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Stock Market Highlights: Nifty50 breaks below 50-DMA

07:16 PM

Wall Street opens lower on rate-hike, recession fears

Wall Street’s main indexes opened lower on Monday as investors worried that the Federal Reserve’s aggressive push to curb inflation may tip the country’s economy into recession.The Dow Jones Industrial Average fell 53.57 points, or 0.18%, at the open to 29,536.84.The S&P 500 opened lower by 10.51 points, or 0.28%, at 3,682.72, while the Nasdaq Composite dropped 34.54 points, or 0.32%, to 10,833.38 at the opening bell.

06:32 PM

Investors lose Rs 13.30 lakh cr in four days of market crash

Equity investors’ wealth has tumbled by over Rs 13.30 lakh crore in four days of market plunge amid a sharp sell-off in global markets. Falling for the fourth straight day, the 30-share BSE Sensex tanked 953.70 points or 1.64 per cent to settle at 57,145.22. During the day, it plummeted 1,060.68 points or 1.82 per cent to 57,038.24.In four days, the BSE benchmark has slumped 2,574.52 points or 4.31 per cent.The market capitalisation of BSE-listed firms tumbled Rs 13,30,753.42 crore in four sessions to reach Rs 2,70,11,460.11 crore.”Domestic equities have corrected by more than 4 per cent over the last four trading sessions as global uncertainties dominate market sentiments. A short bounce or reversal can be seen following this intense selling.

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06:31 PM

Tech View: Nifty50 breaks below 50-DMA;

The global rout in equities pushed benchmark indices below crucial support levels. Indian markets closed in the red for the fourth consecutive day in a row, weighed down by a rise in US Dollar as a result of monetary tightening and the possibility of a global recession.The Nifty50 broke below its crucial short-term support at 50-DMA, placed at 17,340 on Monday. It bounced back from its long-term support placed at 200-DMA at 16,993.The index finally closed 311 points lower at 17,016, while the S&P BSE Sensex plunged by 953 points to close at 57,145. It formed a bearish candle on the daily charts.“The bearish bias in the market was present for a few days and had picked up momentum post the US Fed decision. The recession fears in the US and European countries, the Russia-Ukraine war, and the political uncertainty in China have further increased and cast a cloud of uncertainty in the global economy,” Sandeep Bhardwaj, CEO, IIFL Securities, said.

06:30 PM

Gold gains Rs 138; Silver jumps Rs 224

Gold prices in the national capital rose by Rs 138 to Rs 49,786 per 10 grams on Monday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,648 per 10 grams.Silver also jumped by Rs 224 to Rs 56,514 per kilogram from Rs 56,290 per kg in the previous trade.In the international market, gold was quoting lower at USD 1,639 per ounce, while silver was trading flat at USD 18.67 per ounce.

The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.

– Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

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The Bank Nifty index continued its downward momentum and remained under selling pressure throughout the day. The index has breached its important support levels and pull-back rallies should be utilized to initiate fresh short positions. The higher-end resistance is visible at the 39,500-40000 zone and the next support is seen at the 38,000 level

– Kunal Shah, Senior Technical Analyst at LKP Securities

The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening INR, elevated bond yields and pessimistic trends of Asian peers. Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations

– Vinod Nair, Head of Research at Geojit Financial Services.

03:40 PM

Film exhibition company PVR Cinemas will invest up to Rs 350 crore to open 100 new screens in FY23, a top official said on Monday. It also expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business, PVR’s chief executive Gautam Dutta told PTI over the phone.

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03:39 PM

INDIAN RUPEE ENDS AT RECORD CLOSING LOW, FALLS FOR FOURTH STRAIGHT DAY

03:37 PM

IT only sector that ends with gains on NSE

03:33 PM

CLOSING BELL: Sensex ends with deep cuts for 4th session, falls 954 points; Nifty holds 17,000; Adani Ports, Maruti crack 6% each

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We expect rupee to trade on a negative note as deteriorating global risk sentiments may put downside pressure on Rupee. Weak global markets may lead of safe haven flows towards US Dollar. However, sharp fall in crude oil prices may prevent sharp downside in Rupee. Investors may remain cautious ahead of RBI’s monetary policy meeting towards the end of the month. RBI is expected to rise interest rates by 50 bps. USDINR spot price is expected to trade in a range of Rs 80.50 to Rs 82.50 in next couple of sessions.

– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas

02:42 PM

These stocks hit 52-week lows on NSE

02:39 PM

No proposal of Power Grid buying PFC’s stake in REC: Media reports

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02:31 PM

Market View: Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities

The Indian market performance showed resilience in the last couple of months, outperforming the global market by a superior margin based on the robust economic outlook compared to other emerging markets. After a hawkish US Fed stance, we are observing weakness in the global market on an expectation of a continuation of rate hikes in the remaining two FOMC meetings of 2022. In that context, term performance was likely to be range bound due to a stronger dollar. The Indian currency has performed well, and it has been stable vis-a-vis other emerging market currencies, on account of higher foreign exchange reserve, robust growth outlook, and macroeconomic stability. However, the sharp upward movement in the dollar index has created a weakness in the domestic market. Now the market is eyeing the RBI monetary policy, scheduled this week.

