Produced by: Prashun
Designed by: Mohsin Shaikh
While the FOMC (Federal Open Market Committee) kept key interest rates unchanged in their recent meeting, global markets reacted negatively to the US Fed's hawkish stance on interest rates, said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities. Foreign portfolio investors remained net sellers of Indian equities in last week, Chouhan added
The 30-share BSE Sensex pack slipped 221 points or 0.33% to close at 66,009 during the previous session, while the broader NSE Nifty index moved 68 points or 0.34% down to end at 19,674. Broader markets (mid- and small-cap shares) were mixed as Nifty Midcap 100 was down 0.11% and small-cap rose 0.26%
On the stock-specific front, JSW Steel, Suzlon Energy, IRCON International, Sun Pharma Advanced Research Company, Bharat Parenterals and IEL will be in focus on Monday
JSW Steel said it has executed an agreement with NSHL for termination of the joint venture for establishing scrap shredding facilities in India. It has also entered into a Securities Purchase Agreement (SPA) with NSHL to purchase NSHL's 50% stake held in NSL Green Recycling Ltd. The stock settled 0.48% lower at Rs 774.30 on Friday
Renewable energy solutions provider Suzlon Group has secured an order of 29.4 MW from BrightNight. "Suzlon will install 14 units of their S120 – 140m wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each at Osmanabad in Maharashtra. The project is expected to be commissioned in phases, beginning in April 2024," it stated. Shares of Suzlon Energy fell 1.73% to close at Rs 25.05 on Friday. Bourses BSE and NSE have put the securities of Suzlon under the long-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices
IRCON International has entered into a contract with Sri Lanka Railways. "Ircon has executed the contract agreement with Sri Lanka Railways, Ministry of Transport, Sri Lanka for the work of procurement of Design, Installation Testing, Commissioning and Certifying of Signalling and Telecommunication system from Maho Junction (Including) to Anuradhapura (Excluding) under Indian Line of Credit at a total price of $14.89 million equivalent to approx. Rs 122 crore on September 21, 2023. The work will be completed by Ircon International Limited within 24 months from the date of signing of contract," it stated. The stock jumped 4.12% to close at Rs 141.45 on Friday
Sun Pharma Advanced Research Company has appointed Kajal Damania as Company Secretary, Compliance Officer and Key Managerial Personnel. The stock on Friday ended with 1.14% losses at Rs 225.30
Shares of Bharat Parenterals will be trading ex-dividend on September 25. The company announced a final dividend of 75 paise per equity share. The counter settled with 0.94% gains at Rs 551.50. The stock has been placed under Enhanced Surveillance Measure (ESM)
IEL will be trading ex-stock split on Monday. The company announced stock split from Rs 10 to Re 1 per share. The stock on Friday rose 2.52% to close at Rs 152.85. The counter has been placed under ESM
"Technically, on weekly charts, Nifty has formed a long bearish candle, indicating a weak sentiment in the near future. However, due to temporary oversold conditions, we could expect a one quick pullback rally in the near future. For the short-term traders now, the 50-day SMA (Simple Moving Average) 19,600 and 19,500 would be the key support zones while 19,800 and 19,900 could be key resistance areas," said Amol Athawale, Vice-President - Technical Research at Kotak Securities
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