Stock Market Highlights 20 Sept 2022: Indices trim gains! Nifty sits above 17,800, Sensex around 59,700; how it happened
(By Ravi Kant Kumar)
Stock Market Latest Upates:Unfazed by the upcoming FOMC meeting outcome, the domestic market ended higher by around one per cent. Though the benchmark indices trimmed gains, they managed to close strongly amid improved global cues. Extending gains for the second straight session, Nifty50 closed just above 17,800 and the Sensex around 59, 700. Among stocks, Cipla, Apollo Hospitals, Sun Pharma and IndusInd Bank were among top gainers, while Shree Cement, Grasim, Nestle India and ITC were among top laggards.
(By Ravi Kant Kumar)
Stock Market Latest Upates:Unfazed by the upcoming FOMC meeting outcome, the domestic market ended higher by around one per cent. Though the benchmark indices trimmed gains, they managed to close strongly amid improved global cues. Extending gains for the second straight session, Nifty50 closed just above 17,800 and the Sensex around 59, 700. Among stocks, Cipla, Apollo Hospitals, Sun Pharma and IndusInd Bank were among top gainers, while Shree Cement, Grasim, Nestle India and ITC were among top laggards.
Latest Updates
Indian market is not seemingly apprehensive of Fed policy
"The weakness of western markets did not affect the buoyant domestic market. The Indian market is not seemingly apprehensive of Fed policy. Buying on dips is the strategy being reinforced here. Even the lagging IT & Pharma stocks joined the rally, slowly emerging as a value pick for long-term investors. However, to sustain the trend, the global market needs to stabilise. It makes sense to be stocks & sector specific in this unfavourable global economic scenario & highly premium valuation of India compared to the rest of the world." Vinod Nair, Head of Research at Geojit Financial Services.
Nifty looks poised to form the next leg down
The Nifty opened gap up on September 20 & extended the pullback that started on September 19. In terms of the Fibonacci retracement, it went for the deep retracement of the recent decline. It reached closer to 78.6% retracement, where it attracted fresh round of selling. Contracting hourly upper Bollinger Band also acted as a barrier near the key Fibonacci level. Structurally, the Nifty looks poised to form the next leg down. On the downside, the index is set to retest the support zone of 17400-17500 with potential to breach that & tumble towards 17200 subsequently. On the higher side, near term resistance zone is placed at 17920-17950-
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
Nifty Outlook: Trend likely to remain positive
"Nifty had started to gap up and remained range bound during the day. On the higher end, 17900 has acted as resistance leading to a close near the day's low. The trend is likely to remain positive as long as it sustains above 17700. On the higher end, a move above 17900 may induce a rally towards 18100 and higher."- Rupak De, Senior Technical Analyst at LKP Securities
Bank Nifty remains in buy mode
The Bank Nifty index continued its volatile move ahead of the US FED policy, but remains in a buy mode as long as it holds the support of 40,500 on the downside. The index immediate upside hurdle is placed at 42,000 and once taken out on a closing basis it opens up the room for 43,000-43,600 on the upside. The index is likely to consolidate between 40,500-42,000 for one more day before starting a trending move on either side."- Kunal Shah, Senior Technical Analyst at LKP Securities.
Annapurna Swadisht IPO sobscribed 190.49x
Annapurna Swadisht, a Kolkata-based FMCG company, announced that its initial public offering had been oversubscribed 190.49 times. The issue opened on September 15, 2022, and closed on September 19, 2022. At the upper price band, the company has received bids of Rs 3,835.02 crore.
IndusInd Bank, Bharti Airtel, 4 other Nifty50 heavyweights hit fresh 52-week high
As many as six heavyweights from the Nifty50 pack touched their respective 52-week high on Tuesday on the back of positive sentiment in the Indian markets. The BSE Sensex is hovering around 60000-mount and Nifty50 jumped above 17900 levels intraday today. Full Report
Nifty Infrastructure sector sees smart gains
Bulls charged on D-Street today with the help of Autos & Financials with strong support coming from the laggard - Pharma Sector today. The surprise element to many of course was the Nifty Infrastructure sector which saw smart gains led by Cement yet again. Consumer Durable stocks too displayed good momentum ahead of the festive season on the back of a bountiful monsoon."- S Ranganathan, Head of Research at LKP securities.
Multibagger stock: Dolly Khanna portfolio share jumps 75% in 6 months
This Dolly Khanna multibagger stock jumped nearly five per cent as the stock turned ex-dividend on Tuesday. Stock of the company catering to garments and apparels jumped 4.7% to Rs 872.10 per share in BSE intraday trade on Tuesday. Full Report
Rupee vs Dollar: Indian currency rises 16 paise to 79.65 in line with positive trend in stock market
The rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close. Full Report
Crude oil processing 9% lower in August due to weaker demand
The global demand for transportation fuels and other refined products surged after reopening of economies post-pandemic. This surge in demand helped refineries to make extraordinary margins. Higher margins, in turn, prompted the government to impose windfall tax on exports of fuels. Full Report