Stock Market Highlights 13 Sept 2022: Nifty ends above 18,050, Sensex near 60,600; Bajaj Finserv, IndusInd Bank top gainers

FII inflows, improved macro parameters and moderate inflation led rally 

Positive indicators from the domestic economy, such as FII inflow, improving macro-parameters, and decreased inflation, were the key factors for the current surge in the Indian market. However, the global markets have recently joined the rally ahead of the release of US inflation data, as the market expects a further ease in inflation, which would help the Fed take a less hawkish stance. Although the domestic CPI at 7% indicates a rising inflation trend due to increased food prices, core inflation of 5.9% offers some solace. The policy decisions made by the RBI and Fed at their upcoming policy meetings will drive the market going ahead"- 

Vinod Nair, Head of Research at Geojit Financial Services.

Nifty, Bank Nifty outlook, support and resistance 

The Nifty index surpassed the psychological mark of 18,000 and managed to close above it indicating the continuation of the ongoing momentum. The index lower end support stands at the 17,900-17,875 zone and as long as the mentioned support is held it remains in a buy mode. The index immediate resistance on the upside is at 18,100 and once taken out will open the room for 18,400-18,500 on the upside. The Bank Nifty index witnessed a gap up opening and sustained the level throughout the day which confirms the strength. The index immediate hurdle is placed at 41000 where the highest open interest is built up on the call side and once breached will see a sharp sort covering towards 41,500-41,800 levels. Kunal Shah, Senior Technical Analyst at LKP Securities. 
 

The support came from metal and consumer durables, which gained between 0.97%-1.28%. The rally was largely driven by consistent buying by FIIs, record demat account opening and positive global cues.

Bajaj Finserv top lead benhmarks ahead of closing  

Bajaj Finserv share, which turned ex-dividend and ex-split, was leading the benchmarks ahead of the market closing. IndusInd Bank, Tata Consumer and Britannia were other top gainers on Nifty50 and Sensex. 

Market trades firm ahead of closing; Nifty Bank near 40,900

The market has been trading firm as Nifty50 reclaimed 18,000-mark. Nifty Bank was trading near 40,900, Sensex up over 500 points at 60,600 and the Nifty50 near 18,100 

India not defending INR, Rupee can take care of itself: CEA V Anantha Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Tuesday said India is not defending the rupee and the Reserve Bank of India is taking necessary steps to ensure that the movement of the rupee is gradual and in line with market trends. Nageswaran further said that the rupee is being managed in a manner that reflects the fundamentals of the economy. Full Report

Harsha Engineers IPO opens tomorrow: Discount, issue size, bid lot and more—Key things to know

The initial public offering (IPO) of Harsha Engineers International Limited, one of the largest manufacturers of precision bearing cages in organised sector in India, will open for subscription on Wednesday, September 14, 2022. The company is also amongst the leading manufacturers of precision bearing cages in the world, as per brokerage house Swastika Investmart Ltd.  Full Report

India's job market outlook strong for Q3; 54% companies plan to hire: Survey

India's hiring outlook remains strong with 54 per cent of companies planning to hire in next three months amid predictions of growth opportunities for developing countries in the wake of ongoing geopolitical conflicts, says a survey. Full Report

Nifty at 18,000: Are we done with this rally? 

Nifty has touched 18000 because the undercurrent in the market is robust. India, for the first time, witnessed 10 crore demat accounts, and we are also seeing how FIIs have come back strongly. Even the volume in the market has improved significantly. India Inc's earnings and their commentary continue to make us believe that India is on a growth path. At the same time, the report from Moody's also suggests that global events will not impact India's growth story. The moot question that comes to mind is, are we done with this rally?

The answer is a firm no. We are confident the market will continue to do well as levers for growth continue. India's PLI scheme, China plus one strategy, India as among the fastest growing economies in the world and inflation continuing to remain soft are all indicators that the market should do well. India is in a very sweet spot where growth would be high and inflation low. These two combined are rare to find in a volatile world economy. No fund manager can afford to ignore this.

Therefore, we believe that 18k is just a number and that Indian indices will continue to rise even further.

Sunil Damania, Chief Investment Officer MarketsMojo

 

 

Coal India share price jumps 2% - key triggers

Shares of Coal India rose nearly 2 per cent in the morning trade on Tuesday as the government is set to auction 10 coal blocks under commercial coal mining this week. Shares of Coal India opened at Rs 233, then gained 1.64 per cent to Rs 235.30 apiece on BSE. Full Report

KRBL, SRF hit 52 week high 

Shares of KRBL and SRF Ltd traded on their respective 52-week high on Tuesday. KRBL share price rose nearly 13% to touch 52-week high of Rs 361.50 and SRF stock jumped nearly four per cent to hit fresh high of Rs 2848.80 in BSE intraday trade on Tuesday.  

Gold Price Today: Big fall in yellow metal price on MCX | Check rates in your city on September 13

Gold Price Today: A massive decline is being seen in the price of gold and silver on the second day of the week. On the Multi Commodity Exchange (MCX), the Gold October futures were trading 0.47 per cent low at Rs 50,392 per 10 grams. Likewise, the Silver December futures were also trading in red at Rs 57,014 per kg. The metal was down by 0.83 per cent on September 13 at 10:00 am. Full Report

HDFC Life share price jumps ahead of block deal; Edinburg-based firm to offload 4.3 crore shares

Shares of HDFC Life rose over two per cent in BSE intraday trade amid spurt in volume as an Edinburg-based finance and insurance company will sell two per cent stake in the domestic insurance giant. As per Zee Business, ABRDN Plc, the Edinburg-based company, will offload 4.3 crore share (four crore thirty lakh shares) of HDFC Life.  Full Report

Sanjiv Bhasin call on Zee Business: BUY Nureca share - check price target

Stocks to buy today: Sanjiv Bhasin on Tuesday recommended a buy stock to the Zee Business viewers in a special edition -- ‘Bhasin Ke Hasin Share', aired on the channel with Managing Editor Anil Singhvi. Bhasin said that he is bullish on the indices as he said that the outlook is very strong for the domestic markets. Full Report

IPOs give average 50% returns in 2022 despite fall in number

Despite the fall in share sales through initial public offers so far this year, these issues have given a good 50 per cent average returns, while the Sensex gained only 1.6 per cent, shows an analysis. Full Report