Market HIGHLIGHTS: Sensex ends 232 pts down, wipes off mild gains, Nifty at 18004 amid bulls & bears tussle | The Financial Express

Market HIGHLIGHTS: Sensex ends 232 pts down, wipes off mild gains, Nifty at 18004 amid bulls & bears tussle

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and NSE Nifty 50 ended nearly half a per cent down on Wednesday, a day ahead of weekly F&O expiry

Market HIGHLIGHTS: Sensex ends 232 pts down, wipes off mild gains, Nifty at 18004 amid bulls & bears tussle
India VIX, the volatility index, surged 4.6 per cent to 18.28 levels

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and NSE Nifty 50 ended marginally lower on Wednesday despite a global market rout. BSE Sensex settled 224 points or 0.4 per cent down at 60,347, while NSE Nifty 50 fell 66 points or 0.4 per cent to finish trade at 18004. India VIX, the volatility index, surged 4.6 per cent to 18.28 levels. Stocks of IndusInd Bank, NTPC, Power Grid Corporation of India, State Bank of India (SBI), Kotak Mahindra Bank, Bajaj Finserv, Tata Steel, and HDFC Bank among others were top index gainers. On the flip side, Infosys, Tata Consultancy Services (TCS), Tech Mahindra, HCL Tech were among top index laggards.

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15:35 (IST) 14 Sep 2022
Sensex, Nifty end nearly 0.5% down

BSE Sensex ended 224 points down at 60,347, while Nifty 50 settled at 18003, wiping off mild gains

15:06 (IST) 14 Sep 2022
Rupee may fall below 80 against US Dollar if 79.60 breached; INR in sync with other EM peers

USD INR appeared to have consolidated at 79.30 and indicated lower limit support at 78.70 levels. Taking cue from the latest inflation fears in the U.S and dollar index rebounding, in the short term USDINR seeks a strong resistance at 79.60 with support at 79.30. Breaking this resistance, Rupee could cross the 80 mark and depreciate further before higher resistances at 80.30 to 81.00 is seen in the medium term. So far, the depreciating trend in the Indian rupee is a tad out of sync with other emerging economies’ currencies. Read full story

15:05 (IST) 14 Sep 2022
Why ArcelorMittal, other metal giants are shutting factories amid Europe energy crisis; here’s what lies ahead

The world’s second-largest steel producer ArcelorMittal recently announced the closure of a factory in Europe as a result of rising gas and energy prices in the region. By the end of September, the company will shut down one of the two existing blast furnaces at its steelworks plant in Bremen of Germany due to outrageously high surge in energy prices, weak market demand and a negative economic outlook. ArcelorMittal said that high energy costs and weaker demand make production uneconomic. Read full story

14:28 (IST) 14 Sep 2022
Bank Nifty nears all-time of 41830

Bank Nifty was ruling nearly 2 per cent up at 41,611, just shy of all-time high

14:14 (IST) 14 Sep 2022
Sensex, Nifty pare losses, trade flat in afternoon deals

BSE Sensex erased losses to trade flat at 60,540, while NSE Nifty 50 was back above 18,060

14:13 (IST) 14 Sep 2022
WPI inflation eases for 3rd straight month

Wholesale inflation eased for a third straight month in August. While there was an increase in food inflation, it was offset by easing of other commodity prices including crude oil. WPI has lower weight of food components vis a vis CPI and that would explain the inching down of WPI inflation, even while CPI inflation increased in the period under review. While easing wholesale inflation is a positive development, it remains to be seen if firms will pass on the benefit to final consumers. If not, then bringing retail inflation within the target range could take even longer. If the easing of global commodity prices sustains, we could expect wholesale inflation easing to single digit by October. We expect WPI inflation to fall below CPI inflation by the end of this fiscal. Rajani Sinha, Chief Economist, CareEdge

14:02 (IST) 14 Sep 2022
Rate hike in interest rate likely to tame inflation

India’s Wholesale price index (WPI) has eased to 12.41 percent in August, compared to the spike we had seen July at 13.93 per cent. The food price segment continues to remain high at 12.37 per cent in August which can be attributed majorly to rise in vegetable prices. Thus, even though there is uptick in the prices of food items this ease WPI is majorly due to softening in the prices of manufacturing items. From August 2021, this is the 17th consecutive month of double-digit wholesale price inflation (WPI). However, to frame the monetary policy, RBI mainly looks at retail inflation. We expect that there would be hike in interest rate in order to tame inflation. Raghvendra Nath, Managing Director – Ladderup Wealth Management

13:52 (IST) 14 Sep 2022
What to expect from Tamilnad Mercantile listing tomorrow?

