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Rupee hits lifetime low, may fall to 81 on strong dollar, risk aversion in markets after Fed jumbo rate hike

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The Indian Rupee hit a lifetime low level of 80.43 on Thursday after US Fed’s decision to hike interest rate by 75 basis points yet again. The domestic currency opened at a record low of 80.2850 per US dollar, down from the previous close of 79.97. The Fed on Wednesday raised rates by 75 bps, in line with expectations. More importantly, it hinted that more hikes were coming and that rates would stay elevated until 2024. The 10-year bond yield rose sharply by 5 bps to 7.289% from its Wednesday’s close of 7.234%. Bond yield and currency prices move in opposite directions.

Rupee may weaken to 81 capital markets witness outflows

Also Read: Nifty must hold 17667 for upmove towards 18000; buy these stocks to pocket short-term gains

“The RBI’s policy is due on 30th September which must be monitored closely. Moreover, amid an escalation of geo-political tensions between Russia & Ukraine, energy prices may stay elevated and USDINR is likely to appreciate further. As per technical charts, the dollar index has the potential to touch 112.50. We don’t deny the possibility of rupee weakening to 81 going forward if we experience outflows from the Indian capital markets,” he added.

“Today as expected rupee is trading at life time level of 80.43, while Eur against dollar is trading at 20-year low levels of 0.98 and GBP against dollar is also trading at 29-year low level at 1.12 levels. “We are expecting that due to the hawkish statement of Fed, major currencies against the US dollar may depreciate. Now, rupee may further depreciate and test 81 to 82 levels very soon,” Anuj Gupta, Vice President — Research at IIFL Securities.

Downtrend in rupee to continue

“The rupee chocked a new life low after the Federal Reserve’s hawkish policy outlook boosted the haven appeal. We believe the downtrend in the rupee could continue but at a slower pace amid lower commodity prices, foreign fund inflows and RBI intervention. Spot USDINR is now having resistance in the range of 81.25 to 81.40 while the support has been moved to 79.70,” said Dilip Parmar, Research Analyst, HDFC Securities.

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

The Reserve Bank of India (RBI) has been selling dollars in order to moderate the depreciation in rupee. A Reuters report, quoting a government official, said the Indian government is not averse to a weaker rupee in line with global market fundamentals. According to CR Forex Advisors, RBI is unlikely to use its forex reserves to defend currency as it earlier did amid a severe liquidity crunch in the market. “Clearly there is pressure on RBI and will be interesting to see how RBI will be able to defend rupee which is above 80.00 levels. If RBI lets rupee on its free course in line with the global peers, 80.50 to 81.00 shall be shortly seen”, CR Forex said in its note.

Market HIGHLIGHTS: Sensex ends 232 pts down, wipes off mild gains, Nifty at 18004 amid bulls & bears tussle

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and NSE Nifty 50 ended marginally lower on Wednesday despite a global market rout. BSE Sensex settled 224 points or 0.4 per cent down at 60,347, while NSE Nifty 50 fell 66 points or 0.4 per cent to finish trade at 18004. India VIX, the volatility index, surged 4.6 per cent to 18.28 levels. Stocks of IndusInd Bank, NTPC, Power Grid Corporation of India, State Bank of India (SBI), Kotak Mahindra Bank, Bajaj Finserv, Tata Steel, and HDFC Bank among others were top index gainers. On the flip side, Infosys, Tata Consultancy Services (TCS), Tech Mahindra, HCL Tech were among top index laggards.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates

15:35 (IST) 14 Sep 2022 Sensex, Nifty end nearly 0.5% down

BSE Sensex ended 224 points down at 60,347, while Nifty 50 settled at 18003, wiping off mild gains

15:06 (IST) 14 Sep 2022 Rupee may fall below 80 against US Dollar if 79.60 breached; INR in sync with other EM peers

USD INR appeared to have consolidated at 79.30 and indicated lower limit support at 78.70 levels. Taking cue from the latest inflation fears in the U.S and dollar index rebounding, in the short term USDINR seeks a strong resistance at 79.60 with support at 79.30. Breaking this resistance, Rupee could cross the 80 mark and depreciate further before higher resistances at 80.30 to 81.00 is seen in the medium term. So far, the depreciating trend in the Indian rupee is a tad out of sync with other emerging economies’ currencies. Read full story

15:05 (IST) 14 Sep 2022 Why ArcelorMittal, other metal giants are shutting factories amid Europe energy crisis; here’s what lies ahead

The world’s second-largest steel producer ArcelorMittal recently announced the closure of a factory in Europe as a result of rising gas and energy prices in the region. By the end of September, the company will shut down one of the two existing blast furnaces at its steelworks plant in Bremen of Germany due to outrageously high surge in energy prices, weak market demand and a negative economic outlook. ArcelorMittal said that high energy costs and weaker demand make production uneconomic. Read full story

14:28 (IST) 14 Sep 2022 Bank Nifty nears all-time of 41830

Bank Nifty was ruling nearly 2 per cent up at 41,611, just shy of all-time high

14:14 (IST) 14 Sep 2022 Sensex, Nifty pare losses, trade flat in afternoon deals

BSE Sensex erased losses to trade flat at 60,540, while NSE Nifty 50 was back above 18,060

14:13 (IST) 14 Sep 2022 WPI inflation eases for 3rd straight month

Wholesale inflation eased for a third straight month in August. While there was an increase in food inflation, it was offset by easing of other commodity prices including crude oil. WPI has lower weight of food components vis a vis CPI and that would explain the inching down of WPI inflation, even while CPI inflation increased in the period under review. While easing wholesale inflation is a positive development, it remains to be seen if firms will pass on the benefit to final consumers. If not, then bringing retail inflation within the target range could take even longer. If the easing of global commodity prices sustains, we could expect wholesale inflation easing to single digit by October. We expect WPI inflation to fall below CPI inflation by the end of this fiscal. Rajani Sinha, Chief Economist, CareEdge

14:02 (IST) 14 Sep 2022 Rate hike in interest rate likely to tame inflation

India’s Wholesale price index (WPI) has eased to 12.41 percent in August, compared to the spike we had seen July at 13.93 per cent. The food price segment continues to remain high at 12.37 per cent in August which can be attributed majorly to rise in vegetable prices. Thus, even though there is uptick in the prices of food items this ease WPI is majorly due to softening in the prices of manufacturing items. From August 2021, this is the 17th consecutive month of double-digit wholesale price inflation (WPI). However, to frame the monetary policy, RBI mainly looks at retail inflation. We expect that there would be hike in interest rate in order to tame inflation. Raghvendra Nath, Managing Director – Ladderup Wealth Management

13:52 (IST) 14 Sep 2022 What to expect from Tamilnad Mercantile listing tomorrow?

We expect a flat or a negative listing based on the current GMP or Rs.12 i.e. 2.5% over its issue price and less than stellar subscription numbers. We had assigned avoid rating because of the precarious legal challenges and the lack of complete clarity on the management’s long-term performance despite the improvement in fundamentals in the last three years. Aayush Agrawal, Senior Research Analyst, Swastika Investmart

13:08 (IST) 14 Sep 2022 PVR, INOX Leisure share prices surge even as Sensex, Nifty fall; should you buy, sell, or hold?