We recommend investors avoid riskier bets this week as volatility is likely to continue in the near term. Further, the market is eyeing the upcoming earning season & the festival demand, which will likely drive the market fundamentals. We recommend investors to use this volatility in the coming days in a phased manner to build a position with a view of 12-18 months in quality companies where earnings visibility is very high. In this context, domestic-oriented themes like Banks, FMCG, Hospitals, Domestic Industrials, and Discretionary consumption are well placed over export plus cyclical-oriented themes.

02:14 PM

These are the top Nifty50 performers even as index trades over 1% lower

01:49 PM

WAPCOS files DRHP with Sebi for IPO; govt to sell 3.25 crore shares

State-run enterprise WAPCOS filed a draft red herring prospectus (DRHP) to launch an initial public offering (IPO) with the capital markets regulator Sebi. WAPCOS is a wholly-owned public sector enterprise engaged in engineering consultancy and construction under the control of the Ministry of Jal Shakti, Government of India.

01:26 PM

PSU Bank stocks trade with cuts! PNB, Indian Bank top losers

01:07 PM

Coforge, Infosys among top gainers from IT pack

12:32 PM

What’s behind the freefall in pound?

12:16 PM

Sensex off day’s low, still down nearly 800 points

12:07 PM

Balaji Amines says commercial production begins at newly set up Solapur Plant

11:55 AM

Brent slips below $85 per barrel for first time since Jan

BRENT CRUDE FUTURES FALL MORE THAN $1 TO $85.12/BBL

11:53 AM

Shares of Sterlite Technologies dropped almost 7 per cent during the early trade on Monday after the company’s key managerial personnel tendered resignation. The telecommunications service provider announced that Mihir Modi has tendered his resignation from the chief financial officer (CFO) and key managerial personnel position. Modi will be relieved from his duties with effect from the close of business hours of Friday, 14 October 2022, the company informed in an exchange filing.

11:47 AM

Metal stocks badly hit amid market crash. Hind Copper plunges the most

11:27 AM

TOP SENSEX DRAGS IN MORNING SESSION

Rupee falls to fresh all-time lows as the dollar strengthens across the board. Hawkish Fed outlook, political instability in China and sell-off in pound after the tax cut announcement is also disturbing the overall market sentiment. This week, RBI will release its policy statement and this is likely to influence the rupee that is currently falling sharply against the US dollar.

– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

11:21 AM

Global market check

  • S&P 500 futures dropped 0.9% as of 6:38 a.m. in London
  • Nasdaq 100 futures fell 1%. The Nasdaq 100 dropped 1.7%
  • Euro Stoxx 50 futures decreased 0.7%
  • The Topix index dropped 2.7%
  • Australia’s S&P/ASX 200 Index slipped 1.4%
  • South Korea’s Kospi declined 3.1%
  • The Hang Seng Index dropped 0.5%

11:09 AM

NIFTY SLIPS BELOW 17000 FOR FIRST TIME SINCE JULY 28

11:07 AM

S&P projects India’s GDP growth at 7.3 pc this fiscal

S&P Global Ratings on Monday projected India’s economic growth at 7.3 per cent in the current fiscal with downside risks and said inflation is likely to remain above RBI’s upper tolerance threshold of 6 per cent till the end of 2022. In its Economic Outlook for Asia Pacific, S&P said India’s growth next year will get support from domestic demand recovery after the coronavirus pandemic. “We have retained our India growth outlook at 7.3 per cent for the fiscal year 2022-2023 and 6.5 per cent for the next fiscal year, although we see the risks tilted to the downside,” it said.

Source: PTI

11:04 AM

As consumption booms, India’s retail industry is set to be one of the biggest beneficiaries! And, Mukesh Ambani’s Reliance Retail has been on a shopping spree to cash in on this mega trend

10:53 AM

PowerGrid slides for 7th session, trades below all key DMA levels

10:50 AM

Realty Check! These stocks fall the most from the real estate pack

10:35 AM

BSE SMALLCAP INDEX TANKS NEARLY 4%

10:32 AM

Shares of Suzlon Energy dropped more than 7 per cent during the early trade on Monday after the company announced to raise funds via rights issue route. In an exchange filing, the renewable energy firm announced that its board has approved raising Rs 1,200 crore via a rights issue of 240 crore shares. The Securities Issue Committee of the Board approved the rights issue. The company will raise Rs 1,200 crore through issuance of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share, the exchange filing added.

10:09 AM

NIFTY NEARS 17,000 LEVEL

The pull from 17000 has become irresistible now. That it coincides with the 200 day SMA makes it all the more compelling for Nifty to pay a visit, now that Friday closed just 1.7% away from it. Even more so, because the 38.2% fibo of the Jun-Sepmove is also at the same level. Ideally, a breach of 17000, will bring in 16000 into picture, with interim support seen at 16650.Meanwhile, given that a sharp draw down is already in place, we will watch the ability of 17166, the recent reaction low, to let bulls regroup early in the day and aim for a recovery push and 17430.

