Stock Market Highlights 15 Sept 2022: Nifty closes below 17900, Sensex slips over 400 points - IT, Pharma among top laggards

Nifty outlook: Short-term trend remains positive 

"Nifty found resistance around 18100 leading to close in the red for the day. On the daily chart, a dark cloud cover pattern has formed suggesting waning bullishness. The trend for the few hours to 1 day may remain weak; However, the short term trend remains positive as the Nifty closed above the falling trend line on the daily chart. On the lower end, support is visible at 17700, below which the short term trend may become weak. On the higher end, resistance is visible at 17900/18100."- Rupak De, Senior Technical Analyst at LKP Securities. 

Bank Nifty undertone remains bullish 

The Bank Nifty index witnessed some profit booking at higher levels, which indicates 41,800-42,000 will act as an immediate hurdle on the upside. The lower-end support stands at 40,000 levels where one of the highest open interests is built up on the put side. The undertone remains bullish and once should keep a buy-on-dip approach as long as it holds the support of 40,000 on the downside."- Kunal Shah, Senior Technical Analyst at LKP Securities

Elevated inflation in US keeping Investors on edge  

"Defying the positive trend of global markets, domestic indices shed its early gains, dragged by losses in IT and pharma sectors, while mid & small caps outperformed. Fears of a recession in the global economy exacerbated selling pressure in IT and pharma stocks. Mid & small caps are expected to continue its trend in the short to medium term as they are trading reasonably well compared to large caps and at a discount to their historic valuation. Globally, in light of the elevated inflation in the US, investors are on an edge, assessing the possibility of a higher magnitude of a rate hike in the next Fed policy meeting- Vinod Nair, Head of Research at Geojit Financial Services.

Nifty, Sensex top gainers and losers

Except Auto, Metal and PSU Bank, all sectoral indices sat in the red on Thursday's closing.

Among stocks, Maruti, Eicher Motors, Adani Ports and Powergrid were among top gainers, while Hindalco, Tech Mahindra led the drag on Thursday

Nifty Bank at a new high 

The resilience of the domestic market is fuelled by the strong momentum of the banking sector. The major factors influencing the performance of banking stocks are asset quality, credit growth and FII activity. The recent rally in the market had largely taken into account the improving asset quality, while the market is yet to fully factor in the strong traction expected in credit demand. FIIs turning net buyers is an additional catalyst supporting the trend. Even after factoring in the current rally, the Nifty Bank index is still attractive trading marginally above the long-term averages. While we continue to have a strong long-term outlook for the banking sector, especially for large private banks, we can't rule out the prospect of short-term profit booking due to the spillover effect of a recession in the global economy.- Vinod Nair, Head of Research at Geojit Financial Services.
 

Fitch slashes India's FY23 GDP growth forecast to 7% on slowing global economy, rising interest cos

Fitch Ratings on Thursday slashed India's GDP growth projection for FY23 to 7 per cent, saying the economy is expected to slow against the backdrop of global economy, elevated inflation and high interest rate. In June, it had forecast 7.8 per cent growth for India. Full Report

IT, Pharma drag market 

IT, Pharma, Realty and Media Stocks were dragging the market on Thursday as Nifty50 traded near 17,900, while the Sensex near 60,000. Nifty Bank dropped nearly 100 points to trade near 41,300 

Stock Market Gainers: Maruti, Eicher Motors 

Even as the market declined by more than half per cent, auto stocks were helping it minimise losses. Nifty Auto gained almost one per cent as Maruti and Eicher Motors, top two Nifty50 gainers, led from the front.    

Tata Investment Corporation, Infosys and Nuvoco share: What should investors do?

Tata Investment Corporation share price, Infosys share price,  Nuvoco share price trading strategy: The Indian market declined by around half per cent after firm opening on Thursday. Benchmark Nifty 50 traded around 17,900, while the Sensex slipped over 350 points to trade above 59, 900 amid volatility in early trade on Thursday.  Full Report

Sanjiv Bhasin Special Pick on Zee Business: South India Bank 

Sanjiv Bhasin Special Pick On Zee Business: Sanjiv Bhasin on Thursday recommended a special stock to Zee Business viewers in a special edition aired on the channel with Managing Editor Anil Singhvi. The stock, he said, could yield a 100 per cent return from the current level, resulting in wealth gain for the investors. Full Report

Bharat Electronics bonus record date 2022: BEL share price hits fresh 52-week high on ex-bonus date

BEL bonus record date 2022: Shares of Bharat Electronics Limited (BEL) jumped nearly three per cent in early trade to hit fresh 52-week high on ex-bonus date. The stock of the company which caters to aerospace and defense rose 2.8% to new 52-week high of Rs 115 per share in BSE intraday trade on Thursday.  Full Report

Stock Market Update: Indices decline 

After opening firm, the Indian market declined as Nifty slipped below 18,000, Sensex traded around 60,100 and Bank Nifty near 41,350 

Nifty, Sensex top gainers and losers 

ICICI Bank, Maruti, NTPC, M&M were among top gainers, while Hindalco, Tata Steel, Infosys, IndusInd Bank were among top laggards  

Nifty outlook on 15 Sept

While ruling out a collapse yesterday, we had wagered on the prospects of a recovery push, should there be a turn after meeting the downside objective of 17860. The push higher, even though encouraging, having attracted long liquidation near therecent peak, we are circumspect about chasing prices higher today, and are biased towards seeing more dips. Alternatively, a direct rise above the 18067/90 region could dispel doubts about the 18600 trajectory.   

Anand James - Chief Market Strategist at Geojit Financial Services.

Stock Market Outlook: Weak global markets, renewed inflation big concerns 

There are two broad market trends now. One, globally markets have turned weak on renewed inflation concerns and the market consensus is that the Fed's terminal rate would be clearly above 4%. This will weigh on global markets. Two, India's outperformance is strong and consistent. This has fundamental support from a strong economy and good earnings visibility. There is a clear message from the performance of S&P 500 ( down 18% YTD) and Nifty (up 3.6% YTD). This divergence in performance between global and Indian markets has steam to sustain in the near-term. Yesterday's strong market performance validates the success of the 'buy on dips' strategy. Buyers are chasing banks, autos, FMCG, telecom and construction related segments which are likely to come out with good results in the coming quarters. Even while remaining invested, investors should exercise some caution arising from high valuation.- V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.