Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears gripped Dalal Street on the first day of the week as benchmark indices ended in red amid weak global cues. The S&P BSE Sensex settled at 56,789, down 638 points or 1.11 per cent. The NSE Nifty 50, too, closed 207 points, or 1.21 per cent, lower at 16,887. Adani Enterprises was the biggest Nifty dragger as it dropped 9 per cent. This was followed by selling in Eicher Motors, Maruti Suzuki, Adani Ports, Hindalco, Tata Consumer Products, HUL, Kotak Bank, ITC, HDFC Life, Britannia, SBI, and Tata Motors. On the upside, ONGC, Cipla, Coal India, Dr Reddy’s Labs, BPCL, Divis Labs, and Bharti Airtel helped trim losses.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights 3 October, Monday
Adani Enterprises, Eicher Motors, Adani Ports, Maruti Suzuki and Tata Consumer Products were among the top Nifty losers. However, gainers included ONGC, Dr Reddy's Laboratories, Cipla, BPCL and Coal India. Except pharma, all other sectoral indices ended in the red. In broader markets, BSE Midcap index shed 1.2 per cent and Smallcap index fell 0.54 per cent.
Indian equity benchmarks got off to a rocky start on Monday. The BSE Sensex index plunged 638.11 points to end at 56,788.81, and the broader NSE Nifty crashed 207 points to 16,887.35, after data showed India's factory activity fell to a three-month low. The market mood was fragile on Monday as crude prices jumped over 4 per cent on a potential cut in production by oil producers, exacerbating fears that aggressive interest rates hiked by central banks around the world to tame elevated inflation would increase the likelihood of a worldwide recession.
Indian rupee closed 53 paise lower at 81.87 per dollar against the previous close of 81.34.
Benchmark indices extended the losses and trading at day's low with Nifty below 16900.
European stocks fall on Monday as markets enter the last quarter of the year; Stoxx 600 index dropped 1% in early trade
Shares of FSN E-Commerce, the parent company of Nykaa, rallied 11% to the day’s high price of Rs 1,414 on Monday after the company announced a 5:1 bonus share issue. The company has fixed November 3, 2022, as the record date for determining investors’ eligibility for the bonus share issue.
Benchmark indices slipped deep in the red in afternoon deals. While Sensex fell 500 points, Nifty 50 slipped below 17000. Bank Nifty fell over 400 pts as banking stocks witnessed sell-off.
BSE Power index shed 1 per cent, dragged by the Adani Green, Siemens, Adani Transmission
Benchmark indices were trading lower with Nifty hovering around 17000.
The Sensex was down 239.12 points or 0.42% at 57187.80, and the Nifty was down 61.50 points or 0.36% at 17032.80.
Gold prices rose on Monday as a softer dollar rekindled some of bullion's appeal for overseas buyers, although the prospects of sharp interest rate hikes by the U.S. Federal Reserve and other major central banks capped further gains. Spot gold was up 0.5% at $1,667.89 per ounce, as of 0603 GMT. U.S. gold futures were 0.2% higher at $1,675.30. The dollar index was down 0.4% against a basket of currencies, making greenback-priced bullion less expensive for overseas buyers. Benchmark U.S. 10-year Treasury yields were also lower after rising for two days.
Nifty Bank index declined 1 per cent, dragged by the AU Small Finance Bank, Kotak Mahindra Bank, IndusInd Bank
Morgan Stanley has kept overweight rating on Cyient with a target at Rs 700 per share. See potential part divestment of the DLM business as incrementally positive, said Morgan Stanley. The divestment will provide flexibility to scale up DLM business & may unlock shareholder value, however, divestment is still at a very early stage. Cyient was quoting at Rs 788.35, down Rs 3.85, or 0.49 per cent on the BSE.
Mayur Toshniwal has resigned as a director of Future Supply Chain Solutions with effect from September 30, 2022. With his resignation, Mayur has also ceased to be Managing Director of the company. Future Supply Chain Solutions was quoting at Rs 27, up Rs 0.55, or 2.08 per cent.
Paytm share price rose 3 per cent on Monday after foreign brokerage firm JP Morgan reiterated a positive stance on the stock last week. Analysts maintained a price target of Rs 1,000 on the scrip, suggesting an over 50 per cent potential rally going forward. The brokerage firm believes that Paytm is undergoing a model shift from chasing ‘growth at any loss’ to ‘profitability at scale’ now. “Moderation in indirect expenses Q2 onwards should hence be a catalyst,” it said. Paytm shares have tanked over 50 per cent so far this year, but have risen 7 per cent in the last 6 months. Paytm share price jumped over 3 per cent to hit an intraday high of Rs 660 on NSE. JPMorgan’s target price on the counter suggests a 51 per cent potential upside over Monday’s intraday high level.
Paytm share price rose 3 per cent on Monday after foreign brokerage firm JP Morgan reiterated positive stance on the stock last week. Analysts maintained price target of Rs 1,000 on the scrip, suggesting a 55 per cent rally going forward.
