Sensex Soars to Record Highs: Banking, Auto Stocks Shine While IT Lags Behind

On September 23, 2024, Indian markets saw a surge, with both the Sensex and Nifty reaching record highs in early trade. The rally was fueled by a wave of optimism following the Federal Reserve's rate cut last week, sparking a positive sentiment among investors. This reduction in interest rates has reignited a "risk-on" approach in the markets, driving investments in riskier assets such as equities.

Key Indices Movement:

• The Sensex rose by 384.30 points, or 0.45%, closing at 84,928.61.
• The Nifty 50 climbed 148.05 points, or 0.57%, to end at 25,939.00.

The market breadth was positive, with 2,273 shares advancing, 1,661 shares declining, and 119 shares remaining unchanged. The upward momentum was primarily driven by gains in banking, energy, and auto stocks, while the IT sector lagged behind.

Key Movers on September 23:

1. Indus Towers:
   CMP: ₹402 | Gain: 4%
   Shares of Indus Towers surged by 4% after CITI issued a 'Buy' recommendation on the stock with a target price of ₹500 per share. Although the Supreme Court's dismissal of the AGR petition was a headline, it was not expected to impact Vodafone Idea's cash flows immediately. However, the long-term sentiment surrounding the stock might be influenced by Vodafone Idea's future performance.

2. Adani Total Gas:
   CMP: ₹829 | Gain: 5%
   The stock jumped by over 5% after Adani Total Gas secured a $375 million financing package from global lenders. This marks the largest-ever global funding initiative in the City Gas Distribution (CGD) sector. The joint venture between the Adani Group and TotalEnergies of France secured these funds to boost its CGD business in India.

3. SpiceJet:
   CMP: ₹70 | Gain: 5%
   Shares of SpiceJet soared over 5% after the airline raised ₹3,000 crore through the issuance of shares to Qualified Institutional Buyers (QIBs). The capital infusion provided a much-needed financial boost to the struggling low-cost airline.

4. Hind Rectifiers:
   CMP: ₹856 | Gain: 5%
   Hind Rectifiers hit the upper circuit with a 5% rise after securing a ₹200 crore supply order from Indian Railways. This contract is set to be executed by FY26, driving long-term growth for the company.

5. Fusion Micro Finance:
   CMP: ₹275 | Loss: 10%
   The stock of Fusion Micro Finance plummeted over 10% after Investec downgraded its rating to 'Sell' from 'Hold'. The downgrade was attributed to the company's increased provisioning for Estimated Credit Loss (ECL) for Q2 of FY25 compared to the first quarter, indicating a more conservative outlook on potential defaults.

6. Aarti Drugs:
   CMP: ₹526 | Gain: 1%
   Aarti Drugs saw a modest gain of 1%, despite the US FDA issuing Form 483 with seven observations for its API manufacturing facility in Tarapur, Maharashtra. None of the observations were related to data integrity, which reassured investors to some extent.

7. Glenmark Pharma:
   CMP: ₹1,705 | Gain: 5%
   Glenmark Pharma shares jumped 5% after its Aurangabad manufacturing facility cleared a routine US FDA inspection without any observations, a significant achievement in maintaining quality standards.

8. Vodafone Idea:
   CMP: ₹11 | Gain: 4%
   Vodafone Idea shares gained 4% after the telecom operator signed a $3.6 billion (₹30,000 crore) deal with Nokia, Ericsson, and Samsung to supply network equipment over the next three years. This strategic partnership is expected to boost its 5G rollout across India.

9. Skipper:
   CMP: ₹478 | Gain: 15%
   Shares of Skipper surged 15% after Axis Securities initiated coverage with a 'Buy' rating and set a price target of ₹600 per share. The domestic brokerage sees 44% upside potential due to robust growth prospects in the company.

10. Nifty IT:
    Loss: 0.5%
    The Nifty IT sector was the only sectoral index in the red, falling by 0.5%. Major IT companies like Infosys, Tech Mahindra, and TCS dragged the index down. After substantial gains in previous months (12% in June, 13% in July, and 5% in August), the sector has been undergoing profit booking in September, resulting in a cumulative 2% decline so far this month.

Conclusion:
The stock market on September 23 saw a strong uptrend driven by sectors like banking, energy, and auto. However, IT stocks underperformed amid profit booking. Key movers like Indus Towers, Adani Total Gas, and SpiceJet led the gainers' list, while Fusion Micro Finance experienced a sharp decline due to a downgrade by Investec. The market sentiment remains buoyed by macroeconomic factors like the Federal Reserve's rate cut, which has strengthened investor optimism.

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Discover the Timeless Elegance of Indian Handloom Sarees: Can You Identify These Heritage Masterpieces?

Sarees are much more than just traditional garments in India; they represent the rich cultural diversity and deep-rooted history of the country's textile artistry. Each saree tells a unique story, from its place of origin to the intricate weaving techniques passed down through generations. Let's embark on a journey through the world of handloom sarees, where we offer clues to identify 10 exquisite heritage pieces. Can you guess which saree we're describing based on these intriguing hints?

