“Nifty50 has decisively breached its 20 day-SMA (17,549), which offered some support in the recent fall. Hence, unless the Nifty50 bridges today’s bearish gap present in the zone of 17,380 and 17,590 level, the trajectory of the index shall be on the downside. A meaningful support is present in the zone of 17,018 and 16,947, which is a bullish gap registered on July 29. Interestingly, the 200-day SMA is also placed (16,975) inside the said zone,” said Mazhar Mohammad of Chartviewindia.in.Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan, said the index had seen a minor degree bounce in the last week that retraced nearly 61.8 per cent of the first leg of the fall.
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Nomura raises bet on smallcap multibagger stock
Global financial services firm Nomura has hiked its stake in BLS International Services which provides consular services related to visa and passport. NSE bulk deal data shows that Nomura Singapore Ltd bought 11 lakh shares of the smallcap stock at Rs 230 per share.Earlier in July, Nomura had picked 12.5 lakh shares of the company at Rs 214 per share. So far in the calendar year, the stock has given a fabulous return of about 140 per cent. In the last 3 years, the stock is up around 469 per cent.
Wall Street extends losses on rate hike worries
Fed Chair Jerome Powell said on Friday that the U.S. economy would need tight monetary policy “for some time” before inflation is under control, knocking Wall Street’s main indexes down more than 3%.
Powell’s blunt and hawkish remarks quashed hopes that the U.S. central bank will resort to modest rate hikes after recent data suggested that price pressures were easing.
Tech View: Nifty falls below 20-day SMA, signals weakness
Nifty50 on Monday plunged over 1 per cent and barely managed to hold the 17,300 level on a closing basis. The 50-pack index did not respect its 20-day simple moving average (SMA) but somehow managed to form a bullish candle on the daily chart, post a gap-down opening, reflecting intraday recovery. Some analysts believe more weakness is in the offing. Upside will be capped at 17,500-600 levels, they said.For the day, the index closed at 17,312.90, down 246 points or 1.4 per cent.
Fund Flow Activity
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After a big gap down, the index traded in a range on an intraday basis and held the support of 38,000. The index is stuck in a broad range between 38,000-39,000 levels where the demand and supply are visible. The index if fails to hold the support of 38,000 on a closing basis will see an extension of the current sell-off. The immediate hurdle on the upside is placed at 38,500 and if breached can witness some short covering move toward 38,800-39,000 levels.
– Kunal Shah, Senior Technical Analyst at LKP Securities
SSBA Innovations scraps IPO plans; withdraws draft papers
SSBA Innovations, which runs tax portal TaxBuddy, has decided to withdraw its Rs 105 crore Initial Public Offer (IPO). This has become the fourth company to abandon its planned IPO so far this year.Earlier, Stitched Textiles, which owns leading men’s wear fashion brand Barcelona; Nandan Terry, part of the Chiripal group and Uma Converter had scrapped their proposed initial share sales.Going by the draft papers, SSBA Innovations’ IPO was slated to be an entirely fresh issue of equity shares of up to Rs 105 crore.
Indian rupee slips to record low, RBI steps in
The Indian rupee dropped to an all-time low versus the dollar on Monday on bets the Federal Reserve will keep a restrictive stance for longer, prompting the Reserve Bank of India to step in.The rupee closed at 79.9625 per U.S. dollar, down from 79.8650 in the previous session. The local currency had dropped to a record low 80.12 earlier in the day before the RBI sold the dollar to boost the rupee. The intervention by the Indian central bank was confirmed by three traders to Reuters.”The underlying tone for rupee is weak based on global tightening phase,” said Arnob Biswas, head research at SMS Global Securities. He reckoned that it was possible that the RBI may not intervene a lot and could allow the rupee to fall in the face of broad dollar strength.The dollar index climbed to its highest level in 20 years, boosted by higher short-term U.S. yields and risk aversion
The Rupee broadly is in downtrend as FED’s chair speech at Jackson hole turned positive for the dollar which touched 19 year high again. RBI lacks intervention as actions slows down the pace of fall in rupee rather than temporary pull back as RBI needs to maintain foreign reserves. India’s reserves is at US$580,252 billion, down by US$27.05 billion from March-end 2022. And looking at what happend in Srilanka it precisely makes sense to maintain forex reserves. Rupee faces resistance on every minor rise since last 6months, rupee can be seen in weak range of 79-81 for next couple of weeks. As the dollar index has shown strength from 106$ to 109$ which will hold the rupee’s drop in majority. Crude back again above 100$ also guides rupee weakness to continue.
