Stock Market LIVE Updates: GIFT Nifty indicates a flat start; US, Asian markets mixed ahead of Fed decision

Indian equity indices failed to hold on the early gains and ended on a negative note with Nifty below 25,400 on September 18. At close, the Sensex was down 131.43 points or 0.16 percent at 82,948.23, and the Nifty was down 41 points or 0.16 percent at 25,377.50.

We wrap up today’s edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

The Indian market experienced a minor profit booking with underperformance by midcaps. Mixed signals from global markets emerged ahead of the anticipated FOMC rate cut decision which is seemingly priced in a 25-bps cut. Investors assess the potential for a short-term underperformance of equity given the elevated valuation and correction of metal prices.

Commodities, including oil prices, are steadily declining, suggesting a potential tempering of economic growth. Investor caution is evident as gold prices rise, likely due to anticipated dollar weakness following the rate cut.

Banking stocks-led rally allowed the Index to register a new high of 25,482 but a vertical fall in the Mid and Smallcaps mounted pressure on the Index to eventually trade lower. A late recovery helped the Index trim some of its losses to end the session at 25,377.55 with a loss of 41 points. Barring Banking indices, all the sectors ended in red with IT and Pharma being the major laggards. Mid and Smallcaps were corrected by 0.71% & 0.39% and underperformed the Benchmark Index.

Considering an overnight event (outcome of FOMC on rate cut), big swings can be expected on either side for the Index where 25,580 will be considered as a hurdle while 25,250 will serve as support.

The Nifty index reached a new all-time high ahead of the important announcement from the Federal Reserve about interest rates. However, some traders decided to take profits at these higher levels, which caused the market to close about 130 points below its peak for the day.

Lately, Nifty has been moving within a small range. On the downside, there is support at 25,300. If Nifty falls below this level, it could lead to a further drop towards the 24,900-25,000 range. On the upside, 25,500 is acting as a resistance level, meaning it may be difficult for the market to move above this point in the short term.

Indian equity indices failed to hold on the early gains and ended on a negative note with Nifty at 25,350 on September 18.

At close, the Sensex was down 131.43 points or 0.16 percent at 82,948.23, and the Nifty was down 41 points or 0.16 percent at 25,377.50. About 1453 shares advanced, 2343 shares declined, and 105 shares unchanged.

Biggest Nifty losers were TCS, HCL Technologies, Infosys, Tech Mahindra and Wipro, while gainers included Bajaj Finance, Shriram Finance, Bajaj Finserv, ICICI Bank and Nestle India.

Except bank, all other sectoral indices ended in the red with Information Technology shed more than 3 percent, while auto, pharma, metal, oil & gas down 0.5-1 percent.

The BSE midcap index shed 0.7 percent and smallcap index was down 0.5 percent.

The company board approved to sub-divide/split 1 equity shares of the company of Rs 10 each, fully paid-up into 5 equity shares of face value of Rs 2 each.

The company has been shortlisted by the Armament Research and Development Establishment (ARDE), DRDO, for Transfer of Technology (ToT) related to the production of PRACHAND Munition Hardware.

#1 Emcure is one of the few Indian pharma majors with no direct US generics exposure

#2 There is greater earnings stability with no direct US generics exposure

#3 Company has built a complex portfolio across India, Canada, Europe and EMs

#4 Expect Emcure to report a 14 percent overall sales CAGR over FY2024-27

#5 On a low base, expect improved productivity post the 20 percent+ field force addition since FY22

#6 Higher capacity utilisation of new facilities to drive robust 19 percent/30 percent EBITDA/EPS CAGR over FY24-27

The Sensex was down 134.94 points or 0.16 percent at 82,944.72, and the Nifty was down 52.90 points or 0.21 percent at 25,365.60. About 1203 shares advanced, 2224 shares declined, and 71 shares unchanged.

State Bank of India (SBI) raised Rs 7,500 crore today at a coupon rate of 7.33% through its second Basel III compliant Tier 2 bond issuance for the current financial year.