“The correction wave is likely to continue till 16,850-16,800. On the flip side, 17,050 would be the key intraday resistance zone, above which a minor pullback rally is possible till 17,100-17,125,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Indicators and oscillators have turned bearish on the short-term charts.
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Wall St opens lower on earnings anxiety
U.S. stock indexes opened lower on Tuesday as investors awaited the earnings season to assess the impact of rising interest rates and inflation on corporate profit, while a rise in shares of drugmaker Amgen limited declines on the Dow.The Dow Jones Industrial Average fell 117.68 points, or 0.40%, at the open to 29,085.20.The S&P 500 opened lower by 16.53 points, or 0.46%, at 3,595.86, while the Nasdaq Composite dropped 57.73 points, or 0.55%, to 10,484.37 at the opening bell.
IMF cuts India’s economic growth forecast to 6.8% in 2022
The International Monetary Fund (IMF) on Tuesday cut its projection of India’s economic growth in 2022 to 6.8 per cent, as it joins other global agencies that have trimmed forecasts. The IMF had in July projected a gross domestic product (GDP) growth of 7.4 per cent for India in the fiscal year that started in April 2022. Even that forecast was lower than 8.2 per cent projected in January this year.India had grown at 8.7 per cent in 2021-22 fiscal (April 2021 to March 2022).In its annual World Economic Outlook report released on Tuesday, the IMF said outlook for India is growth of 6.8 per cent in 2022 –– a 0.6 percentage point downgrade since the July forecast, reflecting a weaker-than-expected outturn in the second quarter and more subdued external demand.
Tracxn Technologies IPO subscribed 54% on Day 2
The Initial Public Offering (IPO) of Tracxn Technologies was subscribed 54 per cent on the second day of offer on Tuesday. The IPO received bids for 1.15 crore shares against 2.12 crore shares on offer, according to data available with the NSE.The category for Retail Individual Investors (RIIs) was subscribed 2.60 times and the non-institutional investors received 25 per cent subscription.The IPO of up to 3,86,72,208 equity shares is in a price range of Rs 75-80 a share.On Friday, market intelligence platform Tracxn Technologies said it has raised a little more than Rs 139 crore from anchor investors.
DELTA CORP Q2
- PAT at Rs 68.3 cr vs loss of Rs 22.6 cr YoY
- Cons revenue at Rs 270 cr vs Rs 74.7 cr YoY
- Cons EBITDA at Rs 100.5 cr; Cons margin at 37.2%
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.“The correction wave is likely to continue till 16,850-16,800. On the flip side, 17,050 would be the key intraday resistance zone, above which a minor pullback rally is possible till 17,100-17,125,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.Indicators and oscillators have turned bearish on the short-term charts.Option data suggests a shift in lower broader trading range in between 16,600 to 17,500 zones while an immediate trading range in between 16800 to 17,200 zones.
Gold falls Rs 343; silver tumbles Rs 1,071
Gold price fell by Rs 343 in the national capital to Rs 51,105 per 10 grams on Tuesday amid a decline in the prices of the precious metal in the international market, according to HDFC Securities. In the previous trade, the yellow metal had settled at Rs 51,448 per 10 grams.Silver also tumbled by Rs 1,071 to Rs 58,652 per kilogram from Rs 59,723 per kg.
TCS says confident of achieving double-digit revenue growth in FY23
TCS is confident of achieving a double-digit revenue growth in the current fiscal and will be targeting a similar performance in FY24 as well, a senior executive said on Tuesday. The largest IT services exporter’s ability to achieve the number in FY24 will hinge on how the macroeconomic situation, including geopolitical tensions, commodity price pressures, inflation and financial tightening worries, play out, Chief Operating Officer N Ganapathy Subramaniam told PTI.”(For) this year (FY23), probably we are there (double-digit growth). What we need to do is that in the remaining quarters, we just have to maintain the run rate and we will be able to achieve that, not a problem. In FY24, it is too early to call. The target is to stay on the double-digit growth,” Subramaniam said.For the first half of the fiscal, the Tata Group company’s topline has jumped 17.1 per cent to Rs 1.08 lakh crore.
Markets remained under pressure and lost nearly one and a half percent amid the prevailing corrective phase. After the flat start, the Nifty index gradually drifted lower as the session progressed and slipped below the support of 17,100 levels to finally settle around the day’s low at 16,983.55 levels. Pressure in the IT pack combined with a slide in index majors across sectors was weighing on the sentiment. In line with the move, the broader indices too witnessed a decline and lost nearly 2% each.As we’re not seeing any respite on the global front, any disappointment on earnings or the macroeconomic front may put further pressure. On the index front, we are now eyeing 16,800 in Nifty and its decisive break would reverse the recovery trend. Traders should align their positions accordingly.
