Stock Market Today Highlights: Indian indices close flat with minor cut; Nifty ends above 17,000 – FMCG, Pharma stocks gain
Stock Market Latest Updates: In a zig-zag trade, the Indian markets ended Tuesday’s session on a flat note with a minor cut, extending its losing trend for the fifth straight session amid mute global cues Both the benchmark indices – Sensex and Nifty50 were marginally down at the market close on Tuesday.
At the market close, the Sensex was down 37 points or 0.07 per cent to 57,107, while Nifty50 dipped by 9 points or 0.05 per cent to 17,007. Outperforming the benchmarks, the broader markets closed in the green with the Nifty mid-cap up 0.16 per cent and small-cap up 0.25 per cent.
As many as 33 stocks advanced and 17 declined on the Nifty50 index. State-owned stocks such as BPCL, Power Grid, and ONGC were among the top gainers along with IndusInd Bank and Tata Consumers on the NSE. While Hero Moto slumped most, followed by Tata Steel and Titan.
Sectorally, Metal along with Banking and Financials tried to drag the markets most, while IT, FMCG and Pharma supported most to the benchmark indices.
Stock Market Latest Updates: In a zig-zag trade, the Indian markets ended Tuesday’s session on a flat note with a minor cut, extending its losing trend for the fifth straight session amid mute global cues Both the benchmark indices – Sensex and Nifty50 were marginally down at the market close on Tuesday.
At the market close, the Sensex was down 37 points or 0.07 per cent to 57,107, while Nifty50 dipped by 9 points or 0.05 per cent to 17,007. Outperforming the benchmarks, the broader markets closed in the green with the Nifty mid-cap up 0.16 per cent and small-cap up 0.25 per cent.
As many as 33 stocks advanced and 17 declined on the Nifty50 index. State-owned stocks such as BPCL, Power Grid, and ONGC were among the top gainers along with IndusInd Bank and Tata Consumers on the NSE. While Hero Moto slumped most, followed by Tata Steel and Titan.
Sectorally, Metal along with Banking and Financials tried to drag the markets most, while IT, FMCG and Pharma supported most to the benchmark indices.
Latest Updates
Share Market At Close on Tuesday - Check Gainers/Losers
The domestic markets ended on a flat note with minor gains. extending its declining trend for the fifth straight session. The Sensex slipped 37 points or 0.07 per cent to 57,107, while Nifty50 was down by 9 points or 0.05 per cent to 17,007.
The broader markets outperformed the benchmarks to close in the green with the Nifty mid-cap gaining 0.32 per cent and small-cap up 0.48 per cent.
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The rupee on Tuesday appreciated 37 paise to 81.30 against the US dollar in early trade as the American currency retreated from its elevated levels, PTI reported. Former Chief Economic Advisor (CEA) K.V. Subramanian has taken to Twitter to explain the current depreciation of the rupee against the greenback. Full Report
City gas distribution stocks in focus
City gas distribution (CGDs) companies' shares surged up to 5 per cent in the otherwise volatile market on the BSE intraday during Tuesday's trading session.
Mahanagar Gas (MGL), Indraprastha Gas (IGL), and Gujarat Gas Company were up between 4-5 per cent to Rs 834.75, Rs 415.6 and Rs 509.6 per share, respectively, as compared to 0.2 per cent rise in the S&P BSE Sensex at around 12:00 PM. Full Report
Crude Oil Outlook:
Crude oil prices are showing signs of stabilizing after the swift decline towards a nine-month low with markets considering the prospects of further action by the OPEC+ members at their Oct. 5 meeting, as the oil cartel hinted at their discomfort with declining crude prices.
Softening of the dollar index and uncertainty over a price cap being imposed by the EU on Russian oil are also underpinning crude oil prices. We foresee prices to witness recovery towards $80 a barrel for WTI while for Brent, prices look to rebound towards $87 a barrel.
- Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking Ltd.
Derivative Outlook:
Nifty weekly contract has the highest open interest at 17200 for Calls and 16600 for Puts while monthly contracts have the highest open interest at 17200 for Calls and 15500 for Puts. The highest new OI addition was seen at 17500 for Calls and 16500 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 8.30%, increased future index shorts by -5.61%, and in index options by 24.33% in Call longs, 16.41% in Call shorts, 21.65% in Put longs, and 9.59% in Put shorts. - Anand James - Chief Market Strategist at Geojit Financial Services
Auto stocks under pressure
Maruti, M&M, Ashok Leyland, and TVS Motor are among the top laggards
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The mutlibagger stock has doubled or reported growth of over 102 per cent in 2022. Currently, it is trading 90 per cent higher than its issue price of Rs 500 per share. Full Report
Power Grid share price jumps 2% - know why?
Power Grid Share Price: Shares of PSU Maharatna company Power Grid Corporation of India (PGCIL) recovered on Tuesday after the government rejected a proposal to acquire Power Finance Corporation's stake in REC (earlier known as Rural Electrification Corporation).
Power Grid's share price jumped over 2 per cent in early trade to hit a day's high of Rs 207.90. Full Report
Nifty Outlook
Oscillators are divergent enough to allow for a 17160 dash, but a push towards 17350 while possible, looks very iffy for now and would require deft handling. We will go in today, with expectations of 17000 being defended, to go with the emergent hopes of a recovery. However, we would be equally mindful of the potential of bears regrouping and aiming for 16860, should 17090 regions resist the initial recovery attempt. - Anand James - Chief Market Strategist at Geojit Financial Services
FMCG stocks trading higher
Defensive sector Fast Moving Consumer Goods (FMCG) is one of the top sectoral gainers, up over 1 per cent intraday on BSE today. Britannia and Marico up around 2 per cent in the early morning trade.
Rupee Update and Outlook:
The rupee appreciated 37 paise to 81.30 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Full Report
The rupee appreciated 37 paise to 81.30 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels. Full Report
“We are within touching distance of the 81.8 target, which may be extended to 82. Meanwhile, we will look for the inability to break 81.8 or slippages below 81.55, to ease away from the bullish view, in which case, 81.25 could be expected. – Anand James - Chief Market Strategist at Geojit Financial Services
The Indian market on Tuesday opens in line with Zee Business Managing Editor Anil Singhvi's expectations - Know why Nifty's opening above 17000 was crucial - VIDEO!
17000 HOLD करना कितना अहम?
किस रेंज के नीचे जाने पर और गिरावट का रास्ता खुलेगा?
जानिए अनिल सिंघवी से...
LIVE https://t.co/2C7rkiR4qJ#StockMarket #Trading #Nifty @AnilSinghvi_ pic.twitter.com/ssvj0uabHA
— Zee Business (@ZeeBusiness) September 27, 2022
Stock Market top gainers and losers on 27 Sept
The Indian markets snapped a four-day losing streak to gain on Tuesday, while the broader markets – Nifty Mid and small-cap outperformed the benchmarks by gaining around 1 per cent each today. FMCG and IT stocks were among the top gainers at the market open – they are ITC, Nestle India, HCL Tech, and Infosys among others.
