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September 29, 2022 / 04:22 PM IST

Closing Bell: Nifty ends around 16,800, Sensex falls 188 pts ahead of RBI policy; metal, pharma gain

On the sectoral front, power index down 1 percent, while FMCG, metal and pharma indices up 1 percent each.

  • IndexPricesChangeChange%
    Sensex62,868.50-415.69 -0.66%
    Nifty 5018,696.10-116.40 -0.62%
    Nifty Bank43,103.75-156.90 -0.36%
    Nifty 50 18,696.10 -116.40 (-0.62%)
    Fri, Dec 02, 2022
    Biggest GainerPricesChangeChange%
    Apollo Hospital4,871.4595.75 +2.00%
    Biggest LoserPricesChangeChange%
    Eicher Motors3,331.85-105.60 -3.07%
    Best SectorPricesChangeChange%
    Nifty Midcap 10032566.80283.00 +0.88%
    Worst SectorPricesChangeChange%
    Nifty Auto13046.35-145.45 -1.10%


  • September 29, 2022 / 04:33 PM IST

    Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities:

    Nifty bulls failed to find traction amidst volatility and ended on a negative note. Markets were unable to hold on to their early morning gains as the street primarily remained worried on how much the RBI will tighten at its monetary policy meet and raise interest rates to tackle inflation for the remaining year. 

    The negative close could also be attributed to the Dow futures and European stocks which resumed sell-off. Technically, the Nifty’s support is now seen only at the 16277-16438 zone. As long as 16277 support is held – there is a bright chance that the index could bounce to 17321 and then at 17727 mark.

  • September 29, 2022 / 04:31 PM IST

    Ice Make to invest up to Rs 50 crore in a Greenfield project

    Ice Make Refrigeration has announced significant expansion plans at its Annual General Meeting. During this financial year, the Company is planning to set up a Greenfield unit at a cost of around Rs. 45 to 50 crores.  

    The company will manufacture Continuous Penals that are used in areas like infrastructure, industrial & residential buildings. The project will be set up in Gujarat and expected to be fully functional in the next 12 to 15 months.

    Mr. Chandrakant P. Patel, CMD, Ice Make Refrigeration Limited said, “As per the market survey, the future forecast of Continuous Penal business is pegged at a CAGR of about 14% during next five years. We are confident the project will further strengthen the business growth of the Company.

    The stock is trading near its 52 week highs and has generated returns of 233 percent over the past one year

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  • September 29, 2022 / 04:30 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities:

    Nifty remained highly volatile before ending the session on a negative note. The index failed to capitalize on the early gain as it faced tough resistance at the 17000 levels leading to closing around 16800. 

    Going ahead, 16800 is likely to act as crucial support, any drift below 16800 on a sustained basis may attract selling pressure in the market. On the lower end, support is visible at 16640. On the higher end, 17050 is likely to remain a strong resistance

  • September 29, 2022 / 04:24 PM IST

    Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

    Deteriorated global economic environment has led to sharp surge in bond yields and dollar index which has instilled fears of recession. Given this backdrop, market is expecting RBI in its policy meeting outcome to raise interest rate by 50bps.  Investors would also on Friday react to GDP and Initial jobless claim data due later today in the evening.

    With key events lined up, and global uncertainties, we expect increased volatility. Nifty has been unable to sustain above 17,000 levels and could witness pressure towards 16600-16650 zones over the next few days. 

  • September 29, 2022 / 04:18 PM IST

    Mohit Nigam, Head - PMS, Hem Securities 

    Benchmark Indices ended slightly down with Nifty 50 closing -0.24% down and Sensex closing -0.33% down today. 

    Auto sales for the month of September will be coming soon and we expect healthy growth across the segments (2W, 4W and CV). Investors can accumulate quality stocks in this sector for good return in the medium term.

    On the technical front, immediate support and resistance in Nifty 50 are 16700 and 17200 respectively. Immediate support and resistance in Bank Nifty are 37250 and 38250, respectively.

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  • September 29, 2022 / 04:11 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

    Market was extremely volatile on the F&O expiry day, and traders preferred to cut their position in some of the rate-sensitives ahead of the credit policy announcement. 

