Market Opening Update

Indian equities are expected to open on a cautious note this Tuesday, September 30. Gift Nifty indicated a flat opening, trading about 8 points higher. Asian markets were mixed with a slightly negative bias — Nikkei was down 62 points, while Hang Seng was up 134 points. The Dow Jones too traded flat, down by 4 points.

Currently, Nifty 50 is hovering near the 24,700 mark.

Previous Session Recap

On Monday, both Nifty 50 and Bank Nifty ended lower, extending the negative trend.

Nifty 50 closed at 24,635, slipping nearly 20 points. It failed to sustain above the 24,800 level, where short-covering was anticipated.

Bank Nifty closed at 54,461, up just 72 points, after giving up most of its intraday gains.

Top Movers

Gainers: Saman Capital (+12%), L Finance (+5%), Bandhan Bank, Hindustan Petroleum.

Losers: Daxon Technologies (-5%), CES Technologies (-4%), Bas Dock (-2.5%). Several defence stocks also corrected.

PG Electroplast fell ~2% after announcing a large capex plan and land acquisition, raising investor concerns over fund utilization, especially given past questions on management credibility.

Commodities & Currency

Silver surged to ₹142,000, marking a fresh lifetime high.

Gold also hit an all-time high near ₹119,000.

Crude oil saw mild strength.

Indian Rupee weakened against major global currencies including USD, EUR, GBP, and JPY.

Market Levels

Nifty 50 support: 24,550–24,500 | Resistance: 24,800

Bank Nifty support: 54,200–54,000 | Resistance: 54,700–55,000

Institutional Activity & Derivatives

FIIs sold shares worth ₹2,832 crore, while DIIs absorbed with ₹3,846 crore worth of buying.

Volatility Index (VIX) eased from 11.42 to 11.36.

Put-Call ratio dipped slightly to 0.71.

Key Corporate Developments

Saman Capital: Board to meet on October 2 to discuss fresh fundraising. Additionally, ICICI Prudential MF purchased 43.47 lakh shares worth ₹66 crore at ₹152 each.

IFC Loans: IFC sanctioned ₹5,929 crore to Haryana Power Generation Corp. and ₹10,560 crore to Maharashtra Power Generation for super-critical thermal power plants.

Thomas Cook signed an MoU with the Tourism Ministry to enhance destination experiences.

Blue Dart & Allcargo: Reported ~10% growth in consignments driven by festive demand and GST rate cuts.

IndusInd Bank: BNP Paribas acquired 1.06 crore shares (1.36% stake) worth ₹73 crore.

Hero MotoCorp: BNP Paribas bought 1.52 lakh shares worth ₹1,035 crore at ₹5,303 per share.

BFG: Motilal Oswal MF picked up 31 lakh shares worth ₹377 crore.

Negative Updates

Tata Motors: Moody’s revised outlook to “Negative” citing concerns after a cyberattack at JLR operations.

Godrej Industries: Received a SEBI warning for delayed disclosure of stake increase in Astec Lifesciences.

Ather: Goldman Sachs sold 11.51 lakh shares worth ₹84 crore.

DCX Systems: Motilal Oswal MF sold 7.4 lakh shares worth ₹17.88 crore.

Max Healthcare: BNP Paribas offloaded 80 lakh shares worth ₹882 crore.