Stock Market LIVE: Indices turn flat amid volatility; Metal, Finance struggle | Mint – Mint

Asian market mostly opened in the green as investors bargain-hunted following sharp falls in the previous session. Wall Street stocks fell again overnight as recession fears brought volatility to financial markets.

27 Sep 2022, 03:01:41 PM IST

WTO chief expects downside revisions in global trade forecast

The head of the World Trade Organization told Reuters on Tuesday that she expects that global trade forecasts will be revised lower from the current 3% for 2022, citing the ongoing Russia-Ukraine war and related food and energy crises.

With ongoing Russia-Ukraine conflict and related food and energy crises, the head of the World Trade Organization expects a downward revision of the current 3% global trade forecast for 2022. (Full Story)

27 Sep 2022, 02:47:20 PM IST

Canada’s pension fund Ontario Teachers’ opens office in India

Ontario Teachers’ Pension Plan Board (Ontario Teachers’), a Canada-based pension fund with net assets of over C$242.5 billion ( 14.85 lakh crore), on Tuesday announced the opening of a new office in Mumbai, its first office in India.

Having a local team and office will support Ontario Teachers’ in sourcing investments, nurturing long-term partnerships, and attracting strong local talent. The office is in the financial hub of the Bandra Kurla Complex and is Ontario Teachers’ sixth global office and third, in the Asia-Pacific region, Ontario Teachers’ said in a statement. (ANI)

27 Sep 2022, 02:27:10 PM IST

India mulls $2.5 billion aid to manufacture grid-scale batteries

India’s power ministry is proposing a nearly $2.5 billion incentive plan to encourage domestic manufacturing of grid-scale batteries, aiming at bringing down the cost of energy storage to speed up its energy transition.

There are early-stage discussions in the government about offering incentives to manufacturers for batteries they produce over a certain time period, power minister Raj Kumar Singh said in an interview last week. The total payout could be in the realm of 200 billion rupees, he said.

Worried over rival China’s dominance in lithium, the nation is in talks with countries including Australia to secure supplies of the battery metal, he said. India also plans to promote other battery technologies. (Bloomberg)

27 Sep 2022, 02:26:34 PM IST

India’s inclusion into key govt bond index pushed back to next year: Report

Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as New Delhi still needs to address various operational issues, four sources familiar with the matter said.

Investors had expected a decision on this could come as early as this month when operators meet to review the composition of the index and after Russia’s exit earlier this year. (Full Story)

27 Sep 2022, 02:09:40 PM IST

Pound stabilises but turmoil continues for UK economy

The British pound stabilised in Asian trading on Tuesday after plunging to a record low a day earlier, as the Bank of England and the British government tried to soothe markets nervous about a volatile UK economy.

The instability began to have real-world impacts, with several British mortgage lenders withdrawing deals amid concern that interest rates may soon rise sharply.

The pound was trading at around $1.08 on Tuesday morning. On Monday it plunged to $1.0373, the lowest since the decimalisation of the currency in 1971, on concerns that tax cuts announced Friday by Treasury chief Kwasi Kwarteng would swell government debt and fuel further inflation.

Late Monday the central bank said it was “closely monitoring” the markets and would not hesitate to boost interest rates when it next meets in November to curb inflation that is running at 9.9%. (PTI)

27 Sep 2022, 02:09:01 PM IST

Omega Seiki Mobility to supply over 5,000 electric cargo 3-wheelers to Porter

Omega Seiki Mobility (OSM) will supply over 5,000 electric cargo three-wheelers to Porter for last-mile delivery under a collaboration with the logistics operator, the company said on Tuesday.

The vehicles are to be delivered to Porter by 2023.

The logistics firm already has 1,000 EVs in its fleet and it is looking to expand it five times by next year, it said.

Consumers across the world, including in India, have been shopping online in much larger numbers than earlier, increasing the demand for green mobility in the last-mile delivery solutions.

The collaboration with Porter is aimed at catering to the surging demands in this space, the company said. (PTI)

27 Sep 2022, 01:50:49 PM IST

IT index bounces back with a surge of 1%, all stocks in green

IT Index

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IT Index
27 Sep 2022, 01:38:29 PM IST

63 moons to provide next-gen tech to Italian firm; eyes pan-European markets

63 moons technologies, formerly known as Financial Technologies, on Tuesday said it will provide next-generation technology solutions to Italy-based Spuma SRL as it targets pan-European markets.

