SENSEX, NIFTY PARE GAINS; EUROPEAN MKT OPENS HIGHER

The domestic equity benchmarks reversed all gains and traded with minor losses in afternoon trade. The Nifty traded below the 26,200 level after hitting the day�s high of 26,277.35 in mid-morning trade. Oil & gas, metal and pharma shares advanced while realty, media and bank shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex declined 232.68 points or 0.27% to 85,605.23. The Nifty 50 index fell 31.80 points or 0.12% to 26,184.25.

The Sensex and Nifty clocked an all-time high of 85,978.25 and 26,277.35, respectively in mid-morning trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.04% and the S&P BSE Small-Cap index added 0.06%.

The market breadth was Positive. On the BSE, 2,070 shares rose and 1,778 shares fell. A total of 128 shares were unchanged.

Gainers & Losers:

Bharat Petroleum Corporation (BPCL) (up 6.55%), Sun Pharmaceutical Industries (up 2.54%), Cipla (up 2.42%), Hindalco Industries (up 1.83%) and HCL Technologies (up 1.81%) were major Nifty gainers.

Power Grid Corporation of India (down 3.06%), Bharti Airtel (down 2.36%), Hero Motocorp (down 1.57%), Larsen Toubro (down 1.54%) and HDFC Bank (down 1.44%) were major Nifty losers.

Stocks in Spotlight:

SJVN advanced 5.34% after the company said that it has signed two memorandums of understandings (MoUs) with Government of Maharashtra for development of pumped storage projects (PSP) and floating solar projects in Maharashtra. The total estimated investment on these projects will be to the tune of Rs 48,000 crore.

PC Jeweller hits upper circuit of 5% after the Bank of India submitted its approval to the One Time Settlement (OTS) proposal submitted by the company to settle the outstanding dues.

RailTel Corporation of India added 1.86% after the company announced that it has received the work order from Rural Development Department, Mantralaya, Maharashtra, amounting to Rs 155.71 crore.

Rites fell 1.78%. The company informed that its consortium has been declared as lowest bidder (L-1) for retrofit work in RS-1 trains of Delhi Metro Rail Corporation (DMRC). The estimated value of the bid is approximately Rs 87.58 crore including GST, wherein, the company�s share in said project is 49%, amounting to around Rs 42.91 crore.

Bondada Engineering added 3.72% after the company has received an order from KPI Green Energy for supply of material for solar power generation plant. The project is valued at Rs 467.99 crore and is expected to be completed within 12 months from the date of receipt of the purchase order (PO).

Biocon fell 0.59%. The company said that it has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.

Rail Vikas Nigam (RVNL) rose 0.80%. The company announced that it has signed memorandum of understanding (MoU) with Engineers India (EIL) to explore global business opportunities.

Indian Bank rose 0.18%. The bank said that its board, at the meeting held on Thursday (26 September 2024) has approved for raising additional long term infrastructure bonds aggregating up to Rs 5000 crore, in one or more tranches. The fund raising would be over and above Rs 5000 crore already raised by the bank in current FY 2024-25.

Global Markets:

European market traded higher as France showed the country�s harmonized inflation rate fell sharply in September. Harmonized consumer prices came in at 1.5% in September, down from 2.2% in August, according to the French statistics office Insee. This month�s figure is below the European Central Bank�s 2% inflation target.

Most of the Asian stocks traded higher on Friday as Tokyo�s inflation rate for September eased to 2.2% from 2.6%, while core inflation rate came in at 2%, declining from 2.4% in August.

China�s central bank cut its 7-day reverse repurchase rate to 1.5% from 1.7%, as well as lowered the reserve requirement ratio for banks by 50 basis points. China�s industrial profit data for August saw a 17.8% plunge year on year, following a 4.1% year-on-year increase in July.

The People`s Bank of China unveiled one of its most aggressive policy packages in years on Tuesday, aimed at boosting the slowing economy and restoring investor confidence.

US stocks surged on Thursday, with the S&P 500 reaching a new all-time high. Investors welcomed positive economic data and Micron`s strong earnings report.

The Dow Jones Industrial Average gained 0.62%, the S&P 500 rose 0.4%, and the tech-heavy Nasdaq Composite increased 0.6%. Micron`s shares soared, driving gains in the broader chip sector.

The US economy grew at a 3% annual rate in the second quarter, driven by consumer spending, inventory investment, and business investment. Additionally, weekly jobless claims fell to the lowest level since mid-May, indicating a strong labor market.

Micron Technology`s shares jumped 17.3% after the company forecast higher-than-expected revenue for the upcoming quarter due to strong demand for memory chips.

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