Vinod Nair, Head of Research, Geojit Financial Services
Latest economic figures indicate that the US central bank will continue to raise interest rates. According to ISM's (Institute of Supply Management) US Non-Manufacturing PMI, the services sector expanded last month at a rate that was higher than anticipated, putting pressure on global markets. Benchmark indices followed the global trend however,mid & small capsrallied with strong outperformance.
Kunal Shah, Senior Technical Analyst, LKP Securities
Bank Nifty index is stuck in a broad range of 1500 points where stiff resistance is visible at 40,000 and support is seen at 38,500. The index will witness a trending move on a break on either side. The immediate support stands at 39,200 and if breached, we will see a further decline towards the 38,800-38,500 zone. The bias remains on the Buy side as long as the mentioned support level is held.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
Nifty has been witnessing short term consolidation, swinging in both the directions. On September 7, it opened gap down however there was no follow through selling. The index attracted buying support near the psychological mark of 17,500 as well as near the swing low of 17,468. Structurally, the consolidation can continue further and any move towards 17,700 is expected to attract another round of selling. Additionally, the selling pressure can aggravate once the level of 17,500 is breached on a closing basis.
Rupee At Close | Rupee ends at 79.90/$ versus Tuesday’s close of 79.84/$
Market at close
Benchmark indices ended the session on September 7 in the red after having recovered some loses in the afternoon session. Sensex was down 168.08 points or 0.28 percentat 59028.91, and the Nifty shed 31.20 points or 0.18 percentat 17624.40. About 2073 shares have advanced, 1289 shares declined, and 121 shares are unchanged.
Among the sectors, the auto index shed a percent while buying was seen in FMCG, IT and pharma space. The midcap and smallcap indices added half a percent each.
Concor up 8%
Cabinet allows long-term leasing of railway land for cargo related activities for up to 35 years at 1.5% of market value of land
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Spot gold prices at COMEX were trading marginally up near $1702 per ounce on Wednesday. October future contract at MCX were trading 0.02 percentlower near Rs 50,269 per 10 grams by noon session.
Gold held near $1700 per ounce on stronger dollar and better than expected US economic data boosting expectations of aggressive rate hike from US Fed. We expect gold prices to trade sideways to downwards for the day with COMEX spot gold support at $1680 and resistance at $1720 per ounce. MCX Gold October support lies at Rs 49,950 and resistance at Rs 50,600 per 10 grams
ICICI Pru August Update | New business sum assured up 47.8% YoY. New business premium up 11.3% YoY, APE down 2.3% YoY
Avinash Pathak, Research Analyst, LKP Securities
After two years of subdued demand due to the pandemic, positive tailwinds in the second half support a high consumption period. Good monsoons, better rural demand, easing supply constraints along with upcoming festive season and new product launches at varied price points are expected to boost demand ahead. Commodity costs showing some signs of stabilization is also a positive for the FMCG sector.
Market update at 2 PM: Sensex is down 123.72 points or 0.21% at 59073.27, and the Nifty shed 25.50 points or 0.14% at 17630.10.
Cipla gets US FDA nod for generic version of Revlimid used to treat various types of Cancers
European markets open lower
The pan-European Stoxx 600 lost 1.1 percent in the first 30 minutes of trading, with all sectors seeing declines. FTSE 100 is down 78.76 points at 7,221.68
Concor sees a sharp spike. According to sources, LLF (Land Licencing Fees) has been slashed to 1.5% from 6%, a much needed step for the company' privatisation
Coal India gains 2 percent
Company recorded highest ever coal production in the first five months of the fiscal. April 1 - September 4productionincreased by 44.6 MT, crossing previous high of 44.5 MT registered in FY16.
In an exchange filing, Coal India said, “At the current pace of production, if mining areas are not excessively affected by heavy seasonal deluge in September, the company is hopeful of reaching close to the apportioned H1 target of 306 MT.”
Tamilnad Mercantile Bank IPO Subscription update
The public issue ofTamilnadMercantile Bank received a decent response, getting subscribed 1.91 times so far on September 7, the final day of bidding.Investors have bought 1.66 crore shares against the offer size of87.12 lakh shares as per the data available with exchanges.
Retail investors remained at the fore by bookingtheir quota 4.66times, while the portions set aside for non-institutional investors and qualified institutional investors were subscribed 1.73 times and 1.09 times respectively.
Max Ventures to acquire Acreage Builders for Rs 291.5 cr
Dreamfolks Services sees selling pressure on Day 2
Suven Pharma promoters evaluating options to sell majority stake: Sources to CNBC TV-18
Market At 12 PM
Sensexis down 190.11 points or 0.32 percentat 59,006.88. Nifty sheds 52.60 points or 0.30 percent at 17,603.About 1898 shares have advanced, 1205 shares declined, and 122 shares are unchanged.
