Share Market News Today Updates, 28 September 2022: Trends on SGX Nifty indicated a lower opening for the domestic markets. Indian equity benchmarks on Wednesday fell sharply in opening deals as global markets remained jittery on worries over a global recession. The domestic indices extended their fall for the sixth straight session in early trade. Analysts have said that the domestic indices may remain rangebound until the Reserve Bank of India's (RBI's) policy decision on Friday. The RBI's three-day policy meeting begins today.
Asian stocks slid today, tracking overnight Wall Street weakness. Japan's Nikkei index dived 2.23 per cent, South Korea's KOSPI plunged 2.45 per cent, Shanghai Composite index fell 1.09 per cent and Hong Kong's Hang Seng Index slumped 2.56 per cent.
Back home, the benchmark BSE Sensex had slipped 38 points or 0.07 per cent to close at 57,107 on Tuesday, while the broader NSE Nifty had moved 9 points or 0.05 per cent lower to settle at 17,007.
Here are the share market Live Updates:
Hindalco, HDFC, Tata Steel, HDFC Bank and Hero MotoCorp were among the top laggards on the NSE platform today with their shares down as much as 1.66 per cent. In contrast, Cipla, PowerGrid, Dr Reddy's, Sun Pharma and Tata Consumer Products were among the top gainers.
Mid- and small-cap shares were strong as Nifty Midcap 100 fell 0.70 per cent and small-cap dropped 0.90 per cent.
Sensex tanks 473 points or 0.83 per cent to trade at 56,635, Nifty moves 143 points or 0.84 per cent to trade at 16,865
Indian rupee opens at record low of 81.88 per US dollar; previous close of 81.58: Reuters
Sensex dives 405 points or 0.71 per cent to trade at 56,702
"There has been a notable development in the global market, which led to a jump in the US dollar index above 114 in recent days. With no exception or deviation to its peer FX and due to USD at a two-decade high, the Indian rupee is expected to open near 81.80 levels. Yesterday, it was seen easing pressure to trade near the 81.30s level, but the setback of India’s bond inclusion in 2022 news spurred demand for USD and the rupee weakened past the 81.60 mark. On the flow side, there has been notable outflow (almost Rs 10,000 crore) since Fed's hike day. Surely, RBI will have to closely monitor the situation. If not today or tomorrow, then the expectation of direct or indirect intervention will rise on the policy day- that is on September 30. Moreover, falling premium to an 11-year low along with curve inversion could not attract exporters to sell, thus persistent demand from importers to cover at any cost with a blind eye also triggers bullish momentum in the pair. Overall, we expect the pair to head higher towards 82.50-83.00 over the near term. On the contrary side, 81 and 80.50 will act as a strong support level," Amit Pabari, MD, CR Forex Advisors.
"As per the Fed (US Federal Reserve) announcement, the worst is yet to come and we have to prepare for it. Inflation over the coming months will remain elevated but within the threshold. The markets can stumble down further as we have outperformed; profit booking can come in vigorously. Post MPC, we can expect 50 basis (points) hike as inflation is not yet anywhere near to what has been projected. Crude prices have cooled off in the international markets but we are still in discount as the government did not hike oil prices proportionally," Kush Ghodasara, CMT independent market expert.
Axis Bank: The private lender said it may buy nearly 10 per cent stake in Go Digit Life Insurance.
Torrent Pharma: The company said it would acquire Curatio Health Care for $245 million.
Housing Development Finance Corp (HDFC): The mortgage lender said HDFC Investments would sell 12 per cent stake in Softcell Technologies.
Adani Enterprises: The company said it has raised Rs 100 crore by allotting non-convertible debentures.
Mahindra and Mahindra: The automaker said it sold 8.2 million shares of Mahindra CIE Automotive.
BHEL: The company secured an order from NTPC for setting up 2x660 MW Talcher thermal power project stage-3.
Bank of India: The lender invested Rs 10 crore in Open Network for Digital Commerce (ONDC).
Zee Entertainment Enterprises and Vodafone Idea are in F&O (Futures and Options) ban period today. The derivative contracts in the mentioned security has crossed 95 per cent of the market-wide position limit.
Foreign institutional investors (FIIs) have sold Rs 2,823.96 crore worth of shares, while domestic institutional investors (DIIs) have purchased Rs 3,504.76 crore worth of shares on September 27, provisional NSE data showed.
Trends on SGX Nifty indicated a lower opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 191 points or 1.12 per cent to trade at 16,847.
The benchmark BSE Sensex had slipped 38 points or 0.07 per cent to close at 57,107 on Tuesday, while the broader NSE Nifty had moved 9 points or 0.05 per cent lower to settle at 17,007.
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