The benchmark indices slipped to intra-day losses by midday on September 22, with the BSE Sensex closing down 329.91 points or 0.44% at 74,529.08 and the Nifty ending lower by 85.30 points or 0.36% at 23,329. According to latest reports, the Sensex fell as much as 0.58% to touch an intraday low of 74,423.71 while the Nifty declined as much as 0.55% to reach the session's low of 23,285.75. Information technology stocks continued to trade lower, while Adani-group companies eked out gains during the session. Foreign institutional investors (FIIs) sold shares worth ₹576.20 crore, while domestic institutional investors (DIIs) purchased equities worth ₹2,797.27 crore on a net basis. On the technical front, the Nifty50 formed a bearish engulfing pattern on the daily chart, signalling waning bullishness with immediate support at 23,300 and resistance at 23,400.
Coal India shares surged over 3% intraday after Morgan Stanley upgraded its rating for the stock. As reported by The Financial Express, Coal India's shares have gained over 5% in the last one month and around 7% in the last one year. The company has been in focus on divestment for its subsidiaries, with Mahanadi Coalfields being the next on cue after the successful IPO of CMPDI. By FY30, Coal India aims to divest stake in 8 subsidiaries.
Meesho shares soared over 9.79% after UBS Group raised the e-commerce platform's net merchandise value (NMV) and earnings before interest, tax, depreciation and amortisation (EBITDA) estimates for the period spanning the 2029 to 2031 financial years. According to The Financial Express, the share price has risen over 16% in the last one month and nearly 39% in the last three months. The company's annual report from August showed rapid user base scaling, reaching 264 million annual transacting users, representing a 33% YoY increase. The seller ecosystem expanded significantly with 961,000 annual transacting sellers, up 87% YoY. UBS analysts raised the company's NMV estimates by 7-18%, noting a similar increase in contribution profit estimates and a 20-40% increase in EBITDA for FY29-31.
Pace Digitek shares surged over 13% after its subsidiary Lineage Power Private Limited received a letter of award worth ₹488.46 crores from NTPC GE Power Services. As reported by The Financial Express, the order is for the supply of 5.015 megawatt-hour battery energy storage system containers along with battery management systems and energy management systems. The company is also set for a significant unlock on October 6, with 46.40 crore shares representing 65% of its outstanding equity becoming eligible for trading.
Nifty Midcap 100 ended 0.08% or 49.95 points higher at 61,963.15, while Nifty Smallcap 100 closed at 19,815.45, marking a 46.50-point or 0.23% decline. Among the top losers in the midcap space were Container Corporation of India (-4.12%), Voltas (-3.62%), Tata Communications (-2.64%), Blue Star (-2.56%) and Oil India Ltd (-2.37%). The top gainers in the midcap segment included Swiggy (4.16%), PI Industries (3.80%), Page Industries (3.34%), Vodafone Idea (3.11%) and BSE Ltd (2.34%). In the smallcap segment, Meesho led with 9.79% gains, followed by *Inventurus Knowledge Solutions (5.45%), RBL Bank (5.17%), Redington (4.83%) and Tenneco Clean Air India (3.30%)**.
