As Nifty ended the week 1.29% higher on Friday, a long bull candle with upper and lower shadow was formed on the weekly scale. Analysts said this could be a confirmation of the bullish hammer pattern formed in the last week. On the daily chart, a small positive candle with upper and lower shadow was formed, indicating the formation of a high wave type candlestick pattern. “Having declined from the hurdle of 17,425 levels on Thursday, Nifty forming such a high wave pattern indicates minimal negative impact on the market post weakness from the hurdle. Hence, this is also signaling that the market could retest the above said resistance in the short term and eventually the resistance could be broken on the upside,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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Wall Street opens lower as jobs growth boosts rate hike bets
Wall Street’s main indexes opened lower on Friday as solid job growth and a drop in unemployment rate last month pointed to a tight labor market, giving more room for the Federal Reserve to stick to big-sized interest-rate hikes.The Dow Jones Industrial Average fell 241.7 points, or 0.81%, at the open to 29,685.27. The S&P 500 fell 37.8 points, or 1.01%, at the open to 3,706.74, while the Nasdaq Composite dropped 196.0 points, or 1.77%, to 10,877.282 at the opening bell.
Electronics Mart IPO subscribed 71.93 times on final day
The Initial Public Offering (IPO) of consumer durables retail chain Electronics Mart India received 71.93 times subscription on the final day of offer on Friday. The IPO received bids for 449.53 crore shares against 6.25 crore shares on offer, according to a data available with the NSE.The category for Qualified Institutional Buyers (QIBs) received 169.54 times subscription, Non-Institutional Investors (NIIS) 63.59 times and Retail Individual Investors (RIIs) 19.71 times.The IPO had a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale component.Price range for the offer was at Rs 56-59 a share.
Fed seen sticking to 75-basis point rate hike after jobs report
Traders of futures tied to the Federal Reserve’s policy rate added to bets on Friday that the U.S. central bank will deliver a fourth straight 75-basis point interest rate hike next month after a closely watched report showed U.S. employers did not slow hiring much, despite sharply higher borrowing costs.Fed funds futures prices implied a 90% chance that the Fed will raise its policy rate to a 3.75%-4% range when it meets Nov. 1-2, up from about 85% before the Labor Department report, which showed employers added a more-than-expected 263,000 jobs last month and the unemployment rate fell to 3.5% from 3.7%
Tech View: Nifty forms long bull candle on weekly charts. What investors should do on Monday
As Nifty ended the week 1.29% higher on Friday, a long bull candle with upper and lower shadow was formed on the weekly scale. Analysts said this could be a confirmation of the bullish hammer pattern formed in the last week.On the daily chart, a small positive candle with upper and lower shadow was formed, indicating the formation of a high wave type candlestick pattern. “Having declined from the hurdle of 17,425 levels on Thursday, Nifty forming such a high wave pattern indicates minimal negative impact on the market post weakness from the hurdle. Hence, this is also signaling that the market could retest the above said resistance in the short term and eventually the resistance could be broken on the upside,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Sun Pharma’s Shanghvi to participate in Suzlon Energy’s rights issue
Sun Pharmaceutical Industries’ promoter Dilip Shanghvi on Friday said he intends to participate in the proposed rights share issue of Suzlon Energy.Shanghvi holds a 4.2 per cent stake in the wind turbine maker.In September, debt-laden Suzlon Energy had said it plans to raise Rs 1,200 crores through a rights issue to reduce the debt on books.
Government looks to sell majority stake in IDBI Bank
The Indian government is looking to sell a 60.72% majority stake in IDBI Bank and has invited expressions of interest, it said in a notification on Friday.State-owned Life Insurance Corporation of India will also be diluting its holding in IDBI Bank as part of the state’s divestment process.The total 60.72% stake sale comprises a 30.48% stake from the government and a 30.24% stake from LIC.
Rupee slumps to record low, caps off fourth weekly decline
The Indian rupee dropped to a record low versus the dollar on Friday, on concerns over the pace of Federal Reserve rate hikes and that U.S. rates were likely to remain high for longer. The rupee finished at 82.32 per U.S. dollar, down from 81.88 in the previous session. The rupee opened at 82.20 and reached a record low of 82.4250 in the session. The Reserve Bank of India likely intervened yet again to slow the pace of rupee’s decline, three traders told Reuters.
