The index formed a small bodied Bearish candle on the daily scale with a long upper shadow, indicating pressure at higher zones.
The momentum oscillator RSI was in a bearish crossover. “The trend is likely to remain weak as long as it remains below 17,000. On the lower end, 16,800-16,830 will likely remain key support points. On the higher end, resistance is visible at 17000,” said Rupak De, Senior Technical Analyst at LKP Securities.
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Nasdaq divides business into three units to streamline operations
Nasdaq Inc said on Wednesday it was reorganizing its business into three divisions to focus on major growth areas as competition among trading exchanges was intensifying.It said Market Platforms, Capital Access Platforms and Anti-Financial Crime will be the new units that will focus on digital assets, carbon markets, providing investment intelligence apart from U.S. equities.The New York-based stock exchange, which competes with CBOE Global Markets, NYSE and its parent Intercontinental Exchange Inc and BATS Global Markets, said the fourth quarter and full year 2022 results will reflect the changes.
Suzlon Energy rights issue of Rs 1,200 crore to open on October 11
Suzlon Energy on Wednesday announced opening of its Rs 1,200 crore rights issue on October 11, 2022. “Suzlon Energy Ltd announces the opening of its Rs 1,200 crore rights issue on October 11, 2022,” a company statement said.According to the statement, the company will issue up to 2,40 crore partly paid-up equity shares for cash at a price of Rs 5 per share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore. The issue will be in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares held by the eligible shareholders on the record date of October 4, 2022.
Tech View: Nifty bulls fail to guard 200-DMA. What investors should do on Wednesday
After sinking in the red for the sixth day in a row, headline equity index Nifty not failed to protect Mt 17K but also ended below its 200-DMA to end 149 points lower to end near the 16,850 mark on Wednesday. The index formed a small bodied Bearish candle on the daily scale with a long upper shadow, indicating pressure at higher zones. The momentum oscillator RSI was in a bearish crossover. “The trend is likely to remain weak as long as it remains below 17,000. On the lower end, 16,800-16,830 will likely remain key support points. On the higher end, resistance is visible at 17000,” said Rupak De, Senior Technical Analyst at LKP Securities.
Domestic equity continued its downfall in sync with its global peers. Markets across the globe are seeing extreme volatility as fear of economic downturn weighed on investor’s sentiments. Back home aggressive FIIs selling in recent sessions, upcoming RBI MPC meeting and monthly derivatives expiry on Thursday is keeping investors on edge. Nifty gave up its key support levels and drifted below 17k zones. In the near term market is expected to remain under pressure due to global uncertainty. However mixed trends across sectors would continue to offer stock specific opportunities especially in auto, consumption with ongoing festive season.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
India forex reserves set to shrink further, stir memories of 2008 crisis – Reuters Poll
India’s depleted foreign exchange reserves are likely to drop further, falling to their lowest level in over two years by end-2022, as the Reserve Bank of India continues to defend the rupee from the mighty dollar’s rise, a Reuters poll found.In a battle that has so far failed to staunch the rupee’s fall to a record low against the greenback, the RBI has drawn down its foreign exchange reserves by nearly $100 billion to $545 billion from a peak of $642 billion a year ago, and more is coming.
The Bank Nifty index witnessed continuous selling pressure and closed below the support of 38,000 which indicates further bearishness in the near term. The index remains in a sell-on-rise mode with multiple hurdles at 38,500-39,000 where fresh call writing has been observed. The next crucial support on the downside is placed at 36,000 which coincides with its 200 DMA.
– Kunal Shah, Senior Technical Analyst at LKP Securities
Investors continue to be sceptical 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. 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
IT, pharma only sectoral gainers as indices bleed for 6th session
BHEL has secured the order for setting up the 2×660 MW Talcher Thermal Power Project Stage-III in Odisha through international competitive bidding.
Price as on 28 Sep, 2022 03:49 PM, Click on company names for their live prices.
Closing Bell: Sensex sinks for 6th straight session, ends 509 pts lower; Nifty below 16,900; PNB, Adani Green tank 5% each
Sensex falls over 400 points
GLOBAL MARKET CHECK
- The Stoxx Europe 600 fell 1.6% as of 10:10 a.m. London time
- Futures on the S&P 500 fell 1%
- Futures on the Nasdaq 100 fell 1.3%
- Futures on the Dow Jones Industrial Average fell 0.8%
- The MSCI Asia Pacific Index rose 0.2%
- The MSCI Emerging Markets Index rose 0.4%
JUST IN | MSCI emerging markets index falls 2% to lowest since April 2020
Check out the top losers on NSE in afternoon session
Price as on 28 Sep, 2022 02:04 PM, Click on company names for their live prices.