In addition, 63 moons said it will evaluate global giants in cloud computing services like Amazon’s AWS, Microsoft’s Azure and Google cloud for deploying the technology, the provider of technology solutions to financial markets said in a regulatory filing to the BSE.

63 moons provides next-generation technology ventures and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments.

The announcement comes a day after 63 moons said that it will not provide technology support to Multi Commodity Exchange (MCX) after September 30. (PTI)

27 Sep 2022, 01:37:41 PM IST

Govt reshuffles IL&FS board; Rajan becomes Non-Executive Chairman

The government has reshuffled the board of IL&FS Ltd, which is undergoing debt resolution process, with existing board member C S Rajan being redesignated as the Non-Executive Chairman.

Nand Kishore, who was serving as an executive director, has been made the Managing Director, according to the company.

In the wake of financial misdoings coming to light, the corporate affairs ministry had superseded the board of IL&FS in October 2018.

The sprawling financial services group has 347 entities under it and resolution has taken place for 246 entities after the ministry-appointed board started the resolution process.

The term of noted banker Uday Kotak, who helmed the resolution process for nearly four years, as the IL&FS Ltd board’s Non-Executive Chairman ended on April 2. (PTI)

27 Sep 2022, 01:27:59 PM IST

Japan’s Nikkei ends higher, Uniqlo clothing-owner Fast Retailing jumps

Japan’s Nikkei share average ended higher on Tuesday, led by heavyweight Fast Retailing, as investors scooped up beaten-down shares following a global sell-off as the U.S. Federal Reserve reiterated its stance to stay on an aggressive policy path.

The Nikkei gained 0.53% to close at 26,571.87, recovering from a two-month low scaled in the previous session. The broader Topix rose 0.47% to 1,837.01. The market has been regaining momentum rapidly after a global sell-off in the wake of the Fed’s policy tightening, said a market participant at a domestic brokerage.

Uniqlo clothing owner Fast Retailing rose 0.88% and was the biggest boost for the Nikkei, followed by staffing agency Recruit Holdings, which jumped 2.67%.

On the other hand, chip-making equipment maker Tokyo Electron and phone company KDDI Corp fell 0.85% and 1.25%, respectively, weighing on the index the most. (Reuters)

27 Sep 2022, 01:14:11 PM IST

Gautam Adani slips to third spot in billionaires ranking

Indian billionaire, and Adani Group’s Chairperson Gautam Adani, who recently overtook Amazon’s Jeff Bezos and become the second richest man in the world, has now slipped to the third position on the Bloomberg Billionaires Index. With this, Jeff Bezos has again reclaimed his second place by a narrow margin on the top billionaires’ list.

According to the Bloomberg Billionaires Index data updated on its website at 11.20 am, Adani’s net worth stands at $135 billion ( 10.98 lakh crore) against Jeff Bezos’s wealth of $138 billion ( 11.23 lakh crore). (Full Story)

27 Sep 2022, 12:46:21 PM IST

Tata Steel struggles in today’s session as it sheds more than 2.5%

Tata Steel

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Tata Steel
27 Sep 2022, 12:44:45 PM IST

RBI has to find ways to replenish forex reserves: HDFC Bank economist

The Reserve Bank of India may need to find ways to replenish its foreign exchange reserves such as encouraging non-resident Indians to deposit more funds, as it looks to stabilise a depreciating rupee, HDFC Bank Chief Economist Abheek Barua said.

The Indian currency has weakened 9.5% so far this year, with the central bank defending the rupee via dollar sales that have depleted its forex reserves to $545 billion from the peak of $642 billion a year ago.

“The central bank should intervene to ensure that a falling currency does not eclipse India’s fundamentals,” Barua wrote in a note this week.

While there might be some benefits of a depreciated currency in closing the trade gap, the damage to the capital account in terms of reduced confidence of investors will outweigh this benefit, he said. (Full Story)

27 Sep 2022, 12:43:26 PM IST

India’s Dish TV falls 10% as shareholders reject results, auditor appointment

Shares of Dish TV fell as much as 10% on Tuesday, a day after shareholders of the broadcast satellite service provider rejected audited statements for the last two fiscals, appointments of a new auditor and an independent director.

