Stock Market Highlights 23 Sept 2022: Bears in command! Nifty ends near 17,300, Sensex declines over 1000 points; PSU Bank falls 4%
Stock Market Latest Updates The weakness in the global market caught up with the Indian market as benchmarks declined more than one and half per cent on Friday.
(Ravi Kant Kumar)
Stock Market Latest Updates: The weakness in the global market caught up with the Indian market as benchmarks declined more than one and half per cent on Friday. Extending the losing streak to the third day, the broader Nifty50 ended above 17,300, while the Sensex dropped over 1000 points to settle around 58,100. The 12-share Bank Nifty slipped three per cent or around 1200 points to trade near 39,400. Nifty Midcap declined 2.3% and smallcap fell by over two per cent. PSU Bank was the top drag among sectors as all Nifty sectoral indices closed in the red. Among stocks, pharma shares gained in a weak market as Divis Laboratories, Cipla and Sun Pharma were the top three gainers on Nifty50. ITC, Tata Steel too managed to end in the green. PowerGrid, Hindalco and NTPC were the top laggards on the benchmarks.
Latest Updates
Stock Market Outlook: Triggers that led to sharp fall
Indian equity markets witnessed a sharp fall on weekend due to weak global cues. We were outperforming but the level of 112 in the dollar index and the level of 82 in USDINR spooked the market sentiments. FIIs have started selling again in the Indian equity market therefore we are seeing selling pressure in large-cap stocks. Global markets are nervous after the 75 basis rate hike and hawkish commentary by the US Fed. Technically, Nifty witnessed closing below 50-DMA with a breakdown of a bearish head and shoulder formation that may lead to further weakness. On the downside, 17150 is an immediate support level while 200-DMA of 17000 is a sacrosanct support level. On the upside, 20-DMA of 17700 is a critical hurdle. We are heading into expiry weak on a weaker note as the Nifty slipped below the put base of 17500 where 17000 is the next base. The leader of the rally, Banknifty witnessed the breakdown of upsloping channel formation with a closing below 20-DMA. On the downside, 38750 will be the next important support level while 40250 will be the critical hurdle on the upside.
Santosh Meena, Head of Research, Swastika Investmart Ltd. on Market
Bank Nifty activated sell-on-rise mode
The Bank Nifty index last week witnessed extreme selling pressure from the higher levels after the key event of the US FED. The index breached the crucial support of 40,000 and closed below it, confirming the breakdown and activating the sell-on-rise mode. The index remains in a sell-on-rise mode with hurdles at 40,500 and the next support is visible at 39,000.
Kunal Shah, Senior Technical Analyst at LKP Securities.
Fall in liquidity in banking system, weak currency, premium valuation triggered fall
A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term. With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles- Vinod Nair, Head of Research at Geojit Financial Services.
Check gainers and losers today
Among stocks, pharma shares gained in a weak market Divis Laboratories, Cipla and Sun Pharma were the top three gainers on Nifty50. ITC, Tata Steel too managed to end in the green. PowerGrid, Hindalco and NTPC were top laggards on the benchmarks.
Bloodbath on D-Street
For the week ended 23rd September, the benchmarks turned red as they declined by more than one per cent in a highly volatile week. PSU Bank declined the most by over 4%, while Bank Nifty ended near 39500 after falling by over 1000 points.
Bears take control of D-Street
In market mayhem, the benchmark indices declined nearly two per cent as Nifty50 slipped below 17,300 and Sensex tanked by over 1000 points. Bank Nifty declined nearly 3% or 1200 points in Friday's intraday trade. Meanwhile, ahead of market closing both Nifty50 and Sensex turned negative for the week, declining by over one per cent
Stock Market Top Gainers 23 Sept
Divis Laboratories, Cipla, Sun Pharma gain in a weak market. Tata Steel mong gainers too amid merger news.
Nifty slips below 17,400, Sensex tanks over 800 points—Key factors behind today's market fall
The Indian market fell more than one per cent on Friday's intraday trade amid multiple global and domestic factors. Benchmark Nifty50 declined 1.4% to trade at the day's low of 17,384.25, while the Sensex fell by over 1.35% or more than 800 points to trade at 58,292.76. The 12-share Bank Nifty fell slipped almost 1100 points to trade below 39,600. Full Report
Zomato, Swiggy make it to top 10 global online food delivery firms
Homegrown online food delivery platforms Zomato and Swiggy have made it to the list of the world's 'Top 10' e-commerce-based food delivery companies, says a new report. Full Report
Stock Market Live Updates 23 Sept
The market continued to decline as Nifty50 and Sensex fell by more than one per cent to trade near 17,400 and 58,300. Smallcap and midcap stocks remained under pressure as Nifty Midcap and Smallcap fell by around one per cent.