D B Realty acquired entire stake of Spacecon Realty
Price as on 07 Oct, 2022 04:03 PM, Click on company names for their live prices.
Market View: Ajit Mishra, VP – Research, Religare Broking
Global markets, especially the US, are still not offering indications for a sustained recovery so volatility is here to stay and participants should plan overnight positions accordingly. Meanwhile, on the index front, the tone would remain positive till the Nifty holds 17,100. We feel the prudent approach is to focus on top-performing stocks from across sectors and use intermediate dips to add them instead of chasing laggards, in hope of a rebound.
Top gainers & losers on NSE in trade today
Price as on 07 Oct, 2022 03:42 PM, Click on company names for their live prices.
Sector Watch | Look, which sectors gained & lost today
Closing Bell: Sensex, Nifty end marginally lower after two-day rally; Zomato rallies 6%, Titan 5%
We expect Rupee to trade with a negative bias on risk aversion in global market and overall strength in the US Dollar. However, inflows by foreign investors may support Rupee at lower levels. Markets may also take cues from non-farm payrolls data from US which is expected to add jobs but at a slower pace compared to the previous month. USDINR spot price is expected to trade in a range of Rs 81.50 to Rs 83 in next couple of sessions.
– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
Coffee Day Enterprises’ total default at Rs 465.66 crore in second quarter of FY23
Coffee Day Enterprises Ltd has reported a total default of Rs 465.66 crore on payments of interest and repayment of principal amount on loans from banks, financial institutions and Unlisted Debt Securities as NCDs and NCRPS, for the quarter ended September 30, 2022. Coffee Day Enterprises Ltd (CDEL) which is paring its debts through asset resolution, has a total debt of Rs 490.66 crore, including short-term and long-term debt. “The delay in debt servicing is due to liquidity crisis,” said Coffee Day Enterprises Ltd (CDEL) in a regulatory update.
Gold rises Rs 37; silver gains Rs 311
Gold price in the national capital rose Rs 37 to Rs 52,300 per 10 grams on Friday amid depreciation in rupee, according to HDFC Securities. In the previous trade, the precious metal had touched Rs 52,263 per 10 grams.Silver also gained Rs 311 to Rs 62,022 per kg from Rs 61,711 per kg.
Tata Steel Long Products Q2 business update
Ashoka Buildcon unit got extension in concession period for loss of toll collection from NHAI
Suzlon Energy says Dilip Shanghvi conveyed intention to participate in rights issue
Price as on 07 Oct, 2022 02:02 PM, Click on company names for their live prices.
Share of Kalyan Jewellers rallied over 5% to Rs 104.60 in Friday’s intraday trade after the company recorded consolidated revenue growth of approximately 20% year-on-year (YoY) in Q2 FY2023. Kalyan Jewellers in a BSE filing said “our India standalone operations recorded revenue growth of approximately 14% during the recently concluded quarter as compared to the same period in the previous year, despite a strong base. Revenue growth in H1 FY2023 was approximately 48% as compared to the same period in the previous financial year.”
Price as on 07 Oct, 2022 01:55 PM, Click on company names for their live prices.
NTPC and GE Gas Power sign MoU for demonstrating hydrogen co-firing in gas turbines to further decarbonize power generation
Price as on 07 Oct, 2022 01:47 PM, Click on company names for their live prices.
Chipmakers weigh on Europe’s STOXX 600; focus on U.S. jobs data
Europe’s STOXX 600 index slipped on Friday, led by semiconductor companies after weak reports from Samsung and Advanced Micro Devices, while recession fears persisted amid signs that central banks would remain aggressive with policy tightening.The continent-wide STOXX 600 index was down 0.2% by 0704 GMT, in line with a downbeat Asian trading session.
Indian car makers have proposed cutting to 30% the tax rate on imported cars as part of a trade deal with Britain, sources told Reuters, an unprecedented move that could ease access to one of the world’s most protected automobile markets.
Price as on 07 Oct, 2022 01:41 PM, Click on company names for their live prices.
Going ahead, there are multiple global macro factors at play and higher interest rates and inflation are likely to be sticky in the developed world. Indian growth outlook appears stable and a relative outlier. However, given the outperformance of the Indian markets and with relative valuations appearing stretched, it is possible that markets see some volatility in the near term. In the medium term, the outlook for equity markets remains healthy, given the strenghth of domestic macro growth and corporate earnings trajectory.
