Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended lower from respective day’s highs, but settled 1 per cent up on Tuesday. BSE Sensex jumped 579 points or 1 per cent to 59720, while NSE Nifty 50 settled at 17816, up 194 points or 1.1 per cent. Stocks of Sun Pharma, Dr Reddy’s, IndusInd Bank, Tata Steel, Titan Company, Bajaj Finserv, ICICI Bank, Asian Paints, HCL Tech, Axis Bank were among top BSE Sensex gainers. On the flip side, Nestle India, Power Grid Corporation of India, Infosys and Reliance were the top index laggards. Bank Nifty gained 1.4 per cent to end at 41,468.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
BSE Sensex jumped 579 points or 1 per cent to 59720, while NSE Nifty 50 settled at 17816, up 194 points or 1.1 per cent
Crude Oil Prices and Nifty returns have a curvilinear correlation – Brent is below $95 per barrel, So Crude Oil Prices and Nifty performance are positively correlated. Positive Cues from the bullish overnight setup in US Markets also fear gauge index India VIX eased nearly 6%. FIIs were net buyers yesterday & Dollar index was stable is also a reason for the rebound in Markets today. Vikram Kasat, Head Advisory, Prabhudas Lilladher
Indian markets took the cues from the global markets as the markets across the globe are showing strength. The two-day policy meeting of the Federal Reserve gets underway later today. Further, India's macro-economic stability has been one of the key pillars supporting its relative outperformance compared to global peers. Corporate earnings are also expected to grow in the mid-teens in FY23 and FY24 which is likely to support the market valuation. Amid global economic turmoil, where some countries are facing existential crises and others are struggling with elevated levels of inflation, the Indian economy is slowly emerging as a bright spot on the global map and that works in favour of the equity market. Arijit Malakar, Head of Retail Research at Ashika Group
The rupee appreciated 16 paise to 79.65 against the US dollar in early trade, in line with a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar. Since the beginning of this year, the Reserve Bank of India (RBI) has been defending the local currency relentlessly from the onslaught of the US dollar outflows. Read full interview
In order to mitigate the impact of the Russia-Ukraine war on the Indian economy, policymakers have deployed significant fiscal and monetary resources. The measures taken by RBI have helped India’s economic performance, which has arguably been better than its peers, as the growth recovery has been robust while inflation has risen by much less than in other economies. However, according to analysts at Barclays, this resilience in the economy has come at the cost of material fiscal support in the form of price stabilisers, as well as through the loss of foreign reserves to keep the rupee relatively stable. Read full story
Indian equity markets may witness pressure in the near term, given the uncertainty on the global front. The upside from here will be a function of stability in global and local macro conditions, and continued earnings delivery versus expectations, said Mahesh Patil, CIO, Aditya Birla Sun Life AMC in an interview with Harshita Tyagi of FinancialExpress.com. Overall, markets are expected to remain in a range-bound phase until clarity emerges on global macro conditions, he said adding that banking, utility, consumption, PSU stocks are among the top bets. There are many emerging companies that are coming up lately thus providing opportunities to generate alpha, Patil said. Read full interview
Indian equity markets have shown tremendous strength so far amid the global turmoil. However, the looming fear of aggressive rate hikes by the US Fed has now increased volatility in domestic equities, even triggering declines. India’s stable domestic fundamentals in terms of robust financial and non-financial sector balance sheets, high forex reserves, anticipation of Capex revival, and increasing lucrativeness amongst foreign investors should cushion the markets in case of a mild recession, said Mahesh Patil, CIO, Aditya Birla Sun Life AMC in an interview with Harshita Tyagi of FinancialExpress.com. Read full story
BSE Power index gained 1 per cent supported by the Adani Green, Adani Power, Tata Power