Sanjiv Bhasin stocks on Zee Business: BUY UltraTech, Interglobe Aviation, Sterling & Wilson | Check price targets
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Mahindra Finance share price tanks 10% following RBI action - what investors should know
Mahindra & Mahindra Financial Services Limited (MMFSL), NSE: M&MFIN, share price on Friday hit a lower circuit as it crashed 10 per cent. Mahindra Finance shares were locked in the lower circuit at Rs 201.35. However, the circuit was revised by the exchanges and the stock continued its downward journey. At 10:20, Mahindra Finance share price was down by 12 per cent on the NSE. Full Report
Bank Nifty under pressure
Bank Nifty declined over 900 points as the 12-share banking index touched the day's low of 39,665.90 on Friday
Why IT stocks are gaining today?
Infosys, HCL Tech and TCS shine in weak market after Accenture Q4 Results were largely in line. The Nifty IT index gained 0.8% against benchmarks Nifty50 and Sensex declining a little over one per cent in intraday trade on Friday
Rupee vs Dollar: Indian currency sinks to new all-time low, breaches 81-mark
The rupee collapsed to a new record low on Friday as it breached 81-mark, declining 39 paise, against per dollar for the first time ever. The rupee is under pressure after the US Federal Reserve hiked benchmark interest rates by 75bps on Wednesday and dropped hints that more hikes are on the cards in its war against skyrocketing inflation. Full Report
Nifty outlook 23 Sept
Breakout attempts on either sides were foiled yesterday,with 17560-650 region sucking prices in persistently.Sideways move may continue to be expected, with range extremities marked at 17760 on the upside and 17430/340 on the downside. Will eye 17560 as a pivotal point.
Anand James - Chief Market Strategist at Geojit Financial Services.
Tata Steel share price jumps 4% amid merger announcement of 7 Tata Group's metal companies; stocks of subsidiary companies fall up to 10% | Details
Amid amalgamation announcement of Tata Group metal companies into the parent company, Tata Steel emerged as the top gainer on both Nifty50 and Sensex in early trade on Friday. Full Report
Stock Market Top Gainers 23 Sept: Tata Steel, Shree Cement and more
Amid amalgamation of Tata Group metal companies into the parent company, Tata Steel was the top gainer on both Nifty50 and Sensex. Shree Cements, Hero MotoCorp, Sun Pharma and Dr Reddy's were other top gainers.
Anil Singhvi's Strategy 23 Sept: Support zone on Nifty is 17425-17525, Bank Nifty is 40200-40375
Amid negative global markets, negative foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), neutral future and options (F&O) and neutral sentiment, the short-term trend of the Indian market will remain positive on Friday, said Zee Business Managing Editor Anil Singhvi. Full Report
Stocks to buy today: Hero MotoCorp, RVNL, PVR, Cipla among list of 20 stocks for profitable trade on 23 Sept
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Global risk-off is gaining strength
The global risk-off is gaining strength aided by the steadily rising dollar. Dollar is rising against all currencies and this will impact capital flows into emerging markets including India. Resumption of FPI buying since July has been supporting the rally in India. Now this is under threat with FPIs turning sellers in 5 out of the last 7 days. FPIs are unlikely to buy consistently when the US 10-year bond yield is above 3.7% and the dollar index is above 111. The near-term market outlook is bearish. Investors may wait and watch before committing more money. There is a trend of selective bottom up stock picking in the broader market. This trend is likely to continue even when the headline indexes turn negative.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
All Tata Group Metal companies to be merged in Tata Steel
In a big development, all Tata Group metal companies will be merged in Tata Steel, the company said. As many as seven companies—Tata Steel Long Products, Tinplate, TRF LTD, ISWP, S&T — will be merged in Tata Steel, the company said in a regulatory filing
Asian Market 23 Sept
In the Asian market, Hang Seng Index at the Hong Kong Exchange declined 0.20% and Chinese Shanghai Composite traded flat, while Japanese Nikkei 225 remained closed for holiday
SGX Nifty below 17,600
Hinting at a negative opening for the Indian market, SGX Nifty declined by more than 70 points to slip below 17,600 on the Singaporean exchange in early trade on Friday
US market in red for 3rd session
After the Federal Reserve hiked interest rate by 75 basis points, the US market on Thursday fell for the third straight session. Dow Jones, Nasdaq and S&P 500 ended lower by 0.35%, 1.3% and 0.84% respectively.
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