Share Market HIGHLIGHTS: Sensex tanks 1021 pts, Nifty ends at 17327, turns YTD negative; PowerGrid crashes 8%

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and NSE Nifty 50 ended nearly 2% down on Friday, on the back of weak global cues

Share Market HIGHLIGHTS: Sensex tanks 1021 pts, Nifty ends at 17327, turns YTD negative; PowerGrid crashes 8%
Bank Nifty index ended 2.7 per cent down at 39,546

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended nearly 2 per cent down on Friday, on the back of weak global cues. BSE Sensex tanked 1.7 per cent or 1,021 points to 58099, while NSE Nifty 50 index plunged 1.8 per cent or 302 points to end at 17327. Stock of just Sun Pharma, ITC, and Tata Steel ended in green. PowerGrid Corporation of India plunged over 8 per cent, followed by NTPC, State Bank of India (SBI), Mahindra & Mahindra (M&M), Bajaj Finserv, Bajaj Finance, HDFC Bank, Housing Development Finance Corporation, among others dragged the index the most. Bank Nifty index ended 2.7 per cent down at 39,546

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15:35 (IST) 23 Sep 2022
Sensex, Nifty tank nearly 2%

BSE Sensex tanked 1.7 per cent or 1,021 points to 58099, while NSE Nifty 50 index plunged 1.8 per cent or 302 points to end at 17327

15:18 (IST) 23 Sep 2022
Nifty, Sensex deep in red

Markets are deep in red trading near day's low level with Nifty around 17350. The Sensex is down 934.18 points or 1.58% at 58185.54, and the Nifty down 276.80 points or 1.57% at 17353.

15:00 (IST) 23 Sep 2022
Nifty turns negative for 2022, Sensex falls 1.5%, Bank Nifty tumbles 3%; what is dragging markets today?

BSE Sensex and NSE Nifty 50 fell over 1.5 per cent to hit the lowest level since 30 Aug 2022, and Bank Nifty index plunged nearly 3 per cent intraday as market participants remained cautious fearing that aggressive rate hike by US Fed, and slowing Chinese economy could weigh on global economic growth. The US Fed clearly signalled this week that it is willing to tolerate a recession to get inflation back in control when it raised the rate by another 75 bps. In addition, its updated economic projections showed slower GDP growth and higher inflation. According to analysts at ICICI Securities, given the Fed’s hawkish stance to tame inflation, the US may enter a recession by the second quarter of FY23. Read full story

14:48 (IST) 23 Sep 2022
Mahindra and Mahindra Financial Services share price tanks 15%

Mahindra & Mahindra Financial Services share price tanked more than 14 per cent to Rs 192.05 intraday on Friday after RBI directed it to halt recovery via third parties

14:19 (IST) 23 Sep 2022
“About 10% of our turnover in next two years will come from rental business,” says Wonderchef CEO | INTERVIEW

Kitchen appliances brand Wonderchef is now betting on the growth of the shared economy in the country and has in line, launched ‘Wonderent’ to offer home and kitchen appliances on rent at typically around 5 per cent of the actual cost of the product. With monthly rental starting at Rs 199 for appliances, the brand is aiming the rental business to bring about 10 per cent of its total turnover in two years time, Ravi Saxena, Founder and CEO, Wonderchef, told “Net of all costs, we have been able to get a 42 per cent contribution per product from Wonderent, which is a healthy contribution and in terms of investment, it has been almost zero for us since we have partnered with a tech company Rentity to facilitate the rental service,” he said. Read full interview

14:17 (IST) 23 Sep 2022
RBI MPC expectation: 25-50 bps rate hike on cards

“The monetary policies in emerging markets will inevitably take cues from the US Fed. The RBI’s Monetary Policy Committee will take guidance from high inflation in India and uneven data points from global economies. They may also take into account that banking system liquidity in India has gone negative compared to 2019. With retail inflation above RBI’s comfort range there is that the RBI will increase rates by 25 basis points. However, it is very possible that the RBI might decide this is a good time to be ahead of the curve and increase rates by 50 basis points.”

