Domestic equity benchmark index Nifty50, which closed Wednesday’s session well above the 17,100 mark, an important Fibonacci level, formed a bullish harami pattern on the daily charts suggesting a rise in optimism. The index found support at 200-DMA for the second consecutive day.Analysts said the overall structure shows that the index is likely to witness consolidation and short-term buying in the range of 17,000-17,300. “Now it has to hold above 17071 zones for an up move towards 17,250 and 17,333 zones whereas supports are placed at 16,950 and 16,888 zones,” said Chandan Taparia of Motilal Oswal.
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S&P 500, Nasdaq open higher after selloff, inflation worries weigh
The S&P 500 and the Nasdaq rose at the open on Wednesday, but the gains were capped by worries around the rising chances of more jumbo-sized rate hikes following a higher-than-expected rise in producer prices in September.The Dow Jones Industrial Average fell 6.1 points, or 0.02%, at the open to 29,233.06. The S&P 500 rose 2.0 points, or 0.06%, at the open to 3,590.83, while the Nasdaq Composite rose 10.8 points, or 0.10%, to 10,436.996 at the opening bell.
“With September retail inflation rising to 7.41%, the RBI has a major challenge ahead. The MPC will have to continue raising rates most likely by 50 bp in the next meeting and this will adversely impact economic growth which is already showing signs of deceleration. The contraction of industrial output by 0.8% in August is an indication of a slowing economy. The slowing global economy is another major headwind for growth. The RBI will have to do a major balancing act to contain inflation without hurting growth. Even though the inflation and IIP numbers are negative from the market perspective, the market behaviour in the short run is likely to be impacted more by news from the mother market the US, i.e, news regarding US inflation and interest rates”
– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Tech View: Nifty finds support at 200-DMA for second day. What investors should do on Thursday
Domestic equity benchmark index Nifty50, which closed Wednesday’s session well above the 17,100 mark, an important Fibonacci level, formed a bullish harami pattern on the daily charts suggesting a rise in optimism. The index found support at 200-DMA for the second consecutive day.Analysts said the overall structure shows that the index is likely to witness consolidation and short-term buying in the range of 17,000-17,300. “Now it has to hold above 17071 zones for an up move towards 17,250 and 17,333 zones whereas supports are placed at 16,950 and 16,888 zones,” said Chandan Taparia of Motilal Oswal. Options data suggested a shift in a lower broader trading range between 16600 to 17500 zones while an immediate trading range between 16,800 to 17,300 zones.
Retail inflation rises to 7.41% in September on costlier food items
Retail inflation spiked to 7.41 per cent in September, mainly due to costlier food items. For the ninth month in a row, retail inflation has remained above the Reserve Bank of India’s tolerance level of 6 per cent.Official data released on Wednesday showed that the retail inflation based on Consumer Price Index (CPI) was at 7.41 per cent in September.It was at 7 per cent in August and 4.35 per cent in September 2021.Inflation in food basket rose to 8.60 per cent in September this year from 7.62 per cent in August.
HCL Tech score card
#EarningsWithETNOW | Here's a look at @hcltech's Q2FY23 score card #StockMarket #StocksToWatch #HCLTech https://t.co/SoMwtyEq0v
— ET NOW (@ETNOWlive) 1665572884000
HCL Tech board approves dividend of Rs 10/share
HCL Tech Q2 PAT at Rs 3,490 cr: Agencies; ET NOW poll saw cons PAT at Rs 3,380 cr
Bears took a breather today as markets witnessed a relief rally after getting hammered in the past few sessions. However, the recovery doesn’t seem to be sustainable as multiple negative factors are at play. Technically, the Nifty took support near the 200-day SMA (Simple Moving Average) and bounced back sharply. As long as the index is trading above 17000 mark, the pullback formation is likely to continue. Above the same, the index may touch the level of 17225-17275. On the flip side, below 17000, the index could slip till 16900.
– Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
WIPRO Q2 RESULTS
#EarningsWithETNOW | Here's a look at @Wipro's Q2FY23 score card #StockMarket #StocksToWatch #Wipro https://t.co/fWt8yA8GVI
— ET NOW (@ETNOWlive) 1665569890000
Wipro Q2 Results: Profit falls 9% YoY to Rs 2,660 crore; revenue rises 14.6%
IT major Wipro on Wednesday reported a 14.6% jump in its Q2 revenue at Rs 22,540 crore while its profit after tax (PAT) decreased 9.3% to Rs 2,660 crore.An ET NOW poll of analysts had anticipated the profit figure at Rs 2,820 crore.Wipro’s operating margin for the quarter was at 15.1%, an increase of 16 bps QoQ.The Bengaluru-based IT company expects revenue from the IT services business to be in the range of $2,811-$2,853 million, which translates to a sequential growth of 0.5% to 2.0%.In constant currency terms, the IT services segment revenue increased by 4.1% QoQ and 12.9% YoY.