The shareholders rejected appointments of Rakesh Mohan as an independent director as well as S.N. Dhawan & Co LLP, Chartered Accountants as the auditor of the company.

Dish TV also adjourned its annual general meeting without a date, the company said in a filing late on Monday, adding that the strength of the board had come down to two directors, below the minimum required strength of three.

Yes Bank, which holds an about 25% stake in Dish TV, has been pushing for a board reconstitution, citing corporate governance issues.

27 Sep 2022, 12:23:26 PM IST

Adani group to invest over $100 bn in next decade, 70% for energy transition: Gautam Adani

Adani group to invest over $100 billion in next decade, 70% for energy transition, chairman Gautam Adani said.

Here are the highlights of what he said:

Adani group to raise renewable portfolio by another 45 GW of hybrid renewable power generation

Adani group to raise renewable portfolio by another 45 GW of hybrid renewable power generation

Adani group to invest $70 billion in integrated green hydrogen-based value chain

(Full Report)

27 Sep 2022, 12:07:34 PM IST

Infra stock’s bonus shares issue announced in 1:1 ratio. Details inside

Shares of GPT Infraprojects Ltd surged more than 3% to 120 apiece on the BSE in Tuesday’s early trading session after the company announced that its board has recommended the issue of bonus equity shares of the company in the ratio of 1:1 i.e., one share for every one held. (Read More)

27 Sep 2022, 12:02:04 PM IST

Noon Update: Indices highly volatile but turn green towards the noon. Sensex is 120 points higher and Nifty is up 30 points 

Auto and Metal indices drag the market, whereas FMCG and Oil & Gas are trading in green.

Sensex at Noon

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Sensex at Noon
27 Sep 2022, 11:49:43 AM IST

Oil and Gas index surge 1% in today’s trading, most stocks in green

Oil & Gas

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Oil & Gas
27 Sep 2022, 11:48:18 AM IST

Goldman sees ECB hiking by 75 basis points at next two meetings

The European Central Bank will probably hike interest rates by 75 basis points at its October and December meetings, according to Goldman Sachs Group Inc.

Economists led by Jari Stehn had previously seen a more moderate increase of 50 basis points at the ECB’s final meeting of the year, but “we believe rising inflation in the fourth quarter will make it difficult to step down the pace of hiking,” they said in a note.

After that Goldman predicts a 50 basis-point move in February — double the prior forecast — “as policy turns more restrictive, the inflation numbers stabilize and it becomes clear that the euro area is in recession,” the economists said. “Our updated forecast thus raises the terminal rate to 2.75%, taking policy more into clearly restrictive territory.” (Bloomberg)

27 Sep 2022, 11:29:04 AM IST

ICICI Securities bullish on this multibagger specialty chemical stock, raises target price

Domestic brokerage and research firm ICICI Securities hosted Gujarat Fluorochemicals (GFL) management for an investor meet in Mumbai. The brokerage highlighted that t company is optimistic about the rising opportunity in fluoropolymers and battery chemicals over next 5-10 years. The brokerage house has increased EPS estimates by 2-10% over FY23E-24E and also has raised target price. (Read More)

27 Sep 2022, 11:22:02 AM IST

Indian solar brand Goldi Solar pledges ₹5,000 cr investments in renewable space

Multi-national solar energy solutions provider Goldi Solar has announced it plans to infuse over 5,000 crore as a part of its business expansion plans, particularly in modules, cells and raw material manufacturing capabilities.

It plans to commence production at its cell manufacturing unit in Gujarat.

Goldi Solar is one of the leading Indian solar brands. The company manufactures panels, provides EPC services, and is an independent power producer. Founded in 2011, it is a multinational company headquartered in Gujarat’s Surat, catering to several international brands in over 20 countries. (ANI)

27 Sep 2022, 11:21:04 AM IST

Metal index under pressure as it sheds 2% in today’s trading, almost all stocks in red

Metal Index

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Metal Index
27 Sep 2022, 10:42:47 AM IST

Amara Raja investors are hardly excited about its backward integration plan

Shares of Amara Raja Ltd. were in focus after the company, post-market hours on Monday, announced its backward integration plan. As a part of this plan, the company has proposed to buy the plastic component business for batteries from the promoter-owned entity Mangal Industries Ltd in a share swap deal.

