Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 snapped their 7-day losing streak and ended nearly 2 per cent up on Friday, as investors cheered the RBI rate hike announcement. BSE Sensex ended at 57,427, up 1,017 points or 1.8 per cent. The NSE Nifty 50 ended at 17,094, up 276 points or 1.64 per cent. Stocks of Bharti Airtel, IndusInd Bank, Bajaj Finance, Titan Company, HDFC Bank, Kotak Mahindra Bank, Tata Steel, Maruti Suzuki, Axis Bank, Reliance Industries were among top index gainers. On the flip side, Asian Paints, Dr Reddy’s, ITC, Tech Mahindra, and Hindustan Unilever capped the index’ losses. Bank Nifty soared 2.6 per cent or 984 points to settle at 38,631.95.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
BSE Sensex ended at 57,427, up 1,017 points or 1.8%. The NSE Nifty 50 ended at 17,094, up 276 points or 1.64%
The Reserve Bank of India’s Monetary Policy Committee (MPC) on Friday raised the repo rate by 50 basis points for the third consecutive time to 5.9%. The central bank also retained its stance on remaining focused on withdrawal of accommodation. The rate is in line with expectations as most economists and market experts had expected the RBI to front-load rate hikes in a bid to control inflation which has remained above RBI’s tolerance threshold of 6% for eight consecutive months. Read full story
The Indian job market has picked up pace ahead of the festive season as companies ramp up their operations to meet the growing demands. The Naukri.com JobSpeak report showed a 13 per cent on-year growth and a 10 per cent sequential growth in September 2022. The real estate sector has topped the charts in the industry. However, Mumbai saw the highest growth across metro cities. The hiring sentiment remains positive across the experience bands, with leadership roles seeing the maximum jump, the report noted. Read full story
RBI's stance of another 50 bps hike in policy rate reflects policy urgency with inflation uncertainties. The front-loaded hike came as no surprise as the RBI had already de-anchored and readjusted market expectations on policy moves. The stance continues to be focused on the withdrawal of accommodation, aimed at keeping inflation contained while supporting growth. RBI has FY23 retail inflation forecast at 6.7% and lowered the GDP estimate by 20bps at 7%. Liquidity in the system is in surplus and with the pick-up in government expenditure on the back of higher GST and direct tax collections, the system liquidity will go up further. Anita Gandhi, Whole Time Director and Head of Institutional Business at Arihant Capital
Reliance Industries Ltd (RIL) share price crossed Rs 2400, rising more than 3 per cent on Friday
Bank Nifty index surged 2.7 per cent or 1,018 points to trade at 38,665.40
For the moment, 48900 in MCX is the immediate support as twice the market has bounced from that level. In COMEX, $1600 seems to be support for now and if that breaches, then we may see levels till $1540. On the upside, 50800 and 51500 seems to be the resistance. For next week, we continue to advocate buy on dips as the US dollar rally seems to run out of steam temporarily and with risk aversion and recession fear, we might see safe haven buying. Long position can be held with stoploss of 48900 in MCX. Read full story
The RBI MPC increase of repo rate of 50 basis points, comes as no surprise to the market as the same was widely expected. The governors mention of doing away with forward guidance is a clear indication of the hawkish stance that the RBI is going to be adopting for the next few cycles, with policy responses evolving in response to changes in the external environment. While the country fundamentals seem to be strong and there is hope that they will continue to be strong, headwinds from the global environment have a bearing on growth for which policy responses will be provided, even if they are unconventional is what we heard the governor say. The markets are going to see some interesting times. Vivek iyer- Partner and leader , Financial services risk, Grant Thornton Bharat
The outcome of the MPC meeting is on expected lines as RBI raised the repo rate by 50bps. The central bank gave a very balanced guidance emphasizing on continuing resilient domestic economic growth with risks being rising instability in the global economic and financial environment. Overall the markets have reacted positively to the policy announcement. Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher
50 bps repo rate hike delivered was in line with expectation. Growth forecast was lowered marginally and CPI forecasts unchanged, which is what we had estimated. Key concerns seem to emanating from global factors and to a lesser extent domestic events. The RBI also is mindful of the currency movements given USD strength. We view the policy as neutral and ready to act in response to incoming data, both global and domestic. Bond yields could see some respite buying in the near term, but would continue to closely monitor global yields, especially UST for way forward. Also weighing in on bond markets would be the likelihood of India bonds’ inclusion in Index, which May not culminate anytime soon. Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products, Kotak Mahindra AMC
The rate hike by RBI is in line with market expectations. While the inflation projection is maintained at 6.7% for FY23, the Central Bank highlighted the risks to inflation due to unseasonal rainfall, lower kharif sowing, elevated imported inflation and geopolitical concerns. On the growth front, while the domestic demand is showing improvement, the Central Bank has very aptly highlighted the headwinds from geopolitical tensions. The lowering of GDP growth forecast to 7%, brings it in line with our GDP growth projection for 6.8-7% for FY23. Liquidity will be the crucial aspect to watch out for in the next few months. Going forward, with risks to inflation persisting, we could see further repo rate hike of 25-50 bps in the current fiscal year. Rajani Sinha, Chief Economist, CareEdge
As expected by the markets, MPC has raised 50 bps and therefore we are witnessing a short recovery in banking stocks. However, it is little worrisome as the inflation trajectory remains uncertain. The crude prices easing down is a positive outlook which is paving way for a strong recovery. Keeping up above the 17000-mark however is extremely crucial. Kush Ghodasara, CMT independent market expert
The Sensex is up 485.35 points or 0.86 percent at 56,895.31. Nifty is up 133.10 points or 0.79 percent at 16,951.20.
