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The two key equity benchmarks, Sensex and Nifty, on Friday, ended closed in red for the fourth consecutive session. The stock market indices remained volatile throughout the day, but ultimately ended trading at the lowest level of the day. Analysts observed that JP Morgan’s decision to include Indian government bonds in its Emerging Market index weathered weak global sentiment. At the closing bell, the S&P BSE Sensex was down 221 points or 0.33 per cent at 66,009.15, while the Nifty declined 68.10 points or 0.34 per cent to 19,674.25. 

On the 30-share platform, Wipro (down 2.32 per cent), HDFC Bank, UltraTech Cement, PowerGrid, and Sun Pharma were among the top losers. On the flip side, IndusInd Bank, Maruti Suzuki, SBI, Mahindra & Mahindra, and Bajaj Finserv took the lead. The major losers on the Nifty50 also included Wipro, Dr Reddy, UPL, Cipla, and Bajaj Auto, while the gainers were IndusInd Bank, Maruti Suzuki, SBI, Mahindra & Mahindra, and Asian Paints.

The rupee appreciated by 18 paise to close at 82.95 against the US dollar on Friday. The domestic unit opened with a gain of 27 paise against the American currency on Friday after JPMorgan announced that India will be included in the emerging market bond index. The highly anticipated move could potentially bring billions of dollars in investments to India’s debt market. This inclusion is scheduled for June 28, 2024. Following this, the domestic currency opened at 82.82 a dollar as compared to the previous close of 83.09. 

Foreign Portfolio Investors (FPIs) pulled out over Rs 10,000 crore from Indian equities in the first three weeks of September, primarily due to rising US interest rates, recessionary fears, and overvalued domestic stocks. According to the exchange data, in the 15 trading days, so far in September, FPIs emerged as sellers in 11 days with a net withdrawal of Rs 10,164 crore. This figure included bulk deals and investments through the primary market. Of the total pullout of Rs 10,164 crore so far this month, over Rs 4,700 crore was withdrawn in the last week. Notably, FPI investment in equities hit a four-month low of Rs 12,262 crore in August.

Here are some important factors that can impact the market on September 25.

Macro Factors

Globally, markets will keenly observe the final economic growth data from US for the second quarter of the calendar year set to be released on September 28, followed by a speech from Fed Chair Jerome Powell on September 29. 

Further, the US will release new home sales statistics for August on September 26, in addition to personal income and spending data for August scheduled to be released towards the end of the week.

Additionally, the UK will release it’s GDP numbers for the June quarter of 2023 on September 29. The European Central Bank will hold it’s general council meeting on September 28 and is scheduled to announce it’s inflation rate flash data on the last trading day of the week. Japan is expected to come out with it’s unemployment rate for August and consumer confidence figure for September on September 29. 

Domestically, fiscal deficit and infrastructure output numbers for August are expected to be released by the end of the week, in addition to foreign exchange reserves for the week ended September 22, as per a report by Moneycontrol. 

This week will mark the September month Futures and Options (F&O) expiry, which will add to the volatility in the market, said Santosh Meena, head of research at Swastika Investmart Ltd.

IPOs Ahead

The markets this week will witness three mainboard offers and nearly 13 SME issues, lined up for subscription. 

JSW Infrastructure will launch it’s initial public offering (IPO) on September 25 and accept bids till September 27. This is reportedly the biggest public offer in this month. The IPO consists of a fresh issue worth Rs 2,800 crore and has a price band of Rs 113-119. 

Another IPO to launch on September 25 is Updater Services which will be open till September 27. This issue comprises fresh shares worth Rs 400 crore and an offer for sale of 80 lakh shares by promoters and other selling shareholders. The issue has a price band of Rs 280-300. 

Valiant Laboratories will launch it’s IPO from September 27 to October 3. The issue consists of fresh equity worth Rs 1.08 crore and is priced in the range of Rs 133-140. 

Additionally, 13 SME IPOs including Vishnusurya Projects, Arabian Petroleum, Newjaisa Tech, and Inspire Films will open for subscription in the week.