– Mr. Ajit Mishra, VP – Research, Religare Broking
India’s outperformance till date made a case for profit booking for the FIIs today as geopolitical and currency risks came to the forefront. Practically all sectoral indices ended in the red with the Nifty closing below 17k on a day when nothing was spared. The broader markets too saw a steep correction in several stocks which have been defying gravity and moving up since the past several weeks.
– S Ranganathan, Head of Research at LKP securities
Investors are becoming risk-averse due to rising geopolitical turmoil as well as worries about the global economic slump. Investors’ caution ahead of the announcement of inflation data prevented a better-than-expected start to IT earnings from improving market mood. However, as compared to global counterparts, domestic selling is not as aggressive since FII selling is primarily absorbed by DIIs.
– Vinod Nair, Head of Research at Geojit Financial Services
JSW Cement to invest Rs 3,200 crore to set up 5 MTPA capacity in central India
JSW Cement on Tuesday said it will invest more than Rs 3,200 crore to set up two greenfield cement manufacturing facilities having a total manufacturing capacity of 5 million tonnes per annum in central India. The company, part of the USD 22 billion JSW Group, will set up an integrated greenfield cement manufacturing facility in Madhya Pradesh as well as a split grinding unit in Uttar Pradesh. “The combined cement capacity across both these units will be 5 MTPA,” the company said in a statement. It plans to invest more than Rs 3,200 crore to set up the greenfield cement manufacturing facilities.
ALL SECTORS END IN THE RED
Closing Bell: Sensex slumps 844 pts in fag-end selloff; Nifty drops below 17K; JSW Energy tanks 6%, Zomato 5%
METAL STOCKS TRADING NEAR DAY’S LOW
Price as on 11 Oct, 2022 03:29 PM, Click on company names for their live prices.
Volatility gauge India VIX climbs 4% to 20.41
SECTOR WATCH: A sea of red
Check out the worst performing stocks on NSE in afternoon trade
Price as on 11 Oct, 2022 03:05 PM, Click on company names for their live prices.
Nifty slides below 17K before it recovers partially
Sensex falls over 500 points
ITD Cementation secures orders worth ~ Rs 1,755 crore for construction projects in Sri Lanka, Odisha and Gujarat
Price as on 11 Oct, 2022 01:46 PM, Click on company names for their live prices.
RBI likely sold dollars, received forwards to stem rupee’s drop
JPMorgan Chase & Co Chief Executive Jamie Dimon said the United States and the global economy could tip into a recession by the middle of the next year, CNBC reported on Monday. Runaway inflation, big interest rates hikes, the Russian invasion of Ukraine and the unknown effects of the Federal Reserve’s quantitative tightening policy are among the indicators of a potential recession, he said in an interview to the business news channel.
Global Market Check
- The Stoxx Europe 600 fell 0.8% as of 8:44 a.m. London time
- Futures on the S&P 500 fell 0.7%
- Futures on the Nasdaq 100 fell 0.7%
- Futures on the Dow Jones Industrial Average fell 0.7%
- The MSCI Asia Pacific Index fell 2%
- The MSCI Emerging Markets Index fell 1.9%
Varanasi water supply body collaborates with ABB India for its smart technology to facilitate smooth, efficient and uninterrupted water supply to 60% of the city
Price as on 11 Oct, 2022 01:08 PM, Click on company names for their live prices.
European stocks extend losses at open
European stock markets fell further at the open on Tuesday as investors worry that massive hikes to interest rates will tip the global economy into recession. London’s benchmark FTSE 100 index dropped 0.7 percent to 6,913.13 points. In the eurozone, Frankfurt’s DAX index shed 0.8 percent to 12,174.69 points and the Paris CAC 40 lost 0.8 percent to 5,792.35.
TRACXN TECHNOLOGIES IPO: Issue subscribed 38% so far on Day 2
- Retail portion subscribed 2x so far on Day 2
The government has received about Rs 307 crore and Rs 20 crore from Oil India Ltd and MSTC, respectively, as dividend tranches. This was tweeted by the Department of Investment and Public Asset Management (DIPAM).
Price as on 11 Oct, 2022 12:32 PM, Click on company names for their live prices.
Mefcom Capital Markets announced a stock split in the ratio of 1:5 that means one share of Rs 10 face value each fully paid-up shall be split into 5 shares of face value of Rs 2 per equity share.
Price as on 11 Oct, 2022 12:15 PM, Click on company names for their live prices.
Will Q2 earnings season be good, bad or ugly for Nifty companies?
Pharma stocks in weak health: Divis Labs top loser, down 4%
Price as on 11 Oct, 2022 11:47 AM, Click on company names for their live prices.
BSE REALTY index tanks nearly 2%, worst sectoral performer
Shares of Panacea Biotec hit the upper circuit at open on Tuesday as the company bagged a multimillion order for a long term supply from the global organisation. The biotechnology firm has received long-term supply orders worth $127.3 million (Rs 1,040 crore) from UNICEF and Pan American Health Organization (PAHO) for supply of its WHO pre-qualified fully liquid Pentavalent vaccine, Easyfive- TT.
