Stock Market Highlights 20 Sept 2022: Indices trim gains! Nifty sits above 17,800, Sensex around 59,700; how it happened
Stock Market Closing 20 Sept: Unfazed by the upcoming FOMC meeting outcome, the domestic market ended higher by around one per cent
(By Ravi Kant Kumar)
Stock Market Latest Upates:Unfazed by the upcoming FOMC meeting outcome, the domestic market ended higher by around one per cent. Though the benchmark indices trimmed gains, they managed to close strongly amid improved global cues. Extending gains for the second straight session, Nifty50 closed just above 17,800 and the Sensex around 59, 700. Among stocks, Cipla, Apollo Hospitals, Sun Pharma and IndusInd Bank were among top gainers, while Shree Cement, Grasim, Nestle India and ITC were among top laggards.
Latest Updates
Indian market is not seemingly apprehensive of Fed policy
"The weakness of western markets did not affect the buoyant domestic market. The Indian market is not seemingly apprehensive of Fed policy. Buying on dips is the strategy being reinforced here. Even the lagging IT & Pharma stocks joined the rally, slowly emerging as a value pick for long-term investors. However, to sustain the trend, the global market needs to stabilise. It makes sense to be stocks & sector specific in this unfavourable global economic scenario & highly premium valuation of India compared to the rest of the world." Vinod Nair, Head of Research at Geojit Financial Services.
Nifty looks poised to form the next leg down
The Nifty opened gap up on September 20 & extended the pullback that started on September 19. In terms of the Fibonacci retracement, it went for the deep retracement of the recent decline. It reached closer to 78.6% retracement, where it attracted fresh round of selling. Contracting hourly upper Bollinger Band also acted as a barrier near the key Fibonacci level. Structurally, the Nifty looks poised to form the next leg down. On the downside, the index is set to retest the support zone of 17400-17500 with potential to breach that & tumble towards 17200 subsequently. On the higher side, near term resistance zone is placed at 17920-17950-
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
Nifty Outlook: Trend likely to remain positive
"Nifty had started to gap up and remained range bound during the day. On the higher end, 17900 has acted as resistance leading to a close near the day's low. The trend is likely to remain positive as long as it sustains above 17700. On the higher end, a move above 17900 may induce a rally towards 18100 and higher."- Rupak De, Senior Technical Analyst at LKP Securities
Nifty Midcap Shine
Outperforming benchmarks, Nifty Midcap ended higher by 1.4%, while Smallcap index ended in line with the Nifty50 and Sensex, settling with around one per cent gain
Bank Nifty remains in buy mode
The Bank Nifty index continued its volatile move ahead of the US FED policy, but remains in a buy mode as long as it holds the support of 40,500 on the downside. The index immediate upside hurdle is placed at 42,000 and once taken out on a closing basis it opens up the room for 43,000-43,600 on the upside. The index is likely to consolidate between 40,500-42,000 for one more day before starting a trending move on either side."- Kunal Shah, Senior Technical Analyst at LKP Securities.
Annapurna Swadisht IPO sobscribed 190.49x
Annapurna Swadisht, a Kolkata-based FMCG company, announced that its initial public offering had been oversubscribed 190.49 times. The issue opened on September 15, 2022, and closed on September 19, 2022. At the upper price band, the company has received bids of Rs 3,835.02 crore.
IndusInd Bank, Bharti Airtel, 4 other Nifty50 heavyweights hit fresh 52-week high
As many as six heavyweights from the Nifty50 pack touched their respective 52-week high on Tuesday on the back of positive sentiment in the Indian markets. The BSE Sensex is hovering around 60000-mount and Nifty50 jumped above 17900 levels intraday today. Full Report
Nifty Infrastructure sector sees smart gains
Bulls charged on D-Street today with the help of Autos & Financials with strong support coming from the laggard - Pharma Sector today. The surprise element to many of course was the Nifty Infrastructure sector which saw smart gains led by Cement yet again. Consumer Durable stocks too displayed good momentum ahead of the festive season on the back of a bountiful monsoon."- S Ranganathan, Head of Research at LKP securities.
