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Stock market holidays October 2022: BSE, NSE to remain shut on these days this month, check here

Posted on 2023-08-31 by admin

The Indian stock market will remain closed for trading on three days in October due to festive holidays. BSE and NSE will be shut on 5 October (Wednesday), 24 October (Monday) and 26 October (Wednesday) owing to Dussehra, Diwali or Laxmi Pujan, and Diwali Balipratipada respectively. However, Muhurat trading will happen for one hour on Diwali or Laxmi Pujan, on 24 October, and its timings will be subsequently notified by the exchange. On these three holidays, trading in the Currency Derivatives Segment and Interest Rate Derivatives segment will also remain suspended.

Also read: Rupee likely to remain volatile ahead of RBI monetary policy meet outcome, USDINR may trade in this range

Also read: MCX Gold prices to consolidate next week, support seen at Rs 48,900; buy on dips as recession fears persist

The National Commodity & Derivatives Exchange Limited (NCDEX), which is the agricultural commodity exchange, will be closed for trading in both sessions on 5 and 26 October. However, it will remain in the second half on 24 October. In November, trading will be closed for just one day – 8 November (Tuesday), on account of Gurunanak Jayanti. According to the BSE holiday calendar, there are 13 declared trading holidays during the calendar year 2022.

Meanwhile, BSE Sensex and NSE Nifty 50 ended nearly 2 per cent higher, snapping a 7-day losing streak on Friday. Investors cheered the RBI MPC announcement of the repo rate hike. BSE Sensex ended at 57,427, up 1,017 points or 1.8 per cent. The NSE Nifty 50 ended at 17,094, up 276 points or 1.64 per cent. Technical analysts believe that Nifty can now move towards 17,500-17,700 zones with key support around 17,000 and 16850

Ban on futures trade of agri items must go: NCDEX chief

Posted on 2023-08-28 by admin

There are no valid grounds to continue with the suspension of futures trade in some of the agricultural commodities announced by the government last year, Arun Raste, MD & CEO, National Commodity and Derivatives Exchange (NCDEX), said on Wednesday.

“Continuance with futures trading ban on mustard seed, soybean and chana have deprived farmers of getting reference prices for the specific commodity,” Raste told FE.

He said that global edible oil prices rose because of geopolitical situations such as a decline in the soybean crop in key producing countries such as Paraguay, Argentina and Brazil, disruption in sunflower supplies from Ukraine and Indonesia briefly imposing a ban on exports.

Also Read: Futures don’t lead to unusual fluctuations in turmeric prices: NCDEX panel

“Looking at the geopolitical situation as it was prevalent a year ago, there is a huge difference now as supplies of edible oil have smoothened,” he said. India imports about 56% of its edible oil consumption.

On the price movement of chana, which has a share of 50% in the country’s production of pulses, Raste said that since the imposition futures trade ban last year, the price movement has been constant and prices are ruling around 5% (+/-) of the minimum support price (MSP) of Rs 5,230 per quintal announced for the 2021-22 season.

“There is absolutely no mechanism where anybody manipulates prices for their own benefits, which could adversely impact consumers,” he said.

Sensex, Nifty end marginally up; Nifty to remain strong above 17500; CPI, WPI inflation, IIP data in focus

Posted on 2023-08-19 by admin

BSE Sensex and NSE Nifty 50 ended marginally higher in a volatile trade on Friday. BSE Sensex gained 105 points or 0.2 per cent at 59,793, while NSE Nifty 50 index added 35 points or 0.2 per cent to settle at 17833. Stocks of index heavyweights such as Infosys, Tata Consultancy Services (TCS), State Bank of India (SBI), Tech Mahindra, and Maruti Suzuki India, among others, helped the index to cap losses. Broader market indices too performed in line with equity frontliners. S&P BSE MidCap gained 0.2 per cent or 42 points to settle at 25,937, while S&P BSE SmallCap index added 0.2 per cent to finish trade at 29,529.

