Market Overview
Date: 23 September 2024
The Indian stock market opened positively today, with benchmark indices Sensex and Nifty showing notable gains. Nifty is currently trading at 25,900, reflecting an increase of 95.00 points or 0.37%. Gifty Nifty also remains in the green, hovering around 25,888. On the previous trading day, 20 September, the market saw bullish momentum with indices reaching new all-time highs. The Sensex closed at 84,544.31, up 1,359.51 points or 1.63%, and Nifty climbed 375.20 points or 1.48% to end at 25,791.
Market Trends and Key News
Stay updated with the latest happenings in both currency and equity markets. We present key news that could influence the Indian and global markets:
Increased Government Company Surveillance
The exchanges have enhanced surveillance on government companies by placing them under the framework of additional surveillance measures (ASM). Today, six government companies, namely HUDCO, IFCI, IREDA, NBCC, OIL, and RVNL, have entered Stage One, while Cochin Shipyard is in Stage Four of this additional monitoring.
Reliance Industries Updates
Reliance Industries has extended the payment deadline for call money related to its partly paid shares issued for a bonus. Shareholders are now required to make payments by October 7, failing which they will not be eligible to receive bonus shares.
Vodafone Idea’s Major Deal
Vodafone Idea has successfully concluded a significant deal worth ₹30,000 crore with prominent telecommunications equipment providers Nokia, Ericsson, and Samsung. This agreement spans three years for the supply of equipment aimed at expanding 4G services and facilitating the launch of 5G technology.
BHEL Secures a Major Contract
Bharat Heavy Electricals Limited (BHEL) has clinched a significant order from NTPC valued at ₹6,100 crore. This order pertains to the development of an 800 MW thermal power project.
Tata Steel’s Expansion News
Tata Steel has commenced operations at its newly inaugurated blast furnace in Kalinganagar, marking this as the largest blast furnace in the country. This expansion increases the plant’s capacity from 3 MTPA to 8 MTPA with a total investment of ₹27,000 crore.
GIFT Nifty Performance
GIFT Nifty is showing a significant gain, currently at 25,940.00, up by 99.50 points. On the previous trading day, GIFT Nifty closed at 25,834.00.
Global Market Sentiments
The global markets are showing positive signals, with U.S. futures up by more than half a percent. The Dow recorded a historic closing recently. U.S. markets maintained a neutral stance on Friday, with no significant fluctuations following interest rate reductions. Notably, Qualcomm has expressed interest in acquiring Intel, signaling potential larger trends in tech acquisitions.
Situation Report from China
China’s economic situation has worsened, prompting the government to announce expenditure cuts as the unemployment rate hit 5.3% in August, marking the highest level since February 2024. Simultaneously, tensions are escalating between the U.S. and China, particularly concerning the restriction of Chinese hardware and software in automobiles as the U.S. government tightens regulations.
Gold Prices Surge
Gold prices in the international market continue to soar, with COMEX reaching a historic high of $2,651 on Friday. The spot price of gold in the U.S. is currently at $2,625, marking a 27% increase since January 1, 2024. This price surge is largely attributed to the escalating crisis in the Middle East.
Asian Markets Today
The Asian markets are displaying robust gains today. Notably, SGX Nifty is currently up by 116.50 points, while the Nikkei is trading at approximately 37,723.91, a rise of about 1.51%. Other significant movements include a gain of 0.39% in the Strait Times and an increase of 0.31% in the Taiwan market. The Hang Seng, KOSPI, and Shanghai Composite are also showing positive trends with gains of 0.71%, 0.13%, and 0.44% respectively.
FII and DII Activities
On September 20, foreign institutional investors (FIIs) increased their market participation significantly, purchasing equities worth ₹14,064 crore. In contrast, domestic institutional investors (DIIs) sold equities amounting to ₹4,427 crore during the same period.