We expect a flat or a negative listing based on the current GMP or Rs.12 i.e. 2.5% over its issue price and less than stellar subscription numbers. We had assigned avoid rating because of the precarious legal challenges and the lack of complete clarity on the management’s long-term performance despite the improvement in fundamentals in the last three years. Aayush Agrawal, Senior Research Analyst, Swastika Investmart

13:08 (IST) 14 Sep 2022
PVR, INOX Leisure share prices surge even as Sensex, Nifty fall; should you buy, sell, or hold?

PVR and INOX Leisure share prices were trading firm, defying the global markets on Wednesday. Shares of multiplex chains rose a day after the Competition Commission of India (CCI) rejected a complaint against the proposed merger of PVR and INOX Leisure, saying apprehension of likelihood of anti-competitive practices by an entity cannot be a subject of probe. AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com that after a recent fall due to rumours of a big ticket movie failing, not surprisingly multiplex chains PVR and Inox Leisure stock prices have started the recovery including a strong uptrend today. Read full story

13:05 (IST) 14 Sep 2022
India’s WPI inflation eases to 12.41% in Aug, wholesale price remains in double digits for 17-months straight

India’s WPI inflation eased to 12.41 per cent in August, against 13.93 per cent in July, government data showed on Wednesday. Despite the cool-off in August, WPI continued to remain in the double digits for the 17th straight month beginning April 2021. “Inflation in August, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products etc. as compared to the corresponding month of the previous year,” said the Ministry of Commerce and Industry in a statement. Read full story

12:11 (IST) 14 Sep 2022
WPI in August at 12.4%

August WPI inflation at 12.4% sequentially. Food inflation came in at 9.9%, and WPI came in double digits for 17th straight month.

11:53 (IST) 14 Sep 2022
Nifty has strong technical support zone around 17400-17500

Markets have witnessed a spectacular rally over the past 3 months, with the benchmark index Nifty, gaining almost 20% despite global & domestic inflationary trends, and relentless rate hikes by central banks, across the world. At present levels, its best advised to adopt a cautious approach, and one could look at converting notional profits into actual profits, as in coming weeks and months, we are likely to witness enhanced volatility. Given the current levels, Nifty has strong technical support zone around 17400-17500, whereas key zone of resistance is seen around 18350-18400.

11:22 (IST) 14 Sep 2022
Bank Nifty trades firm despite negative market momentum

Bank Nifty index jumped 0.35 per cent to trade at 41,016.55 levels, shrugging off negative market momentum on Wednesday

11:03 (IST) 14 Sep 2022
Gold Price Today, 14 Sep 2022: MCX gold nears 49800 support, watch out for these key levels; UK inflation eyed

Gold prices were trading with a negative bias in India on Wednesday. On Multi Commodity Exchange, gold October futures were trading Rs 25 down at Rs 50,113 per 10 grams, as against Rs 50,138. Silver December futures were down Rs 351 or 0.6 per cent to Rs 56,460 per kg. Globally, yellow metal prices edged lower after hotter-than-expected U.S. inflation data boosted the dollar and fuelled expectations that the Federal Reserve will continue on an aggressive policy tightening path, according to Reuters. Spot gold fell 0.2% to $1,698.14 per ounce, Prices fell 1.3% on Tuesday, its biggest one-day percentage decline since July 14. U.S. gold futures were down 0.4% at $1,710. Read full story

10:48 (IST) 14 Sep 2022
Another jumbo rate hike of 75bps in next FOMC meeting likely

The US inflation in August rose higher at 8.3% y-o-y against expectation of 8.1%. The CPI index increased 0.1% month on month while the economists were expecting it to decline by 0.1% over the month due to sharp correction in energy prices. However, decline in energy prices was offset by higher cost of food (+0.8% m/m) and shelter costs (+0.7% m/m). High costs of food, housing, transportation and other services reiterate the strong consumer demand and elevated service sector price pressures. With inflation being ‘stickier’ than expected, it is highly likely that the Fed will go for another jumbo rate hike of 75bps in its next FOMC meeting on 21st September. Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher

10:47 (IST) 14 Sep 2022

The US inflation in August rose higher at 8.3% y-o-y against expectation of 8.1%. The CPI index increased 0.1% month on month while the economists were expecting it to decline by 0.1% over the month due to sharp correction in energy prices. However, decline in energy prices was offset by higher cost of food (+0.8% m/m) and shelter costs (+0.7% m/m). High costs of food, housing, transportation and other services reiterate the strong consumer demand and elevated service sector price pressures. With inflation being ‘stickier’ than expected, it is highly likely that the Fed will go for another jumbo rate hike of 75bps in its next FOMC meeting on 21st September. Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher

10:34 (IST) 14 Sep 2022
Buy Hindalco, Lupin, IndusInd Bank to pocket gains; short-term market texture looks bullish; use dips to buy

