Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 snapped 3-day losing streak on Wednesday, a day before weekly F&O expiry. BSE Sensex ended 479 points or 0.8 per cent higher at 57,626, while NSE Nifty settled 140 points or 0.8 per cent up at 17,124. Stocks of PowerGrid Corporation of India, Axis Bank, IndusInd Bank, NTPC, M&M, Reliance Industries Ltd (RIL), were among top index gainers. On the contrary, Asian Paints, Dr Reddy’s Laboratories, Bharti Airtel, ICICI Bank, Titan Company were among top index laggards. Bank Nifty jumped more than 1 per cent to settle at 39,119.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
BSE Sensex ended 479 points or 0.8 per cent higher at 57,626, while NSE Nifty settled 140 points or 0.8 per cent up at 17,124
Infosys has typically returned around 30% of its net cash balances via buybacks. Analysts at Jefferies estimate the IT major had cash balances, on its books, of a little over Rs 40,000 crore at the end of September. This suggests a buyback in the range of Rs 8,700-9,500 crore, excluding the buyback tax.
The markets will stay under consolidation — any slip below 38800 and 16950 on a closing basis will invite incremental weakness in Bank Nifty and nifty respectively. Milan Vaishnav, CMT, MSTA and founder of Gemstone Equity Research
We enter the weekly options expiry tomorrow; I expect both Nifty and Bank Nifty to maintain and defend the support level of 17000 and 38800 respectively. Broadly speaking if these levels are defended, expect the indexes to test 17450 and 39500 in the near term as they have got some room on the upside. Milan Vaishnav, CMT, MSTA and founder of Gemstone Equity Research
Indian Footwear Industry is witnessing a very unique characteristic wherein emerging players with new ideas are beginning to challenge the might of sector leaders – Bata India, and Relaxo Footwears. While rising input costs and inflationary pressures are a headwind, emerging fashion trends and tie-ups with foreign brands have provided structural tailwinds to emerging players. Our thesis played out well in Metro Brands over the last couple of months and we expect the value proposition with fashionable trends to positively rub-off on smaller players like Khadim India as the Indian Footwear Industry has the potential to grow 15% annually. Opportunities are also emerging in Asia Pacific countries. S Ranganathan, Head of Research, LKP Securities
The stock markets (NSE and BSE) will open for an hour for Diwali muhurat trading on 24th October 2022. As per the notice available on BSE and NSE, trading in equity, equity and derivative segment will start at evening 6:15 PM and will end after one hour at 7:15 PM. Pre-open session will begin at 6:00 PM and it will end at 6:08 PM.
Adani Data Network has been granted unified licence for access services, which enables it to provide all telecom services in the country, according to two official sources. Adani Group entered the telecom sector after buying spectrum in the recent auction.
Infosys is likely to post a strong set of numbers for the quarter ended 30 September on the back of strong momentum and ramp-up of past deals. The consolidated revenue for the quarter is expected to rise 23-24% on-year, according to estimates given by several brokerage firms. The consolidated net profit of Infosys is seen rising in 6-9 per cent range on a yearly basis. The company’s board will meet on October 12 and 13 to approve financial results for Q2FY23. Infosys will consider a proposal for a share buyback, its fourth since 2017, on the same day.
Airfares to popular routes from various hubs like Mumbai, Pune, Delhi and Bengaluru are witnessing an uptick during the upcoming Diwali period v/s the previous year. We have seen an increase of 50-60% for Andaman, Himachal and Kashmir, 50% for Goa and Kerala. Metros like Mumbai, Delhi, Bengaluru, etc. are also witnessing surge pricing of 25-30% v/s last year as India’s migrant working professionals are travelling back to their hometown to celebrate Diwali with their families. Our data indicates that despite surge in airfares coupled with visa challenges, we continue to see a strong uptick for international travel compared to pre-pandemic levels. Airfares to Australia, Europe’s Switzerland, France and Spain; UK have seen a surge by 30-35% for Diwali, South East Asia’s Singapore, Thailand, Malaysia and Indonesia by 35%; Vietnam and Cambodia by 40%; also Dubai 35% and Mauritius 15%. Indiver Rastogi, President & Group Head, Global Business Travel, Thomas Cook (India) and SOTC Travel
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate in India fell on Wednesday on the back of weak global cues. On Multi Commodity Exchange, gold December futures were trading Rs 204 or 0.4 per cent down at Rs 50,892 per 10 gram, as against the previous close of Rs 51,096. Silver December futures were ruling Rs 786 or 1.34 per cent down at Rs 57,749 per kg. Globally, yellow metal prices inched lower as traders looked forward to U.S. Federal Reserve minutes and key inflation data for clues on the pace of future interest rate hikes. Read full story
Tata Motors share price has plunged over 20 per cent so far this year, underperforming benchmark NSE Nifty 50 which has fallen around 3.5 per cent in 2022. Despite the correction in share price, analysts at Nomura remain bullish on the stock, and see over 30 per cent potential rally going forward on the back of boost from electric vehicle (EV) segment. The brokerage believes that Tata Motors is taking the lead in EVs, and every 1 per cent market share gain in Passenger Vehicles (PVs) has the potential to add Rs 5000 crore to the market cap of the company. Read full story
Long bearish candle on daily charts and lower high formation on intraday charts indicating further weakness from the current levels. We are of the view that the texture of the market is weak and the correction wave is likely to continue till 16850-16800/56900-56700. On the flip side, 17050 in NSE Nifty, and 57350 in BSE Sensex would be key intraday resistance zones, above which, minor pullback rally possible till 17100-17125/57500-57600. Read full story
17,000 Put writers are pretty strong today. Unless Nifty breaks day low of 16,976, don’t short the market. Rahul Sharma, JM Financial Services
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel remained unchanged on 12 October 2022 (Wednesday), 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. Read full story
The local unit has traded in a narrow 6 paisa range so far, as it did on Tuesday when the RBI likely sold dollars at around the 82.38-82.40 levels and received in forwards.
