Stock Market Highlights 1 Sept 2022: Nifty ends near 17,550, Sensex tanks over 750 points amid weak global cues; how it happened
(By Ravi Kant kumar)
Stock Market Live Today: The Indian market ended lower by more than one per cent amid weak global cues. Benchmarks Nifty50 and Sensex declined by around 1.25% each as the former closed above 17, 500, while the latter called the day with over 700 points cut.
Nifty Midcap and smallcap indices ended flat with marginal gains even as India Volatility Index (VIX) inched closer to 20-mark with over six per cent change on Thursday.
Nifty IT and Oil & Gas were the lop laggards among sectoral indices, declining by around two per cent each. Auto, PSU Bank and Realty outperformed in a falling market.
"Domestic indices moved in line with peers while prospects of higher rate hikes, elevated inflation and a slowing economy put pressure on stock markets around the world," said Vinod Nair, Head of Research at Geojit Financial Services.
Although India’s Q1 GDP was reported below the RBI’s estimate of 16.2%, the strong growth seen in manufacturing activity during Q2 so far indicates a strong recovery in the domestic market, said Nair. "Additionally, ongoing support from FIIs will obscure the weakness, helping domestic indices to stay resilient," he added.
Among stocks, Hindalco, Reliance Industries, TCS and ONGC were among the top losers. Tata Consumer, Bajaj Finserv, Asian Paints, Eicher Motors and Bharti Airtel were among leading gainers in an otherwise weak market.
"The Indian equity markets are witnessing high volatility as global cues are weak, but our market is not ready to go down where every dip is taken as a buying opportunity. FIIs are in a buying mood despite the rise in the dollar index and US bond yields, whereas the rupee has gained remarkably in the last two trading sessions," said Santosh Meena, Head of Research, Swatika Investmart Ltd. on Market.
Meena said 17160 is the previous swing low, 17000 is 200-DMA, and 16920 is a 38.2% retracement of the previous rally. "Therefore, 17160-16920 is a critical demand zone. On the upside, 17800-18000 is an immediate supply zone; above this, the Nifty will prepare itself for new highs," he added.
Earlier, reversing the losses into profit, the Indian market ended higher by more than two and half per cent on Tuesday against a loss of 1.5% in Monday's session. The market remained closed on Wednesday on account of Ganesh Chaturthi holiday. Buoyed by Foreign Institutional investors' interest and strong buying sectoral stocks, the benchmarks Nifty50 rose by 446.40 points (2.58%) to 17,759.30 and the Sensex settled with gains of 1564.45 (2.70%) to 59,537.07.
A highlight of the recent market trend is India's outperformance among large markets. While the US, Europe and most large emerging markets have turned weak, the Indian market has shown surprising resilience, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Since the Fed chief Powell's ultra-hawkish message last Friday, the S&P 500 is down 5.8%, while the Nifty is up 0.9%. A major factor driving this outperformance is the return of FIIs into the Indian market. It is important to appreciate the fact that the FIIs investment of Rs 4165 cr on Tuesday in the cash market is the largest buy figure in 2022. This is providing momentum to the market," said Vijayakumar.
However, investors have to exercise caution since valuations are high and the global growth environment is not favorable for a sustained bull market, he said.
"Even while remaining invested, some profit booking may be a good idea," the expert recommended.
Earlier, On Thursday, the cues from global markets and SGX Nifty remained negative in early trade with SGX Nifty trading lower on Thursday morning and the US markets ending in the red on Wednesday.
#GlobalMarkets में कमजोरी
जापान की बांड यील्ड 24 साल की ऊंचाई पर
US बाजार लगातार 4 दिनों से नीचे
पिछले 2 दिनों में #DowJones करीब 600 अंक लुढ़का#NASDAQ 1.5% फिसला
यूरोप के बाजार 1% फिसले
ईरान परमाणु डील की उम्मीद में #CrudeOil दो दिन में 10% गिरा@deepdbhandari pic.twitter.com/ZPY20jZovN
— Zee Business (@ZeeBusiness) September 1, 2022
A majority of the Asian indices traded in the red too on Thursday morning.