NSE Nifty 50 index successfully cleared the short-term resistance of 18000/60350 and succeeded to close above the same on Tuesday, which is broadly positive. In addition, on daily and intraday charts, it is holding uptrend continuation formation, which supports further uptrend from the current levels. We are of the view that, the short term texture of the market is on the bullish side but due to temporary overbought conditions we could witness range bound activity. Hence buying on intraday corrections and selling on rallies would be the ideal strategy for the short-term trades. Read full story

10:17 (IST) 14 Sep 2022
Sensex and Nifty may touch 61500 and 18600 till Diwali

Sensex and Nifty are down taking cues from the losses in the global markets due to a slight higher US CPI exceeding the expectations and inducing the fear of recession. However, the fall in the Indian benchmark indices seems temporary sustainable to one or two days. In current scenario, Nifty and Sensex may test the levels of 17600 and 59200 respectively. The long term outlook of the Nifty and Sensex is positive. The Foreign investors have continued to be net buyers in the Indian market, which is a stark change from a couple of months back. The cooling off of the crude oil prices due to the Ukraine reclaiming it’s boundaries will also lower the imports bill. All these factors will combined to give a positive impact on the benchmark indices in long run. Sensex and Nifty may touch the levels of 61500 and 18600 respectively till Diwali festival. Ravi Singh, VP & Head of Research, Share India Securities

10:16 (IST) 14 Sep 2022
Nifty support at 17770 intact

Consistently high inflation despite a decent fall in energy prices indicate a rising interest rate scenario which could have a massive impact on both corporate and investor earnings as well. Technically, 17770 remains strong support for Nifty. A daily close below this level could lead to 17480 in the coming days. Resistance will remain at 18066. AR Ramachandran, Co-founder & Trainer, Tips2Trades

10:03 (IST) 14 Sep 2022
Petrol, diesel price today, 14 Sep 2022: Fuel cost steady; Check fuel rates in Delhi, Mumbai, other cities

The price of petrol and diesel has been kept steady on 14 September 2022 (Wednesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is 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

09:48 (IST) 14 Sep 2022
What do Nifty technical charts say?

On the technical front, Nifty formed yet another bullish candle on the daily chart and surpassed the much-awaited hurdle of 18000 mark to continue with its winning streak. However, momentum oscillators has now reached an overbought region and some amount of cool-off seems eminent. However present price structure indicates of continuance of positive bias and our domestic Index is likely to head towards 18,300 in near term as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. Nifty also has given a conclusive breakout from eight month’s falling channel signalling end of corrective phase and breakout is well supported by sequential improvement in market breadth. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

09:26 (IST) 14 Sep 2022
Infosys, Tech Mahindra, Reliance Industries top drags

Infosys, Tech Mahindra, Tata Consultancy Services, TCS, HCL Tech, Wipro, L&T, HDFC Bank, Reliance were among top Sensex draggers

09:24 (IST) 14 Sep 2022
NTPC, Asian Paints, Nestle stocks gain

Stocks of NTPC, Asian Paints, Nestle India, Dr Reddy's, and Hindustan Unilever were among top index gainers

09:23 (IST) 14 Sep 2022
Sensex, Nifty fall more than 1% at open

BSE Sensex tanked 1.2 per cent or 709 points to 59,868, while NSE Nifty 50 fell 1.13 per cent to 17,865

09:05 (IST) 14 Sep 2022
MCX gold support at Rs 49,940-49810

Gold and silver prices fell sharply on Tuesday on the back of a strong U.S. inflation data that also sent the dollar index and bond yields higher. After the U.S. CPI data, the dollar index took a U-turn and gained more than 1% and recovered from one month lows. The dollar index crossed 109.50 marks and pushed precious metals lower. The U.S. 10-year bond yield also surged and at the time of writing this report it was trading above 3.44%. After the U.S. CPI data, the fallout in the financial markets was profound running across almost every asset class. In INR terms gold has support at Rs 49,940-49810, while resistance is at Rs50,380–50,540. Silver has support at Rs56,050-55,640, while resistance is at Rs57,180–57,610. Rahul Kalantri, VP Commodities, Mehta Equities

08:38 (IST) 14 Sep 2022
Stocks to watch today

Vedanta: Vedanta Group, which has formed a joint venture with Taiwan’s Foxconn for setting up a semiconductor manufacturing unit in India, will invest Rs 1.54 trillion in the project and expects to break-even in five years.

JSW Steel: The company has signed a memorandum of understanding (MoU) with Germany-based SMS group to explore multiple cutting-edge solutions and research & development (R&D) projects, to reduce carbon emission in its iron and steelmaking operations in India.

Infosys: Infosys has shot off a missive to its employees, asserting that dual employment or ‘moonlighting’ is not permitted, and has warned that any violation of contract clauses will trigger disciplinary action “which could even lead to termination of employment”.