– Shibani Sircar Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company
STOCKS AT 52-WEEK HIGHS
BSE says got SEBI approval for introducing SSE as separate segment
Price as on 07 Oct, 2022 12:22 PM, Click on company names for their live prices.
India 10-yr yield to stabilise around 7.50% – Bank of Baroda’s Mohanty
Lupin partners with global agencies to increase patient access to tuberculosis prevention treatment
Price as on 07 Oct, 2022 12:14 PM, Click on company names for their live prices.
Varroc Engineering: Standalone debt will come down just marginally but there will be a major reduction in cons debt
#StocksInNews | Varroc Engineering: Standalone debt will come down just marginally but there will be a major reduc… https://t.co/uj26UTtZOf
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Sensex extends fall, down over 300 points
From today, all brokerages will have to transfer unused funds back to clients’ bank accounts under new Sebi guidelines. Here are the highlights:
#MarketsWithETNOW | From today, all brokerages will have to transfer unused funds back to clients' bank accounts un… https://t.co/GoF9VBDWxk
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Shares of Varroc Engineering plunged as much as 9 per cent in Friday’s trade after the company announced a revised deal for their lighting business. The company said that it would now receive 520 million euros which is less than 600 million euros announced earlier. However, the company did not cite any reasons for the amendments to the deal.
Price as on 07 Oct, 2022 11:44 AM, Click on company names for their live prices.
Shares of Indian Hume Pipe Company surged as much as 14% during the early trading hours on Friday after the company bagged an order in Maharashtra for Rs 194 crore. The EPC company has received a Letter of Acceptance (LoA) for the work of Rs 194.03 crore from Maharashtra Jeevan Pradhikaran Division, Buldhana, the company said in an exchange filing.
Price as on 07 Oct, 2022 11:30 AM, Click on company names for their live prices.
Q2 BUSINESS UPDATE | Ajmera Realty & Infra Sept quarter sales value up 82% YoY
- Sept-quarter sales value at Rs 166 crore, up 82% YoY
- Sept-qtr volume sold at 79,976 sq.ft, up 49% YoY
- Impact of rising mortgage rates likely insignificant due to latent demand in real estate sector
Centrum Broking initiated coverage on Venus Pipes with a target of Rs 764. Venus Pipes is in process of increasing capacity by 2.8x to 33.6ktpa as well as backward integrating by Q1FY24E, which will aid margin expansion , it said.
Price as on 07 Oct, 2022 11:10 AM, Click on company names for their live prices.
PSU Bank stocks trade lower; check out the top losers from the pack
Price as on 07 Oct, 2022 11:01 AM, Click on company names for their live prices.
JUST IN | Indian crypto exchange ZebPay is seeking a license in Singapore
JP Morgan sees Brent prices averaging $104/bbl in 2022
Forecasts Brent prices to average $104/bbl in 2022, $98/bbl in 2023
Forecasts WTI prices to average $101/bbl in 2022, $94/bbl in 2023
Expects global Brent crude price to re-test $100/bbl this quarter
RattanIndia Enterprises Ltd said on Friday it is buying the stake it did not already own in electric motorcycles maker Revolt Motors. The company had previously owned a 33.84% stake in Revolt.
Price as on 07 Oct, 2022 10:36 AM, Click on company names for their live prices.
SBI Cards And Payment Services named Rashmi Mohanty as CFO on Thursday; stock trades flat
Price as on 07 Oct, 2022 10:35 AM, Click on company names for their live prices.
JUST IN | CREDIT SUISSE CREDIT SUISSE GROUP ANNOUNCES PUBLIC TENDER OFFERS FOR DEBT SECURITIES
RBI sells dollars as rupee hits record low on U.S. rate hike fears
The Reserve Bank of India likely sold dollars via state-run banks on Friday after the rupee slid below 82 to a record low against the dollar on concerns over the U.S. Federal Reserve rate outlook, traders told Reuters. The rupee was last trading at 82.2675, down from 81.88 in the previous session, but off the session low of 82.33. The rupee dropped to 82.33 within the first ten minutes of the open and has been range bound since, likely due to the RBI intervention, traders said.
BROKERAGE RADAR | CLSA ON INDIA NBFCS
- Expecting a decent quarter; prefer vehicle financiers
- Believe Q2FY23 should be a decent quarter for most NBFCs
- Loan growth has been picking up across the board
- Expect strong loan growth from Chola and SBI Cards
- Margin performance will likely to be divergent
- Expect NIM expansion for HFCs and gold financiers
- Asset quality performance should be strong across all players
What’s making market bullish on defence stocks?
