Stock Market LIVE Updates: Indian benchmark equity indices Sensex and Nifty 50 gained to hit fresh all-time high on Monday, as investors awaited the Fed’s policy meeting scheduled for Wednesday.
Photo: Bloomberg
Stock Market LIVE Updates, Monday, September 16, 2024: Indian shares surged after opening bell on Monday to create fresh all-time highs driven by metals amid a weaker dollar, while Bajaj Housing Finance listed at more than double its issue price after a stellar initial public offering (IPO) last week.
However, the benchmark indices pulled back from their record highs and were trading nearly flat.
At 12:00 PM, the BSE Sensex was down 10 points, or 0.01 per cent, at 82,880, while the Nifty 50 was up 0.1 per cent, at 25,358.
That apart, the BSE MidCap was trading flat, while the BSE SmallCap had gained 0.18 per cent.
Meanwhile, the FMCG index was the biggest loser, followed by the Oil and Gas and IT indices. Among gainers, Media, Healthcare, and Metal indices were the leaders.
Shares of Bajaj Housing Finance, the second-biggest home loan financier in the country by assets under management (AUM), debuted at more than double the offer price of Rs 70.
In other markets, Asian stocks dithered and the dollar slipped on Monday in a week that is almost certain to see the start of an easing cycle in the US, with investors flirting with the chance of an outsized move.
Central banks in Japan and the UK also meet this week, with both expected to stand pat for now, while a packed data schedule includes US retail sales and industrial production.
Meanwhile, holidays in China, Japan, South Korea and Indonesia made for thin trading. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, after bouncing 0.8 per cent last week.
Japan’s Nikkei was shut but futures traded at 36,315 compared to a cash close of 36,581 as recent yen gains pressured exporters.
S&P 500 futures were little changed, while Nasdaq futures dipped 0.1 per cent. EUROSTOXX 50 futures added 0.2 per cent and FTSE futures 0.1 per cent. DAX futures also firmed 0.1 per cent.
Economic data from China over the weekend disappointed as industrial output growth slowed to a five-month low in August, while retail sales and new home prices weakened further.
As for the Federal Reserve, futures rallied early to push the chance of a half-point cut to 59 per cent, against 30 per cent a week ago. The odds have narrowed sharply after media reports revived the prospect of a more aggressive easing.
If the Fed does go by half a point, JPMorgan economist Michael Feroli expects policy makers to also project 100 basis points of cuts this year and 150 basis points for 2025.
The market has 114 basis points of easing priced in by Christmas and another 142 basis points for next year.
Oil prices were mixed as nearly a fifth of crude oil production in the Gulf of Mexico remained offline. Brent fell 4 cents to $71.57 a barrel, while US crude firmed 7 cents to $68.72 per barrel.
12:46 PM
US Fed rate cut: MCX Gold eyes new high; Silver can zoom to Rs 1,00,000
Gold and Silver prices have picked up momentum in recent trading sessions and are seen quoting at record high levels in the international market on hopes of an imminent interest rate cut by the US Federal Reserve this week.
“Gold continues to trade firm with International spot price moving close to $2600 per ounce, supported by a weaker US dollar and falling bond yields, amid rising expectation of a bigger rate cut by the US Federal Reserve at its policy meeting on Wednesday, said Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd. Read more
12:36 PM
HG Infra Engg stock surges 5% after subsidiary acquires new solar power cos
Shares of civil construction firm HG Infra Engineering rose as much as 5.12 per cent on BSE at Rs 1644.15 per share on Monday’s intraday trade. This came after the company’s subsidiary HG Green Energy acquired 49 per cent of the total paid-up share capital of UVSE Project group companies in the form of equity Shares on September 13, 2024. Read more
12:29 PM
Stock Market LIVE Updates: M&M unveils LCV Veero with a starting price of Rs 7.99 lakh
“Mahindra & Mahindra announced the launch of the Mahindra Veero, starting at Rs 7.99 Lakh. Designed to redefine the LCV <3.5 t segment, the Veero offers unparalleled savings with best-in-class mileage, exceptional performance powered by robust multiple engine options, industry-leading safety features, enhanced occupant protection, and a premium cabin experience," the company said in an exchange filing.
12:05 PM
Stock Market LIVE Updates: LT Foods, KRBL surge up to 10% after government removes MEP on basmati rice
Shares of LT Foods, the company that owns and operates Indian basmati rice brand Daawat, and KRBL, the owner of the flagship India Gate basmati rice brand, rallied by up to 10 per cent on the BSE in Monday’s intra-day trade after the central government lifted the Minimum Export Price (MEP) on basmati rice, on Friday.
The MEP of basmati rice was first imposed last year at $1,200 per tonne, before it was lowered to $950 per tonne. Read more
11:45 AM
Stock Market LIVE Updates: Banks, FIs to invest Rs 32.5 trillion in renewable energy by 2030: Centre
Leading banks and various financial institutions have committed close to $386 billion (Rs 32.45 trillion) investment in development of renewable energy projects by 2030, Union minister of new and renewable energy (MNRE) Pralhad Joshi said on Monday.
He was speaking at the inaugural ceremony of 4th RE-Invest Summit hosted by MNRE and CII. Read more
11:34 AM
Stock Market LIVE Updates: Apollo Micro Systems gains 4% on securing Rs 77 crore order; details
Apollo Micro Systems share soars:Shares of aerospace and defence company Apollo Micro Systems soared as much as 3.77 per cent to hit an intraday high of Rs 111.40 per share on Monday, September 16, 2024.