PVR and INOX Leisure share prices were trading firm, defying the global markets on Wednesday. Shares of multiplex chains rose a day after the Competition Commission of India (CCI) rejected a complaint against the proposed merger of PVR and INOX Leisure, saying apprehension of likelihood of anti-competitive practices by an entity cannot be a subject of probe. AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com that after a recent fall due to rumours of a big ticket movie failing, not surprisingly multiplex chains PVR and Inox Leisure stock prices have started the recovery including a strong uptrend today. Read full story

13:05 (IST) 14 Sep 2022 India’s WPI inflation eases to 12.41% in Aug, wholesale price remains in double digits for 17-months straight

India’s WPI inflation eased to 12.41 per cent in August, against 13.93 per cent in July, government data showed on Wednesday. Despite the cool-off in August, WPI continued to remain in the double digits for the 17th straight month beginning April 2021. “Inflation in August, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products etc. as compared to the corresponding month of the previous year,” said the Ministry of Commerce and Industry in a statement. Read full story

12:11 (IST) 14 Sep 2022 WPI in August at 12.4%

August WPI inflation at 12.4% sequentially. Food inflation came in at 9.9%, and WPI came in double digits for 17th straight month.

11:53 (IST) 14 Sep 2022 Nifty has strong technical support zone around 17400-17500

Markets have witnessed a spectacular rally over the past 3 months, with the benchmark index Nifty, gaining almost 20% despite global & domestic inflationary trends, and relentless rate hikes by central banks, across the world. At present levels, its best advised to adopt a cautious approach, and one could look at converting notional profits into actual profits, as in coming weeks and months, we are likely to witness enhanced volatility. Given the current levels, Nifty has strong technical support zone around 17400-17500, whereas key zone of resistance is seen around 18350-18400.

11:22 (IST) 14 Sep 2022 Bank Nifty trades firm despite negative market momentum

Bank Nifty index jumped 0.35 per cent to trade at 41,016.55 levels, shrugging off negative market momentum on Wednesday

11:03 (IST) 14 Sep 2022 Gold Price Today, 14 Sep 2022: MCX gold nears 49800 support, watch out for these key levels; UK inflation eyed

Gold prices were trading with a negative bias in India on Wednesday. On Multi Commodity Exchange, gold October futures were trading Rs 25 down at Rs 50,113 per 10 grams, as against Rs 50,138. Silver December futures were down Rs 351 or 0.6 per cent to Rs 56,460 per kg. Globally, yellow metal prices edged lower after hotter-than-expected U.S. inflation data boosted the dollar and fuelled expectations that the Federal Reserve will continue on an aggressive policy tightening path, according to Reuters. Spot gold fell 0.2% to $1,698.14 per ounce, Prices fell 1.3% on Tuesday, its biggest one-day percentage decline since July 14. U.S. gold futures were down 0.4% at $1,710. Read full story

10:48 (IST) 14 Sep 2022 Another jumbo rate hike of 75bps in next FOMC meeting likely

The US inflation in August rose higher at 8.3% y-o-y against expectation of 8.1%. The CPI index increased 0.1% month on month while the economists were expecting it to decline by 0.1% over the month due to sharp correction in energy prices. However, decline in energy prices was offset by higher cost of food (+0.8% m/m) and shelter costs (+0.7% m/m). High costs of food, housing, transportation and other services reiterate the strong consumer demand and elevated service sector price pressures. With inflation being ‘stickier’ than expected, it is highly likely that the Fed will go for another jumbo rate hike of 75bps in its next FOMC meeting on 21st September. Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher

10:47 (IST) 14 Sep 2022

The US inflation in August rose higher at 8.3% y-o-y against expectation of 8.1%. The CPI index increased 0.1% month on month while the economists were expecting it to decline by 0.1% over the month due to sharp correction in energy prices. However, decline in energy prices was offset by higher cost of food (+0.8% m/m) and shelter costs (+0.7% m/m). High costs of food, housing, transportation and other services reiterate the strong consumer demand and elevated service sector price pressures. With inflation being ‘stickier’ than expected, it is highly likely that the Fed will go for another jumbo rate hike of 75bps in its next FOMC meeting on 21st September. Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher

10:34 (IST) 14 Sep 2022 Buy Hindalco, Lupin, IndusInd Bank to pocket gains; short-term market texture looks bullish; use dips to buy

NSE Nifty 50 index successfully cleared the short-term resistance of 18000/60350 and succeeded to close above the same on Tuesday, which is broadly positive. In addition, on daily and intraday charts, it is holding uptrend continuation formation, which supports further uptrend from the current levels. We are of the view that, the short term texture of the market is on the bullish side but due to temporary overbought conditions we could witness range bound activity. Hence buying on intraday corrections and selling on rallies would be the ideal strategy for the short-term trades. Read full story

10:17 (IST) 14 Sep 2022 Sensex and Nifty may touch 61500 and 18600 till Diwali

Sensex and Nifty are down taking cues from the losses in the global markets due to a slight higher US CPI exceeding the expectations and inducing the fear of recession. However, the fall in the Indian benchmark indices seems temporary sustainable to one or two days. In current scenario, Nifty and Sensex may test the levels of 17600 and 59200 respectively. The long term outlook of the Nifty and Sensex is positive. The Foreign investors have continued to be net buyers in the Indian market, which is a stark change from a couple of months back. The cooling off of the crude oil prices due to the Ukraine reclaiming it’s boundaries will also lower the imports bill. All these factors will combined to give a positive impact on the benchmark indices in long run. Sensex and Nifty may touch the levels of 61500 and 18600 respectively till Diwali festival. Ravi Singh, VP & Head of Research, Share India Securities

10:16 (IST) 14 Sep 2022 Nifty support at 17770 intact

Consistently high inflation despite a decent fall in energy prices indicate a rising interest rate scenario which could have a massive impact on both corporate and investor earnings as well. Technically, 17770 remains strong support for Nifty. A daily close below this level could lead to 17480 in the coming days. Resistance will remain at 18066. AR Ramachandran, Co-founder & Trainer, Tips2Trades

10:03 (IST) 14 Sep 2022 Petrol, diesel price today, 14 Sep 2022: Fuel cost steady; Check fuel rates in Delhi, Mumbai, other cities

The price of petrol and diesel has been kept steady on 14 September 2022 (Wednesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced 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. Read full story

09:48 (IST) 14 Sep 2022 What do Nifty technical charts say?