Nifty Bank above 41,600
Nifty Bank jumps 1.75% to trade above 41,600. Nifty Pharma, Healthcare and Consumer Durables other lead gainers
Welspun Corp share price hits 52-week high value
Shares of Welspun Corp Limited jumped over five per cent in BSE intraday trade to hit a 52-week high on Tuesday. The counter jumped 5.49% to hit a fresh 52-week high value of Rs 281.40 per share on the BSE
HDFC, Bajaj Finance volume toppers on BSE
HDFC, Bajaj Finance and IndusInd Bank were volume toppers on the BSE. HDFC Ltd with total tradable quantity of 1,49,529 shares worth Rs 36.84 crore was leading the chart in Tuesday's intraday trade.
Multibagger stock: Dolly Khanna portfolio share jumps 75% in 6 months
This Dolly Khanna multibagger stock jumped nearly five per cent as the stock turned ex-dividend on Tuesday. Stock of the company catering to garments and apparels jumped 4.7% to Rs 872.10 per share in BSE intraday trade on Tuesday. Full Report
Stock Market Live Upadtes on 20 Sept
The Indian market continued to rally in the afternoon with Nifty50 reclaiming 17,900, while the Sensex traded past 60,000-mark. Meanwhile, Bank Nifty was trading near 41,650
Rupee vs Dollar: Indian currency rises 16 paise to 79.65 in line with positive trend in stock market
The rupee appreciated 16 paise to 79.65 against the US dollar in early trade on Tuesday in line with a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar, then touched 79.65, registering a gain of 16 paise over its previous close. Full Report
Crude oil processing 9% lower in August due to weaker demand
The global demand for transportation fuels and other refined products surged after reopening of economies post-pandemic. This surge in demand helped refineries to make extraordinary margins. Higher margins, in turn, prompted the government to impose windfall tax on exports of fuels. Full Report
Nifty Bank above 41,500
The 12-share Nifty Bank jumped one and half per cent to trade above 41,500. IndusInd Bank, AU Small Finance Bank and ICICI Bank were top gainers on the banking index.
Rupee Outlook on 20 Sept
Continued stickiness to 79.70 region as well as sideways moves in the last few days has increased the odds of a gigantic move soon. The next breakout beyond 79.5-79.8 could call for either 80.1-80.3 or 78.8.
Anand James - Chief Market Strategist at Geojit Financial Services.Grasim Share price
Grasim was the only stock to trade in red on the benchmark indices. Shares of Grasim declined half per cent to trade at Rs 1,741 per share on the National Stock Exchange (NSE)
Sanjiv Bhasin stocks on Zee Business: NIFTY at 19000 by Diwali; BUY 3 shares - check share price targets
Sanjiv Bhasin stocks on Zee Business: Market expert and IIFL Securities Director Sanjiv Bhasin on Tuesday predicted that markets will soon make new highs. In a special segment ‘Bhasin Ke Hasin Share' aired on Zee Business with Managing Editor Anil Singhvi, he predicted that Nifty50 would touch 19,000 by Diwali. Financials are in good health, he said. Full Report
Triveni Engineering, Ambuja Cements and Escorts Kubota shares: What should investors do with these stocks?
Triveni Engineering and Industries: After a higher level of reversal (i.e., from Rs 375 to Rs 211), the stock respected its 20-month EMA (then placed at Rs202). The stock bounced after forming a base around its key moving average and resumed its up-move subsequently. On 19th Sep’22, the stock witnessed a strong up-move, which took it to a three-month high of Rs 294. Increase in volume signals that major market participants were in favor of the bulls. Full Report
Go Digit IPO put in abeyance by Sebi; Virat Kohli, Anushka Sharma among investors
Capital markets regulator Sebi has kept in "abeyance" the proposed initial share sale of Canada-based Fairfax Group-backed Go Digit General Insurance Ltd. However, the Securities and Exchange Board of India (Sebi) did not clarify further.Go Digit had filed preliminary IPO papers with the capital markets regulator on August 17. Full Report
Gold Price Today 20 Sept: Check Yellow metal trading range
Gold is trading at very low volatility due to rate hike concern and gains in dollar index. The prices are not sustaining at higher levels and witnessing selling pressure. Traders may watch the levels of 49500 in MCX for a trend reversal, till then gold is most expected to trade between 49000 - 49500 levels before Fed meet.
