Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
The BankNifty index witnessed a significant double top breakdown pattern, which often signals a reversal in trend. This bearish pattern was largely influenced by selling pressure in HDFC Bank.The index breached its 20-day moving average (20DMA) located at 45,000. A break above this level could trigger some short-covering, but the overall sentiment remains bearish.The prevailing sentiment in the BankNifty index remains bearish. As a result, it's advisable to maintain a "sell on rise" approach. The next immediate support is seen in the 44,500-44,400 range.
Rupak De, Senior Technical analyst at LKP Securities
Nifty experienced consistent selling pressure throughout the week, resulting in a decline of 2.80% from its all-time high. This recent correction has caused it to dip below the critical 21-day Exponential Moving Average (21EMA). The sentiment appears bearish at this point, with a key support level identified at 19,600. A breach below 19,600 could potentially initiate a more significant market correction. On the upside, 19,800 is expected to serve as a resistance level.
Amol Athawale, Vice President - Technical Research, Kotak Securities Ltd
Downward spiral continued in the markets despite recovery in other Asian peers, as investors booked profits for the 4th straight session after the recent upsurge. While Indian market valuations have become expensive, other bigger concerns like rising crude oil prices, firm US Dollar index and treasury yields coupled with continuous FII selling have been denting the sentiment. Technically, on weekly charts, the Nifty has formed a long bearish candle, indicating a weak sentiment in the near future. However, due to temporary oversold conditions, we could expect a one quick pullback rally in the near future. For the short-term traders now, the 50-day SMA (Simple Moving Average) 19600 and 19500 would be the key support zones while 19800 and 19900 could be key resistance areas. For Bank Nifty, the 50 day SMA or 45000 would be the sacrosanct support level. As long as its trading below the same, the weak sentiment is likely to continue. Below which, the index may slip till 44300-44000. On the flip side, a fresh uptrend is possible only after the dismissal of a 50 day SMA or 45000, above which it could move up till 45400-45500.
Vikas Garg – Head of Fixed Income, Invesco Mutual Fund
Much-awaited India’s inclusion in global bond indices becomes a reality now which will strengthen India’s external fundamental factors. Inclusion in the JP Morgan index alone can prompt an inflow of more than $25 billion over the next 2 years thereby lowering market yields and also supportingthe currency. It may also open doors for inclusion in other global debt indices. The timing couldn’t have been better as the global backdrop has become more challenging with elevated rates, the surge in crude prices and currencies under pressure. Overall, a big positive for the Indian fixed-income market.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets extended decline and lost nearly half a percent, in continuation to the prevailing corrective phase. After the initial uptick, Nifty oscillated sharply in a range and finally settled around the day’s low at 19,674.25 levels. Pharma, realty and metals were top losers among the sectoral pack. However, stability on the broader front eased some pressure.
Feeble global cues combined with pressure on select heavyweights are weighing on the sentiment. Going ahead, recovery in the banking and financial majors would be critical for any meaningful rebound else the corrective tone would continue. We feel it is prudent to restrict aggressive positions until the market stabilizes.
Palka Arora Chopra, Director, Master Capital Services
We believe the inclusion of Indian Bond came at the right time as China's economy is facing weakness and slowdown. This will drive Foreign Investors’ interest towards India as India continues to maintain its GDP growth with inflation peaking out and a rebound seen in the rural economy. The inflows will also lead to lower borrowing costs for the Govt which will drive the capex plans of the government further.
Rupee close
Rupee ends at 82.93/$ against Thursday’s close of 83.09/$
Market close: Indices extend losses to fourth session after volatile trade, Nifty ends below 19,700
Benchmark indices ended lower for the fourth straight session after a volatile trade.The Sensex ended221.09 pointsor 0.33 percent lower at 66,009.15, and the Nifty was down 68.00 points or 0.34 percent at 19,674.30.
PSU banks saw strong buying following JP Morgan's announcement of India bond inclusion, while pharma and metals were the major sectoral losers. Market breadth also favoured declines as about 1,747 shares rose, 1,779 fell and 143 were unchanged.
For the week, the market recorded its biggest weekly loss in seven months, snapping a three-week winning streak, with the Sensex and Nifty down around 3 percent each. The Nifty Bank index was down more than 3 percent while the Nifty Midcap 100 lost around 2 percent this week. Except PSU Bank index, all sectoral indices posted weekly losses.
Power Grid, Asian Paints, Coal India, NTPC, HDFC Life were the top Nifty gainers whereasHDFC Bk, UltraTech, DRL, Wipro were the biggest laggards.
Berger Paints, REC, PFC, Union Bank, Canara led gains amongst midcaps. On the flipside, GNFC, Syngene, Zydus, Godrej Prop were the worst hit among midcaps.
Stock Market LIVE Updates | Paisalo Digital to consider fund raising via NCDs on private placement basis on Sep 27
Stock Market LIVE Updates | HCLTech bags contract from ANZ to provide digital workspace services
HCLTech on September 22 said ANZ, one of Australia’s four largest banks and the largest banking group in New Zealand and the Pacific, has signed a deal with the IT firm to “transform ANZ’s digital employee experience across 33 countries.”
HCLTech will provide ANZ with digital workplace services and experience management across end user devices and applications including laptops, mobile phones and tablets, the company said in a press release.
HCLTech will be leveraging next-generation technologies including extended reality, GenAI and IoT-powered workspaces to enable experiential, sustainable and inclusive workplaces.
Stock Market LIVE Updates | CNBC-TV18 newsbreak confirmed, I-T dept conducting searches at Lux Industries' premises
Lux Industries said that the Income Tax department was conducting searches at its premises and the company is extending its full support to the operation. Since the survey is yet to be concluded, the firm said it is unable to make an assessment of the impact
Stock Market LIVE Updates | Ambuja Cements incorporates three subsidiaries, LOTIS IFSC, Ambuja Concrete North & Ambuja Concrete West
Sensex Today | Market at 3 PM
The Sensex was down 190.15 points or 0.29 percent at 66,040.09, and the Nifty was down 62.00 points or 0.31 percent at 19,680.30. About 1,494 shares advanced, 1,576declined, and 101 were unchanged.
Senses Today| Vaibhav Jewellers IPO bought 10% on first day of bidding
Manoj Vaibhav Gems N Jewellers IPO has seen muted response from investors on September 22, the first day of bidding, subscribing 10 percent with bids for 8.91 lakh shares against offer size of 91.2 lakh shares. Retail investors have bought 18 percent shares and high networth individuals 3 percent shares of the parts set aside for them, which is 35 percent and 15 percent of the total offer size, respectively. Qualified institutional buyers are yet to participate in the offer, who have 50 percent reservation in the public issue. The Rs 270-crore public issue of Vaibhav Jewellers comprises a fresh issuance of shares worth Rs 210 crore, and an offer-for-sale share worth Rs 60.20 crore by the promoter Grandhi Bharata Mallika Ratna Kumari (HUF), at the upper price band.
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| PVR INOX | 1,723.00 | 1,726.10 1,698.65 | -0.18% |
| Granules India | 336.00 | 336.70 320.80 | -0.21% |
| JK Lakshmi Cem | 643.50 | 645.40 627.95 | -0.29% |
| Can Fin Homes | 767.50 | 770.00 755.60 | -0.32% |
| MCX India | 1,787.95 | 1,797.00 1,724.05 | -0.5% |
| Just Dial | 705.70 | 709.35 693.05 | -0.51% |
| EID Parry | 532.50 | 535.40 529.40 | -0.54% |
| Firstsource Sol | 162.00 | 162.90 158.70 | -0.55% |
| Shilpa | 354.45 | 356.45 346.30 | -0.56% |
| UTI | 785.50 | 790.00 775.00 | -0.57% |
Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas:
WTI Crude oil trades at above $90/b during mid-European session on Friday, prices have jumped over 10% in last three weeks and above 20% since July, but the rally has eased over concerns of economic slowdown after US Fed’s hawkishness which signaled higher for longer interest rates as the underlying US economy remains very strong.The news of Russian ban of fuel exports is sentimentally positive for oil prices, we expect WTI November prices to remain supportive around $88 and advise buying the corrections as we believe prices to test resistance of $93-$95 in short term over the tight market condition.
Sensex Today| Ratnamani Metals and Swiss firm Technoenergy AG creates JV to provide pipe spooling solutions
Sensex Today| HCL Tech gets another deal from ANZ, to provide digital workplace services
Sensex today | Market at 2 PM
The Sensex was down 110.53 points or 0.17 percent at 66,119.71, and the Nifty was down 37.80 points or 0.19 percent at 19,704.50. About 1,502 shares advanced, 1,545declined, and 99 were unchanged.
| Company | CMP | High Low | Fall from Day's High |
|---|---|---|---|
| JSW Energy | 413.50 | 413.55 396.00 | -0.01% |
| Craftsman | 4,729.10 | 4,730.00 4,545.50 | -0.02% |
| HUL | 2,485.70 | 2,486.85 2,458.00 | -0.05% |
| Maruti Suzuki | 10,526.00 | 10,532.35 10,308.45 | -0.06% |
| Power Finance | 236.25 | 236.45 230.40 | -0.08% |
Sensex Today | Signature Global IPO sees 3.18 times subscription on the final day
Real estate developer Signature Global (India) will be closing its initial public offering on September 22. The offer has been subscribed 3.18 times so far, with bids for 3.58 crore equity shares against the issue size of 1.12 crore equity shares. The offer has received a good response from retail investors and high-networthindividuals as they have bought 4.33 times and 6.19 times the allotted quota which is 10 percent and 15 percent of the total offer size.
Qualified institutional buyers (QIB), who are generally medium-to-long-term investors, subscribed 1.38 times the portion set aside for them, which is 75 percent of the total IPO size. All IPOs must getat least 90 percent subscription in the QIB category to sail through.
Stock Market LIVE Updates | Lupin signs pact with Italy-based Menarini Group to acquire five brands for Rs 101 crore
Sensex Today | Aamir Makda, Commodity & Currency Analyst, Choice Broking
Despite pressure from a stronger US dollar and bond yields, Gold rose on Friday as investors interpreted major central banks' decisions to hold interest rates steady as a hint of impending global economic woe. The dollar was near a six-month high on the prospect of higher-for-longer US interest rates, while benchmark 10-year Treasury yields surged to a 16-year high and global markets were set to have their worst week in a month. MCX Gold price is trading near the trend line support at 58,655 and if this support level is sustained, we may expect a further rise in Gold price. Here, key resistance would be at 58,980 – 59,110.
Crude oil prices increased on Friday as fears that a Russian restriction on fuel exports would limit global supply overcame concerns that additional interest rate hikes in the US would dampen demand, but they were still on track for their first weekly loss in four weeks. However, rising fears of a Eurozone crisis might keep oil prices under pressure. Price is approaching the immediate resistance of the 50-EMA mark at 7,500 on the Hourly chart. If the price fails to break through this resistance level, we can predict a further drop in the Crude price to 7,410-7,360. The resistance level would be 7,550.
Stock Market LIVE Updates | Nifty PSU Bank extends early gains, soars over 3% to emerge as top sectoral index
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Union Bank | 101.25 | 5.03 | 72.66m |
| Central Bank | 49.15 | 4.8 | 92.49m |
| Canara Bank | 381.15 | 4.58 | 24.38m |
| Bank of Baroda | 215.75 | 4.15 | 28.91m |
| Indian Bank | 421.70 | 4.15 | 6.57m |
| Bank of Mah | 46.35 | 3.34 | 66.70m |
| UCO Bank | 42.50 | 2.16 | 76.82m |
| Punjab & Sind | 45.70 | 2.12 | 11.25m |
| SBI | 599.65 | 1.96 | 13.80m |
| PNB | 76.40 | 1.87 | 60.24m |
Stock Market LIVE Updates | ICICI Lombard falls post Bhargav Dasgupta's resignation as MD & CEO
Shares of ICICI Lombard fell in trade on September 22 after Bhargav Dasgupta resigned as MD & CEO of the general insurance company to pursue opportunities outside the country.
Stock Market LIVE Updates | JSW Steel arm to sell US plant and mineral rights to West Virginia Properties
According to a regulatory filing, on September 20, Caretta Minerals LLC, a West Virginia-based subsidiary of JSW Steel, entered into an agreement to sell property, equipment, and mineral rights to West Virginia Properties for $24 million. The subsidiary operates coal mines in West Virginia.
Sensex Today | Mahavir Lunawat, Managing Director, Pantomath Capital Advisors
In the primary market during the period 17 Sep-23 Sep, 3 mainboard IPO i.e. Jupiter Life Line Hospitals, EMS Limited and R R Kabel listed raising a total of INR 3154 crore
While remaining unfazed by global downward trends, India has notched the top position in world rankings in terms of initial public offerings (IPOs). The IPO graph of India at the global level has witnessed a steady growth trajectory. For instance, it was 6 percentin 2021, 11percentin 2022, and now stands at 13percentyear-to-date in 2023. A push provided by foreign institutional investors (FIIs), consistent corporate growth, and steady monsoon predictions are some of the factors that have led to buoyancy in the market.
