Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended the choppy session in red on Friday. BSE Sensex fell 31 points to end at 58191, while NSE Nifty 50 settled at 17,314.65. Stocks of Titan Company, Power Grid Corporation of India, NTPC, Maruti Suzuki India, IndusInd Bank, Bharti Airtel, L&T, Reliance Industries were among top BSE Sensex gainers. On the flip side, M&M, UltraTech Cement, State Bank of India, Tata Consultancy Services (TCS), ITC were among index laggards. Bank Nifty ended at 39,178, down 0.3 per cent.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News
BSE Sensex fell 31 points to end at 58191, while NSE Nifty 50 settled at 17,314.65
Electronic Mart India IPO subscribed 56.05 times at 3.00 pm (Day 3). Overall 56.05 times, QIB 120.91 times, NII 57.81 times and Retail 18.24 times
We expect muted net income growth for the KIE universe on a yoy and qoq basis excluding downstream oil companies. On an overall basis, we expect net income of the KIE universe to decline 26% yoy and 16% qoq. We expect net income of automobiles (improvement in chip availability), banks (strong loan growth, NIM expansion and a sharp decline in loan-loss provisions) and diversified financials (accelerating loan growth) to increase sharply on a yoy basis, while net income of construction materials (high fuel and power costs), metals & mining (lower commodity prices, weak realization) and oil, gas & consumable fuels (weak refining margins and large inventory and marketing losses in case of downstream oil companies) to decline sharply both sequentially as well as yoy basis. Kotak Institutional Equities
In 2QFY23, we expect Bharti Airtel’s India mobile revenue to rise 2.8% q-q benefiting from the increase in 4G subscribers. For Reliance Jio, we forecast revenue to rise 3% q-q, led by an increase in the subscribers’ base. We expect rental revenue and EBITDA of Indus Towers to decline q-q as the recent contract renewals were offered at a discounted rate and the exit penalty tapers off. Kunal Vora, Head of India Equity Research, BNP Paribas India
On the domestic front, high frequency indicators point towards improvement in activity and the early trends of festive demand appears strong. As we enter the Q2FY23 earnings season, the focus would be on corporate commentary on demand and margins. Going ahead, there are multiple global macro factors at play and higher interest rates and inflation are likely to be sticky in the developed world. Indian growth outlook appears stable and a relative outlier. However, given the outperformance of the Indian markets and with relative valuations appearing stretched, it is possible that markets see some volatility in the near term. In the medium term, the outlook for equity markets remains healthy, given the strength of domestic macro growth and corporate earnings trajectory. Shibani Sircar Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra AMC
Two important events will give further direction to gold and they are US employment data on 7th Oct and CPI inflation report for September which will be released on October 13. Economist will focus on whether or not the labor market is showing signs of contracting as a positive indication. So weak employment data would be positive for equity and gold despite it being bad news. This is because slower growth will help Fed loosen its pace of rate hike to fight inflation. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate in India was largely unchanged on Friday, as yellow metal remained steady in international market. On Multi Commodity Exchange, gold December futures were ruling flat with negative bias at Rs 51,965 per 10 gram. Silver December futures were trading at Rs 61,600 per kg, up Rs 254 or 0.4 per cent on MCX. Globally, yellow metal prices held steady ahead of the U.S. jobs report that could help investors gauge the Federal Reserve’s rate-hike path, and were headed for their biggest weekly gain since March. Read full story
Globally things have improved drastically and hence we are being the stronger market, managed to give a sharp recovery from Monday’s low. Now although, we witnessed a small correction during the latter part of the session, we continue to remain sanguine and expect the market to attract buying interest at lower levels. Technically, prices have stayed beyond the key ’20-EMA’ on the daily time frame chart, indicating inherent strength. As far as levels are concerned, 17200 – 17000 to be considered as a sacrosanct zone and any decline in the vicinity of the same, should be utilized to go long. On the flipside, 17400 and then we can see Nifty extending the gains towards 17500 – 17650 levels in coming days. Read full story
A close near 17300 takes some momentum away and the MACDF crossover will have to wait. Favoured view expects the pull back to finish in the 17260-187 region, before resuming uptrend. A close above this region is important to maintain the 18115 trajectory. Else expect sub 17000 levels again, though a collapse is less likely. Anand James – Chief Market Strategist at Geojit Financial Services
Bank Nifty fell 0.6 per cent to trade around 39044
IndusInd Bank, State Bank of India, Power Grid Corporation of India, Tata Steel, Tata Consultancy Services (TCS), ITC, Axis Bank were among top BSE Sensex laggards.
