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WEEKLY MARKET REVIEW
This week, BSE Sensex surged 1,653.37 points or 1.99 percent to end at 84,544.31, while the Nifty50 index added 434.5 points or 1.71 percent to finish at 25,791. On September 20, the BSE Sensex and Nifty hit a fresh high of 84,694.46 and 25,849.25, respectively.
Among sectors, the Nifty Realty index surged 4.5 percent, the Nifty Bank index rose 3.5 percent, the Nifty Auto index was up 2 percent, Nifty FMCG index gained more than 1 percent.
However, the Nifty Information Technology index shed nearly 3 percent, the Nifty Media index down 2.6 percent and the Nifty Pharma index declined 2 percent.
This week, the broader indices touched a fresh record high, however, for the week, BSE Mid and Smallcap indices ended on a flat note, while the Largecap index rose 1.5 percent, underperforming the main indices.
During the week, foreign institutional investors (FIIs) bought equities worth Rs 11,517.92 crore, however, Domestic Institutional Investors (DII) sold equities worth Rs 633.67 crore.
ECONOMY
India’s Digital Transformation: Empowering MSMEs for e-commerce growth
India’s Digital India Mission marks nine years of progress, positioning the nation as a leading digital economy. As e-commerce is projected to reach $350 billion by 2030, the focus shifts to how MSMEs can harness this growth through digital integration, skills training, and supportive policies.
One major sector that has truly emerged as a game-changer is e-commerce. Although e-commerce as a concept first emerged in the 1990s in India, it truly took off by 2017 when India had a whopping 176.8 million e-commerce users.
CBDT launches Direct Tax Vivad Se Vishwas Scheme 2024; set to take effect on October 1
This scheme aims to resolve outstanding income tax disputes and was introduced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman, the Ministry of Finance said in its press release.
Key features of the DTVSV Scheme include lower settlement amounts for “new appellants” compared to “old appellants.” Additionally, taxpayers who submit their declarations by December 31, 2024, will also benefit from reduced settlement amounts, the press notification added.
NHAI awards 251-km Hyderabad-Nagpur corridor for Rs 6,661 cr under TOT model
State-owned NHAI has awarded the 251-km-long stretch of the Hyderabad-Nagpur corridor under the TOT bundle model to Highway Infrastructure Trust for Rs 6,661 crore, an official release said on Friday.
The financial bids for TOT Bundle-16 were opened on September 18, 2024, for a 251 km long stretch on the Hyderabad-Nagpur corridor of NH-44 in Telangana, the release said.
The project has been “awarded to Highway Infrastructure Trust for Rs 6,661 crores”, it said.
GLOBAL MARKETS
Wall Street dips after rate cut rally
Wall Street closed flat on Friday, hovering near the previous session’s record-high close for the Dow and S&P 500, while the dollar firmed as investors digested the Federal Reserve’s 50-basis-point cut midweek that started a rate-reducing cycle.
The Dow Jones Industrial Average closed up 0.09%, to 42,063.36, the S&P 500 ended down 0.19%, to 5,702.55 and the Nasdaq Composite rounded out the week 0.36% lower, at 17,948.32.
Oil prices fall as US rate cut fails to boost market sentiment
Oil prices fell in Asian trading on Thursday after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy.
Brent crude futures for November fell 34 cents, or 0.46%, to $73.31 a barrel by 0015 GMT, while WTI crude futures for October declined to $70.49 a barrel, down 42 cents or 0.59%.
STOCKS IN NEWS
SpiceJet: SpiceJet on Saturday said that the board has approved the issue and allotment of 48,70,12,986 equity shares to eligible qualified institutional buyers at the issue price of Rs 61.60 per equity share i.e. at a premium of Rs 51.60 per equity share.
Adani Group of companies: The Adani Group is likely to be charting out an extensive acquisition blueprint, with plans to invest $5-7 billion over the next six months, according to a report by Mint. This renewed growth initiative follows a period of slowdown triggered by allegations from the US-based short-seller Hindenburg Research, which last year accused the conglomerate of significant financial misconduct.
HDFC Bank: India’s largest private lender HDFC Bank hopes to complete a planned sale of loans worth more than Rs 9,000 crore ($1.08 billion) – its largest to date – by the end of September, said sources. HDFC Bank merged with parent Housing Development Finance Corp in July 2023, adding a large pool of mortgage loans to the bank’s portfolio but a much smaller amount of deposits.
Reliance Infrastructure: Reliance Infrastructure’s board on September 19 approved raising Rs 3014.4 crore by preferential issue of up to 12.56 crore equity shares of the company at an issue price of Rs 240 apiece, the firm said in an exchange filing. The company said the preferential issue will be made to promoter group entity Risee Infinity Private Limited and other non-promoter entities Florintree Innovation LLP, Fortune Financial & Equities Services Private Limited, the filing showed.