Stock Market Highlights 26 Sept: Nifty ends near 17,000, Sensex drops around 900 points - IT index outperforms

Bank Nifty Outlook Sept 26

The Bank Nifty index continued its downward momentum and remained under selling pressure throughout the day. The index has breached its important support levels and pull-back rallies should be utilized to initiate fresh short positions. The higher-end resistance is visible at the 39,500-40000 zone and the next support is seen at the 38,000 level. Kunal Shah, Senior Technical Analyst at LKP Securities. 

Stock Market Outlook 26 Sept: Why Nifty, Sensex declined over 1.5%? 

"The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening INR, elevated bond yields and pessimistic trends of Asian peers. Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations". Vinod Nair, Head of Research at Geojit Financial Services
 

Stock Market Closing 26 Sept

The domestic equity market closed near its day's low amid weak global cues on Monday. Extending losing streak for the furth straight day, benchmarks Nifty50 closed near 17,000-mark, while the Sensex dropped around 900 points to end near 57,150, dragged by Auto, Metal, PSU Bank and Realty stocks. While the carnage was also aided by broader market, where midcap and small index declined 3.1% and 3.4% respectively.  

"Use volatility to invest in steady compounding stocks" 

It seems that Indian markets are now catching up with global markets which have been soft for a month now. The sell-off which began last Friday continues today with the mid/small cap stocks particularly taking it on the chin. With today’s fall the Nifty return CYTD 2022 has turned negative. The only sector holding out is the IT sector which is in the green due to the tailwind of a depreciating rupee which is at an all-time low of ~Rs.81.50. Investors are cautious on the outlook for equity markets globally due to the increasing assertiveness of global central banks on implementing interest rate hikes to tame rising prices. Thus central banks are likely to prioritise inflation control vis a vis economic growth thus raising the risks of a global recession. On the positive side we have crude below ~$85/bl, but the benefit of the same gets negated partly due to the strengthening dollar. India is currently in a better position with a pickup in credit growth to ~15% and an uptick in tax collection. India's economy is in far better shape than others as regards growth prospects over the next 12 months. High frequency indicators too are stable. Nonetheless we could see further cuts in the Indian market over the next few days considering the hawkishness being displayed by global central banks and a weakening currency. The selloff in the pound, unrelenting rise in the dollar index, weakening rupee and the impending RBI meet in the latter part of this week should keep markets on the tenterhooks. Nonetheless, we continue to believe in the relative outperformance/strength of Indian markets vs emerging/developed economies. We believe one needs to look beyond these current worries and use the bouts of volatility to invest in steady compounding stocks which are in secular businesses- Vineet Bagri, Managing Partner- TrustPlutus Wealth 

Currency Market updates: Rupee outlook, trading range and more

USDINR (CMP Rs 81.58 spot): Indian rupee depreciated by 0.59% today and touched a record low of 81.6625 on strong Dollar and weak domestic markets. Dollar surged to fresh 20-year high of 114.527 amid weak global equities and sharp fall in riskier currencies such as Pound. Pound fell to record low levels of around 1.035 per US Dollar levels after UK’s Finance Minister Kwasi Kwarteng announced tax cuts and increased borrowing which spooked markets. Markets tanked on worries over UK’s economic growth. We expect Rupee to trade on a negative note as deteriorating global risk sentiments may put downside pressure on Rupee. Weak global markets may lead of safe haven flows towards US Dollar. However, sharp fall in crude oil prices may prevent sharp downside in Rupee. Investors may remain cautious ahead of RBI’s monetary policy meeting towards the end of the month. RBI is expected to rise interest rates by 50 bps. USDINR spot price is expected to trade in a range of Rs 80.50 to Rs 82.50 in next couple of sessions.

 Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas

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Auto, Metal, PSU Bank drag market  

The Indian market continued to trade lower, dragged by Auto, Metal, PSU Bank and Realty stocks. In the broader market, Nifty Midcap and Smallcap declined 2.3% and 2.8% respectively.  

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Infosys, HCL Tech and TCS led Nifty IT index 

As the Indian market trimmed some of the early losses, Nifty IT swung into action to trade in the green. Led by Infosys, HCL Tech and TCS, the Nifty IT index jumped 1.3% in the afternoon trade on Monday 

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Stock Market Crash: 5 key factors behind share bazaar fall today

The domestic equity market dropped almost two per cent in Monday's intraday trade amid multiple triggers from domestic and global economies. Benchmark Nifty50 slipped below 17,000-mark, while the Sensex declined to trade near 57,000. The two indices touched the day's low of 16,978.30 and 57,038.24.  Full Reports

Inflation likely to remain above RBI's tolerance threshold:S&P

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Nifty, Sensex top losers and gainers on 26 Sept 

Powergrid, Tata Motors, Tata Steel, Hindalco and Bajaj Finance were among top losers on Monday.  

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Upstox customers complain of login issues as market falls 

As the market fell almost two per cent in Monday's intraday trade, investors complained of login glitch in trading platform Upstox 

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