Share Market News Today | Sensex, Nifty, Share Prices LIVE: BSE Sensex and NSE Nifty 50 fell more than half a per cent on Thursday, a day of weekly F&O expiry day. BSE Sensex fell 412 points or 0.7 per cent to end at 59,934, while NSE Nifty 50 slipped 126 points or 0.7 per cent to finish trade at 17,877.40. Stocks of Maruti Suzuki, Power Grid Corporation of India, NTPC, Housing Development Finance Corporation (HDFC), Bharti Airtel, L&T were among top index gainers. On the flip side, Tech Mahindra, Infosys, Tata Steel, Bajaj Finserv, Axis Bank, IndusInd Bank, and Titan Company were among top Sensex laggards. Bank Nifty index fell 0.5 per cent to settle at 41,209.
Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 15 September Thursday
BSE Sensex and NSE Nifty 50 fell more than half a per cent on Thursday, a day of weekly F&O expiry day
Maruti Suzuki was the top BSE Sensex gainer, up nearly 3 per cent, followed by Power Grid Corporation of India, NTPC, HDFC, SBI, and ICICI Bank
Banks like HDFC, ICICI, SBIN, Kotak and BOB are the major constituents of Bank Nifty and are well placed with superior fundamentals. The economy is witnessing a strong credit environment with improving capacity utilisation and capacity expansion. A healthy credit growth is one of the triggers of better performance of banks. Moreover, a healthy balance sheet, minuscule stress formation and lower credit cost lead to strong profitability. We believe the banks to witness NIMs improvement as the share of floating rate loans are increasing. The sound balance sheet, strong credit growth, healthy margins and lower credit cost are likely to be fruitful for the banking sector. The large bank may take the competitive advantage factoring the technological advancement. Among large banks, BOB and ICICI are our top picks. Ajit Kabi, Banking Analyst at LKP Securities
The public issue of Harsha Engineers International has seen a healthy subscription so far. Investors have bought 9.3 crore equity shares against an offer size of 1.68 crores, helping the offer subscribe 5.52 times on September 15, the second day of bidding. Non-institutional investors looked aggressive from the day one itself, putting in bids 11.75 times the allotted quota, while retail investors have bought shares 5.96 times the portion set aside for them and employees booked 4.46 times. The part set aside for qualified institutional buyers was subscribed 9 percent so far on Thursday.
Vakrangee has slumped nearly 9 per cent was the top loser among the BSE 500 stocks so far. It is followed by HUDCO, GR Infraproject, Phoenix Mills and PB Fintech, down 5-7 per cent each.
CEAT has zoomed nearly 9 per cent and was the top gainer among the BSE 500 stocks so far on Thursday. It is followed by JM Financial, Kalyan Jewellers, Mahindra CIE and Poly Medicure, up 5-7 per cent each.
As per a report by Emkay Wealth Management titled ‘Navigator’, the aggressive rate action by the US Fed to tame the inflation has led to a sharp appreciation in the US dollar. The continuous tightening by the Fed will push Dollar index to levels of 112.60-113.30. On the lower side, 106.40 and 104.50 are strong support levels for the Dollar index. The European Central Bank is on a rate tightening phase, and the aggressive hikes will take the Euro-Dollar to its original levels of 0.75-0.80.
Shares of CEAT edged higher by 10 per cent to over four-year high of Rs 1,516.15 on the BSE in Thursday’s intra-day trade, on healthy business outlook. The stock of leading tyre company traded at its highest level since May 2018. Earlier, it had hit a record high of Rs 2,030 in January 2018.
Buy in Rs 1082-1095 band and add on dips to Rs 1007-1027 band
Base Case Fair Value: Rs 1192
Bull Case Fair Value: Rs 1289
Time Horizon: 2-3 quarters
Buy in Rs. 1341-1363 band and add more on dips in Rs. 1180-1200 band
Base Case Fair Value: Rs 1490
Bull Case Fair Value: Rs 1602
Time Horizon: 2 quarters
Four investors in movie theatre chain PVR offloaded 7.7% stake in the company via block deals, according to reports.
Sensex pared early gains and slipped into red. The index dips 300 points to trade below 60,000
The promoters of GR Infraprojects Ltd will offload up to 6.8% stake or around 65 lakh shares through an offer for sale (OFS) on September 15-16, as per a regulatory filing submitted by the company on September 14.
Nifty Bank erased gains and slipped in the red. The index fell nearly 500 points from intraday high
Nifty IT index fell over 1 per cent, dragged by Tech Mahindra, Infosys, HCL Technologies, TCS and Wipro.
