Stock Market Today Highlights: Nifty slips below support level 16,875, Sensex erodes 500 points – banks, metals drag
Stock Market Today India News Live, Share Market Today Live: The domestic markets extended decline for the sixth straight session on Wednesday tracking weak global cues. The broader Nifty50 slipped below the support level of 16875, while Sensex concluded over 500 points at the market close today.
At the market close, the BSE Sensex was by 509 points or 0.89 per cent to 56,598 while Nifty50 fell by 149 points or 0.87 per cent to 16,858. Tracking benchmarks trend, the broader markets also saw selling pressure as Nifty mid-cap and small-cap ended at 0.45 and 0.67 per cent, respectively.
The 12-share banking index – Nifty Bank slumped almost 600 points or 1.56 per cent to 37,759-mark. Axis Bank, SBI and IndusInd Bank were among the top laggards that drag the index below key support level of 37,950 today.
As many as 14 stocks advanced and 36 declined on Nifty50. Metal heavyweights such as Hindalco and JSW Steel were among top losers, followed by ITC, Reliance Industries, and Axis Bank. While Asian Paints gained the most by over 3 per cent, followed by Sun Pharma, Dr Reddy, and Eicher Motors.
Almost all sectors closed in the green, except for Nifty Pharma and IT. Nifty Metal dragged the market most down by around 2 per cent, followed by Nifty Bank slipped over 1.5 per cent. On the contrary, the defensive pack Pharma index gained nearly 1 per cent in an otherwise negative market.
Stock Market Today India News Live, Share Market Today Live: The domestic markets extended decline for the sixth straight session on Wednesday tracking weak global cues. The broader Nifty50 slipped below the support level of 16875, while Sensex concluded over 500 points at the market close today.
At the market close, the BSE Sensex was by 509 points or 0.89 per cent to 56,598 while Nifty50 fell by 149 points or 0.87 per cent to 16,858. Tracking benchmarks trend, the broader markets also saw selling pressure as Nifty mid-cap and small-cap ended at 0.45 and 0.67 per cent, respectively.
The 12-share banking index – Nifty Bank slumped almost 600 points or 1.56 per cent to 37,759-mark. Axis Bank, SBI and IndusInd Bank were among the top laggards that drag the index below key support level of 37,950 today.
As many as 14 stocks advanced and 36 declined on Nifty50. Metal heavyweights such as Hindalco and JSW Steel were among top losers, followed by ITC, Reliance Industries, and Axis Bank. While Asian Paints gained the most by over 3 per cent, followed by Sun Pharma, Dr Reddy, and Eicher Motors.
Almost all sectors closed in the green, except for Nifty Pharma and IT. Nifty Metal dragged the market most down by around 2 per cent, followed by Nifty Bank slipped over 1.5 per cent. On the contrary, the defensive pack Pharma index gained nearly 1 per cent in an otherwise negative market.
Latest Updates
Analyst On RBI MPC Meeting:
The RBI policy meeting is currently underway, and the central bank is likely to raise repo rates by 35-50 basis points, however, the inflation outlook may soften in reaction to declining commodity prices.
- Vinod Nair, Head of Research at Geojit Financial Services
What Analyst Say On Market Volatility?
Investors continue to be skeptical of the domestic market's higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market's appetite for risk has been hindered by the rising worries of a worldwide recession. Domestic investors are turning to IT and pharma companies, which have been in a consolidation phase for the past year and are now gaining from the INR depreciation.
- Vinod Nair, Head of Research at Geojit Financial Services.
Closing Bell: Market Drops Nearly 1%
The markets extended decline for the sixth straight session on Wednesday as the Nifty50 slipped below the support level of the 168750-mark, while the Sensex eroded over 500 points.
Gold Price Outlook:
US 10-year yields are knocking at psychologically crucial level of 4%, which is fresh 12-year high. UK’s 30-year bond yields rose above 5% for the first time since 2022. Markets look forward to today’s speech of US Fed Powell for further clues to rate path and monetary policy. The overall gold remains bearish, though occasional bounce backs are possible. Near term support is at $1600/$1580, while $1635-$1650 will act as a supply zone.
