Q2FY23 Results, Wall Street Action, Rupee movement - top triggers which will impact market movement on 21 October

Indian stock markets continued their winning streak for the fifth straight day as the benchmarks ended Thursday in the green. While the BSE Sensex closed at 59,202.90 and was up by over 95.71 points or 0.16 per cent from the Wednesday closing price, the Nifty50 index settled at 17563.25, up by 51 points or 0.30 per cent. In the 30-stock Sensex, 10 shares gained while remaining 20 were the losers. As for the 50-share Nifty50, 35 advanced and 15 declined. 

Nifty Bank was a laggard, falling by 273 points or 0.68 per cent. While private banks were mauled, the PSU sector banks gained tody with the Nifty PSU Bank ending in the green. Out of the 15 sectoral indices, 6 ended in the red while 9 were in the green at the closing time. Broader markets faired mixed with the Nifty Mid Cap 100 index ending at 30,901.35, down by 0.27 per cent while Nifty Small Cap 100 closed with gains of 0.11 per cent. 

Also Read: Nifty50, Sensex top gainers and losers: Buy UPL on declines; Hold Ultratech Cement, Apollo Hospitals for these targets

Top triggers that could impact markets when the reopen on Friday:

1) Rupee Vs Dollar: The rupee rebounded from its lifetime lows to close 25 paise higher at 82.75 (provisional) against the US dollar on Thursday amid weakness in the greenback overseas. Fag-end buying in domestic equities also bolstered sentiment, forex traders said. However, rising crude oil prices in the international market capped the rupee's gain, they added. The local currency recovered on suspected RBI intervention after hitting a record low of 83.29 during the session. At the interbank forex market, the local unit opened weak at 83.05 against the greenback but later lost ground to quote at 83.29. It also touched an intra-day high of 82.72. In the previous session, the rupee had settled at an all-time low of 83 against the dollar. PTI

Investors in USDINR futures can Sell October futures at at 83 with a stop loss of 83.30 and price target of 82.40. The 27 October USDINR futures ended at 82.7825, down by Rs 0.3675 or 0.44 per cent from the Wednesday closing price.

2) US Markets: Wall Street was buzzing with positive activity as DOW 30, Nasdaq Composite and S&P 500 were trading with significant gains at the time of filin of the story. Dow was trading at 30,595, up by 171 points or 0.56 per cent. Meanwhile, S&P 500 and Nasdaq Composite was trading at 3,704.75 and 10,761.40 respctively. The former was up 0.26 per cent while the latter was higher by 0.76 per cent. The movement in dometic equity markets on Friday will depend upon how US markets end on Thursday and SGX Nifty and Dow Futures trade on Friday.

3) Q2FY23 Results: Several top companies announced their quarterly results on Thursday. Among them were ITC, Asian Paints, Axis Bank, Canara Bank, Bajaj Finance. There could be stock specific action. Almost 8 dozen companies will announce their quarterly results on Friday. They include Ambuja Cement, Bajaj Finserv, CRISIL, DLF, HDFC Life, Hindustan Unilever, Hindustan Zinc, IDBI, JSW Steel and others.  

Also Read: Bajaj Finance Q2FY23 net profit up 88% YoY on higher Net Interest Income; AUM grows by 31%

4) Securities in Ban For Trade on 21 October 2022: BHEL, DELTA CORP, Indiabulls Housing Finance and India Cements.

5) FII / DII Data: Foreign Institutional Investors were net buyers of Indian shares and purchased shares worth Rs 1,864.79 cr while the Domestic Institutional Investors bought shares worth Rs 886.80 cr. 

6) Bulk Deals: Over a dozen companies witnessed bulk deal action on the NSE. Graviton Research Capital LLP bought 1,21,578 shares in Alkali Metals Limited at Rs 145.67 per share while it sold equal numebr of shares at Rs 145.82 per share. Tracxn Technologies which had a lacklustre listing today, saw several bulk deals. Kshitij Polyline Limited, Mazda were among others who had buld deals tranactions.

7) India VIX: Volatility Index fell at 17.23, down by 1.45 per cent from the last closing at 17.49.

8) Anil Singhvi Strategy: Managing Editor Anil Singhvi said that support on Nifty50 is seen at 17425-17475 while the resistance is seen at 17625-17700. As for Bank Nifty, strong support is seen at 39850-40000 while resistance is seen at 40500-40650. #BazaarAajAurKal

9) Technical Analyst Nilesh Jain remains bullish on Nifty50 and Bank Nifty. He expects the former to trade in a range between 17400 (Support) and 17600 (Resistance). As for Bank Nifty support is seen at 39700 and resistance at 40500.

10) Stocks to Buy: Jain, who is Assistant Vice President - Lead Derivative and Technical Research at Centrum Broking is bullish on PSU Banks. He sees the Nifty PSU Bank index testing 3350. His top bets are State Bank of India (SBI), Bank of Baroda (BoB), and Canara Bank. He puts targets of Rs 260 on Canara Bank and Rs 150 on BoB.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)