Also read: Tamilnad Mercantile IPO share allotment: Check status via BSE, grey market premium; listing on 15 Sep

Both Sensex & Nifty Index gained 1.7% over the past week. The Indian markets were buoyed by falling crude prices and a decline in domestic bond yields. On the economy front, August exports, at US$33 bn, contracted by 1.1% yoy, while August imports, at US$61.7 bn, increased by 37% yoy. FPI outflows stood at US$190 mn in the past five trading sessions, while DII outflows stood at US$164 mn in the same period. Given the lack of major domestic events, Indian markets’ sentiment will be influenced by its global counterparts to determine its movement. Across the globe, investors will be keeping a close watch on China’s Inflation numbers. The volatility in oil prices and USDINR will be other important factors that may affect the market. Investors need to watch out for stock-specific news.

Palak Kothari, Senior Technical Analyst, Choice Broking

On the technical front, the Nifty is trading with higher high & higher low formations on daily charts suggesting strength in the counter. Nifty has been trading with the support of 21-HMA on an hourly chart which suggests strength to the upside. On the OI Data, On the call side, the highest was witnessed at 18000 while on the put side was at 17600 level. The momentum indicator Stochastic is trading with a positive crossover on an hourly time frame which suggests strength in the counter. The support for nifty has shifted around 17600 levels while on the upside 18000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 39500 levels while resistance at 40900 levels.

Also read: Harsha Engineers IPO opens on September 14: Check price band, GMP, lot size, other bidding details

Overall, till the time Nifty holds the 17500 level, it’s looking strong on charts crossing above 18000 marks will show an upside rally in the counter. The sector-specific moment has been seen, IT stocks have bottom-up and can show good rally in the upcoming week. One can add on dips.

Vinod Nair, Head of Research, Geojit Financial Services

Domestic bourses kicked off the trading session on a strong footing, backed by positive sentiments across global markets. However, it succumbed to profit booking after surpassing the psychological 60,000 mark. Global indices edged higher as investors reassessed the outlook for monetary policy following ultra-hawkish remarks from the Fed chair and 75bps rate hikes by ECB. Banking and consumer-facing stocks continued to be top picks in the domestic market.

Ajit Mishra, VP – Research, Religare Broking

Markets ended marginally higher in a volatile session, in extension to the recent up move. Firm global cues triggered an upbeat start in Nifty however profit taking at the higher levels capped the upside. Meanwhile, sectoral indices traded mixed wherein rebound in IT and buying in banking and auto kept the tone positive. The broader indices traded in line with the benchmark and closed marginally higher. We maintain our bullish view on markets and suggest continuing with the “buy on dips” approach. The recent rebound in the US markets is further adding to the comfort. As we’re seeing buying interest across the board, the focus should be more on the best-performing sectors viz. banking, financials, auto and FMCG, and remain selective in the others.

India’s procurement of crude oil from Russia not under govt-to-govt framework: Foreign secretary

Posted on 2023-08-18 by admin

India’s procurement of Russian crude oil is not under any government-to-government framework and Indian entities make the purchase from the market to respond to the country’s energy security requirement, Foreign Secretary Vinay Kwatra said on Thursday.

Kwatra also chose not to comment on the proposed price cap on Russian oil, a move initiated by the G7 countries to choke Moscow’s oil revenue.

The comments by Kwatra came at a media briefing on Prime Minister Narendra Modi’s visit to Uzbekistan to attend the SCO summit.

Also Read: Saudi overtakes Russia to be India’s No. 2 oil supplier in August

Modi is set to meet Russian President Vladimir Putin on the sidelines of the summit of the Shanghai Cooperation Organisation (SCO). India’s procurement of discounted crude oil from Russia has seen a significant jump in the last few months notwithstanding an increasing disquiet over it by the Western countries.

“India is not a member of the G7. Deeper discounts, market pricing.. look, we have said this several times that when the Indian entities go out and try to respond to India’s needs of the energy security and procure oil, they essentially procure it from the market,” Kwatra said.

He was responding to a question on the issue.