On Wednesday, the Nifty did in fact correct from its recent highs of 18088, thereby making a double top pattern on the intra day 15 min chart. Further downsides are likely once the immediate support of 17946 is broken. Downside targets in this scenario are at 17771. The bulls would gain control only if the recent highs of 18092 are taken out. The below picks are for the next 15-26 trading sessions. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, on the back of weak global cues. On Multi commodity Exchange, gold October futures were ruling Rs 195 or 0.4 per cent down at Rs 49,823 per 10 gram, as against the previous close of Rs 50,018. Silver December futures were trading Rs 113 or 0.2 per cent down at Rs 56,873 per kg. Globally, yellow metal prices inched lower as a firmer dollar and expectations of big interest rate hikes from the U.S. Federal Reserve diminished the metal’s appeal, according to Reuters. Read full story
Nifty Put options OI distribution shows that 17,900 has highest OI concentration followed by 17,800 & 17,700 which may act as support for current expiry and on the Call front 18,200 followed by 18,100 & 18,300 witnessed significant OI concentration and may act as resistance for current expiry. Options data suggest an immediate trading range between 17,800 and 18,200 levels & 18000 acting as pivotal level. Read full story
The company said the Phase 1 of 90-acre greenfield project (Unit IV) has been completed. The di-methyl carbonate, propylene carbonate, and propylene glycol plant will be ready to commence commercial production by the end of September 2022. In addition, it has also started construction in phase 2 of greenfield project (Unit IV) for 2 plants. The company has already received environmental clearance for this expansion.
“Tamilnad Mercantile Bank has debuted at Rs 495 on NSE i.e. ~6% below its issue price. The precarious legal challenges, the lack of complete clarity on the management’s long-term performance, and less than stellar subscription numbers are some of the reasons for its negative listing. Those who applied for listing gains can maintain a stop loss of Rs 470. Long-term investors should wait for some quarters to let the dust settle, and in the meanwhile, we suggest investors go for the existing listed banks where the management’s track record and performance during multiple credit cycles are visible. In short, large-sized banks and a few mid-sized banks are the best to ride on the upcoming credit and economic growth cycle.”
~Santosh Meena, Head of Research, Swastika Investmart Ltd
Fitch Ratings on Thursday slashed its India’s economic growth (GDP) forecast for the current fiscal to 7 per cent from the previous estimate of 7.8 per cent. The global ratings agency expects the economy to grow 7 per cent in 2022-23, with the next financial year also slowing to 6.7 per cent from the earlier estimate of 7.4 per cent. “The (Indian) economy recovered in 2Q22 with growth of 13.5 per cent year-on-year, but this was below our June expectation of an increase of 18.5 per cent. Seasonally adjusted estimates show a 3.3 per cent quarter-on-quarter decline in 2Q22 though this seems to be at odds with high-frequency indicators,” Fitch said.
Bank Nifty index hit a new all-time high of Rs 41,840.15, rising over 400 points on weekly F&O expiry day.
Tamilnad Mercantile Bank’s shares saw a flat listing on the stock exchanges today amid the tepid market momentum. Shares of the company began trading on the BSE at Rs 510 apiece from the IPO price of Rs 500-525 apiece per share. At the time of listing, the company had a market capitalisation of Rs 8,075.92 crore. The company launched its Rs 831-crore initial public offering (IPO) from September 5-7, 2022. The public issue was subscribed 2.86 times over the 87 lakh shares that were on offer during the subscription period. Read full story
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on Thursday, 15 September 2022, keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Read full story
Global rating agency Fitch has lowered India's economic growth forecast for fiscal 2022-23 (FY23) as measured by gross domestic product (GDP) to 7% from its June 2022 estimate of 7.8%. It now expects the GDP to slow further to 6.7% in FY24 as compared to its earlier forecast of 7.4%.
Sensex up 286.03 points or 0.47% at 60,633
Nifty up 82.20 points or 0.46% at 18,086
“There are two broad market trends now. One, globally markets have turned weak on renewed inflation concerns and the market consensus is that the Fed's terminal rate would be clearly above 4%. This will weigh on global markets. Two, India's outperformance is strong and consistent. This has fundamental support from a strong economy and good earnings visibility. There is a clear message from the performance of S&P 500 (down 18% YTD) and Nifty (up 3.6% YTD). This divergence in performance between global and Indian markets has steam to sustain in the near-term. Yesterday's strong market performance validates the success of the 'buy on dips' strategy. Buyers are chasing banks, autos, FMCG, telecom and construction related segments which are likely to come out with good results in the coming quarters. Even while remaining invested, investors should exercise some caution arising from high valuation.”