While the merger of the plastic component business is a step in the right direction, the capital outlay may have been better utilised for future technologies, according to analysts at Motilal Oswal Financial Services. (Full Story)

27 Sep 2022, 10:41:15 AM IST

Hero MotoCorp drags in today’s trading, sheds 2%

Hero MotoCorp

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Hero MotoCorp
27 Sep 2022, 10:17:27 AM IST

Angel One daily commodity outlook  – Gold, Crude, and Base Metal

Prathamesh Mallya, AVP- research, non-agri commodities, and currencies, Angel One Ltd’s outlook on:

Gold: We expect gold to trade lower towards 48830 levels, a break of which could prompt the price to move lower to 48410 levels.

Crude: We expect crude to trade lower towards 6220 levels, a break of which could prompt the price to move lower to 6080 levels.

Base Metal: We expect copper to trade lower towards 620 levels, a break of which could prompt the price to move lower to 610 levels.

27 Sep 2022, 10:15:45 AM IST

Rupee rises 37 paise to 81.30 against US dollar

The rupee appreciated 37 paise to 81.30 against the US dollar in early trade on Tuesday as the American currency retreated from its elevated levels.

At the interbank foreign exchange, the domestic unit opened at 81.45 against the dollar, then touched 81.30, registering a gain of 37 paise over its previous close.

On Monday, the rupee plunged 58 paise to close at an all-time low of 81.67 against the dollar.

According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee appreciated against the greenback as the dollar took a breather. (PTI)

27 Sep 2022, 10:00:06 AM IST

Harsha Engineers shares rally for second day post strong market debut

Shares of Harsha Engineers International Ltd rallied for the second straight day on Tuesday after making a strong market debut in the previous session. The stock gained more than 5% to 506 apiece on the BSE in early deals. (Read More)

27 Sep 2022, 09:38:22 AM IST

ONGC stock surges 2% in early trading, leads the list of gainers

ONGC

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ONGC
27 Sep 2022, 09:36:58 AM IST

Bharat Gears shares trade ex-bonus; stock surges

Shares of Bharat Gears Ltd surged more than 6% to 148 apiece on the BSE in Tuesday’s opening deals as the auto ancillary stock started trading ex-bonus, a day ahead of its record date for the bonus issue of the equity shares of the company. (Read More)

27 Sep 2022, 09:23:19 AM IST

Japan’s Nikkei rebound from 2-month low, tech shares lead

Japan’s Nikkei rebounded from a two-month low on Tuesday, with technology stocks leading gains, as investors scooped up beaten-down shares following a global sell-off after U.S. Federal Reserve maintained its aggressive policy stance.

The Nikkei rose 0.83% to 26,651.60 by the midday break, after falling to its lowest since July 14 earlier in the session. The broader Topix advanced 0.96% to 1,882.09.

Shares of robot manufacturer Fanuc rose 1.77% to boost the Nikkei, followed by a 2.14% jump in battery maker TDK . Staffing agency Recruit Holdings gained 2.35%. (Reuters)

27 Sep 2022, 09:22:12 AM IST

Indices open higher with Sensex and Nifty adding 400 and 100 points in early trading 

Sensex at Open

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Sensex at Open
27 Sep 2022, 09:13:37 AM IST

Geojit Financial Services views on today’s market: Except for falling crude there are no positive triggers for the equity market now.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The dominant dynamic roiling equity and currency markets globally is the combination of relentless rise in dollar and the sustained rise in US bond yields. So long as this trend continues, equity markets will be under pressure. FPIs turning big sellers in India ( 5101 cr in cash market yesterday) is an indication of the risk-off in equity in emerging markets.

In the context of rising US bond yields, RBI will be forced to raise rates by around 50 bp on September 30th. This will be another negative for equity markets.

In brief, except for falling crude, there are no positive triggers for the equity market now. This is not the time to aggressively buy the dips. However, there is scope for selective buying in the broader market. There are stocks rising even in this weak market. These are signals of accumulation on strong fundamentals.