“These are not government-to-government purchases that we do. On the price cap coalition, what form it takes, what shape it evolves into, something I think the countries that floated that idea perhaps can better answer to it,” he said.India’s crude oil imports from Russia have jumped over 50 times since April and now it makes up for 10 per cent of all crude bought from overseas.

Russian oil made up for just 0.2 per cent of all oil imported by India prior to the Ukraine war.

The Western countries are gradually bringing down their energy purchases from Russia following its attack on Ukraine.

The G7 comprised Japan, the UK, the US, Canada, France, Germany and Italy.

TCS, HDFC Life, Vedanta, Ujjivan Small Finance Bank, NTPC, Muthoot Capital Services stocks in focus today

Posted on 2023-08-13 by admin

Indian benchmark indices are likely to open in the green as trends in the SGX Nifty indicate a gap-up opening with a gain of 114 points. In the previous session, the BSE Sensex closed above 60,000 mark for the first time since August 18, rising 322 points to 60,115, while its broader peer NSE Nifty 50 rose 103 points to 17,936. “The recent rebound in the global markets especially the US is adding to the market strength and we reiterate our immediate target of 18,100+ in Nifty. Apart from the heavyweights, participants should also look at broader indices for trading opportunities,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 13 September, Tuesday

Tata Consultancy Services: TCS has been chosen by C&S Wholesale Grocers, Inc. (C&S), an industry leader in supply chain solutions and wholesale grocery supply in the United States, to build a new operations platform on Google Cloud to reduce the company’s carbon footprint and enhance the customer experience. C&S has partnered with TCS to reimagine its operations platforms, including customer experience and grocery distribution. TCS will lead the company-wide project and help C&S establish a new cloud-based architecture that will unify its current systems.

HDFC Life: UK-based investment company Abrdn is planning to sell up to 4.3 crore sales representing 2 per cent of HDFC Life Insurance Company’s outstanding shares through a block deal to raise over Rs 2,425 crore. The Edinburgh-based company, which was formerly known as Standard Life Aberdeen, has offered the shares in the price band of Rs 564.1 to Rs 578.55, which is a discount of up to 2.5% on the scrip’s close on Monday in the block deal, reported Reuters.

Ujjivan Small Finance Bank: Ujjivan Small Finance Bank (SFB) on Monday launched its QIP (Qualified Institutional Placement) with a floor price of Rs 21.93 per share to meet the regulatory requirement ahead of merger with its parent company. Shares of Ujjivan Small Finance Bank on Monday closed 5.42% higher at Rs 25.30 apiece on BSE. It has gained over 20% in the last one month. In February this year, the lender had informed raising of up to Rs 600 crore by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent firm Ujjivan Financial Services.

Vedanta: Taking the first major step in its $20 billion joint venture with Taiwan’s Foxconn, Vedanta has selected Gujarat for its semiconductor project. The project will include display and semiconductor facilities near Ahmedabad. The Mumbai-headquartered oil-to-metals conglomerate has obtained financial and non-financial subsidies including capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, news agency Reuters reported.

NTPC: National Thermal Power Corporation (NTPC) has paid a final dividend of Rs 2,908.99 crore for 2021-22 to its shareholders. The final dividend is 30% of the paid-up equity share capital of the company, an NTPC statement said.

Also Read: Sensex ends at nearly 1-month high, Nifty near-term support at 17807; Will Nifty hit 18100 soon?

Muthoot Capital: BNP Paribas Arbitrage bought 2.45 lakh equity shares in Muthoot Capital Services at an average price of Rs 196 per share, however, Elevation Capital VI FII Holdings offloaded 3,58,484 shares at an average price of Rs 196.47 per share.

IKIO Lighting files IPO papers with Sebi to mop-up funds

Posted on 2023-08-05 by admin

Manufacturer of LED lighting solutions IKIO Lighting Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The IPO consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by promoters — Hardeep Singh and Surmeet Kaur, according to the draft red herring prospectus (DRHP).

Proceeds from the fresh issuance worth Rs 50 crores will be used for debt payment, Rs 236.68 crore will be used in the company’s wholly-owned subsidiary, IKIO Solutions, to set-up a new facility at Noida, Uttar Pradesh, and for general corporate purposes.

