Stock Market Highlights 9 Sept 2022: Nifty ends above 17,800, Sensex near 59, 800; IT stocks outperform
Stock Market Highlights 9 Sept 2022: After declining for two consecutive sessions, the Indian market staged a comeback on Thursday.
Stock Market Live Updates: After opening on a strong note, the Indian market erased early gains to end with minor gains on the last day of the week. Benchmark Nifty50 closed above 17,800, while the Sensex gained around 100 points to settle near 59,800- mark. The Benchmark Indices gained around one and half per cent each for the week ended September 9, 2022.
Nifty IT led the sectoral indices as it gained over two per cent, while Financial Services and Realty dragged the most
In the broader market, Nifty Midcap rose higher by 0.35%, however, the small cap index ended flat with a marginal gain of 0.06%
"Domestic bourses kicked off the trading session on a strong footing, backed by positive sentiments across global markets. However, it succumbed to profit booking after surpassing the psychological 60,000 mark," said Vinod Nair, Head of Research at Geojit Financial Services.
Global indices edged higher as investors reassessed the outlook for monetary policy following ultra-hawkish remarks from the Fed chair and 75bps rate hikes by ECB. Banking and consumer-facing stocks continued to be top picks in the domestic market, he added.
Tech Mahindra, IndusInd Bank, Infosys were among top gainers on the benchmarks, UltraTech Cement, M&M and SBI Life were top losers.
"In the last public appearance before the September 20-21 Fed meeting, the Fed chief Jerome Powell on Thursday reiterated his resolve to fight inflation "until the job is done." So a 75 bp rate hike on September 21st will not surprise the market. The market now believes that the sharp rate hikes will not cause a deep recession. That's why the global cues have turned slightly positive," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
In India, the market momentum is so strong that the benchmark indices are moving towards previous record highs, he said.
Vijayakumar said even though valuations are getting expensive, investors should remain invested in this strong market. "Strong FII buying and short covering can surprise the market on the upside. Domestic economy-facing stocks continue to be the favourites. Bank Nifty is moving towards record highs," he added.
Latest Updates
Midcap, Smallcap stocks outperform
Outperforming the benchmarks, Nifty Midcap and smallcap indices rose 0.8% and 1.2% respectively in the afternoon trade
Nifty resistance on higher end is seen at 17900/18100
Nifty has given a falling trendline breakout on the daily chart. Besides, the index value has moved above its crucial resistance of 17700. The daily RSI has entered into a bullish crossover. The trend for the short term looks positive. On the lower end, support is visible at 17700. Resistance on the higher end is seen at 17900/18100.- Rupak De, Senior Technical Analyst at LKP Securities
Gold support at $1700
Gold (CMP $1728 spot):
Spot gold is currently trading with a gain of over 1% on as the US Dollar Index has tumbled 1.20%.The decline in the US Dollar Index has come on the US treasury secretary Ms Yellen’s comments this morning that the US inflation reading for August is likely to show a decline on weaker gas prices. In addition, she has stated that the President is reviewing tariffs on Chinese goods and some of the tariffs could be rolled back.
Perception of market about the Fed’s monetary policy is at odds with that of the Fed. It also appears that market is a bit too short, which is leading to short covering. The yellow metal may rise to $1750 if $1730 level is taken out. However, this bounce back doesn’t look very convincing. Support is at $1700.
Praveen Singh – AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas
Nifty stuck in a consolidation range
The Nifty is stuck in a consolidation range for the last few weeks. On the higher side, the psychological mark of 18000 is acting as a cap. On September 09, the index moved up to test this barrier where the selling pressure started building up again as the index inched closer to 18000. Unless that level is surpassed, the Nifty is expected to stay in the consolidation mode for the next week. The internal structure shows that the index is preparing for a down move. It is expected to test 17500 in the coming sessions. The broader market indices are also poised to consolidate their recent gains-
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
Market in green ahead of closing bell
Even after erasing some early gains, the Indian market was trading higher by over 0.20% ahead of the closing. Tech Mahindra and Indus Ind Bank led the benchmarks, while UltraTech Cements and M&M were top losers
Rupee trading strategy
USDINR (CMP Rs 79.57 spot):
Indian rupee appreciated by 0.14% today on positive domestic equities and a weak US Dollar. Dollar declined by more than 1% on a sharp bounce amid an unprecedented 75 bps rate hike by ECB to 1.25%. FII inflows also supported Rupee. FII inflows on Thursday surged to Rs. 2,913 crore, the highest single day inflows since August 30. Easing bond yields also weighed on Dollar. 10-year US bond yields are trading around -1.43% at 3.277%. We expect Rupee to with a negative tone amid worries over global economic slowdown and recovery in crude oil prices. Global inflationary pressures may also put pressure on riskier assets. However, weakness in Dollar and positive cues from global markets may support Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.30 in next couple of sessions.
Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
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Steel companies under CCI radar for alleged cartelistaion; know how stocks were trading?
Steel companies are under the radar of the India competition watchdog. The Competition Commission of India (CCI) has begun investigation against steel companies for alleged anticompetitive practices. The commission has started its investigation after a Madras High Court order. Zee Business' Tarun Sharma reports. Full Report
Mutual funds August 2022 data: Here is how equity MFs performed amid stock market volatile
Equity mutual funds attracted Rs 6,120 crore in August, the lowest level in 10 months, amid a volatile stock market environment. This was the 18th straight month of inflows in equity mutual funds but the pace of inflow has been declining over the past few months. Full Report
Market trims gains; financial, media stock drag
After trading strongly in the first half of the session, the Indian market trimmed early gains, dragged by financial, consumer durables, media and realty stocks.
Patanjali Foods to sell 6% stake by Dec, Baba Ramdev tells Anil Singhvi; says plans to launch 5 more IPOs
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Sensex at 60,000: It won't be surprising if index tests new high
It is usually seen that when we don't enter a bear market, the reversal to previous highs is quick and almost one sided. And this seems to be happening again. I won't be surprised if we test a new all time high very soon. However, while new highs are definitely worth cheering, it is also a time for stock taking and exiting out of stocks that have run up a great deal or where fundamentals have taken a turn for the worse. To that extent, caution needs to be exercised.
Rahul Shah, Co-Head of Research, Equitymaster.
Nifty outlook:
Our stance yesterday was to ride the upsides until 17770-850before looking for signs of bears regrouping. Wayward VIX had refrained us from committing to a directional move even though the 18600 trajectory has been maturing for a while now. This has been the reason for riding the recent moves pivot to pivot rather than embarking on an expansive move. From this perspective, we will go in today, with a downside marker pushed higher to17750, aiming for 17975. While we are biased towards extending upside, we are equally mindful of a sharp long liquidation, should Nifty slip beyond 17700 again.- Anand James - Chief Market Strategist at Geojit Financial Services.
Nesco share price jumps 12% amid spurt in volume
Shares of Nesco, which deals in diversified commercial services, rose around 12% to Rs 679 per share in BSE intraday trade amid spurt volume. The stock was trading close to its 52-week high of Rs 687 that it touched on October 14
Why rice stocks declined in strong market? Details
Major rice stocks such as KRBL, LT Foods and Chaman Lal Setia declined in early trade even as the domestic stock market traded firm on Friday, with Sensex reclaiming 60,000. LT Foods share price dropped nearly five per cent to Rs 89.70 per share, while Chaman Lal Setia Exports stock dropped over three per cent to Rs 103.90 per share in BSE intraday trade on Friday. Similarly, another major rice stock, KRBL Ltd, fell around one and half per cent to Rs 298 a share on the BSE. Full Report
Bank of Baroda, Indian Bank and Thyrocare technologies shares: What should investors do? Check potential upside in near-term
Despite a rate hike by The European Central Bank raised interest rates by an unprecedented 75 basis points and hawkish commentary by US Federal Reserve Chair Jerome Powell, the Indian markets were unfazed on Friday. Benchmarks Sensex and Nifty 50 opened higher as the former reclaimed 60,000-mark, while the latter traded past 17,900 in the opening session. Full Report
Big action over Yes Bank's unfair loan transactions - NCLAT sets aside insolvency proceedings against Mack Star
In a huge setback for Yes Bank, the appellate tribunal National Company Law Appellate Tribunal (NCLAT) on Thursday set aside insolvency proceedings against Mack Star Marketing. The insolvency proceedings against the firm were initiated by the National Company Law Tribunal (NCLT) Mumbai in October 2021. Full Report
Coal price hike remains difficult, company tells investors
Coal India on Thursday informed investors that increasing coal prices remains difficult in the current context when the economy is grappling with high inflation. The miner was seeking to raise prices to mitigate high input costs on account of high diesel and explosives prices, among others. Coal India has not raised prices in the last four years. Full Report
Gold Price Today: Yellow metal dips
Gold prices dipped after ECB raised interest rates by an unprecedented 75 basis points to tame the uncontrolled inflation even as the Eurozone is likely heading towards a winter recession and gas rationing. As more future rate hikes on cards, the steep rise in dollar triggered sell of in gold.
