• Money flow index (MFI) indicates that stocks like Alkyl Amines Chemicals, Century Plyboards (India), Campus Activewear, and Jubilant Pharmova are in the overbought zone.

• Suzlon Energy rises after being excluded from the stage 1 additional surveillance measure (ASM) framework, which was previously imposed by the stock exchange to monitor unusual price movements.

• Foreign institutional investors buy equity worth Rs 5,426.8 crore in the market over the past week, according to Trendlyne's FII dashboard. Index options witness the highest outflow of Rs 27,037.9 crore from foreign investors. Meanwhile, mutual funds are net buyers in the equity market, investing Rs 84 crore during the same period.

• Patel Engineering rises as it secures an order worth Rs 240 crore from NHPC to modify a diversion tunnel into a spillway tunnel at Teesta-V Power Station, Sikkim.

• August was a mixed month for Portfolio Management Services (PMS) schemes, despite flat market conditions. Among the top ten strategies with the highest outflows, ASK Investment Managers' Indian Entrepreneur Portfolio led with a net outflow of Rs 464 crore in August, bringing total outflows to Rs 3,135 crore since April. The portfolio achieved a return of 3.2% in August.

  #MarketsWithMC | August proves to be a mixed bag for PMS schemes even as markets stayed flat ????@SrushtiVaidya2 brings you more on it ????https://t.co/3EhJ2I2rYx#StockMarket #Trading

  — Moneycontrol (@moneycontrolcom) September 20, 2024

• Torrent Pharmaceuticals receives Form 483 with one observation from the US FDA after conducting a good manufacturing practices (GMP) inspection at its formulation manufacturing facility in Pithampur, Madhya Pradesh.

• ITD Cementation surges as Adani Group reportedly plans to acquire the promoter’s 46.6% stake in the company for Rs 5,888.6 crore. The proposed acquisition aims to enhance Adani's civil engineering capabilities.

• Radhakishan Damani sells a 1 lakh shares (0.6% stake) in VST Industries for approx Rs 4.4 crore in a block deal.

• EIH reportedly exits the hospitality market in the United Arab Emirates (UAE). As a result, The Oberoi Beach Resort, Al Zorah, in Ajman, will no longer be managed by the Oberoi Group following the termination of its contract with the local property owner.

  EIH Ltd, the homegrown luxury hotel chain behind the Oberoi brand, is exiting the UAE hospitality market#hospitality #uae #oberoihttps://t.co/KPtvaNNZgf

  — Business Standard (@bsindia) September 20, 2024

• Interarch Buiding Products surges almost 10% as it secures orders worth Rs 633.5 crore so far in FY25 from Reliance Industries, Ampin Solar, Ashok Leyland, and Amaraja Infra among others. This takes the company's total order book to Rs 1,350 crore.

• Mahindra & Mahindra Financial Services falls as 85.5 lakh share (0.7% stake), worth Rs 270 crore, reportedly change hands in a block deal at an average price of Rs 317 per share.

• Knowledge Marine & Engineering Works surges as it receives a work order worth Rs 19.3 crore from Mumbai Port Authority to supply two patrol boats for CISF patrolling and transporting port personnel in the Mumbai Port Area.

• According to an analysis by Media Partners Asia (MPA), the Indian premium video-on-demand (VOD) category, driven by advertising and subscriptions, generated $1 billion (approximately Rs 86,000 crore) in revenue in H1CY24. This marks a 38% increase from $760 million (about Rs 62,000 crore) during the same period in 2023. Local content accounted for 86% of premium VOD engagement, with demand led by live sports and local drama and romance.

  Video on demand category generated $1.04 billion in revenues during H1 2024https://t.co/Sad17DbsoM

  — Economic Times (@EconomicTimes) September 20, 2024

• MSTC announces that the Cabinet Committee on Economic Affairs (CCEA) approves Japan-based Konoike Transport Company as the buyer of its subsidiary, Ferro Scrap Nigam, with a winning bid of Rs 320 crore.

• Emkay downgrades SBI Cards and Payment Services to 'Sell' with a lower target price of Rs 700 per share. This indicates a potential downside of 11.5%. The brokerage believes the company's elevated stress on the cards business combined with the regulatory restrictions on unsecured loans will hurt growth. It expects the company's net interest income (NII) to grow at a CAGR of 22% over FY25-27.

• Indostar Capital Finance rises sharply to a new 52-week high of Rs 343 after the board approves the sale of its subsidiary, IndoStar Home Finance, to Witkopeend B.V. for Rs 1,750 crore.

• Gauri Jauhar from S&P Global notes that energy giants like Reliance and Adani are significantly investing in the new energy sector. Major companies are expected to invest a total of $57 billion (approximately Rs 4.8 lakh crore) by 2030. She also points out that considerable investments are being directed toward biofuels, green hydrogen, and carbon sectors, as returns on fossil fuel investments currently exceed those in new energy.

