Stock Market Highlights 26 Sept: Nifty ends near 17,000, Sensex drops around 900 points - IT index outperforms
Stock Market Closing Bell 26 Sept: The domestic equity market closed near its days low amid weak global cues on Monday
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. Among stocks, HCL Tech, Infosys, Asian Paints, TCS and Divis Laboratories were among top gainers, while Adani Ports, Tata Motors, Maruti and Tata Steel were top laggards on Monday.
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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
Hero Electric to invest Rs 1,200 crore to set up EV plant in this state
Electric two wheeler maker Hero Electric on Monday said it will set up a Rs 1,200 crore two million units per annum mega electric vehicle (EV) manufacturing hub in Rajasthan.Full Reports
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.
PVR-Inox merger update: Deal likely to be closed by February next year
Film exhibition company PVR Cinemas will invest up to Rs 350 crore to open 100 new screens in FY23, a top official said on Monday. It also expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business, PVR's chief executive Gautam Dutta told PTI over the phone. Full Report
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
WAPCOS IPO: Public sector company files papers with Sebi; govt to divest stake
WAPCOS provides consultancy, and engineering, procurement and construction services in the field of water, power and infrastructure sectors. It comes under the Ministry of Jal Shakti. Full Report
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
S&P Global Ratings on Monday projected India's economic growth at 7.3 per cent in the current fiscal with downside risks and said inflation is likely to remain above RBI's upper tolerance threshold of 6 per cent till the end of 2022. Full Report
Nifty, Sensex top losers and gainers on 26 Sept
Powergrid, Tata Motors, Tata Steel, Hindalco and Bajaj Finance were among top losers on Monday.
Sanjiv Bhasin stocks on Zee Business: BUY Tata Power, Interglobe | Check price targets
Sanjiv Bhasin stocks on Zee Business: Market expert and IIFL Securities Director Sanjiv Bhasin on Monday 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 that this fall is an opportunity to buy and ruled out any sign of recession. Full Report
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
Bharti Airtel volume toppers on BSE
Bharti Airtel, Bajaj Finserv, Infosys were leading volume toppers on BSE. Airtel was leading the BSE volume with total tradable quantity of 7,51,274 shares worth Rs 57.68 crore.
Stock Market Update: Small cap, Midcap pulldown market
Massive profit booking was seen in small cap and mid cap stocks as reflected in Nifty Midcap and Smallcap indices, which 3.4% and 39% respectively
Harsha Engineers IPO Listing Price on NSE, BSE
Shares of Harsha Engineers International Limited made a strong debut amid a falling market. Shares of Harsha Engineers opened at Rs 444 per share on the BSE. This is a premium of 34.55% or Rs 114 against the issue price of Rs 330. On the NSE, shares debuted at 36% premium to Rs 450 per share. Full Report
Rupee hits record low: Expert scouts for the upside target of 81.8
Rupee vs Dollar: Rupee on Monday declined 38 paise to hit an all-time low of 81.47 against the US dollar in early trade, according to news PTI. The currency was weighed down by the strong American currency overseas and risk-off sentiment among investors. Earlier on Friday, rupee ended 13 paise down against the dollar, at 80.99.
"We continue to scout for the upside target of 81.8 with downside marker placed at 80.7 for now," said Anand James - Chief Market Strategist at Geojit Financial Services. Full Report
Nifty outlook: The pull from 17000 has become irresistible now
The pull from 17000 has become irresistible now. That it coincides with the 200 day SMA makes it all the more compelling for Nifty to pay a visit, now that Friday closed just 1.7% away from it. Even more so, because the 38.2% fibo of the Jun-Sepmove is also at the same level. Ideally, a breach of 17000, willbring in 16000 into picture, with interim support seen at 16650.Meanwhile, given that a sharp draw down is already in place, we will watch the ability of 17166, the recent reaction low, to let bulls regroup early in the day and aim for a recovery push and 17430.
Anand James - Chief Market Strategist at Geojit Financial Services.
