Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Domestic equities edged higher amid positive global cues. Nifty opened gap-up but failed to sustain at higher levels and closed with marginal gains of 34 points at 17,833. India VIX cooled off by 3 percent to 17.7 levels.
Indian equities although closed positive, faced resistance below 18,000 levels as markets failed to sustain yesterday’s momentum and fell from day’s highs. Fresh buying was witnessed in IT and metals while profit booking was seen in cement, real estate, consumer stocks. Global markets too are trying to shrug off growth and inflation concerns and are likely to make a positive weekly close after 3 consecutive weeks of losses. Domestic markets are likely to remain firm on the back of healthy macro data, strong intuitional flows and improvement in festive demand. Expect sectors linked to capital expenditure, consumption and credit growth to do well over the next few weeks.
Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities
After two week’s of correction, Nifty ended this week with a gain of 1.6 percent. On a weekly basis, Nifty closed at the highest levels since 14th Jan 2022.
IT stocks hogged the limelight in today's session. Infosyscontributed the most to the index gain, by rising 2.4 percent. TechMahindrawas the top gainer, up 3.4 percent. Bank Nifty index managed to surpass all previous hurdles and closed at an all-time high on a weekly basis.
Declining shares outnumbered the advancing shares on Friday where advance decline ratio stood at 0.96 on BSE. A close above 17,992 for Nifty would result in a fresh trend breakout, that could bring more bullish momentum for the index. Support has now shifted up to 17,550 levels.
Markets
This WeekSensex & Nifty snapped 2-week losing streak, with both indices gaining 2 percent each. Midcap index gained for 12th straight week, up 2 percent. Nifty Bank clocked in three consecutive weeks of gains
Palak
Kothari, Senior Technical Analyst, Choice Broking
The support for Nifty has shifted to 17,600 levels, while on the upside 18,000 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 39,500 levels while resistance at 40,900 levels. Till the time Nifty holds 17500 level, it’s looking strong on charts.
Rupee at Close | Rupee ends at 79.58/$ versus Thursday’s close of 79.71/$
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Both Sensex & Nifty Index gained 1.7 percent over the past week. Indian markets were buoyed by falling crude prices and a decline in domestic bond yields. Autos were the top losers in the week, while banks, capital goods and healthcare were the top gainers among major sectors.
Within Nifty, Bajaj Auto (-4.8 percent), Tata Motors (-3.7 percent) and Nestle (-1.9 percent) lost the most, while Shree Cement (+18.5 percent), Adani Ports (+7.1 percent) and Tech Mahindra (+5.3 percent) gained the most. Given the lack of major domestic events, Indian markets’ sentiment will be influenced by its global counterparts to determine its movement. Across the globe, investors will be keeping a close watch on China’s Inflation numbers. The volatility in oil prices and USDINR will be other important factors that may affect the market. Investors need to watch out for stock-specific news.
Market at close
After topping the 60,000 mark, Sensex gave up morning gains to end the day only 100 points higher at59,788.38. Nifty also retreated from 17,900 mark and ended the day 0.18 percent higher at 17,830.50.About 1631 shares have advanced, 1725 shares declined, and 116 shares are unchanged.
Among sectors, Nifty IT staged a remarkable recovery in the afternoon session with Tech Mahindra, Infosys and HCL Tech as top gainers. Meanwhile, selling was seen in realty and power stocks.
Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas
USDINR (CMP Rs 79.57 spot):Indian rupee appreciated by 0.14 percent on September 9 on the back of positive domestic equities and a weak US Dollar. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.30 in next couple of sessions.
SpiceJet has appointed Ashish Kumar as the Chief Financial Officer wef from Sep 9
Hecomes with over 26 years of experience across various sectors, joins SpiceJet from Interglobe Enterprises where he served as VP (Head) - Corporate Finance beginning January 2019. Previously, he served as Chief Financial Officer at Interglobe Hotels for five years from 2014 to 2018.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish’s experience and proven track record will ensure that he can successfully lead this effort. I wish him all the best for his new role.”
Nifty Realty down half a percent. Take a look at the top sectoral losers
Mihir Vora 'worried' turmoil in global economy could hit Indian market
The European Central Bank (ECB) on September 8 raised its policy rates by an unprecedented 75 basis points to deal with inflation in the continent. Another similar hike may also be in the offing…... Read More
Mahindra Logistics acquires 100% stake in V-Link Freight Services for Rs 1 cr
European Markets Updates
SBI targeting at least 15% loan growth in FY23, says Chairman Dinesh Khara
State Bank of India (SBI), the country’s largest lender by assets, is targeting a loan growth of at least 15 percent in this financial year, chairman Dinesh Kumar Khara told CNBC-TV18 on September 9.