- Praveen Singh – AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas
Cement Stocks Gain Up To 10% In Otherwise Weak Market
The cement companies' share price surged up to 10 per cent on the BSE intraday during Wednesday’s trading session, snapping a six-day losing streak. Cement stocks from broader markets outperformed the major cement companies during today’s session. Full Report
Rupee Outlook
Most of the Asian currencies, including the local unit, are reeling under pressure amid the monetary tightening campaign in the West and concerns about a global economic slowdown. Limited intervention by the RBI amid declining forex reserves is also leading to the current bout of selling spree witnessed in the Indian rupee.
However, softening crude prices and strong underlying fundamentals of the domestic economy shall underpin the rupee-dollar exchange rate around the 82 to the dollar mark. All eyes are now on the RBI monetary policy outcome for further cues.
- Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking Ltd
Gold Price Update – Check Price Target
Gold showed dullness and remained under the pressure on Tuesday, September 27. There is no movement in the precious metal as it was still trading under the psychologically important level of Rs 50000. Silver too showed weakness as it declined 0.45% to trade below Rs 55000 on the MCX. Full Report
Nifty Pharma Index Top Sectoral Gainer
Nifty Pharma is one of the top sectoral gainers as the sectoral index gained nearly 1 per cent in an otherwise volatile and weak market. As many as 12 stocks advanced and the remaining were losers in the 20-pack index. Sun Pharma is the top sectoral as well as Nifty gainer on Wednesday.
This mutlibagger stock jumps 70% in September so far
This footwear company’s share price jumped nearly 15 per cent to touch a four-year high at Rs 286.35 and 286.9 per share on the BSE and NSE intraday, respectively, in an otherwise weak market on Wednesday. The stock in the last two trading sessions has soared over 32 per cent and has quoted at its highest level since January 2018. It had touched a record high of Rs 351 per share on July 22, 2014. Full Report
Market Update: Indices Recover In Trade; Nifty Reclaims 17000-Mark
Auto Stocks Recover In Trade
Auto stocks, including heavyweights, have joined the bull rally on Wednesday, as major companies such as Eicher Motor, M&M, and Tata Motors are gaining between 1-2 per cent intraday. Full Report
BHEL Shares Turn Choppy After Initial Gain - Key Triggers
BHEL share price: Bharat Heavy Electricals Limited (BHEL) share price surged 1 per cent to Rs 56.5 per share on the BSE intraday in the early session on Wednesday. However, it succumbed to market pressure to trade in negative territory. Full Report
Share Market Outlook: From ‘Buy On Dips’ To ‘Sell On Rally’
The texture of the market has changed from ‘buy on dips’ to ‘sell on rally’ and therefore, investors have to be cautious in the market now. The Bank Nifty has sharply corrected by 8% from its recent record high and is weak now. IT is likely to remain resilient supported by currency tailwinds. Autos and capital goods can be slowly accumulated on declines.
Since valuations in India continue to be high relative to peers, investors may brace for more corrections in this bearish scenario. A sharp turnaround in global market sentiments will happen only when data indicate a decline in US inflation.
- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Stocks To Buy With Anil Singhvi: Sanjiv Bhasin Recommends To BUY This Auto Stocks
IIFL Securities Director Sanjiv Bhasin on Wednesday said that market volatility is not in anyone's hands, but it is a suitable time to buy good shares. He predicted that the markets will reverse October 2 and said that he is bullish on the auto sector, picking these stocks for bumper profit today. Full Report
'Bhasin Ke Haseen Shares'
जानिए IIFL सिक्योरिटीज के #Sanjivbhasin का आज बाजार पर क्या है आउटलुक?
जानिए IIFL सिक्योरिटीज के संजीव भसीन ने आज Ashok Leyland और Tata Motors में दी निवेश की सलाह?@AnilSinghvi_ | @sanjiv_bhasin
देखिए LIVE यहां https://t.co/s6TvSVzT5M pic.twitter.com/6g8gIdxwZq
— Zee Business (@ZeeBusiness) September 28, 2022
Indian Markets Road Ahead To Be Bumpy?
Globally equity markets are in bear territory. Nasdaq is down 33.2 per cent from the peak and S&P 500 is down 24.3 per cent from the peak. The Euro Stoxx 50 is down 24.3 per cent from its peak. These are clear bearish signals from markets in the developed world. India is a distinct outlier with only 8.5 per cent decline from the peak in Nifty. India can remain an outperformer supported by its strong fundamentals, but India cannot remain immune to major global trends.
- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services