– Jateen Trivedi, VP Research Analyst at LKP Securities
Prasol Chemicals gets Sebi’s nod to raise Rs 800 crore via IPO
Specialty chemical company Prasol Chemicals has received capital markets regulator Sebi’s go-ahead to raise as much as Rs 800 crore through an Initial Public Offering (IPO). The IPO comprises fresh issue of equity shares aggregating up to Rs 250 crore and an Offer-For-Sale (OFS) of up to 90 lakh equity shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP).Prasol Chemicals, which filed its preliminary IPO papers with the regulator in April, obtained its “observation” letter on August 23, an update with the Securities and Exchange Board of India (Sebi) showed on Monday.In Sebi’s parlance, its observation implies its go-ahead to launch initial share sale.
Nifty slipped sharply lower as it broke down from consolidation on the daily chart suggesting a rise in the bearish bet in the market. The momentum oscillator RSI is in bearish crossover and falling towards the oversold zone. The short-term trend at the juncture looks weak, on the lower end, the index may drift down towards 17000-16950 over the short term. On the higher end, resistance is visible at 17500.
– Rupak De, Senior Technical Analyst at LKP Securities
A highlight of the AGM was Mukesh Ambani’s emphasis on succession planning. He concluded his address by seeking everyone’s blessings for the ” Gen next taking over the reins confidently. ” With Akash heading Jio, Isha heading Retail and Anant heading Energy the plans are clearly spelt out. Mukesh Ambani’s promise to double the value of the company by 2027 is reassuring. His commitment to India and faith in the India Growth Story remains as strong as ever.
– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit
Powell’s hawkish tone during the Jackson Hole symposium pointed towards a stricter rate hike while investors were expecting a milder policy action post the release of the softer July inflation reading. This has increased concern about an economic slowdown, which has caused a significant sell-off in the US market and spillover effects on markets around the world. The sell-off in emerging markets like India was exacerbated by concerns over the possible withdrawal of foreign funds, which was the backbone of the recent market rally.
– Vinod Nair, Head of Research at Geojit Financial Services
Sector Watch: Nifty FCMG only sectoral gainer in a brutal day for market
CLOSING BELL: Bears take over D-St as Sensex tanks 861 points; Nifty below 17,350; Tech Mahindra tumbles 5%; Infosys 4%
Expect RIL to more than double its value by end of 2027: Ambani
MUKESH AMBANI ON SUCCESSION PLANS | All three children are being mentored by senior leaders
- Isha and Akash have taken leadership roles in Jio, Retail; Anant also joined new energy business
Post peaking out at ~18K mid-August, markets are now at around 17300 levels.IT sector has seen more pain than other sectors on fears of weaker economic growth given the hawkish stance of the FED and the firm resolve to control inflation in the US.The US market had rallied ~18% over mid-June -mid August on the expectation that the US rate hike trajectory would be more measured going ahead. But the message last Friday belied these hopes. This was unexpected and hence globally markets have seen weakness today.This weakness has been accentuated by the fact that the USDINR rate moved to a new low today accompanied by the dollar index hitting a new multi-year high and the US 10 year seeing a sharp spike this month over the preceding month.The immediate fallout of this could be a reversal of the solid FPI inflows seen this month.Our market has already digested a fair share of the global weakness which began around 10 months back. We believe a systematic allocation to equities is the best way to navigate these alternate bouts of market decline and recovery.
– Mr. Vineet Bagri, Managing Partner- TrustPlutus Wealth
Mukesh Ambani says to launch new Giga factory for power electronics
Committed to integrate oil to chemicals business
– Mukesh Ambani, RIL Chairman
Reliance Retail to launch FMCG business this year
Reliance to partner with Qualcomm
Telecom stocks in red; Airtel, Voda Idea fall up to 3%
Price as on 29 Aug, 2022 02:43 PM, Click on company names for their live prices.
