Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic stock market benchmarks BSE Sensex and NSE Nifty 50 ended half a per cent down on Thursday, a day of weekly F&O expiry. BSE Sensex fell 337 points or 0.6 per cent to 59,120, while NSE Nifty 50 was down 89 points or 0.5 per cent to settle at 17630. Stocks of Titan Company, Hindustan Unilever Ltd (HUL), Asian Paints, Maruti Suzuki India, ITC, Dr Reddy’s, Bharti Airtel, M&M, TCS, and NTPC were among top BSE Sensex gainers. On the flip side, Power Grid Corporation of India, HDFC Bank, Axis Bank, Housing Development Finance Corporation (HDFC), Reliance were among top index draggers. Bank Nifty index tumbled 1.4 per cent to settle at 40,631.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates
BSE Sensex fell 337 points or 0.6 per cent to 59,120, while NSE Nifty 50 was down 89 points or 0.5 per cent to settle at 17630
The US Fed on Wednesday raised rates by 75bps, 3rd consecutive jumbo rate hike (highest since CY08), to a new target range. Fed Chair Jerome Powell in his statement signalled more rate hikes going forward to tame red hot inflation in the US. The median projections for federal funds rate is now expected at 4.4% in 2022. “We have got to get inflation behind us. I wish there were a painless way to do that. There isn’t,” Powell said after officials lifted the target for the benchmark federal funds rate to a range of 3% to 3.25%. According to analysts, the hawkish Fed commentary has pushed market expectations of a reversal in policy tightening through rate cuts to 2024 from late 2023 earlier. Read full story
While rising in interest rates represent a headwind for Indian equities, our buoyant domestic demand scenario presents a sliver of hope for global investors looking to diversify globally. We remain constructive on Indian equities over the medium-term and continue to orient our portfolios around domestic cyclical which continue to look attractive to us from a medium-term perspective. Trideep Bhattacharya, CIO Equities, Edelweiss MF
Motilal Oswal Asset Management Company (MOAMC) has announced the launch of Motilal Oswal Gold and Silver ETFs FoFs, with an objective to generate returns by investing in units of Gold ETF and Silver ETF. The NFO will open on 26th September 2022 and closes on 7th October 2022.
Infosys share price fell more than 1 per cent to Rs 1,360.05 apiece on BSE, a new 52-week low in Thursday’s intra-day trade, tracking the fall in US IT stocks overnight. On the back of growth concerns, the stock has fallen more than 3 per cent in the last five days, 13 per cent in one month, and 27 per cent in the last six months. The IT bellwether has tanked 28 per cent so far this year, and 20 per cent in one year. In comparison, the S&P BSE Sensex was down less than one per cent in the last month. Analysts say that despite being a very low debt, and consistently well performing sector, IT stocks including Infosys recently have seen a sharp dip due to a worsening US & European economy including sharp sell offs in tech giants across the globe. Read full story
India’s export outlook looks weak going forward amid global headwinds. Since exports were the key peg for strong real GDP growth in the first half of the current financial year, when domestic demand was in the early stages of its climb back to pre-covid levels, analysts at ICICI Securities have lowered their real GDP growth forecast for FY23 to 7.5%. As oil prices moderate, the fiscal and current account deficits are expected to moderate sharply in H2FY23. Read full story
With the US Fed increasing rates by 75 bps and hinting at more rate hikes in the future, we believe the Dollar index can see a significant increase, implying most major market currencies, including INR should be under pressure. If we start seeing INR depreciating, then from a USD returns perspective for FPIs, India becomes unattractive. We could also witness a reversal of FPI flows in the near to medium term, which will increase market volatility. Higher interest rates in the US will force major central banks, including India, to increase interest rates to stem the pressure on their domestic currencies and with increased interest rates and cost of capital, market multiples can contract. We believe in the near term, Indian equity markets can witness increased volatility. Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS
The short-term trend of Nifty continues to be choppy. The market is stuck within a broader high low range of 18100-17500 levels and the movement within the said range is expected for the next few sessions. Any decisive move beyond this range is likely to bring acceleration in the momentum on either side. Read full story
“The Indian rupee has plunged to a fresh record low of 80.61 mark amid signs of escalating Russia-Ukraine tensions and a hefty rate hike of 75 bps by the US Fed for the third time in a row, which has led to a vertical rally in the greenback towards two-decade highs of 111.78 level. The US central bank struck a more hawkish tone than expected at its latest meeting indicating that it will aggressively front load rate hikes to rein in runaway inflation, even at the risk of hurting growth. Slowing portfolio flows in the domestic markets have further accentuated the decline witnessed in the rupee-dollar exchange rate, even as weakening crude oil prices are still capping losses in the domestic currency. Further ahead, a move past the 80.10 mark has opened the doorway for depreciation in the Indian rupee towards the 81 mark in the coming days.”