A decent recovery in global markets with US & European markets also moving up due to being slightly oversold has led to a sharp uptrend in both Nifty & Sensex today. Till Nifty doesn't close above 18075 on daily basis, trend will remain sideways to bearish with strong support at 17745. AR Ramachandran, Co-founder & Trainer, Tips2Trades
Bank Nifty's resistance is placed at 41800-42300, a move above that will be a breakout. While support is seen at 41000 and 40400. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Market witness a sharp pullback in today’s trading session, on the back of positive global sentiments, and ahead of the crucial US Federal Reserve policy meet, scheduled later this week. Investors appear to have braced themselves for a 75 basis point rate hike, which the markets have factored in. But it’s the forward looking statement by the Fed that would matter most, with regard to the US Economy, going forward. Inflation is definitely a key concern for market participants, and given the kind of volatility witnessed, over the past few weeks, a cautious approach would be more appropriate. The benchmark index, Nifty has crucial support around the 17400 mark whereas key resistance is seen around the 18200 level. Aamar Deo Singh, Head Advisory, Angel One
As the Nifty is in wide trading range today, resistance seen at 18000 and 18450 resistance, while support is placed at 17600 and 17350. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
The Nifty had attempted a strong breakout above 17600 levels. The most recent corrective retracement saw the nifty testing those levels again. This has caused a strong short covering led bounce. Further to this, markets have largely discounted the 75 bps rate hike that is slated to come up tomorrow unless some misadventures are done by Fed. To sum up, markets are going into this event much lighter with heavy shorts covered up which is fueling this rally. Besides this the Nifty stays overall buoyant within the defined trading range. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Geojit Financial Services, as part of its Smartfolios product, has launched two unique equity indexes based on the custom indexes created by MSCI, which has been at the forefront of index construction and maintenance for more than 50 years, launching its first global equity indexes in 1969. These curated model portfolio baskets, specially created for Geojit by MSCI are: Select, which is based on MSCI India Domestic IMI Select sub industries index; and LMS, which is based on MSCI lndia Domestic IMI Select 30 index.
Federal Reserve officials have made it very clear that they will not slow the pace of rate hikes until they see convincing evidence that core inflation pressure is easing. More rapid pace of interest rate increases would slow the economy, the Fed may yet stick to a so-called soft-landing, lowering inflation but avoiding a severe downturn. Yet this seems difficult in the light of inflation remaining higher than expected. With a resilient labor market supporting strong wage growth, inflation has probably not begun its downward journey; keeping the Fed on an aggressive monetary policy path for a while. Read full story
In the near term, spot USDINR is expected to trade in the range of 79 to 81 as a stronger dollar will push it higher while foreign fund inflows will limit the upside. The medium-term trend remains bullish in spot USDINR as long as it trades above 78.70. Read full story
Global oil consumption is being threatened by a darkening economic outlook. A hawkish US Federal Reserve, looming recession in Eurozone and China’s zero covid policy might add to demand concerns. Investors await two major central bank meetings this week – the Fed and the Bank of England. Fed is expected to deliver another jumbo-sized 75 bps hike, while BoE might go for 50 bps and raise concerns of a recession. Talks of recession and aggressive rate hikes might weigh down on oil demand and prices. Read full story
FM Sitharaman said India had committed to ambitious goals in COP26. India will have to get back to coal to sustain our base level of energy requirement. Global challenges have emerged to commit to renewable energy. She also added saying that India will have to get back to coal to sustain government's base level of energy requirement. “High global prices of gas, which was our transitional energy, have posed challenges,” FM Nirmala Sitharaman
Sitharaman added saying India led the way towards an inclusive financial world. The government is moving very fast on solar and wind energy. FM Sitharaman also said that “will have to go back to coal for some time”.
