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Gift Nifty Rises 43 Points, FMCG Index Shines, HDFC Bank's Rs 90 Billion Sale, and Today's Top Buzzing Stocks
Synopsis: Indian equity markets showed a slight pullback from record highs on Thursday, with the BSE Sensex rising 237 points and the NSE Nifty up by 38 points. Top gainers included NTPC, Titan, and HUL, while BPCL and ONGC faced losses. Sector performance was mixed, with strong buying in banking and realty, while telecom and oil & gas struggled. Notable stocks in focus were Vodafone Idea, DCX Systems, and HAL. Additionally, HDFC Bank is set to finalize a ₹90 billion loan sale by the end of September.
MARKETSINDIAPRE-OPEN
By Mamta Shukla
9/20/20242 min read
On Thursday, Indian equity markets witnessed a mild retreat from their record-high levels. At the closing bell, the BSE Sensex rose by 237 points (0.3%), while the NSE Nifty closed up by 38 points (0.2%). Top gainers included NTPC, Titan, and HUL, whereas BPCL and ONGC ranked among the top losers.
The BSE MidCap index declined by 0.5%, and the BSE SmallCap index dropped 1%. Sector-wise performance was mixed, with banking and realty stocks showing buying interest, while the telecom and oil & gas sectors faced selling pressure.
In commodity markets, gold prices for the latest MCX contract rose 0.6% to ₹73,512 per 10 grams. The Gift Nifty also signaled a positive start for Indian markets today, trading 43 points higher at 25,529 at 8:00 AM.
Top Buzzing Stocks Today
Vodafone Idea: Shares of the debt-laden telecom operator dropped 15% after the Supreme Court rejected telecom companies' pleas in the AGR dues re-computation case.
DCX Systems: Shares surged 5% on 19 September after securing a ₹1.5 billion export order from Israel’s Elta Systems for RF Electronic Modules, to be delivered within 12 months.
Nifty FMCG Index Performance
While most sectoral indices struggled, the FMCG sector outperformed, with the Nifty FMCG index climbing over 1%. Key gainers included Nestle India, Hindustan Unilever, and Dabur India, with gains up to 4%. However, ITC and Varun Beverages saw losses.
Why HAL Share Price Fell
Hindustan Aeronautics Ltd (HAL) saw its shares fall over 5% on Thursday despite a generally bullish market. Over the past year, HAL delivered over 111% returns, with a 49% year-to-date rise. HAL recently secured a ₹26,000 crore order from the defence ministry to supply 240 aero engines for the Su-30MKI aircraft.
HDFC Bank’s Rs 90 Billion Loan Sale
HDFC Bank is nearing the completion of a ₹90 billion loan sale, its largest ever, by the end of September. The bank is issuing pass-through certificates backed by car loans, with maturities extending to 2030. This move follows its merger with Housing Development Finance Corp in 2023, which has pressured the bank to increase deposits to sustain loan growth.