RIL AGM: Company working with Google to develop ultra affordable 5G smartphones for India
RIL to launch JIO 5G services by Diwali
RIL’s 5G roadmap in focus | Mukesh Ambani says
- Will accelerate rollout of 5G broadband services
- Jio 5G will be the world’s largest 5G network
- 5G service to be standalone service
- 5G to help build on 4G success
- Do not believe in keeping 5G for premium customers only
High inflation, supply diruption led to global uncertainties: Mukesh Ambani
#RILAGM | "High inflation, supply diruption led to global uncertainities", says Mukesh Ambani at the company's 45th… https://t.co/DnSKMtPQrt
— ET NOW (@ETNOWlive) 1661762568000
Mukesh Ambani says RIL to contribute to India’s progress in the next 25 years
RIL is making progress in all businesses
– Mukesh Ambani, RIL chairman
WATCH: RIL AGM LIVE
LIVE | All eyes on the big RIL AGM! New energy business to be in focus? Updates on 5G rollout to be announced? Tune… https://t.co/hthcda2w4I
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Engineering services firm L&T Technology Services announced on Monday that it has won a five-year, multi-million-dollar deal from European luxury automaker BMW Group to provide high-end engineering services for its suite of infotainment consoles targeted for its family of hybrid vehicles.
Price as on 29 Aug, 2022 02:03 PM, Click on company names for their live prices.
The Indian rupee pulled back from a record low on Monday due to likely dollar sales from the Reserve Bank of India, as a hawkish U.S. Fed stance hurt Asian currencies. The rupee was quoting at 80.0550 per U.S. dollar by 0553 GMT compared with 79.8650 in the previous session. The local unit had fallen to a record low of 80.12 in the first couple of minutes of trade before RBI stepped in, traders said.
Shares of Piramal Enterprises will trade ex-spinoff on Tuesday and any investor who wants to take the benefits of the company’s demerger plans must buy shares on Monday only.
Price as on 29 Aug, 2022 01:32 PM, Click on company names for their live prices.
European shares fall sharply as policymakers seek to tame hot inflation
European shares dropped sharply on Monday while bond yields surged as comments from central bank policymakers heightened fears of aggressive measures to stamp out inflation amid rising risks of a recession. The pan-European STOXX 600 fell 0.8% to a more than one-month low, with rate-sensitive tech stocks falling the most, down 1.4%. Germany’s ten-year yield jumped 10 basis points (bps) to a two-month high.
ABB India has expanded and upgraded its Smart Power factory in Nelamangala, Bengaluru, to meet the strong demand growth for its Smart Power solutions and energy management technologies
Price as on 29 Aug, 2022 12:50 PM, Click on company names for their live prices.
These stocks defy market mood, gain up to 9%
Price as on 29 Aug, 2022 12:25 PM, Click on company names for their live prices.
DIPAM begins testing waters for the next round of OFS
#ETNOWExclusive | DIPAM begins testing waters for the next round of OFS, @Meghnamittal23 has all the details. Read… https://t.co/Ic7Zbrswbp
— ET NOW (@ETNOWlive) 1661753919000
Syrma SGS Technology extends gains to 2nd day after listing
USFDA conducted its pre-approval inspection (PAl) and GMP inspection from August 22 to August 26, 2022, of Unit at Raleigh, North Carolina, USA, established for manufacturing MOl (Metered Dose Inhalers) and Derma products. At the end of the inspection, Aurolife has been issued a ‘Form 483’ with 1 observation and the observation is procedural in nature and there are no data integrity issues, Aurobindo Pharma said.
Price as on 29 Aug, 2022 11:43 AM, Click on company names for their live prices.
Shares of Nelco extended their gains on Monday despite a sharp selloff on Dalal Street. The stock hit its 10 per cent upper circuit for the second day in a row. Shares of Nelco zoomed 10 per cent, their limit for the buyer’s circuit to Rs 942.30 on Monday. The stock added 10 per cent to settle at Rs 865.65 on Friday. The satellite company and broadband services firm had announced a partnership with Intelsat to provide connectivity services during flights in the Indian skies.
NSE phone tapping: Delhi court dismisses Chitra Ramkrishna's bail plea in money laundering case
— Press Trust of India (@PTI_News) 1661751433000
Bhaskar Panda of HDFC Bank on where rupee is headed after hitting new lows
As the rupee hits a fresh low, Bhaskar Panda of @HDFC_Bank says that he can't guarantee that it will not depreciate… https://t.co/FK1B595hRB
— ET NOW (@ETNOWlive) 1661750740000
The government is likely to invite financial bids for the privatisation of BEML in the December quarter, an official said. Earlier this month, the corporate affairs ministry approved the demerger of land and non-core assets of BEML to BEML Land Assets Ltd.
