Stock Market Highlights 16 Sept 2022: Nifty ends near 17,550, Sensex tanks over 1000 points; IT index drops by 3.7%
(By Ravi kant Kumar)
Stock Market Latest Updates: The Indian market fell around two per cent in the closing trade on Friday. The broader Nifty50 traded near 17,500, while the Sensex took a beating of over 1100 points to trade below 58,800 amid volatility. The Nifty50 declined by 346.55 points or (1.94%) to end at 17,530.85, while the 30-share Sensex dropped 1093.22 points or (1.82%) to settle at 58,840.79. Nifty Midcap declined around 2.8%, while the small cap dropped by 2.6% as India VIX (Volatility Index) witnessed a change of over 7% to end near 20-mark. Among sectors, Auto, IT, Media and Realty declined the most, as the indices corrected by 2.7% to 4.07%
(By Ravi kant Kumar)
Stock Market Latest Updates: The Indian market fell around two per cent in the closing trade on Friday. The broader Nifty50 traded near 17,500, while the Sensex took a beating of over 1100 points to trade below 58,800 amid volatility. The Nifty50 declined by 346.55 points or (1.94%) to end at 17,530.85, while the 30-share Sensex dropped 1093.22 points or (1.82%) to settle at 58,840.79. Nifty Midcap declined around 2.8%, while the small cap dropped by 2.6% as India VIX (Volatility Index) witnessed a change of over 7% to end near 20-mark. Among sectors, Auto, IT, Media and Realty declined the most, as the indices corrected by 2.7% to 4.07%
Latest Updates
Bank Nifty: Index will resume uptrend once it closes above 42000
The Bank Nifty index witnessed some profit booking at higher levels after being an outperforming index. The index will resume its uptrend once it closes above the level of 42000 where a significant amount of call writing has been witnessed. The downside support stands at 40,000-39,800 and any dip toward that would be an opportunity to buy." Kunal Shah, Senior Technical Analyst at LKP Securities.
Domestic market surrendered to the global trend
With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data. Post the release of US inflation data, which showcased a MoM increase in inflation, the global market has been pricing in the likelihood of a more aggressive policy response from the Fed.- Vinod Nair, Head of Research at Geojit Financial Services.
Rupee outlook: USDINR spot price expected to trade in this range in couple of sessions
USDINR (CMP Rs 79.78 spot): Indian rupee depreciated by 0.03% today on weak domestic markets and a strong US Dollar. Domestic markets were down ~1.6%. US Dollar is trading 0.3% higher at 110.01 expectations of a hawkish US Federal Reserve. We expect Rupee to trade with a negative bias on strong Dollar and risk aversion in global markets. Global markets declined after IMF spokesman Gerry Rice flagged concerns over further slowdown in global economy and said that some countries are expected to slip into recession in 2023. Concerns over aggressive rate hike expectations by Federal Reserve may also put downside pressure on Rupee. However, easing crude oil prices may support Rupee at lower levels. Markets may also take cues from FII fund flows data. Trades may also take cues from US consumer sentiment which is expected better than previous reading. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.50 in next couple of sessions.
Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
Nifty, Sensex top gainers and losers
Among stocks, two stocks advanced on Nifty50, while one ended in the green on the Sensex. IndusInd bank was the top gainer on the benchmarks, while Cipla was another stock that ended in the green on the Nifty.
Indian Markets finally chose to mirror global cues
Indian Markets today finally chose to mirror global cues after out-performing global peers in the recent past. Weaker domestic flows for last month despite SIPs maintaining their run rate led to profit taking as all sectoral indices ended in the red. As global investors brace for a further interest rate hike post the US inflation data released recently, the RBI too has its task cut out in India when they meet at the end of this month. Spectacular Monsoon in India coupled with several positive Tailwinds provides a plethora of investment opportunities in the broader markets.- S Ranganathan, Head of Research at LKP securities.
Crude Oil Outlook Sept 16
WTI Crude oil (October) CMP $85.30
WTI crude oil October fell 3.8% to end at $85.1 on Thursday and are down 2% for the week so far, amid the mounting fear of recession triggered by surge in UST yields as the market feels 100 basis rate hikes could also be possibility in the upcoming FOMC. US economy remain in contraction during the first two Qtrs and an 100 basis hike could put economy into recession. Crude oil has given up most of its gain for the year to trade weakest in seven months but still remain 13% up ytd. Fundamentals for crude oil remains mostly bearish so far but some uptick was seen in today economic data released from China showing Industrial output up by 4.2% and retail sales also grew by 5.4% in August despite the economy facing the covid-19 related lockdowns. On the supply side Russian oil exports loss, the European and US market but have the loss have been offset by large exports to Asia and hence Russian output is down just 0.31 mbpd in August to pre-war levels. US economic data remains mixed with strong labour market but declining general business conditions. OPEC’s August output rose by 0.61 mbpd to 29.651 mbpd as the group leader Saudi flag marched oil production by 11.051mbpd in August from 10.815mbpd in July. Preliminary July data sees total OECD commercial oil stocks up by 18.1 mb. At 2,699 mb. Overall, we remain bearish and expect oil prices have room for further decline to $82-$78 levels in coming sessions.-
Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas
Stock Market Update: Weak global cues weigh on Nifty, Sensex
Global weakness finally caught up the domestic market as benchmark indices slipped almost two per cent in Friday's intraday trade. Nifty50 slipped below 17,700, Sensex took a hit of over 1000 points and Bank Nifty declined below 40,700
Godrej Properties clocks Rs 1,210 crore sale bookings in two new Mumbai projects
Godrej Properties on Friday said it has achieved sales bookings worth Rs 1,210 crore in its two new housing projects in Mumbai. Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country. Full Report
Patanjali Group to bring 4 more IPOs, plans to create 5 lakh direct employment, says Baba Ramdev
In a press conference on Friday, Baba Ramdev said that Patanjali Group aims to achieve Rs 1 lakh crore turnover for Patanjali Group in five years, while the plans are afoot to create 5 lakh direct employment to for nation building. Meanwhile, Baba Ramdev also said that the group plans to launch four more initial public offering (IPO). Full report
Baba Ramdev-led Patanjali to announce IPO plans of five group companies shortly
Baba Ramdev-led Patanjali Group will hold a press conference on Friday to announce about its plans to launch five more initial public offering (IPO) of the group. The press meet will be held at 12 pm. “We are pleased to inform you that Swami Ramdev Ji Maharaj will address an important press conference on 16th September 2022 in New Delhi,” Patanjali said in a statement. Full Report
Bharat Dynamics share price hits 52-week high on ex-dividend
Shares of Bharat Dynamics jumped over nine per cent in BSE intraday trade on Friday. The stock of the company catering to defense and aerospace jumped 9.2% to hit fresh 52-week high of Rs 949 per share on the BSE on Friday on ex-dividend date.
Sanjiv Bhasin Stocks on Zee Business: BUY Auro Pharma, PNB shares - check price targets
Sanjiv Bhasin on Zee Business Today, September 16: Market expert and IIFL Securities Director Sanjiv Bhasin on Thursday predicted that the Nifty50 will touch 18,200 next week. In a special edition -- ‘Bhasin Ke Hasin Share' aired on Zee Business with Managing Editor Anil Singhvi, Bhasin said that uncertainty in the US market will remain till September 20-21 when the Federal Reserve will announce its policy rate decision. Full Report
Two-wheeler-maker Eicher Motors joins Rs 1 trillion M-Cap club
Two-wheeler-maker Eicher Motors Ltd on Thursday joined the Rs 1 trillion market capitalisation club during the intra-day trade. The shares of Eicher Motors - that rolls out the 350cc Bullet and other brands of higher capacity bikes - on Thursday opened at Rs 3,541.30, touched a high of Rs 3,670.90, and closed at Rs.3,622.50. Full Report
Stock Market top losers IT, Auto top laggards
IT and Auto stocks were leading the sharp fall in the market on Friday. Remaining under pressure for the past on month, Nifty IT declined by over two per cent on Friday. Nifty Auto too fell by more than 1.5% in early trade
Vedanta share price slumps over 6% | Here's why
Vedanta share price declined more than six per cent on Friday after the company issued clarification regarding the proposed business of manufacturing semiconductors. After the company cleared the air around semiconductors' business and said it is with the holding company (Volcan Investments Limited), the stock tumbled around 6.5% to Rs 287 per share in BSE intraday trade on Friday. Full Report