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Share Market Highlights: Sensex ends 600 down, Nifty below 16900 amid weak cues; ICICI Bank, Infosys top drags

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Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears gripped Dalal Street on the first day of the week as benchmark indices ended in red amid weak global cues. The S&P BSE Sensex settled at 56,789, down 638 points or 1.11 per cent. The NSE Nifty 50, too, closed 207 points, or 1.21 per cent, lower at 16,887. Adani Enterprises was the biggest Nifty dragger as it dropped 9 per cent. This was followed by selling in Eicher Motors, Maruti Suzuki, Adani Ports, Hindalco, Tata Consumer Products, HUL, Kotak Bank, ITC, HDFC Life, Britannia, SBI, and Tata Motors. On the upside, ONGC, Cipla, Coal India, Dr Reddy’s Labs, BPCL, Divis Labs, and Bharti Airtel helped trim losses.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights 3 October, Monday

15:48 (IST) 3 Oct 2022 Top gainers, losers

Adani Enterprises, Eicher Motors, Adani Ports, Maruti Suzuki and Tata Consumer Products were among the top Nifty losers. However, gainers included ONGC, Dr Reddy’s Laboratories, Cipla, BPCL and Coal India. Except pharma, all other sectoral indices ended in the red. In broader markets, BSE Midcap index shed 1.2 per cent and Smallcap index fell 0.54 per cent.

15:47 (IST) 3 Oct 2022 Nifty, Sensex end in red

Indian equity benchmarks got off to a rocky start on Monday. The BSE Sensex index plunged 638.11 points to end at 56,788.81, and the broader NSE Nifty crashed 207 points to 16,887.35, after data showed India’s factory activity fell to a three-month low. The market mood was fragile on Monday as crude prices jumped over 4 per cent on a potential cut in production by oil producers, exacerbating fears that aggressive interest rates hiked by central banks around the world to tame elevated inflation would increase the likelihood of a worldwide recession.

15:35 (IST) 3 Oct 2022 Rupee closes lower

Indian rupee closed 53 paise lower at 81.87 per dollar against the previous close of 81.34.

15:04 (IST) 3 Oct 2022 Nifty, Sensex extend losses

Benchmark indices extended the losses and trading at day’s low with Nifty below 16900.

14:20 (IST) 3 Oct 2022 European markets in red

European stocks fall on Monday as markets enter the last quarter of the year; Stoxx 600 index dropped 1% in early trade

14:17 (IST) 3 Oct 2022 Nykaa shares surge 11% on bonus issue news

Shares of FSN E-Commerce, the parent company of Nykaa, rallied 11% to the day’s high price of Rs 1,414 on Monday after the company announced a 5:1 bonus share issue. The company has fixed November 3, 2022, as the record date for determining investors’ eligibility for the bonus share issue.

14:16 (IST) 3 Oct 2022 Nifty, Sensex slip deep into red

Benchmark indices slipped deep in the red in afternoon deals. While Sensex fell 500 points, Nifty 50 slipped below 17000. Bank Nifty fell over 400 pts as banking stocks witnessed sell-off.

13:47 (IST) 3 Oct 2022 Power stocks drag

BSE Power index shed 1 per cent, dragged by the Adani Green, Siemens, Adani Transmission

13:35 (IST) 3 Oct 2022 Nifty, Sensex trade in red

Benchmark indices were trading lower with Nifty hovering around 17000.The Sensex was down 239.12 points or 0.42% at 57187.80, and the Nifty was down 61.50 points or 0.36% at 17032.80.

13:34 (IST) 3 Oct 2022 Gold climbs on weaker dollar

Gold prices rose on Monday as a softer dollar rekindled some of bullion’s appeal for overseas buyers, although the prospects of sharp interest rate hikes by the U.S. Federal Reserve and other major central banks capped further gains. Spot gold was up 0.5% at $1,667.89 per ounce, as of 0603 GMT. U.S. gold futures were 0.2% higher at $1,675.30. The dollar index was down 0.4% against a basket of currencies, making greenback-priced bullion less expensive for overseas buyers. Benchmark U.S. 10-year Treasury yields were also lower after rising for two days.

13:02 (IST) 3 Oct 2022 Bank stocks drag

Nifty Bank index declined 1 per cent, dragged by the AU Small Finance Bank, Kotak Mahindra Bank, IndusInd Bank

13:01 (IST) 3 Oct 2022 Morgan Stanley Overweight On Cyient

Morgan Stanley has kept overweight rating on Cyient with a target at Rs 700 per share. See potential part divestment of the DLM business as incrementally positive, said Morgan Stanley. The divestment will provide flexibility to scale up DLM business & may unlock shareholder value, however, divestment is still at a very early stage. Cyient was quoting at Rs 788.35, down Rs 3.85, or 0.49 per cent on the BSE.

13:00 (IST) 3 Oct 2022 Future Supply Chain Solutions’ MD resigns, shares up

Mayur Toshniwal has resigned as a director of Future Supply Chain Solutions with effect from September 30, 2022. With his resignation, Mayur has also ceased to be Managing Director of the company. Future Supply Chain Solutions was quoting at Rs 27, up Rs 0.55, or 2.08 per cent.

12:57 (IST) 3 Oct 2022 Paytm share price rises 7% in 6 months, may rally this much more; JP Morgan bullish, should you buy?

