MARKET OVERVIEW :

Indian Share Market Updates on September 20, 2023

Nifty below 20k, Sensex sheds 600 pts; HDFC Bank, RIL lag; Axis Bank shines:

Share Market Updates: HDFC Bank tanks 3% in early trading and is the biggest laggard

Heavyweight stock RIL sheds more than 1.5% in today’s trading and is among the biggest laggards: India- Canada friction?

Investors are optimistic and waiting for bottom-fishing?

The Indian stock market is trading 0.9% lower on Wednesday ahead of Fed policy decision later today. Finance, Bank and FMCG come under pressure with all sectors in the red. HDFC Bank, RIL, and BPCL shed; Axis Bank gains. Investors remain cautious as Fed policy meeting is underway :Sensex and Nifty have a subdued start amidst negative global cues as investors choose to wait for the Fed policy decision scheduled to be announced later today. Nifty is hovering around the 20,000 mark and Sensex is down around 0.5%. Finance, FMCG and Pvt Bank drag the market, while Metal remains stable. HDFC Bank drops more than 3%. The Fed began its latest meeting on interest rates Tuesday, with an announcement scheduled for Wednesday. The overwhelming expectation is for the Fed to announce no change to rates. More focus will be on updated projections Fed officials give for where they see rates heading in upcoming years.

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Sensex Today Live: IIFL Finance share price rises over a per cent in a weak market; HSBC sees 35% upside in stock

IIFL Finance share price rose over a per cent in morning trade defying weak market sentiment after global financial firm HSBC initiated coverage on the stock with a buy recommendation, pegging the target price of ₹790, implying an upside of as much as 35 per cent from the stock’s previous session’s close of ₹586.35 on BSE. In a report on September 18, HSBC pointed out that IIFL has strengthened its business by making the following four strategic pivots:

Share Market Updates: Blue Star share price jumps 10% to hit 52-week high on launch of QIP

In early trade on Wednesday, Blue Star’s share price experienced a significant surge, crossing a 10% increase and reaching a fresh 52-week high. This surge was attributed to the company’s decision to initiate a qualified institutional placement (QIP) to raise capital. On the BSE, Blue Star shares climbed by as much as 10.59%, reaching a new 52-week high of ₹884.75 per share. Blue Star, a prominent air conditioner manufacturer, has established the floor price for the QIP at ₹784.55 per share. Notably, this floor price represents a slight 2% discount when compared to the closing price of ₹800 per share on the preceding Monday.