Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled in red for the fourth straight day on Friday. BSE Sensex ended 361 points or 0.6 per cent down at 58,766, while the Nifty 50 index fell 86 points or 0.5 per cent to settle at 17,532. Bajaj Finserv, Maruti Suzuki, Asian Paints, Bajaj Finance, Bharti Airtel, Housing Development Finance Corporation (HDFC), NTPC, Tata Consultancy Services (TCS) were top index draggers. On the flip side, M&M, Dr. Reddy’s Laboratories, UltraTech Cement, Power Grid Corporation of India, Reliance Industries Ltd (RIL), Bajaj-Auto were among the top Sensex gainers. On the sectoral front, the Nifty Realty index fell 1.5 per cent and Bank Nifty was down over half a per cent. While Nifty Pharma was up nearly one per cent.
BSE Sensex ended 361 points or 0.6 per cent down at 58,766, while the Nifty 50 index fell 86 points or 0.5 per cent to settle at 17,532
Byju Raveendran, founder of startup Byju’s, is now richer than Rakesh Jhunjhunwala, Nandan Nilekani, Bharti Mittal, Anand Mahindra, and others, according to the IIFL Wealth Hurun India Rich List. Byju Raveendran and family are now worth Rs 24,300 crore, a 19 per cent jump from the previous year. This year, Byju’s acquired Aakash Educational Services, Singapore-based Great Learning, and a California-based digital reading platform Epic, making him the 67th richest person in India.
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In line with global markets, Sensex 30 and Nifty 50 saw a decline this week. Sensex 30 and Nifty 50 fell by ~2% during the week. BSE Midcap and BSE Smallcap index outperformed the Sensex and Nifty. In terms of sector, the BSE power index gained 6% and BSE Oil & Gas index moved up by 4.3%. BSE Energy and BSE Metal index too gained ~3% in this week. On the other hand, with ~5% decline, the BSE IT index was the major underperformer. The US 10 year treasury yield rose further this week above the 1.5% mark. Crude oil prices remained on the higher side. On the domestic data front, the performance remains broadly on expected lines. Global and domestic inflation risk from a sharp increases in global energy prices, rising US bond yield, and concerns over the Evergrande issue are near-term challenges for the global and Indian equity markets. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
US stock markets function as a barometer for the global investment community. They trade at close to $35 trillion market-cap (more than the sum of the next 4 and about 10x of India), account for 58 of the Top-100 companies by market-cap, and also house 5 stocks with more than $1 Tn market-cap (of which two are higher than $2 Tn each). No wonder the direction and signalling effect of US markets is felt around the world and almost everyone in the investment community maintains at least a passing interest in the goings-on of US markets.
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OYO’s potential IPO offering will be credit positive as it will strengthen the company’s liquidity and broaden its investor base. It will also provide the company a longer runway to withstand weak operational performance, should pandemic-related disruptions persist for longer than expected. A listing on the stock exchanges will also reduce governance-related risks around corporate transparency and limited public disclosures. Sweta Patodia, Analyst, Corporate Finance, Moody’s Investors Service
Bajaj Finserv, Bharti Airtel, Maruti Suzuki, Asian Paints were among top BSE Sensex draggers
We expect the RBI to acknowledge the favourable macro developments by increasing its growth forecasts, and slashing inflation projections. Still, the MPC is expected to keep policy rates steady, though it could signal a “live” December policy meeting. Rahul Bajoria, Chief India Economist
Indian equity benchmarks remained lower in the early afternoon session, with both Sensex and Nifty trading in red. The BSE Sensex is currently trading around 58,600. There were 5 stocks advancing against 25 stocks declining on the index. The CNX Nifty is currently trading around the level of 17450. There were 12 stocks advancing against 38 stocks declining on the Nifty index. Most sectoral indices in the red including other than commodities and metals. Domestic sentiments impacted by negative cues from other Asian markets. Traders were cautious, as government fiscal deficit touches 31.1% of budget estimates at the end of August. Our research suggests that the market may extend its losses fueled by concerns surrounding global economic recovery and persistent inflationary pressure in the United States. If the market can sustain the support level of 58200, we can expect the market to trade in the range of 58500-59000. Likhita Chepa, Senior Research Analyst, Capitalvia Global Research
Crude oil and coal prices have shot up sharply in the last few months and the impact would not be limited to inflation but could hit certain stocks and sectors, said analysts Bank of America Securities. Brent crude touched $80 a barrel earlier this week and continues to remain in touching distance of the same while coal prices are also up 15% since August. BofA analysts see limited immediate impact of the rising price on headline CPI prints but expect EPS implications for stocks. “See cost headwinds for Ultratech Cement, Shree Cement, Ambuja Cement, and ACC; benefits for ONGC, Coal India, Tata Power, and Hindalco on higher realizations and CCRI on market share gains.