Meanwhile, India remained the world's fastest-growing economy, with GDP expanding 13.5 per cent in the April-June quarter, the quickest pace in a year, but rising interest costs and the looming threat of recession in major world economies could slow the momentum in coming quarters.
Gross domestic product (GDP) growth of 13.5 per cent year-on-year compares to a 20.1 per cent expansion a year back and 4.09 per cent growth in the previous three months to March, official data released on Wednesday showed.
The government is expecting the economy to grow at 7-7.5 per cent in 2022-23, in line with its projections made at the beginning of this financial year.
India registered a growth of 8.7 per cent in 2021-22.
"We remain on course to meet the 7.4 per cent. We expect to achieve. This does not really reflect on what is expected to be annual real GDP growth. So, 7-7.5 per cent in that range. 7.4 per cent is what the IMF has predicted," Finance Secretary T V Somanathan said on Wednesday.
(By Ravi Kant kumar)
Stock Market Live Today: The Indian market ended lower by more than one per cent amid weak global cues. Benchmarks Nifty50 and Sensex declined by around 1.25% each as the former closed above 17, 500, while the latter called the day with over 700 points cut.
Nifty Midcap and smallcap indices ended flat with marginal gains even as India Volatility Index (VIX) inched closer to 20-mark with over six per cent change on Thursday.
Nifty IT and Oil & Gas were the lop laggards among sectoral indices, declining by around two per cent each. Auto, PSU Bank and Realty outperformed in a falling market.
"Domestic indices moved in line with peers while prospects of higher rate hikes, elevated inflation and a slowing economy put pressure on stock markets around the world," said Vinod Nair, Head of Research at Geojit Financial Services.
Although India’s Q1 GDP was reported below the RBI’s estimate of 16.2%, the strong growth seen in manufacturing activity during Q2 so far indicates a strong recovery in the domestic market, said Nair. "Additionally, ongoing support from FIIs will obscure the weakness, helping domestic indices to stay resilient," he added.
Among stocks, Hindalco, Reliance Industries, TCS and ONGC were among the top losers. Tata Consumer, Bajaj Finserv, Asian Paints, Eicher Motors and Bharti Airtel were among leading gainers in an otherwise weak market.
"The Indian equity markets are witnessing high volatility as global cues are weak, but our market is not ready to go down where every dip is taken as a buying opportunity. FIIs are in a buying mood despite the rise in the dollar index and US bond yields, whereas the rupee has gained remarkably in the last two trading sessions," said Santosh Meena, Head of Research, Swatika Investmart Ltd. on Market.
Meena said 17160 is the previous swing low, 17000 is 200-DMA, and 16920 is a 38.2% retracement of the previous rally. "Therefore, 17160-16920 is a critical demand zone. On the upside, 17800-18000 is an immediate supply zone; above this, the Nifty will prepare itself for new highs," he added.
Earlier, reversing the losses into profit, the Indian market ended higher by more than two and half per cent on Tuesday against a loss of 1.5% in Monday's session. The market remained closed on Wednesday on account of Ganesh Chaturthi holiday. Buoyed by Foreign Institutional investors' interest and strong buying sectoral stocks, the benchmarks Nifty50 rose by 446.40 points (2.58%) to 17,759.30 and the Sensex settled with gains of 1564.45 (2.70%) to 59,537.07.
A highlight of the recent market trend is India's outperformance among large markets. While the US, Europe and most large emerging markets have turned weak, the Indian market has shown surprising resilience, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Since the Fed chief Powell's ultra-hawkish message last Friday, the S&P 500 is down 5.8%, while the Nifty is up 0.9%. A major factor driving this outperformance is the return of FIIs into the Indian market. It is important to appreciate the fact that the FIIs investment of Rs 4165 cr on Tuesday in the cash market is the largest buy figure in 2022. This is providing momentum to the market," said Vijayakumar.
However, investors have to exercise caution since valuations are high and the global growth environment is not favorable for a sustained bull market, he said.
"Even while remaining invested, some profit booking may be a good idea," the expert recommended.