Paytm share price rose 3 per cent on Monday after foreign brokerage firm JP Morgan reiterated a positive stance on the stock last week. Analysts maintained a price target of Rs 1,000 on the scrip, suggesting an over 50 per cent potential rally going forward. The brokerage firm believes that Paytm is undergoing a model shift from chasing ‘growth at any loss’ to ‘profitability at scale’ now. “Moderation in indirect expenses Q2 onwards should hence be a catalyst,” it said. Paytm shares have tanked over 50 per cent so far this year, but have risen 7 per cent in the last 6 months. Paytm share price jumped over 3 per cent to hit an intraday high of Rs 660 on NSE. JPMorgan’s target price on the counter suggests a 51 per cent potential upside over Monday’s intraday high level. 

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11:38 (IST) 3 Oct 2022 Paytm share price jumps 3%

Paytm share price rose 3 per cent on Monday after foreign brokerage firm JP Morgan reiterated positive stance on the stock last week. Analysts maintained price target of Rs 1,000 on the scrip, suggesting a 55 per cent rally going forward.

11:38 (IST) 3 Oct 2022 Noida-based LED lighting solutions IKIO Lighting files IPO paper with SEBI

IKIO Lighting has filed its draft red herring prospectus with the capital markets regulator Securities and Exchange Board of India to raise funds via initial public offering (IPO). The public issue consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) up to 7,500,000 equity shares by Promoter and selling shareholders, which comprises of up to 6,000,000 by promoter Hardeep Singh, up to 1,500,000 by Surmeet Kaur (selling shareholders).

11:36 (IST) 3 Oct 2022 Nykaa share price rallies 11% as board approves bonus issue in 5:1 ratio

Nykaa board approved bonus issue in 5:1 ratio. “Fixation of Thursday, November 03, 2022, as the record date for the purpose of determining members eligible for bonus equity shares,” company said in a BSE filing. Nykaa share price rallies 11%

11:34 (IST) 3 Oct 2022 September PMI shows manufacturing grows for 15th month in a row; output looks set to expand further

India’s manufacturing activity in September expanded for the fifteenth month in a row, but slowed down the acceleration from the previous month. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) posted at 55.1 for September, down marginally from August’s 56.2. Amid global headwinds, policy shocks, and recession fears, the manufacturing sector remains in good health. The expansion in the industry is attributed to new business growth, expanded operating capacities, and demand resilience. Leading indicators suggest that “output looks set to expand further at least in the short-term as firms seek to fulfil sales contracts and replenish stocks”, Pollyanna De Lima, Economics Associate Director, S&P Global Market Intelligence, said in the PMI note. Read full story

11:33 (IST) 3 Oct 2022 Electronics Mart India IPO opens on Tuesday, GMP rises; should you subscribe?

Electronics Mart India Ltd’s (EMIL) Rs 500 crore-IPO will open for public subscription on Tuesday (4 October) and will conclude on 7 October. The price band for the issue has been fixed at Rs 56-59 per share. The consumer durables retail chain’s IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, with no offer for sale (OFS) component. The company intends to utilise the net proceeds from the initial share sale to fund its capital expenditure, and support incremental working capital requirements. The proceeds will also go towards paying debt, and for general corporate purposes. Read full story

11:07 (IST) 3 Oct 2022 Rupee likely to consolidate in near-term, may fall to 83 level, if 82 breached amid global uncertainty

Looking at the global uncertainty and tighter liquidity, the rupee is expected to trade left in the medium term while in the shorter term it could consolidate in the range. Spot USDINR is having a line on sand at 82 and crossing of it will pave way for 83 and more while on the lower side. Read full story

10:43 (IST) 3 Oct 2022 India Sep Manufacturing PMI at 55.1

India September Manufacturing PMI at 55.1 versus 56.2

10:41 (IST) 3 Oct 2022 Nifty to witness buying above 17300, use Bull Call Spread for 6 Oct F&O expiry; Bank Nifty may trade mixed

Traders can initiate a Moderately Bullish strategy with reduced premium outflow & lower breakeven point called BULL CALL SPREAD of 6 October expiry wherein trader can buy one lot of 17,100 call strike @ 144 and simultaneously sell one lot of 17,350 call strike @ 47, so that net outflow or maximum loss will be restricted to up to Rs 4,850. If Nifty closes above 17,197 on expiry day then the strategy will start making profits. The maximum gains will be restricted up to Rs 7,650; because the gains of long 17,100 strike call will be offset by the sold 17,350 strike call if Nifty closes above 17,350 on expiry. Read full story

10:37 (IST) 3 Oct 2022 Adani Ports share price rises

In September 2022, Adani Ports and Special Economic Zone recorded 13% on-year growth in cargo volumes to reach 26.1 MMT. In the initial six months of FY23, the company managed 177.5 MMT of cargo, which is a good 11% increase over the corresponding period last year.  During H1FY23, east coast volumes are up 13% YoY, supported by Krishnapatnam (+13%), Gangavaram (+9%) and Kattupalli & Ennore combined (+51%). The west coast volume jump of 10% is supported by Mundra (8%), Dahej (65%), Tuna (19%), and Goa (22%). Adani Ports and Special Economic Zone was quoting at Rs 824.60, up Rs 3.55, or 0.43 percent on the BSE.