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A close near 17300 takes some momentum away and the MACDF crossover will have to wait. Favoured view expects the pull back to finish in the 17260-187 region, before resuming uptrend. A close above this region is important to maintain the 18115 trajectory. Else expectsub 17000 levels again, though a collapse is less likely.
– Anand James – Chief Market Strategist at Geojit Financial Services
An important data which can influence markets globally is the US jobs data expected tonight. Paradoxically, good jobs numbers will be negative for markets since the Fed will have to continue with its hawkish stance if the economy continues to be strong. On the other hand if the jobs data is weak the Fed might infer that the economy is slowing down and, therefore, may go slow on tightening. This would be good for equity markets. So, investors may wait and watch these developments. The fact that FIIs have stopped selling and have turned buyers, though in small quantities, is positive for markets. For FIIs now stocks are available only at high prices. So they will be careful while selling.Financials, autos and capital goods are likely to do well even in a weak market. IT Q2 results may surprise on the upside.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Mukesh Ambani setting up family office in Singapore: Agencies
Dabur India on Thursday warned that soaring inflation during the second quarter could lower its operating margin by around 150-200 basis points year-on-year.
Price as on 07 Oct, 2022 09:40 AM, Click on company names for their live prices.
YES Bank, Voda Idea, IDFC First among most active stocks on NSE
Price as on 07 Oct, 2022 09:27 AM, Click on company names for their live prices.
No peace for India’s rupee as mighty dollar thunders on: Reuters Poll
India’s rupee will trade near its record low against the mighty greenback beyond this year, buffeted by rising oil prices and an aggressive U.S. Federal Reserve rate-hiking campaign, according to a Reuters poll of FX strategists. Steamrolled by the Fed-pumped dollar, the rupee has fallen over 10% this year and reached an all time low of 82.22/$ on Thursday, even though the Reserve Bank of India continues to sell its forex reserves to defend the local currency.
Opening Bell: Sensex slips 200 points, Nifty below 17,300; Titan rallies 5%, SpiceJet sheds 2%
Rupee hits fresh record low, crosses 82 mark vs US dollar
Following a round of hawkish messages by US Fed officials overnight, the Indian rupee on Friday hit a fresh record low of 82.22 against the US dollar.The domestic currency was down 33 paise or 0.41% vs USD.
Pre-open session: Sensex slips over 150 points; Nifty below 17,270
Rupee seen below 82 on hawkish Fed remarks, dollar outflows
The Indian rupee was expected to fall below 82 per dollar and hit a record low on Friday, after a chorus of Federal Reserve officials reiterated the need for higher interest rates ahead of the crucial U.S. jobs report. The rupee is tipped to open at 82.15-82.20 per U.S. dollar, down from 81.88 in the previous session. It is “almost certain” that the rupee will open below 82 in light of the “huge dollar demand” witnessed after normal OTC trading hours on Thursday, a trader at a private sector bank said.
Asian stocks retreat on global recession angst; dollar firm
Asian stocks declined on Friday, extending a global equity slide to a third day, as investors fretted over recession risks amid signs of further aggressive central bank policy tightening.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 35 points, or 0.20 per cent, lower at 17,281, signaling that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty fails to close above 50-DMA. What investors should do?
While Nifty50 managed to add another 57.5 points on Thursday’s expiry day, the headline index failed to close above its 50-DMA. Indicating temporary weakness, Nifty formed a small bearish candle on a daily scale.
Tokyo shares open down over caution on US rate hikes
Tokyo shares opened lower Friday on continued worries about the US rate hike campaign to fight inflation, which has driven down global shares. The benchmark Nikkei 225 index fell 1.23 percent, or 336.46 points, to 26,974.84 in early trade, while the broader Topix index gave up 1.26 percent, or 24.18 points, to 1,898.29.
Wall Street closes lower as the Fed pounds rate hike drum
Wall Street’s major indexes closed lower on Thursday as concerns mounted ahead of closely watched monthly nonfarm payrolls numbers due on Friday that the Federal Reserve’s aggressive interest rate stance will lead to a recession.
Oil prices extend gains after OPEC+ output cut plan
Oil prices rose on Friday, continuing an upward trend after OPEC+ this week agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd).