Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market indices BSE Sensex and NSE Nifty 50 ended in the red on Tuesday, after oscillating between gains and losses. BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007. Stocks of Tata Steel, Titan Company, Kotak Mahindra Bank, State Bank of India, Housing Development Finance Corporation (HDFC), HDFC Bank, Tech Mahindra among others were top Sensex draggers. On the flip side, IndusInd Bank, Power Grid Corporation of India, HCL Technology, Infosys were among top index gainers.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007.
Billionaire Gautam Adani on Tuesday expressed confidence in India’s growth story, saying that global turbulence has accelerated opportunities for the nation. “It has made India one of the few relatively bright spots from a political, geostrategic, and market perspective,” Gautam Adani said at the 20th Forbes Global CEO Conference 2022 in Singapore. India is on the path to be the world’s third largest economy by 2030, the billionaire said. Read full story
Bank Nifty was trading 250 points down around 38300
“Inflation prints over the coming months are expected to remain elevated albeit moderating gradually to below MPC’s upper threshold of 6% in Q4FY23. With the MPC expected to continue with rate hikes, the lagged impact of monetary tightening will help curb inflation expectations. Accordingly, we expect the average CPI inflation trajectory to be lower than the RBI’s estimates by around 60 bps in H1CY23. We maintain our FY23 CPI inflation estimate at 6.5%. We retain our view that the MPC will continue with calibrated repo rate hikes towards 6% by end-CY22 with 35 bps hike in the September policy along with the shift in the operating target from SDF to repo rate by end-FY23.”
~Suvodeep Rakshit, Senior economist at Kotak Institutional Equities
Sensex is up 229.00 points or 0.40% at 57374.22, and the Nifty added 69.90 points or 0.41% at 17086.20.
Orient Bell announced completion of expansion at its Hoskote plant in Bengaluru district. This expansion involved capex of around Rs 34 crore well ahead of schedule. With this the total capacity of the company has increased from 32 MSM per annum to 33.8 MSM per annum including 10 MSM per annum of the associated entities. Orient Bell was quoting at Rs 609.35, up Rs 10.45, or 1.74 per cent.
Nifty Pharma index added 0.5 per cent supported by the Granules India, Abbott India, Dr Reddy's Laboratories
“Crude oil prices are showing signs of stabilizing after the swift decline towards a nine-month low with markets considering the prospects of further action by the OPEC+ members at their October 5 meeting, as the oil cartel hinted at their discomfort with declining crude prices. Softening of the dollar index and uncertainty over a price cap being imposed by the EU on Russian oil are also underpinning crude oil prices. We foresee prices to witness recovery towards USD 80 a barrel for WTI while for Brent, prices look to rebound towards USD 87 a barrel.”
~Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking
Benchmark indices were trading higher in the highly volatile market. The Sensex was up 241.24 points or 0.42% at 57386.46, and the Nifty was up 66.70 points or 0.39% at 17083.
We expect a 35-50 bps hike in repo rates in the current monetary policy next week and the projected inflation easing announcements in the coming years could provide a shot in the arm as we have witnessed a sharp fall in commodities prices. A serious global recession could present downside risks to our growth forecast due to which we could also witness volatility in our bond and equities markets. Read full story
The global growth slowdown worries spare none. Over the past week, the Fed removed any remaining doubt about its commitment to getting inflation under control. As a result, both bonds and stocks sold off sharply and the debate is now whether the recent risk rally is a trend reversal or a bear market rally and whether the dollar rally continues towards 121. S&P 500 dropped to its lowest level for 2022 and the Dow and global bond market closed in the bear market. Things didn’t look better for risk markets as globally the central banks turned hawkish amid geopolitical and global recession worries. We are seeing coordinated action from global central bankers to stem US Dollar strength. Read full story
Cuba on a path toward Florida, threatening to become the worst storm to hit Tampa in over a century. BP Plc and Chevron Corp said they have shut-in production at offshore oil platforms in the Gulf of Mexico, as Hurricane Ian approaches the region. We expect MCX Crude oil October futures to rise towards Rs.6,800 per bbl for the week. Read full story
Adani Group will invest more than $100 billion of capital in India over the next decade, with 70 percent of the investment for Energy Transition space, said the conglomerate’s founder Gautam Adani at the Forbes Global CEO Conference in Singapore today. Adding to the existing 20GW renewable portfolio of the group, the roughly $70 billion capital infusion will contribute another 45GW of hybrid renewable power generation. The group, under the banner of Adani new Industries, plans to augment the additional GWs over a 1,00,000 hectares of land, which is roughly 1.4 times the size of Singapore.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Tuesday on pullback in dollar. On Multi Commodity Exchange, gold October futures were ruling Rs 50 or 0.10 per cent down at Rs 49100 per 10 gram as against the previous close of Rs 49150. Silver December futures were up Rs 48 at Rs 55400 per kg. Globally, yellow metal prices rose as the dollar’s rally paused, but prices held close to a 2-1/2-year low on expectations of further policy tightening by the US Federal Reserve in its efforts to quell soaring inflation. Read full story
We are within touching distance of the 81.8 target, which may be extended to 82. Meanwhile, we will look for inability to break 81.8 or slippages below 81.55, to ease away from the bullish view, in which case, 81.25 could be expected. Anand James – Chief Market Strategist at Geojit Financial Services
Dish TV India Ltd said in a notice to exchanges that its shareholders had rejected four of six resolutions at an annual general meeting on Monday. The firm said its AGM adjourned without assigning a day for a further meeting and the board strength is now down to two members. The resolutions not approved by shareholders include those related to adoption of financial statements for fiscal years 2021 and 2022, appointment of new statutory auditor SN Dhawan & Co, and appointment of Rakesh Mohan as non-executive independent director.