27 Sep 2022, 09:09:45 AM IST

‘Stronger for Longer’: Jefferies raises target price of this Tata Group stock

Global brokerage Jefferies recently hosted Puneet Chhatwal, CEO and Giridhar Sanjeevi, CFO of Indian Hotels Company Ltd (IHCL) for investor meetings in US. With improving visibility on the occupancies/pricing, the brokerage house has increased IHCL’s FY23-FY25 EBITDA estimates by 14%-19%. (Read More)

27 Sep 2022, 09:04:43 AM IST

Sensex preopens flat; Mahindra Logistics, BPCL, HCL, Forbes & Company in focus

Sensex at Preopen

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Sensex at Preopen
27 Sep 2022, 08:56:19 AM IST

SmallCap World Fund buys Mastek shares worth ₹96 crore

Small Cap World Fund on Monday acquired software company Mastek Ltd’s shares worth over 96 crore through an open market transaction.

According to bulk deal data available with BSE, SmallCap World Fund Inc purchased 5,49,676 shares of the company, amounting to a 1.82 per cent stake in the firm.

The shares were bought at an average price of 1,759.97 apiece, taking the transaction value to 96.74 crore.

Meanwhile, Hornbill Orchid India Fund sold 4,29,086 shares of Mastek.

Shares of Mastek closed 1.52% lower at 1,731.15 on the BSE. (PTI)

27 Sep 2022, 08:55:29 AM IST

RBI tells banks to make extra provisions for earlier defaults

The Reserve Bank of India has identified a set of loan accounts, including companies owned by the state governments which defaulted on repayments between FY20 and FY22, and has asked banks to make provisions against them retrospectively, two bankers in the know said. The regulator recently conducted an inspection for FY22 and insisted that the banks set aside 20% of outstanding loans taken by the entities as provisions. RBI pulled up banks for not following a 7 June 2019 circular on the resolution of stressed assets, which mandated lenders to review loan accounts within 30 days of default. (Full Report)

27 Sep 2022, 08:41:53 AM IST

Reliance Securities Stock in Focus for today: Blue Star

STOCK IN FOCUS

Blue Star (CMP Rs.1,090)

With the higher earnings growth, better margin profile and improved business visibility over the medium term, we have our BUY rating on BLSTR, with a Target Price of Rs1,475.

Intraday Picks

BERGEPAINT (PREVIOUS CLOSE: 627) BUY

For today’s trade, long position can be initiated in the range of Rs623- 618 for the target of Rs644 with a strict stop loss of Rs609.

LUPIN (PREVIOUS CLOSE: 654) BUY

For today’s trade, long position can be initiated in the range of Rs638- 632 for the target of Rs667 with a strict stop loss of Rs619.

SUNTV (PREVIOUS CLOSE: 490) SELL

For today’s trade, short position can be initiated in the range of Rs494- 498 for the target of Rs476 with a strict stop loss of Rs507.

27 Sep 2022, 08:39:15 AM IST

Russian minister shows interest in collaboration with India on telecom, 5G at ITU meet

Russia’s Deputy Minister of Digital Development, Communications and Mass Media Bella Cherkesova has expressed in deepening the collaboration with India in telecom technology, security, and developing 5G use cases, an official statement said on Monday.

She met India’s Minister of State for Communications Devusinh Chauhan on the sidelines of a conference of the UN body International Telecommunication Union (ITU) in Romania which commenced on September 24.

During discussions with the Russian minister, Chauhan apprised her about India’s success in spreading the digital infrastructure across the country, particularly, in rural and remote areas, recent 5G spectrum auction and impending commercial 5G launch in India. (PTI)

27 Sep 2022, 08:36:47 AM IST

Stocks to Watch: Mahindra Logistics, BPCL, MCX, Amara Raja, HCL, Bharti Airtel, Paytm, Axis Bank, Servotech Power Systems, Forbes & Company

Vodafone Idea, Zee Entertainment, and Punjab National Bank will be under the F&O ban list for Tuesday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)

27 Sep 2022, 08:13:01 AM IST

HCL Technologies launches new brand positioning and logo

HCL Technologies (HCLTech) on Monday launched its new brand identity and logo, which seeks to embrace a distinct global brand identity while retaining connectivity with HCL Group.

The company’s new ‘HCLTech’ brand and logo will be at the heart of its go-to-market strategy and represent its differentiated portfolio of services and products that supercharge digital transformation for enterprises at scale, HCL Technologies said in a statement.

As the company nears the $12 billion revenue mark, Roshni Nadar Malhotra, Chairperson, HCLTech, described the announcement as an evolution for HCLTech to embrace a distinct global brand identity while retaining connectivity with HCL Group.

“For HCLTech, Supercharging Progress is about accelerating the digital transformation for our clients everyday as well as the ethos of the organization to advance the aspirations of our people, contribute to a sustainable planet and uplift local communities across our global footprint,” Malhotra said. (ANI)

27 Sep 2022, 08:12:36 AM IST

Cryptocurrency prices today rally as Bitcoin, ether surge over 5% each

Cryptocurrency prices today rose as Bitcoin, the world’s largest and most popular cryptocurrency, was trading more than 5% higher at $19,736. The global crypto market cap today was nearing the $1 trillion mark, as it was up over 3% in the last 24 hours at $999 billion, as per CoinGecko. (Read More)

27 Sep 2022, 07:55:53 AM IST

Govt commits ₹7,385 crore under Fund of Funds for Startup India Investment

The Central government on Monday said that the Fund of Funds for Startups (FFS), launched under the Startup India initiative in 2016 by Prime Minister Narendra Modi has committed 7,385 crore to 88 Alternative Investment Funds (AIFs) as of September 24, 2022.

According to the Ministry of Commerce and Industry, these AIFs in turn have invested 11,206 crore in 720 startups.

FFS which was announced with a corpus of 10,000 crore has been playing a monumental role in mobilizing domestic capital in the Indian startup ecosystem.

“The corpus is to be built up over the 14th and 15th Finance Commission Cycles (FY 2016-2020 and FY 2021-2025) through budgetary support by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. (ANI)

27 Sep 2022, 07:54:04 AM IST

India ONGC gets better price for oil under new rules -sources

India’s Oil and Natural Gas Corp has for the first time sold oil through a three-month local tender, commanding $5-$8 per barrel more than existing rates under new rules that allow producers marketing freedom, industry sources said.

ONGC, the country’s top oil explorer, accepted bids at that level through auction of light sweet oil from its western offshore field, including supplies from the country’s flagship Mumbai High fields, they said.

In June India abolished a rule that said oil from blocks awarded prior to 1999 must be sold to government-nominated customers, mostly state refiners. That meant producers such as ONGC and Oil India often sold oil from those blocks at below market rates. (Reuters)

27 Sep 2022, 07:53:20 AM IST

Moody’s Analytics on Monday lowered its global economic growth forecast to 2.7% for 2022 from the 4.2% forecast in January

The global environment has become more fragile as record-high inflation continues to gain momentum and growth decelerates, it said.

It has projected global growth to slow down to 2.3% in 2023 from the 3.6% estimated earlier.

In its report Global Outlook: Global Economy on Edge, Moody’s Analytics cautioned that while it has projected that the global economy will grow in 2022, any policy missteps or additional risks would increase the threat of a global recession in the next 12 months above its current assessment.

“Stagflation risks have risen worldwide, but a stagflationary environment would take months to be realised…Business sentiment remains muted and is consistent with a global economy that is just avoiding recession,” the agency said in a report. (Read More)

27 Sep 2022, 07:50:53 AM IST

Market wrap: Views from LKP Securities, Kotak Securities, TrustPlutus Wealth, and Angel One on Monday’s market

Rupak De, senior technical analyst at LKP Securities: Nifty remained volatile with a predominant negative bias throughout the day before ending 1.80% lower. The index fell below the previous consolidation low on the daily chart. However, it has found support at the long-term moving average, 200 DMA, which may act as the “line of polarity” for the short term. The momentum indicator is in bearish crossover and falling.

The trend for the short-term looks negative; however, further selling pressure may be seen only below 17950, where the 200 DMA is currently placed. On the higher end, immediate resistance is visible at 17300-17350.

Shrikant Chouhan, head of equity research (retail), Kotak Securities Ltd: The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.

Vineet Bagri, managing partner- TrustPlutus Wealth: It seems that Indian markets are now catching up with global markets which have been soft for a month now. The sell-off which began last Friday continues today with the mid/small cap stocks particularly taking it on the chin. With today’s fall the Nifty return CYTD 2022 has turned negative.