Next week looks promising, the focus is on Signatureglobal Limited, Sai Silks Limited and Manoj Vaibhav Gems Jewellers, all aiming to gather over Rs 2,200 crore from investors.
Stock Market LIVE Updates | Ideaforge shares rise on Rs 58 cr order win
Shares of IdeaForge Technologies opened at Rs 965, up 3.38 percent on the NSE on September 22. Earlier, the company said that it had received an order worth about Rs 58 crore to supply 400 Surveillance Copter with accessories to Strategic Marketing. However, some profit booking in the counter pulled the stock off its day's high.
Sensex Today | Market at 1 PM
The Sensex was up 100.64 points or 0.15 percent at 66,330.88, and the Nifty was up 21.80 points or 0.11 percent at 19,764.10. About 1,585 shares advanced, 1,434 declined, and 104 were unchanged.
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| HDFC Bank | 1,549.15 -0.27 | 16.57m | 2,572.02 |
| Reliance | 2,367.50 0.11 | 4.43m | 1,050.53 |
| SBI | 599.20 1.88 | 12.58m | 751.87 |
| Jio Financial | 227.75 0.04 | 32.26m | 736.50 |
| ICICI Bank | 959.45 0.02 | 7.05m | 675.06 |
Senses Today | Emkay Global Financial Services on India's bond inclusion in JP Morgan Global Bond Index-Emerging Markets
The much-anticipated inclusion of India in the JP Morgan GBI-EM index will be effective from 28th June ’24, accounting for post-announcement operational lags. India’s weight of 10 percentwill be staggered over 10 months, leading to passive inflows of USD22bn (USD26bn accounting for addition in other smaller indices). The actual flows though may be higher, contingent on market dynamics and active flows. Structurally, this will lower India’s risk premia/cost of funding, enhance the liquidity and ownership base of G-Secs and help India finance its fiscal and CAD. This does not immediately pave the way for inclusion in FTSE and Bloomberg indexes, which have more stringent conditions (FPI taxation/Euroclear). However, it could have a demonstration effect in the medium term as the lower-riskpremia could trigger positive externalities. Near term, we expect bond yields and INR to reverse gains after the initial euphoria, tracking global markets. However, the trend will again reverse in favour of bonds by the end of March ’24, with the 10-year yield coming off well below 7%. For 2HFY24, we see USD-INR ranging from 82.25-84.25, with tactical RBI intervention keeping it in the middle of the EM Asia pack.
Stock Market LIVE Updates | Berger Paints jumps 6% to hit 52-week high on turning ex-bonus
Shares of Berger Paints surged 6 percent to hit 52-week high of Rs 665 per share in Friday’s intra-day trade after the stock turned ex-bonus.
In the past one month, the stock of this paint and coating manufacturer has surged 12 percent as against 1 percent gain in the benchmark Sensex index.
Earlier this month, the company had fixed Saturday, September 23 as the record date to ascertain eligibility of shareholders entitled for the issue of bonus equity shares in the ratio 1:5, that is, one equity share of Re 1 for every five equity shares of Re 1 each.
Stock Market LIVE Updates | Income Tax Department conducting search at Lux Industries in Kolkata, CNBC-TV18 reports citing sources
Stock Market LIVE Updates | NCC gains 1% after order win
Shares of NCC Ltd gained over 1 percent after it said its joint venture formed between the company and J Kumar Infra Projects Ltd has got order worth Rs 6301 crore for twin tunnel from BMC. The share of works to be executed by NCC works out to Rs.3,213.55 crores approximately.
Stock Market LIVE Updates | India's FY24 outlook bright but risk from oil spike, monsoon remains: Finance Ministry
India's economic prospects for FY24 continue to look promising, with positive high-frequency indicators (HFIs). The finance ministry's monthly economic report for August highlights that economic activity has maintained its momentum. Moreover, the second quarter of FY24 is showing favorable signs, thanks to an improvement in rainfall in September and a reduction in food prices, which had driven inflation above 7 percent in July.
