Gift Nifty Up 43 Points | Nifty FMCG Index Shines | HDFC Bank to Close Rs 90 Billion Sale | Top Buzzing Stocks Today

Fri, 20 Sep Pre-Open

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Benchmark equity indices, the BSE Sensex and NSE Nifty50, retreated from record high levels.

At the closing bell on Thursday, the BSE Sensex stood higher by 237 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 38 points (up 0.2%).

NTPC, Titan and HUL were among the top gainers.

BPCL and ONGC on the other hand, were among the top losers.

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 0.5% lower and BSE SmallCap index ended 1% lower.

Sectoral indices were trading mixed with socks in banking sector and realty sector witnessing buying speer. Meanwhile stocks in telecom sector and oil & gas sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.6% higher at Rs 73,512 per 10 grams at the time of Indian market closing hours on Thursday.

At 8:00 AM today, the Gift Nifty was trading 43 points higher at 25,529 levels.

Indian share markets are headed for a positive start today following the trend on Gift Nifty.

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Top buzzing stocks today

Vodafone Idea share price will be in focus today.

Shares of debt-ridden telecom operator Vodafone Idea on Thursday crashed 15% to hit the lower circuit after the Supreme Court rejected a request by telecom companies in the re-computation of Adjusted Gross Revenue (AGR) case.

Last year, Airtel and Vi had requested the apex court to hear in the "open court" their curative petitions against an earlier order, which rejected the pleas for rectification of what they called arithmetical errors in DoT's calculation of AGR dues.

DCX System will also be a top buzzing stock.

Shares of DCX Systems surged 5% on 19 September 2024 after the company announced it received an export order from Israel's Elta System worth Rs 1.5 bn.

In a regulatory filing to the exchanges, DCX Systems said that the order is related to the supply of RF Electronic Modules and is expected to be completed within 12 months.

Nifty FMCG Index Shines

As most sectoral indices and the broader markets languished in a sea of red, the consumer staples sector outperformed with the Nifty FMCG rising over 1%.

The top gainers on the index were FMCG giants such as Nestle India, Hindustan Unilever, Tata Consumer and Dabur India, surging up to 4%. On the other hand, ITC, Varun Beverages, United Spirits and Radico Khaitan recorded losses in trade.

As the Federal Reserve slashes its benchmark lending rate by 50 basis points, analysts suggested it is a positive for Indian equities as foreign flows will invest more money in emerging markets, especially Indian equities. The RBI is soon expected to follow in the Federal Reserve's footsteps, cutting rates.

However, there are certain recessionary fears with some participants believing that the American central bank took such a drastic step - cutting rates by 50 basis points, instead of the largely expected 25 basis points - because the US could be veering towards the recession territory.

Therefore, along with IT and pharma which are considered defensive sectors, consumption has a theme that has also garnered favour.

Why HAL Share Price is Falling

Shares of Hindustan Aeronautics Ltd (HAL) fell over 5% in intraday trade on Thursday even though the broader market sentiments have a bullish undertone.

HAL has had a stellar run at the bourses in the last year, delivering multibagger returns to investors. The stock was up around 111% in this period, while it rose around 49% on a YTD basis.

Recently, the state-run aerospace major bagged a bumper Rs 26,000 crore deal from the defence ministry for procurement of 240 aero engines for Su-30MKI aircraft.

The aero-engines will be manufactured by the Koraput division of HAL and are expected to fulfill the need of the Indian Air Force to sustain the operational capability of the Su-30 fleet.

The HAL would supply 30 aero-engines annually as per the contractual delivery schedule. The supply of all 240 engines would be completed over the period of the next eight years, according to the defence ministry.

By the end of the delivery programme, HAL would enhance the indigenisation content by up to 63% to achieve an average of over 54%.

The order pipeline looks healthy with orders worth Rs 48,000 crore for ALH (25), LUH (12), Su-30 (12), and RD-33 engines (80) being in advanced stages of finalization and are expected to materialize in the near term.

Subsequently, an order worth Rs 18,000 crore is expected to materialize on the RoH front, if reports are to be believed.

HDFC Bank to Close Rs 90 Billion Sale

India's largest private lender HDFC Bank hopes to complete a planned sale of loans worth more than Rs 90 bn (US$ 1.1 bn) - its largest to date - by the end of September, three sources aware of the matter said on Thursday.

The sources requested anonymity as they are not authorised to speak to the media.

HDFC Bank merged with parent Housing Development Finance Corp in July 2023, adding a large pool of mortgage loans to the bank's portfolio but a much smaller amount of deposits. This has put it under pressure to increase the pace at which it raises deposits or to slow loan growth.

The bank is in the process of issuing pass-through certificates that are backed by a pool of car loans.

The pass-through certificates, divided in three parts, will mature in September 2026, July 2027 and September 2030, and will have loans worth Rs 35 bn, Rs 18 bn and Rs 37.6 bn, respectively.

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

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