Gold Price Today: Check Yellow Metal trading zone
Despite increasing signs of deterioration in the global economy that’s adding recession fears, gold has slumped in the face of the US dollar's relentless gains. In an effort to control inflation, the central banks around the world are raising interest rates. Gold may face fresh volatility this week over the public speaking engagements of Fed officials.
Buy Zone Above - 49500 for the target of 49700
Sell Zone Below - 49300 for the target of 49100Ravi Singh-Vice President and Head of Research-ShareIndia
Stock Market top gainers and losers on 26 Sept
Even as all sectors turned red and the broader market took a massive hit of over 2%, some FMCG stocks like Britannia and HUL gained as most of the stocks on the benchmarks declined in early trade on Monday.
Stock Market drops 1% in pre-open
The domestic equity market declined by over one per cent in the pre-open. The broader Nifty50 traded near 17,100 and the Sensex around 57, 300 amid weak global cues. As many as six stocks advanced on the Nifty50 and four on the Sensex, while the remaining traded in the red.
Anil Singhvi's strategy on 26 Sept: Support zone on Nifty is 17300-17350 and Bank Nifty is 39050-39125
Amid negative global markets, negative foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), positive future and options and cautious sentiment, the short-term trend of the Indian market will remain positive on Monday, September 26, said Zee Business Managing Editor Anil Singhvi. Full Report
Stocks to buy today, September 26: Maruti, Tata Motors, Asian Paints, Sun Pharma among 20 shares
Stocks to buy today: Stock market on Monday, driven down by weak global cues, is likely to open on a negative note. At 8 AM, the SGX Nifty -- a derivative of the Nifty50 index which trades on the Singapore Stock Exchange (SGX), was showing a weakness of over 140 points to trade below 17,200. Likewise, Dow Futures and Nasdaq Futures too were in the red. Full Report
Selective buying can be done in domestic economy-facing segments
The global macro construct is not favourable for equity markets in the short run. The dollar index above 113 and the US 10-year yield at 3.73 % is likely to aggravate FPI outflows which have been gathering momentum during the last 3 days. The probability of a global recession is also increasing since the Fed continues to be ultra hawkish. The 5% cut in MSCI World Index last week indicates the bearish undertone of global equity markets. In this scenario the buy on dips strategy which worked since the June lows need not work now. Investors have to be cautious and remain vigilant. However, India will outperform both in economic growth and market performance. Therefore, selective buying can be done in domestic economy-facing segments like financials, autos, capital goods and select FMCG on sharp market declines." - V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Weakening rupee to make import of crude oil, commodities expensive, fuel inflation
The Indian rupee sliding to a historic low of 81.09 to a dollar will make import of crude oil and other commodities expensive further fueling inflation which for the past several months has remained above the Reserve Bank's upper tolerance level of 6 per cent. Full Report
Harsha Engineers IPO listing date: Shares to make debut on NSE, BSE today; what to expect from listing?
Harsha Engineers IPO listing date: The initial public offering (IPO) of Harsha Engineers International Limited, one of the largest manufacturers of precision bearing cages in organised sector in India, is all set to be listed on the exchanges—NSE and BSE —on Monday. Full Report
Asian markets decline in opening trade
The Asian markets traded under pressure on Monday morning too as almost all indices traded in the red. Japanese Nikkei 225 was seen trading lower by 2.2%, Hang Seng index at the Hong Kong exchange traded flat, while Chinese Shanghai Composite declined 0.10% in early trade on Monday.
SGX Nifty on 26 Sept
Hinting at a gap down opening for the Indian market, the SGX Nifty dropped more than 170 points to slip below 17,200 in the opening trade on the Singaporean exchange on Monday
US Market Closing on 23 Sept
Amid high volatility, the US market slipped in the red amid inflation concerns on Friday. Dow Jones, Nasdaq and S&P 500 ended lower by 1.6%, 1.8 and 1.7% respectively.
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