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The Goods and Services Tax (GST) collections for September came in at Rs 1.17 lakh crore, compared with Rs 1.12 lakh crore in August.
Indian Rupee Spot has depreciated by 56 paise this week, declining for five consecutive sessions in a row, hurt by global risk off sentiments amid increasing prospects of Fed moving closer to withdrawing its emergency pandemic stimulus and China’s regulatory crisis. Along with safe haven buying, dollar also sought support from Fed chair Powell warning of high inflation in the coming months before moderating in his testimony which had pushed US 10 year treasury yields higher to 1.56% in the earlier part of the week. Owing to this, global market witnessed a sell off prompting weakness in Indian equities which slipped more than 2.5% from record highs touched last week. The only cushion for Rupee being hopes of robust domestic economic rebound coupled with positive manufacturing and core sector output figures. Volatility may continue next week, as well as domestic investors, await the outcome of RBI monetary policy meet due 8th October. Besides, dollar index may see limited gains despite global risk aversion with markets cautiously awaiting release of crucial US employment report for September following consistently higher jobless claims figures for the last three weeks. So, we may see Rupee spot trading in a narrow range between 74.10 and 74.40 in the coming few sessions. Kaynat Chainwala – Fundamental Research Analyst Currencies, Anand Rathi Shares and Stock Brokers
Oyo parent company Oravel Stays Ltd has filed a draft red herring prospectus with capital markets regulator SEBI to launch Rs 8,430-crore IPO. The public issue comprises fresh issuance of shares worth Rs 7,000 crore and an offer-for-sale (OFS) worth Rs 1,430 crore by existing shareholders. The company said it would also consider issuing shares worth up to Rs 1,400 crore in a pre-IPO placement.
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The gold market saw a sharp pullback yesterday after the US Fed chairman’s tone was less hawkish than the last FOMC meeting. Powell testified that the US is still far from full employment triggering a double-digit gain in gold prices. The US dollar retreated after 3 days of gain and long unwinding was apparent in the safe-haven currency. So, short covering in gold along with buying the dip sentiment helped gold in MCX pass above 46500. In another setback for gold, the U.S. Congress on Thursday passed legislation to avert a government shutdown, but another test of President Joe Biden’s agenda lay ahead as the House of Representatives prepared to vote on a $1 trillion infrastructure bill.
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Paras Defence and Space Technologies had a stellar debut today on bourses given its niche presence in the defence and space. It caters to optics, electronics, EMP protection solutions and heavy engineering segments in the defence/ space where GoI’s outlays is expected to increase at 16% CAGR to over USD14.5bn by 2031. Paras would be especially focusing on optics and drones which now forms ~67% of the order book (OB; INR3bn). It is looking to tap import substitution opportunities under GoI’s Atmanirbhar Bharat and ‘Make In India’ initiatives. Thus we like Paras given its complex/wide product portfolio, presence in niche defense/space, strong client relationship and high entry barriers. Given the huge impetus on the defense by the government, the stock presents good opportunity for investors to participate in this niche space. Hemang Jani, Head, Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services
Maruti Suzuki share price fell over 3 per cent to Rs 7,093.50 apiece on BSE, after the company said that it is expecting an adverse impact on production at its two plants in Haryana and parent Suzuki’s Gujarat plant in October on account of supply constraint of electronic components due to semiconductor shortage. Maruti Suzuki was the top BSE loser today, along with Bajaj Finserv, Bajaj Finance, Asian Paints, Housing Development Finance Corporation (HDFC), and others. The company in its official statement said that they’re expecting total vehicle production in October at two of its plants to be around 60% of normal levels.
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Rising from 52.3 in August to 53.7 in September, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) highlighted a stronger expansion in overall business conditions across the sector. For the second quarter of fiscal year 2021/22, the PMI averaged 53.8, a sizeable improvement from 51.5 in the opening quarter.
Paras Defence and Space Technologies stock made a stellar listing on the stock exchanges today, despite the overall weak market momentum. Shares of Paras Defence and Space Technologies opened for trading at Rs 475 apiece, up 171.43% or Rs 300 per share from the issue price of 175 per share. On listing, the company had a market capitalization of Rs 1,852 crore. The IPO (Initial Public Offering) of Paras Defence and Space Technologies, concluded earlier last month, saw a massive response from investors and was fully subscribed within the initial hour of sale. During the three-day bidding process, Paras Defence IPO was subscribed 304 times.
