Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended in the red on Wednesday ahead of US Fed policy meeting outcome. BSE Sensex fell 263 points or 0.4 per cent to 59,457, while NSE Nifty 50 ended 98 points or 0.6 per cent down at 17718. Stocks of Hindustan Unilever Ltd (HUL), ITC, Bajaj Finance, Tech Mahindra, M&M, Reliance Industries and Nestle India were the top Sensex gainers. On the contrary, IndusInd Bank, UltraTech Cement, Power Grid Corporation of India, L&T, NTPC, HCL Tech, Dr Reddy’s were among top index laggards. Sectorally, Bank Nifty index fell 0.6 per cent to settle at 41,203.45, India VIX, the volatility index, gained 2.8 per cent to settle at 19.33 levels. The two-day Federal Open Market Committee (FOMC) meeting of the US Federal Reserve which began on Tuesday will conclude today. The committee headed by Fed Chair Jerome Powell is expected to announce a 75 bps interest rate hike, with many economists not ruling out a 100 bps increase.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
BSE Sensex fell 263 points or 0.4 per cent to 59,457, while NSE Nifty 50 ended 98 points or 0.6 per cent down at 17718
Adani Enterprises, ACC, and Ambuja Cements share prices tanked more than 7 per cent intraday on Wednesday, a day after the ports-to-power conglomerate announced to pledge shares of these two cement companies. Adani Enterprises share price tanked nearly 7 per cent to Rs 3572.65 apiece, ACC shares tumbled 7.2 per cent to Rs 533, and Ambuja Cements fell 7.4 per cent to Rs 2523.25 apiece. Read full story
The upcoming festive season is expected to boost the auto, hospitality, and consumer durable industry on the back of strong demand. However, the operating margins of FMCG companies are likely to remain under pressure in spite of the drop in input costs. This is because demand recovery from rural India, which accounts for around 40% of FMCG sales, has still not recovered, according to Teresa John, Research Analyst (Economist), Nirmal Bang. Additionally, the southwest monsoon is also expected to delay recovery in rural demand. At the same time, in spite of a persistent decline in input costs amid falling commodity prices, marketers of daily essentials, groceries, and packaged commodities do not intend to lower prices in October ahead of the festive season. Read full story
Bank Nifty index was down 1.2 per cent to trade at 40, 975 levels
Students of NMIMS Navi Mumbai Campus prepared a white paper on the increasing importance of ESG investing and its role in the investment decision of institutional and retail investors. According to the white paper, over 80% of institutional investors have made it mandatory to include ESG in their future decisions. The investors are looking to invest responsibly and seek ESG compliance reports from companies to assess their long-term options on various parameters. The white paper put the spotlight on the upcoming FabIndia IPO and cites it as a great example for the Indian corporate industry. Terming it India’s first ESG-focused IPO the report highlights several inclusive policies and sustainable practices of the company.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Wednesday, as prices remained steady in global markets. On Multi Commodity Exchange, gold October futures were ruling at Rs 49,216 per 10 gram, up Rs 41. Silver December futures were trading at Rs 56,684 per kg, up Rs 341 or 0.6 per cent. Globally, yellow metal lingered near recent lows as investors prepared for the likelihood of another super-sized interest rate hike from the U.S. Federal Reserve in its effort to tame soaring inflation. Read full story
We are of the view that the short-term support has shifted to 17700/59400 from 17500/58800. A dismissal of 17700/59400 could accelerate the selling pressure. As a result, below 17700/59400 the chances of hitting 17600-17500/59000-58800 would turn bright. On the flip side, above 17700/59400 the index could retest the level of 17950-17800/60000-60300. 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 21 September 2022 (Wednesday), keeping costs steady for more than three months now. Petrol rate and diesel rate 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
Rupee is likely to remain volatile on Wednesday amid risk aversion in global markets, falling crude prices. USDINR(Spot) is expected to trade sideways and quote in the range of 79.40 and 80.05, according to forex analysts. In the previous session, rupee consolidated in a narrow range and settled higher against the US dollar as investors await the US Fed’s policy statement for further cues. At the interbank forex market, the local unit opened at 79.70 against the greenback, and ended at 79.74, up 7 paise from its previous close. Note that RBI has been intervening to protect the rupee which has run down currency reserves. India’s foreign exchange reserves have declined by $90 billion from their September 2021 peak of $641 billion, a drop of 13.9%, according to RBI data.
