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Stock Market Highlights: Sensex ends volatile session 78 points lower, Nifty slips below 17,550

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Stock Market Highlights: Indian equity indices Sensex and Nifty50 ended a volatile session on Wednesday marginally lower. Losses in financial stocks dragged the market lower, though gains in IT, auto and metal shares kept the downside in check. Heavyweights such as HDFC, HDFC Bank and ICICI Bank saw selling pressure. Reliance Industries and Tech Mahindra were in demand, helping the headline indices avoid deeper losses. Broader markets registered sharp gains, with the midcap and smallcap indices rising around 1.5 percent each.

Stock Market Highlights: Sensex ends volatile session 78 points lower, Nifty slips below 17,550
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  • Bharti Airtel, L&T, Axis Bank coming out of 10-12 years of consolidation: ICICI Securities' Amit Gupta 

    "The market has definitely moved up very sharply. But I think overall, if you see how the portfolio has to be constructed now, I think not only the high EPS growth, but we also need to have the value stocks in the portfolio," said Amit Gupta VP and Fund Manager-PMS at ICICI Securities. 

    "We saw the midcaps already performed and we saw the earnings yield of midcaps had come down from 5 percent to almost 3.8 percent, and this had to happen. This was not very lucrative actually from the midcaps perspective, which had moved up by 4-5 times also in certain sectors. So, when Nifty was around 16,000, the midcaps had started coming down, and this money was flowing into the value stocks," he said. 

    Gupta believes stocks like Bharti Airtel, L&T and Axis Bank are coming out of the last consolidation cycle of 10-12 years. "This is what we need to pick up in the portfolio. This is where you will make money," he said.

  • Dip in Nifty50 to 17,430-17,500 levels to be a buying opportunity: Rohit Singre of LKP Securities

    The index formed a small bearish candle on the daily chart, said Rohit Singre of LKP Securities. "Any dip to the support zone of around 17,430-17,500 will be a buying opportunity. Resistance is expected near the 17,600-17,660 band. One can lock their trading long gains around these levels... The overall range is still in between 17,300 and 17,800. A breakout on either side will decide the final direction," he said.

  • Hopes of hawkish Fed pushing rupee higher: Anindya Banerjee of Kotak Securities

    "Hopes of a hawkish Fed are pushing the rupee higher. Chinese financial stress is an added positive factor. Tonight's Fed meeting will be watched closely," said Anindya Banerjee, DVP-Currency Derivatives and Interest Rate Derivatives at Kotak Securities.

    The market is expecting the US central bank to announce a timeline on tapering of stimulus, issue an inflation forecast and update its interest rate projection through the dot plot, said Banerjee, who expects the USD-INR pair to remain within a range of 73.40-74.20 over the near term.

  • Nifty needs to move above 17,600 convincingly for a rally to 17,950: Manish Shah of Niftytriggers.com
     
     
    "Nifty closed the day marginally lower but market breadth was very good. Most sectoral indices closed in the green and that was the most impressive part of the day. Nifty has shrugged off nervousness due to instability in foreign markets... The underlying strength in the broader markets is stunning," said Manish Shah, Founder of Niftytriggers.com.
     
    "We have a minor swing low at 17,350, which is the support zone for Nifty. We need the index to move above the 17,600 mark convincingly for a rally to 17,950. We still have six trading days before the (F&O) expiry and this could be the target zone in the next 2-3 weeks. The directional movement index shows a strong trend," he said.
  • Surge to 38,100 not ruled out if Bank Nifty crosses 37,500: Shrikant Chouhan

    The Fed’s potential timeline for tapering of stimulus and any shifts in expectations for interest rate increases will be key for investors, said Shrikant Chouhan, Head-Equity Research (Retail) at Kotak Securities.

    "On Thursday, initially, the market would follow a trading range between 17,660 and 17,300.  Above 17,660, the Nifty idnex would enter a breakout formation that would lift the market to 17,800-17,900 levels. Below 17,300, the Nifty index would gradually fall to 17,100-16,900 levels. The Bank Nifty index is having strong resistance between 37,400 and 37,500 levels. A surge to 38,100 is not ruled out if the banking index crosses the 37,500 mark," he said.

  • Nifty50 has strong support at 17,500: Rahul Sharma of Equity99

    "Thursday’s market move will depend on the outcome of the Fed meeting. Media, real estate, metal and banking sectors will be in focus," said Rahul Sharma, Co-Founder of Equity99.  

    "Immediate and strong support for the Nifty index is placed at 17,500, followed by 17,425. On the upside, the 17,650 level will act as a hurdle, a crossover of which will take it to 17,725-17,800 levels. Bank Nifty has come closer to its immediate support of 36,900, below which, it may may see more weakness and go to the next support at 36,650. Bank Nifty have to face resistance near 37,200-37,350-37,600 levels," he added.

