Stock Market Live Updates Today, 14 September 2022: Sub-index Nifty IT slipped as much as 3.36 per cent to close at 28,137.60. Indian equity benchmarks declined in volatile trade on Wednesday, halting their winning run of four straight sessions. However, after falling sharply in early trade, the domestic indices narrowed their losses during late deals as gains in banking, financials and metal countered losses in technology, consumer durables and energy shares.
On the global front, Asian shares tumbled as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer. U.S. Labor Department data showed that the headline Consumer Price Index (CPI) gained 0.1 per cent on a monthly basis versus expectations for a 0.1 per cent decline. In particular, core inflation, stripping out volatile food and energy prices, doubled to 0.6 per cent.
Overnight, Wall Street saw its steepest fall in two years. Financial markets now have fully priced in an interest rate hike of at least 75 basis points (bps) at the conclusion of the FOMC's (Federal Open Market Committee's) policy meeting next week.
S&P 500 futures, Nasdaq futures and Dow Jones Industrial Average moved higher today, after a heavy sell-off. DJI plunged 3.94 per cent, the S&P 500 lost 4.2 per cent, and the Nasdaq Composite dropped 5.16 per cent.
Here are the share market highlights:
"Nifty is likely to continue its rally once it sustains 18,150, else profit booking is expected from higher levels in the next couple of days. On the derivatives front, highest call OI is at the 18,200 strike price while on the put side, highest OI remains at the 17,800 strike price. On the other hand, bank Nifty has support at 40,500 levels while resistance is at 42,300 levels. For the short-to-medium term, PSU banks could deliver decent returns," said Om Mehra, Technical Associate, Choice Broking.
"Although the opening hours of the domestic market mirrored the sharp sell-off in the global market, it steadily recovered as investors gained the confidence to bottom fish, thanks to the brighter prospects for the domestic economy. The expectation that the Fed would become less hawkish, which had spurred the most recent global rally, was dashed by worse than anticipated US inflation figures. Additionally, easing WPI inflation numbers added more optimism with banking stocks leading the recovery, while the IT sector's performance was bleak due to recession fears in western markets," said Vinod Nair, Head of Research at Geojit Financial Services.
Indian rupee falls 28 paise to close at 79.45 (provisional) against US dollar
On Day 1 so far, the issue was oversubscribed 2.16 times as it attracted bids for 3,64,25,880 crore equity shares against the IPO size of 1,68,63,795 shares. Retail individual investors' portion was booked 2.66 times and non-institutional investors' category was subscribed 3.85 times. Employee reserved portion was subscribed 1.79 times. Qualified institutional buyers' was booked 0.03 times.
The overall market breadth stood negative as 1,692 shares advanced while 1,779 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 285.89 lakh crore.
On the stock-specific front, Infosys was the top Nifty loser as the stock cracked 4.53 per cent to close at Rs 1,475. TCS, Tech Mahindra, HCL Tech and L&T were also among the laggards. In contrast, IndusInd Bank, NTPC, SBI, PowerGrid and Kotak Mahindra Bank were among the top gainers.
Eight out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty IT, Nifty Consumer Durables and Nifty OIl & Gas underperformed the NSE platform by falling as much as 3.36 per cent, 0.64 per cent and 0.87 per cent, respectively.
Mid- and small-cap shares finished on a negative note as Nifty Midcap 100 slipped 0.33 per cent and small-cap edged 0.07 per cent lower.
Sensex fell 224 points or 0.37 per cent to close at 60,347, Nifty moved 66 points or 0.37 per cent lower to settle at 18,004.
Sensex slips 255 points or 0.42 per cent to trade at 60,317, Nifty moves 78 points or 0.43 per cent to trade at 17,992
Shares of the company have more than doubled in nearly three months. The stock hit a fresh all-time high today. (Read more)
Tata Motors and Tata Power have entered into a Power Purchase Agreement (PPA) to develop a 4 MWp on-site solar project at Tata Motors' Pune commercial vehicle manufacturing facility, the companies stated in a joint notification to exchanges.
Sensex rises 64 points or 0.11 per cent to trade at 60,634 in late deals, Nifty moves 14 points or 0.08 per cent to trade at 18,084
Mutual fund house HDFC Asset Management Company (AMC) said it has launched of NIFTY100 Quality 30 ETF, NIFTY50 Value 20 ETF, and NIFTY Growth Sectors 15 ETF, in order to expand their suite of 'HDFC MF Index Solutions'. Smart Beta investing involves stock selection and weighting that is done based on pre-defined factors, as defined in the underlying index methodology by NSE Indices Ltd.
"India's Wholesale price index (WPI) has eased to 12.41 per cent in August, compared to the spike we had seen July at 13.93 per cent. The food price segment continues to remain high at 12.37 per cent in August which can be attributed majorly to rise in vegetable prices. Thus, even though there is uptick in the prices of food items this ease WPI is majorly due to softening in the prices of manufacturing items. From August 2021, this is the 17th consecutive month of double-digit wholesale price inflation (WPI). However, to frame the monetary policy, RBI mainly looks at retail inflation. We expect that there would be hike in interest rate in order to tame inflation," said Raghvendra Nath, Managing Director – Ladderup Wealth Management Pvt Ltd.
Market watchers believe that SBI should deliver healthy core-PPOP (Pre-Provision Operating Profit) growth in FY23E and FY24E led by a gradual improvement in net interest margins, lower credit costs and strong loan growth over FY22-24E. (Read more)
Sensex falls 54 points or 0.09 per cent to trade at 60,517, Nifty moves 16 points or 0.09 per cent lower to trade at 18,055
The Wholesale Price Index-based inflation was at 13.93 per cent in July and at 11.64 per cent in August last year. August is the 17th consecutive month of double-digit wholesale price inflation (WPI).
Shares of ICICI Bank and HDFC Bank have been among the top picks of investors in the banking sector, considering their large scale of operations and strong financial position. The stocks of banks, which are market leaders in the sector, form a major chunk of the portfolio of long-term investors. In terms of returns, ICICI Bank has surpassed its bigger competitor during the last five years. While shares of ICICI Bank rose 209 per cent, HDFC Bank stock gained 63.57 per cent in five years. (Read more)
Sensex falls 357 points or 0.59 per cent to trade at 60,214, Nifty moves 99 points or 0.55 per cent lower to trade at 17,971
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