led by gains in other Asian markets.
At 10:00 AM, the BSE Sensex was up 270 points, or 0.32 per cent, at 84,815, while the Nifty 50 was at 25,906, pu 115 points, or 0.45 per cent.
9:54 AM 
Stock Market LIVE Updates: HFCL climbs over 4% as co bags deal from General Atomics to supply UAV subsystems
Stock Market LIVE Updates: The company has been selected by General Atomics to develop critical subsystems for unmanned aircraft systems, marking a significant milestone in its defense technology capabilities.
9:50 AM 
Stock Market LIVE Updates: Punjab and Sind Bank gains on plans to raise Rs 3,000 crore
Stock Market LIVE Updates: The bank plans to raise up to Rs 3,000 crore through infrastructure bonds, capitalising on favorable bond yields.
With significant prior fundraising activities among public sector banks, this initiative reflects the bank’s strategy to strengthen its capital base.
With significant prior fundraising activities among public sector banks, this initiative reflects the bank’s strategy to strengthen its capital base.
9:48 AM 
Stock Market LIVE Updates: DreamFolks sheds 2.6% on service disruptions at Adani-operated airports
Stock Market LIVE Updates: The lounge access provider is currently addressing service disruptions at Adani-operated airports. The company has reaffirmed its compliance with contractual obligations amid challenges.
As DreamFolks works to restore operations, it’s also expanding into highway lounges and other travel services.
As DreamFolks works to restore operations, it’s also expanding into highway lounges and other travel services.
9:43 AM 
Stock Market LIVE Updates: Adani Energy Solutions up over 2% on robust outlook
Stock Market LIVE Updates: AESL is projected to experience significant growth, with expected pre-tax profit growth of 29 per cent over the next three years.
With a diversified portfolio including transmission, distribution, and smart metering, analysts forecast AESL's revenue to grow at a CAGR of 20 per cent from FY24 to FY27.
With a diversified portfolio including transmission, distribution, and smart metering, analysts forecast AESL's revenue to grow at a CAGR of 20 per cent from FY24 to FY27.
9:40 AM 
Stock Market LIVE Updates: Mankind Pharma pares gains; up 2.5% on plans to raise Rs 10,00 cr
Stock Market LIVE Updates: The pharmaceutical major plans to raise up to Rs 10,000 crore through non-convertible debentures and commercial papers to finance its recent acquisition of Bharat Serums and Vaccines.
9:38 AM 
Stock Market LIVE Updates: Adani Total Gas up 5% as it secures $315 in financing to expand CGD biz
Stock Market LIVE Updates: Adani Total Gas (ATGL) secured an initial financing of $315 million as part of a $375 million deal with international lenders to support its city gas distribution network expansion.
9:34 AM 
Stock Market LIVE Updates: Vodafone Idea gains 9% as co signs $3.6 bn network supply deal with Nokia, Ericsson
Stock Market LIVE Updates: The company is facing financial challenges after a Supreme Court ruling on AGR dues. An unexpected meeting with investors is scheduled to address recent developments.
Vi has also entered a three-year, $3.6-billion deal with Nokia, Ericsson, and Samsung for network expansion, crucial for its 4G and upcoming 5G services.
Vi has also entered a three-year, $3.6-billion deal with Nokia, Ericsson, and Samsung for network expansion, crucial for its 4G and upcoming 5G services.
9:31 AM
Stock Market LIVE Updates: Shriram Fin, Bharti Airtel, M&M advance on NSE
Shriram Finance, Bharti Airtel, M&M advanced on NSE, while ICICI Bank, Hindalco and HCL Tech traded in red.
9:29 AM
Stock Market LIVE Updates: Nifty Auto, Pharma lead sectoral trends
In sectors, Nifty Auto and Nifty Pharma gained by 0.80 per cent and 0.57 per cent followed by Nifty PSU bank and others.
9:26 AM
Stock Market LIVE Updates: Broader markets in green
The broader indices were trading in green with BSE MidCap index adding 0.15 per cent and BSE SmallCap soaring 0.60 per cent.
9:24 AM
Stock Market LIVE Updates: Heatmap check
Bharti Airtel, M&M and SBI led the gains on Sensex, while HCL Tech and ICICI Bank were among top losers.
9:23 AM
Stock Market LIVE Updates: Nifty scales to new peak at 25,903
NSE's Nifty50 soared to a fresh peak on Monday at 25,903 levels.
9:20 AM
Stock Market LIVE Updates: Sensex soars to record high at 84,843
The benchmark index BSE Sensex climbed a fresh peak at open to 84,843 levels.
9:14 AM ![]()
Stock Market LIVE Updates: Banking stocks may lead Nifty to fresh highs over 26k
The charging bull got a shot of steroids from the Fed when it cut interest rates by 50bp on September 18th. More than the rate cut, it was the Fed chief’s optimistic commentary that lifted the markets sharply. The signal from the Fed is that inflation is under control and the economy is unlikely to tip into recession. This message is positive for equities, positive for emerging markets and positive for India.
Nifty now appears to be moving to its next target of 26,000 which is only 210 points away. The move towards this target is likely to be led by the banking majors which are showing strong momentum. There are two factors favouring banking stocks now: one, the FIIs who were major sellers early this year have turned buyers and they are likely to buy more banking stocks which are even now fairly valued in this highly valued market. Second, the credit-deposit gap which has been impacting banks’ margins has started narrowing. In brief, accumulation is likely in banking stocks and this has the potential to push the market up.
(Comment by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services)
(Comment by: Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services)
Topics : MARKET LIVE MARKETS LIVE MARKETS TODAY stock market trading Markets Sensex Nifty S&P BSE Sensex Nifty50 Nifty 50 share market global stock market Indian stock market Indian stock markets Asia Markets US markets US market BSE benchmark index benchmark indices
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First Published: Sep 23 2024 | 7:52 AM IST