On the technical front, Nifty formed yet another bullish candle on the daily chart and surpassed the much-awaited hurdle of 18000 mark to continue with its winning streak. However, momentum oscillators has now reached an overbought region and some amount of cool-off seems eminent. However present price structure indicates of continuance of positive bias and our domestic Index is likely to head towards 18,300 in near term as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. Nifty also has given a conclusive breakout from eight month’s falling channel signalling end of corrective phase and breakout is well supported by sequential improvement in market breadth. Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

09:26 (IST) 14 Sep 2022 Infosys, Tech Mahindra, Reliance Industries top drags

Infosys, Tech Mahindra, Tata Consultancy Services, TCS, HCL Tech, Wipro, L&T, HDFC Bank, Reliance were among top Sensex draggers

09:24 (IST) 14 Sep 2022 NTPC, Asian Paints, Nestle stocks gain

Stocks of NTPC, Asian Paints, Nestle India, Dr Reddy’s, and Hindustan Unilever were among top index gainers

09:23 (IST) 14 Sep 2022 Sensex, Nifty fall more than 1% at open

BSE Sensex tanked 1.2 per cent or 709 points to 59,868, while NSE Nifty 50 fell 1.13 per cent to 17,865

09:05 (IST) 14 Sep 2022 MCX gold support at Rs 49,940-49810

Gold and silver prices fell sharply on Tuesday on the back of a strong U.S. inflation data that also sent the dollar index and bond yields higher. After the U.S. CPI data, the dollar index took a U-turn and gained more than 1% and recovered from one month lows. The dollar index crossed 109.50 marks and pushed precious metals lower. The U.S. 10-year bond yield also surged and at the time of writing this report it was trading above 3.44%. After the U.S. CPI data, the fallout in the financial markets was profound running across almost every asset class. In INR terms gold has support at Rs 49,940-49810, while resistance is at Rs50,380–50,540. Silver has support at Rs56,050-55,640, while resistance is at Rs57,180–57,610. Rahul Kalantri, VP Commodities, Mehta Equities

08:38 (IST) 14 Sep 2022 Stocks to watch today

Vedanta: Vedanta Group, which has formed a joint venture with Taiwan’s Foxconn for setting up a semiconductor manufacturing unit in India, will invest Rs 1.54 trillion in the project and expects to break-even in five years.

JSW Steel: The company has signed a memorandum of understanding (MoU) with Germany-based SMS group to explore multiple cutting-edge solutions and research & development (R&D) projects, to reduce carbon emission in its iron and steelmaking operations in India.

Infosys: Infosys has shot off a missive to its employees, asserting that dual employment or ‘moonlighting’ is not permitted, and has warned that any violation of contract clauses will trigger disciplinary action “which could even lead to termination of employment”.

Read full story

08:35 (IST) 14 Sep 2022 Will bears drag Nifty below 18000 or bulls continue momentum? 5 things to know before market opening bell

Indian equity markets are likely to open lower on Wednesday, hinted SGX Nifty. Nifty futures traded 298 points, or 1.65% lower at 17,794 on the Singapore Exchange, signaling that BSE Sensex, NSE Nifty 50 were headed for a gap-down start. “The current market buoyancy globally, including in India, is based on the expectation that inflation has peaked along with softening crude prices. We believe that, to an extent, the expectation of inflation peaking is right, but one will have to keep an eye on energy prices in Europe & US with the onset of winter, which can re-ignite the inflation fire. The current momentum in the equity markets can sustain, but we would advise investors to raise some cash at the current levels, which can be deployed if the markets correct on either rate hikes or energy prices moving up again,” said Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS.

Read full story

08:20 (IST) 14 Sep 2022 U.S. 2-year, 10-year Treasury yields shoot higher

U.S. Treasury rocketed higher after high inflation numbers for August. The 2-year Treasury yield surged above 3.79%, highest since 2007. Yield on the benchmark 10-year Treasury note surged 6 basis points, trading at 3.42%.

08:19 (IST) 14 Sep 2022 U.S. inflation painfully high in Aug as well

The US inflation in August rose higher at 8.3% year-on-year against the expectation of 8.1%. The Consumer Price Index gained 0.1% last month versus expectations for a 0.1% decline and after being unchanged in July, the Labor Department said on Tuesday. Food prices rose 0.8%, with the cost of food consumed at home increasing 0.7%. Food prices surged 11.4% over the last year, the largest 12-month increase since May 1979.

08:17 (IST) 14 Sep 2022 Crude Oil prices inch higher as OPEC sticks to demand forecast

Oil prices were slightly higher in early trade on Wednesday as OPEC stuck to forecasts for robust global fuel demand growth. Brent crude futures rose 3 cents to $93.20 a barrel by 0116 GMT, after settling 0.9% lower on Tuesday. U.S. West Texas Intermediate crude was at $87.41 a barrel, up 10 cents, or 0.1%.

08:10 (IST) 14 Sep 2022 Dollar surges after sticky inflation report

US inflation turned out to be wider and hotter than expected, confirming markets for another 75-point rate hike next week. Published data showed a 0.1% increase in prices for August, against expectations of a decline of the same magnitude. Annual inflation slowed from 8.5% to 8.3% but was better than the 8.1% forecasted. Most of all, the markets were spooked by the surge in the core index. It added 0.6% over the month, to an annual rate of 6.3%, signalling inflation is spreading beyond energy and food.

~Alex Kuptsikevich, Senior Market Analyst, FxPro

08:01 (IST) 14 Sep 2022 With inflation being ‘stickier’ than expected, Fed likely to go for another jumbo rate hike

“The US inflation in August rose higher at 8.3% y-o-y against expectation of 8.1%. The CPI index increased 0.1% month on month while the economists were expecting it to decline by 0.1% over the month due to sharp correction in energy prices. However, decline in energy prices was offset by higher cost of food (+0.8% m/m) and shelter costs (+0.7% m/m). High costs of food, housing, transportation and other services reiterate the strong consumer demand and elevated service sector price pressures. With inflation being ‘stickier’ than expected, it is highly likely that the Fed will go for another jumbo rate hike of 75bps in its next FOMC meeting on 21st September,”

~Ritika Chhabra- Economist and Quant Analyst, Prabhudas Lilladher

07:49 (IST) 14 Sep 2022 Asian markets fall tracking US stocks

Asian shares tumbled, the dollar held firm and the US yield curve was deeply inverted on Wednesday, as August US inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3% in early Asia trade on Wednesday. Resources-heavy Australia plunged 2.8%, while Japan’s Nikkei tumbled 2.7%.

07:49 (IST) 14 Sep 2022 US markets plunge as red hot inflation data spikes large rate hike fears

A broad sell-off sent US stocks reeling on Tuesday after a hotter-than-expected inflation report dashed hopes that the US Federal Reserve may scale back its policy tightening in the coming months. All three major US stock indices veered sharply lower, snapping four-day winning streaks and notching their biggest one-day percentage drops since June 2020 in throes of the Covid-19 pandemic.

The Dow Jones Industrial Average fell 1,276.37 points, or 3.94 percent, to 31,104.97, the S&P 500 lost 177.72 points, or 4.32 percent, to 3,932.69 and the Nasdaq Composite dropped 632.84 points, or 5.16 percent, to 11,633.57.

07:47 (IST) 14 Sep 2022 SGX Nifty hints at a negative start for Indian markets

Nifty futures were trading 298 points, or 1.65% lower at 17,794 on the Singapore Exchange, signaling that Dalal Street was headed for a gap-down start.

Buy these two stocks for near-term gains as Nifty’s immediate trend turns negative

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By Nagaraj Shetti

After showing weakness from the new all-time high of 15431 on Tuesday, Nifty slipped into follow-through decline on Wednesday and closed the day lower by 104 points. The attempt of intraday upside bounce has failed and Nifty showed weakness amidst high volatility in the afternoon to later part of the session.

