NIFTY Financial News

NEW DELHI : Asharp selloff in the mid-cap and small-cap space caught investors off guard on Tuesday. The mid-cap and small-cap indices saw steep corrections of 3-4% during the day even as the Nifty ended just 0.02% lower but not before scaling the all-time high of 20110.35. Valuation discomfort is likely to have set in after a sharp rally, which is leading to heavy selling in mid-caps and small-caps, said analysts.

₹61 crore versus loss of ₹56 crore in the same period last year. Thus, a turnaround here is crucial.

On the BSE, Shoora Designs(down 20.00 per cent), SDC Techmedia(down 20.00 per cent), Texmaco Rail(down 14.75 per cent), STC India(down 14.13 per cent) and Luharuka Media & In(down 13.41 per cent) stood among the top losers in today's trade. In the Nifty pack, 19 stocks closed in the green, while 31 stocks ended in the red. The index closed 3.15 points down at 19993.2. On the BSE, Shoora Designs, SecUR Credentials, GTN Textiles, Innovatus Entertain and Atal Realtech hit their fresh 52-week lows, while Karnimata Cold Store, SMIFS Capital, Standard Batt, ITI Ltd and Scarnose Internation touched their fresh 52-week highs in today's trade.

The NSE Nifty index ended the session 3.15 points down at 19993.2, while BSE Sensex rose 94.05 points to 67221.13. In the Nifty index, Tata Consultancy Services Ltd.(up 2.88 per cent), Larsen & Toubro Ltd.(up 1.72 per cent), Infosys Ltd.(up 1.67 per cent), Divi's Laboratories Ltd.(up 1.38 per cent) and UltraTech Cement Ltd.(up 1.30 per cent) stood among the top gainers. On the other hand, Bharat Petroleum Corporation Ltd.(down 4.22 per cent), Power Grid Corporation of India Ltd.(down 3.56 per cent), NTPC Ltd.(down 3.29 per cent), Adani Enterprises Ltd.(down 3.03 per cent) and Coal India Ltd.(down 2.94 per cent) were among the top losers of the day.

inflation data for August and industrial production data for July, scheduled to be revealed later today. Global cues were also weak as investors shifted focus to US inflation data on Wednesday and monetary policy meetings of the European Central Bank on Thursday and of the US Fed next Wednesday. European markets were mixed when the Sensex closed.

Tata Power Company Ltd. fell 2.53 per cent to Rs 264.9 in Tuesday's trade as of 01:39PM (IST) even as the benchmark Nifty ruled at 19995.5, down 0.85 points. The scrip had closed at Rs 271.8 in the previous session.

«So largely, overall earning trajectory for the next two-three years is going to be 16.5% so I think that is the kind of a broader return to what one can expect in Nifty on a on-going basis,» says Pankaj Pandey, Head Research, ICICIdirect.com.What are you telling your clients about Nifty hitting 20,000? What is next? On the Nifty what we have been saying is that overall our target is at 21500 which is 19 times FY25 earnings and possibly in some months, we will be incorporating FY26 numbers. So largely, overall earning trajectory for the next two-three years is going to be 16.5% so I think that is the kind of a broader return to what one can expect in Nifty on a on-going basis.

Nifty appear to have lost steam as both traded volatile on Tuesday amid lingering concerns over sticky inflation, higher interest rates, and a slowdown in global economic growth. Sensex opened with a strong gain of 380 points at 67,506.88 against the previous close of 67,127.08 but failed to hold altitude and fell over 150 points in the trade so far.

Trent Ltd. slipped 2.36 per cent to Rs 2037.05 in Tuesday's trade as of 12:38PM (IST). The stock hit a high price of Rs 2110.6 and low of Rs 2034.75 during the session. The return on equity (ROE) for the stock stood at 17.13 per cent.

