0

0

0

0

0

0

0

0

0

This article is more than 1 month old.

Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks

Mini

Stock Market Highlights: The Indian equity benchmark indices, Sensex and Nifty ended sharply lower Monday dragged by selling in metals and banking stocks. Broader markets underperformed the frontliners as the Nifty Midcap100 plunged 2.16 percent and the Smallcap100 index ending 1.73 percent lower. Barring Nifty FMCG, all other sectoral indices ended in the red with the Nifty Metal and Nifty Nifty PSU Bank indices falling the most followed by realty, auto, financial services, pharma and energy indices.

Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks
  • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on September 20. Stay tuned for other updates on our website: CNBC-TV18.com.

    You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News  

    And on FacebookLinkedInInstagram, and Telegram.

    You can download our Android and iOS apps from here

  • Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

    The correction was overdue for a quite long time now, this may be the beginning of it. Let’s see how things pan out going forward. For a time being, we would certainly not be in a hurry to buy these dips; because this may not be a similar corrective move that we have been witnessing of late.

    As far as levels are concerned, 17,550 – 17,630 are to be treated as stiff hurdles; whereas on the flip side, we have entered a key support zone of 17,450 – 17,250. A violation of the lower range would lead to extended correction in the market which in our sense is likely in the coming days. Still, all eyes would be on the banking as well as midcap space, because they are the ones who are likely to set the tone for the remainder of participants.

  • Navneet Damani, Head of Commodities & Currencies Research, Motilal Oswal Financial Services

    Metals have been under pressure today on buzz over Chinese firm Evergrande facing financial trouble and speculation over default on debt payment, which has led to a selloff in most risky assets. Metals complex has been roaring since the start of the year and looked quite overheated given the change in stance from Fed over its bond purchase programme and weaker data coming out of China over the last couple of months. Some metals have doubled from lows hit in 2020 and could find it difficult to sustain such highs, given the rapidly changing macros and spread of the virus once again. The market may have found its reason for a cool off / correction and we remain cautious on most metals in the short term. Medium-term picture still looks promising, but the weak hands will have to find their way out in the short run.

  • Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

    The spot rupee touched a high of 73.82 against the dollar, last seen in early September on the back of weakness in the Chinese currency due to stress in the property sector. Weakness in stocks added to the upward pressure but exporter selling and corporate flows pushed the pair back down to 73.62 levels at the time of writing. Near term range remains between 73.40 and 74.00 levels. In case of a clear breakout above 74.00 levels, our view will turn decisively bullish in USDINR.

  • Rupee At Close | The Indian rupee fell by 26 paise to close at 73.74 against the US dollar tracking a strong American currency in the overseas market and muted trend in domestic equities. The local currency opened at 73.82 and finally settled for the day at 73.74 a dollar, down 26 paise over its previous close of 73.48.

  • Ajit Mishra, VP - Research, Religare Broking

    The market started the week on a feeble note and lost nearly a percent, pressurized by weak global cues. The decline shows nervousness ahead of the US Fed meet and we may further slide in the Nifty towards the major support around the 17,150-17,250 zone. We recommend keeping a cautious approach and limiting naked leveraged positions. Among the sectors, metal looks weakest while selective stocks from the defensive pack like IT and FMCG are still holding strong. Participants should plan their positions accordingly.

  • Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

    A sharp profit booking has triggered in the market and Monday's confirmation of short term top reversal pattern is likely to drag Nifty down to 17,200-17,150 levels in the next few sessions. Any attempt of upside bounce from here could find strong resistance at 17,625 levels. However, a move below 17,150 is likely to open more broad-based weaknesses in the near term.

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

    Global equity markets witnessed steep corrections and Indian markets also followed suit as there was wide-spread selling, especially in banking, metals and realty stocks. After a sharp rally in recent sessions, the markets could see some bouts of volatility in the near future. Benchmark Nifty has formed a strong reversal formation which clearly indicates high chances of a further correction from current levels. The texture of the market is weak and downward momentum could continue in the short run.

