Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices recouped opening losses in noon trade, but ended in the negative zone amid dull global cues. The S&P BSE Sensex closed at 59,029, down 168 points or 0.28%, while the Nifty50 ended 31 points or 0.18% down at 17,624. In broader markets, indices bucked trend as BSE MidCap and SmallCap advanced 0.5% and 0.75%, respectively. Among sectors, the Nifty Auto index fell over 1%, but the Nifty Pharma index gained 0.8%. Tata Motors, Bajaj Auto, IndusInd Bank, M&M, Maruti Suzuki, Bharti Airtel, Tata Steel, and ICICI Bank were the top losers. On the flipside, Shree Cement, Ultratech Cement, Adani Ports, Coal India, Britannia, SBI Life, Grasim, and BPCL were the gainers. The three-day public issue of Tamilnad Mercantile Bank saw robust subscription levels on the final day. The IPO was subscribed 2.7 times, with retail portion subscription at 6 times; NIIs at 2.68 times; and QIB at 1.6 times.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates September 7
Benchmark indices recouped opening losses in noon trade, but ended in the negative zone amid dull global cues. The S&P BSE Sensex closed at 59,029, down 168 points or 0.28%, while the Nifty50 ended 31 points or 0.18% down at 17,624. In broader markets, indices bucked trend as BSE MidCap and SmallCap advanced 0.5% and 0.75%, respectively. Among sectors, the Nifty Auto index fell over 1%, but the Nifty Pharma index gained 0.8%.
Gautam Adani said his ports-to-power conglomerate will build three giga factories as part of a $70 billion investment in clean energy by 2030.
The pan-European Stoxx 600 lost 1.1 per cent in the first 30 minutes of trading, with all sectors seeing declines. FTSE 100 is down 78.76 points at 7,221.68
India's overall foreign exchange reserves will deplete further this year due to a ballooning current account deficit and interventions by the central bank to support the rupee, Deutsche Bank said
Vakrangee and Container Corporation have gained over 13 per cent from their respective lows of the day so far. Similarly, EIH, Wockhardt and Vodafone Idea were some of the other significant movers from the day's low
DreamFolks share price falls over 2% as the stock sees selling pressure a day after its stock market debut
The public issue of Tamilnad Mercantile Bank received a decent response, getting subscribed 1.91 times so far on September 7, the final day of bidding. Investors have bought 1.66 crore shares against the offer size of 87.12 lakh shares as per the data available with exchanges. Retail investors remained at the fore by booking their quota 4.66 times, while the portions set aside for non-institutional investors and qualified institutional investors were subscribed 1.73 times and 1.09 times respectively.
Cement stocks gain steam; JK Lakshmi Cement shares soar 5%
Sensex is down 385.10 points or 0.65 percent at 58,811.89. Nifty declines 108.40 points or 0.61 percent at 17,547.20
Lupin shares jumped 1% after the company signed an exclusive license and supply agreement with DKSH to commercialize five of Alvotech’s proposed biosimilars in the Philippines.
Vodafone Idea shares zoomed 9% on heavy volumes to hit the highest level since May. A combined 206 million equity shares of the company changed hands within an hour of trading, as against an average of sub 200 million shares that traded in the past two weeks.
Among the sectors, selling seen in IT, financials and realty while FMCG and pharma are trading in the green.
Hindustan Aeronautics hit 52-week high after co says it assembled gas turbines for INS Vikrant
Shares of Paras Defence gained 3 per cent after the company inked pact with Czech Republic's ELDIS Pardubice.
IT names dragged benchmark indices. HCL Technologies, Tech Mahindra were the top losers, falling over 1%
Oil prices fell on Wednesday as COVID-19 curbs in top crude importer China and expectations of further interest rate hikes fanned concerns of a global economic recession and lower fuel demand growth.
“There are near-term strong headwinds for risky assets, globally. Bonds are in a strong bear market. US 10-year yield at 3.34 % and dollar index above 110 are strong headwinds for capital flows to EMs like India. FPIs are buying in the cash market but hedging through increasing short positions in the derivatives market. High volatility with downward bias is in store for the markets in the near-term. When globally equities correct, India too will correct. But India will fall less since falling crude, decent economic growth, impressive corporate earnings and retail investor enthusiasm will support the market at lower levels. Domestic economy-facing segments like banks, autos, capital goods, telecom and FMCG are relatively strong sectors.”
~VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Ambuja Cements share price hits new record high. The stock has has surged 17 per cent in the last one month; The open offer to acquire additional 26 per cent stake by Adani Group closes on September 9.
Bharti Airtel is top Sensex loser on profit booking after Tuesday's run-up
Bank Nifty index fell around 350 points or 0.86% to trade below 39,350.