– Anand James – Chief Market Strategist at Geojit Financial Services

10:02 AM

Harsha Engineers lists at 36% premium over issue price

Harsha Engineers International (HEIL) made a strong debut on Dalal Street as the industrial products player listed at Rs 450 on Monday on NSE, a premium of 36 per cent over its issue price of Rs 330. The largest manufacturer of precision bearing cages debuted at a premium of 35 per cent at Rs 444 as against the given issue price on the BSE.

09:54 AM

Apple starts manufacturing iPhone 14 in India

09:49 AM

BROKERAGE RADAR | JEFFERIES ON STEEL

  • Maintain Hold on Tata Steel, Target at Rs 95/share
  • Steel price strain; still early to turn constructive
  • Indian flat steel price declined 19% from June Quarter average
  • See downside risk as Indian pricesare still 6-11% above import parity
  • Downgraded Indian steel in Jan 0100
  • Believe it is still early to turn constructive

The global macro construct is not favourable for equity markets in the short run. The dollar index above 113 and the US 10-year yield at 3.73 % is likely to aggravate FPI outflows which have been gathering momentum during the last 3 days. The probability of a global recession is also increasing since the Fed continues to be ultra hawkish. The 5% cut in MSCI World Index last week indicates the bearish undertone of global equity markets. In this scenario the buy on dips strategy which worked since the June lows need not work now. Investors have to be cautious and remain vigilant. However, India will outperform both in economic growth and market performance. Therefore, selective buying can be done in domestic economy-facing segments like financials, autos, capital goods and select FMCG on sharp market declines.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:44 AM

SENSEX TANKS OBVER 800 POINTS

09:38 AM

BROKERAGE RADAR | CITI ON I.T.

  • IT services is a good defensive sector
  • FY23E will see growth normalization & margin pressure
  • Geopolitical situation & macro headwinds need to be monitored
  • Four Ongoing Trends: Changing Face of Demand, Transformation of Global
  • Delivery Model, Capital Allocation, Non-U.S. Opportunity
  • Maintain Neutral on HCL Tech, Tech Mahindra
  • Maintain sell on TCS, Wipro, Mphasis, Persistent Systems, Coforge, LTTS

09:24 AM

Tata Steel, YES Bank, PNB among most active stocks on NSE

09:21 AM

All sectors trade in the red… metals, realty worst losers

09:19 AM

OPENING BELL: Sensex tanks over 700 points, Nifty nears 17,100; Hindalco, NMDC fall 3% each

09:09 AM

Pre-open session: Sensex slumps over 550 points; Nifty below 17,160

09:07 AM

JUST IN | Rupee at fresh record low vs US dollar

Amid a surge in US bond yields and the US dollar index, the rupee on Monday opened 0.68% lower to hit a fresh record low of 81.55 against the greenback.

While the 2-year US Treasury yield was at 4.2%, its highest level since October 12, 2007, the dollar index scaled past the 114-mark overnight to a two-decade high.

The local unit had reached a record low of 81.2250 on Friday, prompting the Reserve Bank of India (RBI) to sell dollars, according to traders. The RBI’s intervention had aided the rupee to turn briefly higher on Friday.

07:22 AM

Dollar stands alone as rate hikes rattle stocks

Asian stocks started the final week of the quarter on the slide on Monday, while the dollar stood ascendant, as the prospect of high interest rates and poor growth shook markets.

07:21 AM

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 170 points, or 0.98 per cent, lower at 17,162, signaling that Dalal Street was headed for a negative start on Monday.

07:21 AM

Tech View: Bloodbath on D-St! Should traders go short?

The US Fed jitters kept equity and currency markets on edge. The S&P BSE Sensex plunged more than 1,000 points while the Nifty50 broke below a crucial support at 17,400 and also briefly slipped below 50-DMA but then bounced back. The Nifty50 formed a long bearish candle on the daily charts. The Supertrend indicator also triggered a sell on Friday.

07:18 AM

Tokyo shares open down after global selloff

Tokyo stocks opened lower Monday after a long weekend that saw global selloffs, with investors expected to stay “risk-off” for some time.

07:18 AM

Wall Street slumps as investors fret on rate hikes and recession

Wall Street’s main indexes slumped to close well down on Friday, as rattled investors continued repositioning themselves to reflect fears the U.S. Federal Reserve’s hawkish rate policy to curb inflation will push the American economy into recession.

07:18 AM

Oil claws back some losses but strong dollar caps gains

Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.

07:18 AM

Rupee slides 30 paise to close below 81-mark against dollar

The rupee slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar on Friday, weighed down by the strong American currency overseas and risk-off sentiment among investors.

07:17 AM

Sensex, Nifty on Friday

The 30-share Sensex declined 1020.80 points to end at 58,098.92. Its broader peer, Nifty50, ended at 17,327.35, down 302.45 points. Power Grid was the top loser from the 30-share pack, falling 7.93 per cent to Rs 202.60.

07:17 AM

Good morning, dear reader! Here’s something to kickstart your trading day

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