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| HDFC Bank | 1,553.15 -0.01 | 13.96m | 2,167.68 |
| Reliance | 2,372.05 0.31 | 3.26m | 772.52 |
| Jio Financial | 227.95 0.13 | 31.63m | 722.09 |
| SBI | 600.70 2.13 | 11.36m | 678.64 |
| Maruti Suzuki | 10,489.55 2 | 574.22k | 598.43 |
| ICICI Bank | 960.30 0.1 | 5.91m | 565.65 |
| Axis Bank | 1,026.00 1.14 | 3.47m | 354.23 |
| M&M | 1,607.15 1.51 | 2.18m | 348.48 |
| Kotak Mahindra | 1,758.55 0.16 | 1.78m | 313.94 |
| Larsen | 2,927.25 0.96 | 1.07m | 311.39 |
Stock Market LIVE Updates | Concord Biotech jumps as Kotak, Antique initiates new buy
Concord Biotech gained over 3.5 percent after brokerage firms Kotak Securities and Antique Stock Broking initiates coverage on the stock with positive ratings. Kotak has recommended buy rating and set a price target of Rs 1110 a share, implies a 15 percent increase from last price. Antique has recommended buy rating and set a price target of Rs 1340 a share, up 39 percent from last price
Stock Market LIVE Updates | Maruti Suzuki among top Nifty gainers, Citi, Morgan Stanley say 'buy'
Shares of Maruti Suzuki India gained 1.6 percent to Rs 10,460 per share in Friday’s intra-day to trade among top Sensex and Nifty 50 gainers in an otherwise weak market. The upsurge came after global brokerages Citi and Morgan Stanley upgraded their ratings on the counter.
For Maruti Suzuki India, global brokerage firm Morgan Stanley remained ‘overweight’ on the counter, sharing a target price of Rs 11,963 apiece. Analysts at Citi, on the other hand, shared a ‘buy’ call on the Maruti, raising target price to Rs 13,600 per share.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Indian Bank | 430.95 | 6.43 | 3.65m |
| Canara Bank | 384.20 | 5.42 | 19.06m |
| Union Bank | 101.50 | 5.29 | 65.98m |
| JSW Energy | 407.50 | 3.48 | 2.08m |
| Vodafone Idea | 11.20 | 3.23 | 87.92m |
| Bank of India | 110.35 | 2.84 | 15.87m |
| PNB | 76.90 | 2.53 | 50.66m |
| M&M Financial | 307.20 | 2.06 | 2.74m |
| TataTeleservice | 100.45 | 1.93 | 2.93m |
| REC | 264.05 | 1.91 | 11.23m |
Stock Market LIVE Updates | Cipla fell for third straight session
Shares of Cipla Ltd fell for third straight sessions. The stock declined 2 percent to Rs 1185 on September 22 at 11.30am. The stock was under pressure after its wholly-owned US subsidiary, InvaGen Pharmaceuticals, received 5 inspectional observations from the United States Food and Drug Administration (USFDA).
Recently, news report suggested Torrent Pharmaceuticals is in advanced discussions with CVC Capital Partners to create a consortium and secure a substantial sum, likely ranging from $1.2 to $1.5 billion, from the European buyout firm. This move is part of Torrent's strategy to assemble substantial acquisition financing, around Rs 60,000 crore (approximately $7 billion), for the potential acquisition of pharmaceutical rival Cipla.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY AUTO | 16233.50 0.2 | 28.72 -1.17 | 4.68 21.87 |
| NIFTY IT | 32870.75 -0.15 | 14.85 -1.45 | 6.37 22.73 |
| NIFTY PHARMA | 15069.95 -1.55 | 19.63 -3.30 | -1.52 19.48 |
| NIFTY FMCG | 51611.95 -0.12 | 16.84 -0.55 | -1.02 14.49 |
| NIFTY PSU BANK | 5195.05 3.11 | 20.30 2.95 | 14.12 63.37 |
| NIFTY METAL | 6757.65 -0.72 | 0.51 -3.95 | 1.86 10.77 |
| NIFTY REALTY | 565.45 0.04 | 30.95 -3.66 | 5.38 25.64 |
| NIFTY ENERGY | 27159.95 -0.24 | 4.99 -0.65 | 2.40 -0.23 |
| NIFTY INFRA | 6183.45 -0.03 | 17.73 -1.59 | 2.64 20.79 |
| NIFTY MEDIA | 2287.75 -0.19 | 14.84 -1.68 | 1.30 5.90 |
Stock Market LIVE Updates | Indus Towers gains 1% after huge block deal
Shares of Indus Towers Ltd gained 1 percent after a huge block deal. Around 2.52 million shares of the company changed hands in a two block deals, according to Bloomberg. However, details of the buyers and sellers were not known.
