Stock Market Highlights 14 Sept 2022: Nifty ends at 18,000, Sensex above 60,300; Bank stocks gain, IT shares drag
Stock Market Live Today: Despite a strong show by bulls in the afternoon session, the Indian market ended lower by around half per cent on Wednesday
(By Ravi Kant Kumar)
Stock Market Latest Updates: Despite a strong show by bulls in the afternoon session, the Indian market ended lower by around half per cent on Wednesday. The Nifty50 closed at 17,800, while the Sensex ended around 60,300. Led by IndusInd Bank and SBI, banking and financial stocks outperformed.
Nifty Midcap declined 0.33%, while smallcap marginally dropped by 0.07% in the broader market. On the sectoral front, IT index declined 3.3%, while PSU Bank and Private Bank gained 1.7% and 1.5% respectively
Amid August inflation data, the US market had plummeted 4-5% on Tuesday, while the SGX Nifty tanked around 300 points in early trade on the Singaporean exchange on Wednesday.
Latest Updates
Stock Market Outlook: Brighter prospects for home economy help recover Nifty, Sensex
Although the opening hours of the domestic market mirrored the sharp sell-off in the global market, it steadily recovered as investors gained the confidence to bottom fish, thanks to the brighter prospects for the home economy. The expectation that the Fed would become less hawkish, which had spurred the most recent global rally, was dashed by worse than anticipated US inflation figures. Additionally, India’s easing WPI inflation numbers added more optimism with banking stocks leading the recovery, while the IT sector’s performance was bleak due to recession fears in western markets."
Vinod Nair, Head of Research at Geojit Financial Services.
Nifty trend likely to remain positive as long as it remains above 17700
Nifty remained above its previous consolidation as the global sell-off failed to pull the Indian equities down. On the lower end, the falling trend line has acted as crucial support for the Nifty. Besides, the index has been sustaining above the 50 exponential moving average on the daily timeframe, confirming an uptrend. Going forward, the trend will likely remain positive as long as it remains above 17700. On the higher end, the index may move towards 18600 once it provides a decisive breakout above 18100.
Bank Nifty remains above previous swing high
Bank Nifty continued to remain strong as it settled 1.3% on the day of global sell off. On the daily chart, the index remained above the previous swing high. The momentum indicator RSI is in bullish crossover. Going forward, the trend is likely to remain positive as long as it remains above 41000. On the higher end, the index may move towards 42000.
Nifty from Rupak De, Senior Technical Analyst at LKP Securities.
Crude oil outlook on 14 Sept
WTI Crude oil (October) CMP $87.60
WTI crude futures for October trades unchanged at $87.3 at during the morning trading hours of European markets on Wednesday. following 0.56% fall on previous day. IEA released its monthly oil report showing demand slowdown in Q4 of 2022. IEA cuts demand by 0.11mbpd to 2mbpd for current year. IEA also showed Russian crude oil production fell by 50kbpd m/m to 9.77mbpd in August and was 1.2mbpd below its OPEC+ quota. On Tuesday OPEC released its August month oil report showing crude production rose by 0.62 mbpd during August to 29.651mbpd, and group leader Saudi’s crude oil production rose to 11.051mbpd in August from 10.815mbpd in July. Preliminary July data sees total OECD commercial oil stocks up m/m by 18.1 mb. At 2,699 mb. On macro front US consumer inflation stays hotter in August at 8.3% and core inflation stood at 6.3% despite the decline in energy index, which raised the fear of aggressive rate hikes in coming months. US indices suffered worst single day fall since June 2020 after the CPI data. Crude oil prices holding firm around $87 but we see some correction due to softer economic cues from China, Eurozone, and US, despite the market condition remaining tight from the supply front. Crude oil prices expected to edge lower on build-up of weekly inventories data today as API forecast 8 million barrels of inflows in US commercial reserves last week. We remain bearish on crude oil movement WTI hold support at $85 and $82 while resistance remain at $90.-
Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas
Nifty, Sensex top gainers and loses
IndusInd Bank, NTPC, SBI and Powergrid were top gainers on the benchmarks, while Infosys, TCS and Tech Mahindra led the drag on highly volatile market.
