Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended in the red for the 7th straight session on the day of the monthly F&O (derivatives) expiry. BSE Sensex fell 188 points or 0.3 per cent to end at 56,410, while NSE Nifty 50 slipped 40.50 points or 0.24 per cent to settle at 16818. Stocks of index heavyweights such as ITC, Dr Reddy’s, Tata Steel, Sun Pharma, Nestle India, M&M, IndusInd Bank, Bharti Airtel, NTPC, UltraTech Cement, among others capped the losses. On the flip side, stocks of Asian Paints, Tech Mahindra, Titan Company, Kotak Mahindra Bank, TCS were among top index draggers. Bank Nifty ended 0.3 per cent down at 37,648.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
The onset of the festive season, combined with a relatively stronger macroeconomic environment and easing semiconductor shortage may help the car market in India retain strength amid a global fall in vehicle sales, according to Moody’s. The ratings agency switched outlook for the global automotive industry from ‘stable’ to ‘negative’, but called India a ‘bright spot’. Global car sales are expected to fall due to various reasons, including shortage of parts, regulatory pressures, and consumer sentiment, Moody’s said. On the other hand, sales volumes in India jumped 12.5 per cent this year. The leap is expected to proliferate by another four per cent in 2023, according to Moody’s. Read More
BSE Sensex fell 188 points or 0.3 per cent to end at 56,410, while NSE Nifty 50 slipped 40.50 points or 0.24 per cent to settle at 16818.
The festive season which has already begun is considered to be an auspicious time to invest in residential real estate. It is a much awaited time of the year when home buyers opt for high-ticket purchases, gives a significant thrust to the real estate sector and is marked by the launch of new projects, combined with a spectrum of benefits to attract home buyers. A big booster to housing demand has been the increased importance of owning a property backed by consumer confidence in the overall economic scenario. To cash in on the sentiment, property developers come up with discounts and schemes to attract buyers, offering freebies such as gold coins, cars, holiday trips, modular kitchens, etc.
The RBI is expected to raise the repo rates by 35-50 bps in its September Monetary Policy Committee (MPC) meeting. It may be noted that the Reserve Bank of India has already increased the repo rate to 5.4 per cent, hiking it by 140 basis points since May this year. A 50 bps increase in key policy rates again this time will take it to a three-year high of 5.9 per cent. All eyes will be on RBI Governor Shaktikanta Das on Friday, 30 Sep 2022, who, in the previous policy review, had said that ’50 is the new normal for central banks’. Read full story
The RBI should hike policy rates by 35bp this week, followed by another 25bp in Dec’22. However, With a deteriorating global economic environment and currency market movements, the RBI may choose to announce another 50bp hike this week. With the liquidity balance already moving towards neutrality and a substantial fall in RBI’s Balance Sheet, it is time to signal the end of rate hikes in India. Motilal Oswal Financial Services
Godrej Appliances has launched more than 100 new products for the festive season and is betting big on the festive months to drive 50 per cent growth for the brand. In line with the previous conversations of the brand with FinancialExpress.com on the growing popularity of premium products, Godrej Appliances has focused on a premium range for its product launches. Read full story
On the daily chart, we observed that NSE Nifty 50 has corrected for the last 6 sessions after breaking out of the downward sloping trend line that has held down the highs of 2021 and 2022. And on Wednesday, the Nifty closed below the 200 day EMA, which indicates a weak bias for the near term. Nifty could move down further towards the 20 week SMA at 16788. Any rallies on the upside could find resistances at 17038-17176. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate in India were trading sideways on Thursday, as US dollar inched higher on recession fears. On the Multi Commodity Exchange, gold October futures were trading Rs 30 up at Rs 49,780 per 10 gram. Silver December futures were ruling at Rs 56,169 per kg, down Rs 359 or 0.6 per cent on MCX. Globally, yellow metal prices retreated as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers. Read full story
Investors must roll their futures on the long side. If they are short in the current month, it would be prudent to exit shorts and take whatever profits they are left with. Futures should be rolled over on the long side. Secondly, Nifty's moving past 17000 would be crucial; it would also mean crossing above the 200-DMA again. If this happens, it may invite another dose of short covering in the markets. Milan Vaishnav, CMT, MSTA and founder of Gemstone Equity Research
NSE Nifty 50 index formed a small bodied bearish candle on daily scale with a long upper shadow indicating pressure at higher zones. It has been making lower highs – lower lows from the last six trading sessions. India VIX was up by 2.43% from 21.56 to 22.09 levels on Wednesday. Volatility is hovering at higher zones which is giving discomfort to the bulls. On Options front, Maximum Call OI is at 17000 then 17200 strike while Maximum Put OI is at 16500 then 16800 strike. Call writing is seen 17000 then 16900 strike while minor Put writing is seen at 16700 then 16600 strike. Option data suggests a broader trading range in between 16500 to 17100 zones. Read full story
Nifty Put options OI distribution shows that 16,800 has highest OI concentration followed by 16,700 & 16,500 which may act as support for current expiry and on the Call front 17,100 followed by 16,900 & 17,200 witnessed significant OI concentration and may act as resistance for current expiry. Options data suggest an immediate trading range between 17,100 and 16,700 levels & 17,000 acting as pivotal levels. In Nifty Call writing was witnessed at 17,000, 17,100 & 17,200; while on Put side it was seen at 16,800,16,700 &16,600. Read full story
Hindalco Industries, Tata Motors, Tata Steel, IndusInd Bank and M&M were among major gainers on the Nifty, while Asian Paints, Cipla, TCS and Hero MotoCorp were the laggards.
