Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended the volatile session in the positive territory on Thursday, a day of weekly F&O expiry. BSE Sensex ended 157 points or 0.3 per cent up at 58,222, while NSE Nifty 50 gained 58 points or 0.3 per cent to settle at 17,332. Stocks of Tata Steel, L&T, ICICI Bank, HCL Tech, Infosys, Axis Bank, Sun Pharma, Wipro, Reliance Industries, among others were Sensex gainers. On the flip side, Bharti Airtel, Hindustan Unilever Ltd (HUL), IndusInd Bank, Housing Development Finance Corporation (HDFC), Bajaj Finance were among top index losers. India VIX, the volatility index, fell 1.3 per cent to end at 19.32 levels. Bank Nifty gained 0.4 per cent to finish at 39,283.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
BSE Sensex ended 157 points or 0.3 per cent up at 58,222, while NSE Nifty 50 gained 58 points or 0.3 per cent to settle at 17,332
For Q2FY23, we estimate sequential revenue growth of 8.8%, 7.3%, 1.4% and 4.8% for Zomato, IndiaMART InterMESH (IndiaMART), Info Edge (IEL) and Just Dial (JD), respectively. However, higher employee costs and advertising spends would weigh on margins. As companies are at different stages of profitability and growth, we are seeing their divergent priorities. Edelweiss
Electronics Mart India Ltd’s (EMIL) Rs 500 crore-IPO has been subscribed 2.64 times so far on day 2. The IPO received bids for 21,05,78,192 shares against 6,25,00,000 shares on offer, according to the data available with the NSE. The last day to subscribe to the issue is Friday, 7 October 2022. The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component. Price range for the offer is at Rs 56-59 per share. In the grey market, Electronics Mart India shares were trading with Rs 36 per share premium, according to the people who deal in unlisted shares of the companies. Read full story
India’s Services PMI saw a dip and posted 54.3 in September, following August’s rise, suggesting a loss of growth momentum owing to price pressures, unfavourable public policies, and an increasingly competitive environment. The seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 57.2 in August to 54.3 highlighting the weakest rate of expansion since March 2022. The data, however, reflected sustained economic growth, the S&P Global report noted. Read full story
Electronic Mart India IPO subscribed 2.64 times at 11.03 am (Day 2). Overall 2.64 times, QIB 1.68 times, NII 2.54 times and Retail 3.22 times
We remain cautious on IT Services and expect more legs to consensus EPS downgrade cycle (refer IT Services – Nexus of cost management, EPS surprise, dated 27 September 2022). Post 24% correction FYTD, tier I Tech plays are trading close to their five-year average 12m rolling forward P/E (-5% to +9%), while at 11-40% premium to pre-pandemic average. We see lack of positive triggers for tech stocks in the near term. We maintain Reduce on Wipro and SELL on Mphasis. Elara Securities
India’s biggest cookie manufacturer, Britannia Industries Ltd., clinched a deal for operations in Kenya as part of its plan to expand in Africa. The company teamed up with Nairobi-based Kenafric Industries to purchase Catalyst Capital-backed Britania Foods Ltd. in Kenya in a $20 million transaction that also involved acquiring property and a plant, Mikul Shah, a director at Kenafric, said in an interview. Britannia Industries, unrelated to Britania Foods, took a controlling stake in the partnership, he said. Read full story
India September Services PMI at 54.3 vs 57.2 sequentially; India September Composite PMI at 55.1 vs 58.2 (MoM)
Gold and silver did witness some pressure in yesterday's after a rally in the past few session; Dollar index and U.S. yields were up by ~1% and 4% respectively. Although this move seems to have reversed again in early morning trade as pressure on U.S. Yields and Dollar continues to support metal prices. Data showed U.S. private employers stepped up hiring in September, suggesting demand for workers remains strong despite rising interest rates and tighter financial conditions. Focus now shifts to the U.S. Labor Department’s closely watched nonfarm payrolls data for September on Friday. San Francisco Fed Mary Daly underscored the U.S. central bank's commitment to curbing inflation with more rate hikes, even as she said the Fed will not simply barrel ahead if the economy starts to crack. Today the focus will be on the Service PMI data expected from major economies. Broader trend on COMEX could be in the range of $1710-1740 and on domestic front prices could hover in the range of Rs 51,480-52,350. Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading higher in India on Thursday, on the back of positive global cues. On the Multi Commodity Exchange, gold December futures were ruling Rs 269 or 0.5 per cent up at Rs 51915 per 10 gram, as against the previous close of Rs 51646. Silver December futures were trading at Rs 61490 per kg, up Rs 723 or 1.2 per cent on MCX. Globally, yellow metal prices edged higher as Treasury yields retreated, although gains were limited after stronger U.S. economic data bolstered expectations the Federal Reserve will retain its hawkish narrative. Read full story
Standard deviation studies encourage us to look beyond and set 18115 as the near-term target. A close in the 17500 vicinity could be considered a confirmation signal towards this end, while also helping MACDF with a centre line cross over for the first time in almost one and a half months. Alternatively, a close back below 17300 would dilute the upside prospects. Anand James – Chief Market Strategist at Geojit Financial Services
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel remained unchanged on 6 October 2022 (Thursday), 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
Bajaj Finance, Housing Development Finance Corporation (HDFC), Hindustan Unilever Ltd (HUL), HDFC Bank, Kotak Mahindra Bank, IndusInd Bank were among top index draggers.