~ Sugandha Sachdeva, Vice President – Commodity and Currency Research, Religare Broking
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading weak in India on Thursday, on the back of strength in US Dollar. On Multi Commodity Exchange, gold October futures were trading flat to negative at Rs 49,439 per 10 gram, as against the previous close of Rs 49,443. Silver December futures were ruling Rs 96 or 0.2 per cent down at Rs 57,202 per kg on MCX. Read full story
It is apparent from the recent action and commentary of the US Federal Reserve that we are still far away from the end of the rate hike cycle. We reckon that the rupee is expected to remain under pressure despite the improvement in domestic economic prospects. Additionally, for the RBI it will be difficult to intervene and take strict actions to curb the rupee depreciation as the liquidity in the banking system has swung into deficit mode after remaining in a surplus mode for almost 40 months and at the current juncture, the RBI doesn't want to derail the economic recovery. Technically, the USDINR pair witnessed a breakout of ascending triangle formation that may lead to further weakness in the rupee towards the 81.5-82 zone however 81 will be an intermediate and sacrosanct support level for the rupee. Santosh Meena, Head of Research, Swastika Investmart
Rupee hit lifetime low level after the Fed decision dollar index traded on above 111 levels. Due to this rupee and other Asian currencies were trading lower. Today as expected, Rupee traded at life time low of 80.40 levels. Eur against dollar was also trading at 20-yr low at 0.9822 and GBP against dollar was also trading at 29-yr low at 1.1234 levels. Due to the hawkish statement of FED, we expect other major currencies against dollar may depreciate. Rupee may also further depreciate and test 81-82 levels very soon. Anuj Gupta, VP, IIFL Securities
Bank Nifty index was down 0.3 per cent to trade at 41,088.85
Housing Development Finance Corporation (HDFC), Wipro, Tech Mahindra, Dr Reddy's, HCL Tech, Sun Pharma were Sensex losers
BSE Sensex was down 235 points or 0.4 per cent at 59,221, while NSE Nifty was down 54 points or 0.3 per cent to 17,664
Wipro Chairman Rishad Premji on Wednesday said the company had found 300 of its employees worked with one of its competitors at the same time, and added that action was taken in such cases by terminating their services. Premji asserted that he stands by his recent comments on moonlighting being a complete violation of integrity “in its deepest form”. In the previous trading session, the share closed down 1.02% or Rs 4.15 at Rs 400.80 on the BSE.
IDBI Bank sold its entire stake in Ageas Federal Life Insurance Company to partner Ageas Insurance International NV. In May 2022, the bank had entered into a Share Purchase Agreement to sell its entire stake of 20 crore equity shares in Ageas Federal Life Insurance Company to Ageas Insurance International NV. With this sale, IDBI Bank's shareholding in Ageas Federal Life Insurance Company now stands at NIL.
In the previous trading session, the share closed down 2.43% or Rs 1.10 at Rs 44.20 on the BSE.
Indian benchmark indices BSE Sensex, NSE Nifty 50 are likely to open in red, tracking weak global. Early trends in SGX Nifty hinted at a gap-down opening for the broader domestic frontline index with a loss of 121 points. Markets will react to the Fed’s interest rate hike decision. An aggressive commentary is expected to lead to higher volatility and pressure on the market, according to analysts. “If Nifty trades below 17700, it could trigger short-term correction. Below the same, the index could slip till 17550-17500. The current market texture is non directional, hence level-based trading would be the ideal strategy for short-term traders,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Asia markets traded lower on Thursday after the U.S. Federal Reserve raised interest rates and signaled further hikes ahead. U.S. stocks were volatile and closed sharply lower following the announcement. In Hong Kong, the Hang Seng index fell 2.19% in early trade, with the Hang Seng Tech index dropping 3.08%. The Shanghai Composite in mainland China shed 0.37% and the Shenzhen Component declined 0.546%. The Nikkei 225 in Japan slipped 1.2%, and the Topix index fell 0.84%.
Wall Street’s main indexes see-sawed before slumping in the final 30 minutes of trading to end Wednesday lower, as investors digested another supersized Federal Reserve hike and its commitment to keep up increases into 2023 to fight inflation. The Dow Jones Industrial Average fell 522.45 points, or 1.7%, to 30,183.78, the S&P 500 lost 66 points, or 1.71%, to 3,789.93 and the Nasdaq Composite dropped 204.86 points, or 1.79%, to 11,220.19.
Nifty futures traded 133 points, or 0.75% lower at 17,583 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start.