Closing Bell: Sensex surges 479 pts after 3-day break; Nifty ends above 17,100; Axis Bank jumps 3%, NTPC 2%
Gold falls Rs 20; silver declines Rs 473
Silver also declined by Rs 473 to Rs 58,169 per kg from Rs 58,642 per kg.
In the international market, gold was trading flat at USD 1,669.5 per ounce while silver was down at USD 19.18 per ounce.
Sensex Heatmap: Top gainers & losers at this hour
Most active stocks in afternoon session
Price as on 12 Oct, 2022 02:58 PM, Click on company names for their live prices.
Sonata Software signs business transformation CRM project and partnership with Ireland based eir evo, a telecommunications and ICT solutions provider,
Price as on 12 Oct, 2022 02:09 PM, Click on company names for their live prices.
IDFC rallies more than 5% to hit a 52-week high
Price as on 12 Oct, 2022 01:50 PM, Click on company names for their live prices.
Genesys International bags order worth INR 46 crores for Land Titling Project by the Andhra Pradesh Government.
Price as on 12 Oct, 2022 01:42 PM, Click on company names for their live prices.
Indian craft beer brand Bira 91 has acquired India’s largest alcobev chain “The Beer Cafe” in an all-stock deal
#ETReports | Indian craft beer brand Bira 91 has acquired India's largest alcobev chain "The Beer Cafe" in an all-s… https://t.co/5KImtbMy2k
— ET NOW (@ETNOWlive) 1665560230000
European shares fall on earnings jitters, Credit Suisse slides on U.S. probe report
The pan-European STOXX 600 index fell 0.2% by 0706 GMT––its sixth consecutive session of losses––with real estate and banks leading the sectoral decline.
Japan shares close flat as tech offsets travel boost
The Nikkei share average opened down 0.18% and swung between losses and gains throughout the day, before closing down 0.02% at 26,396.83. The broader Topix lost 0.12%.
The biggest loser on the Nikkei was semiconductor equipment maker Tokyo Electron Ltd, which fell 4.39% amid ongoing struggles in the chips industry. The Philadelphia semiconductor index has declined for four straight sessions.
10-year bond yield falls 5 bps to 7.37%
#MarketAlert | 10-year bond yield fall 5 bps to 7.37% #MarketsWithETNOW #StockMarket #BondYield https://t.co/jMSgIOhBgg
— ET NOW (@ETNOWlive) 1665558455000
Kotak Mahindra Life on course to grow above industry consistently; registers 27 pc growth in first 6-months of FY23
Kotak Mahindra Life is on course to grow above the industry consistently and has registered a 27 per cent growth in the first six months of this fiscal, as against the industry growth of 21 per cent, its managing director Mahesh Balasubramanian has said. Pre-pandemic, the Uday Kotak-controlled life insurer, which unlike most of its peers doesn’t have a foreign partner, having bought back the 26 per cent held by Old Mutual in 2017, had a paltry 2 per cent market share among private sector insurers, and it fell further to 1.6 per cent in the first half of this fiscal.(Source: PTI)
Tracxn Technologies IPO subscribed 78% on day 3, last day to bid for issue
The initial public offering (IPO) of Tracxn Technologies (TTL) continued to be on the sidelines, struggling to get response from the investors. It was subscribed only 54 per cent by the end of the second day.The issue kicked off for subscription on Monday, October 10 and will close for subscription on Wednesday, October 12. The company is selling its shares in the range of Rs 75-80 apiece to raise about Rs 310 crore via its initial stake sale.
Shares of IT services provider HCL Tech rose as much as 2.7% to Rs 964 in intra-day trade on Wednesday, ahead of second-quarter results later in the day.
Price as on 12 Oct, 2022 11:39 AM, Click on company names for their live prices.
Hinanshu Mody, CFO of Suzlon Energy in conversation with ETNOW on company’s first day of rights issue
#MarketsWithETNOW | "Debt reduced to Rs 3,200 cr. May sell some non core assets in FY24 to pare debt. Aim to get ne… https://t.co/EBa5OnwMUn
— ET NOW (@ETNOWlive) 1665553153000
Adani Data Networks gets licence for full fledge telecom services
Adani Data Network has been granted unified licence for access services, which enables it to provide all telecom services in the country, according to two official sources.Adani Group entered the telecom sector after buying spectrum in the recent auction.
