Sensex Today Ends At Record High, UP 1,440 Points | Nifty Above 25,350 | 4 Reasons Why India Share Market is Rising

Thu, 12 Sep Closing

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After opening the day on the higher, Indian benchmark indices maintained the momentum as the session progressed but ended the day on firm footing.

Indian benchmark equity indices Sensex and Nifty hit fresh all-time highs on Thursday, mirroring global gains.

At the closing bell, the BSE Sensex stood higher by 1,440 points (1.8%).

Meanwhile, the NSE Nifty closed higher by 470 point (up 1.9%).

Hindalco, NTPC and M&M among the top gainers today.

Nestle and Asian Paints on the other hand, were among the top losers today.

The GIFT Nifty was trading at 25,352 up 373 points at the time of writing.

For a comprehensive overview of key players in the financial sector, check out list of Fin Nifty Companies.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list

The BSE MidCap index ended 1.2% higher and BSE SmallCap index ended 0.8% higher.

All other sectoral indices were trading positive with socks in metal sector and telecom sector witnessed buying speer.

Shares of Info Edge, Bajaj Auto and Coforge hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

The rupee is trading at 83.9 against the US$.

Gold prices for the latest contract on MCX are trading marginally higher at Rs 71,994 per 10 grams.

Meanwhile, silver prices were trading 0.5% higher at Rs 84,884 per 1 kg.

Here are factors that pushed indices higher.

#1 Rate Cut Cues

US consumer prices in August showed a slight increase, with core inflation rising by 0.28%, surpassing the expected 0.2%. Despite this, market expectations of a 25-basis-point rate cut by the Federal Reserve on 18 September jumped to 85%, up from 66% the previous day.

#2 Decline in Oil Price

Oil prices have dropped over 10% in September due to weak Chinese demand and concerns about global oversupply. Despite a slight recovery in today's trade, with Brent crude futures for November rising 1.4% to US$ 71.6 per barrel and US crude futures for October up 1.4% to US$ 68.23, the overall decline remains significant.Lower oil prices are positive for Indian equities, as India is a major importer of crude oil. Reduced oil costs ease inflationary pressures and help improve corporate margins.

#3 Global Market Rally

Indian equities also mirrored a global uptrend, rallying in sync with global markets.

Asian shares surged on Thursday, driven by a tech rally on Wall Street and unexpected US core inflation data, which reduced expectations of a large Federal Reserve rate cut. MSCI's Asia-Pacific index rose 1.5%, and the Nikkei gained 3.3%.

#4 Sectoral Gains

IT companies, which derive a substantial portion of their revenue from the US, rose by 1%. Additionally, the Nifty Bank, Auto, Financial Services, Healthcare, and Oil & Gas sectors all saw gains of over 1%.Speaking of the stock market, Rahul Shah, Co-head of research at Equitymatser talks about the surprising downfall of a legendary investor.

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Minda Corporation to Raise Funds

In news from the auto ancillary space, auto components manufacturer Minda Corp Ltd has received board approval to raise up to Rs 10 bn through the issuance of new securities.

The decision, taken at the board meeting on Thursday, 12 September, allows for multiple potential routes for fundraising, including a preferential allotment of shares, or a Qualified Institutional Placement (QIP), or a combination of both.

Other public or private offerings have also been kept open as possible options. The company also has the option to issue securities convertible into shares.

Minda Corp has not disclosed how it intends to deploy the capital after raising the funds. The proposed fundraising is subject to approval from the company's shareholders and relevant regulatory authorities.

As of the end of the June quarter, Minda Corp promoters held a 64.8% stake in the company. Earlier this year, Minda Corp sold its entire 15.1% stake in Pricol Ltd, an automotive components maker, for approximately Rs 6.3 bn, reportedly netting a gain of around Rs 3 bn from the investment.

Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and international footprint.

It's among the market leaders and commands a strong market share of around 40% in the 2-wheeler lock sets, and wiring harness for 2 wheelers, 3 wheelers, tractors, and CVs.

Granules India Crashes 13%. Here's Why

Moving on to news from the pharma sector, shares of Granules India extended their losing streak for the second straight day, down 13% on 12 September after the US Food and Drug Administration issued six observations to its Gagillapur facility in Hyderabad, Telangana following an inspection conducted from 26 August to 6 September.

With today's fall, the stock has crashed over 15% in just two days.

The form entailed violations related to equipment and utensils not being cleaned at appropriate intervals, failure to thoroughly review any unexplained discrepancy, non-maintenance of building and facilities, inadequate assessment of the process of material commonly performed during routine manufacturing, and failure to follow responsibilities and procedures applicable to the quality control unit.

The inspection covered both Current Good Manufacturing Practice (cGMP) and Pre-Approval Inspection (PAI) processes.

The company stated that it aims to address the observations promptly and will submit its response to the USFDA within the stipulated timeframe.

Earlier in August, Granules Pharmaceuticals, Inc., a wholly-owned subsidiary of Granules India, received USFDA approval for its Abbreviated New Drug Application (ANDA) for Glycopyrrolate Oral Solution 1mg/5mL.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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