India Ratings and Research has upgraded the rating of the company's long-term facilities to 'IND AA/Stable' from lND AA-/Stable'.
Blackstone Inc is slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on September 27, as per reports. The offer price of the block deal stands at Rs 345 per unit.
Nifty Information Technology index rose 1 per cent supported by Infosys, HCL Technologies, Wipro
Mahindra Logistics shares rose around 4 per cent after the company announced that it has entered into a Business Transfer Agreement with Rivigo Services and its promoter for acquisition of its B2B express business, as a going concern, on slump sale basis. The transaction cost is Rs 225 crore and the acquisition will be completed by November 1, 2022.
All sectors opened with marginal gains. Nifty PSU Bank, Nifty Media, Nifty Metal, Nifty Auto indices climbed up to 1 per cent in trade.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 27 September 2022 (Tuesday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are 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
Bulls attempted a comeback on Dalal Street as Indian benchmark indices opened firm amid mixed global cues. BSE Sensex was up 224.23 points or 0.39% at 57369.45, and NSE Nifty 50 was up 65.70 points or 0.39% at 17082.
Benchmark indices are trading firm in the pre-opening session. The Sensex was up 77.60 points or 0.14% at 57222.82, and the Nifty was up 142.20 points or 0.84% at 17158.50.
Indian rupee opened 14 higher paise at 81.48 per dollar on Tuesday against the previous close of 81.62.
Foreign institutional investors (FIIs) net offloaded shares worth Rs 5,101.30 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,532.18 crore on September 26, according to the provisional data available on the NSE.
“Markets are likely to take a breather from the recent corrections and start Tuesday's session on a higher note, tracking recovery in SGX Nifty and select Asian indices even as US markets in overnight trades continued the declining trend. However, markets may continue to wobble intra-day amidst escalating risks of a global recession, driven largely by aggressive monetary tightening around the world to suppress elevated inflation. Also, the recession warning in the US is getting louder with the fact that the 10-year US bond yield is trading at 11-year high and 2-year bond yield at 15-year high.”
~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“Benchmark Indices are expected to open on a positive note today as suggested by trends on SGX Nifty. US markets slid further on Monday led by FED’s aggressive stance against inflation. Asian markets are trading mixed in the early Tuesday trade with Nikkei trading +0.8% up, Chinese markets trading +0.4% up while Korean and Taiwan markets trading in the red zone. Some stock specific actions can be witnessed in stocks such as Mahindra Logistics, Filatex India, Jubilant Foodworks. On the technical front, Immediate support and resistance in Nifty 50 are 16900 and 17400 respectively. Bank Nifty immediate support and resistance are 38250 and 39250 respectively.”
~Mohit Nigam, Head – PMS, Hem Securities
The Indian Rupee is expected to depreciate further on strong dollar, weak Asian peers, and risk aversion in markets. Rupee is likely to open at 81.40, and trade in a range of 81.20 to 81.70 for the day, according to forex analysts. The local unit may slip to 82 per dollar soon, they added. In the previous session, rupee tumbled to a record low of 81.66 against the US dollar as various risky assets continued to be pounded by concerns of a looming recession in developed economies that have prompted a worldwide hardening of interest rates. The US dollar has gained against several currencies, including the rupee. An indication of its global strength is being reflected in the Dollar Index which vaulted to a new 20-year high of 114.53.
” RBI has offloaded tonnes of dollars from its FX kitty and while it does that, it has to buy rupee to sell USD. If RBI keeps selling more on the spot, it will further make the worst adverse and can do severe damage to the economy. Therefore, the RBI can’t go aggressive in selling, and hence the rupee can be seen moving towards 82.00-82.50 levels, further as now importers will buy in a rush and exporters shall get complacent. But no surprise, the rupee was overvalued against its peers and this correction was long overdue. It will be a tough job for RBI to juggle multiple balls at the same time and would be interesting to see what measures are been taken in the upcoming meeting.”
