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POST-MARKET REPORTS
Sensex and Nifty ended lower on September 18, reversing earlier gains that saw both indices hit record highs ahead of the Fed meeting outcome. Selling pressure in IT and energy stocks dampened the mood while banking stocks provided some support.
At close, the Sensex was down 210 points or 0.3 percent at 82,869 and the Nifty was down 74 points at 25,345. About 1,452 shares advanced, 2,342 shares declined, and 103 shares remained unchanged.
Wipro, Tech Mahindra, Infosys, TCS, and HCLTech were the biggest losers on the Nifty 50 index, each declining 2.6-3.5 percent.
Among sectoral indices, only two of the 13 were in the green—Nifty Bank and Nifty Private Bank. HDFC Bank, ICICI Bank, and Axis Bank led the gains in the banking index.
Broader market indices underperformed the benchmarks, with the BSE Midcap and Smallcap indices declining by 0.7 percent and 0.5 percent, respectively.
STOCKS TODAY
Reliance Infrastructure: Shares gained 20 percent after the company settled and paid its entire obligations with Edelweiss Asset Reconstruction Co Ltd (Edelweiss) concerning the Non-Convertible Debentures issued by the company.
DCM Shriram Industries: The stock surged over 4 percent after the BSE issued ‘no adverse’ observations for the company’s proposed merger plan. A year back, Shriram Group had approved a scheme of arrangement to amalgamate Lily Commercial with DCM Shriram Industries. The board has approved the demerger of DCM Shriram Industries into two separate entities: DCM Shriram Fine Chemicals and DCM Shriram International.
Torrent Power: The stock gained over 9 percent after it received a Letter of Intent from Maharashtra State Electricity Distribution Company for procurement of 1,500 MW energy storage capacity from the Pumped Hydro Storage Project.
SBI Cards: SBI Cards and Payment Services shares fell 1.6 percent after it said it would raise Rs 5,000 crore via the issue of non-convertible debentures (NCD). The cards and payment company’s board approved the private placement of securities in one or more tranches, it said in a filing to stock exchanges.
ZEE: Zee Entertainment has refuted all claims by Star India Private Limited, including the $940 million, or nearly Rs 8,000 crore sought in damages after Star filed a ‘Statement of Case’ before the London Court of International Arbitration (LCIA), in which it declared the termination of the alliance agreement. Shares of Zee settled lower.
REC: The stock climbed over 3 percent after the company signed non-binding MOUs with RE developers aggregating about Rs 1.12 lakh crore at the 4th Global Renewable Energy Investors Meet & Expo in Gujarat.