Sensex, Nifty set to open higher; NTPC, Tata Power in focus

The Indian equity benchmarks are set to open higher as indicated by Nifty futures traded at Gift City in Gandhinagar. Nifty futures at Gift City rose 25 points to 26,000 amid mixed cues from Asian markets.

Most of the Asian markets were trading lower. Japan's Nikkei rose 1.51 per cent, South Korea's KOSPI fell 2.11 per cent, Taiwan Weighted declined 2.62 per cent and Singapore's Starits Times declined 0.2 per cent. China's stock markets were shut for a week on account of holiday.

Overnight, the S&P 500 sputtered to a record high close on Monday, rebounding from a brief setback after Federal Reserve Chair Jerome Powell said the US central bank is in no hurry to implement further interest rate cuts.

The Dow also posted an all-time closing high. The three major US stock indexes registered gains for the quarter and for the month.

The Dow Jones Industrial Average rose 17.15 points, or 0.04 per cent, to 42,330.15. The S&P 500 gained 24.31 points, or 0.42 per cent, at 5,762.48 and the Nasdaq Composite advanced 69.58 points, or 0.38 per cent, to 18,189.17.

For the month, the S&P 500 gained 2 per cent and posted its best September since 2013 and a fifth straight month of increases. For the quarter, the S&P 500 rose 5.5 per cent, the Nasdaq gained 2.6 per cent and the Dow climbed 8.2 per cent.

Back home, foreign institutional investors sold shares worth Rs 9,792 crore on Monday while domestic institutional investors bought shares worth Rs 6,645 crore.

FIIs bought shares worth Rs 57,724 crore in September making it the best month of this year, data from NSDL showed.

Stocks to Watch

IRCTC: The Indian Railway Catering and Tourism Corporation (IRCTC) has appointed Gaisingam Kabui, GGM (Finance), as Chief Financial Officer, effective October 1. Additionally, Rabindra Nath Mishra will assume additional responsibilities as Director (Finance), as communicated by the Ministry of Railways.

Andhra Cements: The company has received board approval to proceed with a Rs 180 crore rights issue. The company has filed the Draft Letter of Offer with the Securities and Exchange Board of India ( SEBI ), BSE, and NSE for approval.

Zuari Industries: The company’s shareholders have approved the reappointment of Athar Shahab as Managing Director for a term of three years starting November 14, and Alok Saxena as Whole-time Director for two years, effective July 1.

India Glycols: The company has expanded its production capacity, adding 100 KLPD to its grain-based distillery, 180 KLPD to its bio-fuel ethanol plant, and 2,500 MT per year of new value-added chemical products at its Kashipur facility. Further expansion of its distillery and ethanol plant in Gorakhpur is expected to be completed by Q4FY25.

Unichem Labs: The company has signed an agreement with Bayshore Pharmaceuticals, USA, to acquire product approvals and the US generics business, including nine ANDAs, for a total consideration of $12.65 million. Bayshore USA is a subsidiary of Ipca Laboratories, Unichem's parent company.

Tata Power: The company has signed a Memorandum of Understanding (MoU) with the Rajasthan government for an investment of Rs 1.2 lakh crore in renewable energy projects. The investment will cover areas such as manufacturing, transmission, distribution, nuclear power, rooftop solar installations, and EV charging infrastructure.

Tata Consumer Products: Vikram Grover has resigned from his position as Managing Director and CEO of Nourishco Beverages, effective September 30, following the company’s merger with Tata Consumer Products.

Blue Dart: The company has announced a price increase of 9-12 per cent, effective January 1, 2025. Customers who sign up for services between October 1 and December 31, 2024, will not be affected by the hike.