Category: Markets

The Indian stock market continued its winning streak in the third week of September 2023, hitting record highs. The rally was supported by positive macro data, continued buying from domestic investors, and a fall in selling by FIIs. Analysts are optimistic about the market in the near term, but investors should monitor global factors and focus on companies with strong fundamentals.

US stocks closed sharply lower on Friday, August 18, 2023, as plunging chip stocks and mixed economic data dampened investors' risk appetite. The S&P 500 and the Nasdaq reversed their weekly advances, while the blue-chip Dow ended the week nominally higher. Investors are concerned about a potential slowdown in the global semiconductor industry and elevated inflation. The Fed's policy meeting next week will be a key event for investors.

The Nifty50 and Bank Nifty indices are in a bullish trend and may continue to move higher in the coming sessions. However, traders should be cautious and maintain appropriate stop losses.

NTPC stock gained on September 15 after signing a supplementary joint venture agreement with UP state government utility to extend the joint development of three power projects. Brokerage firm Sharekhan has a 'buy' rating on the stock with a target price of Rs 260 per share, citing the company's plan to add commercial thermal power capacities of ~10 GW over three years.

Grasim Industries to enter paint business under the brand name Birla Opus. Market launch scheduled for Q4FY24. Company has committed an investment of Rs.10,000 crore. Aim is to become a profitable No. 2 player in the coming years. ICICI Securities has given a buy rating and said that if the entry into the paints business is successful, it can drive up significant valuation rerating over the next 2-3 years.

ICICI Securities is bullish on AMPL's outlook and believes that the company is well-positioned to benefit from the strong growth tailwinds in the defence sector.

Shares of Shakti Pumps Ltd rose 11% on September 15 after the company received a letter of award worth Rs 293 crore from the Department of Agriculture, Uttar Pradesh for the supply, installation, and commissioning of solar water pumping systems. The order is to be executed within a 90-day timeframe. The company's shares have gained 22% in a month and 113% in the past six months.

MIDHANI shares rose 3 percent on September 15 on positive commentary from the management. The company has already booked orders of Rs 600 crore with a target revenue of Rs 1,200 crore in FY24. The FY24 contribution from the space segment will be approximately 30 percent and the company sees incremental revenue of Rs 300 crore from newly commissioned facilities. The company's margin range is currently 30-35 percent and is likely to remain in the same range like last year.

Bajaj Auto shares hit a 52-week high on September 15 after BofA Securities upgraded the stock to 'Buy' and raised the target price to Rs 5,550. The brokerage firm cited multiple levers to growth for the company, including a gradual recovery in the domestic two-wheeler and three-wheeler industries, a turnaround in exports, and potential valuation re-rating from the electric vehicle business.

Shares of Siyaram Silk Mills rose 8% on September 15 after the company announced a share buyback offer at Rs 720 per equity share, an increase from the earlier price of Rs 650. The buyback price is at a premium of 25% to the closing price of the stock on September 14. The share buyback is a positive development for the company and is likely to be seen as a vote of confidence by investors.