The minor positive chart pattern like higher highs and higher lows is in play on the daily chart. As long as Nifty sustains above 15000 levels, there is a possibility of an upside bounce from the lower levels by forming a new higher low of the sequence. The opening upside gap formed on 15th Feb has been filled completely at 15180 and Nifty placed above it. The recent upside bounce has occurred from the support of another opening upside gap of 8th Feb at 14977.

Though Nifty declined by 105 points on Wednesday, the overall market breadth was resilient and the broad market indices like midcap 100 and smallcap 100 of NSE have closed slightly higher by 0.31% and 0.03% respectively. This could be hope for bulls to make a comeback from the lows.

The short term trend seems to have turned down and the near term uptrend status remains intact for the Nifty. The weakness of the last two sessions is expected to complete in the next 1-2 sessions. Important supports to be watched around 15000 and we expect the market to show upside bounce from the lows. On the contrary side, a decisive move below this 15K mark could open more weakness in the short term.  

Stock Picks: 

Buy Cummins India Ltd (CMP Rs 794) 

After showing minor weakness in the last week, the stock price (Cummins) has witnessed a sustainable upside bounce so far this week-as per weekly time frame chart. We observe a larger positive sequence like higher highs and higher lows as per weekly time frame chart. The higher low as compared to higher high has been smaller in size, which indicate a lack of selling enthusiasm in the participants at the highs. The volume and RSI shows positive indication.

Buying can be initiated in Cummins India Ltd at CMP (794), add more on dips down to Rs 765, wait for the upside target of Rs 875 in the next 3-4 weeks. Place a stoploss of Rs 745.

Buy Bank of Baroda (CMP Rs 84.15) 

The PSU Banking stocks have been outperforming in the last few weeks and this stock (Bank of Baroda) was too in limelight. We observe a larger rounding bottom formation as per weekly chart. The consistent formation of higher tops and bottoms signal strength of an uptrend. Volume has expanded during upmove and weekly 14 period RSI sustains above 60 levels. This is positive indication.

Buying can be initiated in Bank of Baroda at CMP (84.15), add more on dips down to Rs 80.50, wait for the upside target of Rs 93 in the next 3-4 weeks. Place a stoploss of Rs 78.

(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.)

Will bears drag Nifty towards 17450 or bull rally to continue? 5 things to know before market opening bell

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Benchmark indices BSE Sensex, NSE Nifty 50 are expected to open in the red as trends in SGX Nifty indicate a negative opening for Indian equities with a loss of 80 points. “On Wednesday, FOMC and Bank of Japan would be announcing their interest rate decision followed by Bank of England on Thursday. If the Fed raises the interest rate by 75 bps in line with market expectation, then we can expect the positive momentum to continue, and Nifty may inch towards 18000. However Powell’s commentary would also be significant as it would give indication of the longevity of the rate hike cycle,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Also Read: Share Market LIVE: SGX Nifty hints at negative start for Nifty, Sensex; Fed meet eyed, 75 bps rate hike likely

Technical view: A small positive candle was formed on the daily chart with gap up opening and with long upper shadow. Technically this signal presence of strong overhead resistance around 17900-18000 levels. The chart pattern could also indicate weak upside bounce in the last two sessions compared to recent weakness from the highs. The upside bounce of the last two sessions could be a relief rally after a sharp weakness from the highs. If Nifty fails to move above 17920 levels in the short term, then one may expect beginning another round of weakness from the highs towards 17450 levels, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch for: “The support for Nifty has shifted around 17600 levels while on the upside 17950 may act as an immediate hurdle. On the other hand, Bank nifty has support at 40700 levels while resistance at 41800 levels. Overall, the Nifty is looking volatile for an upcoming session. Pharma stocks rebound and look attractive for investment purposes,” said Palak Kothari, Senior Technical Analyst, Choice Broking.

Stocks under F&O ban on NSE: Delta Corp, Escorts, India Cements, PVR, and RBL Bank are the five stocks under the NSE F&O ban list for September 21. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.

Also Read: ACC, Ambuja Cements, Adani Group, Wipro, Hero MotoCorp, Tata Steel, Central Bank of India stocks in focus

Oil prices fall: Oil prices extend losses on fears aggressive Fed rate hike will curb demand. Oil prices slid on Wednesday, extending the previous day’s losses, as investors braced for another aggressive interest rate hike from the US Federal Reserve that they fear could lead to recession and plunging fuel demand. Brent crude futures dropped 26 cents, or 0.3%, to $90.36 a barrel by 0040 GMT after falling $1.38 the previous day. US West Texas Intermediate crude was at $83.74 a barrel, down 20 cents, or 0.2%.

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

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As anticipation mounts for the upcoming Govindpura 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 Govindpura Constituency Assembly Election 2023 that every voter should be aware of.

Govindpura Constituency Madhya Pradesh Assembly Election 2023: Voting Date

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

Govindpura Madhya Pradesh Election 2023: Candidates

Watch this space as prominent political parties, including the Bharatiya Janata Party (BJP)Indian National Congress (INC)and Bahujan Samaj Party(BSP) along with others, are poised to reveal their candidates for the Govindpura 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 Govindpura Assembly Constituency Election 2023, keeping you abreast of all the developments and insights that matter to you.

Govindpura Constituency MP Election Result: What happened in 2018

Krishna Gaur from Govindpura of Madhya Pradesh, won the seat with 125487 votes. He defeated Indian National Congress’ Girish Sharma who had polled 79128 votes. The winning margin was 46359 votes.

2018 Govindpura Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesKrishna GaurBharatiya Janata Party125487

Candidate List Party Name Votes Gained (Vote %) Krishna Gaur Bharatiya Janata Party 125487 (58%) Girish Sharma Indian National Congress 79128 (36.57%) Babulal Valmiki Bahujan Samaj Party 3414 (1.58%) None Of The Above None Of The Above 2043 (0.94%) Shailendra Vyas Sapaks Party 1182 (0.55%) Manoj Kumar Pal Aam Aadmi Party 1003 (0.46%) Himansu Sinha Independent 824 (0.38%) Rahul Kumar Saxena Independent 784 (0.36%) Manoj Singh Independent 602 (0.28%) Komal Singh Meena Shiv Sena 373 (0.17%) Maya Charde Independent 272 (0.13%) Manish Mishra Independent 253 (0.12%) Mr Banjare Independent 218 (0.1%) Jolly Sarkar Socialist Unity Centre Of India (communist) 209 (0.1%) Jitendra Mohan Rai Independent 196 (0.09%) Manoj Kumar Rai Bhartiya Shakti Chetna Party 131 (0.06%) Nagsen Tayde Indian New Congress Party 117 (0.05%) A Tahir Khan Independent 109 (0.05%)

Govindpura Constituency MP Election Result: What happened in 2013

In the Madhya Pradesh Assembly election of 2013, Baboolal Gour won from the Govindpura seat garnering 116586 votes and defeated Indian National Congress candidate Govind Goyal who bagged 45942 votes. The candidate who came third was Shivsena’ Sanjay Saxena.

