Palak Kothari, Senior Technical Analyst, Choice Broking
The support for Nifty has shifted to 17,600 levels, while on the upside 18,000 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 39,500 levels while resistance at 40,900 levels. Till the time Nifty holds 17500 level, it’s looking strong on charts.
Rupee at Close | Rupee ends at 79.58/$ versus Thursday’s close of 79.71/$
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Both Sensex & Nifty Index gained 1.7 percent over the past week. Indian markets were buoyed by falling crude prices and a decline in domestic bond yields. Autos were the top losers in the week, while banks, capital goods and healthcare were the top gainers among major sectors.
Within Nifty, Bajaj Auto (-4.8 percent), Tata Motors (-3.7 percent) and Nestle (-1.9 percent) lost the most, while Shree Cement (+18.5 percent), Adani Ports (+7.1 percent) and Tech Mahindra (+5.3 percent) gained the most. Given the lack of major domestic events, Indian markets’ sentiment will be influenced by its global counterparts to determine its movement. Across the globe, investors will be keeping a close watch on China’s Inflation numbers. The volatility in oil prices and USDINR will be other important factors that may affect the market. Investors need to watch out for stock-specific news.
Market at closeAfter topping the 60,000 mark, Sensex gave up morning gains to end the day only 100 points higher at 59,788.38. Nifty also retreated from 17,900 mark and ended the day 0.18 percent higher at 17,830.50. About 1631 shares have advanced, 1725 shares declined, and 116 shares are unchanged.Among sectors, Nifty IT staged a remarkable recovery in the afternoon session with Tech Mahindra, Infosys and HCL Tech as top gainers. Meanwhile, selling was seen in realty and power stocks.
Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas
USDINR (CMP Rs 79.57 spot): Indian rupee appreciated by 0.14 percent on September 9 on the back of positive domestic equities and a weak US Dollar. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.30 in next couple of sessions.
SpiceJet has appointed Ashish Kumar as the Chief Financial Officer wef from Sep 9He comes with over 26 years of experience across various sectors, joins SpiceJet from Interglobe Enterprises where he served as VP (Head) – Corporate Finance beginning January 2019. Previously, he served as Chief Financial Officer at Interglobe Hotels for five years from 2014 to 2018.Ajay Singh, Chairman and Managing Director, SpiceJet, said, “Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish’s experience and proven track record will ensure that he can successfully lead this effort. I wish him all the best for his new role.”
Nifty Realty down half a percent. Take a look at the top sectoral losers
Mihir Vora ‘worried’ turmoil in global economy could hit Indian market
Mihir Vora ‘worried’ turmoil in global economy could hit Indian market” title=”Mihir Vora ‘worried’ turmoil in global economy could hit Indian market
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The European Central Bank (ECB) on September 8 raised its policy rates by an unprecedented 75 basis points to deal with inflation in the continent. Another similar hike may also be in the offing…
Mahindra Logistics acquires 100% stake in V-Link Freight Services for Rs 1 cr
European Markets Updates
SBI targeting at least 15% loan growth in FY23, says Chairman Dinesh Khara
State Bank of India (SBI), the country’s largest lender by assets, is targeting a loan growth of at least 15 percent in this financial year, chairman Dinesh Kumar Khara told CNBC-TV18 on September 9.
“At least for the current (financial year) I can say with some bit of certainty (that) the way things are, I am hoping that we should be in a position to record at least 15 percent growth in the loan book,” Khara told the television channel. The bank’s current retail loan growth was “quite sustainable.” More so, loan growth was uniform across retail segments such as personal loans, and auto loans, he said.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rallied by 1.35% near $84.67 per barrel on Friday. Crude Oil prices rose as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s COVID-19 curbs weighed on demand.
We expect crude oil prices to trade sideways to up for the day. We expect crude oil prices to trade sideways to up with resistance at $89 per barrel with support at $82 per barrel. MCX Crude oil September contract has important support at Rs 6580 and resistance at Rs 6920 per barrel.