Titan Company, HCL Tech, Maruti Suzuki India, Tech Mahindra, Reliance, Wipro were among top Sensex gainers
BSE Sensex fell 200 points or 0.4 per cent to trade around 58014 level, while NSE Nifty 50 gave up 17300 level
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel remained unchanged on 7 October 2022 (Friday), keeping costs steady for nearly four months now. The petrol rate and diesel rate in Delhi are at Rs 96.72 and Rs 89.62 per litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. Read full story
BSE Sensex fell 250 points or 0.4 per cent to trade below 58000 level, while NSE Nifty 50 gave up 17200 level in pre-open
An important data which can influence markets globally is the US jobs data expected tonight. Paradoxically, good jobs numbers will be negative for markets since the Fed will have to continue with its hawkish stance if the economy continues to be strong. On the other hand if the jobs data is weak the Fed might infer that the economy is slowing down and, therefore, may go slow on tightening. This would be good for equity markets. So, investors may wait and watch these developments. The fact that FIIs have stopped selling and have turned buyers, though in small quantities, is positive for markets. For FIIs now stocks are available only at high prices. So they will be careful while selling. Financials, autos and capital goods are likely to do well even in a weak market. IT Q2 results may surprise on the upside. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nifty is expected to trade with positive bias above 17200. During this week, there is an improvement in the broader market activity also. This is inkling further upmove ahead and Nifty may test 17600 levels. Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Nifty support at 17270-17226, and resistance was seen at 17401-17488. Bank Nifty support was placed at 39210-39070, and resistance at 39620-39890. Rahul Sharma, JM Financial Services
Electronics Mart India IPO received bids of 47,29,37,840 shares against the offered 6,25,00,000 equity shares, at a price band of Rs 56-59. Overall the issue was subscribed 7.57 times on the second day of bidding. The reserved portion of non-institutional investors witnessed a subscription of 11.74 times. Retail Portion saw a strong demand and was subscribed 7.81 times. The qualified institutional buyer portion was subscribed 4.01 times.
Nifty futures were trading 42.5 points or 0.25 per cent down at 17,273.50 levels on Friday, suggesting a weak start for BSE Sensex and NSE Nifty 50. Early trends on SGX Nifty were signalling that NSE Nifty 50 may open below 17300. Today investors will watch monthly US jobs report. Analysts said that the rising oil prices and spiking US Treasury yields were also making investors jittery about taking long term bets. Read full story
Nifty climbed for the second straight session, but some caution set in amidst lack of clarity on the Fed rate hike outlook. After an explosive start, the market was mostly seen consolidating its gains but, most importantly, the benchmarks stayed resilient ahead of the US Jobs report to trickle in on Friday. The rising oil prices and spiking US Treasury yields are also making investors jittery about taking long term bets. For Nifty, the immediate hurdle is seen at 17589 mark while intraday support is now seen only at 17227 zone with major support at 17017 mark. Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Reliance Industries Ltd: More Reliance Industries-backed firms are likely to join the government’s e-commerce platform, Open Network for Digital Commerce (ONDC).
Poonawalla Fincorp: Poonawalla Fincorp on Thursday said it registered a 44% on-year growth and an 8% sequential rise in consolidated disbursement.
Adani Group: With the National Master Plan for Multi-Modal Connectivity in place, Ahmedabad-headquartered Adani Group is set to give momentum to its logistic business by commissioning six more Multi-Modal Logistics Parks (MMLPs) in the next two years. Read full story
In overnight trade on Wall Street, US stocks fell. The Dow Jones Industrial Average shed 346.93 points, or 1.15%, the S&P 500 declined 1.02, while the Nasdaq Composite was 0.68% lower.
Asian stock markets were ruling in red in early trade on Friday, ahead of monthly US jobs report. The Nikkei 225 in Japan fell 1.35% and the Topix index slipped 1.29%. South Korea’s Kospi slipped 0.8% and the Kosdaq dropped 0.93%. Markets in mainland China were closed for a holiday.
The World Bank on Thursday projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment. In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world. The Indian economy grew by 8.7 per cent in the previous year. Read full story