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“After yesterday's retreat, local shares are likely to start on a positive note tracking recovery in most of the Asian indices following overnight uptick in the US markets. Intra-day, the markets may waver as the nervous theme could play out in the backdrop of consensus that inflation is falling more slowly than expected. Strong inflation numbers have revived bets for faster interest rate hikes by the central banks across the globe. However, India’s wholesale inflation easing to 10-month low, a pause in the US treasury yield rally, and US dollar slipping overnight could offer a temporary reprieve to Nifty bulls. Technically, Nifty needs to stabilize above 17701 mark for a bright chance of its recovery to 18605 mark.”
~ Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Four investors in movie theatre chain PVR Ltd are reportedly offloading a 7.7% stake in the company via block deal on September 15. The investors who will be selling the stake in the company are – Multiples PE, Grey Birch, Plenty PE and Berry Invt. The offer price for the block deal will be in the range of Rs 1852 to Rs 1929 per share, sources said, adding that Kotak Securities will be the broker for the deal.
India's merchandise exports for August have been raised to $33.92 billion from the preliminary estimate of $33 billion, data released by the commerce ministry on September 14 showed. As per the latest data, imports in August amounted to $61.9 billion, marginally higher than the preliminary estimate of $61.68 billion. As such, the merchandise trade deficit for last month was lowered to $27.98 billion from $28.68 billion as per preliminary data released on September 3. The trade deficit in August 2021 was $11.71 billion.
Oil prices edged upwards in early Asian trade on Thursday, as supply concerns and a looming rail stoppage in the United States, the world's biggest crude consumer, supported markets. Brent crude futures rose 38 cents, or 0.4%, to $94.48 a barrel by 0013 GMT, while US West Texas Intermediate crude rose 46 cents, or 0.5%, to $88.94. The International Energy Agency (IEA) said Wednesday it expects widespread switching from gas to oil for heating purposes, saying it will average 700,000 barrels per day (bpd) in October 2022 to March 2023 – double the level of a year ago. That, along with overall expectations for weak supply growth, also helped boost the market.
“Yesterday, action was seen in sectors like Banking, Cement, Media, Metals, and FMCG. Cement stocks were in limelight on the back of news of Adani owned Ambuja Cement looking to raise Rs10,000 crore for capex as well as acquisition plans. The momentum in mid cap Cement stocks is likely to continue on the back of expectation of increased M&A activities by bigger players due to changing industry-dynamics. Sharp rally was also seen in Vedanta after the company formed a JV with Foxconn for a semiconductor project in Gujarat. Technology stocks, however, are seeing pressure after there were downgrades by foreign brokers on the back of expectation of slower growth due to aggressive rate hike in US and news of big tech companies laying off people.”
~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
India's inflation based on the Wholesale Price Index (WPI) declined to a 11-month low of 12.41% in August, the commerce ministry said on September 14. WPI inflation was 13.93% in July. In August 2021, it stood at 11.64%. Another month of double-digit increase in wholesale prices in August 2022 means the WPI inflation has remained above the 10% mark for 17 months in a row. The marked decline in WPI inflation in August was driven by a drop in fuel prices, with 'fuel and power' inflation falling to 33.67% from 43.75% in July.
Tamilnad Mercantile Bank: Tamilnad Mercantile Bank shares will debut on stock exchanges BSE, NSE today.
Tata Steel: Tata Steel will raise Rs 2,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.
Paytm: ED on Wednesday carried out fresh raids on Paytm and some other agencies in connection with an ongoing money laundering probe linked to alleged financial irregularities by instant app-based loan companies “controlled” by Chinese persons.
Early trends on SGX Nifty hinted that Indian equity markets are likely to open marginally higher on Thursday, weekly F&O expiry day. Nifty futures traded 27 points, or 0.15% higher at 18,017 on the Singapore Exchange, signaling that domestic benchmark indices BSE Sensex, NSE Nifty 50 were for a positive start. “The biggest catalysts and next direction for Nifty depends on the FOMC monetary policy meeting on September 20-21. For Thursday’s session, Nifty sees major hurdles at the 18115 mark. Above the same, aggressive buying could be seen with the next goal post at the psychological 18605 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.
Shares in the Asia-Pacific region also rose mildly today. Japan’s Nikkei 225 rose 0.16% and the Topix index was up 0.15%. South Korea’s Kospi added 0.11% and Australia’s S&P/ASX 0.55% higher. China’s Shanghai Composite gained 0.35%, and the Shenzhen Component was fractionally higher. Hong Kong’s Hang Seng index added 0.45%.
Wall Street ended a directionless session higher on Wednesday as an on-target inflation report largely stanched the flow of Tuesday's sell-off and investors hit the 'pause' button. The Dow Jones Industrial Average rose 30.12 points, or 0.1%, to 31,135.09, the S&P 500 gained 13.32 points, or 0.34%, to 3,946.01 and the Nasdaq Composite added 86.10 points, or 0.74%, to 11,719.68.
Nifty futures were trading 27 points, or 0.15% higher at 18,017 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.