09:51 (IST) 3 Oct 2022 Bank Nifty falls half a per cent

Nifty Bank fell 0.5 per cent or 203.45 points to 38,428.50

09:27 (IST) 3 Oct 2022 Titan Company, Nestle, Infosys top Sensex laggards

Titan Company, Nestle India, Infosys, IndusInd Bank, Maruti Suzuki of India, Asian Paints, TCS among top BSE Sensex losers

09:25 (IST) 3 Oct 2022 Reliance, Wipro, Sun Pharma top BSE Sensex gainers

Stocks of NTPC, Reliance Industries Ltd (RIL), Sun Pharma, UltraTech Cement, Power Grid Corporation of India, Reliance, Axis Bank, Hindustan Unilever Ltd, Wipro were among top BSE Sensex index

09:21 (IST) 3 Oct 2022 Sensex, Nifty fall at open

BSE Sensex fell 0.4 per cent or 200 points to 57227, while NSE Nifty was down 42 points or 0.24 per cent to 17015

09:13 (IST) 3 Oct 2022 Look to accumulate on dips: Rahul Sharma

US markets can be expected to bottom out anytime soon. Look to accumulate on dips with stoploss placed at 16,640 on closing basis & Target of 17,500.

Position Sizing Guide: Large

Support: 17,030 & 16,840

Resistance: 17,291 & 17,500 | Rahul Sharma, JM Financial Services

09:11 (IST) 3 Oct 2022 Credit Suisse crisis unlikely to impact the markets

Even though there are global challenges for equity markets, India’s outperformance is likely to continue. A significant trend in the market now is the dominance of DIIs and retail investors over FIIs. Last Friday when FIIs sold equity worth Rs 1545 crores in the cash market DIIs bought equity for Rs 3245 crores. If this kind of dominance of DIIs and retail investors can be sustained, FIIs will have to slow down their selling even in the context of rising dollar and bond yields in the US. Re-entry for FIIs will be expensive since DIIs and retail will not easily sell back the stocks which FIIs have sold. Auto numbers for September confirm the strong auto rebound trend. There is more room for CV, PV and select 2-wheeler stocks to move up.

The fears regarding the Credit Suisse crisis are unlikely to impact the markets since it doesn’t have the potential to become a systemic crisis. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:04 (IST) 3 Oct 2022 Sensex, Nifty down in pre-open

BSE Sensex was down 119 points or 0.2 per cent to trade at 57316, while NSE Nifty 50 was down 26 points to 17068

09:02 (IST) 3 Oct 2022 Nifty’s drop to 16300-16483 support appears to be on the table

After a sharp rebound on Friday, equity markets could once again come under a bear hammering in early Monday trades, tracking weakness across the Asian markets. SGX Nifty is indicating a gap-down start for local equities in the backdrop of a brutal selling witnessed at Wall Street in Friday’s trade where the S&P 500 ended at a new closing low for the year and the Dow Jones index dived deep into bear market territory. There is lack of evidence from the Fed’s action that they are winning their battle against inflation. For now, the market seems to be assuming that more hawkishness is on the menu. Technically speaking, Nifty’s drop to 16300-16483 support appears to be on the table. Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:59 (IST) 3 Oct 2022 Petrol, Diesel Price Today, 3 Oct 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 3 October 2022 (Monday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Read full story

08:31 (IST) 3 Oct 2022 Gas prices hiked 40%; CNG, PNG to cost more

Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 percent to record levels, in step with global firming up of energy rates.

The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to USD 8.57 per million British thermal units from the current USD 6.1, according to an order from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).

08:04 (IST) 3 Oct 2022 Will bulls manage to pull Nifty above 17200 amid uncertainty? 5 things to know before market opening bell

Indian benchmark indices are expected to start the week and month in the red amid weak global cues. Wall Street tumbled on Friday and Asian markets too opened with losses on Monday. SGX Nifty was in red, hinting at a negative start for the Indian share market. In the previous session, BSE Sensex and NSE Nifty had snapped out of the red streak to end with gains. The Nifty trend and outlook is now neutral to positive in daily, weekly, and monthly charts, implying a balanced risk-reward, according to market analysts. “The momentum has strengthened further, indicating a high probability of a trend or outlook change in this week. The preferred strategy for this week remains ‘sell the rise’,” they said.

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08:03 (IST) 3 Oct 2022 HFCL announces launch of 5G Lab-as-a-Service

HFCL Limited announced the launch of 5G Lab-as-a-Service to accelerate rollout of 5G solutions and services.  In the previous trading session, HFCL shares closed at Rs 72.80, up Rs 0.45, or 0.62 per cent.

08:02 (IST) 3 Oct 2022 April-August fiscal deficit comes in at Rs 5.42 lakh crore

The central government’s fiscal deficit stood at Rs 5.42 lakh crore in April-August, accounting for 32.6 per cent of the full-year target, data released by the Controller General of Accounts showed. The fiscal deficit for April-August 2021 had accounted for 31.1 per cent of the FY22 target. The fiscal deficit in the first five months of FY22 was Rs 4.68 lakh crore. As such, the fiscal deficit in April-August of the current financial year is 15.7 per cent higher on a year-on-year basis. The Centre is targeting a fiscal deficit of Rs 16.61 lakh crore for FY23, or 6.4 per cent of GDP.

07:43 (IST) 3 Oct 2022 TCS to consider 2nd interim dividend on Oct 10 board meeting

Tata Consultancy Services (TCS) will be considering a second interim dividend for the financial year FY23 in a board meeting scheduled on October 10. Also, TCS will announce its financial results for Q2 and six monthly periods of FY23. The company has also announced a record date to determine eligible shareholders for the dividend benefits. In Q2, seasonal strength and digital services growth are likely to lift TCS revenue sequentially. Revival in EBIT margin is also expected due to the absorption of wage revision.

07:40 (IST) 3 Oct 2022 Crude oil rises

Oil surged to near $82 a barrel on indications the OPEC+ alliance is considering cutting production by more than 1 million barrels a day to revive plunging prices when it meets this week. A reduction of that magnitude would be the biggest since the pandemic, although OPEC+ delegates said a final decision on the size of the cuts won’t be made until ministers gather in Vienna on Wednesday. West Texas Intermediate futures jumped around 3%, on track for the first gain in three sessions.

07:28 (IST) 3 Oct 2022 Asian markets lower

Shares in the Asia-Pacific mostly fell on Monday as markets enter the last quarter of the year. Hong Kong’s Hang Seng index was 0.8% lower in early trade. In Australia, the S&P/ASX 200 gave up early gains to fall 0.4%. Japan’s Nikkei 225 fell more than 1% in early trade, but recovered slightly and was last up 0.18%, while the Topix index was fractionally lower. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.32%. China markets are closed for the Golden Week holiday, and South Korea’s market is also closed. Later in the week, Australia’s central bank will announce its interest rate decision, while several countries in Asia will report inflation data.

07:27 (IST) 3 Oct 2022 US market end lower on choppy trading

Stocks fell in choppy trading Friday as Wall Street closed out a terrible week, month, and quarter that brought the S&P 500 to a new 2022 low. This was the first time Wall Street has posted three consecutive quarters of losses since the aftermath of the global financial crisis more than a decade ago. The Dow Jones Industrial Average closed below 29,000 for the first time since November 2020. The index fell 500.10 points, or 1.71%, to 28,725.51. The Nasdaq Composite was 1.51% lower, ending the day at 10,575.62. Meanwhile, the S&P 500 was down 1.51% on Friday, falling to 3,585.62. The index closed out its worst month since March 2020. For September, the Dow tumbled 8.8%, while the S&P 500 fell 9.3%. The Nasdaq lost 10.5%.

Petrol, Diesel Price Today, 22 Sep 2022: Fuel cost steady; check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 22 September 2022 (Thursday), keeping costs steady for more than three months now. Petrol rate and diesel rate in Delhi are at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read: Rupee likely to depreciate on strong dollar, risk aversion in equity markets; USDINR to trade in this range

Also read: Powell signals more pain to come with Fed sending rates higher to tame inflation

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Israeli troops briefly raid northern Gaza to ‘prepare’ for an expected full-scale incursion

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Israeli troops and tanks briefly raided northern Gaza overnight, the military said Thursday, engaging with Hamas fighters and targeting anti-tank weapons in order to “prepare the battlefield” before an expected ground invasion.

The third Israeli raid since the war began came after more than two weeks of devastating airstrikes that have left thousands dead, and more than 1 million displaced from their homes, in the small, densely-populated territory.

The rising death toll in Gaza is unprecedented in the decades-long Israeli-Palestinian conflict. The Health Ministry in Hamas-ruled Gaza said Thursday more than 7,000 Palestinians have died in the fighting, a figure that could not be independently verified. Even greater loss of life could come if Israel launches a ground offensive aimed at crushing Hamas, which has ruled Gaza since 2007 and survived four previous wars with Israel.

More than 1,400 people in Israel, mostly civilians, were slain during the initial Hamas attack, according to the Israeli government.The damage to Gaza from nearly three weeks of bombardment showed in satellite photos of several locations taken before the war and again in recent days.

Entire rows of residential buildings simply disappear in the photos, reduced to smears of dust and rubble. A complex of 13 high-rises by the sea was pounded to dust near Gaza City’s al-Shati refugee camp, leaving only a few tottering bits of facade. Just down the street, hardly anything remained in what had been a neighborhood of low-built homes on winding lanes, according to the photos by Maxar Technologies.

New strikes Thursday leveled more than eight homes belonging to an extended family, killing at least 15 people in the southern city of Khan Younis. In the chaotic wasteland of crumbled concrete and twisted metal, rescuers lifted the body of a boy from beneath a slab.

The Israeli military said an airstrike killed one of two masterminds of the Oct. 7 massacre, Shadi Barud, the head of Hamas’ intelligence unit. The military says it only strikes militant targets and accuses Hamas of operating among civilians in an attempt to protect its fighters.

Palestinian militants have fired thousands of rockets into Israel since the war began. One struck a residential building in the central city of Petah Tikva, without wounding anyone.

Hamas’ military wing said Thursday that Israeli bombardment has so far killed about 50 of the at least 224 hostages the militants abducted during its Oct. 7 assault. There was no immediate comment from Israeli officials, who have denied previous, similar claims.

Family members and Jewish groups are trying to keep the spotlight on the hostages’ plight. In Paris, 30 empty baby strollers were displayed in front of the Eiffel Tower — each with a photo of one of the children taken from Israel. A day earlier, blindfolded teddy bears with photos of the abducted children were placed in front of a fountain in Tel Aviv.