~Amit Pabari, MD, CR Forex Advisors
“The rupee touched a new low of 81.65 and is a tad bit lower from another psychological mark of 82.00. Today, the pair is likely to open slightly stronger around 81.40 levels and shall trade in a range of 81.20-82.00 levels. Unlike the previous episodes of RBI’s solid intervention, this time, RBI seems to shy away unwantedly amid the current liquidity crunch. RBI has offloaded tonnes of dollars from its FX kitty and while it does that, it has to buy rupee to sell USD. This passive buying of the rupee, along with being on a hiking spree to tame inflation and follow the Fed, has led to a severe liquidity scarcity in the banking system which went into a deficit of over Rs. 27,000 crores from a surplus of Rs. 8.03 lakh crores.”
~Amit Pabari, MD, CR Forex Advisors
“India has been in a relatively sweet spot despite the hawkish environment but in sympathy has to increase rates to avoid capital outflow. The Reserve Bank has also sacrificed nearly 20% of the reserves in trying to defend the rupee but when the liquidity flows out of Emerging markets nothing really can stop the flow. The risk now is a currency contagion with the USD strengthening on a daily basis. For long-term investors, there are opportunities to be had in such an environment. This is not the first or is likely to be the last crisis. If you are invested in good businesses and are following a framework for your investing, there need not be too much worry as once the dust settles, India should re-emerge as a very strong capital magnet. Staying with strength in the market remains one of our favourite ways to not predict the market yet ride the wave as and when we get it.”
~ Alok Jain, smallcase manager & Founder, Weekend Investing
“The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
“Taking a glance at the US markets, we will not be surprised to see some relief in key indices there as they have been on a continuous declining spree for a month. Any rebound could certainly provide the much-needed cushion for our domestic markets, and since we are relatively stronger, a possibility of a sharper bounce back cannot be ruled out. As far as supports are concerned, 17000 – 16900 – 16800 is to be seen as a sacrosanct cluster, whereas on the flip side, 17200 followed by 17350 are to be seen as intraday resistances.”
~ Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“The benchmark index Nifty has now entered a cluster of key moving averages i.e. 89-day EMA and 200-day SMA. Also, the previous breakout point coincides around 16800; hence, as of now, we do not expect the correction to extend below these levels. If it gets breached, we may have to revisit our view; but as of now, we would like to believe we are very much close to the sacrosanct supports, and since markets are extremely oversold, it’s advisable to trim existing shorts and start nibbling into quality propositions.”
~ Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“Panic gripped Dalal Street as the risk of recession was on the front and center in financial markets across the globe. The street suspects that the Fed moving so aggressively on rate hikes could cause a recession. The other biggest headwind which stock markets world over facing is inflation. In this backdrop, investors await the RBI MPC's move on rate-hike decision this Friday, which would determine the trend in the medium term. Technically speaking, the biggest support for Nifty to watch will be 16907 and if the index holds this level, there is a bright chance that Nifty could bounce to 17451 and then at 17727 mark.”
~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
US Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. In recent weeks, Fed officials have been adamant that they will push rates as far as needed to cool off inflation – even at the cost of rising unemployment and a possible recession. The S&P 500 is down 12 per cent just in the month that Fed Chair Jerome Powell delivered a stern message at a central bank symposium in Wyoming about the economic 'pain' required to curb the fastest price increases since the 1980s.
Infosys: The IT major on Monday inaugurated its new digital centre in Calgary, Alberta in Canada and said it would create 1,000 jobs over the next two years.
Embassy REIT: Blackstone Inc is reportedly slated to sell 7.7 crore units of Embassy REIT worth Rs 2,650 crore via block deals on Tuesday.
Jubilant FoodWorks: The Dominos operator informed in an exchange filing on Monday that it has acquired a 29.24 per cent stake on a fully diluted basis in Roadcast Tech Solutions Pvt Ltd.
After Monday’s rout, the Indian share market may witness a slight bounce back amid mixed global cues. Early trends in the SGX Nifty hinted at a flat to positive opening for NSE Nifty 50 and BSE Sensex. “The RBI’s decision and the outlook would hold great importance post the rate hikes announced by many Central Banks globally following the US Fed aggressive outcome. Even the monthly F&O expiry this Thursday would keep the markets volatile. Fragile global factors and FII outflows would continue to keep the pressure on the market and thus 17000 level would act as a key support level, below which the weakness could intensify,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Shares in the Asia-Pacific were higher on Tuesday after a sharp fall on Monday. The Nikkei 225 in Japan rose 0.65 per cent, and the Topix index gained 0.66 per cent. In Australia, the S&P/ASX 200 added 0.46 per cent. South Korea’s Kospi was marginally up, and the Kosdaq gained 0.64 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan was about flat.
Wall Street slid deeper into a bear market on Monday, with the S&P 500 and Dow closing lower as investors fretted that the Federal Reserve's aggressive campaign against inflation could throw the US economy into a sharp downturn. The Dow Jones Industrial Average fell 1.11 per cent to end at 29,260.81 points, while the S&P 500 lost 1.03 per cent to 3,655.04. The Nasdaq Composite dropped 0.6 per cent to 10,802.92.
Nifty futures were trading 27 points, or 0.16% higher at 17,048 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.