IKIO Lighting is a manufacturer of light emitting diode (LED) lighting solutions. It is primarily an original design manufacturer (ODM) and designs, develops, manufactures and supplies products to customers who then further distribute these products under their own brands.

It has four manufacturing facilities with one located in the SIDCUL Haridwar industrial park in Uttarakhand and three in Noida in the National Capital Region.

Also Read| Rupee likely to consolidate in near-term, may fall to 83 level, if 82 breached amid global uncertainty

IKIO Lighting’s revenue from operations surged by 55.47 per cent to Rs 331.84 crore for the financial year 2022 from Rs 213.45 crore for the financial year 2021. However, profit after tax grew 75.37 per cent to Rs 50.52 crore from Rs 28.81 crore during the period.

Motilal Oswal Investment Advisors is the sole book running lead managers to the issue. The equity shares are proposed to be listed on the BSE and NSE.

Wall Street nosedives on mounting economic growth concerns

Posted on 2023-08-04 by admin

Wall Street tumbled on Thursday on worries of a global economic downturn from aggressive central bank policy and fears that a rout in global currency and debt markets could spillover to stocks.

The Nasdaq fell 3% due to losses in megacap growth names such as Amazon.com Inc, Apple Inc, Microsoft Corp, Meta Platforms Inc and Tesla Inc . They were down between 3.09% and 6.25%.

Also Read: Wall Street week ahead: As markets churn, investors hide in cash despite surging inflation

The benchmark index had recorded its first gain in seven sessions on Wednesday on easing Treasury yields after the Bank of England said it would buy long-dated British bonds to restore financial stability in markets.

However, the relief was short-lived as Sterling fell and bond prices slid on Thursday, with the selloff in assets spilling over to even safe-haven U.S. Treasuries and top-rated German bonds.

The S&P 500 index has lost about $9.1 trillion in market value this year and was last valued at $31.2 trillion, according to Datastream.

“There’s so many huge macro issues right now that are just terrifying for equity investors who typically want to look at fundamentals of companies,” said David Russell, vice president of Market Intelligence at TradeStation Group.

“So, it’s kind of like trying to go outside and do your gardening when there’s a hurricane coming.”

The yields on many Treasuries, which are considered virtually risk-free if held to maturity, now dwarf the S&P 500’s dividend yield, which recently stood at about 1.8%, according to Refinitiv Datastream.

Also Read: Global Markets: Dollar dishes the pain as selloff rumbles on

Meanwhile, comments from the Federal Reserve’s Cleveland President Loretta Mester echoed other central bank officials through the week, who have vowed more interest rate hikes to tame inflation.

At 12:23 p.m. ET, the Dow Jones Industrial Average was down 457.43 points, or 1.54%, at 29,226.31, the S&P 500 was down 79.82 points, or 2.15%, at 3,639.22, and the Nasdaq Composite was down 336.57 points, or 3.05%, at 10,715.07.

All of the 11 S&P 500 sector indexes were down between 1% to 3%, with consumer discretionary leading the slide as automobile stocks slumped.

CarMax Inc slumped 23.72% after the used-car retailer missed expectations for second-quarter results, hurt by consumers cutting spending amid inflation, rising interest rates and higher car prices.

General Motors Co and Ford Motor Co also took a hit, dropping about 5.5% each.

Airline carriers and cruise operators fell on cancelling or delaying trips after Hurricane Ian hit Florida’s Gulf Coast with catastrophic force.

American Airlines fell 4.3%, while United Airlines Holdings, Southwest Airlines and Delta Air Lines fell between 2.3% and 3.9%.

Cruise companies Norwegian Cruise Line Holdings Ltd and Carnival Corp fell 4.3% and 5.7%, respectively.

Declining issues outnumbered advancers for a 7.26-to-1 ratio on the NYSE and for a 3.87-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week high and 85 new lows, while the Nasdaq recorded six new highs and 393 new lows.