Stocks of L&T, HCL Technologies, Sun Pharma, Reliance Industries, Infosys were among top Sensex leaders
BSE Sensex jumped 500 points or more than 1 per cent to 58578, while NSE Nifty 50 crossed 17400 on weekly F&O expiry day
Back home, Rupee is likely to open near 81.60 levels, with an expected intraday range of 81.35 to 81.90. The cues for the USDINR in recent days have been mixed. On one side, weakness in the USD amid a short recovery in riskier equities and currencies along with RBI’s small step towards guiding oil refiners to lean on the $9 bn credit line instead of the spot helped Rupee to off from its low. But recovery in US yields amid rising inflationary concerns has again put pressure on Rupee in the Asian market today. The focus shifts to today’s US private payroll and tomorrow’s official job report, which will further drive the momentum in USD and thus will guide the Rupee. Overall, we expect the USDINR pair to remain in a range of 81.20 to 81.90, before breaking towards 82.50 levels. Amit Pabari, managing director, CR Forex Advisors
Nifty Put options OI distribution shows that 17,000 has highest OI concentration followed by 17,100 & 17,200 which may act as support for current expiry and on the Call front 17,500 followed by 17,600 & 17,700 witnessed significant OI concentration and may act as resistance for current expiry. Options data suggest an immediate trading range between 17,500 and 17,100 levels.In Nifty Call writing was witnessed at 17,500 , 17,550 & 17,600 ;while on Put side it was seen at 17,200 ,17,100 &17,000. Read full story
Bank Nifty had a decent gain when it closed for the day. On the daily chart, the index has closed above 50 EMA which is a bullish setup. The RSI has narrowed down its negative crossover. The trend looks positive. On the lower end, support is placed at 38500, resistance on the higher end is visible at 39500/40000. Rupak De, Senior Technical Analyst at LKP Securities
We expect momentum in Nifty to continue towards 17650-17700 zone. The earning season is about to begin with TCS reporting its result on 10th Oct’22. Being seasonally strong quarter, IT companies are expected to report healthy 9% constant currency QoQ PAT growth in Q2. However, commentary around weakening global macro and adverse FX impact would be key monitorable. Pre quarterly updates from banking and financial companies indicate strong Q2FY23 earnings, hence this sector could remain in momentum in the near term. We expect stock specific action with pre quarterly updates coming in over the next few days. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
The short term trend of Nifty has turned up sharply after a broader range movement of the last few sessions. A decisive move above 17300 levels is likely to pull Nifty towards the next crucial resistances of around 17600 and next 18000 levels in the near term. Immediate support is placed at 17150 levels. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Having endured a long stretch of losses, stocks in emerging markets and Asia excluding Japan are close to completing their bear-market cycles, Bloomberg report quoted Morgan Stanley. It’s highly likely these markets are bottoming amid “abundant” signs of extreme selling, the investment bank’s strategists including Jonathan Garner wrote in note Tuesday. They upgraded emerging-market and Asia ex-Japan stocks to overweight from equal-weight. Bloomberg
In overnight trade on Wednesday, Wall Street stocks closed lower after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer, according to Reuters. The Dow Jones Industrial Average fell 42.45 points, or 0.14%, to 30,273.87, the S&P 500 lost 7.65 points, or 0.20%, to 3,783.28 and the Nasdaq Composite dropped 27.77 points, or 0.25%, to 11,148.64.
Asian stock markets were trading mixed in early trade on Thursday. Japan’s Nikkei 225 gained 0.78%, while the Topix added 0.71%. The Kospi in South Korea rose 0.81% and the Kosdaq was 1.85% higher.
Nifty futures on the Singapore Exchange were trading 89 points, or 0.51 per cent, higher at 17,428.