    For the next few trading sessions, the 17,525 level could be the sacrosanct resistance level for the traders, and trading below the same we can expect further price correction up to 17,300-17,250 levels, whereas trading above 17,525 may trigger a quick pullback rally up to 17,625-17,675 levels. Contra traders can take a long bet near the 17,250 support level with a strict 50 points stop loss.

  • Manish Shah, Founder, Niftytriggers.com

    Nifty settled lower for the day and it was a bearish start to the week. In a departure from the usual practice of Nifty recovering from the lows of the day this time Nifty did bounce back from the lows. But this time, Nifty could not sustain higher levels as sellers trounced the buying interest during the early part of the day.  In terms of the magnitude; the last two days saw a big decline as Nifty dropped from the high at 17,792 and more than 400 points in two days. This is one of the largest two-day declines in the last couple of months.

    The MACD is still in a buy more and +DMI is above –DMI. The underlying trend is still intact but we have to be careful as Nifty may be getting a prolonged corrective decline. It is going to be a bit tricky navigating the markets for the next couple of days. Support in Nifty is at 17,240 and a break below 17,240 and we could see a decline towards 17,050 points. For the rally to continue Nifty needs to move above 17,580-17,600.

  • Ashis Biswas, Head of Technical Research at CapitalVia Global Research

    The market witnessed the continuation in the correction and an attempt to hold the level above the Nifty50 Index level of 17,500. The market suggests that 17,450-17,500 will be an important support zone for the market to stay positive in the short term. If the market is unable to sustain the level of 17,450-17,500, the market witnesses further correction to the levels of 17,250-17,300.

  • Market At Close | FMCG majors (HUL, ITC, Nestle & Britannia) gain in a weak trading session

  • Market At Close | Metals see deep cuts on weak demand sentiment in China; Nifty Metals slips 7% to record the biggest 1-day fall in since May 2020

  • Market At Close | Market closes at day’s low amid weak global cues ahead of FOMC meet; Broader markets underperform benchmarks, Midcap Index & Nifty Bank slip 2% each

  • Market At Close | Here are the highlights of today's trading session

    -Market Closes At day’s Low Amid Weak Global Cues Ahead Of FOMC Meet

    -Broader Mkts Underperform Benchmarks, Midcap Index & Nifty Bank Slip 2% Each

    -Sensex Slips 585 Points To 58,431 & Nifty 219 Points To 17,366

    -Nifty Bank Falls 737 Points To 37,075 & Midcap Index 645 Points To 29,255

    -Metals See Deep Cuts On Weak Demand Sentiment In China

    -Nifty Metals Slips 7% To Record The Biggest 1-day Fall In Since May 2020

    -41 Of 50 Nifty Stocks Close In The Red; Metals Top Losers

    -FMCG Majors (HUL, ITC, Nestle & Britannia) Gain In A Weak Trading Session

    -Except FMCG, All Sectoral Indices Close In The Red; Nifty Metal Top Losing Index

    -Volatility Index, India VIX Surges 14% To Record Biggest 1-day Gains In 5 Months

    -Tata Steel Erases Gains Of Last 2 Months, Closes With A Cuts Of 10%

    -Tata Steel, JSW, Hindalco, UPL, BPCL, IndusInd, SBI Top Index Losers

    -JSPL, Nalco, SAIL, NMDC, PI Ind, IndiaMART Top Midcap Losers

    -Indian Hotels, GMR, PVR, ICICI Lombard, Marico, Godrej Prop Top Midcap Gainers

    -Market Breadth Favours Declines; Advance-Decline Ratio At 1:4

  • Closing Bell | The Indian equity benchmark indices ended sharply lower Monday dragged by selling in metals and banking stocks. The Sensex plunged 524.96 points, or 0.89 percent, to end at 58,490.93, while the Nifty closed 188.25 points, or 1.07 percent, lower at 17,396.90. Broader markets underperformed the frontliners as the Nifty Midcap100 plunged 2.16 percent and the Smallcap100 index ending 1.73 percent lower.

    Barring Nifty FMCG, all other sectoral indices ended in the red with the Nifty Metal and Nifty Nifty PSU Bank indices falling the most followed by realty, auto, financial services, pharma and energy indices. Tata Steel, JSW Steel, Hindalco Industries, UPL and BPCL were the top Nifty50 losers, while Hinustan Unilever, Bajaj Finserv, ITC, Nestle India and HCL Technologies were the top index gainers. Read here

  • Gold seems cheap at current levels: Probis Securities

    Commodity markets were under pressure on Monday as the US dollar index strengthened to a one month high. China's Evergrande Groups debt crisis also led to a decline in metal prices including steel. In an interview with CNBC-TV18's Manisha Gupta, Jonathan Barratt of Probis Securities said that the Evergrande Group has $300 billion worth of debt and that has implications that run right through the commodity complex.

    "It is quite a red day today in the commodity markets. There are a lot of scary points over Evergrande, they have $300 billion worth of debt and that has implications that run right through the commodity complex. So quite a negative outlook at the moment. We really need to see some clarity from Evergrande in terms of the outcome and that will help to restore the markets from the downwards pressure we are seeing at the moment," Barratt said. He is of the view that gold prices look cheap at current levels and expects investors to move to gold because of the systemic risks in the market. Read here

  • Aim to reduce India's dependency on imports of steel products, says Sajjan Jindal

    Steel Minister RCP Singh met the leaders of the steel industry to review the key concerns of the sector. CNBC-TV18’s Anshu Sharma spoke to Sajjan Jindal, Chairman of JSW Group, and Naveen Jindal, Chairman of JSPL, post their meeting. Sajjan Jindal said, “There are so many topics that we discussed, including how to take the steel industry forward."

    On PLI scheme for the steel sector, Naveen Jindal said, “We are already producing a lot of speciality products like different types of railhead, hardened rails, asymmetric rails etc. which will qualify for PLI scheme." Sajjan Jindal said, "Electrical steel and many other steels are being developed by the industry. JSW is also part of that, and the idea is that India must be self-reliant on all steel capacities, technologies and grades, and there should not be any need to import steel." Read full report here

  • Binod Modi, Head Strategy at Reliance Securities

    Festive demand, recovery in rural demand, COVID-19 positivity rates and vaccination ramp-up will be in focus in the near term. We further believe that higher government’s capex and revival in industrials’ capex should aid economic recovery. However, a liquidity-driven market may take a backseat in 2022 and investors must start focusing on the quality aspect of companies, in our view.

  • SBI expects to beat street estimates on credit cost for FY22

    With regard to the banking sector, there are many things to discuss like the NARCL or the bad bank, account aggregators, fintech challenges, and a whole lot of old legacy assets that are probably getting resolved. To discuss all this in-depth, CNCB-TV18 spoke with Dinesh Kumar Khara, Chairman of SBI.

    On credit cost, Khara said, “Our effort and endeavour is to keep the credit cost as minimum as possible and we have generally beaten the street estimate on the credit cost. Our effort would be to maintain the trend.” Read here

  • US FDA issues 7 observations to Lupin’s Goa plant; here're possible impacts
    The US FDA inspected the facility from September 6 to September 18. It was a long inspection that took place for two weeks, which is a normal course of action in the case of any facility with warning…
    Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks
  • Tata Elxsi sees sustained demand uptick; expects EV deals to push R&D spends

    Tata Elxsi is on the radar. In the last six months, the stock is up nearly 112 percent while in the last one month, the stock is up around 22 percent. Tata Elxsi is currently trading at around Rs 5,785 on the NSE. To understand the demand dynamics, the deal flow picture and the outlook ahead, CNBC-TV18 caught up with Manoj Raghavan, MD & CEO, Tata Elxsi.