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The RBI’s intervention in the forex market is likely to remain low as they will check the volatility along with the spot/forward rates. Further, their current focus is directed towards managing surplus liquidity in the banking system. Broadly, the downside in the pair seems limited upto 73.90-74.10 zone as bullish US DXY could not allow a stronger Rupee. Whereas, flows could restrict a steep rise in the pair beyond 74.50 over the short term. From a medium-term perspective, the pair is expected to trade in the range of 73.90 to 75.00 zone with an upside bias. Amit Pabari, managing director, CR Forex Advisors
Maruti Suzuki, Bajaj Finserv, HDFC Bank, Sun Pharma, ICICI Bank, Titan Company were top index draggers
Power Grid Corporation of India, NTPC, Mahindra & Mahindra, UltraTech Cement, TCS were top Sensex gainers
BSE Sensex fell 383 points or 0.7 per cent to trade below at 59,000, at 58,743, while Nifty 50 slipped below 17,500
Bank Nifty is closely trading above 21-day exponential moving average on the daily chart, which is around 37,265 levels. If price continues to sustain above 37,265 then a bullish trend may resume soon but in case the index closes below 21-day exponential moving average it may move towards 36,500 level. The first sign of real weakness would come only if we start sliding below the lower range of 36500, 36300. Now it has to continue to hold above the 37,250 – 37200 levels to witness a bounce towards 38,000 and 38,300 levels Nifty Bank may consolidate at higher levels for few sessions before surpassing the key psychological level of 39000. Aprajita Saxena, Research Analyst, Trustline Securities
Nifty is expected to open negative at 17430, down by almost 200 points. Nifty is opening below its support, this is a bearish sign. Nifty now has support in the 17250-17300 range and will face resistance in the 17600-17620 range. Traders can consider buy on dips with strict stop-loss as a strategy as long as Nifty is trading above 17250. Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
BSE Sensex fell 250 points or 0.4 per cent to trade below at 59,000, at 58,876, while Nifty 50 slipped below 17,500
Nifty futures plunged 160.15 points or 0.91 per cent to 17,451 on Singaporean Exchange, hinting at a heavy sell-off in BSE Sensex and Nifty 50. Chartists say a small negative candle was formed on the daily chart beside the small positive candle of Wednesday. This pattern signal that the consolidation movement or weakness could extend for next session. The market continued with choppy movement, but the broad market showed a resilience.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol were hiked for the second day straight by oil marketing companies on Friday across metro cities. Petrol in the national capital today costs Rs 101.89 per litre, up 25 paise from yesterday while diesel in the capital city is retailing at Rs 90.17 per litre, up 30 paise. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
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The Paras defense is likely to debut secondary market on a strong note on the back of strong subscription figures, quality business with a better growth outlook, and attractive valuations. It may list with a handsome gain of more than 100% however the break-even comes above the 420 mark for the HNI investors that is around 140%. Eyeing the government’s focus on the Space and Defense sector, it is expected that both the segments of the company are likely to be benefited. The “Make in India” campaign by the government to be self-reliant by 2027 will give a boost to the industry. Since there are no listed players in the industry it is difficult to make an apple to apple comparison. The company is going to be listed in T2T-Segment. The financials of the company has been mixed. However, in the long company may benefit from the initiatives by the government and is expected to perform well. The company has a strong order book and the IPO is priced at PE of 31x. Aggressive investors can remain invested in the company for the long term after a massive listing. Santosh Meena, Head of Research, Swastika Investmart
Now let’s take a quick look at the overall F&O activities. This week, we did see FIIs pulling back their hands a bit as we witnessed a good amount of selling in Equities as well as in index and stock futures. In addition, the fear index, India VIX, surged in the last three sessions, indicating a rise in volatility going ahead.
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In overnight trade on Wall Street, the S&P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington, according to Reuters. The Dow Jones Industrial Average fell 546.8 points, or 1.59%, the S&P 500 lost 51.92 points, or 1.19%, and the Nasdaq Composite dropped 63.86 points, or 0.44%.
Dalal Street continued to correct on Thursday, marking the third day straight of ending in losses. S&P BSE Sensex currently sits at 59,126 while the NSE Nifty 50 is placed at 17,618. Midcap and smallcap indices outperformed and closed with gains. India VIX closed 2.3% lower but continues to sit above 18 levels. Entering the last trading session of the week, SGX Nifty was down a staggering 160 points signalling a weak start for domestic equities. Global cues were also negative with Wall Street indices closing in the red and the Asian stock markets mirroring the fall.
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Following an overnight fall on Wall Street, Asian stock markets fell. Australian stocks led losses with the S&P/ASX 200 falling 2.23%.In Japan, the Nikkei 225 fell 1.41% while the Topix index shed 1.8%.
In the previous session, headline indices ended with losses for the third consecutive trading session. BSE Sensex ended 286 points or 0.48% lower at 59,126. Nifty 50 gave up the 17,700 mark at the end of the September F&O expiry session, closing at 17,618.
Nifty futures tumbled 1 per cent or 176 points to 17,435 on Singaporean Exchange