It was “quite evident” the RBI had decided to not let the rupee depreciate further “at least for the moment,” said one of the traders who suspected the intervention. The rupee's Asian peers were mostly lower on Wednesday, bogged down by the U.S. Federal Reserve rate outlook. Reuters
The Reserve Bank of India is likely selling dollars via state-run banks on Wednesday to support the rupee, which slid to a record low earlier this week, traders told Reuters. The rupee was last trading at 82.3225, barely changed from 82.3125 in the previous session. Reuters
India is talking to different countries to make Rupay acceptable in their nations, Union Finance Minister Nirmala Sitharaman said on Tuesday. “Not just that, the UPI (Unified Payments Interface), the BHIM app, and NCPI (the National Payments Corporation of India) are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the interoperability itself will give strength for Indians expertise in those countries,” she said. Read full story
Bank Nifty gained 0.4 per cent to trade at 38,785
Stocks of L&T, Tata Steel, Dr Reddy's, and Bharti Airtel were among the Sensex laggards
HCL Tech, PowerGrid Corporation of India, Bajaj Finserv, Axis Bank, Kotak Mahindra Bank, Hindustan Unilever Ltd (HUL) were among top BSE Sensex gainers
BSE Sensex was up 99 points or 0.17 per cent to trade at 57246, while NSE Nifty 50 was up 20 points to reclaim 17000
SGX Nifty hinted at a flat to positive start for Indian benchmark indices with a gain of 0.3%. In the previous session, BSE Sensex plunged 844 pts or 1.46% to 57,147, while NSE Nifty 50 fell 257 pts or 1.5% to settle below 17000. “There is pessimism in the markets as weak global economic outlook along with the pressing geopolitical tension and the dangling rate hike worries has given investors the ammunition to exit equities at will. Also, the US FOMC minutes outcome is already making investors nervous on concerns that the Fed could be going more rate hikes to keep a leash on rising inflation menace,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Reliance: Reliance Industries’ arm Jio-BP will lay a network of charging stations at Mahindra & Mahindra dealerships and workshops across the country, initially starting with 16 cities.
Infosys: The IT services major on Tuesday said its president Ravi Kumar S has resigned from his post.
Wipro: The IT company is expected to post a muted show for the September 2022 quarter, according to analysts when it announces its earnings today.
Wipro, HCL Technologies, Sterling and Wilson Renewable Energy, 7NR Retail, Artson Engineering, Mangalam Industrial Finance, Mega Nirman and Industries, National Standard (India), Nxtdigital, Sanathnagar Enterprises, Standard Capital Markets, and Yash Chemex will be in focus ahead of quarterly earnings on October 12.
“Indian Markets are caught in the web of global turmoil. While Domestic investors are fighting hard to come out of this web, they have been unable to do so amid high volatility with Nifty falling below its key psychological levels of 17,000. Markets may remain under pressure in the near term, as global factors continue to outweigh. Further, macro data like CPI, IIP and WPI, along with US Fed meeting minutes to be released over the next few days would be closely tracked by investors for further cues on market direction,”~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Indicators and oscillators have turned bearish on the short-term charts. Below 16900, Nifty could drag towards next supports of 16750 and 16600. Resistance for Nifty has shifted down to 17300 levels.”~Deepak Jasani, Head of Retail Research, HDFC Securities
The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country's bond market for just three more days adding to market jitters late in the session. Trading was volatile, with investors cautious ahead of key U.S. inflation data and the start of third-quarter earnings later this week. The Dow ended higher, helped by Amgen Inc (AMGN.O) shares, which jumped 5.7% after a report that Morgan Stanley upgraded the drugmaker's stock to “overweight” from “equal weight.” Overnight on Wall Street, the S&P 500 shed 0.65% to close at 3,588.84 after hitting a multiyear low during the session. The Nasdaq Composite dropped 1.10% to 10,426.19, its lowest close since July 2020. The Dow Jones Industrial Average ticked up 36.31 points, or 0.12%, to close at 29,239.19.
Asia-Pacific markets were mixed on Wednesday amid concerns over the global economy and ahead of the Bank of Korea’s rate decision. Investors are also waiting for inflation data from the U.S. due later this week. The Nikkei 225 in Japan was lower by about 0.2% while the Topix lost 0.15%. In Australia, the S&P/ASX 200 was flat. MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed. South Korea’s Kospi shed 0.23% and the Kosdaq fell 0.33%.
Nifty futures traded 50.5 points, or 0.30% higher at 16,990.5 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.