Baboolal Gour got 116586 votes while Govind Goyal got 45942 votes.

2013 Govindpura Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesBaboolal GourBharatiya Janata Party116586

Candidate List Party Name Votes Gained (Vote %) Baboolal Gour Bharatiya Janata Party 116586 (64.34%) Govind Goyal Indian National Congress 45942 (25.35%) Sanjay Saxena Shivsena 8466 (4.67%) None Of The Above None Of The Above 4011 (2.21%) Rampal Dhosale Bahujan Samaj Party 3517 (1.94%) Dwarka Prasad Sen Independent 404 (0.22%) Balram Uchchal Urf Sunny Peter Independent 362 (0.2%) Rahul Kumar Saxena Independent 339 (0.19%) K P Dwivedi Socialist Unity Centre Of India (communist) 335 (0.18%) Gulab Yadav Samajwadi Party 305 (0.17%) Nag Sen Tayade Independent 224 (0.12%) Anil Wani Independent 180 (0.1%) Tor Shrimati Urmila Singh Porte Akhil Bhartiya Gondwana Party 173 (0.1%) Harshwardhan Singh Rajput Nationalist Congress Party 129 (0.07%) Devendra Prakash Independent 119 (0.07%) Ganesh Bharti Bhartiya Shakti Chetna Party 109 (0.06%)

Govindpura Constituency MP Election Result: What happened in 2008

Babulal Gaur of the BJP was the winning candidate from the Govindpura constituency in the MP Assembly elections 2008, securing 62766 votes while 29012 votes were polled in favour of Vibha Patel of the INC. The margin of victory was 33754 votes.

2008 Govindpura Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesBabulal GaurBJP62766

Candidate List Party Name Votes Gained (Vote %) Babulal Gaur BJP 62766 (53.88%) Vibha Patel INC 29012 (24.9%) Ghisa Lal Yadav BJSH 12483 (10.72%) Ranveer Singh Sikarwar BSP 4837 (4.15%) Rampal Ghonsle LJP 1611 (1.38%) Eng Sanjeev Kumar Mehta SP 1252 (1.07%) Captain V P Singh IND 1089 (0.93%) Harshvardhan Singh Rajput GMS 850 (0.73%) Sanjay Saxena SHS 771 (0.66%) K P Dwivedi IND 487 (0.42%) Kiran Vishwakarma IND 381 (0.33%) Devendra Jain SVSP 272 (0.23%) Lavey Das IND 232 (0.2%) Upendra Tiwari RSGP 173 (0.15%) G S Raut RPI(A) 159 (0.14%) Ambadas Tayade GGP 116 (0.1%)

Share Market HIGHLIGHTS: Sensex falls 386 pts from day’s high, but ends in green, Nifty at 17816

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended lower from respective day’s highs, but settled 1 per cent up on Tuesday. BSE Sensex jumped 579 points or 1 per cent to 59720, while NSE Nifty 50 settled at 17816, up 194 points or 1.1 per cent. Stocks of Sun Pharma, Dr Reddy’s, IndusInd Bank, Tata Steel, Titan Company, Bajaj Finserv, ICICI Bank, Asian Paints, HCL Tech, Axis Bank were among top BSE Sensex gainers. On the flip side, Nestle India, Power Grid Corporation of India, Infosys and Reliance were the top index laggards. Bank Nifty gained 1.4 per cent to end at 41,468.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates

15:44 (IST) 20 Sep 2022 Sensex, Nifty end 1% up

BSE Sensex jumped 579 points or 1 per cent to 59720, while NSE Nifty 50 settled at 17816, up 194 points or 1.1 per cent

15:31 (IST) 20 Sep 2022 Crude oil prices, Nifty performance positively correlated

Crude Oil Prices and Nifty returns have a curvilinear correlation – Brent is below $95 per barrel, So Crude Oil Prices and Nifty performance are positively correlated. Positive Cues from the bullish overnight setup in US Markets also fear gauge index India VIX eased nearly 6%. FIIs were net buyers yesterday & Dollar index was stable is also a reason for the rebound in Markets today. Vikram Kasat, Head Advisory, Prabhudas Lilladher

15:30 (IST) 20 Sep 2022 Indian economy slowly emerging as a bright spot on global map

Indian markets took the cues from the global markets as the markets across the globe are showing strength. The two-day policy meeting of the Federal Reserve gets underway later today. Further, India’s macro-economic stability has been one of the key pillars supporting its relative outperformance compared to global peers. Corporate earnings are also expected to grow in the mid-teens in FY23 and FY24 which is likely to support the market valuation. Amid global economic turmoil, where some countries are facing existential crises and others are struggling with elevated levels of inflation, the Indian economy is slowly emerging as a bright spot on the global map and that works in favour of the equity market. Arijit Malakar, Head of Retail Research at Ashika Group

15:05 (IST) 20 Sep 2022 Indian bonds’ inclusion in JP Morgan’s EM index to be game changer for Rupee; US Fed meeting major trigger

The rupee appreciated 16 paise to 79.65 against the US dollar in early trade, in line with a positive trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 79.70 against the dollar. Since the beginning of this year, the Reserve Bank of India (RBI) has been defending the local currency relentlessly from the onslaught of the US dollar outflows. Read full interview

14:59 (IST) 20 Sep 2022 India’s robust growth momentum may create macro stability challenges for economy

In order to mitigate the impact of the Russia-Ukraine war on the Indian economy, policymakers have deployed significant fiscal and monetary resources. The measures taken by RBI have helped India’s economic performance, which has arguably been better than its peers, as the growth recovery has been robust while inflation has risen by much less than in other economies. However, according to analysts at Barclays, this resilience in the economy has come at the cost of material fiscal support in the form of price stabilisers, as well as through the loss of foreign reserves to keep the rupee relatively stable. Read full story

14:59 (IST) 20 Sep 2022 New bull market or correction on cards? Here’s where investors can make money now | Aditya Birla MF interview

Indian equity markets may witness pressure in the near term, given the uncertainty on the global front. The upside from here will be a function of stability in global and local macro conditions, and continued earnings delivery versus expectations, said Mahesh Patil, CIO, Aditya Birla Sun Life AMC in an interview with Harshita Tyagi of FinancialExpress.com. Overall, markets are expected to remain in a range-bound phase until clarity emerges on global macro conditions, he said adding that banking, utility, consumption, PSU stocks are among the top bets. There are many emerging companies that are coming up lately thus providing opportunities to generate alpha, Patil said. Read full interview

14:58 (IST) 20 Sep 2022 What will save Indian share market from mild recession? Aditya Birla MF’s Mahesh Patil answers; check top bets

Indian equity markets have shown tremendous strength so far amid the global turmoil. However, the looming fear of aggressive rate hikes by the US Fed has now increased volatility in domestic equities, even triggering declines. India’s stable domestic fundamentals in terms of robust financial and non-financial sector balance sheets, high forex reserves, anticipation of Capex revival, and increasing lucrativeness amongst foreign investors should cushion the markets in case of a mild recession, said Mahesh Patil, CIO, Aditya Birla Sun Life AMC in an interview with Harshita Tyagi of FinancialExpress.com. Read full story

13:30 (IST) 20 Sep 2022 Power stocks gain

BSE Power index gained 1 per cent supported by the Adani Green, Adani Power, Tata Power

13:10 (IST) 20 Sep 2022 Till Nifty doesn’t close above 18075 on daily basis, trend will remain sideways to bearish

A decent recovery in global markets with US & European markets also moving up due to being slightly oversold has led to a sharp uptrend in both Nifty & Sensex today. Till Nifty doesn’t close above 18075 on daily basis, trend will remain sideways to bearish with strong support at 17745. AR Ramachandran, Co-founder & Trainer, Tips2Trades

13:09 (IST) 20 Sep 2022 Bank Nifty’s resistance at 41800-42300

Bank Nifty’s resistance is placed at 41800-42300, a move above that will be a breakout. While support is seen at 41000 and 40400. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

13:04 (IST) 20 Sep 2022 What’s fuelling rally in Sensex, Nifty?