  • Investors traded cautiously ahead of FOMC meet outcome: Vinod Nair of Geojit 

    "Despite hopeful signs in the global markets, the Indian indices traded in a narrow range and gave away their initial gains. However, the broad market was robust. Barring banks, all major sectors were in demand with the media, metal and realty space outperforming the headline indices. Realty stocks were in focus owing to an increase in property registrations in September while easing jitters over the Chinese economy bolstered metal stocks. Investors traded cautiously awaiting the outcome of the FOMC meeting that will clear the air regarding the Fed’s tapering plans," said Vinod Nair, Head of Research at Geojit Financial Services. 

  • Closing Bell | Sensex declines 78 points to 58,927, Nifty50 slips to 17,547

    Indian equity indices Sensex and Nifty50 ended a volatile session on Wednesday marginally lower. Losses in financial stocks dragged the market lower, though gains in IT, auto and metal shares kept the downside in check. Heavyweights such as HDFC, HDFC Bank and ICICI Bank saw selling pressure. Reliance Industries and Tech Mahindra were in demand, helping the headline indices avoid deeper losses. (Read more)

  • Market At Close | HDFC, Nestle, Kotak Mahindra Bank, ICICI Bank top losers

  • Rupee closes at 73.87 against dollar

    The rupee shut shop at the 73.87 mark against the US dollar, as against its previous close of 73.61.

    Stock Market Highlights: Sensex ends volatile session 78 points lower, Nifty slips below 17,550
  • Market At Close | Realty stocks rise on strong demand; DLF gains 12%, Godrej Properties 14%

    Here are some highlights of Wednesday's session:

    --Four (HDFC, Kotak Bank, HDFC Bank and ICICI Bank) out of top six Nifty losers financial stocks 

    --Metal stocks hold on to gains as Evergrande shares jump; Nifty Metal index up 1%

    --Zee Entertainment surges 31% to nearly two-year high on proposed Sony merger

    --Tyre stocks gain on weakness in rubber prices; Apollo Tyres, Balkrishna up 6% 

    --Bajaj twins hit new highs

    --Midcap outperformance keeps market breadth in favour of bulls; advance-decline ratio at 2:1

  • Market At Close | IT stocks largely higher ahead of Accenture earnings; Tech Mahindra up 3%

  • Market At Close | Sensex, Nifty50 take minor cuts amid volatility

  • Closing Bell | Sensex sheds 78 points, Nifty slips below 17,550 

  • Coal India shares rise nearly 4%

    Coal India shares traded 3.7 percent higher at Rs 162.2 apiece on BSE in late afternoon deals, having risen to as high as Rs 162.5 apiece earlier in the day. The stock came within inches of its 52-week high, registered in June this year.

  • FOMC meeting tonight: Here’s what the market expects to hear from Fed chair Jerome Powell
    The Fed statement is expected to more clearly line up the November FOMC meeting for an announcement for the start of taper sometime in December. So the markets are not expecting a definite taper…
    Stock Market Highlights: Sensex ends volatile session 78 points lower, Nifty slips below 17,550
  • Sriram Iyer, Senior Research Analyst at Reliance Securities

    International oil prices ended with small gains on Tuesday in a volatile session. Gasoline futures ended marginally in the red, while heating oil futures ended in the green on Tuesday. Domestic oil prices also ended marginally in the red on Tuesday.

    The TASS news agency said Russia believes global oil demand may not recover to its 2019 peak before the pandemic and kept upside capped. However, the OPEC+ struggled to pump enough oil in August to meet current consumption as the world recovers from the coronavirus pandemic and kept downside limited.

    Reuters reported that compliance with oil production cuts rose to 116 percent in August.

    The figure compares with 109 percent in July. Several countries appeared to have produced less than expected as part of the OPEC+ agreement suggesting a supply gap could grow and lent support. 

    US oil production is still recovering from hurricanes that hit the Gulf Coast region. About 18 percent of the US Gulf's oil and 27 percent of its natural gas production remained offline, more than three weeks after Ida.

    On the inventory side, data from American Petroleum Institute (API) showed that crude stocks fell by 6.1 million barrels for the week ended Sept 17. Gasoline inventories fell by 432,000 barrels and distillate stocks fell by 2.7 million barrels.

    International oil prices rose on Wednesday morning trade in Asia supported by a fall in inventories. Official US government data is due tonight.

    Technically, WTI Crude Oil holds a resistance near $71.40-$72.50 levels below which could see a correction up to $70.44-$69.70 levels.

    Domestic oil prices could start with small gains early Wednesday morning trade, tracking firm overseas prices.

    Technically, MCX Crude Oil October holds a strong resistance near 5265 levels below which could see a Bearish momentum up to 5166-5110 levels. Resistance is at 5230-5265 levels.

  • Yash Gupta, Equity Research Analyst, Angel Broking on Sobha Ltd and Godrej Properties:

    S&P BSE Realty was up over 6 percent at 3551 at 52-week high, thereby breaking 10 years long consolidation. We have a buy rating on Sobha Ltd with target price of Rs 870 and have a neutral rating on Godrej Properties.

