Market Overview: The financial markets faced downward pressure on Nifty Bank expiry today, leading to declines in both the Sensex and Nifty indices. The market sentiment was visibly bearish, with selling observed across Midcap and Smallcap indices. The Nifty Bank and IT sectors also registered losses, while Oil-Gas, Public Sector Enterprise (PSE), and Energy stocks followed suit. Conversely, the FMCG sector managed to record gains against the prevailing market trends. By the end of trading, the Sensex closed at 81,523.16, marking a decline of 0.49%, equivalent to 398.13 points. Nifty also saw a dip, closing at 24,918.45, down by 0.49% or 122.65 points.
Top Gainers of the Day
Prism Johnson | CMP: Rs 227.80
Prism Johnson’s shares surged by 9% on September 11, attributed to substantial trading activity. The trading volume exceeded 7 crore shares that day, a significant increase compared to its one-month average of 37 lakh shares, indicating heightened investor interest and activity.
Century Textiles and Industries | CMP: Rs 2,600
Century Textiles witnessed over a 7% rise, reaching a new record high of Rs 2,689 on the National Stock Exchange. The company closed the day with a 4% increase following its acquisition of approximately 10 acres of prime land in Worli, Mumbai, for Rs 1,100 crore from Wadia Group chairman Nusli Wadia.
Suzlon Energy | CMP: Rs 81.95
Suzlon Energy stocks hit an upper circuit limit for the third consecutive day, increasing by 5% on September 11. The rally is attributed to Morgan Stanley’s reaffirmation of an ‘overweight’ rating on the stock, coupled with the company’s recent receipt of the largest wind energy order in India from NTPC Green Energy Limited.
Shoppers Stop | CMP: Rs 886
The stock of Shoppers Stop rose by 8% following its announcement in August regarding a new partnership with Hollywood makeup brand Max Factor. This upward momentum in the stock led to an increased market capitalization of Rs 9,756 crore, reflecting positive investor sentiments. Notably, the stock’s 52-week low was Rs 623.
Paint Stocks
Paint companies such as Indigo Paints, Shalimar Paints, Kansai Nerolac, Asian Paints, and Berger Paints experienced stock price increases between 1-3% after crude oil prices plunged to a nearly 3-year low, boding well for their input costs.
Notable Losers of the Day
Infibeam Avenues | CMP: Rs 29.35
Infibeam Avenues experienced a significant drop of 8% on the day it went ex-date for the spin-off of Odigma Consultancy Solutions. Each shareholder will receive shares of Odigma in a ratio of 1:89, marking a significant corporate restructuring event.
Tata Motors | CMP: Rs 976.40
Tata Motors’ shares fell by 5.7% as UBS reiterated its ‘sell’ recommendation for the stock. The brokerage noted concerns regarding the potential decline in profit margins for Tata Motors’ subsidiary Jaguar Land Rover (JLR) and its domestic passenger vehicle segment. UBS has set a target price of Rs 825 for Tata Motors, suggesting a potential drop of over 20% from the current valuation.
SAMIL | CMP: Rs 184.13
SAMIL shares are under pressure as BMW recently reduced its guidance for 2024, impacting many ancillary suppliers in India. With BMW accounting for 5% of the company’s revenue, there are concerns about sluggish demand from China affecting future performance.
Oil India & ONGC
Shares of state-owned oil giants Oil and Natural Gas Corporation (ONGC) and Oil India dropped by up to 6% due to profit booking triggered by a decline in crude oil prices, which have hit a 3-year low.
Conclusion
Today’s trading session clearly illustrated a bearish trend among investors, with numerous sectors and stocks witnessing declines. In contrast, a few standout companies managed to buck the trend, reflecting potential investment opportunities influenced by strategic acquisitions, market ratings, and favorable news. Market participants are encouraged to keep a close watch on upcoming trends and company performances as they prepare for the next trading day.