Price as on 11 Oct, 2022 11:19 AM, Click on company names for their live prices.
Market LIVE Updates: IndusInd Bank block deal: 1.4% equity changes hands in 7 block deals
Price as on 11 Oct, 2022 11:18 AM, Click on company names for their live prices.
Top 10 gainers on NSE in morning session
Price as on 11 Oct, 2022 11:08 AM, Click on company names for their live prices.
Crypto Price Today: Bitcoin breaches $20K; XRP, Polygon & Polkadot gain up to 4%
Market Live Updates: Cummins Inc makes open offer to buy up to 26% stake in Automotive Axles; Cummins Inc’s open offer for Automotive Axles at Rs 1,504.43/share (Source: Exchange filing, Reuters)
Price as on 11 Oct, 2022 10:28 AM, Click on company names for their live prices.
Bond yields rise as 10-year U.S. yield nears 4%
ndian government bond yields were trading higher on Tuesday, tracking the relentless rise in U.S. yields as the 10-year yield inched closer to 4.00%.The benchmark Indian 10-year government bond yield was at 7.4816% as of 0435 GMT. The yield hit 7.5316% earlier in the day. It ended at 7.4758% on Monday, having risen by an aggregate 12 basis points in the last three sessions.
Top gainers in the IT software services pack
Price as on 11 Oct, 2022 10:11 AM, Click on company names for their live prices.
We had gone in yesterday having set a couple of milestones to confirm the 18100 trajectory. Of them, the close above 17160 is very encouraging, but we fell agonizingly short of seeing the17300 mark. We will keep faith in the recent patterns seeing them as bullish continuation, and look for 17500, should 17300 be reclaimed. Inability to float above 17160 may force us to abandon upside views, but will hope 16982 to mount a last defence beforea 16400 down move sets sail.
– Anand James – Chief Market Strategist at Geojit Financial Services
Market Live Updates: Rategain Travel Technologies selected by Royal Orchid Hotels for real time pricing insights and better connectivity
Price as on 11 Oct, 2022 09:50 AM, Click on company names for their live prices.
Sobha Q2 sales value up 13% YoY
- Q2 sales value Rs 1,164 crore, up 13% YoY
- Q2 average price realization Rs 8,709/sft, up 14% YoY
India’s largest software services exporter Tata Consultancy Services or TCS on Monday reported an 18% YoY growth in its revenue at Rs 55,309 crore for the quarter ended September 2022. Its net profit increased 8.4% YoY to Rs 10,431 crore.
Price as on 11 Oct, 2022 09:29 AM, Click on company names for their live prices.
Infosys to consider buyback with Q2 results on October 13
Price as on 11 Oct, 2022 09:26 AM, Click on company names for their live prices.
Look, which sectors are falling & rising in opening deals
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The Q2 results season has started off well with decent numbers from TCS which have beaten street estimates on most parameters. This and the news of buy back from Infosys will impart resilience to the IT segment. Financials too will come out with good numbers imparting strength to the market in the near-term.
OPENING BELL: Sensex sheds 130 points, Nifty below 17,250; India Cements falls 4%, Inox Wind rises 3%
Pre-open session: Sensex rise over 50 points; Nifty above 17,255
Asian shares slip following drop in US equities
Shares declined in Asia following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth. Japan’s Topix index dropped 1.4% while South Korea’s Kospi index declined 2%.
SGX Nifty signals a muted start
Nifty futures on the Singapore Exchange traded 11.5 points, or 0.07 per cent, higher at 17,239.5, signaling that Dalal Street was headed for a muted start on Tuesday.
Quarterly earnings today
Delta Corp, GM Breweries, Trident Texofab, AAA Technologies, Gujarat Hotels and Supreme Infrastructure are among companies that will announce their quarterly earnings today.
Tech View: Buying at lower levels cheering Nifty bulls.
The overall structure shows that the index is likely to witness consolidation in the range of 17,000-17,500 in the coming sessions. Indicators such as RSI and MACD are indicating neutral views as of now in the daily chart.
Tokyo stocks open lower extending US falls
Tokyo stocks opened lower on Tuesday after a long weekend, tracking falls on Wall Street as investors braced for more large interest rate hikes from the US Federal Reserve.
Nasdaq registers lowest close since July 2020; chips stocks fall
U.S. stocks fell on Monday, with the Nasdaq posting its lowest close since July 2020, as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China’s semiconductor industry.
Oil prices slide as dollar strengthens, China COVID-19 woes dampen demand
Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand. Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session.
Rupee drops 10 paise to close at all-time low of 82.40 per USD
The rupee slipped 10 paise to finish at a fresh lifetime low of 82.40 against the US dollar on Monday, weighed down by risk-averse sentiment among investors.
Sensex, Nifty on Monday
The 30-share Sensex fell 200 points to end at 57,991. Its broader peer, Nifty50, ended at 17,241, down 74 points.