“The RBI governor’s comments today is a reaffirmation of this ‘India resilient’ theme. It was this positive commentary on India’s growth impulses and projection of 7% GDP growth with 6.7% inflation for FY 23 that has come as a positive even while the policy announcements relating to rates were on totally expected lines. The Governor's confident statement that CAD can be financed comfortably even with crude at $100 for the rest of the year is reassuring. In brief the positive commentary is market positive,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“INR has far better positioned than global pears.DXY appreciated by 14.5% but Rupee weakened only around 8%. The central bank has again clarified that intervenes are meant to curb volatility & they don't have an exchange rate in mind. Policy in line on an expected line. comments are majorly data driven Follow Fed religiously. Inflation needs to cool down. Global geo political spillover may spoil the situation. RBI restrained from giving forward guidance as the global environment is tricky. The policy was in line with the expectations. USDINR October future may decline to 81.20 in coming sessions,” said Jigar Trivedi, Senior Research Analyst – Currency & Commodity at Reliance Securities.
BSE Bank index added 1 per cent supported by the Bank of Baroda, Kotak Mahindra Bank and HDFC Bank
RBI’s Monetary Policy Committee raises repo rate by 50 basis points. In the last 5 months, Repo Rate saw an increase of 190 bps (It was 4% In April, and it is 5.90% now).
Indian rupee is trading higher by 29 paise at 81.56 per dollar versus previous close 81.85.
Rail Vikas Nigam share price rose over 1% on the company bagging Rs 408 crore contract from NHAI. The company has received contract for construction of 4 lane highway from Samarlakota to Achampeta Junction, from National Highways Authority of India (NHAI).
Bajaj Electricals share price edged higher on the company winning Rs 333 crore-order from Power Grid.
Indian rupee opened flat at 81.57 per dollar on Friday against the previous close of 81.85.
Fitch Ratings expects Tata Steel Limited’s plan to merge with seven units to result in higher EBITDA from procurement and marketing synergies, and lower royalty payments. However, the financial gains are likely to be small and could take several quarters to be realised, depending on the pace of regulatory approvals.
Sun Pharma, ITC, Reliance Industries, Ultratech Cement attempted to trim losses for the benchmark indices, while HDFC Twins, Tata Steel, Tech Mahindra, and Infosys weighed the indices down.
Sectorally, Nifty Metal and Nifty Pharma indices held up with marginal gains, whereas Nifty Realty, Nifty Bank, and Nifty Auto indices were bogged down in opening trade.
Domestic benchmark indices edged lower ahead of the Reserve Bank of India Monetary Policy Committee meeting outcome. Experts expect the central bank to raise interest rates up to 50 basis points. NSE Nifty 50 declined over 40 points to trade below 17,800 levels and the S&P BSE Sensex shed over 200 points to trade at 56,200. The broader markets were also in red as Nifty MidCap 100 and Nifty SmallCap 100 dropped over 0.1 per cent each.
“After US markets tumbled in overnight trades, key Asian indices are following suit and hence local equity gauges too are likely to drift lower in early trades Friday. Markets are expected to be volatile before the announcement of the RBI's credit policy decision scheduled in the next few hours time today. Weak global cues will continue to rupture any intraday strength in Nifty. Market is already looking forward to a 50 bps hike in the policy rate in the backdrop of depreciating rupee and retail inflation which continues to be above the central bank's tolerance level of 6%. Also, the rising US bond yields and FIIs taking exit route from domestic equities in the last few sessions are the other dampeners that would keep investors on the edge. Technically speaking, Nifty’s drop to 16483 support appears to be on the table.”
~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Benchmark indices are trading lower in the pre-opening session. The Sensex was down 285.70 points or 0.51% at 56124.26, and the Nifty was down 83.10 points or 0.49% at 16735.00.
