Stock Market Highlights 13 Sept 2022: Nifty ends above 18,050, Sensex near 60,600; Bajaj Finserv, IndusInd Bank top gainers
Share Bazaar Live Updates: The domestic equity market made a strong closing, gaining more than half per cent in Tuesdays session
Closing Bell: The domestic equity market made a strong closing, gaining more than half per cent in Tuesday's session. Extending gains for the third consecutive session, the broader Nifty 50 ended higher by 0.75% or 133.70 points to 18,070. Similarly, the 30-share Sensex jumped more than 450 points to close at 60,571.08. 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, say experts.
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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
Rupee outlook:Slippage past 79.15 would call for 78.8
USD-INR outlook: Pull back to the 79.40-79.60 region is likely if an early attempt to slip beyond 79.27 fails. Slippage past 79.15 would call for 78.8 -
Anand James - Chief Market Strategist at Geojit Financial Services.Bajaj Finserv share price jumps 6% as counter turns ex-split, ex-bonus today
Bajaj Finserv stock split, bonus share record date 2022: Shares of Bajaj Finserv rose more than six per cent in early trade as the counter started trading ex-bonus and ex-split on Tuesday, September 13, 2022. In the opening trade, Bajaj Finserv share price jumped 6.1% to Rs 1821 per share ahead of 1:1 bonus and 1:5 stock split record date. Full Report
Nifty, Sensex top gainers and losers.
Bajaj Finserv, which is due for stock split and bonus shares, rose five per cent to lead the Nifty50 pack. HDFC Life, Bajaj Finance were other top gainers.
As many as 29 stocks advanced on the Sensex, while three stocks declined on the Nifty50.
Midcap, smallcap stocks continue to rally
Following benchmarks, the Nifty Midcap and Smallcap traded higher by 0.55% and 0.25% respectively in the opening session.
Indices open higher in pre-opening
In line with the SGX trends and positive global cues, the benchmarks opened higher in the pre-opening trade on Tuesday. The broader Nifty50 went past 18,000-mark, while the Sensex rose by over 100 points.
FII reversal leading ongoing market rally
"The ongoing market rally is primarily driven by the sudden reversal of FII strategy: from relentless sellers to relentless buyers. Retail investor support and fundamental support to the market from a strong economy are aiding the rally. Now, this has become a classic momentum driven market which has the potential to take the indices to new record highs soon.
FOMO factor ( since this rally was mostly unexpected) and short covering can aid the market momentum further. FII buying is all set to continue since the dollar index has declined to 108.
Bank Nifty is likely to be the first sector to touch new record highs since the segment has strong fundamental support and FIIs have turned big buyers in financials.
Due to the FOMO factor, the small-cap segment is likely to catch up in this rally." - V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Dividend, bonus, stock split: Bajaj Finserv, Care Ratings, Star Paper Mills among six stocks in focus today
As many as six stocks, including Bajaj Finserv, Care Ratings, Star Paper Mills, will be in focus based on dividend announcements, stock split and bonus share news. Bajaj Finserv will start trading ex-bonus and ex-split, while Star Paper and Care rating will go ex-dividend from Tuesday, September 13. Besides, CMS Infosystems, Pondy Oxides & Chemicals and Prince Pipes and Fittings will also turn ex-dividend today. Full Report
Anil Singhvi strategy on Nifty, Bank Nifty on 13 Sept 2022
Amid positive global markets, positive Foreign Institutional Investors (FIIs), negative Domestic Institutional Investors (DIIs), neutral Future and Options (F&O) and positive sentiment, the short-term trend of the Indian market will remain positive on Tuesday. Full Report
Hindustan Zinc, Bharti Aritel, Tata Motors and Dixon Tech 20 stocks to buy for profitable trade on 13 Sept
Zee Business brings you a list of 20 stocks from cash, techno, and F&O space. These stocks have been picked keeping in view investors' short-to-long term requirements. The list also comprises intraday calls for good returns on a given day. Below is the list of stocks. Full Report
Stocks in news: Bajaj Finserv and more
There will be several stocks that will remain in focus today on news and corporate announcements. Bajaj Finserv is one such stock. Bajaj Finserv will be in the news as the stock will go ex-split and ex-bonus today. Find out other stocks and triggers in the video below.
Coal mine auction from today
The auction of 10 Commercial coal mines will begin from Tuesday. This comes after Coal ministry has invited application for commercial mining.
Nifty support and resistance
Nifty started on a positive note following strong global cues. On the higher end, Nifty found resistance before ending with a gain of ~0.60%. The daily momentum indicator RSI remains in the green crossover. The short-term trend is likely to remain strong as long as it remains above 17700. On the higher end, Nifty has resistance at 18000-18100 zone. Support is seen at 17880/17770. Rupak De, Senior Technical Analyst at LKP Securities.
Harsha Engineers IPO opens tomorrow
At an issue size of Rs 755 crore, Harsha Engineers IPO will open for subscription tomorrow. The three-day IPO will close on September 16.
Asian markets
Asian markets were trading in the green in early trade on Tuesday. Japanese Nikkei 225 gained 0.25%, Chinese Shanghai Composite rose 0.10% and Hang Seng index at the Hong Kong Exchange traded flat with positive bias on Tuesday.
US market Monday closing
US Markets extend gains for the fourth session ahead of the release of inflation data. Dow Jones jumps 230 points.
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