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened on positive note amid positive global cues. The Sensex was up 498.42 points or 0.88 per cent at 57096.70, and the Nifty was up 145.40 points or 0.86 per cent at 17004. Broader markets outperformed benchmark indices as Nifty MidCap 100 and Nifty SmallCap 100 indices surged over 1 per cent each. Sectorally, Nifty Media, Nifty Metal, Nifty PSU Bank advanced in the range of 1 per cent to 2 per cent.
BSE Sensex and NSE Nifty 50 ended lower for the sixth straight session on Wednesday ahead of weekly and monthly F&O expiry. BSE Sensex plunged 509 points or nearly 1 per cent to 56,598, while NSE Nifty 50 crashed 0.9 per cent or 149 points to settle at 16589. Analysts say that owing to the global uncertainty, the stock market is likely to remain under pressure in the near-term. Monthly F&O expiry on Thursday and the upcoming RBI MPC meeting outcome will be keenly watched by the investors. So far in the year, both BSE Sensex and NSE Nifty 50 have plunged more than 4 per cent, turning negative for 2022. Read full story
Indian rupee opened 35 paise higher at 81.59 per dollar on Thursday against the previous close of 81.94.
“Markets are likely to see a firm opening on Thursday, tracking a recovery in other Asian indices after US gauges staged a smart recovery in the overnight trades. The key positive catalyst is yields in the US and Europe retreated after the Bank of England's announcement that it will carry out temporary purchases of long-dated UK government bonds in order to restore orderly market conditions offered investors some support. However, caution will still prevail and intra-day choppy trend is not ruled out due to global uncertainty over persisting increase in interest rates, rising inflation and geo-politicial tensions. On the technical front, Nifty can see upward momentum only if it crosses the hurdle of 17327 mark.”
~Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Benchmark indices are trading firm in the pre-opening session on the back of positive global cues. The Sensex was up over 300 pts at 56,997, and the Nifty was up 130 pts at 16995.
Sterling fell on Thursday and the US dollar was clawing back a recent dip as relief at the Bank of England's intervention in bond markets faded in the face of nagging doubts about Britain's economic management and the outlook for global growth.
The British currency jumped the most since mid-June on Wednesday after the BoE announced an emergency bond-buying plan to shore up a gilt market that had been in freefall with the pound. But sterling was 0.8% lower at $1.0798 by mid-session in Asia and the euro weakened 0.6% to $0.9679, as the U.S. dollar regained its footing.
Rupee to open at 81.60 as risk appetite improves after Dow Jones rose overnight and BOE fueled rally of a pound who said they would buy £ 65 billion of government bonds calming the markets. Oil rallied on improved sentiments to $ 88 per barrel. The MPC meeting started yesterday and will continue today and tomorrow when at 10 am we will know about the change in interest rates. Asian currencies including CNH were all up against the dollar. The dollar index fell to 113.18 on improved risk appetite. Asian markets were all trading in the green while SGX nifty was up by about 200 points. The rupee is expected to remain in a range of 81.40 to 82.00 for the day. Exporters may adhere to a stop loss of 81.50 while importers may buy the dip that they are getting today.
~ Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
Adani Enterprises Ltd will replace Shree Cement Ltd from National Stock Exchange's benchmark index Nifty 50 from September 30. Adani Enterprises is the flagship company of Adani Group and Shree Cement is the leading cement-making firm, owning brands such as Roofon, Bangur Power, Shree Jung Rodhak, Bangur Cement and Rockstrong. The Index Maintenance Sub-Committee – Equity (IMSC) of NSE Indices Limited has decided to make the changes as a part of its periodic review.