Crypto Price Today Live: Bitcoin barely holds $19k; Dogecoin rises 3%, XRP & Solana drop
Suzlon Energy secured an order of 144.9 MW from Aditya Birla Group to supply 69 units of wind turbine generators in Gujarat and in Madhya Pradesh.
Price as on 12 Oct, 2022 10:49 AM, Click on company names for their live prices.
Shares of Marksans Pharma rallied as much as 12 per during the early trade on Wednesday as the company is set to acquire a bulk pharmaceutical formulations facility from Tevapharm.
Price as on 12 Oct, 2022 10:44 AM, Click on company names for their live prices.
Top gainers & losers in morning trade
Price as on 12 Oct, 2022 10:28 AM, Click on company names for their live prices.
Oil prices fall as dollar gains, U.S. inflation data in spotlight
Brent crude futures fell 46 cents, or 0.5%, to $93.83 a barrel by 0410 GMT. U.S. West Texas Intermediate crude was at $88.81 a barrel, down 54 cents, or 0.6%.
Both benchmarks fell 2% in the previous session.
The greenback rose to a fresh 24-year high against the yen on Wednesday on concerns about inflation and the pace of U.S. rate hikes. A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies and tends to weigh on oil and other risk assets.
Gold range-bound as investors brace for Fed minutes, inflation data
Spot gold fell 0.1% to $1,662.98 per ounce, as of 0343 GMT, hovering close to a one-week low touched on Tuesday. U.S. gold futures were down 0.9% at $1,671.00.
Investors are awaiting the release of minutes from the Fed’s September meeting, at 1800 GMT. Focus is also on the inflation reading due on Thursday, which could shine some light on the Fed’s rate-hike trajectory.
Price as on 12 Oct, 2022 09:37 AM, Click on company names for their live prices.
Nifty opens above 17000 to trade above 200 DMA once again-Nifty snaps 3 day losing streak; gains over 30 points-Flat start for Nifty Bank; Continues to trade below 50 DM
#MarketsWithETNOW | Nifty opens above 17000 to trade above 200 DMA once again -Nifty snaps 3 day losing streak; ga… https://t.co/iw2Ox41Nyo
— ET NOW (@ETNOWlive) 1665547025000
All broad market indices, barring Nifty midcap 50 and Nifty midcap select, open in green
Opening Bell: Sensex jumps over 150 pts; Nifty tops 17K; HCL Tech up 2% ahead of Q2 results, PowerGrid 1%
Pre-open session: Sensex rise over 90 points; Nifty above 16,990
Asian stocks stall amid global volatility
Asian stocks stayed at two-year lows on Wednesday, after a strengthening U.S. dollar, instability in the U.K. bond market, and forthcoming U.S. inflation data spelled a wild session on Wall Street and further volatility for investors.
Quarterly earnings today
HCL Technologies, Wipro, National Standard, Sterling and Wilson Renewable Energy, NXTDigital, Mangalam Industrial Finance and Standard Capital Markets are among companies that will announce their quarterly earnings today.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 50.5 points, or 0.30 per cent, higher at 16,990.5, signaling that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty charts hint at more trouble ahead
After plunging over 250 points to give up the 17,000 mark on Tuesday, Nifty formed a long bearish candle on the daily chart. The lower high formation on intraday charts indicated further weakness from the current levels.
Tokyo stocks open lower after mixed US close
Tokyo stocks opened lower on Wednesday after a mixed close on Wall Street following the IMF’s downcast economic outlook, with investors remaining cautious about the impact of inflation. The benchmark Nikkei 225 index was down 0.08 percent, or 21.21 points, at 26,380.04 in early trade, while the broader Topix index slipped 0.16 percent, or 2.93 points, to 1,868.31.
S&P 500, Nasdaq end lower; BoE comments add to market jitters
The S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the country’s bond market for just three more days adding to market jitters.
Oil prices extend decline on recession fears, China COVID curbs
Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China.
Rupee darts up 19 paise to 82.21 against US dollar
The rupee rebounded from its all-time low to close 19 paise higher at 82.21 against the US dollar on Tuesday amid softening crude oil prices.
Sensex, Nifty on Tuesday
The BSE Sensex fell 844 points to end at 57,147. Its broader peer, Nifty50, ended at 16,983, down 257 points.