Stock Market HIGHLIGHTS: Sensex, Nifty break 4-day winning streak amid profit booking ahead of US Fed rate announcements
Stock Market HIGHLIGHTS: Sensex, Nifty break 4-day winning streak amid profit booking ahead of US Fed rate announcements
Stock Markets HIGHLIGHTS: Domestic equity markets ended Wednesday on a negative note, breaking a four-day winning streak. The stock markets traded in a narrow range today after opening in the green only to take a U-turn, minutes later. The sombre mood could be attributed to a big event scheduled later today. The US Federal Reserve Chair Jerome Powell will be announcing key policy rates around 12 am India time where it is expected to raise interest rates by 75 bps.
After the US markets, ended Tuesday's trading session negatively, the Indian markets reflected similar sentiments throughout the session. Profit booking was seen after a four-day rally in the local markets. This comes a day before weekly expiry on Thursday.
BSE Sensex was 215.26 points down at 60,906.09 when markets closed while Nifty50 managed a closing above 18000. It settled at 18,082.85, losing 62.55 points or 0.34 per cent from the Tuesday closing.
Here are top highlights of the day:
1) Indian benchmark indices ended lower today, breaking a four-day gaining trend.
2) In the 30-stock Sensex, 21 scrips declined against 9 advances. Sun Pharma, ITC and Tech Mahindra were the top gainers while Bharti Airtel, Maruti Suzuki and Hindustan Unilever were biggest losers on BSE. In the 50-stock Nifty50, 15 shares gained against 35 losses. The top gainers were Hindalco Industries, Sun Pharma and ITC while the top losers were Bharti Airtel Apollo Hospitals and Maruti.
3) Out of the 15 sectoral indices on NSE, 9 were in the red against six gainers. Nifty Realty and Nifty PSU Bank which were down by 0.80 per cent were the biggest laggards. It was followed by Nifty Auto. Nifty media, metal and pharma were gainers. Nifty Bank closed at 41,146.65, down by 0.35 per cent or 142 points.
4) Selling pressure was seen in broader markets too as Nifty Mid Cap 100 and Nifty Small Cap 100 ended at 31,680 and 9,696.15, respectively. However, the losses were capped.
5) India VIX - a gauge of volatility, was up today by 3 per cent at 16.66.
6) LIC Housing stock tanked after company posted disappointing September quarter results. In contrast, Karnataka Bank shares hit 20 per cent upper circuit on strong Jul-September 2022 results.
7) On BSE, 237 stocks hit upper circuit while 153 hit lower circuit.
8) In global markets, Dow 30 Futures were trading flat at 32,658.70, though with positive bias. SGX Nifty Futures were trading at 18,162.5, down by 92.5 points or 0.51 per cent.
9) Oil prices rose on Wednesday after industry data showed a surprise drop in US crude stocks, suggesting demand is holding up despite steep interest rate hikes dampening global growth.
10) Gold and Silver futures were trading positively on MCX and Comex at the time of filing this story.
Catch FULL action here!
Latest Updates
This is all from day's action in the stock markets. This is Shivendra Kumar, signing-off. I will be back with all the market action on Thursday. Till then, HAVE A GREAT DAY!
Sensex Intraday Movement
Source: BSE Nifty Movemant today
In the primary markets, Fusion Micro Finance IPO witnessed a slow start today, which was largely a dull day. This issue was subscribed 0.06 times on the BSE as per the data available on the website around this time. The retail investors subscribed the issue 0.09 times.
Rupee is expected to move in a range between 82 and 83.25 against the US Dollar with risks balanced, opines Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. "Tonight if FED is hawkish on future interest rate hikes then we could see the pair breaching 83.00. However a little dovish language could take it down towards 82.00," he further said.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
While equity markets were trading with weakness, commodity markets were not without action. MCX December Gold futures were trading at Rs 50688 per 10 gram and were up by Rs 186 or 0.37 per cent. Meanwhile the December Silver futures were trading at Rs 58964 per kg and were up Rs 118 or 0.20 per cent.
Commodity: MCX Top Gainers
Source: MCX Domestic markets traded in a narrow range on Wednesday ahead of the all important US Federal Reserve FOMC announcements, later today. Here are key factors that were impacting the market movement today:
1) Ahead of the big Fed movement, stock markets are witnessing profit booking.
2) The correction comes after a four-day rally in the benchmark indices Nifty and Sensex.
3) 3 November, Thursday is also a weekly expiry day.
4) Global cues were also mixed as SGX Nifty Futures was trading at 18,137.5, widening its losses to 117.5 points or 0.64 per cent. Meanwhile, DOW 30 FUTURES were trading with positive bias at 32,694.10, up by 40.90 points or 0.13 per cent.
Range bound trading continued in Sensex and Nifty50 as we enter into the final leg of trading. BSE Sensex was trading at 60,945.85, down by 175.5 points or 0.29 per cent. Meanwhile, the Nifty50 was trading with a loss of over 50 points at 18,091.75. The weakness in markets was a departure from four-day winning streak. Hindalco Industries, Sun Pharma, ONGC and ITC were top gainers on Nifty while the top losers included Apollo Hospitals, Maruti Suzuki and Bharti Airtel.
Source: BSE Banking stocks were trading mix. Bank Nifty was trading flat at 41,293.45 albeit with a positive bias. In the 12-share index, 6 were on the positive side against the others. The top gainers were AU Small Finance Bank, Federal Bank and HDFC Bank. The losers were PNB, Bandhan Bank and Axis Bank
India VIX was up at 16.54, higher by 2.52 per cent from the previous closing on Tuesday. Nifty Mid Cap 100 was trading at 31,713.65, marginally up by 0.03 per cent. Meanwhile, NIFTY SMALLCAP 100 was trading at 9,717.30, higher by 0.10 per cent.
Out of the 3,452 stocks that were trading on the BSE, advances were 1,857 versus 1456 declines while 136 stocks remained unchanged. In this 107 stocks hit 52-week highs while 22 hit their 52-week lows.
Source: BSE
DCX Systems IPO: Retail Individual Investors (RIIs) subscribed the issue 35.49 times on the third day as per the data available on the BSE. The non-nstitutional investors(NIIS) subscribed the 17.40 times. The overall subscription was at 11.94 times.
Source: BSE FUSION MICRO FINANCE LIMITED
Source: BSE Fusion Micro Finance IPO opened today. The issue was subscribed 0.02 times on the BSE as per the data available on BSE at 11 am. Out of the 2,13,75,525 shares available for subscription, number of share bidsreceived were at 3,77,360. The Reatail Individual Investors subscribed the issue 0.03 times.
Auto and IT sectors dragged the markets with Maruti Suzuki, Infosys and TCS turning out to be among the biggest laggards on the BSE. Bharti Airtel and Infosys together impacted the most towards the downfall in benchmarks.
Source: BSE Nifty50 Top Gainers and Losers: In the 50-stock index, 24 stocks advanced while 26 declined. Here are top five gainers and losers on NSE
Source: NSE Domestic benchmarks were trading cautiously ahaed of the Fed's FOMC meeting announcements. In the 30-share index 12 were winners against 18 losers in the early trade. Sun Pharma which posted strong September quarter results on Tuesday was the biggest gainer on the BSE. It was followed by Tech Mahindra and Tata Steel.
Top Gainers and Losers on BSE
Source: BSE Strong action is expected in primary markets as well as Fusion Micro Finance IPO opens today.
Anil Singhvi gives his preview on it
Fusion Micro Finance IPO Preview:
APPLY FOR LONG TERM
Positives:
Experienced and clean promotersStrong growth outlook
Strong financials
Negatives:
Highly competitive and regulated Business
Valuations reasonable not very attractive
Asian currencies were a bit stronger as dollar index fell to 111.32 levels. Tge US 10 year was unchanged at 4.03% after the end of first day of the two day FOMC meeting, Anil Kumar Bhansali
Head of Treasury at Finrex Treasury Advisors LLP said. In respect of rupee one needs to keep a,watch on RBI which seems to be selling $ near to 78.80 levels, he said recommending exporters may sell near to 82.80 to 83.00 band while importers May buy the dips.."The Rupee to open at 82.70 levels and remain in a range of 82.40 to 83.00 as the FED meeting enters the second day. Nobody seems to be interested in the Quantum of rate hike in November which is more or less decided at 75 bps. Everyone wants to know what the FEDs language would be for the month of December-22," Bhansali said.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
FIIs / PCR / India Vix
Anil Singhvi Strategy: Bank Nifty Resistance Zone
Anil Singhvi Strategy: Bank Nifty Support Zone
Nifty Support Zone
Anil Singhvi Strategy on Nifty and Bank Nifty - Key support and resistance levels:
Good morning friends, this is Shivendra Kumar and I am back with all the live action from stock markets. Catch the FULL ACTION in markets LIVE here!
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.