    The market is already in an oversold position and if the rate hike is above the estimate, then we could see bouts of intra-day volatility with a negative bias for some more time. 

    Technically, despite a solid start, the benchmark Nifty failed to sustain above the 200-day SMA (Simple Moving Average) or 17000 level. 

    In the intraday time frame, the index has formed a double top formation and conversely it is consistently taking support at 16800. As long as the index trades above 16800, the chances of a quick pullback rally is bright. Above the same, the index could retest 16950-17000 levels. However, below 16800, the index could slip till 16700-16650.

  • September 29, 2022 / 04:02 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services.

    The initial upticks of the domestic market were short-lived due to its weak global peers and declining rupee. As the yield differential between India and the US fell to a multi-year low of 348 bps, foreign investors are still departing from the Indian market. 

    Amid the ongoing global trend of aggressive rate hikes, markets are braced for a 50 bps increase by RBI. Investors eagerly await the central bank’s intervention to aid bank liquidity, curb currency depreciation, and provide updates on its monetary stance & GDP outlook.

  • September 29, 2022 / 03:32 PM IST

    Rupee Close:

    Indian rupee closed 9 paise higher at 81.85 per dollar against previous close of 81.94.

  • September 29, 2022 / 03:31 PM IST

    Market Close: Indian benchmark indices ended lower in the highly volatile session on September 29 ahead of Reserve Bank of India policy announcement..

    At Close, Sensex was down 188.32 points or 0.33% at 56,409.96, and the Nifty was down 40.50 points or 0.24% at 16,818.10. About 1775 shares have advanced, 1435 shares declined, and 102 shares are unchanged.

    Asian Paints, Tech Mahindra, Hero MotoCorp, Bajaj Auto and Titan Company were among the top losers on the Nifty. However, gainers included ONGC, ITC, Apollo Hospitals, Hindalco Industries and HDFC Life.

    On the sectoral front, power index down 1.3 percent, while FMCG, metal and pharma indices up 1 percent each.

    BSE Midcap and Smallcap indices up 0.3-0.6 percent each.

  • September 29, 2022 / 03:25 PM IST

    Credit Suisse View On Godrej Consumer Products

    Research firm Credit Suisse has maintained outperform rating on the stock with a target at Rs 975 per share.

    The structural improvements in the sales engine continue. However, recent quarters hampered by raw material inflation & currency depreciation in Africa.

    The constant currency margin is 6-7 ppts higher than reported. Meanwhile, second half of year will be a period of recovery across geographies, reported CNBC-TV18.

     Credit Suisse View On Godrej Consumer Products  

 Research firm Credit Suisse has maintained outperform rating on the stock with a target at Rs 975 per share. 

 The structural improvements in the sales engine continue. However, recent quarters hampered by raw material inflation & currency depreciation in Africa. 

 The constant currency margin is 6-7 ppts higher than reported. Meanwhile, second half of year will be a period of recovery across geographies, reported CNBC-TV18.
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  • September 29, 2022 / 03:20 PM IST

    Nomura View On Tata Motors 

    Foreign research house Nomura has kept buy rating on the stock with a target at Rs 520 per share.

    Tigor EV has potential to become best-selling EV in India and expect Tiago EV to sell 3,000-5,000 units per month.

    The overall EV sales should touch 60,000/ 96,000 units in FY23/24, reported CNBC-TV18.

    Tata Motors was quoting at Rs 403.05, up Rs 4, or 1 percent on the BSE.

  • September 29, 2022 / 03:17 PM IST

    Auto sales preview for September 2022 by Choice 

    In this festive season (Sep-Oct 22), we expect sales for the 2W segment to witness healthy growth due to improvement in income levels at the lower end of the customer pyramid (beneficial for the 2W economy segment), pent-up festive demand, and healthy traction in the premium/scooter category. 

    In the PV segment, we expect volume growth to keep getting better due to the supply chain getting improved every day and the order book is also getting strong. 

    On the CV front, we believe this segment to register healthy growth due to strong infrastructure and construction activities. We expect the PV industry volume to witness a growth of 4-6% on a MoM basis and the 2W segment to register a growth of around 7-8%.