Share Market Highlights 12 Sept 2022: Nifty ends near 17,950, Sensex above 60,100; Titan, Tech Mahindra among top gainers
Stock market today Live Updates: The Indian market extended gains for the third session as benchmarks gained over half per cent in the closing trade on Monday.
(By Ravi Kant Kumar)
The Indian market extended gains for the third session as benchmarks gained over half per cent in the closing trade on Monday. Even though the indices erased early gains, the broader Nifty50 closed above 17,900, while the Sensex closed around 60,000-mark. IT stocks outperformed the market as Nifty IT rose more than 1.2% on Monday. The rally was also supported by a broader market where in Midcap and Small indices gained around 0.9% and 1.3% respectively. Adani Ports, Titan, Tech Mahindra were among top gainers, while Coal India, Shree Cements, Nestle Indian were among top laggards.
"Domestic economy is witnessing strong vigour and the same is assisting a steady growth in Indian equities. A 15.5% YoY increase in bank credits during August suggests that the economy is recovering rapidly," said Vinod Nair, Head of Research at Geojit Financial Services, in today's market commentary.
Due to rising food prices, domestic inflation figures are predicted to show a gradual rise from 6.7% in July, which could add volatility in the short-term, he said.
"Meanwhile, the world equity market is ignoring the fact that the Fed will retain its aggressive rate hike strategy given high levels of inflation assuming that much is factored in," the expert added.
Latest Updates
Nifty: Short-term trend is likely to remain strong as long as it remains above 17700
"Nifty started on a positive note following strong global cues. On the higher end, Nifty found resistance before ending with a gain of ~0.60%. The daily momentum indicator RSI remains in the green crossover. The short-term trend is likely to remain strong as long as it remains above 17700. On the higher end, Nifty has resistance at 18000-18100 zone. Support is seen at 17880/17770." - Rupak De, Senior Technical Analyst at LKP Securities.
Nifty outlook: Bears defended key psychological mark of 18000
The Nifty opened on a positive note on September 12 & made multiple attempts to touch 18000 mark throughout the day. The bears, however, defended the key psychological mark yet again; thus making the resistance stronger. As long as the index trades below this level, it is likely to stay in the short term consolidation. As per the internal structure of the recent price action, within the short term consolidation, the index is preparing for a downward move. Thus the index looks poised to test its hourly lower Bollinger Band, which is near 17700 with the potential to slide to 17500 subsequently.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
Nifty, Sensex top gainers and losers
Adani Ports, Titan, Tech Mahindra were among top gainers, while Coal India, Shree Cements, Nestle Indian were among top laggards.
Weak dollar, sustained FII inflows may favour Rupee
USDINR (CMP Rs 79.50 spot):
Indian rupee appreciated by 0.10% today amid weak US Dollar and positive domestic equities. Dollar breached the 108-mark and is trading about 1% lower decline in safe haven appeal on the back of improved global risk sentiments. Euro also surged by 1.3% on reports that Ukraine has retaken some towns and cities in the Kharkiv region which is a setback for Russia. Rupee also gained on FII inflows. FII inflows on Friday surged to Rs. 2,132 crores. Easing bond yields also weighed on Dollar. 10-year US bond yields are trading around -0.63% at 3.2945%. We expect Rupee to with a positive tone as rise in risk appetite in global markets and a weak Dollar may support Rupee. Sustained FII inflows may also favor the Rupee. However, worries over global economic slowdown and recovery in crude oil prices may restrict sharp upside. Traders may also remain cautious ahead of India’s CPI and industrial production data later today. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.30 in next couple of sessions.
Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
Exclusive: Good news for insurance policyholders: Soon you can change agent - IRDAI mulls introducing portability option
The Insurance Regulatory and Development Authority of India (IRDAI) may soon come up with a new norm with respect to changing an insurance agent. In order to enhance customer experience, and make services better and more convenient for the policy buyers, the insurance regulator is planning agent portability option will be available in insurance, a Zee Business channel report said. Full Report
Defense sector buzzing on strong order book; BEL favourite
"Defense sector is buzzing currently on the back of a strong order book, orders from GOI under the Ministry of Defense, technological advancements and requirements according to the geopolitical environment and export orders. This gives us a visibility of upto 4-5 years as the country needs to match the international standards. Furthermore, profitability led by higher indigenisation theme, better operating leverage and higher contribution from non government orders should augur well for the margins. Valuations too seem comfortable to us for the entire sector. Therefore we are bullish on the sector, particularly on BEL due to additional positives like a lean balance sheet, better working capital management and emphasis on some non profitable non defense sectors."- Ashwin Patil, Senior Research Analyst at LKP SecuritiesAir India to get 30 new aircraft to boost domestic, international operations
Aiming to augment its capacity, Air India has planned to induct 25 Airbus narrow-body and 5 Boeing wide-body aircraft in its existing fleet. Air India has signed leases and letters of intent for 25 Airbus narrow-body and 5 Boeing wide-body aircraft which will enter service from late 2022, increasing the airline's fleet by over 25 per cent. Full Report
Nitin Gadkari on electric highways: Govt wants to develop India's public transport system on electricity
The government is working on developing electric highways, which will be powered by solar energy, that will facilitate the charging of heavy duty trucks and buses, Union road transport and highways minister Nitin Gadkari said on Monday. Addressing an event organised by the Indo-American Chamber of Commerce (IACC), Gadkari reiterated that the government wants to develop India's public transport system on electricity. Full Report
Global market advance after Wall Street's end of week rally
Shares climbed Monday in Europe and Asia after last week's strong close on Wall Street snapped a three-week losing streak. Many Asian markets were closed for holidays. US futures rose while oil prices turned higher. Investors are watching for US inflation figures and Chinese economic data this week. The US Labour Department will release its report on consumer prices for August on Tuesday and a report on wholesale prices on Wednesday. On Thursday, Wall Street will get an update on retail sales for August. Germany's DAX climbed 1.3% to 13,2595 while the CAC 40 in Paris gained 1% to 6,273.58. Britain's FTSE 100 was up 1.1% at 7,430.66. The future for the S&P 500 was 0.4% higher while that for the Dow industrials gained 0.3%. PTIHindustan Copper to hike copper ore production to 12.2 million tonnes p/a
Hindustan Copper Ltd (HCL) is considering increasing its copper ore production to 12.2 million tonnes per annum by FY29 in its first phase of expansion. The company's copper ore production was 3.57 million tonnes (MT) in FY22. ''HCL has plans to increase its mining capacity from its current level ore production to 12.2 million tonnes per annum in phase-I in next 7 to 8 years,'' the public sector unit said, as per PTI The company further plans to increase its output to 20.2 MTPA after the completion of its first phase capacity expansion plan.
Navin Fluorine International share price at 52-week high
Navin Fluorine International share price jumped over five per cent amid spurt in volume to hit 52-week high of Rs 4636 per share in BSE intraday trade on Monday. Navin Fluorine is a multibagger stock which has clocked nearly 600% return for its shareholders in the last five years
Tata Investment Corporation share price hits 52-week high
Shares of Tata Investment Corporation jumped over seven per cent in BSE intraday to hit 52-week high of Rs 1973.55 per share amid firm market. The counter witnessed a sput in volume by 2.57 times on Monday
Nifty, Sensex firm: IT, bank stocks shine
Indices continue to trade firm on Monday. Nifty at 17,956.20, Sensex at 60,195.81. Tech Mahindra, Axis Bank and Adani Ports top gainers, Coal India, Shree Cement, M&M were among top laggards
Stocks to buy with Anil Singhvi: Nifty50 to hit 18600 - Sanjiv Bhasin makes BIG statement | Recommends 2 BUY stocks
Stocks to buy today: Market expert and IIFL Securities Director Sanjiv Bhasin on Monday said that Nifty50 will climb to fresh all-time high this week. In a special segment ‘Bhasin Ke Hasin Share' aired on Zee Business with Managing Editor Anil Singhvi, he made a prediction that Nifty50 will hit 18600 on Thursday-Friday. Nifty50 had made a lifetime high of 18604.45 on October 19 last year. Full Report
Inox, Rain Industries and Nesco: Buy, sell or hold — What should investors do with these stocks?
Nesco share price jumped over seven per cent to Rs 651.20 per share on the BSE on Friday. Shares of Rain Industries dropped nearly eight per cent to Rs 185.75 and Inox Leisure declined five per cent to Rs 494.40 per share on the BSE on Friday. Full report
Nazara Tech share price jumps 7% on Google announcement
Shares of Nazara Tech rose around seven per cent in early trade to Rs 789 per share in BSE intraday trade on Monday. The counter has gained around 11 per cent on Friday. The spike comes amid Google announcement to run a pilot test for the local developers to distribute daily fantasy sports (DFS) and rummy games apps on Play Store in India.
USD-INR outlook 12 Sept
The stickiness to 79.7 vicinity amidst intraday volatility continues, and validates our reversion to a range trading stance within the 79.5-80 region, until a breakout sets off.
Anand James - Chief Market Strategist at Geojit Financial Services.Gold price today: Yellow metal may gain some strength
Gold may gain some strength today after the U.S. Treasury Secretary Yellen commented that the US inflation reading for August is likely to show a decline on weaker gas prices. In addition, she stated that US is reviewing tariffs on Chinese goods and some of the tariffs could be rolled back. These factors led to fall in dollar which will induce buying in gold prices. The anticipation of lower US CPI numbers this week may give more bidding to the safe haven.