~Srikanth Subramanian, CEO, Kotak Cherry

14:06 (IST) 23 Sep 2022
NSE Nifty 50 turns negative for 2022

NSE Nifty 50 index turned YTD negative again, erasing all the yearly gains

14:05 (IST) 23 Sep 2022
RBI monetary policy a key event to watch out for next week

Domestic and international equity markets this week reacted to Federal Reserve’s 75 bps rate hike decision. Domestic market remained range bound and major indices gave broadly flattish return this week. Returns of most sectoral indices this week were on a slightly negative territory. However, BSE FMCG and BSE Healthcare witnessed some positive momentum. Global equity markets were under pressure post Fed’s rate hike decision and its hawkish tone. US 10-year treasury yield remained high and is now above 3.7%. Globally, inflation, Central Bank rate increase action, energy prices and recession remains area of concern. Crude oil prices have broadly remained stable but the Indian currency have depreciated in recent days. For the domestic market, one of the key near-term event to watch out for is the upcoming RBI monetary policy. Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities

13:06 (IST) 23 Sep 2022
Should you buy Tata Steel stock?

Tata Steel has announced a merger of 7 subsidiaries – 4 listed and 3 unlisted. Merger is a positive step as it will (1) simply the corporate structure, (2) plug leakage of addition royalty payments on inter-company iron ore transfers, (3) reduce corporate overheads (4) enable various businesses with higher financial flexibility to progress on growth projects and (5) bring in further operational, procurement and tax synergies. While we await for company guidance on potential synergies, we estimate Rs7.5-8 bn of annual savings, equity dilution of 2.2% and potential EPS accretion of 1.5-2%. The scheme will require various regulatory and shareholder approval and likely to complete by end of FY2024E. We have a REDUCE rating on the stock with a Fair Value of Rs110/share. Jatin Damania, Vice President – Fundamental Research, Kotak Securities

12:41 (IST) 23 Sep 2022
MCX gold may give 1% return next week, rally seems to continue; support seen at Rs 48800 per 10 gm

We anticipate a rally on the upside to continue in Gold. If gold manages to break $1700, then we can see levels till $1725-1730 however we are not expecting any steep upside rally owing to Dollar strength. Going forward, USD is expected to remain strong which will provide headwinds. As long as $1650 is not breached on the downside, it is safe to hold on to long positions. In MCX, 48800 seems to be a good support of Oct contract and one can go long with stoploss of 48800 and expected target of 50800-51000. Read full story

12:40 (IST) 23 Sep 2022
Tata Steel shares jump, TRF hits lower circuit, Tinplate, Tata Metaliks fall after board okays mega merger

Tata Steel share price jumped, while TRF, Tinplate, Tata Steel Long Products and Tata Metaliks shares fell on Friday after Tata Steel approved the amalgamation between seven of its group companies and itself. Tata Steel share price jumped around 3 per cent to hit an intraday high of Rs 107 on the NSE. In the previous session, the stock settled at Rs 103.60 apiece on NSE, down 0.81 per cent. Meanwhile, shares of TRF opened 5 per cent in the red and hit lower circuit. Read full story

11:46 (IST) 23 Sep 2022
Gold Price Today, 23 Sep 2022: Gold trades flat on rise in US Dollar; check resistance, support

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver silver were trading weak on Friday, on the back of muted global cues. On Multi Commodity Exchange, gold October futures were ruling 60 points or 0.12 per cent down at Rs 49,923 per 10 gram, as against the last close of Rs 50,000. Silver December futures were trading Rs 78 down or 0.13 per cent down at Rs 57,949 per kg on MCX. Globally, yellow metal prices were flat as the dollar held close to its recent peak while the likelihood of more aggressive interest rate hikes by the U.S. Federal Reserve also weighed on the appeal for non-yielding bullion. Read full story

10:15 (IST) 23 Sep 2022
Crude may remain volatile as supply risks counter demand concerns

NYMEX crude trades mixed above $83/bbl as support from supply risks relating to Russia and Iran and OPEC’s wariness with lower prices is countered by demand concerns amid mixed economic data from major economies and downbeat growth forecasts. Monetary tightening by the Fed and other central banks is also hampering commodities at large. Crude may remain volatile as supply risks counter demand concerns however with relative stability in riskier assets, smaller build in US crude stocks and supply risks relating to Russia, we may see some gains Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

09:35 (IST) 23 Sep 2022
Bank Nifty index falls over 1%

Nifty Bank index fell 1.3 per cent or 531 points to trade at 40,083

09:31 (IST) 23 Sep 2022
HDFC, IndusInd Bank, HDFC Bank top Sensex losers

IndusInd Bank, Housing Development Finance Corporation (HDFC), M&M, Tech Mahindra, HDFC Bank, Axis Bank, Kotak Mahindra Bank were among top index draggers.

09:30 (IST) 23 Sep 2022
Tata Steel jumps 3% as company to merge 7 group metal companies with itself

Stocks of Tata Steel, Sun Pharma, Hindustan Unilever Ltd (HUL), ITC, Dr.Reddy's, Infosys, HCL Tech, Titan Company, and Maruti Suzuki were among top Sensex gainers

09:26 (IST) 23 Sep 2022
Sensex, Nifty fall 0.5%

BSE Sensex fell 300 pts or 0.5 per cent to 58854, while NSE Nifty was down 0.4 per cent or 65 points to 17593

09:14 (IST) 23 Sep 2022
Rupee to fall up to 81.80 and 82.00 levels in near term

Historically, whenever a big figure in rupee has been taken out, a move of 2.5 rupees an average has been seen within one month of breakout. Overall, with RBI's absence, the rupee is going to test new lows in the short term and we expect the currency to weaken up to 81.80 and 82.00 levels in the near term. Amit Pabari, MD, CR Forex Advisors

09:13 (IST) 23 Sep 2022
Sensex, Nifty fall in pre-open on Friday

BSE Sensex was testing 59000, while NSE Nifty 50 fell below the crucial 17600 in pre-opening session on Friday

09:09 (IST) 23 Sep 2022
Rupee at fresh all-time low; opens at a record low of 81.09/$

The Indian Rupee opened at a record low of 81.09 against US Dollar on Friday

08:52 (IST) 23 Sep 2022
Immediate downside risk for Nifty seen at 17429

Equity benchmark indices are likely to start on a negative note Friday and slip further amid bearish sentiment across the global equity markets. Markets will continue to witness intra-day volatile moves in the backdrop of a rate hike decision by the US Fed and its hawkish commentary that is weighing heavily on investors' minds. Some part of pessimism is also due to the exit of FIIs from the local shares and they sold shares worth Rs 2509.60 crores in yesterday’s trade. Technically, the immediate downside risk for Nifty is seen at 17429 mark and below the same, expect a waterfall of selling which could take the index towards the 16907 mark. Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:29 (IST) 23 Sep 2022
Reliance New Energy to acquire 20% stake in solar tech company Caelux Corp to produce low cost solar modules

Reliance Industries’ subsidiary Reliance New Energy (RNEL) has announced plans to invest in Caelux Corporation to produce more powerful and lower cost solar modules. In a bid to push India’s energy transition toward renewable sources, Mukesh Ambani’s RNEL will invest $12 million to acquire a 20% stake in this solar technology company. US headquartered Caelux Corporation develops perovskite-based solar technology. Moreover, RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology, RIL said in a statement on Friday. Read full story

08:03 (IST) 23 Sep 2022
Reliance New Energy Ltd to invest in Caelux Corporation

Reliance New Energy Limited (“RNEL”), a wholly owned subsidiary of Reliance Industries Ltd, has today signed definitive agreements to invest in Caelux Corporation (“Caelux”), a company headquartered in Pasadena, California, in the United States of America, engaged in the development of perovskite-based solar technology. RNEL will invest USD 12 million to acquire 20% stake in Caelux.

07:55 (IST) 23 Sep 2022
US Markets end in red

Major Wall Street indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve's latest aggressive move to rein in inflation by selling growth stocks, including technology companies. The Dow Jones Industrial Average fell 107.1 points, or 0.35%, to 30,076.68, the S&P 500 lost 31.94 points, or 0.84%, to 3,757.99 and the Nasdaq Composite dropped 153.39 points, or 1.37%, to 11,066.81.

07:54 (IST) 23 Sep 2022
SGX Nifty in red

Early trends in SGX Nifty hinted at a negative opening for the broader index in India with a loss of 65 points. The Nifty futures were trading around 17,575 levels on the Singaporean Exchange.