Ajit Mishra, VP - Research, Religare Broking
Markets were upbeat on the weekly derivatives expiry day and gained nearly a percent, tracking firm global cues. Nifty has again reached the upper band of the prevailing consolidation range (17,300-17,800) and a decisive breakout would fuel the next leg of the up move towards the 18,100+ zone. Importantly, rotational buying across sectors combined with steady foreign flows has strengthened the possibility of a breakout. Participants should align their positions accordingly and avoid contrarian trades.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty rose on September 08 after a two day fall. It opened gap up and then remained in a 102 point range through the day. At close, Nifty was up 0.99 percent or 174.35 points at 17,798.75. Among sectors, banks and IT gained the most, while metals and realty fell the most. Advance decline ratio was positive at 1.56:1.
Nifty broke above the recent high of 17,777 easily. Now the next tough resistance is 17,992. On falls, 17,651 could be the support.
Vinod Nair, Head of Research, Geojit Financial Services
The domestic financial market experienced a wave of optimism tracking strength across global markets as oil prices eased. Despite premium valuations, consistent FII inflows are aiding Indian bourses to stay resilient. On the sectoral front, auto stocks were in focus as retail sales of automobiles grew 8.31 percent YoY in August while banking stocks moved in sync.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
Nifty had taken support near the psychological mark of 17,500 on September 7 and had started moving higher. The up move extended on September 8 as well. Consequently, the index is approaching upper end of the consolidation range. 18,000-17,200 has been the short term consolidation range. Thus, the index is likely to stumble as it approaches the 18,000 mark. The overall structure suggests that we are likely to see further consolidation before the index resumes the larger uptrend.
Markets at close
It was a good day for markets as benchmark indices ended the session in green with Sensex jumping over 650 points or 1.12percentat 59,688.22. Nifty added 174 points or 0.199 percent and ended the day at 17,798.40. About 2073 shares have advanced, 1289 shares declined, and 121 shares are unchanged.
Among the sectors, financials led the rally with Nifty Bank ending above 40,200. While Nifty Metal shed about a percent, Nifty Pharma too ended the day in red. Buying was also seen in IT, autos and infrastructure stocks.
Rupee At Close | Rupee ends at 79.71/$ versus Wednesday’s close of 79.90/$
Tata Power to set up 100 MW captive Solar Power Plant for Viraj Profile in Nashik. Plant will provide power to Viraj Profile’s stainless steel manufacturing plant at Tarapur
Tanla Platforms up 5%
Board approves Rs 170 cr share buyback at Rs 1200 per share via tender offer
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Crude oil prices traded steady with benchmark NYMEX WTI crude oil prices were trading near $81.94 per barrel on Thursday. Crude oil prices pared early gains resumed downtrend on weaker demand. Prices slumped to their lowest levels since January on Wednesday, after weak economic prints from China, interest rate hikes and a surprise rise in US inventories brewed concerns over slowing demand. The US energy watchdog forecast slightly higher demand and tighter supply going into 2023.
We expect crude oil prices to trade sideways to down with resistance at $84 per barrel with support at $80 per barrel. MCX Crude oil September contract has important support at Rs 6450 and resistance at Rs 6650 per barrel.
Market update at 3 PM: Sensex is up 647.46 points or 1.10% at 59676.37, and the Nifty jumped 170.40 points or 0.97% at 17794.80.
Bank Nifty added 2 percent led by Bank of Baroda, Bandhan Bank, Axis Bank, ICICI Bank and SBI
Mahindra Logistics unveils 1 lakh square feet multi-client warehouse in Nashik:
Panacea Biotec Pharma receives ‘Official Action Indicated’ classification on Baddi unit after USFDA inspection
In an exchange filing, the company informed “Panacea Biotec Pharma has received a communication from the USFDA indicating the inspection classification as Official Action Indicated (OAI). This implies that the USFDA expects further corrective actions.”
Markets at 2 PM
Sensex is up 459.10 points or 0.78 percent at 59,488.01. Nifty gains 117.40 points or 0.67 percentat 17,741.80
China Data Watch | August retail passeneger vehicle sales up 28.4 percent YoY
Angel One reaches a new milestone for demat accounts
Fintech company Angel One (formerly known as Angel Broking Limited) added 0.44 million clients to grow its client base to 11.18 million, an 81.9 percent YoY increase, in August 2022. The company also recorded a whopping 117.9 percent growth YoY in its Average Daily Turnover to Rs 12.38 trillion. Company’s overall equity market share stands at 21.5 percentfor the month and average client funding stands at Rs 13.72 billion
Lemon Tree Hotels signs licence pact for 64-room hotel in Tamil Nadu
Pennar Industries bags orders worth Rs 511 cr in July & August
European markets update
European markets opened higher on Thursday following a rebound on Wall Street.The pan-European Stoxx 600 was up 0.53 percentshortly after the open. Meanwhile, FTSE and DAX advance 0.4 percent each. Investors are closely monitoring European Central Bank's latest monetary policy announcement, due today.
Nifty Pharma slips into red. Take a look at the top losers
TVS Motor launches 2022 TVS Apache RTR 160 at an ex-showroom price of Rs 1.17 lakh; Apache RTR 180 at Rs 1.30 lakh
Concor in focus
Union Railways Minister AshwiniVaishnaw says "IfConcor wants to avail the new licence fee, it will have to enter the bidding process."