The uptick in Apollo Micro Systems share price came on the back of multiple order wins worth Rs 77 crore. Read more
11:18 AM
Stock Market LIVE Updates: Nomura gives ‘Buy’ to Lupin remains ‘Neutral’ on others
The Indian pharmaceutical giants are taking a halt in filing new drug applications, with new filings lowest in the past 19 years, says a latest report by Japanese brokerage firm, Nomura.
However, this is not concerning the report says, as the Indian pharmaceutical majors are going for quality over quantity. While the number of ANDA filings in Oct’23-Jun’24 declined to 521 versus 567 in the previous year. Filings classified as complex contributed 20 per cent and 16 per cent respectively in these periods. The industry is thus selective and targeting complex products, the brokerage report said. Read more
11:02 AM
Stock Market LIVE Updates: 11 AM market update
Stock Market LIVE Updates: Indian equity benchmark indices, BSE Sensex and Nifty 50, were trading higher, after hitting fresh all-time highs on Monday, post opening bell.
At 11 AM, the BSE Sensex was up 91 points, or 0.11 per cent, at 82,982, while the Nifty 50 was at 25,398, up 32 points, or 0.13 per cent.
11:00 AM
Stock Market LIVE Updates: Veranda Learning board approves appointment of Aditya Malis as Group COO
Stock Market LIVE Updates: Veranda Learning Solutions today announced that its board of directors has approved the appointment of Aditya Malik as the Group Chief Operating Officer of the company, effective from September 16.
The company, in an exchange filing, said, “The Board of Directors of the Company by way of circular resolution on September 16, 2024 has approved the appointment of Mr. Aditya Malik, as the Group Chief Operating Officer of the Company, Senior Management Personnel of the Company with effect from September 16, 2024”.
10:55 AM
Stock Market LIVE Updates: Dwarikesh Sugar, Shree Renuka: Why sugar stocks are buzzing in trade today
Stock Market LIVE Updates: Sugar stocks were buzzing in trade on Monday, September 16, 2024, with some companies seeing gains of up to 4 per cent during intraday trading.
Key players in the sector, including Shree Renuka Sugars, Dhampur Sugars, and Balrampur Chini Mills, were among the top gainers. READ MORE
10:43 AM
Stock Market LIVE Updates: Proximus Opal sells 6.03% stake in Route Mobile to comply with shareholding norms
Stock Market LIVE Updates: Route Mobile announced today that its promoter entity, Proximus Opal S.A., has successfully divested a 6.03 per cent stake in the company through an Offer for Sale (OFS) on Sep 12 and 13, 2024, in addition to the 1.95 per cent sell down that was completed on 26 July 2024, to comply with the minimum public holding requirement of 25 per cent.
The company, in an exchange filing, said the OFS was oversubscribed and received strong participation from long-only marquee investors.
With this development, Proximus Opal, part of the Proximus Group, has reduced its holding in Route Mobile from 83.11 per cent to below 75 per cent and is compliant with the minimum public shareholding criteria, in accordance Sebi’s norms.
10:29 AM
Stock Market LIVE Updates: Infosys ties up with LIC of India to accelerate digital transformation
Stock Market LIVE Updates: Infosys today announced its collaboration with the Life Insurance Corporation of India, to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement).
As a part of the collaboration, Infosys will enable the creation of a cutting-edge NextGen Digital Platform, which will focus on delivering seamless omnichannel engagement and data-driven hyper-personalised experiences to LIC’s customers, agents and employees, the company said in an exchange filing.
10:15 AM
Stock Market LIVE Updates: Wockhardt wins govt’s BIRAX Innovator award for developing drug to treat pneumonia
Stock Market LIVE Updates: Wockhardt today announced that it has been conferred with the Biotechnology Industry Research Assistance Council’s (BIRAC), ‘BIRAC Innovator Award 2024’.
The award was received by the inventor, Dr. Mahesh Patel (Chief Scientific Officer – Drug Discovery Research) during ‘Global Bio – India 2024’ event held in New Delhi.
The award has been conferred in recognition of the company’s successful development of Nafithromycin (MiqnafTM), which is the first ever multi-drug resistant pathogen active respiratory antibiotic for the treatment of Community-Acquired Bacterial Pneumonia.
10:10 AM
Stock Market LIVE Updates: Bajaj Housing lists at 115% premium
Stock Market LIVE Updates: Bajaj Housing Finance listed at a premium of 115%, at Rs 150, from the issue price of Rs 70.
The stock also hit a high of Rs 160, after listing on the BSE.
10:02 AM
Stock Market LIVE Updates: 10 AM market update
Stock Market LIVE Updates: Indian equity benchmark indices, BSE Sensex and Nifty 50, were trading higher, after opening in the green on Monday.
At 10 AM, the BSE Sensex was up 208 points, or 0.25 per cent, at 83,099, while the Nifty 50 was at 25,418, up 61 points, or 0.24 per cent.
Don’t miss the most important news and views of the day. Get them on our Telegram channel
First Published: Sep 16 2024 | 7:35 AM IST
![i’m-nervous,-too!-[part-2]](https://10xwealthreport.com/wp-content/uploads/2026/03/177042-im-nervous-too-part-2-1568x784.jpg)