IKIO Lighting has filed its draft red herring prospectus with the capital markets regulator Securities and Exchange Board of India to raise funds via initial public offering (IPO). The public issue consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) up to 7,500,000 equity shares by Promoter and selling shareholders, which comprises of up to 6,000,000 by promoter Hardeep Singh, up to 1,500,000 by Surmeet Kaur (selling shareholders).
Nykaa board approved bonus issue in 5:1 ratio. "Fixation of Thursday, November 03, 2022, as the record date for the purpose of determining members eligible for bonus equity shares," company said in a BSE filing. Nykaa share price rallies 11%
India’s manufacturing activity in September expanded for the fifteenth month in a row, but slowed down the acceleration from the previous month. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) posted at 55.1 for September, down marginally from August’s 56.2. Amid global headwinds, policy shocks, and recession fears, the manufacturing sector remains in good health. The expansion in the industry is attributed to new business growth, expanded operating capacities, and demand resilience. Leading indicators suggest that “output looks set to expand further at least in the short-term as firms seek to fulfil sales contracts and replenish stocks”, Pollyanna De Lima, Economics Associate Director, S&P Global Market Intelligence, said in the PMI note. Read full story
Electronics Mart India Ltd’s (EMIL) Rs 500 crore-IPO will open for public subscription on Tuesday (4 October) and will conclude on 7 October. The price band for the issue has been fixed at Rs 56-59 per share. The consumer durables retail chain’s IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale (OFS) component. The company intends to utilise the net proceeds from the initial share sale to fund its capital expenditure, and support incremental working capital requirements. The proceeds will also go towards paying debt, and for general corporate purposes. Read full story
Looking at the global uncertainty and tighter liquidity, the rupee is expected to trade left in the medium term while in the shorter term it could consolidate in the range. Spot USDINR is having a line on sand at 82 and crossing of it will pave way for 83 and more while on the lower side. Read full story
India September Manufacturing PMI at 55.1 versus 56.2
Traders can initiate a Moderately Bullish strategy with reduced premium outflow & lower breakeven point called BULL CALL SPREAD of 6 October expiry wherein trader can buy one lot of 17,100 call strike @ 144 and simultaneously sell one lot of 17,350 call strike @ 47, so that net outflow or maximum loss will be restricted to up to Rs 4,850. If Nifty closes above 17,197 on expiry day then the strategy will start making profits. The maximum gains will be restricted up to Rs 7,650; because the gains of long 17,100 strike call will be offset by the sold 17,350 strike call if Nifty closes above 17,350 on expiry. Read full story
In September 2022, Adani Ports and Special Economic Zone recorded 13% on-year growth in cargo volumes to reach 26.1 MMT. In the initial six months of FY23, the company managed 177.5 MMT of cargo, which is a good 11% increase over the corresponding period last year. During H1FY23, east coast volumes are up 13% YoY, supported by Krishnapatnam (+13%), Gangavaram (+9%) and Kattupalli & Ennore combined (+51%). The west coast volume jump of 10% is supported by Mundra (8%), Dahej (65%), Tuna (19%), and Goa (22%). Adani Ports and Special Economic Zone was quoting at Rs 824.60, up Rs 3.55, or 0.43 percent on the BSE.
Nifty Bank fell 0.5 per cent or 203.45 points to 38,428.50
Titan Company, Nestle India, Infosys, IndusInd Bank, Maruti Suzuki of India, Asian Paints, TCS among top BSE Sensex losers
Stocks of NTPC, Reliance Industries Ltd (RIL), Sun Pharma, UltraTech Cement, Power Grid Corporation of India, Reliance, Axis Bank, Hindustan Unilever Ltd, Wipro were among top BSE Sensex index
BSE Sensex fell 0.4 per cent or 200 points to 57227, while NSE Nifty was down 42 points or 0.24 per cent to 17015
US markets can be expected to bottom out anytime soon. Look to accumulate on dips with stoploss placed at 16,640 on closing basis & Target of 17,500.
Position Sizing Guide: Large
Support: 17,030 & 16,840
Resistance: 17,291 & 17,500 | Rahul Sharma, JM Financial Services
Even though there are global challenges for equity markets, India's outperformance is likely to continue. A significant trend in the market now is the dominance of DIIs and retail investors over FIIs. Last Friday when FIIs sold equity worth Rs 1545 crores in the cash market DIIs bought equity for Rs 3245 crores. If this kind of dominance of DIIs and retail investors can be sustained, FIIs will have to slow down their selling even in the context of rising dollar and bond yields in the US. Re-entry for FIIs will be expensive since DIIs and retail will not easily sell back the stocks which FIIs have sold. Auto numbers for September confirm the strong auto rebound trend. There is more room for CV, PV and select 2-wheeler stocks to move up.
The fears regarding the Credit Suisse crisis are unlikely to impact the markets since it doesn’t have the potential to become a systemic crisis. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
BSE Sensex was down 119 points or 0.2 per cent to trade at 57316, while NSE Nifty 50 was down 26 points to 17068