  #OnCNBCTV18 | Energy majors like #Reliance, #Adani are spending big time in new energy space. Major companies will be investing $57 bn in aggregate by 2030 in new energy space
  
  Gauri Jauhar, S&P Global to CNBC-TV18 pic.twitter.com/FLGK46TI9n

  — CNBC-TV18 (@CNBCTV18Live) September 20, 2024

• Motisons Jewellers' board of directors approves the sub-division/split of one equity share with a face value of Rs 10 each, into ten equity shares having a face value of Re 1 each. The board sets the record date as November 9.

• Power Grid Corp of India is rising as it secures a bid to set up an interstate transmission system for power evacuation from the renewable energy zone in Khawda, Gujarat. The company will establish a 765/400/220 kV gas insulated substation (GIS), 765kV & 400kV DC transmission lines, and associated bays extension works as part of the project.

• Phoenix Mills' subsidiary, Casper Realty, emerges as the highest bidder for two city-centre plots in Mohali, Punjab, with a combined bid of around Rs 891 crore. These plots, totalling 13.1 acres, are located in Sector 62, YPS Chowk, and were auctioned by the Greater Mohali Development Area Authority (GMADA).

• Reports indicate that the Adani Group is planning a major acquisition strategy, with intentions to invest $5-7 billion over the next six months. The company aims to focus on acquiring firms in sectors like cement, airports, defence, ports, power, and consumer goods this financial year.

  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.
  
  More details here ????https://t.co/WeuVvdjVad#AdaniGroup #Invest | @AdaniOnline

  — Moneycontrol (@moneycontrolcom) September 20, 2024

• IIFL Finance surges as the Reserve Bank of India (RBI) lifts the restrictions on its gold loans business. The RBI had previously imposed these restrictions on March 4 which banned the lender from sanctioning, disbursing, assigning, securitising, or, selling any of its gold loans.

• AU Small Finance Bank partners with Niva Bupa Health Insurance to offer health insurance to its customers. Through this partnership, new and existing customers, including those from former Fincare SFB branches, can access Niva Bupa’s health, personal accident, and critical illness plans at 2,414 locations in India.

• IDFC First Bank is rising as it receives approval from the Reserve Bank of India (RBI) to reappoint V Vaidyanathan as its Managing Director (MD) and Chief Executive Officer (CEO) for the next three years effective from December 19.

• Reliance Infrastructure rises as its board approves raising Rs 3,014 crore through a preferential share issue to promoters and non-promoters for business expansion. The company is also seeking shareholder approval to raise up to Rs 3,000 crore through a qualified institutional placement.

• Nifty 50 was trading at 25,497.25 (81.5, 0.3%) , BSE Sensex was trading at 83,545.35 (360.6, 0.4%) while the broader Nifty 500 was trading at 23,955 (101.1, 0.4%)

• Market breadth is highly positive. Of the 1,923 stocks traded today, 1,470 showed gains, and 414 showed losses.

Riding High:

Largecap and midcap gainers today include Max Healthcare Institute Ltd. (1,067.95, 8.4%), Tube Investments of India Ltd. (4,291.95, 7.9%) and Macrotech Developers Ltd. (1,395.85, 7.1%).

Downers:

Largecap and midcap losers today include Au Small Finance Bank Ltd. (731.30, -2.8%), Muthoot Finance Ltd. (1,989.65, -2.3%) and Grasim Industries Ltd. (2,678.25, -2.2%).

Volume Rockets

71 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Concord Biotech Ltd. (2,601.10, 15.6%), Prism Johnson Ltd. (219.54, 12.3%) and Cochin Shipyard Ltd. (1,846.05, 10%).

Top high volume losers on BSE were Pfizer Ltd. (5,456.90, -3.7%), Eris Lifesciences Ltd. (1,366.70, -3%) and Endurance Technologies Ltd. (2,458.45, -2.8%).

Asahi India Glass Ltd. (777.55, 9.8%) was trading at 34.4 times of weekly average. Jindal Worldwide Ltd. (361.30, 4.2%) and Minda Corporation Ltd. (559.60, 7.6%) were trading with volumes 21.3 and 19.9 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

37 stocks overperformed with 52 week highs, while 2 stocks were underachievers and hit their 52 week lows.

Stocks touching their year highs included - Bajaj Finserv Ltd. (1,916.80, 1.4%), Bajaj Holdings & Investment Ltd. (11,163.40, 3.7%) and Bharti Airtel Ltd. (1,711.75, 2.8%).

Stocks making new 52 weeks lows included - Vodafone Idea Ltd. (10.47, 0.9%) and Gujarat Ambuja Exports Ltd. (124.90, -2.8%).

11 stocks climbed above their 200 day SMA including IRB Infrastructure Developers Ltd. (63.08, 6.9%) and Tata Technologies Ltd. (1,114.70, 5.1%). 6 stocks slipped below their 200 SMA including PNC Infratech Ltd. (434.70, 0.0%) and Procter & Gamble Hygiene & Healthcare Ltd. (16,660, 0%).