HDFC Bank hikes lending rates by 10 bps across tenures
Tata Consultancy Services (TCS) has been selected by Nokia for new cloud-based human capital management process
Market At 11 AM
Sensex is down 385.10 points or 0.65 percentat 58,811.89. Nifty declines 108.40 points or 0.61 percentat 17,547.20
Lupin signs an exclusive license and supply agreement with DKSH to commercialize five of Alvotech’s proposed biosimilars in the Philippines
Hindustan Aeronautics hit 52-week high after co says it assembled gas turbines for INS Vikrant
IT stocks drag indices down. Take a look at the top losers
CG Power Large Trade | 54.5 lk shares (0.4% equity) worth Rs 10.9 cr change hands at Rs 215 per share
Market update at 10 AM: Sensex is down 300.33 points or 0.51% at 58896.66, and the Nifty shed 83.80 points or 0.47% at 17571.80.
Sensex is down 340.37 points or 0.57 percent at 58,856.62. Take a look at the top losers
Bharti Airtel Large Trade | 10.5 cr shares (1.8% equity) worth Rs 7,906 cr change hands at Rs 750 per share
Sensex opens lower by around 400 points or 0.57 percent at 58,858.13. Nifty falls 110 points or 0.62 percent at 17,546.50.
Rupee opens at 79.88/$ versus Tuesday’s close of 79.84/$
Pre-Open Session
Sensex is down 407.73 points or 0.69 percentat 58,789.26, and the Nifty is down 136.20 points or 0.77 percent at 17,519.40
China August Trade Data
Imports up 0.3 percent YoY in $ terms versus estimates of 1.1 percentrise. Exports up 7.1 percent YoY in $ terms against estimate of 13 percentrise. Trade balance at $79.39 bn versus estimates of $92.70 bn
Deepak Jasani, Head of Retail Research, HDFC Securities
Indian markets could open lower, in line with Asian markets today and negative US markets on Tuesday. US stocks closed lower on Tuesday after a volatile session that saw the Dow swing roughly 400 points from peak to trough, while the Nasdaq Composite clinched its longest losing streak in six years falling for 7 consecutive sessions
Govt gives 2-year extension to power companies to comply with SO2 emission norms
The deadline to comply withsulphurdioxide (SO2) emission norms for power companies has been extended by two more years, as per a government notification issued on September 6. For utilities operating within 10 km radius of National Capital Region or in cities having a million-plus population, the deadline has been pushed to 'December 31, 2024', the Ministry of Environment stated.
Power units being operated within 10 km radius of areas marked as "critically polluted" will have to comply with SO2 emission norms by December 31, 2025, it added. The utilities that do not fall in any of the above-mentioned categories will have to comply with the emission norms by 31st December, 2026, the notification further said.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
The coming session would be quite crucial and it would probably confirm the near-term direction of the key indices. A small pushfrom the globalmarket is the need of the hour. As far as levels are concerned,17,700 – 17,800remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards18,000and beyond. On the flip side,17,600 – 17,500are to be treated as immediate support.The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focus on such potential candidates that are likely to continue their recent runs.
Wall Street closes lower
After Labor Day break on Monday, Wall Street indices closed lower on Tuesday with Dow Jones falling 290 points or 0.92 percent. S&P 500 closed 0.47 percent lower, whileNasdaqfell 86 points or 0.74 percent.Nasdaqsuffered its seventh consecutive day of losses, its longest losing streak since November 2016. Numbersfrom S&P Global showed the services sector Purchasing Managers' Index fell short of flash estimates for August.
Oil prices slip
Reversing the two-day rally on back of OPEC+’s output cut, oil prices fell on Tuesday on concerns of more interest rate hikes and COVID-19 lockdowns weakening fuel demand. Brent crudelost 3 percentand settled at $92.83 a barrel.U.S. West Texas Intermediate crude futures declined by $1.25, or 1.4 percent, to $85.63 a barrel.
SGX Nifty indicates a gap-down opening for Indian markets. Take a look at the Asian markets
FII and DII data
Foreign institutional investors (FIIs) have net bought shares worth Rs 1,144.53 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 632.97 crore on September 6, as per provisional data available on the NSE.
Markets on Tuesday
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The BSE Sensex fell 49 points to 59,197, while the Nifty50 declined 10 points to 17,656 and formed a small-bodied bearish candle on the daily charts. As per the pivot charts, the key support level for the Nifty is placed at 17,574, followed by 17,492. If the index moves up, the key resistance levels to watch out for are 17,751 and 17,846.
The Nifty Bank dropped 139 points to 39,666 and formed a bearish candlestick pattern on the daily scale on Tuesday. The important pivot level, which will act as crucial support for the index, is placed at 39,463, followed by 39,259. On the upside, key resistance levels are placed at 39,972 and 40,278 levels.