The conflict has threatened to ignite a wider war across the region.

Hezbollah, an Iranian-backed ally of Hamas in Lebanon, has repeatedly traded fire with Israel along the border. The United States has sent to the region two aircraft carrier strike groups, along with additional fighter jets and other weaponry and personnel.

In a statement Thursday night, U.S. Defense Secretary Lloyd Austin said the strikes in eastern Syria were “a response to a series of ongoing and mostly unsuccessful attacks against U.S. personnel in Iraq and Syria by Iranian-backed militia groups that began on Oct. 17.”

He said President Joe Biden directed the narrowly tailored strikes “to make clear that the United States will not tolerate such attacks and will defend itself, its personnel and its interests.” He added that the operation was separate and distinct from Israel’s war against Hamas.

Israel has vowed to crush Hamas’ capacity to govern Gaza or threaten Israel again but also says it doesn’t want to reoccupy the territory, from which it withdrew soldiers and settlers in 2005. That could prove a daunting challenge, since Hamas is deeply rooted in Gaza, with political and charity organizations as well as a formidable armed wing.Benny Gantz, a retired general and a member of Israel’s war Cabinet, said any possible ground offensive would be only “one stage in a long-term process that includes security, political and social aspects that will take years.”

“The campaign will soon ramp up with greater force,” he added.

The overnight raid into Gaza was the largest of several known brief incursions. The military said soldiers and tanks killed fighters and destroyed tunnels and anti-tank missile launching positions. The military said no Israelis were wounded. There was no immediate confirmation of any Palestinian casualties.

Daniel Hagari, a military spokesman, said the incursion was “part of our preparations for the next stages of the war.”

Israel also said it also carried out around 250 airstrikes across Gaza in the last 24 hours, targeting tunnel shafts, rocket launchers and other militant infrastructure. Its reported targeting could not be independently verified.

The figure of 7,000 deaths reported by the Gaza Health Ministry is more than three times the number of Palestinians killed in the six-week-long Gaza war in 2014. The ministry’s toll includes more than 2,900 minors and more than 1,500 women.

After Biden said he had “no confidence” in Gaza’s casualty figures, the Health Ministry on Thursday countered by releasing a more than 200-page document listing the names of 6,747 dead, including ages and gender. It said another 281 dead had not been identified and that hundreds still missing under rubble were not included in the count.

The warning by the U.N. agency for Palestinian refugees, UNRWA, over depleting fuel supplies raised alarm that the humanitarian crisis could quickly worsen. Israel is still barring deliveries of fuel — needed to power generators — saying it believes Hamas will take it for military use.

About 1.4 million of Gaza’s 2.3 million residents have fled their homes, with nearly half of them crowding into U.N. shelters. Hundreds of thousands remain in northern Gaza, despite Israel ordering them to evacuate to the south and saying that those who remain might be considered “accomplices” of Hamas.

In recent days, Israel has let more than 70 trucks with aid enter from Egypt.“This is a small amount of what is required, a drop in the ocean,” said William Schomburg, an official with the International Committee of the Red Cross in Gaza. “We are trying to establish a pipeline.”

Elsewhere, Egyptian state-run media outlet Al Qahera News reported early Friday that an explosion hit the Egyptian resort town of Taba, which is near the border with Israel. Five people were wounded. The cause of the blast was not immediately clear, and The Associated Press could not immediately confirm the details.

Nine Arab countries — including key U.S. allies and nations that have signed peace or normalization deals with Israel — issued a joint statement Thursday calling for an immediate cease-fire and an end to the targeting and death of civilians.

“The right to self defense by the United Nations Charter does not justify blatant violations of humanitarian and international law,“ said the statement, signed by Egypt, Jordan, Bahrain, The United Arab Emirates, Saudi Arabia, Oman, Qatar, Kuwait and Morocco.

In the occupied West Bank, Israeli authorities detained 86 Palestinians, including five women, in multiple raids overnight, bringing the total detained there to more than 1,400, according to the Palestinian Prisoners Club, which represents former and current prisoners. At least 104 Palestinians have been killed in violence in the West Bank.

Sensex falls for 4th day straight, Nifty support at 16907; investors eye crude oil prices, RBI MPC meet

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BSE Sensex and NSE Nifty 50 ended in negative territory for the fourth consecutive trading day on Tuesday. BSE Sensex fell 38 points or 0.01 per cent at 57108, while NSE Nifty 50 ended 9 points down at 17007. Index heavyweights such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), and State Bank of India (SBI), among others contributed the most to the indices’ loss. Broader markets outperformed equity frontliners. S&P BSE MidCap index ended flat at 24,554, while the S&P BSE SmallCap index gained 137 points or 0.5 per cent to settle at 27,991. India VIX, the volatility index, fell 1.5 per cent to settle at 21,57 levels.

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

Also read: June 2022 biggest month for travel, this Rajasthan city tops list of India’s favourite destinations: OYO study

Deepak Jasani, Head of Retail Research, HDFC Securities

Global markets remained on edge and were mixed Tuesday as investors braced for a heightened risk of global recession, even as dip buyers emerged. Chinese markets recovered on expectations of more stimulus measures by the government. People’s Bank of China injected about $24.7 billion of liquidity into the sector via repo market operations. Nifty took support from the upgap of 16947 and closed flat after making a lower low compared to the previous day. The downtrend in the Nifty may have halted temporarily, though it needs to close above 17196 for confirmation. On falls, 16942 will be watched closely.