Rupee outlook:Rupee expected to trade with a negative bias
USDINR (CMP Rs 79.45 spot): Indian rupee depreciated by 0.38% today on surge strong US Dollar and deteriorating global risk sentiments. US Dollar surged as US CPI rose unexpectedly to 8.3% y-o-y in August compared to expectations of 8.1% while core CPI increased to 6.3% y-o-y in August compared to expectations of 6.1%. This raised expectations of yet another aggressive rate hike by FOMC in its September meeting. Apart from increased odds of a 75 bps rate hike, there are talks of even a 100 bps rate hike. We expect Rupee to trade with a negative bias amid risk aversion in global market worries that the US Federal Reserve may be more hawkish than previously expected. Investors may also take cues from PPI data from US today. However, India’s WPI inflation eased to a 11-month low of 12.41% in August which may support Rupee at lower levels. USDINR spot price is expected to trade in a range of Rs 78.80 to Rs 80 in next couple of sessions.
Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas
DHL Supply Chain expansion plan in India: Plans to invest Rs 4,000 crore over next 5 years
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SBI market cap touches Rs 5-trillion-mark - check brokerage's target
SBI hits Rs 5-trillion market cap: India’s largest lender State Bank of India (SBI) on Wednesday touched the Rs 5-trillion-mark in market capitalisation for the first time, as the shares of the bank hit a record high of Rs 574.65 and 574.7 per share, up around 3 per cent on the BSE and NSE, respectively. Full Report
Stock Market Gainers: IndusInd Bank, Kotak Bank and SBI
Banking stocks continue to outperform as IndusInd Bank, Kotak Bank and State Bank of India shares leading the gainers' chart on both Nifty and Sensex. The stocks gained between 2.5-5% in intraday trade on Wednesday.
Stock Market top gainers and losers: Tata Investment Corporation hits 52-week high
IT, Realty, Consumer Durables and Energy were trading in the red as banks and financial stocks lead recovery. Meanwhile, shares of Tata Investment Corporation jumped nearly 20% to hit 52-week high of Rs 2,618.20 per share on the BSE. The counter was trading with gains of 346.25 (+15.83%) to Rs 2533 per share in intraday trade
WPI inflation slows to 12.41% in August: Govt data
Wholesale price inflation eased to 12.41 per cent in August, against 13.93 per cent in July, government data showed on Wednesday.
Harsha Engineers IPO subscription latest update: FULLY SUBSCRIBED
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ITC share price climbs to 5-year high - Check price target by Zee Business panellist
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Stock Market Today: Nifty, Sensex trim losses
The Indian market erased most of the losses it incurred in early trade. Nifty back abover 18,000, Sensex near 60,350 and Bank Nifty above 41,200
Harsha Engineers IPO subscription status Day 1
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Rupee Vs Dollar: INR falls sharply against $ as US inflation data spook investors
The rupee depreciated by 43 paise to 79.60 against the US dollar in opening trade on Wednesday, as higher-than-expected US CPI print resulted in massive risk-off sentiments. At the interbank foreign exchange market, the rupee opened at 79.58 against the greenback, then fell to 79.60, registering a decline of 43 paise over its last close. In initial deals, the local unit also touched 79.54 against the dollar. Full Report
Stock Market Top Losers: IT stocks- Infosys, TCS, Tech Mahindra lead drag
IT stocks were pulling down the market on Wednesday amid inflation fears and the US stock market crash. Infosys, Tata Consultancy Servies and Tech Mahindra were among top laggards
Inflation, supply chain disruption major risks for emerging Asia: Moody's
Inflation and supply chain disruptions are the biggest risks over the next 12-18 months in emerging Asia, according to an audience poll at the Emerging Market Summit Asia 2022 organised by Moody's Investors Service on September 6. These two risks were followed by the potential impact of rising interest rates and slower economic growth, Moody's said in a statement. Full Report
Twitter shareholders vote in favor of Elon Musk's $44 billion offer: Check latest details here
The shareholders of the most popular micro-blogging platform Twitter approved a $44 billion buyout by Tesla CEO Elon Musk on Tuesday, handing over the deal's outcome to a court battle in which the billionaire is trying to scrap the purchase, the Reuters reported. Full Report
Rupee trading strategy, outlook: Upward bias could persist
USD-INR outlook:Downsides extended only as far as 78.99, before pulling back. Favoured view expects such upswing to be challenged in the 79.60-79.70 region. However, upward bias could persist,should 79.4 hold.
