Stock Market Highlights: Sensex ends 287 points lower, Nifty50 gives up 17,650 as market extends losses to third day

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Market in consolidation mode, may fall further: Equity99's Rahul Sharma

"The markets is expected to fall further as it is in a consolidation mode. Auto companies will be declaring their September sales numbers from Friday," said Rahul Sharma, Co-founder of Equiy99.

"Nifty on the hourly charts has shown weakness and closed below its 100-day exponential moving average, a setup similar to what was seen on September 28. We can see support at the low of the day, which is near 17,585. Going ahead, immediate support will be at 17,575, followed by 17,525, and bigger support at 17,450. Resistance will remain at 17,720, followed by 17,800," he said. 

Uptimate resistance for Nifty at 17,800: Kotak Securities' Shrikant Chouhan

"After approximately 40 days, the Nifty index is on the verge of hitting the levels of its 20-day simple moving average. It’s the longest period that Nifty has spent above the same, which suggests a strong and consistent uptrend. Apart from the support of the 20-days SMA, if we consider the pattern of the last three days, we would call it a gradual decline in the bullish trend, of which, dip buyers may take advantage to buy with a medium-term view," said Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities.

"The strategy should be to buy between 17,530 and 17,500 levels. Keep a final stop loss at 17,400 levels. On the higher side, 17,800 would act as ultimate resistance for the market," he said.

Nifty has support in 17,576-17,608: HDFC Securities' Deepak Jasani

"Nifty has fallen for three consecutive sessions -- the longest streak in almost two months. While it has not fallen with deep cuts and recoveries have been witnessed post-intraday selloffs, the fact that the Nifty closed lower for three straight sessions is a bit unnerving," said Deepak Jasani, Head of Retail Research at HDFC Securities.

He expects support for the index in the 17,576-17,608 band in the near term. "A breach of this band could take it to 17,355, after which, a larger fall may ensue. On rises, levels of 17,781-17,802 could act as resistance," he said.

Expect rupee to move in 74-74.80 range in near term: Kotak Securities' Anindya Banerjee 

Anindya Banerjee, DVP, Currency Derivatives and Interest Rate Derivatives at Kotak Securities, expects the rupee to move within a range of 74.00-74.80 over the near term.

Rupee edges lower to 74.24 against dollar

The rupee ended at 74.24 against the US dollar as against its previous close of 74.15.

Worries on US debt ceiling crisis, rise in bond yields triggered further consolidation: Geojit Financial Services' Vinod Nair 

"The Indian market slipped in the later half tracking weak global cues and a fall in heavyweights. Worries over the US debt ceiling crisis and an uptick in bond yields triggered further consolidation. The domestic market also got vigilant ahead the release of August’s core sector output data," said Vinod Nair, Head of Research at Geojit Financial Services. 

Market At Close | Bajaj twins, Tata Motors, NTPC, Sun Pharma top gainers; Power Grid, Asian Paints, Axis Bank top losers

Market At Close: Market closes lower amid expiry day volatility 

Here are key highlights of today's session:

--Midcap index outperforms overall market, up 0.4 percent

--Nifty Metal falls most among sectoral indices; JSW Steel slips 2 percent

--Power Grid erases most of previous day's gains, slips 3 percent

--ONGC ends flat; city gas stocks gain ahead of price revision

--Bharti Airtel fails to hold opening gains, slips 3 percent from intraday high

--Bajaj Finance, Bajaj Finserv top gainers, rise 2 percent each

--Tata Power continues to gain momentum, up 14 percent so far this week

--IOB surges 11 percent after RBI takes it out of PCA framework

--AB Fashion, Vodafone Idea, Can Fin, Federal Bank top midcap gainers

--Indus Towers, REC, Manappuram, PI Ind top midcap losers

Closing Bell | Sensex falls 385 points to 59,028, Nifty at 17,618 

The Sensex index ended 385.2 points or 0.7 percent at 59,028.1 and the broader Nifty50 benchmark shed 93.2 points to settle at 17,618.2 -- both indices extended losses to a third straight day. Losses IT, metal and select financial stocks pulled the market lower, however gains in pharma, consumer and PSU banking shares limited the downside. (Check out how market fared at the close)

Sterling and Wilson Solar bags order worth Rs 1,500 crore

The company has bagged its first order of about Rs 1,500 crore for its waste-to-energy business from a leading developer of energy assets in the UK and Europe.

