Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices pared opening gains to end in red amid high volatility. The 30-pack BSE Sensex index settled 49 pts lower at 59,197, while NSE Nifty ended flat at 17,656. Sectorally, the Nifty Private Bank and FMCG indices were worst hit, down 0.5% each, while buying was seen in oil & gas, power and metal stocks. Bharti Airtel, NTPC, Apollo Hospitals, Cipla, SBI Life, RIL were the top Nifty gainers, rising over 1% each. On the flipside, Tata Consumer Products, Bajaj twins, UPL, Britannia, Kotak Bank, and M&M were the laggards, down up to 2.4%. In the broader market, the BSE MidCap index edged 0.5% higher, and the BSE SmallCap index added 0.1%.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights 6 September 2022 Tuesday
Among the sectors, buying was seen in oil & gas, power and metal names while financials, FMCG and IT indices ended in the red.
Domestic benchmark indices pared opening gains to end in red amid high volatility. The 30-pack BSE Sensex index settled 49 points lower at 59,197, while NSE Nifty ended flat at 17,656.
“Automobile industry witnessed higher volumes in August 2022 as compared with August 2021. Improving chip availability supported growth over last year in certain segments to some extent. Volumes in August 2022 is expected to also have been boosted by building of channel inventory ahead of the festive season. In August 2022, domestic two and domestic passenger vehicle segment saw double-digit volume growth over last year. Commercial vehicle segment too saw high increase in volumes as compared with August 2021. Domestic tractor industry is expected to have grown by single digit YoY during August 2022. In exports, the two wheeler segment continued to remain under pressure.”
~Arun Agarwal- Deputy Vice President, Kotak Securities
Billionaire Gautam Adani plans to start exporting electricity from a coal-fired plant in eastern India to Bangladesh before the end of the year, helping to alleviate energy shortages in the South Asian nation. Adani Power will commission a 1.6 GW facility in Jharkhand state and a dedicated transmission line for the exports by December 16, Adani said in a Twitter post late on Monday after meeting Bangladesh’s Prime Minister Sheikh Hasina.
Benchmark indices are trading volatile in afternoon deals. Sensex is up 88.67 points or 0.15% at 59,334.65, and Nifty is up 26.50 points or 0.15% at 17,692.30
Pfizer has declared an interim (special) dividend of Rs 30 per equity share of Rs 10 each (300%) for the financial year ending March 31, 2023. “This is in view of the gain on account of sale of Upjohn Business to Mylan Pharmaceuticals” the company informed in an exchange notice. Record date for the dividend has been sat at 20 September 2022.
The maiden public issue of Tamilnad Mercantile Bank continued to see good participation on the second day of subscription. The offer received bids for 92.09 lakh shares against IPO size of 87.12 lakh shares, getting subscribed 1.02 times.
Retail investors remained ahead in terms of subscription, booking their quota 2.37 times, while non-institutional investors bought 84 per cent of their reserved portion.
Good response was also seen from qualified institutional investors with their portion getting subscribed 73 per cent.
BUY COAL INDIA | CMP: Rs 232.7 | TARGET: Rs 255 | STOP LOSS: RS 227
“The stock is in strong up trend making higher lows and higher highs. Recently it entered correction. It fell down to channel support during correction. The price behaviour is showing evidences that correction might have concluded and larger up trend may resume.”
Manoj Vaibhav Gems 'N' Jewellers Ltd, also known as Vaibhav Jewellers, has filed draft papers with the Securities and Exchange Board of India to raise funds through a public listing. The initial public offering (IPO) will consist of a fresh issue of Rs 210 crore shares and an offer-for-sale of up to 4.30 million shares by its existing promoter Grandhi Bharata Mallika Ratna Kumari (HUF). Grandhi Bharata Mallika Ratna Kumari (HUF) now holds a 75.10 percent stake in the firm.
