Stock Market Highlights Live: Sensex slips over 300 points, Nifty settles below 17,650 - HDFC Bank among top losers
Stock Market Highlights Live: Sensex slips over 300 points, Nifty settles below 17,650 - HDFC Bank among top losers
Stock Market Latest Updates: The Indian market extended decline for the second straight session on Thursday on the back of weak global cues, following the US Fed rate hike of 75 basis points and hawkish commentary. The benchmark indices Nifty50 and Sensex declined around half per cent to close around 17,600 and 59,100.
In the broader market, Nifty Midcap and Smallcap dropped 0.3% and 0.6% respectively. Sectorally, Banking and Financial Services dragged the markets most by falling around 1.5 per cent, while Nifty FMCG and Media gained most by over 1 and 1.5 per cent.
Among heavyweights, Titan, Hindustan Unilever, and Asian paint gained, while Power Grid, HDFC Bank, and Axis Bank declined.
Latest Updates
Rupee ends at all-time low:
Rupee tanks 99 paise to close at an all-time low of 80.95 (provisional) against the US dollar. Domestic currency post biggest single-day fall in seven months.
Market At Close:
The BSE Sensex dipped over 300 points or 0.57 per cent to 59,119.72, while Nifty50 settled at 17,629.8, down 88 points or 0.5 per cent.
USDINR Price: Rupee hits record lows, may test 82, says expert
US Dollar Index has gained strength after the US Federal Reserve on Wednesday raised the interest rates by 75 bps to the range 3.00-3:25 per cent. The strength in the Dollar Index has led to the weakness in other major currencies including the Indian Rupee which hit its all-time low on Thursday. Full Report
Market Update:
The benchmark indices staged a recovery from the day’s low, to trade marginally lower an hour before market close today as US Futures extend gains, Dow Futures up nearly 400 points from lows. The Sensex was down by 64 points to 59,392, while Nifty50 is trading above 17650, down 50 points.
LIC share price hits new all-time low since listing
LIC share price: Life Insurance Corporation of India (LIC) share price on Thursday touched an all-time low of Rs 648 per share on the NSE and BSE. The stock price declined over 1 per cent intraday to trade at a fresh low. The state-owned company’s share price has slumped around 32 per cent from its issue price of Rs 949 per share and has been trading at the lowest level since its market debut on May 17, 2022. Full Report
Derivative Outlook:
Nifty weekly contract has the highest open interest at 18100 for Calls and 17100 for Puts while monthly contracts have highest open interest at 18100 for Calls and 17400 for Puts. Highest new OI addition was seen at 18000 for Calls and 17500 for Puts in weekly and at 18000 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.17%, increased future index shorts by 15.11% and in index options by 15.19% in Call longs, 6.80% in Call short, 36.36% in Put longs and -5.01% in Put shorts.
Heatmap - Top 10 Gainers/Losers
Fortis Healthcare share price tumbles over 19% on NSE – Here's what happened!
Fortis Healthcare share price witnessed a free fall during Thursday’s trading session as the scrip fell up to 19 per cent to Rs 250.35 and 255.75 per share levels on the NSE and BSE, respectively. The drag in the stock came after the Supreme Court ordered a continuation of the stay on the IHH open offer. Full Report
Sanjiv Bhasin stocks on Zee Business: BUY TCS, Anupam Rasayan, Godrej Consumer | Check price targets
Market expert and IIFL Securities Director Sanjiv Bhasin on Thursday picked three stocks for investors that can yield high returns in short term. In a special segment ‘Bhasin Ke Hasin Share' aired on Zee Business with Managing Editor Anil Singhvi, he said India is an outperformer and global volatility is an opportunity to buy good shares. Full Report
Banking and Financials Drag
Nifty Bank and Nifty Financial Services were the top sectoral losers on NSE, dragging the Nifty Index most. The former dipped by over 1.5 per cent and the latter by around 2 per cent. The fall in Nifty Bank has spooked a decline in Nifty Private Bank and PSU Bank indices - both down over 1.5 per cent.
Image Source - Stockedge
Nifty FMCG & Media outperform
Nifty FMCG and Media outperformed in a negative market as the former gained around 0.75 per cent, while the latter was up nearly 1 per cent at around 12:20 PM on Thursday.
Infosys share price hits 52-week low, stock down 27% in 2022 – should you buy?
Infosys share price touched a new 52-week low of Rs 1,360.05 and 1360 per share on the BSE and NSE, respectively, after crashing 1 per cent intraday in today's session. Infosys share price has dropped over 27 per cent so far in 2022 amid a mute outlook. Full Report
Rupee Outlook:
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. 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 Ltd.
Nifty Outlook:
The feeble bounce off 17700 vicinity did not inspire confidence in extending upsides. Neither did the distribution pave way for a collapse. But we have been trading closer to +2 standard deviation band of the last 100 days for a while, which has increased the odds of a turn lower. Meanwhile, prospects of a surprise bounce back will improve, should the Nifty float above or pull back from below 17560. Else, expect 17000, which is in the vicinity of the 200-day sma, to keep pulling prices lower. - Anand James - Chief Market Strategist at Geojit Financial Services.
