Summary of the Day's Market Performance

• Indian equity indices experienced a volatile session on September 24, with Nifty briefly crossing the 26,000 mark for the first time before closing at 25,940.40, up just 1.40 points.

• The Sensex closed slightly lower, down 14 points to 84,914. Both the BSE Midcap and Smallcap indices ended the day flat.

• The session was marked by early gains, with IT stocks pushing Nifty past the psychological barrier of 26,000. However, by the close, much of the gains had been wiped out due to profit booking in FMCG and banking stocks.

Performance of Key Sectors

• Metal Index: Up 3% as Chinese stimulus measures lifted global metal stocks.

• Oil & Gas: Rose 0.6% amid global supply concerns.

• Power Index: Up 1.4% as utilities gained on strong domestic demand.

• PSU Bank, FMCG, Telecom: Saw declines between 0.5%-1% due to profit booking after recent highs.

Market Transactions:

• Foreign Institutional Investors (FII): -₹2,784.14 crore (Net Sellers)

• Domestic Institutional Investors (DII): ₹3,868.31 crores (Net Buyers)

DIIs emerged as strong buyers, offsetting the FII outflows.

DO YOU KNOW: Foreign investors’ derivatives bets at a record $124 billion in India.

• Global Influences: The US Fed’s dovish outlook and the Chinese central bank’s rate cut are continuing to boost investor sentiment globally.

• Sectoral Sentiment: While the metal sector benefited from China's real estate stimulus, FMCG and banking saw profit-booking at elevated levels.

• Outlook: Expectations of further rate cuts by the RBI in October, along with strong FII inflows, are likely to keep the market buoyant in the short term.

Key Stock Movements and News

• Top Gainers:

  • Tata Steel

  • Hindalco Industries

  • Power Grid Corp

  • Tech Mahindra

  • Adani Enterprises

  Top Losers:

  • SBI Life Insurance

  • HUL

  • Grasim Industries

  • UltraTech Cement

  • Shriram Finance

• JTL Industries: Stock rose 8% after the company announced a board meeting to consider a stock split and bonus issue.

• PNB: Shares fell 2.5% following the launch of its Qualified Institutional Placement (QIP) at a discounted price.

• Northern Arc Capital: Debuted with a 33% premium over its IPO price, driven by its strong position in the MSME and consumer finance sectors.

• Firstsource Solutions: Announced plans to acquire 100% ownership of UK-based Ascensos.

• VIP Industries: Continued to rise as ace investor Vijay Kedia bought a stake in the company.

• AstraZeneca Pharma: Received approval to import, sell, and distribute Durvalumab Solution, boosting the stock.

• NTPC Green Energy: Plans to launch a ₹10,000-crore IPO in early November.

• Kalyan Jewellers: HSBC reiterated a ‘buy’ rating, setting a target price of ₹810.

• ICICI Lombard: Motilal Oswal raised its target price to ₹2,650, maintaining a 'buy' rating.

• Power Grid, Tata Power: Motilal Oswal identified a ₹40 lakh crore investment opportunity in Indian utilities, recommending both stocks as strong buys.

• JTL Industries: Up 8% on stock split and bonus issue consideration; expect continued interest.

• VIP Industries: Momentum continues with stake acquisition by Vijay Kedia.

• ICICI Lombard: Strong buy recommendation from Motilal Oswal, with an upward target revision.

• NTPC Green Energy: Anticipated IPO in November; a key focus stock in the renewable energy sector.

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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered financial advice.

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