Pharma, FMCG stocks defied weak trend as indices traded marginally higher in morning trade
Rupee opened lower at 79.88 against the US dollar, down from Tuesday’s close of 79.84.
Benchmark indices opened in the red amid weak global cues. While BSE Sensex fell over 400 pts, Nifty 50 gave up 17550 in opening trade.
“The coming session would be quite crucial and it would probably confirm the near-term direction of the key indices. A small push from the global market is the need of the hour. As far as levels are concerned, 17,700 – 17,800 remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18,000 and beyond. On the flip side, 17,600 – 17,500 are to be treated as immediate support. The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focus on such potential candidates that are likely to continue their recent runs.”
~Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
In the pre-opening session, Sensex is down 384.79 points or 0.65% at 58812.20, and the Nifty shed 146.40 points or 0.83% at 17509.20.
“Indian markets could open lower, in line with Asian markets today and negative US markets on Tuesday. US stocks closed lower on Tuesday after a volatile session that saw the Dow swing roughly 400 points from peak to trough, while the Nasdaq Composite clinched its longest losing streak in six years falling for 7 consecutive sessions.”
~Deepak Jasani, Head of Retail Research, HDFC Securities
The benchmark indices witnessed range bound trading session. The Nifty ended 13 points lower while the Sensex shed 64 points. Among sectors, metal and energy stocks outperformed as both indices gained over 1 per cent, whereas some intraday profit booking was seen in selective FMCG and private banks stocks. Technically, the index opened with a strong note, but once again it witnessed profit booking near important resistance level, 17750/59500. Currently, Nifty, Sensex index is consolidating near 20 day SMA (Simple Moving Average).
Crude oil is down to $ 92 per barrel as demand due to recession keeps pulling it down. The dollar index again crossed 110 as the euro falls below 0.99 and GBP below 1.15. The rupee to still open at 79.95 despite Asian currencies all falling and remaining within a range of 79.70 to 80.10 as RBI keeps selling dollars to curb the rupee fall. All eyes will be on tomorrow's ECB meeting as a 75 BPS rate hike gets discussed to bring inflation down. Equities are down today as SGX nifty falls by 210 points. Exporters are to keep selling near 80 levels while importers are to buy all dips to hedge near-term receivables and payables respectively.
~Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
“Domestic equities are likely to join the global market slump in early trades Wednesday, amid recurring worries of major central banks tightening interest rates to tackle rising inflation that could result in global slowdown. Also, recession fears are getting stronger after Russia continued to discontinue crucial oil supply to European nations. Besides, strengthening dollar, hawkish Fed bets and a new Covid-19 lockdown in China could also weigh on sentiment. Technically, Nifty may wobble with key support being at 17401.”
~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Wipro: The IT services major has entered an expanded collaboration with Palo Alto Networks to deliver managed security and network transformation solutions like SASE, cloud security and next-generation SOC solutions based on Zero Trust principles for global enterprises.
IndiGo: InterGlobe Aviation (IndiGo) said on Tuesday Pieter Elbers has joined as the new chief executive officer (CEO) with effect from September 6. He succeeds Ronojoy Dutta, who retired last week.
Bears may maintain their dominance on Dalal Street ahead of weekly F&O expiry day. Ahead of today’s session, SGX was in the red hinting at a negative start for NSE Nifty 50, BSE Sensex. In the previous session, markets settled almost unchanged amid high volatility in absence of any major trigger. Nifty oscillated in a range and finally settled at 17,655.60. Most sectoral indices traded in sync with the benchmark wherein metal, energy and infra pack witnessed decent traction. “Markets are still in a range and rotational buying across sectors is helping the index to hold strong amid mixed global cues. Since all the sectors, barring IT, are contributing to the move, the focus should be more on stock selection,” said Ajit Mishra, VP – Research, Religare Broking.
Nifty futures were trading 202.5 points, or 1.15 per cent lower at 17,472.50 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start.
Markets in Asia-Pacific opened lower today as investors anticipate the Federal Reserve to give its summary on current economic conditions, also known as the Beige Book. The Nikkei 225 in Japan traded 0.41 percent lower and the Topix was also 0.37 percent lower. In South Korea, the Kospi traded 0.73 percent lower, and the S&P/ASX 200 in Australia was 0.47 percent lower.
Wall Street's main indices closed lower on Tuesday, the first session after the US Labor Day holiday and summer vacations, as traders assessed fresh economic data in volatile trading. The Dow Jones Industrial Average fell 173.14 points, or 0.55 percent, to 31,145.3; the S&P 500 lost 16.07 points, or 0.41 percent, to 3,908.19; and the Nasdaq Composite dropped 85.96 points, or 0.74 percent, to 11,544.91.