ITC share price hits new 52-week; stock up 40% in 6 months
ITC share price on Thursday hit a fresh 52-week high of Rs 348.74 as the stock gained over 2 per cent post-opening. ITC share price has been making fresh highs since February as the counter has moved around 40 per cent -- from Rs 249.75 to Rs 348.75. Full Report
SpiceJet share price falls 5% - know why?
SpiceJet share price slumped nearly 5 per cent to Rs 39.8 and 39.55 per share on the BSE and NSE, respectively, on Thursday. The Directorate General of Civil Aviation (DGCA) had on Wednesday extended the 50 per cent cap on SpiceJet flights by a little over one month as a matter of ‘abundant caution’, an official order said.
The company’s share price on Wednesday declined over 4 per cent to settle at Rs 41.85 apiece on the exchanges from Tuesday’s close of Rs 43 per share. In the last two sessions, the stock has declined around 9 per cent on the bourses. Full Report
Rupee hits all-time low of 80.47 against US dollar
Indian Rupee depreciated 51 paise to an all-time low of 80.47 against the US dollar in early trade on Thursday after the US Federal Reserve's interest rate hike and its hawkish stance weighed on investor sentiments. Full Report
Our bias yesterday was tilted towards a breakout move to 80.3 and today should see the move mature fully, but expect bullish exhaustion, should USDINR fail to float above 80.1 - Anand James - Chief Market Strategist at Geojit Financial Services.
Will Indian markets' outperformance continue?
The big question from the Indian market perspective is whether India’s outperformance will continue in the present global risk-off context. Investors can remain optimistic but be cautious since India’s valuations are on the higher side. Financials, capital goods, select autos, telecom and construction-related stocks can be bought on declines.- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
REC Limited gets 'Maharatna' company status
REC Ltd has been accorded the status of a 'Maharatna' central public sector enterprise (CPSE), thus giving it greater operational and financial autonomy. An order to this effect was issued by the Department of Public Enterprises, under the Ministry of Finance, on Wednesday. Full Report
Shares of REC were trading marginally higher, up 0.3 percent to Rs 103 per share on the NSE during early morning trade on Thursday.
Nifty, Sensex gainers and losers
Outperforming the benchmark indices, Nifty Midcap and smallcap traded higher by 0.07% and 0.37%, respectively, in the early morning trade. Shree Cement, Adani Ports, ITC, Britannia, and Eicher Motors, were among the top gainers. SBI Life, HDFC, Tech Mahindra, Power Grid, and ONGC were among the top drags.
Stock Market opening on 22 Sept
The domestic market declined in the opening trade on Thursday amid weak global cues as the US Fed FOMC hiked interest rates by 75 basis points. The broader Nifty50 slipped below 17,650, while the Sensex declined over 350 points to open around 59,000 at the open.
Stock Market Pre-open on 22 Sept
In line with the SGX Nifty, Asian market trends, and tracking overnight closing of the US market, the domestic equity benchmarks Nifty50 and Sensex traded in the red during the pre-open session. The former traded near 17,550 and the latter around 59,000 levels
Stocks to buy today: Godrej Properties, Tata Motors, Voltas and BEL among list of 20 stocks for profitable trade on 22 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. The list also comprises intraday calls for good returns on a given day. Below is the list of stocks. Full Report
Anil Singhvi strategy 22 Sept 2022: Support zone on Nifty is 17425-17525, Bank Nifty is 40775-40900
Amid negative global markets, negative foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), neutral Future and Options (F&O), and neutral sentiment, the short-term trend of the domestic market will be positive on Thursday, September 22, 2022, said Zee Business Managing Editor Anil Singhvi. Full Report
DGCA extends 50% cap on SpiceJet flights till Oct 29
The Directorate General of Civil Aviation has extended the cap on SpiceJet flights by a little over one month as a matter of ‘abundant caution', according to an official order on Wednesday. It further said during this period the airline will be subjected to ‘enhanced surveillance’ by the regulator.
SGX Nifty drops over 130 points
Hinting at a negative opening for the Indian indices, SGX Nifty dropped over 130 points or 0.75 per cent to trade below 17,600 in early trade on the Singaporean exchange on Thursday.
Most Asian Indices Drop
Japan's Nikkei fell nearly 1 per cent while South Korea's Kospi index lost around 1.5 per cent; Hang Seng dipped almost 2 per cent, conversely, China’s Shanghai index was up around 0.2 per cent in the early morning trade on Thursday.
Weak Global Cues
The three main stock indices of the US jolted up and down to eventually end at over 1.5 per cent lower each, the yield on benchmark 10-year Treasury notes spiked to 3.6401% and the dollar surged to a fresh two-decade high after the Fed raised rates by 75 basis points as expected.
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