Buy Zone Above - 49500 for the target of 49800
Sell Zone Below - 49200 for the target of 49000Ravi Singh-Vice President and Head of Research-ShareIndia
Nifty, Sensex top gainers on 20 Sept
IndusInd Bank, Tata Motors, Hindalco and Bajaj Finserv were among top gainers, while Grasim was the only loser on Nifty50 and all stocks traded in the green on the 30-share Sensex. In the broader market, Nifty Midcap and Small cap traded higher by one per cent each in the opening trade.
Bank Nifty jumps 1%
The 12-share Nifty Bank gained around one per cent to open past 41,300
Stock Market Opening on 20 Sept
Amid positive cues from global markets ahead of the US Fed Meeting, the domestic equity benchmarks Nifty50 and Sensex jumped more than half per cent in the opening trade to open at 17,770.40 and 59,556.91 respectively.
Porsche IPO: Volkswagen sets price range for sale of stake; check listing date
Volkswagen has set the price range for the multibillion-euro sale of a minority stake in luxury brand Porsche as its prepares an initial public offering to fund VW's investments in new technologies and businesses including electric cars, software and services. Full Report
Stock Market Pre-open Session on 20 Sept
In line with early trends on SGX Nifty, Asian and US markets, the domestic equity benchmarks Nifty50 and Sensex gained in the pre-opening session. The broader Nifty50 traded near 17,700, while the Sensex rose higher by around 250 points to trade around 59,400
Govt starts process to privatise 2 subsidiaries of Air India
The government has initiated the process of privatising 2 subsidiaries -- AIASL and AIESL -- of erstwhile national carrier Air India, an official said. The Department of Investment and Public Asset Management (DIPAM) has initiated investor meetings and roadshows to gauge interest in AIASL and AIESL. We will soon invite EoIs from interested bidders, the official said. Full Report
Fed Meeting Impact: Major breaks from the present levels are unlikely for 2 days
Since globally markets are focused on Fedspeak on the 21st, major breaks from the present levels are unlikely for 2 days. A big correction after the Fed decision is possible only if the rate hike is by 100bp. The Indian market continues to show resilience despite global challenges. Major indices like Nifty Bank, autos, FMCG and cement are at record levels with only Nifty IT dragging the benchmark indexes. The real winners in this volatile market are investors who remained invested without much trading. This strategy may be continued in the near-term.
There is value emerging in IT for long-term investors.V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Anil Singhvi Strategy on Sept 20: Support zone on Nifty is 17525-17625, Bank Nifty is 40775-40875
Amid positive global markets, neutral foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), neutral future & options (F&O) and positive sentiment, the short-term trend of the Indian market will be positive on Tuesday, September 20, said Zee Business Managing Editor Anil Singhvi. Full Report
Axis Bank, RVNL, Bajaj Finance and Ircon International among list of 20 stocks for profitable trade on 20 Sept
Zee Business brings you a list of 20 stocks from cash, techno, and F&O space. These stocks have been picked keeping in view investors' short-to-long term requirements. The list also comprises intraday calls for good returns on a given day. Below is the list of stocks. Full Report
Asian markets trade higher in opening trade
Almost all Asian indices traded higher on Tuesday morning. Japanese Nikkei 225 traded higher by 0.25%, Hang Seng Index at the Hong Kong Exchange rose jumped 0.94% and Chinese Shanghai Composite surged 0.4% in the opening trade on Tuesday.
SGX Nifty above 17,750
Hinting at a positive start for the Indian market, SGX Nifty jumped by more than 130 points to trade above 17,750 on the Singaporean exchange in early trade on Tuesday
US market in green ahead of Fed Meeting
On Monday, the US markets ended the two-day losing streak to end in green ahead of US Fed meeting on Tuesday. Dow Jones and Nasdaq ended higher by 0.64% and 0.76%
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