The first saree is celebrated for its luxurious silk fabric and dazzling gold zari work. Originating from Tamil Nadu, this opulent saree is a staple at weddings and special ceremonies. Its rich history and craftsmanship make it a symbol of grandeur and tradition. What saree is this?

Our second saree hails from a city known for its exceptional silk weaving, with a blend of gold and silver brocade that exudes royalty. Frequently worn at weddings and formal occasions, this saree stands out for its elegance and sophistication. Can you name this iconic saree?

Next, we travel to Madhya Pradesh to encounter a saree renowned for its lightweight fabric and delicate designs. Adorned with intricate motifs, this saree is cherished for its graceful drape, making it perfect for festivals and festive gatherings. Can you identify this saree?

From Kerala, we present a saree known for its simple yet striking design, featuring a white or cream base with a gold or zari border. Often worn during religious festivals, this saree embodies purity and elegance. Which saree could this be?

Now, we turn our attention to a vibrant saree from Rajasthan and Gujarat. This saree is known for its lively tie-dye technique, producing colorful, dotted patterns that reflect the region's rich textile heritage. Can you guess the name of this saree?

Moving on to Karnataka, we encounter a saree famous for its smooth texture and lustrous silk fabric. Known for its high-quality weaving and sheen, this saree is a favorite for formal occasions. Do you know this saree?

In West Bengal, we find a saree crafted from light, breathable cotton, perfect for everyday wear. Its simplicity is its charm, and it is often seen in traditional Bengali attire. What is the name of this saree?

Next, we visit Maharashtra to discover a saree with a distinctive draping style, ideal for ease of movement. Often worn during traditional dance performances and ceremonies, this saree represents the spirit of the region. Can you identify it?

From Lucknow comes a saree celebrated for its exquisite hand-embroidered designs. Crafted on delicate fabrics like muslin, this saree is an artistic masterpiece, reflecting the skill of local artisans. What saree could this be?

Lastly, we explore a saree from Odisha, known for its bold ikat patterns and vibrant colors. Worn during festivals, its intricate threadwork in the borders and palloo sets it apart. Can you name this traditional saree?

Here are the answers: 1. Kanjeevaram Saree, 2. Banarasi Saree, 3. Chanderi Saree, 4. Kasavu Saree, 5. Bandhani Saree, 6. Mysore Silk Saree, 7. Tant Saree, 8. Nauvari Saree, 9. Chikankari Saree, 10. Bomkai Saree.

Each of these sarees represents a different region of India, capturing the essence of its cultural and textile heritage. From grand wedding celebrations to daily wear, these sarees have been cherished for generations, continuing to be symbols of tradition, beauty, and craftsmanship.

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Globus Spirits Stock Jumps 4% After Launching Luxury Whisky DOAAB

Shares of Globus Spirits Limited surged 4% to ₹1,370 in morning trading on September 17, 2024, following the company's entry into the luxury whisky market with its new product, DOAAB India Craft Whisky. This marks Globus Spirits' foray into the high-end whisky segment, bringing a fresh perspective to the growing market.

The new range, named DOAAB India Craft Whisky, draws its inspiration from the Hindi term "DOAAB," meaning "the land between two rivers," symbolizing a blend of diverse influences. The first release in this limited-edition series, "Six Blind Men and the Elephant," is a single malt whisky aged exclusively in ex-bourbon barrels. With only 500 casks produced, this edition represents a blend of artisanal craftsmanship and storytelling, inspired by the Indian fable of the same name.

Earlier this month, Motilal Oswal Mutual Fund acquired 2 lakh equity shares, amounting to a 0.69% stake in Globus Spirits, through a block deal on the NSE.

Globus Spirits, which produces, markets, and sells branded Indian-made foreign liquor and bulk alcohol, operates five fully integrated grain-based distilleries across India, with a combined annual capacity of around 268 million liters.

As of 11:10 am, the company's shares were trading at ₹1,335, reflecting a gain of over 1% on the NSE. Over the past month, Globus Spirits' share price has climbed more than 55%.

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cheap rugs

Luxmi Handloom, an India rugs company known for its cheap rugs and fabulous design has started work with a team new workers who expert in hand-weave silk brocades rugs which comes in brilliant colors. Luxmi Handloom offers these cheap rugs in the overseers market and this newest collection includes  a wall hanging that depicts a stylized tree and takes the former name in the cheap rugs categories . Luxmi Handloom offers these cheap price rugs which seen in magenta on green, is 29.5 inches wide by 79 inches long and available by special order.

To complement the garden theme, Luxmi Handloom pored through a collection of natural history books for images of simple looks, which inspired two cushions, Handicraft products and Silk rugs. Handicraft items ($99) is 24 inches square, and Silk rugs ($149) is 20 by 24 inches. Both will be available in turquoise or orange at Barneys in late March. All three designs can be ordered in advance.
Buyer of this product and directly contact the sale team of Luxmi Handloom through mail at info.ipogmp.org

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