Read full story

08:35 (IST) 14 Sep 2022
Will bears drag Nifty below 18000 or bulls continue momentum? 5 things to know before market opening bell

Indian equity markets are likely to open lower on Wednesday, hinted SGX Nifty. Nifty futures traded 298 points, or 1.65% lower at 17,794 on the Singapore Exchange, signaling that BSE Sensex, NSE Nifty 50 were headed for a gap-down start. “The current market buoyancy globally, including in India, is based on the expectation that inflation has peaked along with softening crude prices. We believe that, to an extent, the expectation of inflation peaking is right, but one will have to keep an eye on energy prices in Europe & US with the onset of winter, which can re-ignite the inflation fire. The current momentum in the equity markets can sustain, but we would advise investors to raise some cash at the current levels, which can be deployed if the markets correct on either rate hikes or energy prices moving up again,” said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.

Read full story

08:20 (IST) 14 Sep 2022
U.S. 2-year, 10-year Treasury yields shoot higher

U.S. Treasury rocketed higher after high inflation numbers for August. The 2-year Treasury yield surged above 3.79%, highest since 2007. Yield on the benchmark 10-year Treasury note surged 6 basis points, trading at 3.42%.

08:19 (IST) 14 Sep 2022
U.S. inflation painfully high in Aug as well

The US inflation in August rose higher at 8.3% year-on-year against the expectation of 8.1%. The Consumer Price Index gained 0.1% last month versus expectations for a 0.1% decline and after being unchanged in July, the Labor Department said on Tuesday. Food prices rose 0.8%, with the cost of food consumed at home increasing 0.7%. Food prices surged 11.4% over the last year, the largest 12-month increase since May 1979.

08:17 (IST) 14 Sep 2022
Crude Oil prices inch higher as OPEC sticks to demand forecast

Oil prices were slightly higher in early trade on Wednesday as OPEC stuck to forecasts for robust global fuel demand growth. Brent crude futures rose 3 cents to $93.20 a barrel by 0116 GMT, after settling 0.9% lower on Tuesday. U.S. West Texas Intermediate crude was at $87.41 a barrel, up 10 cents, or 0.1%.

08:10 (IST) 14 Sep 2022
Dollar surges after sticky inflation report

US inflation turned out to be wider and hotter than expected, confirming markets for another 75-point rate hike next week. Published data showed a 0.1% increase in prices for August, against expectations of a decline of the same magnitude. Annual inflation slowed from 8.5% to 8.3% but was better than the 8.1% forecasted. Most of all, the markets were spooked by the surge in the core index. It added 0.6% over the month, to an annual rate of 6.3%, signalling inflation is spreading beyond energy and food.

~Alex Kuptsikevich, Senior Market Analyst, FxPro

08:01 (IST) 14 Sep 2022
With inflation being ‘stickier’ than expected, Fed likely to go for another jumbo rate hike

“The US inflation in August rose higher at 8.3% y-o-y against expectation of 8.1%. The CPI index increased 0.1% month on month while the economists were expecting it to decline by 0.1% over the month due to sharp correction in energy prices. However, decline in energy prices was offset by higher cost of food (+0.8% m/m) and shelter costs (+0.7% m/m). High costs of food, housing, transportation and other services reiterate the strong consumer demand and elevated service sector price pressures. With inflation being ‘stickier’ than expected, it is highly likely that the Fed will go for another jumbo rate hike of 75bps in its next FOMC meeting on 21st September,”

~Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher

07:49 (IST) 14 Sep 2022
Asian markets fall tracking US stocks

Asian shares tumbled, the dollar held firm and the US yield curve was deeply inverted on Wednesday, as August US inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.3% in early Asia trade on Wednesday. Resources-heavy Australia plunged 2.8%, while Japan's Nikkei tumbled 2.7%.

07:49 (IST) 14 Sep 2022
US markets plunge as red hot inflation data spikes large rate hike fears

A broad sell-off sent US stocks reeling on Tuesday after a hotter-than-expected inflation report dashed hopes that the US Federal Reserve may scale back its policy tightening in the coming months. All three major US stock indices veered sharply lower, snapping four-day winning streaks and notching their biggest one-day percentage drops since June 2020 in throes of the Covid-19 pandemic.

The Dow Jones Industrial Average fell 1,276.37 points, or 3.94 percent, to 31,104.97, the S&P 500 lost 177.72 points, or 4.32 percent, to 3,932.69 and the Nasdaq Composite dropped 632.84 points, or 5.16 percent, to 11,633.57.

07:47 (IST) 14 Sep 2022
SGX Nifty hints at a negative start for Indian markets

Nifty futures were trading 298 points, or 1.65% lower at 17,794 on the Singapore Exchange, signaling that Dalal Street was headed for a gap-down start.

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