Anand James - Chief Market Strategist at Geojit Financial Services.Nifty outlook:
The turn lower cautioned yesterday after peeping into the 18040-160 band is poised to unfold today. The catchment area is 17860. Successful pull back above this region later in the day,could set the 18600 trajectory back in motion. Inability to do so,could signal extended downsides toward 17520 in the next few days, but a collapse is still not among the favoured moves.
Anand James - Chief Market Strategist at Geojit Financial Services.
Gold Price Today: Check buy zone, sell zone for yellow metal on 14 Sept
The US consumer price index increased 0.1% in August which exceeded expectations and opening opened the door for the Federal Reserve to raise interest rates significantly when its policymakers convene next week. This negative surprise in inflation data has initiated the next leg of the downtrend in the gold prices.
Buy Zone Above - 50300 for the target of 50500
Sell Zone Below - 50000 for the target of 49750Ravi Singh-Vice President and Head of Research-ShareIndia
Nifty below 17,800, Sensex tanks over 1000 points
Benchmark Nifty50 opened below 17800 at 17,771.15, while the Sensex dropped over 1000 points to start at 59,417.12
Stock market opening
Tracking the US market, which fell 4-5% on Tuesday, the Indian market opened lower by more than one per cent in early trade on Wednesday.
Bajaj Finserv lone gainer on benchmarks in pre-open
Except Bajaj Finserv, all stocks declined on the Nifty50 and Sensex in the preopen session on Wednesday.
US market impact! Nifty, Sensex tank in pre-opening
Tracking the weakness in the US market, the Indian market slumped in the pre-opening. The Sensex dropped around 1500 points, while Nifty50 slipped near 17,7000
Decoding US market biggest fall since June 2020
The 4.32% and 5.12% cut in S&P 500 and Nasdaq yesterday again reminds us that there is more uncertainty about inflation and growth and more volatility ahead for markets. The worse-than-expected CPI inflation data in the US, despite cooling gas prices, was a surprise. Now the market fears that inflation is getting entrenched and an ultra-hawkish Fed might trigger a hard landing for the US economy. This thinking too, might change when new data emerges.The 'buy on dips' strategy has been working very well in India for more than a month now. Investors should watch out whether this strategy continues to work. Aggressive buy on dips is better avoided. Wait for clarity to emerge. Domestic-economy facing stocks like high quality financials, capital goods, autos, segments of FMCG and telecom are relatively safe now. Global economy-facing stocks like IT and metals are likely to be under pressure."
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Honda to start battery sharing service for e-rickshaws in India this year
Japanese automobile manufacturer Honda on Tuesday said it plans to start its battery sharing service for electric rickshaws in India by the end of this year besides charting out strategy to bring its electric two-wheelers in future. Full Report
Stocks to buy today: 20 stocks for profitable trade on 14 Sept by Zee Business
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US market sees biggest fall since June 2020 after inflation data; S&P 500 tanks over 4%, Nasdaq drops more than 5%
In the biggest fall since June 2020, the US market plummeted on Tuesday on higher-than-expected inflation figures. Reacting to the inflation data, Wall Street benchmark indices tanked around 4-5%. Full Report
Harsha Engineers IPO opens today: Discount, issue size, bid lot and more—Key things to know
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US biggest fall since June 2020 pushes Asian market in red
The impact of the US biggest fall since June 2020 was also visible in the Asian markets as all major indices traded in the red on Wednesday. Japanese Nikkei 225 tanked 2.1%, Hang Seng Index at the Hong Kong exchange plunged 2.2% and Chinese Shanghai Composite dropped 0.7% in early trade on Wednesday.
SGX Nifty tanks 300 points
Reacting to the massive fall in the US market, SGX Nifty declined around 300 points to trade near 17,800 in the early trade on the Singaporean exchange on Wednesday.
US market tanks post August inflation data release
US August inflation data forced the Wall Street indices to tank up to 5%. Dow Jones, Nasdaq and S&P 500 plunged between 4-5% on Tuesday
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