Buy Zone Above - 50700 for the target of 51000
Sell Zone Below - 50300 for the target of 50100Dr. Ravi Singh-Vice President and Head of Research-ShareIndia
Oil prices at seven-month low but no change in petrol, diesel prices in India
International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost. International benchmark Brent crude fell below USD 90 per barrel last week for the first time since early February as recession fears weigh on demand. It has since recovered and is trading at USD 92.84 per barrel, the lowest in six months. Full Report
Brahmastra box office collection lifts Inox, PVR shares
Shares of Inox Leisure and PVR gained between 4-5% in early trade as Ranbir Kapoor and Alia Bhatt led Brahmastra box office collection showed stellar numbers. Inox and PVR shares were up over 4% to Rs 515.05 and 1917 in BSE intraday trade
Bank Nifty opens above 40,500
The 12-share Nifty Bank opens at 40,540, led by PNB, IDFC First Bank and Bank of Baroda.
Stock market opening
Benchmarks Nifty 50 started near 17,900, while the Sensex topped 60000 in the opening session. Nifty Midcap gained over half per cent, while small cap index almost rose one per cent in the broader market in early trade. Sectorally, all indices were trading in the green with IT, Auto and Media gaining the most.
Among stocks, Tech Mahindra, Infosys, Hindalco and Tata Steel were among top gainers. Bajaj Auto, UltraTech Cement, HDFC and Kotak Bank were among top laggards on Monday
Derivative: Nifty weekly contract highest open interest at 19000 for Calls
Nifty weekly contract has highest open interest at 19000 for Calls and 17000 for Puts while monthly contracts have highest open interest at 17900 for Calls and 17800 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -10.90%, increased future index shorts by -2.51% and in index options by 57.91% in Call longs, 31.11% in Call short, 82.45% in Put longs and 21.06% in Put shorts. -Anand James - Chief Market Strategist at Geojit Financial Services.
Nifty support and resistance
Last Friday’s rejection trades on approach to 17900 revives collapse fears, having fallen about 4.5%, the last time Nifty rose above 17900, on 19 August. But the main difference this time is that last Friday’s dip was accompanied by decline in VIX, as opposed to a rise in VIX on 19th August. This encourages us to look for 18160-18600 in the near term. Alternatively, inability to float above 17750, will negate our bullish bias, and revisit chances of 17000-16650, should 17450 give away as well. - Anand James - Chief Market Strategist at Geojit Financial Services.
Anil Singhvi's 12 Sept strategy: Support zone on Nifty is 17690-17790, Bank Nifty is 40200-40275
Amid positive global markets, positive Foreign Institutional Investors (FIIs), negative domestic institutional investors (DIIs), neutral future and options and positive sentiment, the short-term trend of the Indian market will remain positive on Monday. Full Report
Dow Jones can attempt 32,200L: Anil Singhvi
Amid recovery in the US market, Dow Jones can attempt 32,200, said Zee Business Managing Editor Anil Singhvi, adding that there is additional 2% growth is expected the Wall Street index. He said Nasdaq will proportionally jump.
Indian Railways: 116% rise in revenue from passenger traffic
Passenger traffic also increased compared to last year in both the segments -- reserved and unreserved. The growth from the long distance reserved mail express trains has been sharper than the same in passenger and suburban trains, the Railways said. Full Report
Stocks to buy today: 20 stocks for profitable trade on 12 Sept
Zee Business brings you a list of 20 stocks from cash, techno, and F&O space. These stocks have been picked keeping in view investors' short-to-long term requirements. Full Report
Tamilnad Mercantile Bank IPO Allotment date:
Share allotment for Tamilnad Mercantile Bank IPO, whose subscription closed on September 9 will begin on Monday, September 12. The IPO was subscribed 2.86 times on the last day of the opening of subscription. The Rs 831-crore public offer received bids for 2,49,39,292 shares against 87,12,000 shares on offer. The portion reserved for retail investors was subscribed 6.48 times. Non-Institutional Investors and Qualified Institutional Buyers (QIBs) subscribed the issue 2.97 times and 1.62 times respectively on Wednesday. Full Report
SGX Nifty turns red
Indicating a flat to negative openings, the SGX Nifty index slipped in the red in early trade. The index dipped by 10 points to 17,831.5 on the Singaporean exchange
Stocks in news
There will be several stocks that will remain in focus on Monday based on news development and corporate announcements. Zee Business research analyst Arman Nahar lists those stocks and tells where investors should focus on Monday.
Nikkei 225 jumps 1.15%; Shanghai Composite, Hang Seng closed today
Among Asian markets, Chinese Shanghai Composite and Hang Seng Index remained closed for holiday on Monday, while Japanese Nikkei 225 gained 320 points or 1.13% in early trade
US Market on Friday
The US market ended higher on Friday with Dow Jones closing higher by 377 points near its day's high. Other Wall Street indices Nasdaq and S&P 500 gained 250 points and 61 points respectively on Friday.
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