Rupak De, Senior Technical Analyst, LKP Securities

The benchmark Nifty remained range bound ahead of the RBI policy meet. The index briefly slipped below 16950 as it failed to sustain at the lower level leading to a close above 17000. On the lower end, bulls have managed to protect the 200 DMA on a closing basis. The momentum indicator is in a bearish crossover. The trend remains weak; however, the proximity to the crucial support may induce a pullback in the market. On the higher end, resistance is visible at 17150-17200. Above 17200, the Nifty may move towards 17500. On the other hand, a decisive fall below 16950 may trigger a panic button.

Also read: India defers govt bond index inclusion to next year; $30 bln opportunity pushed back due to operational issues

Vinod Nair, Head of Research, Geojit Financial Services

In search of a safer dollar and elevated bond yields, foreign investors are withdrawing from Indian equities, resulting in the decline of the domestic market. In contrast to the recent trend of sector performance, banks and autos are exhibiting negative bias, while IT and pharma are showcasing resilience. Crude prices are closing down, despite expectations that OPEC+ will take more action to cut production in the coming meeting, due to the weakening global economy.

Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

Volatility was the hallmark of today’s trade as on backdrop was the risk of recession in financial markets across the globe. The street suspects that the Fed will move so aggressively as to cause a recession. The other biggest headwind that markets across the globe face is inflation. Traders will now spy with one big eye on how much the RBI will tighten monetary policy—and raise interest in its meeting on Friday to tackle inflation in the remaining year. Technically, the biggest support to watch on Nifty will be at 16907. As long as 16907 support is held, there is a bright chance that Nifty could bounce to 17347 and then at the 17727 mark.

TCS, ICICI Bank, other must-have stocks: Time to rejig investment portfolio post Budget 2021? INTERVIEW

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Union Budget 2021 largely focussed on the infrastructure sector, and no negative announcements fueled the rally Indian stock market for the six consecutive days. Also, key announcements related to the banking sector pushed the Nifty Bank index nearly 18 per cent higher after the Budget. In comparison, the Nifty 50 index jumped nearly 11 per cent so far in February. Investment advisor Sandip Sabharwal tells Surbhi Jain of Financial Express Online that the biggest driver of the markets now is easy liquidity which needs to be monitored. Sandip Sabharwal also talks about the key sectors where investors can look for opportunities. Even as Budget 2021 is over now, Sabharwal lists key drivers and risk tiggers in the markets going ahead. Here are the edited excerpts.

1. How would you rate Union Budget 2021 and why?

2. Which sectors could benefit and lose from Budget proposals?

There has been some focussed targeting of infrastructure investments so those companies should benefit. If the government is able to carry through with its proposals for strategic disinvestments then we could see a re-rating of the PSU Basket. With the water projects being in focus we could see some pipe companies do well. There were no clear cut losers due to the budget proposals.

3. Is it a time to rejig the investment portfolio post Budget presentation? What should be the investment strategy now?

Domestic cyclicals could do better going forward as they are cheaper on valuations as well as could see greater growth traction. Many recovery plays of companies that were impacted most due to the Covid related lockdowns could come back sharply and do well. The Real Estate sector is seeing some renewed comeback after years of low growth and presents investment opportunities. Highly valued consumer stocks could underperform for some time.

4. Going ahead, what factors would drive the stock markets and what are the key risks?

Easy liquidity is the biggest driver of the markets today and to that extent that needs to be carefully monitored. Return to normalcy trades will do well and for that we need to see the effectiveness of Vaccines and hope that there is no resurgence of Covid. The biggest risk is commodity price driven inflation which could take interest rates higher and impact market valuations. The other big risk is the large borrowing program of the government where if there is an economic revival and credit growth improves then government borrowings can crowd out private investments.

5. If someone is looking to build a portfolio of 5 stocks for the next 3 years, then according to you which are the must-have stocks in that portfolio?

The split can be across sectors. A large back could be ICICI Bank. With a focus on infrastructure, Larsen and Toubro (L&T) could do well. In the Cement sector, the largest player UltraTech Cement is good. In pharma, Sun Pharmaceuticals Ltd is well placed in the growth valuation paradigm and in Technology, Tata Consultancy Services (TCS) should do well.

Mahindra Lifespace Developers share price jumps over 2%; stocks hit fresh 52-week high on BSE

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Shares of Mahindra Lifespace Developers touched its 52-week high in the morning trade on Monday after the realty firm said it is looking to acquire a few land parcels this fiscal to build housing projects. Shares of the company opened at Rs 541.95 on Monday, then gained 2.37 per cent to touch Rs 550.40, its 52-week high level on the BSE. Similar movement was seen on the NSE as well. The stock opened at Rs 539 and later touched its 52-week high of Rs 539.30 apiece.

Also read| Mahindra Lifespace crossing $1 bn m-cap proves firm can survive without black money, says Anand Mahindra

Also read| Mahindra Lifespace to buy few land parcels in FY’23 with sales potential of Rs 3000-4000 crore

He highlighted that the company already acquired a land parcel this fiscal that has a Gross Development Value (GDV) of Rs 1,700 crore and the deal pipelines are strong. In terms of the GDV, he said the new land acquisition should be in the Rs 3,000-4,000 crore range and the company was well above the guidance in creating new business development opportunities.