    Sobha Ltd operates in Residential & Commercial real-estate along with Contractual business. The company's 70 percent of residential pre-sales come from the Bangalore market which is one of the IT hubs in India, we expect new hiring by the IT industry will increase residential demand in the South India market.

    We have seen a strong consolidation among listed players in India, post demonetisation, RERA, IL&FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue in coming quarters. Ready to move inventory and under construction inventory levels have moved down to its lowest levels.

    Customers are now having preference towards the branded players like Sobha Developers. The company is expected to launch 17 new projects/phases spread over 12.56mn sq ft across various geographies. A majority of launches will be coming from existing land banks. The company has a land bank of approximately 200mn sq ft of salable area.

    We continue with our buy rating on Sobha Ltd and Neutral outlook on Godrej Properties.

  • With Nifty soaring to new highs, here's how to chose new mutual funds
    On a year-to-date basis, while the Nifty 50 benchmark index has delivered 26 percent for the year to date, the Nifty midcap and Nifty small-cap index have delivered 43 percent and 51 percent…
    Stock Market Highlights: Sensex ends volatile session 78 points lower, Nifty slips below 17,550
  • Pune, Mumbai leading in residential sales: Anshuman Magazine of CBRE  

    Anshuman Magazine of property consultant CBRE told CNBC-TV18 that the Pune and Mumbai markets are leading in residential sales in India.

    Gulam Zia of Knight Frank said Bengaluru has been seeing good sales despite the stamp duty cut. Many states have announced stamp duty cuts taking cue from the Maharashtra government, he said.

    Here's how the realty pack fared in afternoon deals:

    Stock Market Highlights: Sensex ends volatile session 78 points lower, Nifty slips below 17,550
  • CNBC-TV18 Exclusive | No clarity within government yet on LPG subsidy, say sources

    There is no clarity within the government yet on LPG subsidy, official sources told CNBC-TV18. The government may look at either a no-subsidy regime or it may provide subsidy to select consumers, the sources said.

    No subsidy has been provided to LPG consumers in some markets since May 2020. The DBT on LPG was at Rs 3,559 crore in FY21 as against Rs 24,468 cr in the previous financial year. 

    Stock Market Highlights: Sensex ends volatile session 78 points lower, Nifty slips below 17,550
  • Investec on Macrotech Developers: Initiates coverage with ‘buy’ 

    The brokerage firm said valuations remain attractive to play a multi-year real estate upcycle, and initiated coverage on shares of Macrotech Developers with a ‘buy’ rating and target price of Rs 1,460.

    Most real estate stocks, including Macrotech Developers, have doubled over the last 12 months. Despite this, Investec believes these stocks should not be overlooked as the sector appears to be at the cusp of a long cyclical uptrend on the sales front after a prolonged decade long downcycle.

  • Kotak Institutional Equities ups target price on HCL Technologies by 19%; retains 'add’

    The brokerage firm has raised revenue estimates for HCL Tech by 1-2 percent for FY2022-24 factoring in improving deal flow and near-to-medium term tailwinds in IMS and modern applications.

    Kotak Institutional Equities also hiked its earnings per share estimate for the technology company by 2-2.5 percent and target price by 19 percent to Rs1,400 while retaining its "add" rating on the stock. 

  • China’s Evergrande Group stock rises 16% on Frankfurt Stock Exchange

    Evergrande’s main unit said it would make a coupon payment on its domestic bonds on Thursday, offering some relief to jittery markets worldwide, according to news agency Reuters.

  • RBL Bank rises over 1%

    Shares of RBL Bank were up 1.4 percent at Rs 178.25 after the shareholders unanimously approve the reappointment of Vishwavir Ahuja as MD & CEO.
    Shareholders approved the reappointment of Ahuja as MD & CEO for one year.

  • Buy M&M Financial Services, United Spirits: Prakash Gaba 

    Here are two trading calls from Prakash Gaba of prakashgaba.com:

    • Buy Mahindra & Mahindra Financial Services for a target price of Rs 190 with a stop loss below Rs 180 
    • Buy United Spirits for a target of Rs 790 with a stop loss below Rs 765 
  • KPIT Technologies gains nearly 6%

    Shares of KPIT Technologies surged 5.7 percent to Rs 337.15 apiece after the company’s board approved the acquisition of initial 25 percent shareholding in Future Mobility Solutions.

    Over a period of three years, KPIT Tech will acquire the balance shareholding. Majority shareholding is expected to be acquired in the last quarter of the Financial Year 2022-23.

    The total consideration for 100 percent shareholding will not exceed € 15.6 million.

Stock Market Highlights: Indian equity indices Sensex and Nifty50 ended a volatile session on Wednesday marginally lower. Losses in financial stocks dragged the market lower, though gains in IT, auto and metal shares kept the downside in check. Heavyweights such as HDFC, HDFC Bank and ICICI Bank saw selling pressure. Reliance Industries and Tech Mahindra were in demand, helping the headline indices avoid deeper losses. Broader markets registered sharp gains, with the midcap and smallcap indices rising around 1.5 percent each.
Here are highlights of the September 22 session: