Stock Market LIVE: Sensex up 300 pts at open; Tamilnad Mercantile to debut | Mint – Mint

US inflation data pulled the market down in the previous session with US, Asian and Europe stocks ending sharply lower. But Wall Street made a recovery on Wednesday and ended higher. Asian markets also opened on a positive note.

15 Sep 2022, 09:24:26 AM IST

Indices gain at start with Sensex and Nifty gaining around 0.5%. ICICI Bank and Maruti jump 1%

Sensex at Open

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Sensex at Open
15 Sep 2022, 09:15:21 AM IST

Buy or sell: Vaishali Parekh recommends these 2 stocks to buy today — 15 Sept

Following correction in US markets and SGX Nifty opening with significant gap down, Indian stock market opened on a negative note on Wednesday but it witnessed buying interest at lower levels and recovered all the losses in second half of the session. The Nifty ended above 18,000 with only a loss of about four-tenths of a percent, while the Bank Nifty outperformed by a wide margin to end above 41400 with gains of over 500 points.

Buy or sell stocks for today: Vaishali Parekh of Prabhudas Lilladher has recommended Kotak Bank and Asian Paints shares to buy today. (Full Story)

15 Sep 2022, 09:05:36 AM IST

Bitcoin, Shiba Inu, other crypto prices today plunge ahead of ether merge

Cryptocurrency prices traded in tight ranges as the clock ticked down to a major software upgrade of Ethereum, the most commercially important blockchain in the digital-asset sector. The decline in Bitcoin’s price continued as the world’s largest and most popular cryptocurrency was trading more than a per cent lower at $20,016. The global crypto market cap today was above the $1 trillion mark, even as it was almost flat in the last 24 hours at $1.03 trillion, as per CoinGecko. (Full Report)

15 Sep 2022, 09:04:07 AM IST

Sensex flat at preopen; Tamiland Mercantile Bank will be listed today. Vedanta, Adani Wilmar, Tata Power in Focus

Sensex at Preopen

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Sensex at Preopen
15 Sep 2022, 08:54:58 AM IST

Japanese shares rise after sharp sell-off, transport stocks gain

Japanese shares rose on Thursday as investors bought back equities after a sharp drop in the previous session, with airline and railway stocks leading the recovery.

The Nikkei share average had gained 0.46% to 27,946.20 by the midday break, recovering from its worst session in three months. The broader Topix rose 0.36% to 1,954.38.

“It is a rebound from previous session. The market fell too much yesterday,” said Seiichi Suzuki, chief equity market analyst at Tokai Tokyo Research Institute. “But the rebound is small because overnight gains in U.S. equities were limited.” (Reuters)

15 Sep 2022, 08:51:17 AM IST

Fitch lowers India’s FY23 GDP growth forecast to 7% from 7.8%

Fitch expects the Indian economy to slow down and said in a statement released late on Wednesday that it would cut the country’s gross domestic product growth forecast for the current fiscal year through March 2023 to 7% from 7.8%.

It also projected a further slowdown in growth to 6.7% in FY24 from its earlier estimate of 7.4%.

“We expect the economy to slow given the global economic backdrop, elevated inflation and tighter monetary policy,” the rating agency said.

“Inflation moderated in August as crude oil prices eased, but the risk to food inflation persists given negative seasonality towards the end of this year,” they added. (Reuters)

15 Sep 2022, 08:44:37 AM IST

Reliance Securities Stock in Focus for today: Finolex

STOCK IN FOCUS

Finolex (CMP Rs.147)

Considering the leading position in the Agri-pipe segment and backward integration for the PVC Resin business, sustained cash flow and high dividend pay-out of 35% (average over FY16-FY22), we have BUY rating on the stock, with a Target Price of Rs165.

Intraday Picks

POWERGRID (PREVIOUS CLOSE: 233) BUY

For today’s trade, long position can be initiated in the range of Rs231- 229 for the target of Rs239 with a strict stop loss of Rs226.

TATASTEEL (PREVIOUS CLOSE: 109) BUY

For today’s trade, long position can be initiated in the range of Rs108- 107 for the target of Rs113 with a strict stop loss of Rs105.

BIOCON (PREVIOUS CLOSE: 305) BUY

For today’s trade, long position can be initiated in the range of Rs303- 301 for the target of Rs311 with a strict stop loss of Rs298.

15 Sep 2022, 08:38:10 AM IST

Harsha Engineers IPO: GMP, subscription status on day 2 of the issue

The initial public offer (IPO) of Harsha Engineers got fully subscribed on the first day of subscription on Wednesday. The public offer received bids for 3,24,61,830 shares as against 1,68,63,795 shares on offer, translating into 1.92 times subscription.

Harsha Engineers International, a manufacturer of precision bearing cages, has fixed the price band at 314-330 per share for its 755-crore initial share sale. The public issue will conclude on Friday, September 16, 2022. (Read More)

15 Sep 2022, 08:36:41 AM IST

Stock to Watch: Tamilnad Mercantile Bank, Tata Steel, Vedanta, Adani Wilmar, Glenmark Life Science, KPI Green Energy, Tata Power, Bharat Electronics, HFCL and IDBI Bank 

Delta Corp, RBL Bank and Indiabulls Housing Finance Ltd to remain under the F&O ban list on Wednesday. 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 Report)

15 Sep 2022, 08:26:34 AM IST

Gold prices fall ₹265; silver price slides ₹786

Gold price in the national capital declined 265 to 50,616 per 10 grams on Wednesday despite rupee depreciation, according to HDFC Securities.

The price of the yellow metal had touched 50,881 per 10 grams on Tuesday.

However, the COMEX spot price of gold was marginally higher at USD 1,705 per ounce compared to USD 1,701 per ounce on Tuesday.

Silver price in the national capital fell 786 to 57,244 per kilogram. On Tuesday, the level was 58,030 per kg. (PTI)

15 Sep 2022, 08:26:04 AM IST

CIEL HR services expects to file DRHP by Q1 of next fiscal: Official

Staffing solutions provider CIEL Human Resources Services is well on its way towards hitting the capital market and expects to file a draft red herring prospectus by the first quarter of next financial year, a top official said on Wednesday.

The city-based company has aimed to generate top-line revenue of over 1,000 crore and another 400 crore through means of acquisitions, CIEL Group Executive Chairperson K Pandia Rajan said.

“Very much (it is on track). First component is, we wanted to raise 20 crore but we actually raised 23 crore of which 17 crore was through equity and 6 crore by means of CCD (compulsory convertible debenture). Second, we are into private equity raise which is on track right now. After that, we will file the draft red herring prospectus,” he told reporters. (PTI)

15 Sep 2022, 08:05:32 AM IST

Wholesale inflation eases to an 11-month low in August

Wholesale inflation eased to an 11-month low in August, as non-food and fuel inflation showed signs of letting up, official data showed. While overall inflation cooled for the third straight month in August, food inflation saw an uptick during the month. With global commodities and fuel prices starting to decrease, economists expect domestic prices to cool further in the coming months. (Full Story)

15 Sep 2022, 08:04:24 AM IST

Exports rise marginally in August; trade deficit more than doubles to USD 27.98 billion

India’s exports rose marginally by 1.62% to USD 33.92 billion, while trade deficit more than doubled to USD 27.98 billion in August due to increased crude oil imports, commerce ministry data showed on Wednesday.

The revised data showed that imports rose by 37.28% to USD 61.9 billion in August this year.

The preliminary data released by the ministry on September 3 had shown a 1.15 per cent decline in exports to USD 33 billion in August.

During April-August 2022-23, exports registered a growth of 17.68% to USD 193.51 billion. Imports during the five-month period of this fiscal grew by 45.74% to USD 318 billion. (PTI)

15 Sep 2022, 07:55:08 AM IST

Gadkari urges automakers to adopt global safety norms for cars in India

Road Transport Minister Nitin Gadkari on Wednesday said majority of automobile manufacturers in India are already exporting cars with six airbags, and there is a need to adopt similar safety norms for cars in the country, stressing that they should also think about safety of people using small economy cars.

Addressing the annual session of Automotive Component Manufacturers Association of India (ACMA), Gadkari pointed out that every year, some 5 lakh road accidents kill 1.5 lakh people and injure over 3 lakh.

“Majority of automobile manufacturers in India are exporting cars with 6 airbags. But in India, because of the economic model and cost, they are hesitating,” he said. (PTI)

15 Sep 2022, 07:53:15 AM IST

TCS pips HDFC Bank to become most valuable brand: Report

IT services firm Tata Consultancy Services became India’s most valuable brand in 2022, according to a report by market data and analytics firm Kantar, displacing long-time topper HDFC Bank.

TCS, with a brand value of $45.5 billion in 2022, is followed by HDFC Bank at $32.7 billion, Kantar’s BrandZ report said. HDFC Bank has held the No.1 position since the ranking was unveiled in 2014. (Full Story)

15 Sep 2022, 07:51:59 AM IST

Under scrutiny from investors and regulators, Byju Raveendran, co-founder and chief executive of edtech firm Byju’s, appeared confident on Wednesday as he shared his company’s financials for FY21 after an 18-month delay.

In an interview, Raveendran spoke about the delay in filing financials, the accounting changes that led to a drop in FY21 revenue, allegations of mis-selling of products, the company’s fundraising plan, and its aggressive acquisition strategy. (Read the excerpt)

15 Sep 2022, 07:41:42 AM IST

Tamilnad Mercantile Bank IPO share listing today. Experts predict flat debut

Tamilnad Mercantile Bank share price is going to become available for traders and investors from today. As per the information available on the BSE website, Tamilnad Mercantile Bank IPO listing date has been fixed on 15th September 2022. The BSE notice says that the equity shares of Tamilnad Mercantile Bank Limited shall be listed and admitted to dealings on the BSE and NSE in the list of ‘T’ group of securities. The scrip will be in Trade-for-Trade segment till further notice. Tamilnad Mercantile Bank share price may debut around its issue price and we may not witness much fancy on listing. (Full Story)

15 Sep 2022, 07:30:17 AM IST

India has decided to authorise SBI to promote rupee trade with Russia: FIEO president

India has decided to authorise the country’s biggest lender SBI to promote rupee trade with Russia and soon Moscow will name its bank to operationalise the mechanism, exporters’ body FIEO said on Wednesday.

The RBI in July issued a detailed circular asking banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.

Currently, a large part of bilateral trade between India and Russia is getting settled in rupee due to sanctions imposed by the US and Europe following Moscow’s attack on Ukraine.

The RBI had said for settlement of trade transactions, the concerned banks will require special rupee vostro accounts of correspondent bank/s of the partner trading country. (PTI)

15 Sep 2022, 07:29:34 AM IST

Rupee drops by 35 paise against USD on forex outflows, rate hike fears

The rupee declined by 35 paise to close at 79.52 against the US currency on Wednesday as higher-than-expected US CPI print resulted in risk-off sentiment among investors.

Foreign fund outflows and losses in the domestic equity markets also hit the rupee sentiment, forex traders said.

At the interbank foreign exchange market, the domestic currency opened at 79.58 per dollar. It hovered in a range of 79.38 to 79.60 during the session.

The domestic unit finally settled at 79.52, down 35 paise over its previous close of 79.17, ending its four-session gaining streak during which it rose by 78 paise.

15 Sep 2022, 07:28:46 AM IST

Wall Street stages recovery from previous day’s rout

Wall Street stocks ended with gains Wednesday, retracing some of the losses from one day earlier driven by stronger-than-expected US inflation data that sparked fears of more Federal Reserve interest rate hikes.

The S&P 500 rose 0.3 percent. The dollar edged down in choppy trade, as oil prices climbed.

The US inflation data still pulled European and Asian equities sharply lower, London the heaviest faller in Europe after news that UK inflation had slowed last month but remained close to a 40-year high.

US shares were battered Tuesday by the consumer price index data showing widespread inflation pressures, and though the annual CPI pace slowed in August, prices unexpectedly increased in the month compared to July.

The disappointing result left investors bracing for the Federal Reserve to continue its tough anti-inflation fight with another massive interest rate hike next week. (AFP)


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