Despite the rupee nearing 82 to the dollar, currency market experts said the Reserve Bank of India is unlikely to unveil any significant unconventional tools in its monetary policy committee meeting. The rupee touched a record low of 81.94 against the dollar as the US currency continued to rise and comments by members of the US Federal Reserve boosted expectations of further aggressive rate hikes.
India's depleted foreign exchange reserves are likely to drop further, falling to their lowest level in over two years by end-2022, as the Reserve Bank of India continues to defend the rupee from the mighty dollar's rise, a Reuters poll found. In a battle that has so far failed to staunch the rupee's fall to a record low against the greenback, the RBI has drawn down its foreign exchange reserves by nearly $100 billion to $545 billion from a peak of $642 billion a year ago, and more is coming. Those reserves are forecast to fall another $23 billion to $523 billion by the end of this year, according to the median forecast from a Sept. 26-27 Reuters poll of 16 economists. If realised, that would be the lowest level in over two years.
The Bank of England said on Wednesday that it would buy as many long-dated government bonds as needed between now and Oct. 14 to stabilise financial markets, and added that it would postpone next week's start of its gilt sale programme. “Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability,” the BoE said. “This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy.”
It said the purchases were designed to restore orderly market conditions. “The purchases will be carried out on whatever scale is necessary to effect this outcome.”
Foreign institutional investors (FIIs) net offloaded shares worth Rs 2,772.49 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,544.17 crore on September 28, according to the data available on the NSE.
Nykaa: FSN E-Commerce Ventures, Nykaa’s parent company informed the stock exchanges in a regulatory filing that a meeting of its board of directors is scheduled for 3 October to consider and approve the issuance of bonus shares to shareholders.
Hindustan Copper: The company on Wednesday announced the highest-ever dividend per share at 30.01% of the net profit in FY22 with a net profit of Rs 373.78 crore, a 338% jump over the previous year’s net profit of Rs 109.98 crore.
Blue Dart Express: The company has announced an average shipment price increase of 9.6% for 2023 as compared to 2022.
“Nifty joined the global stock market rout on worries that the Federal Reserve's war against decades-high inflation could push the U.S. economy into a downturn. Sentiment at Dalal Street remained clouded by lingering concerns about corporate India’s earnings which could come under heavy pressure from inflation, an economic downturn, and soaring interest rates. The street will be anxiously awaiting the RBI September MPC Meet outcome to trickle in on Friday, Technically, the Nifty’s support is seen at 16277-16438 zone. As long as it holds the support level there is a bright chance that Nifty could bounce to 17321 and then at 17727 mark.”
~ Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“Markets remained choppy with a sharply downward bias, as investors exited banking and metal stocks ahead of the monthly F&O expiry with the likely rate hike by the RBI & other central banks indicating that bearish sentiment could continue going ahead. Technically, we are of the view that 17000 would act as an immediate resistance level. Below which, the correction wave is likely to continue till 16700-16650. On the flip side, a short recovery rally is possible only after the dismissal of 17000. Above the same the index could move up to 17100-17200. The Nifty is having major support between 16700-16650 (which is important retracement support level). Buying is advisable in index heavyweight stocks if Nifty falls to 16700 levels,”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
Indian benchmark indices are expected to open in the green as trends in SGX Nifty hinted at a positive opening for Indian equities. Nifty futures were up 189 pts or 1% up on the Singapore Exchange. In the previous session, the BSE Sensex plunged 509 points to 56,598, while the NSE Nifty 50 fell 149 points to 16,859. “In the near term, market is expected to remain under pressure due to global uncertainty. However mixed trends across sectors would continue to offer stock-specific opportunities, especially in auto, consumption with the ongoing festive season,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Shares in the Asia-Pacific rose at the open on Thursday following a rebound on Wall Street overnight. The rally in the US came after the Bank of England said it would intervene in the bond market to stabilise conditions. The Nikkei 225 in Japan advanced 1% and the Topix index gained 0.31%. Australia’s S&P/ASX 200 jumped 1.38%. In South Korea, the Kospi added 1.5%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.72%.
Global equities staged a partial comeback on Wednesday — with Wall Street stocks surging around 2% — as the Bank of England said it would step in to the bond market in an attempt to dampen investors' fears of contagion across the financial system.
The Dow Jones Industrial Average jumped 548.75 points, or 1.88%, to 29,683.74. The S&P 500 gained 1.97% to 3,719.04. The Nasdaq Composite was 2.05% higher at 11,051.64 at the close.