Adani Enterprises, the flagship entity of Adani Group, is all set to be the newest entrant in the Nifty 50 index from September 30 replacing Shree Cements. This is the second Adani Group entity that will be a part of Nifty after Adani Ports & SEZ. Following a superb run in the last three years, when it delivered around 2,400 per cent returns, Adani Enterprises is now the 11th biggest listed company in India with a market cap of Rs 4.1 lakh crore. In the same period, Nifty 50 has delivered 46 per cent returns. According to ICICI Securities, the entry of Adani Enterprises into Nifty will result in buying worth Rs 1,760 crore for the stock just from fund managers of exchange traded funds (ETF) that track Nifty.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel remained unchanged on 30 September 2022 (Friday), keeping costs steady for nearly four months now. The petrol rate and diesel rate in Delhi are at Rs 96.72 and Rs 89.62 per litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. Read full story
The central government has marginally lowered its market borrowing target for financial year 2022-23 amid robust tax revenues. The full-year borrowing target has been cut to Rs 14.21 lakh crore, from Rs 14.31 lakh crore as spelt out by the Budget for 2022-23. Despite the cut, the borrowing will be the highest ever.
The Centre will borrow Rs 5.92 lakh crore from the market in the second half of 2022-23, the finance ministry said in a statement on September 29. This will amount to 41.7 percent of the revised full year borrowing. As of September 23, the Centre had borrowed Rs 7.95 lakh crore through bond issuances in the first half of FY23.
Benchmark Indices are expected to open on a negative note today as suggested by trends on SGX Nifty. US markets dipped once again on Thursday on the fears of economic recession led by FED’s aggressive stance against inflation. European indices also closed in red yesterday. Asian markets are trading weak in the early Friday trade with Nikkei trading at -1.67%, Taiwan markets trading at -1.36% and HangSeng trading at -0.6% down today. RBI’s monetary policy announcement is the major event today. RBI likely to hike policy rate by 50 bps today. Some stock-specific actions can be witnessed in stocks such as Hero MotoCorp, Coforge, Adani Green. On the technical front, Immediate support and resistance in Nifty 50 are 16700 and 17200 respectively. Bank Nifty immediate support and resistance are 37250 and 38250 respectively.
~ Mohit Nigam, Head – PMS, Hem Securities
India's current account deficit (CAD) widened to $23.9 billion in April-June from $13.4 billion in January-March, according to data released by the Reserve Bank of India (RBI) on September 29. The current account had recorded a surplus of $6.6 billion in April-June 2021. In percentage terms, the CAD in April-June 2022 was 2.8 percent of GDP, up from 1.5 percent of GDP the previous quarter. Underlying the current account deficit in April-June was the widening of the merchandise trade deficit to $68.6 billion from $54.5 billion in January-March and an increase in net outgo of investment income payments, the RBI said in the release.
Reliance: Reliance Industries’ Reliance Retail launched a premium fashion and lifestyle store brand on Thursday, with the first store inaugurated in Bengaluru.
Hero MotoCorp: Hero MotoCorp on Thursday said it will invest $60 million in US-based Zero Motorcycles to jointly develop electric motorcycles.
PNB: State-owned lender Punjab National Bank (PNB) announced plans to sell its entire 10.1% stake in Asset Reconstruction (ARCIL), amounting to 3.25 crore shares.
Benchmark indices BSE Sensex and NSE Nifty 50 are expected to open in the red as trends in SGX Nifty hinted at a negative opening for Indian equities. “The overall sell-off in the broader market has dampened the sentiments, and the 17000 mark seems to be a significant hurdle for Nifty. The technical structure looks very disruptive, with all indicators signaling the trend southwards. Going forward, the RBI monetary policy is slated in the coming session; hence, traders should keep a close eye on the event. Apart from this, global development should also not be overlooked, and therefore, one needs to avoid aggressive bets and focus on stock-specific actions,” said Osho Krishan, Senior Analyst – Technical & Derivative Research, Angel One.
Shares in the Asia-Pacific traded lower on Friday, the last day of the third quarter, following another sell-off on Wall Street overnight. China’s factory activity data is due later today. In Japan, the Nikkei 225 slipped 1.32%, and the Topix index fell 0.87%. Australia’s S&P/ASX 200 lost 0.48%. The Kospi in South Korea declined 1%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15%.
Wall Street ended sharply lower on Thursday on worries that the US Federal Reserve's aggressive fight against inflation could hobble the US economy, and as investors fretted about a rout in global currency and debt markets. With tech heavyweights Apple Inc and Nvidia Corp slumping more than 4%, the Nasdaq sank to near its lowest level of 2022, set in mid-June. The S&P 500 dropped 2.11% to end the session at 3,640.47 points. The Nasdaq declined 2.84% to 10,737.51 points, while the Dow Jones Industrial Average declined 1.54% to 29,225.61 points.
Early trends in SGX Nifty indicated a negative opening for Indian equities with a loss of 87 points. The Nifty futures were trading around 16,725 levels on the Singaporean Exchange.