Sensex Today Trades Lower | Nifty Below 25,950 | Metal Stocks Shine, Up 1.7%

Tue, 24 Sep 10:30 am

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Asian markets traded higher on optimism over China stimulus measures. MSCI's broadest index of Asia-Pacific shares outside Japan were 0.04% higher at 586.31, levels last seen on 15 July.

US stock market ended moderately higher on Monday after US Federal Reserve policymakers backed rate cuts and voiced support for more cuts in the rest of the year.

The Dow Jones Industrial Average gained 61.3 points, or 0.2%, to 42,124.65, while the S&P 500 rose 16.0 points, or 0.3%, to 5,718.57.

Here's a table showing how US stocks performed on Monday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	163.07	-1.57	-0.95%	166.61	162.95	193.3	121.46
Apple	226.47	-1.73	-0.76%	229.45	225.81	237.23	164.08
Meta	564.41	3.06	0.55%	573.98	562.41	573.98	279.4
Tesla	250	11.75	4.93%	250	241.92	271	138.8
Netflix	705.37	4.34	0.62%	712.25	699.16	715.66	344.73
Amazon	193.88	2.28	1.19%	194.45	190.57	201.2	118.35
Microsoft	433.51	-1.76	-0.40%	436.46	430.39	468.35	309.45
Dow Jones	42124.65	61.29	0.15%	42190.05	42012.22	42190.05	32327.2
Nasdaq	19852.2	60.71	0.31%	19892.78	19797.82	20690.97	14058.33

Source: Equitymaster

At present, the BSE Sensex is trading 25 points lower and NSE Nifty is trading 3 points lower.

Hindalco, Nestle and Tata Steel among the top gainers today.

Infosys, HDFC Life Insurance and Bajaj Finance the other hand are among the top losers today.

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.

Broader markets are trading on positive. The BSE Midcap index is trading 0.1% higher and the BSE Smallcap index is trading 0.2% higher.

Sectoral indices are trading mixed today with stocks in metal sector, power sector and energy sector witnessing most buying. Meanwhile stocks in IT sector, realty sector and banking sector witnessing selling pressure.

The rupee is trading at Rs 83.56 against the US dollar.

In commodity markets, gold prices are trading 0.3% higher at Rs 74,478 per 10 grams 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...

Speaking of the stock market, even though the China+1 megatrend was relatively short lived in terms of stock market gains, India's logistics boom is here to stay.

Such a boom could play out for several decades as India's manufacturing, exports and domestic consumption continue to grow.

Tanushree Banerjee, Research Analyst talks about some niche players are the hidden and indirect beneficiaries of India's logistics boom.

Tune in for more

NHPC Pays Final Dividend

State-owned hydro power giant NHPC said on Monday that it had paid a final dividend of Rs 3.4 bn to the government of India for 2023-24.

In addition, an interim dividend of Rs 9.5 bn for 2023-24 was paid on 5 March 2024, aggregating a total dividend of Rs 12.9 bn for the entire fiscal year.

NHPC has paid a final dividend of Rs 3.4 bn to the Government of India for the FY23-24 on 20 September 2024.

The company's board of directors in its meeting on 17 May 2024 recommended a final dividend at the rate of Rs 0.5 per equity share i.e. 5 per cent of the face value for 2023-24 that was approved in the annual general meeting on August 28, 2024.

In addition, an interim dividend at the rate of Rs 1.4 per equity share, or 14% of the face value, was paid on 5 March 2024.

Thus, a total dividend of Rs 1.9 per equity share, or 19% of the face value, has been paid for 2023-24.

NHPC has more than 3.8 m shareholders and the total dividend payout for 2023-24, including interim dividend, worked out to Rs 19.1 bn as against Rs 18.6 bn for 2022-23.

NTPC Green Energy's IPO

NTPC Green Energy, a subsidiary of state-owned power giant NTPC, is likely to bring its initial public offering (IPO) to raise Rs 100 bn in the first week of November.

NTPC Green Energy had filed preliminary papers with capital markets regulator Sebi to raise Rs 10,000 crore through IPO.

The highly placed source said the IPO is expected to be launched in the first week of November this year.

The source informed us that the company has planned roadshows in India (Mumbai) as well as abroad, especially in Singapore.

The initial share sale is entirely a fresh issuance of equity shares with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).

The company said proceeds of the issue to the tune of Rs 7,500 crore will be used to repay or prepay part or all of its subsidiary NTPC Renewable Energy Ltd's (NREL) outstanding loans, while a portion will be utilised for general corporate purposes.

The filing comes at a time when the country's IPO market is thriving, with around 60 main board companies having launched their initial share sale this year so far.

NTPC Green Energy is a 'Maharatna' central public sector enterprise with a renewable energy portfolio, including solar and wind power assets spread across more than six states.

PNB's QIP Floor Price Fixed

State-owned Punjab National Bank (PNB) on Monday fixed a floor price of Rs 109.16 per share for its share sale through qualified institutional placement (QIP).

The bank had taken board approval last year for raising up to Rs 75 bn via share sale in one or more tranches during 2024-25.

The board approved and adopted the preliminary placement document together with the application form in connection with the issue.

It also approved the floor price Rs 109.2 per share based on the pricing formula as prescribed under Regulation 176 of the Sebi ICDR Regulations.

The bank may offer a discount of not more than 5% on the floor price so calculated for the issue.

The issue price will be determined by the bank in consultation with the book running lead managers appointed in relation to the issue.

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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