Bulls to stage a comeback or bears to drag Nifty below 16700? 5 things to know before market opening bell

Posted on 2023-08-01 by admin

Indian benchmark indices are expected to open in the green as trends in SGX Nifty hinted at a positive opening for Indian equities. Nifty futures were up 189 pts or 1% up on the Singapore Exchange. In the previous session, the BSE Sensex plunged 509 points to 56,598, while the NSE Nifty 50 fell 149 points to 16,859. “In the near term, market is expected to remain under pressure due to global uncertainty. However mixed trends across sectors would continue to offer stock-specific opportunities, especially in auto, consumption with the ongoing festive season,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Also Read: Nykaa, Hindustan Copper, Godrej Properties, Dish TV, Supriya Lifescience stocks in focus on monthly F&O expiry

Nifty technical view: “A small negative candle was formed on the daily chart with a long upper shadow. This market action signals the formation of a high wave or Doji-type candle pattern. Normally, such formation after a reasonable weakness calls for a pullback rally from the lows. But the overall market trend is still weak and there is no confirmation of any buying emerging from the lows. Having declined down to the 16800 support, there is a possibility of a minor pullback rally in the market from near 16800-16750 levels in the next 1-2 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch for: “The support for Nifty has shifted around 16700 levels, while on the upside, 17100-17200 levels may act as an immediate hurdle. On the other hand, Bank Nifty has support at 37300 levels, while resistance at 38500 levels. Overall, the Nifty is trading near to its support zone one need to keep a close eye on global development as well. Pharma & IT stocks are looking good for buy.one can add on dips for long term returns,” said Palak Kothari, Senior Technical Analyst, Choice Broking.

IPO Watch: Swastik Pipe IPO opens for subscription on Thursday, and will close on 3 October at Rs 97-100 per share. Earlier this week on 26 September, the company fixed the price band of its initial public offering (IPO) at Rs 97-100 per share. The issue of 62.52 lakh shares will reserve 3,14,400 shares for the market maker. The company will raise Rs 62.52 crore through its public issue which will be used for working capital, general corporate purposes, and issue expenses.

Also Read: Sensex, Nifty fall for 6th day straight ahead of monthly F&O expiry; Rupee at new low, Nifty support at 16800

Stocks under F&O ban on NSE: Vodafone Idea is the only stock under the National Stock Exchange’s F&O ban list for September 29. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 per cent of the market-wide position limit. All clients, members shall trade in the derivative contracts of Vodafone Idea only to decrease their positions through offsetting positions. Any increase in open positions shall attract appropriate penal and disciplinary action, according to NSE website.

Kharif sowing of groundnut falls 0.3 MH for 2022-23 season

Posted on 2023-07-23 by admin

Kharif or monsoon sowing of groundnut in India declined by 0.3 million hectares (MH) for the 2022-23 season to 4.51 MH from 4.86 MH as per government data indicating a 7.2% decrease across the nation.

In Gujarat, the highest groundnut-producing state in the country, the acreage of the important oilseed has gone down to 1.7 MH from 1.9 MH. “A large number of farmers have shifted from groundnut to cotton and soyabean as they fetched higher prices last season in these two commodities,” said Atul Chaturvedi, president of The Solvent Extractors Association of India (SEAI).

According to Chaturvedi, production of groundnut in the country is likely to remain marginally low compared to the previous year’s nearly 5 million tonnes (MT). Apart from shifting to other crops, the late beginning of monsoon season in Saurashtra and North Gujarat regions of Gujarat and low-crop yields are two main reasons for the reduction in groundnut acreage in Gujarat, according to a senior official of the state agriculture department.

In many parts of Saurashtra and North Gujarat regions, farmers started sowing cotton replacing groundnut even before the first shower of this monsoon season. Since the last decade, prices of cotton and groundnut remained almost the same at nearly Rs 1,000 to Rs 1,300 per 20 kg, says the official, but in the last 2021-22 season farmers fetched as high as Rs 2,500 per 20 kg for their cotton yield. In comparison there hasn’t been any change in return on the groundnut crop, he added.