Last month, Sterling and Wilson Solar Ltd had announced the expansion of its renewable energy offerings to include hybrid energy, energy storage and waste-to-energy solutions.

Introduction of swing price feature a good measure, protects investors from volatility: Sandeep Balga of TRUST MF

"The swing price feature is quite common in the developed markets, and has been now been introduced in the Indian MF space. It aims to protect existing investors from the impact cost incurred by the scheme due to large exits from the fund, at times of market disruptions. It is a good measure which protects investors from short-term market volatility and encourages long-term investments," said Sandeep Balga, CEO, TRUST MF. 

"The swing factor could be applied by individual fund houses at their discretion or mandated by SEBI for specific periods of time. Adequate disclosures will be made to investors for effective and proper communication as well," he said.

V-Mart Retail up 1%

The company has opened five new stores, in Rajasthan, Tripura, West Bengal, Odisha and Bihar. With this, the total number of stores now stands at 368 as of September 30, 2021.

The company’s stock was trading 1.1 percent higher at Rs 3,558.60 on the BSE.

Shares of JSW Energy rose 1 percent to Rs 388.8 on the BSE

JMC Projects jumps 20%

Shares of JMC Projects India were locked in their 20 percent upper circuit limit at Rs 119.85 as the engineering, procurement and construction company has secured new orders worth Rs 1,849 crore.

TCS partners with MCX to transform the exchange's core systems and support future growth

Tata Consultancy Services (TCS) has been selected by The Multi Commodity Exchange India (MCX) as the technology solution provider for its growth and transformation journey.

As part of Project Udaan, TCS will help MCX build a new technology core, transforming its trading as well as post-trade functions, to support its future growth and further strengthen its leadership position in the commodity derivatives market in India.

Further, TCS will design and deploy a cutting-edge, ultra-low latency, high availability, high resilience and high-performance solution that integrates multiple systems to transform MCX’s operations end to end.

Regulatory hurdles likely to delay Zee-Sony merger; Invesco’s NCLT move premature: Experts

Shares of Zee Entertainment Enterprises were down 2 percent at Rs 303.55 on the BSE.

Shares of telecom operator Bharti Airtel were flat at Rs 693.80 on the BSE

We are seeing a very strong cyclical revival in commercial vehicle space, says Dhiraj Agarwal of Ambit Capital

“We like TVS quite a bit at these prices. Long time we liked Eicher as well but probably lower down after the recent strong run up, not at these levels. Maruti has become sort of a range trade names in the current context, but actually our topic in the sector at this point of time is Tata Motors and Ashok Leyland,” said Dhiraj Agarwal, co-head of equities at Ambit Capital.

“One, we are seeing very strong cyclical revival in commercial vehicle space in the country. Second, Tata Motors is also beneficiary of strong power demand globally and so JLR would also do well. The entire chip shortage issue, because of which 1-2 quarters of production numbers will look weak, is actually temporary and short term in nature, this will pass. In fact, the retail demand continues to be very strong for all of their JLR products. So, chip shortage basically means that the inventory in the system is running down and whenever chip shortage starts to ease which is maybe 2-3-4 months of affair, the production will have to rise much faster to catch up and fill the inventory as well as the demand,” Agarwal added.

Amish Mehta takes charge as MD & CEO of CRISIL Ltd with effect from October 1.

Shares of CRISIL Ltd were up 0.3 percent in trade, at Rs 2,721.95, on the BSE.

Punjab National Bank shares gain 1.8% to Rs 40.4

Citi says:

Expect 15 bps Reverse Repo Hike In The October 8 RBI Monetary Policy

Expect Reverse Repo Rate To Be Upped To 3.50% From 3.35% Currently

Advance Reverse Repo Hike Forecast To October From December Earlier

Xinxin Li On CNBC-TV18 |

This is quite an uncertain period. The serious power shortage in China is due to a shortage of coal supply in the country. We expect a significant slowdown in the coming months. We also believe that the slowdown in China is not over yet. China's September PMI indicates that a slowdown is likely underway. Meanwhile, housing is a very important sector of the Chinese economy and the next two months will be interesting for the housing market in China.