“At least for the current (financial year) I can say with some bit of certainty (that) the way things are, I am hoping that we should be in a position to record at least 15 percent growth in the loan book,” Khara told the television channel. The bank’s current retail loan growth was “quite sustainable.” More so, loan growth was uniform across retail segments such as personal loans, and auto loans, he said.
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
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Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices rallied by 1.35% near $84.67 per barrel on Friday. Crude Oil prices rose as investors considered Russia's threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks' aggressive rate hikes and China's COVID-19 curbs weighed on demand.
We expect crude oil prices to trade sideways to up for the day. We expect crude oil prices to trade sideways to up with resistance at $89 per barrel with support at $82 per barrel. MCX Crude oil September contract has important support at Rs 6580 and resistance at Rs 6920 per barrel.
PVR shareholders, creditors to meet on October 11 to consider merger with INOX
Multiplex operator PVR has called a meeting of its shareholders and creditors on October 11 to seek their approval for the scheme of merger with rival Inox Leisure. This comes after the Mumbai bench of the National Company Law Tribunal (NCLT) on August 22 directed PVR to call a meeting.
"We wish to inform you that pursuant to the order pronounced on August 22, 2022 and received on September 5, 2022, meetings of equity shareholders will be held through video conferencing or other audio visual means on Tuesday, October 11, 2022, at 11:30 AM," PVR informed exchanges on Thursday.
Emkay Investment Managers, the asset management arm of Emkay Global Financial Services, has announced the launch of Emkay Emerging Stars Series V
The fund will open for investment from September 9, 2022. The latest series of EIML’s AIF will invest in quality names within the manufacturing sector. The fund will aim to invest in four key themes of the manufacturing sector - Beneficiaries of domestic consumption, beneficiaries of export opportunities, the enablers of import indigenization, and the enablers of manufacturing growth.
NDTV hits 5% lower circuit for 4th session. Adani Group has set Oct 17 as start date for NDTV open offer
Harsha Engineers IPO opens for subscription on September 14
The IPO, which closes on September 16, consists of a fresh issue of Rs 455 crore and an offer for sale of shares worth up to Rs 300 crore... Read More
HDFC Life allots 3.57 cr shares to HDFC Ltd at Rs 548.74/share on preferential basis
IT stocks off lows: HCL Tech, Tech Mahindra top gainers
Amit Jain, Co-founder, Ashika Global Family Office Services on Nifty touching 18,000
If the Nifty crosses 18,200 after the initial hiccup of 18,000, we believe that Indian market is going to touch a new high, outperforming any other market in the world be it US, Europe, China or Hang Seng
Inox, PVR down 5 percent on Brahmastra release day
Shares of Inox and PVR tanked over 5 percent on the day of the much-awaitedBrahmastramovie release. The stocks were among top losers on the BSE Smallcap index
Bharti Enterprises likely to exit ICICI Lombard via block trade soon: Sources
The share sale proceeds may support Bharti’s acquisition of Singtel’s stake in Airtel. Alert: Bharti General Ventures owns 3.71% stake in ICICI Lombard
Ujjivan SFB likely to launch launch QIP early next week:Sources
As per sources, the small finance bank is looking to raise between Rs 400-500 cr via qualified institutional placement (QIP).QIPlikely to have base offer of about 20 cr shares.
Markets at day's low
Indices have erased morning gains and are trading near day's low.Sensex is up 93.07 points or 0.16 percent at 59,781.29. Nifty is up 31.70 points or 0.18 percent at 17,830.50
Reliance Power down 10 percent
According to an exchange filing, VFSI Holdings - an affiliate of investment firm Varde Partners - will pick up around 15% equity stake with an investment of Rs 933 crore in Anil Ambani group’s Reliance Power.
Sneha Poddar, AVP – Research, Broking & Distribution, Motilal Oswal Financial Services
Sensex crossed 60k mark once again within a month, showing strength in the market. Buying was seen at every fall suggesting the inherent strong fundamentals of the domestic market. Robust macro data points, healthy corporate earnings and above average monsoon is providing support to the market despite weak global cues. Though the aggressive rate hikes by global central banks are likely to continue in near term despite the fear of recession looming large, Indian market is showing resilience as it benefits from the from the strong domestic consumption and China+1 strategy.
August Mutual Fund Data: AMFI
Net equity inflow at Rs 5,942.2 crversus Rs 8,882.6 cr in July. This is the lowest in last ten months. ETF inflow at Rs 7,416.5 crversus Rs 7,635 cr inflow MoM. Total debt scheme inflow at Rs 49,164 cr versus Rs 4,930.8 cr inflow MoM.