Asia’s richest man Gautam Adani is scouting for a new leader for his mergers and acquisitions strategy as the incumbent will soon take a new role within the group, according to people familiar with the matter. Vinod Bahety, who’s been helming Adani Enterprises Ltd.’s M&A activity, will move to a new business vertical and a formal announcement could come as soon as this month, the people said. Adani Group has reached out to potential candidates for the job as the ports-to-power conglomerate is looking to expedite its dealmaking, said the people, who asked not to be identified as the information is private. Read full story
Looking at the fundamentals and technical chart, we believe spot USDINR could trade within the range of 81 to 79 before any directional trend emerges. On the overseas front, recent economic data displayed high variability, adding to market volatility. This is normal around economic turning points, but leading indicators show that the trend for US payrolls and overall economic growth is emphatically lower. Fed speakers have told us repeatedly that they’re focused on inflation and CPI on Sept. 13 will provide more clues. The market is pricing a 75bps hike in this month’s policy meeting. Read full story
“OPEC and its allies led by Russia on Monday agreed a small oil production cut to bolster prices that have slid on fears of an economic slowdown. The oil producers will reduce output by 100,000 barrels per day (bpd), amounting to only 0.1% of global demand, for October and also agreed they could meet any time to adjust production before the next scheduled meeting on Oct. 5. Prices will not be impacted as there will be minor upmove. This production cut can be a breather for process due to weak macro sentiment, renewed china lockdown, uncertainty over potential US- Iran deal”
~Megh Mody – Commodities and Currencies Research Analyst, Prabhudas Lilladher
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading higher in India on Tuesday, on the back of positive global cues. On Multi Commodity Exchange, gold October futures were ruling Rs 187 or 0.4 per cent up at Rs 50,620 per 10 gram. Silver December futures were ruling Rs 449 or 0.8 per cent higher at Rs 53,839 per kg on the MCX. Read full story
DreamFolks Ltd. has debuted at Rs. 508.70 i.e. 56% above its issue price. The company’s superb listing can be attributed to positive market sentiments, bright future prospects, and a phenomenal response from investors. The issue was richly priced at a P/E of 104.82 based on annualized FY22 numbers and the promoters have diluted 33% of their stake in the OFS. Those who applied for listing gains can maintain a stop loss of Rs. 457. Only long-term investors with a moderate to high-risk appetite should enter post-listing. Santosh Meena, Head of Research, Swastika Investmart
DreamFolks shares listed on the stock exchanges today at a premium to the IPO price amid the tepid market momentum. Shares of the company began trading on the NSE at Rs 508 per share, up 56% from the IPO price of Rs 308-326 apiece per share and on the BSE the stock debuted at Rs 505 apiece, rising 55 per cent. At the time of listing, the company had a market capitalisation of Rs 2,638.63 crore. The company launched its Rs 562 crore initial public offering (IPO) from August 24-26 and received strong demand across investor categories. Read full story
Reliance Industries will acquire a majority stake in US-based software developer SenseHawk Inc for $32 million, in a bid to boost RIL chairman Mukesh Ambani’s solar energy plans. “RIL has today signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of USD 32 million, including funding for future growth, commercial rollout of products, and R&D,” the oil-to-telecom major said in a statement on Tuesday. Read full story
Reliance Industries share price jumped more than 1% to Rs 2,598 apiece, after the RIL announced to acquire a majority stake in SenseHawk
On the flip side, Kotak Mahindra Bank, Nestle India, Wipro, Tata Consultancy Services (TCS), Dr. Reddy's, Tech Mahindra, and Infosys were among top index losers
Stocks of Power Grid Corporation of India, Reliance Industries, NTPC, Maruti Suzuki, L&T, Bharti Airtel were among top BSE Sensex gainers
Reliance Industries has today signed definitive agreements to acquire a majority stake in SenseHawk Inc for a total transaction value of USD 32 million, including funding for future growth, commercial rollout of products, and R&D. SenseHawk’s Solar Digital Platform offers end-to-end management of solar asset lifecycles.
BSE Sensex jumped 250 pts or 0.4 per cent to trade at 59,500, while NSE Nifty 50 soared half a per cent to 17,765
Asian shares rose on Tuesday morning after China pledged to make renewed efforts to boost its economy on Monday, while investors pinned hope on more clarity ahead of a number of central bank meetings. MSCI’s gauge of Asia-Pacific stocks outside Japan was up 0.47%, with China’s benchmark CSI300 Index and Hang Seng Index opening up 0.2% each. Chinese policymakers signalled a renewed sense of urgency on Monday for steps to shore up a flagging economy, saying this quarter was a critical time for policy action as evidence pointed to a further loss of economic momentum.