Union Finance Minister Nirmala Sitharaman at an event said “We have brought paperless & cashless layer to the financial world. Have added cashless layer in the health sector. Plan to have natural gas as transitional energy source”.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading tepid in India on Tuesday, on muted global cues as investors awaited US Fed policy outcome. On Multi Commodity Exchange, gold October futures were trading Rs 28 down at Rs 49,274 per 10 gram, as against the previous close of Rs 49,302. Silver December futures were ruling at Rs 56,897per kg, up Rs 213 or 0.4 per cent. Globally, yellow prices traded in a tight range as investors maintained a cautious stance ahead of this week’s policy meeting by the Federal Reserve where the U.S. central bank is likely to hike interest rates to tame high inflation. 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 20 September 2022 (Tuesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi are 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
OYO, a hospitality and travel-tech firm, filed fresh IPO documents with the capital market regulator SEBI on Monday. According to the latest filing, hotel aggregator OYO has posted a loss of Rs 2,140 crore in FY22, as compared to Rs 4,103 crore in FY21. During April-June quarter of the fiscal, the company has registered a loss of Rs 414 crore, according to the latest addendum filed by the company with the Securities and Exchange Board of India. Read full story
Sectorally, Bank Nifty soared more than 1 per cent or 535 points to trade at 41,454.35
While ICICI Bank, Infosys, Reliance Industries. HDFC Bank among others contributed the most to the indices gain
Stocks of IndusInd Bank, Tech Mahindra, Bajaj Finserv, HCL Tech, Infosys, L&T, Tata Steel, ICICI Bank were among top Sense gainers
BSE Sensex surged more than 1% or 600 points to trade at 59,733, while NSE Nifty 50 was hovering near 17800
Markets are likely to sprint ahead in early trades Tuesday owing to overnight gains in the US markets and subsequent upsurge in other Asian gauges. However, intra-day volatility could be the ongoing theme as investors world over are bracing for a stiff interest rate hike by the US Federal Reserve to weigh on the rising inflation. Technically, Nifty needs to stabilize above the 17483 mark for a bright chance of its recovery to the 17731-17877 zone. We expect Bajaj Finance and Maruti Suzuki to rise with a long-term perspective. Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“Markets to remain tentative amid uncertainty in the global bourses. However, the undertone is expected to remain upbeat till Nifty sustains above the unfilled gap of 17400-17380 odd zone. Meanwhile, some tentativeness could be sensed until the unfilled gap of 17820-17860 is not taken out. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the comparable period. Going forward, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. Hence, traders are advised to have a stock-centric approach and stay abreast with global and domestic developments on a regular basis
~Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
Markets are likely to remain range bound ahead of the US Fed interest rate decision to be announced 21Sep (Wednesday). While it is widely expected that Fed will go for at least a 75 basis points hike, however, given the stubbornness of US inflation and robust numbers from US data points like retail sales and a strong labor market, there is a high chance that the aggressive stance towards rate hike is likely to continue for a prolonged time. Even the Bank of England is likely to announce a 50bps rate hike to combat inflation and could keep global markets under pressure. US 2-Year bond have spiked to a 15-year high at 3.9% while the 10-year bond is hovering at 3.4%, thus implying that the short term pain could continue in the global markets. Back home, Indian markets are better placed compared to the other global markets due to strong macro factors, strong government policy implementation and oil prices falling to 7-month low.
~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equity market is expected to open on a positive note as trends in the SGX Nifty indicated a firm opening for NSE Nifty 50, BSE Sensex, with a gain of 131.50 pts. “While the undertone of the market remained volatile, a strong relief rally after the recent slump helped benchmark indices to rebound on Monday. While European markets and most of the Asian pack continued their downward spiral, the underperformance of the Indian markets last week prompted investors to buy the beaten-down stocks. Despite the recovery, markets may gyrate sharply intra-day amid global uncertainty,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Shares in the Asia-Pacific rose Tuesday as Japan’s inflation accelerated and China kept its loan prime rate on hold. Hong Kong’s Hang Seng index gained 0.91%, with the Hang Seng tech index up nearly 2%. The Shanghai Composite in mainland China rose 0.51% and the Shenzhen Component advanced 0.58%. In Australia, the S&P/ASX 200 advanced around 1%. Japan’s Nikkei 225 rose 0.34% on its return to trade after a holiday and the Topix gained 0.37%. The Kospi in South Korea added 0.37%, while the Kosdaq was 1.04% higher. MSCI’s broadest index of Asia-Pacific shares gained 0.71%.
Wall Street's main indexes ended a seesaw session higher on Monday, as investors turned their attention to this week's policy meeting at the Federal Reserve and how aggressively it will hike interest rates. The Dow Jones Industrial Average rose 197.26 points, or 0.64%, to 31,019.68, the S&P 500 gained 26.56 points, or 0.69%, to 3,899.89 and the Nasdaq Composite added 86.62 points, or 0.76%, to 11,535.02.
Nifty futures traded 137.5 points, or 0.78% higher at 17,761.5 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.