Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended one per cent lower on Wednesday, one day 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. Stocks of Asian Paints, Sun Pharma, Dr Reddy’s, Power Grid Corporation of India, Nestle India, Hindustan Unilever Ltd (HUL), M&M, and HCL Tech among others capped the losses in the index. On the flip side, ITC, Axis Bank, Reliance Industries Ltd (RIL), Tata Steel, IndusInd Bank, HDFC Bank and others were top index drags. Bank Nifty index fell 1.6 per cent to end at 37760.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
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 16,589
The global growth slowdown may weigh on the Indian economy going forward, through not just exports, but prices and liquidity as well. This would weigh on domestic credit and capex recovery, and the impact could be more on organised businesses and nominal variables such as taxes, earnings as they are more vulnerable to global slowdown, Edelweiss said in a research note. Globally, food prices remain elevated owing to drought-like conditions. Read full story
Most of the Asian currencies, including the local unit, are reeling under pressure amid the monetary tightening campaign in the West and concerns about a global economic slowdown. Limited intervention by the RBI amid declining forex reserves is also leading to the current bout of selling spree witnessed in the Indian rupee. However, softening crude prices and strong underlying fundamentals of the domestic economy shall underpin the rupee-dollar exchange rate around the 82 to the dollar mark. All eyes are now on the RBI monetary policy outcome for further cues. Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking
Emkay Wealth Management held a media webinar ‘Mediascape Q2’ today – a discussion on the importance of asset allocation, rising opportunities in Fixed Income and Debt Funds in a rising interest rate scenario. Emkay Wealth Management is currently offering bespoke services to over 1,600 families to date. The unit posted revenue of Rs 14.78 crore in FY22.
BSE Realty index rose 0.5 percent led by Indiabulls Real Estate, Godrej Properties, Brigade Enterprises
Bharat Heavy Electrical has received order for setting up the 2×660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement & construction) basis from NTPC.
The central government, on Tuesday, further extended the deadline to October 15 for the in-transit stock of broken rice. The Centre had imposed a ban on the export of broken rice, effective from September 9. The notification regarding the ban was issued on September 8, which mentioned that certain broken rice shipments will be immune to the ban during the period September 9 to September 15. The deadline for the same was recently extended to September 30. Now in a notification issued by the Directorate General of Foreign Trade, the deadline has seen an extension of 15 days. The notification comes into force with immediate effect. Read full story
Domestic equity markets trimmed early losses and were fluctuating between green and red in noon deals. Declining risk appetite, lower crude prices, and fresh bets in index heavyweights like Dr Reddy's, Hindustan Unilever, Asian Paints helped erase losses. NSE Nifty 50 traded flat above 17,000 levels, whereas the S&P BSE Sensex gained over 50 points to trade at reclaim 57000. Sectorally, Nifty Auto and Nifty Realty indices gained over 1 per cent Nifty Energy and Nifty Bank indices, however, remained bogged down.
Reliance Industries share price is likely to gain 9 per cent to Rs 2,615 apiece in near-term, as the stock has been witnessing buying demand from the key support area of Rs 2300-2370 for the third time since May 2022, analysts at ICICI direct Research said. It expects the RIL stock to witness a gradual pullback from the current oversold territory, thus offering a fresh entry opportunity with a favourable risk-reward set up. On Wednesday, RIL shares were trading 1.7 per cent down at Rs 2,354.05 apiece on BSE. The stock is down nearly 18 per cent from the all-time highs, hit in April this year. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading weak on Wednesday, on the back of strong US Dollar. On Multi Commodity Exchange, gold October futures were trading Rs 99 or 0.2 per cent down at Rs 49,220 per 10 gram. Silver December futures were ruling Rs 581 or 1.05 per cent down at Rs 54,798 per kg. Globally, yellow metal prices slipped as the dollar resumed climbing after Federal Reserve officials reiterated the US central bank’s resolution to maintain an aggressive policy stance to tackle soaring inflation. Read full story
Delhi High Court grants statutory bail to former NSE CEO Chitra Ramkrishna and former NSE Operating Officer Anand Subramanian in co-location case.