The only sector holding out is the IT sector which is in the green due to the tailwind of a depreciating rupee which is at an all-time low of ~Rs.81.50

Investors are cautious on the outlook for equity markets globally due to the increasing assertiveness of global central banks on implementing interest rate hikes to tame rising prices. Thus central banks are likely to prioritise inflation control vis a vis economic growth thus raising the risks of a global recession.

On the positive side we have crude below ~$85/bl, but the benefit of the same gets negated partly due to the strengthening dollar. India is currently in a better position with a pickup in credit growth to ~15% and an uptick in tax collection.

India’s economy is in far better shape than others as regards growth prospects over the next 12 months. High frequency indicators too are stable. Nonetheless we could see further cuts in the Indian market over the next few days considering the hawkishness being displayed by global central banks and a weakening currency.

The selloff in the pound, unrelenting rise in the dollar index, weakening rupee and the impending RBI meet in the latter part of this week should keep markets on the tenterhooks. Nonetheless, we continue to believe in the relative outperformance/strength of Indian markets vs emerging/developed economies. We believe one needs to look beyond these current worries and use the bouts of volatility to invest in steady compounding stocks which are in secular businesses.

Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd: Recently, we managed to decouple with our global peers, but in the last couple of sessions, our markets finally surrendered to the global sell-off. Although we are back to the psychological level of 17000 in a flash, our broader structure still looks quite robust as compared to the US markets. Hence, we advise traders not to get baffled by this sharp decline and to remain firm. The benchmark index Nifty has now entered a cluster of key moving averages i.e. 89-day EMA and 200-day SMA. Also, the previous breakout point coincides around 16800; hence, as of now, we do not expect the correction to extend below these levels. If it gets breached, we may have to revisit our view; but as of now, we would like to believe we are very much close to the sacrosanct supports, and since markets are extremely oversold, it’s advisable to trim existing shorts and start nibbling into quality propositions.

Taking a glance at the US markets, we will not be surprised to see some relief in key indices there as they have been on a continuous declining spree for a month. Any rebound could certainly provide the much-needed cushion for our domestic markets, and since we are relatively stronger, a possibility of a sharper bounce back cannot be ruled out. As far as supports are concerned, 17000 – 16900 – 16800 is to be seen as a sacrosanct cluster, whereas on the flip side, 17200 followed by 17350 are to be seen as intraday resistances.

27 Sep 2022, 07:33:07 AM IST

Mahindra to buy Rivigo’s B2B express biz

Mahindra Logistics on Monday announced the acquisition of the B2B express business of Gurugram-based logistics firm Rivigo Services, which will help the company accelerate its capabilities in this space.

Mahindra Logistics Ltd (MLL) will acquire the express business through a business transfer agreement (BTA), including the customers, team and assets of Rivigo’s B2B express business and its technology platform, Mahindra Logistics said in a statement.

Rivigo, however, will continue to own its truck fleet and the rights to the full truck load (FTL) operations. (PTI)

27 Sep 2022, 07:32:20 AM IST

Rupee plunges to all-time low of 81.67 against US dollar on heavy forex outflows

The rupee plunged 58 paise to close at an all-time low of 81.67 against the US dollar on Monday as the strengthening of the American currency overseas and risk-averse sentiment among investors weighed on the local unit.

Moreover, escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows sapped investor appetite, forex traders said.

At the interbank foreign exchange market, the local currency opened at 81.47, then fell further to close at an all-time low of 81.67 against the American currency, registering a decline of 58 paise over its previous close.

On Friday, the rupee slumped 30 paise to close at 81.09, its previous record low. (PTI)

27 Sep 2022, 07:29:12 AM IST

Dow, S&P fall again, ending at lowest level of year

Wall Street stocks fell again Monday as major indices slumped to their lowest level of 2022 amid market fallout from central bank policy pivots to address inflation.

After last week’s rout, US indices climbed early in the session before falling.

The Dow Jones Industrial Average finished down 1.1% at 29,260.81.

The broad-based S&P 600 shed 1.0% to 3,655.04, while the tech-rich Nasdaq Composite Index declined 0.6% to 10,802.92.

Monday was the lowest close of 2022 for both the Dow and S&P 500. (AFP)


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