Market witness a sharp pullback in today’s trading session, on the back of positive global sentiments, and ahead of the crucial US Federal Reserve policy meet, scheduled later this week. Investors appear to have braced themselves for a 75 basis point rate hike, which the markets have factored in. But it’s the forward looking statement by the Fed that would matter most, with regard to the US Economy, going forward. Inflation is definitely a key concern for market participants, and given the kind of volatility witnessed, over the past few weeks, a cautious approach would be more appropriate. The benchmark index, Nifty has crucial support around the 17400 mark whereas key resistance is seen around the 18200 level. Aamar Deo Singh, Head Advisory, Angel One

13:00 (IST) 20 Sep 2022 Nifty support at 17600 and 17350

As the Nifty is in wide trading range today, resistance seen at 18000 and 18450 resistance, while support is placed at 17600 and 17350. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

12:59 (IST) 20 Sep 2022 Nifty stays buoyant within the defined trading range

The Nifty had attempted a strong breakout above 17600 levels. The most recent corrective retracement saw the nifty testing those levels again. This has caused a strong short covering led bounce. Further to this, markets have largely discounted the 75 bps rate hike that is slated to come up tomorrow unless some misadventures are done by Fed. To sum up, markets are going into this event much lighter with heavy shorts covered up which is fueling this rally. Besides this the Nifty stays overall buoyant within the defined trading range. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

12:56 (IST) 20 Sep 2022 Geojit’s Smartfolios launches equity baskets based on MSCI indexes

Geojit Financial Services, as part of its Smartfolios product, has launched two unique equity indexes based on the custom indexes created by MSCI, which has been at the forefront of index construction and maintenance for more than 50 years, launching its first global equity indexes in 1969. These curated model portfolio baskets, specially created for Geojit by MSCI are: Select, which is based on MSCI India Domestic IMI Select sub industries index; and LMS, which is based on MSCI lndia Domestic IMI Select 30 index.

12:53 (IST) 20 Sep 2022 US Fed policy decision: US FOMC may hike interest rate by 75bps, remains committed to bring inflation down

Federal Reserve officials have made it very clear that they will not slow the pace of rate hikes until they see convincing evidence that core inflation pressure is easing. More rapid pace of interest rate increases would slow the economy, the Fed may yet stick to a so-called soft-landing, lowering inflation but avoiding a severe downturn. Yet this seems difficult in the light of inflation remaining higher than expected. With a resilient labor market supporting strong wage growth, inflation has probably not begun its downward journey; keeping the Fed on an aggressive monetary policy path for a while. Read full story

12:37 (IST) 20 Sep 2022 Spot USDINR likely to trade in 79-81 range on strength in dollar; medium-term trend looks bullish above 78.70

In the near term, spot USDINR is expected to trade in the range of 79 to 81 as a stronger dollar will push it higher while foreign fund inflows will limit the upside. The medium-term trend remains bullish in spot USDINR as long as it trades above 78.70. Read full story

12:21 (IST) 20 Sep 2022 Crude oil may fall to Rs 6500/bbl, recession, rate hike talks may weigh on oil prices; adopt sell on rise

Global oil consumption is being threatened by a darkening economic outlook. A hawkish US Federal Reserve, looming recession in Eurozone and China’s zero covid policy might add to demand concerns. Investors await two major central bank meetings this week – the Fed and the Bank of England. Fed is expected to deliver another jumbo-sized 75 bps hike, while BoE might go for 50 bps and raise concerns of a recession. Talks of recession and aggressive rate hikes might weigh down on oil demand and prices. Read full story

12:06 (IST) 20 Sep 2022 High global prices of gas have posed challenges: FM Sitharaman

FM Sitharaman said India had committed to ambitious goals in COP26. India will have to get back to coal to sustain our base level of energy requirement. Global challenges have emerged to commit to renewable energy. She also added saying that India will have to get back to coal to sustain government’s base level of energy requirement. “High global prices of gas, which was our transitional energy, have posed challenges,” FM Nirmala Sitharaman

12:02 (IST) 20 Sep 2022 India led the way towards an inclusive financial world: Nirmala Sitharaman

Sitharaman added saying India led the way towards an inclusive financial world. The government is moving very fast on solar and wind energy. FM Sitharaman also said that “will have to go back to coal for some time”.

12:00 (IST) 20 Sep 2022 Plan to have natural gas as transitional energy source: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman at an event said “We have brought paperless & cashless layer to the financial world. Have added cashless layer in the health sector. Plan to have natural gas as transitional energy source”.

11:15 (IST) 20 Sep 2022 Gold Price Today, 20 Sep 2022: MCX gold falls ahead of US Fed policy decision; check support, resistance

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading tepid in India on Tuesday, on muted global cues as investors awaited US Fed policy outcome. On Multi Commodity Exchange, gold October futures were trading Rs 28 down at Rs 49,274 per 10 gram, as against the previous close of Rs 49,302. Silver December futures were ruling at Rs 56,897per kg, up Rs 213 or 0.4 per cent. Globally, yellow prices traded in a tight range as investors maintained a cautious stance ahead of this week’s policy meeting by the Federal Reserve where the U.S. central bank is likely to hike interest rates to tame high inflation. Read full story

10:55 (IST) 20 Sep 2022 Petrol, Diesel Price Today, 20 Sep 2022: Fuel cost steady; check rates in Noida, Delhi, Gurugram, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 20 September 2022 (Tuesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi are priced 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. Read full story

10:43 (IST) 20 Sep 2022 5 big numbers from OYO’s renewed IPO filing; Rs 2140 cr loss in FY22, check other details

OYO, a hospitality and travel-tech firm, filed fresh IPO documents with the capital market regulator SEBI on Monday. According to the latest filing, hotel aggregator OYO has posted a loss of Rs 2,140 crore in FY22, as compared to Rs 4,103 crore in FY21. During April-June quarter of the fiscal, the company has registered a loss of Rs 414 crore, according to the latest addendum filed by the company with the Securities and Exchange Board of India. Read full story

09:23 (IST) 20 Sep 2022 Bank Nifty jumps over 1%

Sectorally, Bank Nifty soared more than 1 per cent or 535 points to trade at 41,454.35

09:22 (IST) 20 Sep 2022 ICICI Bank, Infosys top Sensex contributors

While ICICI Bank, Infosys, Reliance Industries. HDFC Bank among others contributed the most to the indices gain

09:21 (IST) 20 Sep 2022 IndusInd Bank, HCL Tech, Infosys top Sensex gainers

Stocks of IndusInd Bank, Tech Mahindra, Bajaj Finserv, HCL Tech, Infosys, L&T, Tata Steel, ICICI Bank were among top Sense gainers

09:20 (IST) 20 Sep 2022 Sensex, Nifty gain 1% at open

BSE Sensex surged more than 1% or 600 points to trade at 59,733, while NSE Nifty 50 was hovering near 17800

08:52 (IST) 20 Sep 2022 Nifty needs to hold above 17483 for recovery to 17731-17877 range

Markets are likely to sprint ahead in early trades Tuesday owing to overnight gains in the US markets and subsequent upsurge in other Asian gauges. However, intra-day volatility could be the ongoing theme as investors world over are bracing for a stiff interest rate hike by the US Federal Reserve to weigh on the rising inflation. Technically, Nifty needs to stabilize above the 17483 mark for a bright chance of its recovery to the 17731-17877 zone. We expect Bajaj Finance and Maruti Suzuki to rise with a long-term perspective. Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:19 (IST) 20 Sep 2022 Stock-specific adjustments likely to continue, and provide substantial trading opportunities

“Markets to remain tentative amid uncertainty in the global bourses. However, the undertone is expected to remain upbeat till Nifty sustains above the unfilled gap of 17400-17380 odd zone. Meanwhile, some tentativeness could be sensed until the unfilled gap of 17820-17860 is not taken out. Looking at the technical setup, the market is likely to trade within the mentioned range until a decisive breakout is not seen on either side in the comparable period. Going forward, many stock-specific adjustments are likely to continue and provide substantial trading opportunities. Hence, traders are advised to have a stock-centric approach and stay abreast with global and domestic developments on a regular basis

~Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One

08:17 (IST) 20 Sep 2022 Markets to trade range bound ahead of US Fed meet outcome on Wednesday

Markets are likely to remain range bound ahead of the US Fed interest rate decision to be announced 21Sep (Wednesday). While it is widely expected that Fed will go for at least a 75 basis points hike, however, given the stubbornness of US inflation and robust numbers from US data points like retail sales and a strong labor market, there is a high chance that the aggressive stance towards rate hike is likely to continue for a prolonged time. Even the Bank of England is likely to announce a 50bps rate hike to combat inflation and could keep global markets under pressure. US 2-Year bond have spiked to a 15-year high at 3.9% while the 10-year bond is hovering at 3.4%, thus implying that the short term pain could continue in the global markets. Back home, Indian markets are better placed compared to the other global markets due to strong macro factors, strong government policy implementation and oil prices falling to 7-month low.

~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

08:14 (IST) 20 Sep 2022 Will bulls manage to push Nifty past 18000 amid uncertainty? 5 things to know before market opening bell

Domestic equity market is expected to open on a positive note as trends in the SGX Nifty indicated a firm opening for NSE Nifty 50, BSE Sensex, with a gain of 131.50 pts. “While the undertone of the market remained volatile, a strong relief rally after the recent slump helped benchmark indices to rebound on Monday. While European markets and most of the Asian pack continued their downward spiral, the underperformance of the Indian markets last week prompted investors to buy the beaten-down stocks. Despite the recovery, markets may gyrate sharply intra-day amid global uncertainty,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Read full story

07:34 (IST) 20 Sep 2022 Asian stocks edge higher

Shares in the Asia-Pacific rose Tuesday as Japan’s inflation accelerated and China kept its loan prime rate on hold. Hong Kong’s Hang Seng index gained 0.91%, with the Hang Seng tech index up nearly 2%. The Shanghai Composite in mainland China rose 0.51% and the Shenzhen Component advanced 0.58%. In Australia, the S&P/ASX 200 advanced around 1%. Japan’s Nikkei 225 rose 0.34% on its return to trade after a holiday and the Topix gained 0.37%. The Kospi in South Korea added 0.37%, while the Kosdaq was 1.04% higher. MSCI’s broadest index of Asia-Pacific shares gained 0.71%.

07:34 (IST) 20 Sep 2022 US markets end in green

Wall Street’s main indexes ended a seesaw session higher on Monday, as investors turned their attention to this week’s policy meeting at the Federal Reserve and how aggressively it will hike interest rates. The Dow Jones Industrial Average rose 197.26 points, or 0.64%, to 31,019.68, the S&P 500 gained 26.56 points, or 0.69%, to 3,899.89 and the Nasdaq Composite added 86.62 points, or 0.76%, to 11,535.02.

07:33 (IST) 20 Sep 2022 SGX Nifty signals a positive start for Nifty, Sensex

Nifty futures traded 137.5 points, or 0.78% higher at 17,761.5 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.

Bears may drag Nifty to 16650 once 16700 support breached; 5 things to know before market opening bell

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Benchmark indices BSE Sensex and NSE Nifty 50 are expected to open in the red as trends in SGX Nifty hinted at a negative opening for Indian equities. “The overall sell-off in the broader market has dampened the sentiments, and the 17000 mark seems to be a significant hurdle for Nifty. The technical structure looks very disruptive, with all indicators signaling the trend southwards. Going forward, the RBI monetary policy is slated in the coming session; hence, traders should keep a close eye on the event. Apart from this, global development should also not be overlooked, and therefore, one needs to avoid aggressive bets and focus on stock-specific actions,” said Osho Krishan, Senior Analyst – Technical & Derivative Research, Angel One.

Also Read: Reliance, PNB, Hero MotoCorp, Adani Power, Lupin, Bajaj Electricals, Rail Vikas Nigam stocks in focus

Global market watch: Shares in the Asia-Pacific traded lower on Friday, following another sell-off on Wall Street overnight. Japan’s Nikkei 225 slipped 1.32%, and the Topix index fell 0.87%. Australia’s S&P/ASX 200 lost 0.48%. The Kospi in South Korea declined 1% and the Kosdaq shed 1.13%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15%. U.S. stocks tumbled in Thursday’s session, with the S&P 500 hitting a fresh low for the year and also reaching a new closing low. The index dropped 2.1% to end the session at 3,640.47. Meanwhile, the Dow Jones Industrial Average slumped 1.54%, and the tech-heavy Nasdaq Composite lost 2.84%.

Nifty technical view: “A long bear candle was formed on the daily chart, that has been placed at the edge of important support at 16800 levels. The market has been repeatedly testing the lower support of 16800 levels but was not gaining momentum on the upside. This is not a good sign, and this reflects that the said support could be broken on the downside soon,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Further weakness below 16800 levels, the market could slide down to the next key support around 16650 levels, which is a 50% Fibonacci retracement taken from the June bottom to September top. Any upside movement from here could encounter strong resistance around 17030 levels,” he added.

Levels to watch for: “The support for nifty has shifted around 16700 levels while on the upside 17050 may act as an immediate hurdle. On the other hand, Bank nifty has support at 37000 levels while resistance at 38500 levels. Overall, the Nifty is trading in the range of 16750-17050 level and either side breakout will show the direction. Pharma & media sector stocks are looking good for trade. One can add on dips,” said Palak Kothari, Senior Technical Analyst, Choice Broking.

RBI MPC decision: The RBI is expected to raise the repo rates by 35-50 bps in its September Monetary Policy Committee (MPC) meeting. A 50 bps increase in key policy rates again this time will take it to a three-year high of 5.9 per cent. All eyes will be on RBI Governor Shaktikanta Das on Friday, 30 Sep 2022, who, in the previous policy review, had said that ’50 is the new normal for central banks’. The monetary policy committee is likely to take cues from its global counterparts, including the US Fed, to raise interest rates for the fourth time in a row.

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

FII and DII data: Foreign institutional investors (FIIs) net offloaded equities worth Rs 3,599.42 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,161.73 crore on 29 September, according to the provisional data available on the NSE.

Properties registration in Mumbai up 11% at 8,628 units in Sep: Report

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Registration of properties in Mumbai rose 11 per cent last month to 8,628 units — highest in the past 10 years for September — despite rise in prices as well as mortgage rates, Knight Frank said.

Mumbai city (BMC area) saw property sale registrations of 8,628 units in September 2022 as against 7,804 units in the same month last year and 8,552 units in the previous month, the property consultant said in a statement.

Also Read | NCR records 21% YoY growth in housing unit sales in Q3 2022

“Despite the fresh rise in repo rate which has further hit affordability in the market, we remain in the affordable threshold and can expect positive sales for some more time,” Baijal added.

As per the data, 57 per cent of all registrations were in the price band of over Rs 1 crore. In terms of apartment size, homes between the size of 500-1,000 square feet were the most preferred in this month.

The consultant highlighted that 96 per cent of all property sales registrations in September 2022 were for properties transacted in the same month.

Residential properties valued up to Rs 1 core continued to be the demand driver in September, having a share of 43 per cent, followed by Rs 1 – 2.5 crore with share of 42 per cent.

Also Read:How will rate hike impact homebuyers, and what should they do now?

The government revenue collection has also recorded its all-time high during January-September 2022.Implementation of additional 1 per cent metro cess coupled with price rise and sale of higher ticket size units led to a YoY rise of 57 per cent in revenue collection to Rs 6,658 crore from January to September 2022.

The major players in Mumbai’s primary housing market include Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji Real Estate, Piramal Realty, Mahindra Lifespace Developers, Indiabulls Real Estate, D B Realty, Rustomjee group, K Raheja group and Runwal Developers. Bengaluru-based Prestige Estates and Puravankara Ltd have also entered the Mumbai market. DLF too has land in the city.

Tax incentives unlikely for sovereign green bonds

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The Centre is unlikely to offer any tax incentives for its maiden green bonds to be issued in the second half of the current financial year as it reckons that investor interest in them comes from green pledges by businesses and funds, rather than profit motives.

The rupee-denominated bonds, through which the government plans to raise Rs 20,000 crore-Rs 25,000 crore, will carry a coupon rate marginally lower than comparable government securities (G-secs).

“We are sure businesses and funds who want to invest in green technologies and ventures for their ESG (Environmental, Social, and Governance) goals will lap up the issue,” an official said, adding that higher interest rates and tax incentives would defeat the objective of such bond issuance to raise low-cost funds for long-term climate financing.

Despite lower returns, many investors set aside funds for investing in green projects as part of their ESG obligations. As sustainability disclosures by companies grow, such information could be used by banks, credit rating agencies and other financial institutions, along with financial information to assess the credibility of a business.

“As a part of the government’s overall market borrowings in 2022-23, sovereign green bonds will be issued for mobilising resources for green infrastructure. The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy,” finance minister Nirmala Sitharaman said in her Budget speech earlier this year.

Of the annual borrowing plan of Rs 14.31 trillion in FY23, the Centre was to borrow Rs 8.45 trillion from the market through dated securities in the first half of FY23 and the rest in the second half of the year. The second half borrowing calendar is expected to be announced by end-September and the green bonds will be part of it.

At the 26th Session of the Conference of Parties to the UNFCCC in Glasgow in November 2021, Prime Minister Narendra Modi declared that India will achieve the target of net-zero emissions by 2070, meaning its greenhouse gas emissions will be less than the total removal and absorption of emissions.

Also Read: Mcap of 7 of top 10 most valued firms climb over Rs 1.33 lakh crore; TCS, Reliance lead gainers

According to CEEW Centre for Energy Finance, India would need cumulative investments of $10.1 trillion to achieve net-zero emissions by 2070. Of this, $8.4 trillion would be required to significantly scale up generation from renewable energy and associated integration, distribution and transmission infrastructure. Another $1.5 trillion need to be invested in the industrial sector for setting up green hydrogen production capacity to advance the sector’s decarbonisation.

Recently, Reserve Bank of India (RBI) governor Shaktikanta Das said the central bank and the government are working on a framework to issue sovereign green bonds in line with global standards.

Given the nascent green bond market of India, the sovereign green bond issuance will likely set a benchmark for corporates raising ESG funds for their green projects as well.

“The sovereign green bond auction results are likely to act as a benchmark for the future issuance by the private sector entities in the domestic green bond market,” said Anil Gupta, vice-president, Icra.

Globally, investors are following United Nation’s suggested Sustainable Development Goals (SDG) for assessing the right kind of returns on their investments.

Green bonds are meant for institutional investors, including mutual funds that have a mandate to invest in sustainable projects and companies around the world.

Under the Securities and Exchange Board of India’s (Sebi) norms, 1,000 top listed companies are required to prepare “Annual publishing of Business Responsibility Report”, covering their activities related to environment and stakeholder relationships. Not necessarily these companies will invest in bonds as they have their own green projects and raise funds through private green bonds as well.

Daily gold price, silver, petrol, diesel rates: Everyday updates on FinancialExpress.com commodities pages

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FinancialExpress.com has launched commodity price pages to provide daily updates on petrol rate, diesel rate, gold rate, and silver rate in India. The price pages are updated everyday according to the market price revisions. PSU oil marketing companies including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise fuel prices daily in line with international benchmark prices and foreign exchange rates, under the ‘dynamic fuel price mechanism’.

Any changes in petrol and diesel prices are implemented from 6 am every day. The prices of petrol and diesel may vary in each state, or even in each city, depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc. The dynamic fuel price method has been in practice since June 2017. Before that, fuel prices used to be revised every two weeks.

Gold is also purchased and sold in accordance with gold futures contracts at a future date. In contrast to most other commodities, gold futures are traded at spot prices. The National Spot Exchange (NSEL) offers E-series products such as E-Gold and E-Silver, allowing people to trade or invest in silver in the same way they do in equities. Investors can purchase a minimum of one unit of silver equivalent to 100 grams of silver in demat form at real-time Indian prices that track international gold/silver prices. By trading in NSEL, investors can convert their e-Silver into physical silver or cash.

Check the gold, silver, petrol, and diesel prices here

Gold rate

Silver rate

Petrol rate

Diesel rate