The Indian rupee is likely to depreciate amid strong dollar, elevated crude prices, uncertainty in equity markets and volatile FII inflows. USDINR is expected to trade within a range of 79.50 and 80.10 on spot in the coming sessions. In the previous session, rupee weakened slightly as the US dollar soared to a new two-decade high on escalating European energy crisis. RBI aims to anchor expectations around the depreciating rupee and will intervene to prevent an overshoot, ensuring the exchange rate reflects fundamentals, said governor Shaktikanta Das on Monday. The local currency has so far depreciated more than 7% against the U.S. dollar, but Das said the depreciation was less than in other currencies.
“Bank nifty hit a multi month high and registered bullish belt hold candlestick pattern after doji candle on daily chart. Bullish crossover in RSI above 60 marks also showing strength in the index. Immediate resistance stands at 40,000 marks above which it can extend its gain towards 40,600 levels with firm support lies at 39,400 levels.”
“Market is experiencing consolidation near its 20 DMA’s with formation of NR-4 candlesticks pattern on daily chart. Beside this, prices also closed above the central band of Bollinger with positive crossover in stochastic. Above mentioned technical parameters implying bullish connotation for the index in the coming sessions. Going ahead, the trend may remain positive as long as the index trade above 17,400 on a sustained basis. On the higher end, breakout is expected above 17,800 which may induce a rally towards 18,000 levels.”
“Indian Benchmark indices ended the day on a positive note with Nifty50 closing at 17665 and sensex closing at 59245. Traders took encouragement after India has overtaken the U.K. to become the world's fifth-largest economy and is now behind only the US, China, Japan and Germany. On the technical front, major resistance and support for nifty50 is 17800 and 17450 respectively. In bank nifty major resistance can be seen at 40200 and support is around 39700”
~ Mohit Nigam, Head – PMS, Hem Securities
“Our domestic markets are clearly shrugging off most of the unfavorable global developments, which is a sign of inherent strength. If we take a glance at the daily time frame chart, we can see the index reaching the crucial trend line resistance level of 17700. A small push from the global markets would certainly provide the much needed impetus to the breakout from the recent congestion phase. After this, we will not be surprised to see index hastening towards 17850 and then even towards the psychological mark of 18000. On the flipside, 17540 – 17460 should now provide some cushion on any small intraday declines. Apart from this, the banking space continues to lead from the front, which is a sign of a healthy move. We advise traders to keep focusing on individual stocks; because some of the themes from the broader market are gearing up for strong moves in the near term.”
~Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
“It was a surprising bullish start for the week for the benchmark Nifty as bulls remained in total control shrugging off weak global cues, oil rising ahead of OPEC meet and, most importantly, the US Dollar Index scaling a fresh multi-decade high near 110.00. The street is probably hoping for only a modest 0.50% interest rate hike from the Fed this September. For Tuesday’s session, Nifty’s major hurdle is seen at 17757.”
~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
India's monetary policy will “remain watchful, nimble-footed and calibrated” going forward, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday. “The RBI remains committed to support the market with two-way operations, as warranted, in line with the revised liquidity management framework,” Das said, adding that the RBI will also strive to ensure stable money market conditions, the smooth conduct of the primary auctions in G-secs (government securities) and facilitate the orderly evolution of the yield curve.
Oil prices rose about 4 percent on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices. Brent crude futures for November delivery rose $3.53 to $96.55 a barrel, up 3.8 percent, by 11:07 a.m. ET (1507 GMT). US West Texas Intermediate crude was up $3.08, or 3.6 percent, at $89.98 after a 0.3 percent gain in the previous session.
DreamFolks: DreamFolks Services is all set to make its share market debut today. The company is expected to see healthy listing gains, backed by strong IPO subscription and market leadership in the airport lounge aggregation industry.
Delhivery: SBI Mutual Fund acquired more than 1.07 lakh equity shares in the company via open market transactions on September 1.
Indian share market is likely to open higher as ahead of today’s trading session, SGX Nifty was in the green, hinting at a positive start for NSE Nifty 50 and BSE Sensex. With the US market being closed on Monday for the Labour Day holiday, equity traders would be looking for cues from Asian and other global markets for Tuesday’s session. “Markets have been showing tremendous resilience amid tough global conditions however it would be hard to hold if the situation deteriorates further. Banking and financial pack have played a critical role in capping the damage so far and their performance would remain the key ahead also as heavyweights like Reliance and IT majors are not showing any sign of respite,” said Ajit Mishra, VP – Research, Religare Broking.
Nifty futures were trading 47.5 points, or 0.27% higher at 17,732 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.