Last season, Gujarat’s kharif groundnut production was nearly 3.5 MT, said Samir Shah, president of Gujarat State Edible Oils and Oil Seeds Association (GEOA). He further added that “considering the favourable weather conditions so far, there would be nearly 20% deficit in kharif groundnut production in Gujarat following decline in acreage.”

Kishor Viradia, president of Saurashtra Oil Mills Association (SOMA), expects higher export demand of groundnut, as well as groundnut oil as inquiries from neighbouring China, have started. Viradia said that the recent spell of rain in the groundnut growing area of Saurashtra and North Gujarat has come as a big boon for the groundnut crop.

He however says that by November, the picture related to groundnut production, exports demand as well as prices will be clearer. With almost 65 to 70% share, Gujarat is the biggest producer of groundnut in the country followed by Rajasthan, Tamil Nadu, Andhra Pradesh and Karnataka.

Gunnour Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

Posted on 2023-07-21 by admin

As anticipation mounts for the upcoming Gunnour Constituency Election in Madhya Pradesh, voters are eagerly awaiting the big battle that kicks off with the announcement of key dates by the Election Commission of India. Here, we provide you with essential details about the Gunnour Constituency Assembly Election 2023 that every voter should be aware of.

Gunnour Constituency Madhya Pradesh Assembly Election 2023: Voting Date

The voting date for the Gunnour Assembly Constituency Election 2023 has been officially announced by the Election Commission. As per the ECI, Gunnour Assembly Constituency will go to polls on November 17. Stay tuned for updates as we bring you the latest information.

Gunnour Madhya Pradesh Election 2023: Candidates

Watch this space as prominent political parties, including the Indian National Congress (INC)Bharatiya Janata Party (BJP)and Bahujan Samaj Party(BSP) along with others, are poised to reveal their candidates for the Gunnour Assembly Constituency Election 2023 post the official declaration of voting dates by the Election Commission of India.

Stay informed as we bring you the latest updates on the Gunnour Assembly Constituency Election 2023, keeping you abreast of all the developments and insights that matter to you.

Gunnour Constituency MP Election Result: What happened in 2018

Shivdayal Bagri from Gunnour of Madhya Pradesh, won the seat with 57658 votes. He defeated Bharatiya Janata Party’ Rajesh Kumar Verma who had polled 55674 votes. The winning margin was 1984 votes.

2018 Gunnour Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesShivdayal BagriIndian National Congress57658

Candidate List Party Name Votes Gained (Vote %) Shivdayal Bagri Indian National Congress 57658 (37.55%) Rajesh Kumar Verma Bharatiya Janata Party 55674 (36.26%) Jeevanlal Siddharth Bahujan Samaj Party 32793 (21.36%) None Of The Above None Of The Above 3734 (2.43%) Khilawan Prasad Urf Khillu Sapaks Party 3700 (2.41%)

Gunnour Constituency MP Election Result: What happened in 2013

In the Madhya Pradesh Assembly election of 2013, Mahendra Singh won from the Gunnour seat garnering 41980 votes and defeated Indian National Congress candidate Shiv Dayal who bagged 40643 votes. The candidate who came third was Bahujan Samaj Party’ Devideen.

Mahendra Singh got 41980 votes while Shiv Dayal got 40643 votes.

2013 Gunnour Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesMahendra SinghBharatiya Janata Party41980

Candidate List Party Name Votes Gained (Vote %) Mahendra Singh Bharatiya Janata Party 41980 (33.66%) Shiv Dayal Indian National Congress 40643 (32.58%) Devideen Bahujan Samaj Party 26915 (21.58%) Phoi Lal Independent 5866 (4.7%) None Of The Above None Of The Above 2991 (2.4%) Parshu Independent 1552 (1.24%) Somwati Nationalist Congress Party 1384 (1.11%) Girdhari Lal Independent 1000 (0.8%) Radha Bai Gondvana Gantantra Party 832 (0.67%) Kishori Lal Apna Dal 723 (0.58%) Prahalad Lok Jan Shakti Party 465 (0.37%) Dhani Ram Samajwadi Party 379 (0.3%)