NIFTY50: 19,528 ▼109 (-0.5%)
SENSEX: 65,828 ▼ 316 (-0.4%)
- Benchmark indices faltered amid weak global cues
- In all, 37 of the NIFTY50 stocks closed in the red
- India’s manufacturing PMI stood at 57.5 in September as compared to 58.6 in previous month.
Among the NIFTY sectoral indices, PSU Bank (+2.3%) and Media (+1.0%) were the top gainers, while Auto (-1.2%) and Oil & Gas (-1.1%) were the top losers.
What's Up
| Top gainers | Today's change |
| Bajaj Finance | 7,967 ▲ 156 (+2.0) |
| L&T | 3,074 ▲ 50 (+1.6) |
| Titan | 3,191 ▲ 42 (+1.3) |
What's Down
| Top losers | Today's change |
| ONGC | 184 ▼ 7.2 (-3.7%) |
| Eicher Motors | 3,354 ▼ 92 (-2.6%) |
| Maruti Suzuki | 10,327 ▼ 283 (-2.6%) |
Market Sentiment
| India VIX | 11.78 ▲ 0.33 (+2.9%) |
| NIFTY MIDCAP 100 | 40,608 ▲ 71 (+0.1%) |
| NIFTY SMALLCAP 100 | 12,816 ▲ 67 (+0.5%) |
| USD-INR | 83.20 ▼ 0.15 (-0.1%) |
Stock Buzz
⭐ Auto stocks decline on mixed monthly sales
The NIFTY Auto index was the top sectoral loser after automakers reported mixed-bag auto sales for September. Bajaj Auto and Eicher Motors reported a 9% and 4% fall, respectively, in domestic two-wheeler sales due to the high base of last year and increased competition in the premium bike segment. Bajaj Auto shares dipped 0.7%, while those of Eicher Motors fell 2.6%.
Meanwhile, increased demand for SUVs continue to boost overall passenger vehicle sales. Maruti Suzuki’s sales rose 1.6% on an yearly basis to 1.5 lakh units driven by higher utility vehicle sales. However, its shares closed 2.6% lower as sales of mini and compact cars declined 22.5%. On a brighter note, domestic sales of Mahindra & Mahindra (M&M) rose 20% YoY to 41,267 units. Meanwhile, Tata Motors sales declined 6% to 44,809 units. Nonetheless, Tata Motors and M&M shares fell more than 1% each.
⭐ Companies report robust business updates
Coal India’s production output rose 12.6% YoY to 51.4 million tonnes (MT) in September on the back of higher demand from the power sector. Despite a rise in output, the company's shares declined 1.1% today. Infrastructure firm NCC received new orders worth ₹4,205 crore in September. Meanwhile, UltraTech Cement reported 15% YoY growth in domestic sales volume to 25.66 MT during the second quarter of FY24. The company’s shares saw a minor gain of 0.3%.
⭐ Godrej Agrovet to set up integrated palm oil unit
Shares of the agri-commodity maker rose 1.2% today as the company announced a plan to set up an integrated palm oil complex in Telangana. For this, the company plans to invest ₹300 crore over the next 3 to 4 years. Further, the company will also establish a nursery with a capacity of up to 7 lakh saplings per year as it plans to increase palm oil cultivation to 1.2 lakh hectares by 2027.
⭐ KPI Green Energy gains on order win
Shares of KPI Green Energy rose more than 3% today after the company received multiple orders under the commercial segment. As part of the deal, the company will execute a wind-solar hybrid power project of 6.9 MW capacity for Surat-based General Polytex. Another order is to set up solar power projects of 7 MW for two companies, namely Shree Parmeshwar Steel and Vivan Steels.
IPO Corner
⭐ The Plaza Wires IPO received a strong response from investors, with an overall subscription of 27.8 times on the second day of bidding. The company is engaged in manufacturing of wires, cables and fast moving electrical goods (FMEG). The IPO will close on 5th October. To know more and apply for this IPO, click here.
⭐ The ₹152 crore IPO of Valiant Laboratories, which focuses on bulk drug manufacturing, received a total subscription of over 29 times on its last day. The company’s shares will be listed on 9th October 2023.
⭐ JSW Infrastructure made a decent listing today with a 20% premium over its issue price. Shares of the JSW Group company started trading at ₹143 per share on the NSE, well above the issue price of ₹119.
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