This order brings Suzlon’s largest-ever cumulative order book to nearly 5 Gigawatt (GW) as of September 3, 2024, the company said. 

In the April-June quarter of financial year 2024-25 (Q1FY25), the company reported a consolidated net profit of Rs 302.29 crore for Q1FY25, up from Rs 100.90 crore in Q1FY24. Revenue from operations surged 49.60 per cent year-on-year (YoY) to Rs 2,015.98 crore for the quarter ending June 30, 2024.

The company has a total market capitalisation of Rs 1.04 trillion. Its shares are trading at a price to earnings multiple of 475.12 times with an earning per share of Rs 0.16 per share.

At 11:16 AM; the share price of the company was trading 2.41 per cent higher at Rs 76.53. By comparison, the BSE Sensex was trading 0.23 per cent lower at 81,373 levels.

Founded in 1995 by Tulsi Tanti, Suzlon Energy is engaged in the renewable energy sector, specialising in wind and solar power. With over 28 years of experience in wind energy, Suzlon offers a diverse range of products, including wind turbines, lattice tubular towers, and other renewable solutions. 

The company operates across 17 countries on six continents and boasts 14 manufacturing units and 8 research and development facilities. Suzlon’s wind energy projects play a crucial role in environmental sustainability, equivalent to the CO2 absorption capacity of 4.30 billion trees annually, reducing 51.66 million tonnes of CO2 emissions each year, and providing power to 13.08 million households.

First Published: Sep 09 2024 | 11:18 AM IST

Firstly, the Nifty has started the month after formation of a ‘Hanging Man’ structure on the monthly scale in August. Technically, a ‘Hanging Man’ structure after a rally tends to signal likely trend reversal. The Nifty had surged 12 per cent in the preceding three months.

A 38 per cent retracement of the entire rally suggests a likely downside target of 24,200 for the Nifty 50; whereas, a 50 per cent dip could lead the index towards 23,885 levels.

Secondly, the Nifty has seen formation of a ‘Bearish Engulfing Pattern’ on the weekly scale late week. This pattern also indicates a likely reversal in an upward price trend. In a ‘Bearish Engulfing Pattern’ the high and low of the present candlestick is longer than that of the previous candlestick; meaning the latest candlestick engulfs the previous one with a negative close.

That apart, the key momentum oscillators both on the daily and weekly chart have observed negative crossover; thus suggesting a possibility of an impending market correction.

The weekly chart suggest key support at its 20-WMA (Weekly Moving Average) which stands at 23,900 levels; below which next support for the index is seen at 23,565 levels.

Key levels to watch on the Nifty 50 index

Support: 24,845; 24,600

Resistance: 25,030; 25,200

Factors that can dismantle this bearish set-up

For Nifty to dismantle this bearish set-up; firstly the index will need to sustain above its short-term moving averages. Thereafter, the index will need to quote consistently above 25,030 levels.

On the weekly scale, break and close above 25,333 levels shall eventually dismantle this bearish set-up.

First Published: Sep 09 2024 | 10:17 AM IST

The next major support is near 24,480, where the 50-DEMA is positioned. In the short term, any bounce should be seen as an opportunity to book profits, the analyst added.

Meanwhile, in the derivatives segment, the Nifty September futures plunged 1.2 per cent on Friday on the back of a sharp dip in premium. The Nifty futures premium fell from Rs 92 to Rs 54; alongside a 4.1 per cent decline in the open interest (OI); indicating lack of buying support at lower levels.

Similarly, the Bank Nifty September futures dropped 1.7 per cent, with the premium slipping from Rs 255 to Rs 204. However, the OI in Bank Nifty futures rose by 5.2 per cent, suggesting possible buildup of short positions.

Key Insights from Nifty, Bank Nifty Options data:

For this week’s expiry, the Nifty options PCR (Put Call Ratio) stands at 0.6:1; revealing higher open positions in Calls versus Puts. 

Aggressive Call writing was seen at 25,000 and 25,100 Calls, with notable buildup at 24,900, 25,200 and 25,300 Calls as well. Among Puts, highest OI is seen at 24,500; with unwinding at higher Strike Puts. 

The Nifty options market suggests a likely bearish bias for now, with a possibility of the index dipping towards 24,500 levels; with some support expected around 24,700 levels.

In case of the Bank Nifty, the weekly PCR stands at 0.55; significant open interest is observed at the 51,500 Call (2.88 lakh contracts) and the 51,000 Call (2.04 lakh contracts). Active trading was seen around 51,100-51,800 Calls. In case of Puts, highest OI is seen at 50,000 followed by 48,000.

FII, DII trading activity in F&O – Here’s all you need to know about who bought and who sold in the derivatives market on September 06?

As per data from the NSE, FIIs net sold 47,277 contracts of index futures on Friday for a consideration of Rs 3,106.80 crore. FIIs net sold 35,402 contracts of Nifty futures, 10,621 contracts of Bank Nifty futures and 1,064 contracts of MidCap Nifty futures.

In the process, FIIs were net sellers in Nifty futures for the sixth straight trading session. Their overall OI in Nifty futures declined to 3.75 lakh contracts as against almost 4.20 lakh on September 03. 

Pursuant to which, FIIs long-short ratio in index futures stands at 1.8:1 – this ratio implies that foreign investors hold less than 2 long positions in index futures for every bet on the short side of trade. The FIIs long-short ratio in index futures had reached a high of 2.6:1 on August 30, with FIIs holding up to 72 per cent OI on the long side. In comparison, FIIs longs in index futures now stands at 64.7 per cent as of Friday.

On the other hand, retail investors’ have exited short positions, with the long-short ratio in index futures now rising to 0.96:1; implying an equal amount of longs versus short bets in index futures.

Meanwhile, domestic institutional investors (DIIs) positions added fresh bets on the short side of trade in index futures on Friday, they net sold 14,755 contracts. DIIs long-short ratio in index futures rose to nearly 1:2; meaning 1 long position for every 2 shorts in index futures.

Stocks in F&O ban period

First Published: Sep 09 2024 | 9:23 AM IST

Back home, investors will eye the release of India’s Index of Industrial Production (IIP) for July and inflation data for August on September 12. These data points will provide important cues for the market’s trajectory, especially amid concerns about global economic headwinds. Also, Ola Electric Mobility’s month one month lock in will end today. 

IPO watch today: Kross, Tolins Tyres, Gala Precision, and Bajaj Housing Finance, among others in focus

Main Board IPO:

Three IPOs will open for application today:

Kross IPO is a book-built issue of Rs 500 crore. The issue combines a fresh issue of 10.4 million shares aggregating to Rs 250 crore and an offer for sale of 10.4 million shares aggregating to Rs 250 crore.

Another book-built issue of Rs 230 crore, Tolins Tyres’ IPO is a combination of a fresh issue of 8.8 million shares aggregating to Rs 200 crore and an offer for sale of 1.3 million shares aggregating to Rs 30 crore.

Meanwhile, Bajaj Housing Finance IPO is a book-built issue of Rs 6,560 crore. The issue is a combination of a fresh issue of 508.6 million shares aggregating to Rs 3,560 crore and an offer for sale of 428.6 million shares aggregating to Rs 3,000 crore.

 

That apart, Shree Tirupati Balajee Agro Trading Company IPO closes for subscription today. Retail investors have subscribed the fresh issue 8.68 times, while Non-institutional investors (NIIs) have subscribed 13.79 times. Qualified institutional buyers (QIBs), meanwhile, have subscribed 4.46 times on day two of the subscription.

Lastly, shares of Gala Precision Engineering will be listed on the bourses today. The Gala Precision Engineering IPO was subscribed 201.41 times on September 4, 2024. The public issue was over-subscribed 91.95 times in the retail category, 232.54 times in the QIB category, and 414.62 times in the NII category.

NSE, BSE SME IPOs:

Aditya Ultra Steel IPO, Shubhshree Biofuels Energy Limited IPO, Share Samadhan Limited IPO, and Gajanand International Limited IPO are SME IPOs that will open for subscription today.

The subscription window for My Mudra Fincorp Limited IPO will close today and shares of Jeyyam Global Foods IPO will be listed on the NSE under the SME category today.

Crude oil below $72

Oil prices found some support after suffering their biggest weekly fall in 11 months last week amid persistent concerns about global demand. Last seen, Brent crude oil was up 0.49 per cent at $71.82 per barrel.

US markets on Friday

The US markets slipped on Friday, with the Dow Jones closing down 1.01 per cent and the S&P 500 closing down 1.73 per cent. Meanwhile, the Nasdaq Composite was down 2.55 per cent at close.

Asian markets performance today

Share markets in the Asia-Pacific region followed the US markets’ suit and were trading lower on Monday. At last count, Japan’s Nikkei had shed 3.06 per cent, while Australia’s ASX 200 was down 0.83 per cent. Hong Kong’s Hang Seng index was unchanged and Shanghai was down with a negative bias.

Here’s how analysts view today’s (September 9) trading session

Osho Krishan, Senior Analyst – Technical & Derivatives, Angel One

On the level-specific front, the 25000 mark now seems to be a critical resistance zone, and a breakthrough could bring back positive momentum in the Nifty. On the other hand, the negative crossover on the technical indicators suggests a potential continuation of profit-taking; 24600-24500 is likely to serve as a positional support level for the benchmark in the upcoming week.

Ajit Mishra – SVP, Research, Religare Broking

Technically, the recent decline in Nifty has disrupted the index’s upward momentum, pushing it below its short-term 20-day exponential moving average (DEMA). The next significant support level is around 24,500, aligned with the 50 DEMA. In the event of a recovery, the 25,100-25,350 range is likely to serve as a strong resistance zone. Sectorally, defensive stocks like FMCG and pharma are expected to show resilience during this correction, while other sectors, especially PSU stocks, may face continued selling pressure as they exhibit signs of a breakdown from a distribution pattern.

Traders are advised to manage their positions carefully on both the long and short sides and avoid averaging down on loss-making trades during this uncertain phase.

Ravi Nathani, Independent Analyst

The best trading strategy for both traders and investors is to buy on dips, especially around the support levels of 24,710 and 24,550. These levels represent strong support, and any dips near these points offer good buying opportunities, especially if the range of 24,800 to 25,000 is breached. On the other hand, if the index breaks and closes above 25,000, it could trigger further bullish momentum.

In this scenario, the next resistance levels to watch for are 25,333, 25,550, 25,760, and 25,925. The overall trend remains bullish, and buying on dips continues to be the most advisable strategy for short-term traders. In summary, traders should look for buying opportunities around the 24,710 and 24,550 support levels, and if the index breaks above 25,000, it could target higher resistance zones, indicating continued upward momentum.

FII, DII update: How much did FIIs, and DIIs buy or sell on September 6?

As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 620.95 crore, while DII’s were net buyers of equities worth Rs 2,121.53 crore.

Here’s how the Indian benchmark performed on Friday:

Indian benchmark indices BSE Sensex and Nifty 50 slipped more than 1 per cent each to close deep in the red on Friday, as the Indian markets were buffeted by regulatory headwinds, while some investors likely booked profits at record levels before the release of US jobs and payrolls data later in the day in the US. 

At close, the BSE Sensex was down 1,017 points, or 1.24 per cent, at 81,183.93, while Nifty 50 was at 24,852.15, down 292.95 points, or 1.17 per cent.