    Raghavan said, “The demand scenario has never been so positive and it looks like a sustained demand cycle and not a one-off. It could last for two to three years. Automotive specifically has been down in the last 18 months or so, but in the last two quarters, we have seen an uplift in demand. Customers are spending, new R&D programmes are being commissioned. The electric vehicle (EV) segment is definitely pushing the R&D spend in this industry and the company is well-positioned to capture demand from the OEMs and the overall industry.” Watch here

  • RPP Infra Projects bags new orders worth Rs 158 crore

    RPP Infra Projects has won new orders worth Rs 157.67 crore including engineering, procurement and construction handicraft centre of Bareilly Haat and Mission worth Rs 157.67 crore.

  • Commodity wrap on September 20: Silver gains, crude oil plunges 1.5%
    Crude oil futures plunged on Monday, Silver rose half a percent and Gold rose marginally.
    Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks
  • Expect US Fed tapering to be moved up to November: JPMorgan

    JPMorgan sees opportunity in Indian financial stocks, James Sullivan, head of Asia Pacific region (APAC) equity research, told CNBC-TV18.

    “We do see opportunity in the financial stocks, it's interesting. Banks are one of the only sectors in India, which are trading at average historical valuations and if the argument is that there is going to be a fiscal thrust into the second half and a pickup in the overall levels of economic activity, inclusive of the potential for a rate cycle as we move farther into the next year, not in the short-term but in the medium-term, it's very conducive for financial sector performance,” he said.

    On FOMC, Sullivan said, “The tapering will move into November timeframe; the existing expectation was December, but we do think that will be moved up based on recent FOMC as well as governor comments. The November move is probably the consensus right now. We do see the potential for four 25 bps rate hikes in 2022, which is clearly not built into the treasury curve yet.” Watch here

  • Commodity wrap: Silver gains, crude oil plunges 1.5%

    India's commodity markets saw sharp activity in the bullion pack on Monday. While silver and crude palm oil futures were in high demand, natural gas and copper were under selling pressure. (Read more commodity market trends here)

  • Jefferies raises target price on ITC

    Jefferies has a buy rating on ITC and has raised the target to Rs 300 from Rs 275 per share. With the GST Council making no rate change in any of the cess sectors, including tobacco, Jefferies believes ITC is set to see a recovery in cigarette volumes and earnings in the coming quarters. The valuations are attractive and the stock offers 5% yield, Jefferies said.

  • US futures fall further, signal weakness ahead on Wall Street

    S&P 500 E-Mini futures were down 1.2 percent.

  • Bears likely to continue to dominate cryptoverse: Edul Patel of Mudrex

    "The week began with a massive blow to the crypto markets. Both Bitcoin and Ether were heavily sold off in the latter half of the past 24 hours. The largest altcoin dropped 10 percent and others suffered as well. The coming 24 hours would likely remain volatile as the bears continue to dominate the crypto spectrum," said Edul Patel, CEO, and Co-founder of crypto trading platform Mudrex.

    Stock Market Highlights: Sensex cracks 525 points, Nifty ends below 17,400 dragged by metals, PSU Banks
  • Buy PVR, ICICI Lombard: Jay Thakkar 

    Here are two trading calls from Jay Thakkar of Marwadi Shares and Finance:

    • Buy PVR for a target of Rs 1,600 with a stop loss at Rs 1,409 
    • Buy ICICI Lombard for a target of Rs 1,710-1,730 with a stop loss at Rs 1,613 
Stock Market Highlights: The Indian equity benchmark indices, Sensex and Nifty ended sharply lower Monday dragged by selling in metals and banking stocks. Broader markets underperformed the frontliners as the Nifty Midcap100 plunged 2.16 percent and the Smallcap100 index ending 1.73 percent lower. Barring Nifty FMCG, all other sectoral indices ended in the red with the Nifty Metal and Nifty Nifty PSU Bank indices falling the most followed by realty, auto, financial services, pharma and energy indices.