The Sensex is down 137.92 points or 0.24 percent at 56,969.60. Nifty is down 45.70 points or 0.27 percent at 16961.70.
Shriram Transport Finance Corporation will consider raising of funds by way of issue of redeemable non-convertible debt securities including bonds in onshore, offshore market on private placement basis, subject to market conditions and in this regard, the meeting(s) of the concerned committees viz. the Banking and Finance Committee, Debt Issuance Committee and Allotment Committee- NCDs will be held to consider and approve the issue and allotment of redeemable non-convertible debt securities/bonds during the month ending October 31, 2022 as per their respective terms of reference, subject to such terms and conditions including the issue price of debt securities/ bonds, as the said committees may deem fit.
“Rupee technically has depreciated 3.80% from 79 levels which was recently tested. I think Rupee will take support of 82 and remain in the range of 82-80 levels. This consolidation will benefit the importers if it tests 80 levels over short term.”
~Megh Mody – Commodities and Currencies Research Analyst, Prabhudas Lilladher Pvt Ltd
The RBI is expected to deliver a 50 bps rate hike in its September Monetary Policy Committee (MPC) meeting. The half a percentage point hike is expected as the Reserve Bank of India catches up with global central banks in not just fighting inflation, but also to stem rupee depreciation. RBI has already used up $100 billion in reserves to stabilise the local currency. “While this hike may help in allaying macrostability concerns, it would negatively affect the business cycle as nascent economic recovery may not be able to absorb such tightening of financial conditions,” said Edelweiss Securities in its report.
Gautam Adani-led Adani Enterprises will become part of Nifty 50 from Friday, 30 September, in NSE’s upcoming semi-annual index rejig. Adani Enterprises will replace Shree Cement from the 50-stock index. This is the second Adani stock to be included in the Nifty 50 index after Adani Ports and Special Economic Zone. Apart from Nifty 50, changes have been announced in Nifty Next 50, and Nifty IT. Adani group has seven established listed entities, including Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission, Adani Ports and Special Economic Zone, Adani Wilmar, and Adani Enterprises. Read full story
Rupee hits fresh record low of 81.93 to a dollar amid slump in global markets. “Rupee has been holding remarkably well with RBI intervention supporting the market. We believe that it might be better for the RBI to allow the rupee to depreciate a bit, finding its natural balance,” said SBI Ecowrap in a note.
Nifty metal index shed 0.5 per cent, dragged by the SAIL India, Vedanta, Jindal Stainless
Suzlon Energy rights issue to open on October 11, 2022 and will close on October 20, 2022. The Record date is 4 October for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue.
Life Insurance Corporation of India has acquired an additional 2.01% stake in Bharat Petroleum Corporation Ltd via open market transactions. With this, its shareholding in the company increased to 9.04%, up from 7.03% earlier.
“IT is likely to remain resilient supported by currency tailwinds. Autos and capital goods can be slowly accumulated on declines. Since valuations in India continue to be high relative to peers, investors may brace for more corrections in this bearish scenario. A sharp turnaround in global market sentiments will happen only when data indicate a decline in US inflation.”
~VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Globally equity markets are in bear territory. India is a distinct outlier with only 8.5% decline from the peak in Nifty. India can remain an outperformer supported by its strong fundamentals but India cannot remain immune to major global trends. The texture of the market has changed from ‘buy on dips’ to ‘sell on rally’ and therefore, investors have to be cautious in the market now. The Bank Nifty has sharply corrected by 8% from its recent record high and is weak now.”
~VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Torrent Pharmaceuticals has acquired Curatio Healthcare, which has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, for Rs 2,000 crore. It has entered into definitive agreements to acquire 100% in Curatio which reported revenue for FY21-22 at Rs 224 crore.