Buy Zone Above - 50500 for the target of 50700
Sell Zone Below - 50100 for the target of 49900Ravi Singh-Vice President and Head of Research-ShareIndia
Nifty Bank above 40,500
Nifty Bank jumped nearly 400 points to go past 42,600. The banking index opened at 40,520.75 and touched day's high of 40,605.85 on Friday. All 12 stocks on banking index traded in the green
Nifty, Sensex: Top gainers and losers
IndusInd Bank, Hindalco, Shree Cement were among top gainers on the benchmarks.
BPCL, Coal India and PowerGrid were among a few losers in a surging market
Sensex at 60,000 in pre-open
The Sensex surged over 350 points to reclaim 60,000-mark in the pre-open with 27 stocks advancing and three declining
Stock market pre-opening
In the pre-opening, the Indian market was trading higher by more than half per cent as Nifty50 went past 17,900 and the Sensex was seen approaching 60000-marke
Anil Singhvi's strategy on Sept 9: Support zone on Nifty is 17650-17690, Bank Nifty is 39950-40075
Amid positive global markets, positive foreign institutional investors (FIIs), neutral 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 Friday, September 9, said Zee Business Managing Editor Anil Singhvi. Full Report
Stock to buy today: List of 20 stocks for profitable trade on Sept 9
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
Many stocks will remain in focus on Friday, based on the news and corporate actions surrounding them. Ambuja Cements and ACC will reacting to closing of their respective open offers, while shares of Mahindra & Mahindra will react to first EV (Mahindra EV XUV400) launch by the domestic auto major.
BHEL, Taxmaco Rail shares in focus
In good news for Bharat Electronics and Taxmaco Rail share, the Indian Railways may soon float a tender for wheels worth Rs 5,000 crore
20% export duty on non-Basmati rice from Sept 9
The government on Thursday imposed a 20 per cent export duty on non-Basmati rice except for parboiled rice to boost domestic supplies amid a fall in area under the paddy crop in the current Kharif season. According to a notification by the revenue department, an export duty of 20 per cent has been imposed on 'rice in husk (paddy or rough)' and 'husked (brown) rice'.
Market cap of BSE-listed firms at all-time high of Rs 282.66 lakh cr
The market capitalisation of BSE-listed firms reached an all-time high of Rs 282.66 lakh crore on Thursday, helped by a rebound in equities. The 30-share BSE Sensex climbed 659.31 points or 1.12 per cent to settle at 59,688.22 after falling in the previous two trading days. The bounce back in equities, helped the market capitalisation of BSE-listed firms jump to Rs 2,82,66,696.92 crore. Investor wealth also climbed Rs 1.79 lakh crore on Thursday.
Asian market trade firm in morning session
The majority of the Asian indices traded firm in early trade on Friday. Japanese Nikkei 225 rose 0.30%, Hang Seng index at the Hong Kong Exchange gained 1.20% and Chinese Shanghai Composite traded higher by 0.25% on Friday morning
SGX Nifty jumps over 80 points
Hinting at a positive opening for the Indian market on Friday, the SGX Nifty rose over 80 points in early trade on the Singaporean exchange
US markets close near day's high
The US markets extended gains to second consecutive session as Wall Street benchmark indices closed near the day's high amid volatility.
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