Market Watch | Himanshu Gupta of Globe Capital

Ashok Leyland is a 'buy' with a stop loss of Rs 131 and a target of Rs 138-140. 

Canara Bank is a 'buy' with a stop loss of Rs 170 and a target of Rs 182.

Anuj Kumar, CAMS On CNBC-TV18 |

There is a smart uptick seen in the number of SIPS over the last five months. Equity net flows have become significantly positive in the same period as well. We have working on building a platform and creating a consumer franchise and have been growing early to mid-teens on a normal basis. We are expected to grow in the early teens in FY22.

Glenmark gets marketing approval for Ryaltris in 13 EU, UK countries

Glenmark Pharmaceuticals said on Thursday that its fixed-dose combination nasal spray, Ryaltris, has obtained marketing clearance in 13 EU and UK nations.
Glenmark Pharmace announced in a statement that Ryaltris will be launched immediately in the Czech Republic, Slovakia, Poland, and the United Kingdom.
The nasal spray, which is approved for the symptomatic treatment of seasonal and perennial allergic rhinitis in adults and children over the age of 12, will be sold by the Menarini Group in the rest of Europe as part of an exclusive licence deal with Glenmark, according to the company.

Gold Price Today | Yellow metal futures steady near Rs 45,800-mark

Domestic gold and silver prices were little changed with a positive bias on Thursday tracking a similar trend in global benchmarks. Though weakness in equities increased the safe-haven appeal of precious metals, a strengthening dollar kept bullion less attractive for holders of other currencies. Globally, the yellow metal was on track for a second quarterly drop in three quarters.

At 12:39 pm, the December gold futures contract on MCX was at Rs 45,795 per 10 grams, up 0.1 percent or Rs 26 compared with its previous close of Rs 45,769.

Silver December futures were barely up at Rs 58,402 per kilogram, as against their previous close of Rs 58,386 per kilogram.

Market Watch | Aashish Somaiyaa CEO of White Oak Capital Management

On Markets

About the market levels, I am not in the camp which is sceptical or cynical right now because as I have tried to indicate before, I believe that after a series of false starts over the last seven-eight years, we are finally seeing an economic upswing. The last time we had a serious economic upswing was when nominal gross domestic product (GDP) growth was double digits and corporate earnings per share (EPS) growth was also double-digits for a series of about four-five years. After that, we have had a series of disappointments but finally, we are getting to a new start.

Many things, which are happening are not merely cyclical and I will use the much-cliched word which is structural or talking about lasting changes. So, there are many things in which we are not going to go back to pre-Covid habits or pre-Covid conditions. Whatever is happening in China and where India stands on a relative basis - the way our reforms, how we are seizing certain opportunities which can make India be a preferred manufacturing base as well as export base and the realization has always been that it is a local market, if you see digital adaption, if you see capital market adaption, one of the most important things which happened in Covid was that globally the economic cycles for all countries were reset back to square one. I think that economic cycles have been reset into synchronicity, which happened thanks to Covid, the world has become more supportive and in many ways, we are not going to go back to pre-Covid. There is a lot that has changed.

We can make returns in line with nominal GDP growth and since we are stock-pickers, hopefully, do slightly better.

On Tech Space

We are very constructive on the entire space. The reason being that one has to be open-minded. I don’t think there are any rules that loss-making companies can’t generate positive cash flows as we go in the future. So, whether it is consumer tech, fintech, we do have exposure to this sector and we are positively oriented to it.

Bharti Airtel to invest Rs 5,000 crore to triple data centre capacity by 2025

Bharti Airtel on Thursday said that its data centre entity Nxtra plans to invest Rs 5,000 crores by 2025 to triple the data centre capacity by 2025 in the country to over 400 MW. While briefing the media about its refreshed brand identity Nxtra, Airtel said that cloud adoption and government initiatives are driving data centre demands. New technologies like 5G, IOT, Edge computing is also adding to the demands. 

The Sunil Mittal-led telco also said that India becoming a regional hub for data centres and the data centre market is estimated to be $4 billion in the next 3-4 years.