We are of the view that, the bearish sentiment in the market is still intact and a fresh pullback rally is possible, if Nifty 50 and BSE Sensex succeed to trade above the 200 day SMA (Simple Moving average) or 16940/56950. Above which, indices could retest the level of 17150-17200/57500-57700. On the flip side, below 16940/56950, these could slip till 16850-16800/56600-56500. The intraday texture of the market is non-directional, hence level based trading would be the ideal strategy for the day traders. Read full story
The Indian Rupee fell to a fresh lifetime low of 81.90 in opening trade on Wednesday amid strong dollar, FII outflows, and risk-off sentiments in equity markets. The delay in Indian bond inclusion in the JP Morgan bond index also likely weighed on the local unit. In the previous session, rupee weakened past the 81.60 mark. On the flow side, there has been notable outflow since Fed’s hike day. Read full story
BSE Sensex tanks 480 points or 0.8 per cent to trade at 56,628, while NSE Nifty 50 plunged 157 points or 0.9 per cent to 16,850
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 28 September 2022 (Wednesday), keeping costs steady for more than three months now. The petrol rate and diesel rates 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
“Benchmark Indices are expected to open on a negative note today as suggested by trends on SGX Nifty. Some stock-specific actions can be witnessed in stocks such as Torrent Pharma, KPI Green Energy, and Motherson Sumi Wiring. On the technical front, Immediate support and resistance in Nifty 50 are 16800 and 17200 respectively. Bank Nifty immediate support and resistance are 37800 and 38750 respectively.”
~Mohit Nigam, Head – PMS, Hem Securities
“Markets may witness some consolidation or pause after the recent decline however mixed trends across sectors would continue to offer trading opportunities across the board. Besides, the beginning of the MPC meet and global cues would keep the volatility high. We feel it’s prudent to continue with the defensive pack for long trades until we see some stability.”
~Ajit Mishra, VP – Research, Religare Broking
The sell-off in the domestic share market is likely to continue as SGX Nifty hinted at a gap-down open for NSE Nifty 50 and BSE Sensex with a loss of 101 pts or 0.5%. “We expect market volatility to continue until RBI MPC outcome and monthly derivatives expiry. We expect stock related to domestic consumption to perform well with strong festive season. Also sectors like Paint, FMCG would see momentum on the back of sharp fall in crude oil prices,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Reliance: Reliance Retail announced the opening of its fashion & lifestyle departmental store, Reliance Centro.
Adani Group stocks: The Adani Group will invest $100 billion over the next decade in new energy and digital spaces, which includes data centres.
HCL Technologies: HCL Technologies launched its new logo and brand identity.
Torrent Pharma: Torrent Pharmaceuticals on Tuesday said it will wholly acquire Curatio Healthcare for Rs 2,000 crore.
“On Tusday, Nifty took support from the upgap of 16947 and closed flat after making a lower low compared to the previous day. The downtrend in the Nifty may have halted temporarily, though it needs to close above 17196 for confirmation. On falls, 16942 will be watched closely,”
~ Deepak Jasani, Head of Retail Research, HDFC Securities
Trends in SGX Nifty indicated at a gap-down opening for Indian equities. The Nifty futures were trading around 16,937 levels, down around 100 pts or 0.5% on the Singaporean exchange.
Shares in the Asia-Pacific traded mixed at the open on Wednesday after the S&P 500 set a new 2022 low overnight on Wall Street. Japan’s Nikkei 225 fell 0.68 per cent, while the Topix index slipped 0.67 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.18 per cent. The Kospi in South Korea shed 0.43 per cent.
The S&P 500 fell to its lowest level in almost two years on Tuesday on worries about super aggressive Federal Reserve policy tightening, trading under its June trough and leaving investors appraising how much further stocks would have to fall before stabilizing. The S&P 500 touched a session low of 3,623.29, its lowest point on an intraday basis since November 30, 2020. A late rally helped push the index off its worst level of the day, but the index still closed lower for a sixth straight session as it lost 7.75 points, or 0.21%, to 3,647.29 .