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Suzlon Energy Ltd, Jupiter Wagons Ltd, Aether Industries Ltd, Blue Star Ltd are among the other stocks to see a surge in volumes on BSE today, 10 September 2024.
Pidilite Industries Ltd clocked volume of 4.01 lakh shares by 10:46 IST on BSE, a 37.4 times surge over two-week average daily volume of 10729 shares. The stock gained 0.31% to Rs.3,281.20. Volumes stood at 25718 shares in the last session.
Suzlon Energy Ltd registered volume of 128.63 lakh shares by 10:46 IST on BSE, a 2.08 fold spurt over two-week average daily volume of 61.71 lakh shares. The stock rose 4.99% to Rs.78.05. Volumes stood at 110.67 lakh shares in the last session.
Jupiter Wagons Ltd clocked volume of 1.23 lakh shares by 10:46 IST on BSE, a 1.86 times surge over two-week average daily volume of 66395 shares. The stock lost 2.80% to Rs.494.50. Volumes stood at 91727 shares in the last session.
Aether Industries Ltd recorded volume of 22268 shares by 10:46 IST on BSE, a 1.85 times surge over two-week average daily volume of 12037 shares. The stock gained 4.17% to Rs.1,009.85. Volumes stood at 54940 shares in the last session.
Blue Star Ltd clocked volume of 17765 shares by 10:46 IST on BSE, a 1.82 times surge over two-week average daily volume of 9747 shares. The stock gained 0.26% to Rs.1,795.10. Volumes stood at 24862 shares in the last session.
At 09:30 IST, the barometer index, the S&P BSE Sensex, slipped 223.59 points or 0.29% to 80,946.61. The Nifty 50 index fell 75.30 points or 0.30% to 24,776.85.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.96% and the S&P BSE Small-Cap index declined 1.30%.
The market breadth was weak. On the BSE, 1,020 shares rose and 2,173 shares fell. A total of 151 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 620.95 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,121.53 crore in the Indian equity market on 6 September 2024, provisional data showed.
Stocks in Spotlight:
Nazara Technologies advanced 1.30% after the company informed that it has acquired a 48.42% stake in Paperboat for Rs 300 crore. The company has paid Rs 225 core in first tranche. The remaining balance will be paid in the manner outlined in the agreement.
Suzlon Energy declined 1.27%. The company has completed the acquisition of 51% of the equity capital of Renom. With the said acquisition, Renom has now become subsidiary of the company.
Spicejet rallied 4.78% after the company informed that it has entered into a term sheet agreement with Carlyle Aviation management to restructure its aircraft lease obligations. The company will issue shares to Carlyle Aviation to convert dues into equity. Carlyle Aviation to purchase SpiceJet shares to settle a part of its dues worth $137.68 million. Restructuring deal with Carlyle Aviation to cut SpiceJet's dues from $137.68 million to $97.51 million. With this, SpiceJet will convert Carlyle Aviation's dues worth $40 million into equity.
Numbers to Track:
The yield on India's 10-year benchmark federal paper jumped 1.69% to 6.970 as compared with previous close 6.854.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9600, compared with its close of 83.9525 during the previous trading session.
MCX Gold futures for 4 October 2024 settlement rose 0.16% to Rs 71,520.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.08% to 101.26
The United States 10-year bond yield gained 0.93% to 3.740.
In the commodities market, Brent crude for November 2024 settlement added 84 cent or 1.18% to $71.90 a barrel.
Global Markets:
Most Asian stocks declined on Monday as selling pressure intensified, triggered by a weaker-than-expected US jobs report and the looming Fed meeting. Concerns about a slowdown in China and Germany further fueled the decline in stocks, which were already volatile due to anticipated Fed rate cuts.
The US non-farm payrolls increased by only 142,000 in August, falling short of the expected 165,000. This marked the lowest three-month average since mid-2020. Although the unemployment rate decreased to 4.2%, it was the first drop in five months.
In China, the consumer price index rose by 0.6% year-on-year in August, primarily due to declines in transportation, home goods prices, and rents.
Meanwhile, US markets suffered a significant setback on Friday. The S&P 500 experienced its worst week since March 2023, as investors grappled with the implications of the weak jobs report and abandoned leading technology stocks. The broad index declined by 1.73%, while the Nasdaq Composite shed 2.55%. The Dow Jones Industrial Average fell 1.01%. Megacap tech stocks took a particularly hard hit as investors dumped risk assets amidst growing concerns about the US economy's health.
Investors widely anticipate the Fed to lower interest rates by at least a quarter-percentage point at its upcoming policy meeting. However, the softening labor market trends have increased speculation that the central bank might opt for a more aggressive cut. Traders remain divided on whether the Fed will cut by a quarter- or half-percentage point.
At 12:30 IST, the barometer index, the S&P BSE Sensex added 38.23 points or 0.06% to 81,244.03. The Nifty 50 index rose 1.50 points or 0.01% to 24,853.65.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.93% and the S&P BSE Small-Cap index declined 1.20%.
The market breadth was weak. On the BSE, 1,383 shares rose and 2,514 shares fell. A total of 153 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.67% to 14.81. The Nifty 26 September 2024 futures were trading at 24,896, at a premium of 42.95 points as compared with the spot at 24,853.65.
The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 58.3 lakh contracts at the 25,000 strike price. Maximum Put OI of 93.4 lakh contracts were seen at 25,000 strike price.
Buzzing Index:
The Nifty FMCG index added 1.25% to 63,962.65. The index shed 0.41% in the two consecutive trading sessions.
United Breweries (up 2.69%), United Spirits (up 2.07%), Dabur India (up 1.82%), Hindustan Unilever (up 1.66%) and Britannia Industries (up 1.22%), Marico (up 1.16%), Tata Consumer Products (up 1.07%), Godrej Consumer Products (up 1.04%), ITC (up 0.97%) and Colgate-Palmolive (India) (up 0.58%) edged higher.
On the other hand, Balrampur Chini Mills (down 1.21%), Radico Khaitan (down 0.95%) and Nestle India (down 0.09%) edged lower.
Stocks in Spotlight :
Suzlon Energy rose 0.40%. The company announced that it has bagged India’s largest wind energy order of 1166 MW from NTPC Green Energy (NGEL), the renewables arm of NTPC. The company will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a hybrid lattice tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy (a wholly owned subsidiary of NGEL) and one project of IndianOil NTPC Green Energy (a group company of NGEL) in the state of Gujarat.
Bajaj Finserv fell 0.40%. The company’s subsidiary, Bajaj Allianz General Insurance Company's gross direct premium underwritten for August 2024 was at Rs 1,736.23 crore, recording a growth of 3.48% year on year.
Bajaj Allianz Life Insurance Company's total premium aggregated to Rs 952.52 crore for the month of August 2024, up 2.82% as against Rs 926.41 crore recorded in the same period a year ago.
As part of the agreement, Suzlon will supply the wind turbines (equipment supply) and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and maintenance services post]commissioning.