Price as on 29 Aug, 2022 10:44 AM, Click on company names for their live prices.
Govt said to have dropped IRCTC OFS, suggest media reports; stock down 4%
Price as on 29 Aug, 2022 10:41 AM, Click on company names for their live prices.
Uday Kotak’s warning for the market
Federal Reserve Chairman Powell finally spoke firmly to fight inflation. Reminds us of Paul Volcker who broke the b… https://t.co/cAE2TYjp7p
— Uday Kotak (@udaykotak) 1661735819000
How to win the market game?
Markets don't go up in a straight line They are volatile by nature That's why there is a risk premium and longer te… https://t.co/j5pNPGzEG2
— sandip sabharwal (@sandipsabharwal) 1661739509000
Bloodbath on Street! Rs 4 lakh crore investor wealth lost
Minutes into the trading session, domestic stocks had lost Rs 3.97 lakh crore in market capitalisation to Rs 272.98 lakh crore from Rs 276.96 lakh crore last week.
Nifty in the weekly time frame has breached the previous week’s which is the first sign of exhaustion. At present juncture one need to avoid trading aggressively amid global nervousness. US Fed Chairman Jerome Powell reiterated hawkish stance on interest rate hike denting nascent hopes for a more modest path of policy tightening. Thus, it would be sensible if one avoid fresh longs in index and book profits in trading bets. Considering the present situation, a bare minimum correction of 38.6% of the entire rally from 15,183 to 17,992 comes around 16900 followed by 50% correction at 16600. On the upside Nifty need to sustain above 17,350 with some authority for the bulls to strengthen their stance.
– Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
USDINR is on a strong wicket, with such a positive USD backdrop. A strong US Dollar Index, high US bond yields with an deeply inverted yield curve and weak equity markets all makes it challenging for FPI and carry trade flows in EMs. However, the speed of the up move will be closely regulated by RBI. RBI has twin objectives of not letting the Rupee become a weak outlier and also, they do not want the USDINR to become too volatile. This means they may continue to sell USD as the spot and forwards moves to a fresh all-time high. However, this may not alter the trajectory of the pair and the path of least resistance would remain upward. We expect a range of 79.70 and 80.50 over the next 1-2 weeks.
– Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities
Sensex off day’s low, still down 900 points
IT stocks worst hit in market selloff…
Price as on 29 Aug, 2022 09:46 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The sharp rise in the Dollar index above 109 and the 10-year bond yield spiking to 3.1 % are negative for capital flows to EMs like India. FPIs are unlikely to continue buying in India in this scenario.The ‘buy on dips’ texture of the market is unlikely to hold. Investors should not rush in to buy the dips now. Better wait for the dust to settle.
YES Bank, Tata Steel, Vodafone Idea, RBL Bank among most active stocks on NSE
Price as on 29 Aug, 2022 09:22 AM, Click on company names for their live prices.
OPENING BELL: Sensex crashes 1,300 pts on Powell’s hawkish pivot; Nifty cracks below 17,200; IT stocks tumble up to 5%
RUPEE OPENS AT RECORD LOW OF 80.0750 PER U.S. DOLLAR VS PREVIOUS CLOSE 79.8650
Pre-open session: Sensex plunges 1400 points, Nifty below 17,200
Indian rupee may plumb fresh low after hawkish Powell
The Indian rupee could slip to a record low against the dollar on Monday after Federal Reserve Chair Jerome Powell signalled that restrictive policy would be kept longer to bring down inflation. The rupee is tipped to open at 80.00-80.10 per U.S. dollar, compared with the previous session’s close of 79.8650. The currency had hit an all-time low of 80.0650 last month. The rupee will “most likely” see a record low, if not at open, then later during the session, a trader at a Mumbai-based bank said.
Dollar hits 20-year high as Fed flags rates higher for longer
The U.S dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The dollar index scaled to a fresh two-decade peak of 109.4 in early Asia trade, with greenback strength pushing other major currencies to new lows and putting pressure on its emerging markets counterparts.
Asian stocks jilted as central banks promise tough love
Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields higher and tested equity and earnings valuations.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 362 points, or 2.05 per cent, lower at 17,297, signaling that Dalal Street was headed for a gap-down start on Monday.
Quarterly earnings today
Procter & Gamble Health, Sindhu Trade Links, Indosolar and Mackinnon Mackenzie & Company are among companies that will announce their quarterly earnings today.