Schneider Electric hits 52-week high
Company has received approval from its Board of Directors for enhancing the production capacity of vacuum interrupters & vacuum circuit breakers by setting up a manufacturing unit in Kolkata
Code green: Paint stocks surge as crude slides to January lows
crude derivatives form about 40 percent of raw material costs for large paint companies. With crude oil prices easing from highs, paint manufacturing costs will be lesser and margins will be higher... Read More
Markets at 12 PM
Sensex is up 463.40 points or 0.79 percentat 59,492.31. Nifty has added 123.80 points or 0.70 percentat 17,748.20
Selling seen in metal stocks; Nifty Metal worst sectoral performer. Take a look at the top losers
Tata Steel Large Trade | 22.9 lakh shares (0.2% equity) worth Rs 24.5 cr change hands at an average of Rs 107 per share
Wockhardt in focus: Promoter created pledge of 12 lakh shares on September 5
Shares of Sonata Software surge ahead of record date for bonus issue
Record date for the bonus issue of equity shares, announced in the ratio of 1:3, is this week on Saturday, September 10. Stock will trade ex-bonus tomorrow
Hindustance Zinc in focus: Company has formed a fertiliser subsidiary in the name of Hindustan Zinc Fertilisers
Nifty Auto advances close to a percent. M&M hits 52-week high. Take a look at the top gainers
BSE Midcap and Smallcap gain over half a percent. Take a look at the top gainers
Zee slumps in trade
The National Company Law Tribunal (NCLT) has directed Zee Entertainment Enterprises to call a shareholder meeting on October 14 over the proposed merger deal with Sony Pictures Networks India Pvt Ltd, a regulatory filing said on September 7
Banks lead the rally. ICICI Bank gains over 2.4 percent, SBI up 1.1 percent
Market At 10 AM
Sensexis up 528.75 points or 0.90 percentat 59,557.66. Nifty has added 142.40 points or 0.81 percent at 17,766.80
Prabhudas Lilladher’s Medium Term Technical Pick
BUY Oberoi Realty | Target: Rs 1125 | Stop Loss: Rs 990
The stock is in strong up trend and has recently given correction. The correction landed on the channel support and turned up
All sectoral indices trading in the green. Take a look
IndiGo Large Trade | 1.4 cr shares (3.6% equity) worth Rs 2,704.5 cr change hands at an average of Rs 1,900 per share
On Wednesday, Indigo said in a release that Rakesh Gangwal, co-founder, and his family are looking to sell a 2.8 percent stake in the firm through a block deal.
Sensex opens higher 455.92 points or 0.77 percent at 59,484.83. Nifty gains 134.40 points or 0.76 percent at 17,758.80
Auto stocks in focus
Total vehicle retail for the month of August 2022 saw a growth of 8 percent YoY. 2-wheeler sales up by 8.5 percent at 10,74,266. 3-wheeler sales jump 83 percent YoY to 56,313, as per data released by FADA(Federation of Automobile Dealers Association)
CreditSights finds calculation errors in making debt report for two Adani firms
After calling the $200 bn Adani Group "deeply overleveraged",Fitch Group's debt research unit CreditSights said it had made calculation errors in a recent debt report on two Adani companies, following a conversation with the management. "As part of this discussion, we discovered errors we had made in two of the Adani Group companies, Adani Transmission," CreditSights said in a report dated September 7.
Rupee Check | Rupee opens at 79.68/$ versus Wednesday’s close of 79.90/$
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
There is a clear message from the market now. Despite high valuation, global headwinds from elevated inflation, slowing global economy and an ultra-hawkish Fed, the domestic market has been surprisingly resilient. The tape is signalling momentum and bullishness. Investors should not 'fight the tape' and take a contrarian view, at least in the near-term.
The ‘buy on dips’ strategy has worked very well in this rally and it makes sense to continue with the strategy. Domestic economy-facing segments such as banks, autos, capital goods, telecom and FMCG will continue to do well. If the rally is to sustain from the current levels, it will need support from the beaten down IT segment, which looks good from the valuation perspective.
Dr. Reddy's launches Lenalidomide capsules in the US
In an exchnage filing, the company announced the launch of Lenalidomidecapsules in the USwith two of six strengths eligible for first-to-market, 180-day exclusivity.Capsules are available in strengths of 2.5 mg, 5 mg, and 10 mg, each in a bottle-count size of 28, as well as 15 mg, 20 mg, and 25 mg strengths, each in a bottle-count size of 21, the company said.
Adani Group's open offer for NDTV to start on October 17, end on November 1
Adani Group's open offer for acquisition of up to 16,762,530 fully paid-up equity shares of face value of Rs4 each,representing 26.00% of the voting share capital of New Delhi Television (NDTV) from public shareholders to start on Oct 17 and end on Nov 1. Last date for upward revision of the offer price/the size of the offer is October 13
Oil settles below $90 as recession fears mount
Brent crude futures settled down $4.83 to $88 a barrel, falling below $90 a barrel for the first since February 8. The US West Texas Intermediate crude settled down by $4.94, or 5.7 percent, to $81.94, its lowest since January.
US Markets on Wednesday
Wall Streetposted best day since August 10 for all three averages.Dow Jones Industrial Average rose 435.98 points, or 1.4percent, to 31,581.28, the S&P 500 gained 71.68 points, or 1.83 percent, to 3,979.87 and theNasdaqComposite added 246.99 points
Asian Markets Update
Markets in Asia-Pacific tradinghigher following Wall Street’s solid rebound rally. Take a look