Earlier, On Thursday, the cues from global markets and SGX Nifty remained negative in early trade with SGX Nifty trading lower on Thursday morning and the US markets ending in the red on Wednesday.
#GlobalMarkets में कमजोरी
जापान की बांड यील्ड 24 साल की ऊंचाई पर
US बाजार लगातार 4 दिनों से नीचे
पिछले 2 दिनों में #DowJones करीब 600 अंक लुढ़का#NASDAQ 1.5% फिसला
यूरोप के बाजार 1% फिसले
ईरान परमाणु डील की उम्मीद में #CrudeOil दो दिन में 10% गिरा@deepdbhandari pic.twitter.com/ZPY20jZovN
— Zee Business (@ZeeBusiness) September 1, 2022
A majority of the Asian indices traded in the red too on Thursday morning.
Meanwhile, India remained the world's fastest-growing economy, with GDP expanding 13.5 per cent in the April-June quarter, the quickest pace in a year, but rising interest costs and the looming threat of recession in major world economies could slow the momentum in coming quarters.
Gross domestic product (GDP) growth of 13.5 per cent year-on-year compares to a 20.1 per cent expansion a year back and 4.09 per cent growth in the previous three months to March, official data released on Wednesday showed.
The government is expecting the economy to grow at 7-7.5 per cent in 2022-23, in line with its projections made at the beginning of this financial year.
India registered a growth of 8.7 per cent in 2021-22.
"We remain on course to meet the 7.4 per cent. We expect to achieve. This does not really reflect on what is expected to be annual real GDP growth. So, 7-7.5 per cent in that range. 7.4 per cent is what the IMF has predicted," Finance Secretary T V Somanathan said on Wednesday.
Latest Updates
Nifty: 17200-18000 is the broad range for the short term consolidation
The Nifty witnessed volatile action on September 01. The index had seen a swift up move in the previous session; however there was no follow through buying today. Throughout the day, the index oscillated around the key hourly moving averages & the 20 DMA. Ultimately, the Nifty has formed an Inside bar pattern on the daily chart. The overall structure shows that the index is in short term consolidation since the last couple of weeks & that is likely to continue going ahead. 17200-18000 is the broad range for the short term consolidation.- Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
Bank Nifty outlook
"The Bank Nifty index witnessed volatility throughout the day and ended negatively. After a gap-down opening, the index managed to hold the support of 38,800-38,500 on the downside, indicating the bias remains on the positive side. The immediate hurdle on the upside is placed at 39,500 and once taken out will see a sharp move on the upside towards 41,000 levels," said Kunal Shah, Senior Technical Analyst at LKP Securities.
"17400 may continue to act as crucial support for Nifty"
"Nifty remained sideways during the day before ending 1% lower. After starting to gap down on the back of a weak global cue, the Nifty failed to recover fully and traded within a range for the day. The momentum indicator is in a bearish crossover indicating a bearishness. On the lower end, 17400 may continue to act as crucial support, below which the index may become weak again. On the higher end, resistance is visible at 17700."- Rupak De, Senior Technical Analyst at LKP Securities
"We continue to advocate a SIP investment strategy in this market"
Most Asian markets have traded lower today and have lost more than 1% each basis the weakness seen overnight in the US markets which have closed lower for the 4th day on the trot. The weak global sentiment was accompanied on the domestic front by tepid GDP growth numbers. Predictably the major sector which has led on the way down is the IT sector which is directly affected by the weakening business sentiment in the US. The US Fed has made it absolutely clear that they will raise rates and keep them higher for longer; and removed any ambiguity that was helping keep the market afloat. Certain important economic indicators like Baltic Dry Freight index have lost around 60% over the past 3 months while copper has declined ~ 19% over the same period. Crude too which had seen firmness due to geopolitical ruction too has lost 23% over the past 3 months. These are important indicators which help us understand the evolving situation on the ground. We continue to advocate a SIP investment strategy and avoid timing entry/exit in the market.
Vineet Bagri, Managing Partner- TrustPlutus Wealth
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