Total Assets Under Management at Rs 39.34 lk cr versus Rs 37.74 lk cr in July. SIP inflow at Rs 12,693 cr vs Rs 12,140 cr MoM
Market at 12 PM
Sensex is up 161.33 points or 0.27 percentat 59,849.55. Nifty is up 51 points or 0.29 percent at 17,849.80
Anand James - Chief Market Strategist at Geojit Financial Services
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Wayward VIX had refrained us from committing to a directional move even though the 18,600 trajectory has been maturing for a while now. This has been the reason for riding the recent moves pivot to pivot rather than embarking on an expansive move. From this perspective, we will go in today, with a downside marker pushed higher to 17,750, aiming for 17,975. While we are biased towards extending upside, we are equally mindful of a sharp long liquidation, should Nifty slip beyond 17,700 again.
FMCG stocks rally. HUL among top Nifty gainers
Lupin launches generic Suprep Bowel Prep kit in the US. It is used to clean out the intestines before colonoscopy
Nazara Tech up 7 percent
Rakesh Jhunjhunwala-backed Nazara Tech surges in trade asGoogle allows a limited launch of daily fantasy sports and rummy apps on its Play store
On World EV Day, Tata Motors announces expansion of its portfolio to make electric vehicles more accessible in India
In a press release, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd., and Tata Passenger Electric Mobility said: We are committed to launch 10 EVs in different product segments, body styles and affordability levels. Today, is a momentous occasion for us, as we announce the expansion of our EV portfolio further with a new mainstream intervention from the stable of Tata Motors, the Tiago EV. As a leader, we are now pioneering the next phase of the EV market expansion, which will bring all the EV benefits of an exciting yet easy drive, silent cabin, low cost of ownership to a more accessible level.
Zomato up 1.5 percent
Morgan Stanley has an Overweight rating on the stock with a target at Rs 80 per share while Credit Suisse has an Outperform call with target of Rs 90 per share.The company can turn EBITDA breakeven as guided, but likely at lower volumes, believes Credit Suisse
Yes Bank's Swiss Challenge for Rs 48,000 cr NPA portfolio ends
According to sources, there was no counter offer to JC Flowers' Rs 11,183 cr bid. Cerebrus-Arcil did not submit any offer
Nifty Bank gains 450 points, trading above 40,500. Take a look at the top gainers
Samvardhana Motherson International Limited (SAMIL) has inked a pact to acquire the frame manufacturing and assembly operation assets of Daimler India Commercial Vehicles; stock up a percent
PNC Infratech up over 2 percent
The company has signed a concession agreement for a HAM project with National Highways Authority of India (NHAI) for bid project cost of Rs1,458 crore. This road project in Uttar Pradesh will be constructed in 24 months, upon declaration of appointed date and operated for 15 years, post construction.
Alkem Labs gets US FDA nod for Tolvaptan, used to treat hyponatremia
Rice exporters KRBL & LT Foods down 2 percent
As per a release by the Department of Revenue, under the Ministry of Finance, 20 percent levy will be imposed on export of rice in the husk (paddy or rough), husked brown rice, semi-milled or wholly-milled rice, whether or not polished or gazed (other than Parboiled rice and Basmati rice)
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
The 12 day trading range of 17,400-17,777 and set a positive undertone in the market. Positive market breadth andoutperformanceof our domestic index in comparison to its global peers might propel to challenge the psychological level of 18,000. One can expect the Nifty to eventually head towards 18,300 in September 2022 as it is the swing high of January 2022.
Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium term perspective. After a positive opening, investors should use intraday dips towards 17,775-17,735 for creating long position for the target of 18,300 in near term.
Mahindra & Mahindra's new e-SUV launch fails to enthuse D-Street. Stock trading flat with negative bias
Rain Industries down 4% after temporary closure of an operating unit in Europe
ICICI Bank, SBI, Zomato among most active shares on the NSE
Rahul Bajoria, MD & Chief India Economist, Barclays
While monsoon rains are mean reverting to normal levels, an increase in sowing activity has improved the outlook for agriculture production. Still, to manage latent price pressures the government has introduced export duties on rice. Given India’s status as the world’s largest rice exporter with more than 30% global market share, the move appears certain to create spillover effects in several countries, which typically import rice from India.
Meanwhile, sowing of pulses and oilseeds is lagging prior-year trends, while for the rest of the key crops sowing remains ahead of last year’s levels. The government is expected to come out with the first advance estimate of the Kharif crop for FY22-23 later this month, which will give us official assessment of the impact of weakness in sowing and uneven monsoon on crop output. We expect the rice production to remain lower than last year’s level, which would break a six-year trend of continuous increases in paddy output.
Metals lead the rally as Sensex hits 60,000. Take a look at the top gainers
Vodafone Idea gains 2 percent
The government is all set to acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above, according to official sources.