Nifty, Sensex and Bank Nifty are still trading around record highs. In such a situation when stock market is witnessing participatory rally for long, mutual fund managers find it difficult to find stocks that may yield in sync with majority of indices are stocks also soar to record high. In fact, they outperform indices generating alpha returns.

midcap stocks on Tuesday. Nifty's small and midcap indices lost up to 2-3% each with Indiabulls Real Estate, Infibeam and RITES leading the downside by dropping around 8% each. High-flying PSU stocks from railways and defence were among the top losers in today's sell-off. Shares of Cochin Shipyard, GRSE and Mazagon Dock lost between 6-7% each while rail stocks RVNL, Jupiter Wagons and Titagarh Wagons dropped between 4-6% each. The selloff in small and midcap stocks is in contrast to lacklustre trade in Nifty and Nifty Bank.

Nifty, which scaled new peaks above the 20,000 zone for the first time this week, had humble beginnings at just 1,000. India's heartbeat index, consisting of 50 bluechips and liquid stocks traded on the National Stock Exchange (NSE), started its odyssey in November 1995 with a base value of 1,000. The 20x journey, which mirrors periods of economic growth and downturns, took 27 years, 10 months and 8 days.

Tata Elxsi Ltd. traded 0.64 per cent down in Tuesday's trade at 11:47AM (IST).

Havells India Ltd. traded 1.76 per cent down in Tuesday's trade at 11:42AM (IST).

Midcap index cracked nearly 3 per cent in morning trade on Tuesday. The BSE Midcap index fell to an intraday low of 32,177.91, down 2.68 per cent against the previous close of 33,064.96 while the Smallcap index plunged to its intraday low of 37,005.17, down 3.97 per cent against its previous close of 38,533.40 in Tuesday's trade so far. Early morning today, both the mid and smallcap indices hit their fresh record highs of 33,245.85 and 38,769.33 respectively.

Colgate-Palmolive (India) Ltd. traded 1.12 per cent down in Tuesday's trade at 11:26AM (IST).

Stock market today: India has been at the center of the global political and economic discourse for some time now. As the fastest growing large economy in the world, India is viewed with respect among the comity of nations. According to IMF, India will contribute 15 percent to the global GDP growth this year.

SRF Ltd. slipped 1.6 per cent to Rs 2397.45 in Tuesday's trade as of 10:30AM (IST). The stock hit a high price of Rs 2450.0 and low of Rs 2390.1 during the session. The return on equity (ROE) for the stock stood at 20.93 per cent.

The NSE Nifty index traded 54.05 points down at 19942.3, while BSE Sensex was down 113.63 points at 67013.45 as of 10:29AM(IST)on September 12. In the Nifty index, Larsen & Toubro Ltd.(up 2.97 per cent), Divi's Laboratories Ltd.(up 1.22 per cent), Dr.

Tech Mahindra Ltd, part of the Indian IT sector, rose more than 3% in a week to break out from a Flag pattern on the weekly charts and is consolidating at the breakout area of 1-year long consolidation. Tech Mahindra stock which is also part of the S&P BSE Sensex hit a 52-week high of Rs 1,276 on 8th September 2023. The stock gave a breakout from a downward sloping trendline on the weekly charts and a Flag pattern on the daily charts, suggest experts. The breakout has opened room for the stock to head towards 1500 levels, feel experts. The stock is also consolidating around the breakout area of 1170. The stock hit a high of 1165 in September 2022 but it failed to hold on to the momentum.

ICICI Bank Ltd.(up 1.13 per cent), Axis Bank Ltd.(up 0.73 per cent) and HDFC Bank Ltd.(up 0.1 per cent) were among the top gainers. Federal Bank Ltd.(down 2.31 per cent), IDFC First Bank Ltd.(down 1.6 per cent), Punjab National Bank(down 1.59 per cent), Bandhan Bank Ltd.(down 1.39 per cent) and Au Small Finance Bank Ltd.(down 1.38 per cent) were the top losers on the index. The Nifty Bank index was down 0.05 per cent at 45547.6 at the time of writing this report. Benchmark NSE Nifty50 index was up 7.15 points at 20003.5, while the BSE Sensex was up 34.56 points at 67161.64. Among the 50 stocks in the Nifty index, 17 were trading in the green, while 33 were in the red. Shares of Indian Railway Fin, Vodafone Idea, YES Bank, JP Power and Rail Vikas Nigam were among the most traded shares on the NSE. Shares of ITI Ltd, Dolphin Offshore, Dynamic Services, Cadsys(India)Ltd.