The Nifty index remained range-bound throughout the session as traders opted for caution ahead of a significant event. The technical chart shows no change in formation compared to the previous day. The trend continues to be strong, though with limited upward potential in the short term. Key support levels are still intact between 25,150-25,200, while resistance is positioned around 25,460-25,500. A decisive breakout from the current range might initiate a directional move.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

The domestic market traded in a narrow range with a positive bias as the participants are keenly awaiting the Fed’s decision this week. The weakness in the US job market and benign inflation are pointing at a slew of rate cuts on the table. The inflow of foreign money and an expectation of stability in domestic growth may keep sentiment optimistic.

Views by:  Vinod Nair, Head of Research, Geojit Financial Services

>> Bajaj Housing Finance share price freezes at 10% upper circuit on listing day

>> Shares listed at 114% premium over issue price of Rs 70

>> Indian Rupee ends at 83.88 per US dollar on Monday, Sept 16

>> BSE SmallCap index closes 0.28% higher

>> BSE MiidCap closes flat

>>IT, FMCG, Pharma indices end in the red today

>> Financials, Metals, Metals rally on Monday

>> 16 stocks end higher. NTPC, JSW Steel, L&T, ICICI Bank, Axis Bank, Nestle India, and M&M end as top Sensex gainers

>> 14 stocks settle lower. Bajaj twins, HUL, Adani Ports, Asian Paints, Titan, and Ultratech Cement close as top Sensex losers today

>> BSE Sensex closes at 82,988.78, up 97.84 points or 0.12% tpday

>> NSE Nifty50 settles at 25,383.75, up 27.25 points or 0.11% on Monday, Sept 16

>> The index hit a high of 25,445.70 and a low of 25,336.20 during the day

 

“We categorically state that neither the Adani Group nor any of its companies or subsidiaries have issued any press releases related to Kenya,” the group said, urging the public to disregard such press releases. The conglomerate added that it would take legal action against anyone involved in spreading false narratives and advised using only press releases issued on its official website. READ MORE

Bajaj Housing Finance stock debuted at Rs 150 – a solid 114 per cent premium when compared to the issue price of Rs 70 per share. The stock went on the extend the gains and was locked at set upper limit at Rs 164.99 on the BSE with trades of around 60.56 million shares, and pending buy order for nearly 4.2 million shares  READ MORE

Stock Market LIVE Updates: Shares of Eraaya Lifespaces were locked in their upper circuit for the 14th straight trading day, up 5 per cent at Rs 1,620.20, on the BSE on Monday. In the past three weeks, the BSE listed stock has zoomed 102 per cent from a level of Rs 801.05 seen on August 26. Currently, Eraaya Lifespaces is trading under ‘XT’ group on the BSE. The stock is not listed on the National Stock Exchange (NSE). READ MORE

Reliance Power on Monday announced that it has secured a battery storage contract of 500 MW through the e-reverse auction (eRA) conducted by the Solar Energy Corporation of India (SECI). The auction, held on September 11, 2024, is part of SECI’s initiative to enhance energy storage capabilities across the country. READ MORE

USDINR CMP: 83.89

 

— Indian Rupee appreciated on Monday amid positive domestic markets and weakness in the American currency (US Dollar). FII inflows also favoured the Rupee. However, firm crude oil prices capped sharp gains.

 

— We expect Indian Rupee to trade with a slight positive bias on continued weakness in the US Dollar ahead of the FOMC meeting this week. 

 

— There are broad expectations of a 25 bps rate cut by the Fed following a 25 bps rate cut by ECB last week. 

 

— Fresh foreign inflows and a positive tone in equity markets may further support the domestic currency. 

 

— However, a recovery in crude oil prices may cap sharp upside. We expect USDINR to trade in the range of 83.70-84.10

 

Views by: Anuj Choudhary, research analyst at Sharekhan by BNP Paribas