Bank Nifty index was down 0.3 per cent to 41339 levels
IndusInd Bank, Infosys, HDFC, TCS, ICICI Bank, Kotak Mahindra Bank, Wipro, HCL Tech were among top index draggers
Stocks of Nestle India, M&M, Hindustan Unilever Ltd (HUL), Tata Steel, Bharti Airtel, Maruti Suzuki, Sun Pharma, ITC, were among top Sensex gainers
BSE Sensex was trading muted against the previous close, while NSE Nifty 50 crossed 17800
BSE Sensex and NSE Nifty 50 were trading weak in pre open on Wednesday, on the back of weak global cues ahead of US Fed meet decision
Asian stocks opened lower on Wednesday after US shares declined and Treasury yields held near multiyear highs as investors position for a hefty interest rate hike from a hawkish Federal Reserve. Indian equity markets ended with strong gains on Sept 21. Strong global cues and steady foreign flows are helping Indian markets outperform its emerging market and Asian peers. From the day’s high of 17919, Nifty witnessed profit booking and fell more than 130 points in the closing hours to finish the day near 17816, up 1.1%. Short term support for the Nifty is seen at 17541, which happens to be the upgap support. Resistance for Nifty is seen at 17919.
~Deepak Jasani, Head of Retail Research, HDFC Securities
“Relief rally continued for the second straight session, which is indicative that investors are finding local stocks attractive after every short-term correction. Even as there are talks of global recession at some point, the Indian economy is holding up really well in times of uncertainty, which is prompting investors to bet on our growth story. However, Nifty, near the 20-day SMA (Simple Moving Average), has formed Hammer candlestick formation which is broadly negative for the market. We are of the view that the short term support has shifted to 17700 from 17500. If the index slips below 17700, accelerated selling pressure will drag it down to 17600-17500 levels. On the flip side, above 17700, the index could retest the level of 17950-17800.”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Indian equity markets ended with strong gains on Tuesday. Strong global cues and steady foreign flows are helping Indian markets outperform its emerging market and Asian peers. From the day’s high of 17919, Nifty witnessed profit booking and fell more than 130 points in the closing hours to finish the day near 17780. Short term support for the Nifty is seen at 17500 odd levels, which happens to be 34 days EMA. Resistance for Nifty is seen at 18100 odd levels. For the last 6 weeks, Nifty has been into a tight consolidation zone. Breakout from 17500-18100 range would give directional move in the Nifty.”
~Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities
Benchmark indices BSE Sensex, NSE Nifty 50 are expected to open in the red as trends in SGX Nifty indicate a negative opening for Indian equities with a loss of 80 points. “On Wednesday, FOMC and Bank of Japan would be announcing their interest rate decision followed by Bank of England on Thursday. If the Fed raises the interest rate by 75 bps in line with market expectation, then we can expect the positive momentum to continue, and Nifty may inch towards 18000. However Powell’s commentary would also be significant as it would give indication of the longevity of the rate hike cycle,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Shares in the Asia-Pacific opened lower Wednesday, following Wall Street’s negative lead ahead of the Federal Reserve’s expected rate hike. The Nikkei 225 in Japan dropped 1% in early trade, while the Topix index fell 0.94%. In Australia, the S&P/ASX 200 slipped 0.32%. South Korea’s Kospi declined 0.35%. MCSI’s broadest index of Asia-Pacific shares outside Japan shed 0.17%.
Wall Street ended Tuesday lower as the eve of a U.S. Federal Reserve meeting expected to bring another large interest rate hike brought further evidence of the impact on corporate America from the inflation that the U.S. central bank wants to tame. The Dow Jones Industrial Average fell 313.45 points, or 1.01%, to 30,706.23, the S&P 500 lost 43.96 points, or 1.13%, to 3,855.93 and the Nasdaq Composite dropped 109.97 points, or 0.95%, to 11,425.05.
Nifty futures traded 89.5 points, or 0.50 per cent lower on the Singapore Exchange at 17,705.50, signaling that Dalal Street was headed for a negative start.