Technical stocks to buy: Tata Power, UBL show further rally on charts; check Nifty support, resistance levels

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By Shrikant Chouhan

Tuesday was a volatile trading day. If we calculate the intraday variation, the Nifty/Sensex moved up and down by 750/2200 points. On a daily basis, the market has formed an indecisive pattern and based on that upward activity is not ruled out. On that basis, levels of 14790/49600 and 14820/49700 will be important. If the level of 14820/49700 is decisively crossed, the Nifty/Sensex can jump up to 14950/50100. If it goes below 14540/48800, then the Nifty could drop to 14450/48550 and 14350/48350 levels. Wednesday is an important day for the market and a level based trading approach should be followed. For the Bank-Nifty, 32250 and 32700 should be the trading range. Expect trending activity above and below the given levels. Be stock specific in the market.

BUY, CMP: Rs 104.7, TARGET: Rs 111, SL: Rs 101

The stock had shown a phenomenal up move from the levels of 70 till 114 without any significant correction however 114 becomes the obstacle due to double top kind of a formation which resulted in a price drop, nevertheless recent range bound movement with incremental volume points at good accumulation by bulls for the continuation of an uptrend.

Pidilite Industries

BUY, CMP: Rs 1,874.4, TARGET: Rs 1,970, SL: Rs 1,830

In the past last three months, the stock was trading in a rectangle formation forming a strong base for the counter, subsequently, a fresh breakout with a strong bullish candlestick pattern along with pick up in volume indicates a new leg of upward movement in the near term.

Cadila Healthcare

BUY, CMP: Rs 456.5, TARGET: Rs 480, SL: Rs 445

On the weekly scale, the stock was into a sloping channel after making the highs of around 500, eventually, its downward move stopped near the multiple support zone of 420 and the strong rebound is seen in the counter with an increase in volume activity, recent trend line breakout confirms bullish momentum to remain in the coming time horizon.

United Breweries Ltd

BUY, CMP: Rs 1,109.95, TARGET: Rs 1,170, SL: Rs 1,070

After the remarkable up move from the levels of 900 till 1320, the stock faced multiple resistance into the supply zone of 1300-1320. As a result, we observed a substantial drop in the share price. Nevertheless, it seems that the worst is behind as the stock is near to its important Fibonacci retracement zone. Hence we expect a strong up move from current levels.

(Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)

Grey market premium highly unreliable, irrelevant; check these 2 things while applying for IPO | INTERVIEW

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With a flurry of IPOs in March, it has been a busy month for Dalal Street. But while some initial public offerings brought in listing gains bonanza for investors, others disappointed the allottees, rudely revealing the disconnect with the prevailing grey market premiums. For instance, recently listed Easy Trip Planners got subscribed 159 times and was quoting a strong grey market premium. But on debut day, it listed at a weaker-than-expected level. So, how should an investor study a company before applying for its IPO? Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities, told Surbhi Jain of Financial Express Online that while applying for an IPO, one must keep in mind that grey market premium quotes are highly unreliable and quite irrelevant for long-term investments. For the new financial year, Devarsh Vakil feels metal stocks have more upside left. One should also look at the PSU sector, as progress on disinvestment and privatisation may keep this sector in limelight in the new fiscal year.

1. With so many IPOs in March, do you think grey market premium should be considered while applying?

2. Where do you see Sensex, Nifty and Bank Nifty in the new fiscal year, keeping in mind the rising COVID cases, bond yields and ongoing vaccination drive?

After suffering from the Covid-19 pandemic induced slowdown, economic activity is slowly picking up and it is expected to recover sharply in the financial year 2021-22. The Reserve Bank of India has kept loose monetary policy and managed well to keep borrowing cost relatively lower for corporate India. The government has decided to support GDP growth by provisioning for higher capital expenditure in the union budget. We believe this new economic growth cycle will last for next few years.

As a larger part of the population gets inoculated against the Covid-19, the economic recovery will pick up pace. Investors anticipate future earnings growth and discount them in advance by valuing it at an appropriate interest rate. Global markets recently underwent a correction due to a spike in US bond yields (spiked over 50 bps since January-end). High flying growth stocks looked vulnerable compared to cyclical and value stocks. All bull markets pass through many small and large corrections on the way. There is some more room for benchmark indices to correct, but we believe Indian stock markets are headed higher on back of earnings growth over the longer term.

3. Do you think momentum in midcaps and small caps will continue in next fiscal and why?

Mid Caps and small caps companies will benefit from lower funding costs and a recovering economic cycle. Higher business growth prospects and better profitability has excited investors to hunt for opportunities in mid and small cap space. As far as valuations are concerned, mid-caps are now as expensive as large caps. Hence, returns will be moderate and in line with earnings growth.

4. What are your overweight and underweight sectors for FY22 and why?

The pharmaceuticals and Information Technology sectors are the leaders of this rally. Government policies like Atma-Nirbhar Bharat and PLI schemes offer unique opportunities for manufacturing firms to grow their businesses. We believe metals have more upside left. PSU as a theme will be in the limelight this year based on the progress on divestment and privatization. Banks, Auto sectors may find it difficult to rise materially and may underperform for a while.

5. What factors would drive the stock markets and what are the key risks?

Stock prices are slave to earnings. Investors anticipate future earnings growth and discount them in advance by valuing it at an appropriate level. Global liquidity contraction due to reversal of quantitative easing (QE) by central banks; faster-than-expected increase in inflation will force policymakers to raise interest rates. If bond yields rise substantially from current levels, that could be the party pooper for stocks markets. Many pension funds and endowment funds redeem their funds from equity markets and put it into bonds. Apart from this, in India, we have the added uncertainty of the monsoon and the upcoming assembly elections.

NCDEX relaunches derivatives contract in Robusta Cherry AB Coffee

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National Commodity and Derivatives Exchange (NCDEX) will relaunch the Robusta Cherry AB coffee futures contract for trading from Friday.

Initially, monthly contracts expiring in February, March and April would be made available for trading. The contract will be a compulsory delivery contract and deliverable at Kushalnagar in Karnataka.

Also Read: Sensex, Nifty end in red for 7th straight day amid volatility on F&O expiry; all eyes on RBI MPC meet decision

Also, with this contract, NCDEX hopes to bring down the complexity of trade and make it easier, Raste said, adding this launch has a special significance from the NCDEX point of view as it marks the exchange venturing into the south for the first time, as Indian coffee is almost entirely produced in Karnataka, Kerala and Tamil Nadu.

The contract will have a daily price limit of 6% (4% + 2%), which means once the price reaches a 4% cap on either side the trading will be halted for a cooling period of 15 minutes, after which another 2% movement can be allowed on the same side until the end of the session. The lot size of the contract has been fixed at 1 metric tonne (MT) in line with physical trade in the commodity.

Kapil Dev, chief business officer at NCDEX, said globally, coffee has been one of the top traded soft-commodity contracts. But in the absence of any hedging tool domestically, the Indian growers had few options available to take benefit of such activities. Even for price discovery, they had to rely completely on international exchanges. As India exports over 60% of the produce, the indigenous coffee futures contract will prove to be a boon for exporters in exercising price risk management domestically.

At around 350,000 tonnes per annum, India accounts for 3.5-4% of the global coffee output pegged at around 10 million tonnes. Karnataka accounts for nearly 71% of the country’s total production followed by Kerala at 21% and Tamil Nadu at 5%. Nearly 65% of the output is exported and the rest is consumed in the country. The demand for coffee has been growing in the domestic market as well and so is the expansion of plantations in non-traditional areas of Andhra Pradesh, Odisha and North-Eastern states.

Buy these two stocks with strong support on charts while Nifty soars to fresh all-time highs

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By Nagaraj Shetti

The uptrend continued in the market for the third consecutive sessions on Wednesday and the Nifty closed the day higher by 142 points. After opening on a positive note, the market slipped into intraday decline soon after the opening and filled the upside gap completely. A sustainable upside bounce has occurred in the market during early to mid-part of the session and shifted later into a range move in the mid to later part of the session.

The new all-time high formation at 14868 on Wednesday has resulted in a faster retracement of the last downswing. Recently, the market has consumed 6 trading sessions to complete its down leg, which started from the high of 14753-21st Jan. 

The sharp upmove of the last three sessions has retraced this down leg in three sessions compared to 6 sessions of decline. The previous broken support (trend line and moving averages) has been regained and that subsequently resulted in a false downside breakout. This action could be a positive for the market and one may expect further upside in the near term. However, the placement of long term resistance by the way of cluster trend lines could offer temporary resistance for the market around 14800 levels.

The short term trend of Nifty continues to be positive. Having placed at the resistance zone of around 14800 levels, there is a possibility of volatility or minor profit booking from the highs of 14800-14900 levels in the short term, but eventually this hurdle is going to be taken out on the upside. Immediate support is placed at 14750.

Stock Picks: 

Buy CARE RATINGS LTD- (CMP Rs 523) 

The weekly timeframe chart of CARE Ratings Ltd signal a formation of crucial bottom reversal. After showing a weakness in the last couple of months, the stock price has bounced back smartly, post the formation of reversal candle pattern in the last week at the low of Rs 461. The upside bounce in the stock price has emerged from the cluster supports like horizontal line (support line as per change in polarity) and 20 week EMA around Rs 470-475 levels.

Weekly 14 period RSI is currently placed just below 60 levels. Its sustainable move above 60 could further strengthen upside momentum in the stock price. 

Buying can be initiated in CARE RATING at CMP (523), add more on dips down to Rs 500, wait for the upside target of Rs 580 in the next 3-4 weeks. Place a stop-loss of Rs 485.

Buy TRENT LTD – (CMP Rs 678) 

The sharp downtrend in the stock price seems to have reversed and the stock price has witnessed a sustainable upside bounce in the last few session. The downside breakout of the trend line support at Rs 630 of last week seems to have turned out to be a false downside breakout, as the stock price witnessed upside bounce and regained the lost support area in the subsequent week-as per weekly chart. We observe positive chart pattern like higher highs and higher lows on the weekly chart. The recent swing low of Rs 585 could be considered as a new higher low of the pattern. Hence, one may expect further upside in the near term. 

Buying can be initiated in TRENT at CMP (678), add more on dips down to Rs 650, wait for the upside target of Rs 750 in the next 3-4 weeks. Place a stop-loss of Rs 630.

(Nagaraj Shetti is a Technical Research Analyst at HDFC Securities. The views expressed by the author are his own. Please consult your financial advisor before investing.)