GST revenue in September likely at Rs 1.45 lakh cr
Goods and Services Tax (GST) revenue mop-up in September is expected to be around Rs 1.45 lakh crore, an official said. The collection has been over Rs 1.4 lakh crore since March and in August it was Rs 1.43 lakh crore. “The collection in September is likely to be little more than Rs 1.45 lakh crore. Improved business activity is expected to yield better collections in coming months,” the official said.
Equirus on CanFin Homes: No link of fraud with MD & CEO resignation; Expect real estate boom to continue for next 5-6 years
#StocksInNews | Equirus on #CanFinHomes: No link of fraud with MD & CEO resignation; Expect real estate boom to con… https://t.co/XafShS7K7Q
— ET NOW (@ETNOWlive) 1664350864000
Top 5 gainers on NSE in afternoon trade
Price as on 28 Sep, 2022 01:13 PM, Click on company names for their live prices.
Nippon Steel says India JV with ArcelorMittal to spend $5 bln to boost capacity
An Indian joint venture of ArcelorMittal and Nippon Steel will invest 410 billion rupees ($5 billion) to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday. Their joint venture, AM/NS India, will build two blast furnaces, along with other facilities, in its Hazira plant in western India, with plans to start operations by early 2026.
Sensex erases over 500 points loss, trades higher
Sun Pharma top gainer from the pharma pack
Price as on 28 Sep, 2022 11:41 AM, Click on company names for their live prices.
NSE CO-LOCATION CASE | Delhi HC grants statutory bail to Chitra Ramkrishna
These 5 stocks fell the most from the private banking space
Price as on 28 Sep, 2022 11:15 AM, Click on company names for their live prices.
ITI to consider and approve allotment EQ shares to the President of India
Price as on 28 Sep, 2022 11:05 AM, Click on company names for their live prices.
Electronics Mart India (EMIL) will sell its shares in the price band of Rs 56-59 during its initial public offering (IPO), which will kick off for subscription on Tuesday, October 4. The company is looking to raise Rs 500 crore through its initial stake sale, which entirely consists of the issuance of fresh equity shares with a face value of Rs 10 each.
Larsen & Toubro says L&T Construction gets order for its buildings & factories business. Order worth between Rs 1000-2500 crore
Price as on 28 Sep, 2022 10:59 AM, Click on company names for their live prices.
Dr. Reddy’s Laboratories (Dr. Reddy’s), a leading multinational pharmaceutical company based in India, has selected IQVIA Orchestrated Customer Engagement (OCE) platform as its core CRM solution for its entire field force in India.
Price as on 28 Sep, 2022 10:56 AM, Click on company names for their live prices.
Shares of Motherson Sumi Wiring India (MSWIL) rose on Wednesday, despite weakness in the broader markets, as the company said its board will consider the proposal for bonus issue on Friday.
Price as on 28 Sep, 2022 10:54 AM, Click on company names for their live prices.
RBI likely sells dollars as surging U.S. yields hold rupee hostage: Traders
Business Wire India Birla Estates Pvt. Limited, a 100% wholly owned subsidiary and the real estate arm of Century Textiles and Industries Limited (CTIL), announced its acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 Mn sq. ft. with a revenue potential of Rs 900 crore. (Source: PTI)
Price as on 28 Sep, 2022 10:50 AM, Click on company names for their live prices.
Smallcap World Fund raises stake in Mastek
Price as on 28 Sep, 2022 10:47 AM, Click on company names for their live prices.
Top gainers from the IT pack
Price as on 28 Sep, 2022 10:46 AM, Click on company names for their live prices.
Prabhudas Lilladher on Torrent Pharmaceuticals
In the near term, Curatio acquisition will increase Torrent Pharma net debt and we see this acquisition as EPS dilutive. Post factoring in Curatio acquisition, our EPS for FY23 and FY24 stands reduced by ~5%. However, the deal is a strategic fit for TRP, given that it gives presence in high-growing cosmetic derma segment and can enhance profitability of Curatio portfolio with cost synergies, geographical expansion and price hike as well as accelerate the topline growth. Historically TRP have managed to integrate successfully Unichem and Elder acquisition which gives us comfort. We expect 18% EBITDA and 19% EPS CAGR over FY22-25E. Maintain ‘BUY’ rating with revised TP of Rs 1,850/share (Rs1,750 earlier), 17x EV/EBITDA as we roll forward to Sept 2024E.
Rupee technically has depreciated 3.80% from 79 levels which was recently tested. I think Rupee will take support of 82 and remain in the range of 82-80 levels. This consolidation will benefit the importers if it tests 80 levels over short term.
– Megh Mody – Commodities and Currencies Research Analyst, Prabhudas Lilladher
Housing Development Finance Corp (HDFC) said HDFC Investments will sell 12% stake in Softcell Technologies
Price as on 28 Sep, 2022 10:23 AM, Click on company names for their live prices.
There were several upside attempts after achieving the17160 target, but all of them were rejected summarily,confirming further downsides aiming 16860 that we had lined up yesterday. Achievement of 16860 could givebulls a realistic chance to regroup. Failure to do so would open up falls towards 16650-16300.
– Anand James – Chief Market Strategist at Geojit Financial Services
Crypto Price Today: Bitcoin slips below $19K; XRP, Ethereum, Solana tank up to 11%
Godrej Properties, the real estate development arm of the Godrej Group, has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has total development potential of around 6 lakh sq ft and estimated booking value potential of Rs 750 crore.
Price as on 28 Sep, 2022 10:01 AM, Click on company names for their live prices.
Infrastructure major Larsen & Toubro’s subsidiary L&T Metro Rail (Hyderabad) has entered into a pact with Brookfield Group to transfer around 15 acres of land parcel in the Hyderabad Information Technology and Engineering Consultancy City (HITEC City) to the global institutional investor, said two people with direct knowledge of the development.
Price as on 28 Sep, 2022 10:00 AM, Click on company names for their live prices.
Shares of Pondy Oxides traded ex-bonus on Wednesday. The chemical company in August had announced a 1:1 bonus share issuance. Since the announcement of the bonus issue, the scrip has rallied over 50%.
Price as on 28 Sep, 2022 09:53 AM, Click on company names for their live prices.
Ahmedabad-based Torrent Pharmaceuticals Limited has entered into a definitive agreement to acquire 100% of skincare manufacturer Curatio Healthcare for Rs. 2,000 crores.
Price as on 28 Sep, 2022 09:40 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
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.
Voda Idea, Tata Steel, YES Bank among most active stocks on NSE
Price as on 28 Sep, 2022 09:26 AM, Click on company names for their live prices.
OPENING BELL: Sensex declines over 450 points, Nifty below 16,900; Torrent Pharma falls 5%, HDFC Bank 2%
INDIAN RUPEE OPENS AT RECORD LOW, DOWN 0.39% AT 81.8800 PER U.S. DOLLAR; PREVIOUS CLOSE 81.5800
Pre-open session: Sensex slumps over 400 points; Nifty below 16,890
Asia markets spooked by recession risks, dollar climbs
Asian share markets slid on Wednesday as surging borrowing costs fed fears of a global recession, spooking investors into the arms of the safe-haven dollar and driving the Chinese yuan to record lows.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 116 points, or 0.68 per cent, lower at 16,939, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Is range-bound Nifty scary?
Nifty bulls managed to protect the 200-DMA at 16,992.5 on a closing basis as the headline equity index ended just 9 points lower above the psychologically-important level of 17,000. On the daily charts, a negative candle, placed beside the similar negative candle of the previous session, was formed on Tuesday.
Tokyo stocks open lower after mixed US close
Tokyo stocks opened lower on Wednesday after Wall Street ended mixed, with the S&P 500 notching a new low for the year. The benchmark Nikkei 225 index was down 0.98 percent, or 261.70 points, at 26,310.17 in morning trade, while the broader Topix index was down 0.78 percent, or 14.65 points, at 1,858.36.
S&P 500 falls to two-year low, bear market rally snuffed out
The S&P 500 fell to its lowest level in almost two years on Tuesday on worries about super aggressive Federal Reserve policy tightening, trading under its June trough and leaving investors appraising how much further stocks would have to fall before stabilizing.
Oil prices mixed as Hurricane Ian output cuts support, dollar weighs
Oil prices were mixed in early Asian trade on Wednesday as support from U.S. production cuts caused by Hurricane Ian contended with crude storage builds and a strong dollar. Brent crude futures fell 4 cents, or 0.1%, to $86.23 per barrel by 0022 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 22 cents at $78.03 per barrel.
Rupee rises 14 paise to close at 81.53 against US dollar
The rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the US dollar on Tuesday as the American currency retreated from its elevated levels.
Sensex, Nifty on Tuesday
The 30-share Sensex fell 37.70 points to end at 57,107.52. Its broader peer, Nifty50, ended at 17,007.40, down 8.90 points. This was the 5th straight day of losses triggered after the Fed meet the outcome on September 21.