Month: September 2023

Gold Price Today, 19 Sep’22: Gold falls despite positive global cues; US FOMC eyed, check support, resistance

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Monday, even as yellow metal prices gained globally. On Multi Commodity Exchange, gold October futures were ruling Rs 140 or 0.3 per cent at Rs 49,240 per 10 gram, as against the previous close of Rs 49,380. Silver December futures were trading at Rs 56,841 per kg, up 121 or Rs 0.21 per cent. Globally, yellow metal prices edged higher supported by a weaker dollar, as investors assessed some risk of aggressive rate hikes expected this week by major central banks especially the U.S. Federal Reserve to tame inflation, according to Reuters. Spot gold was up 0.2% at $1,677.89 per ounce, and U.S. gold futures rose 0.2% at $1,686.50.

Also read: Petrol, Diesel Price Today, 19 Sep 2022: Fuel cost unchanged; check rates in Delhi, Mumbai, other cities

Gold gained some momentum after a fall in previous week hovering around the key level of $1680, amidst a steady dollar, as investors assessed some risk of aggressive rate hikes expected this week by major central banks especially the U.S. Federal Reserve to tame inflation. Touching the highs of above 110 level, dollar index retraced by 0.2%; whereas U.S. Yields were steady near the three month highs amidst higher interest expectations. U.S. inflation data reported last week increased the market expectations for an aggressive rate hike by the Fed in the Sept. meeting scheduled this week. There is an 80% probability of a 75bps rate hike according to the CME Fed watch tool. Physical gold demand picked up in India as domestic prices fell ahead of key festivals, while premiums in China climbed further as its currency weakened. Speculators switched to net short position of 10,132 contracts in week to Sept. 13 in COMEX gold, while trimmed net short position in COMEX silver, the U.S. CFTC said on Friday. Broader trend on COMEX could be in the range of $1645-1690 and on domestic front prices could hover in the range of Rs 48,950-49,700.

Also read: Nifty may slip below 17400, resistance at 17777; buy these two stocks to pocket short-term gains

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades marginally lower near $1680/oz as the US dollar and bond yields continue to hold on to recent gains amid positioning for Fed’s rate hike decision this week. Also weighing on price is weaker investor interest and general pressure on commodities. Supporting price is global growth worries and geopolitical tensions relating to Taiwan. Gold has managed to recover from April 2020 lows set last week as Fed’s rate hike has been largely factored in; however price may remain under pressure ahead of the meeting.

Rahul Kalantri, VP — Commodities, Mehta Equities

Gold and silver prices are likely to remain volatile ahead of the Fed policy meeting and fear of global recession, as the Fed is widely expected to hike rates by 75 basis points with traders also pricing in the possibility of a 100 basis point hike. Gold has support at $1662-1650, while resistance is at $1686-1798. Silver has support at $19.18-18.95, while resistance is at $19.62-19.85. In INR terms gold has support at Rs 49,020-48810, while resistance is at Rs 49,480, 49,640. Silver has support at Rs 55,750-55,240, while resistance is at Rs 57,180–57,510.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Wall Street extends losses, US stocks tumble amid Fed tightening jitters, economic rumblings

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Wall Street ended sharply lower on Thursday, extending its losses in late afternoon trading as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession. The sell-off gathered momentum toward the end of the session, with market leaders including Microsoft Corp, Apple Inc and Amazon.com Inc hitting the tech-laden Nasdaq hardest. After the bell, FedEx Corp tumbled 14.5% after the package delivery company said its fiscal first-quarter results were hit by global volume softness and it withdrew its financial forecast, saying it expected further deterioration of business conditions.

FedEx’s warning sent shares of rival United Parcel Service down 5.7% in extended trade. Earlier, in Thursday’s trading session, the benchmark S&P 500 closed a hair above 3,900, seen by many analysts as a key technical support level that has been tested several times over the past two weeks. Interest rate-sensitive banks helped soften the blue-chip Dow’s decline. “It’s been a difficult year and investors are wary,” said Matthew Keator, managing partner in the Keator Group, a wealth management firm in Lenox, Massachusetts. “Until something changes the tie’s going to go the runner and that’s been the bear.”

That scale tipped further to the bear side after the World Bank and the International Monetary Fund (IMF) warned of an impending global economic slowdown. A mixed bag of economic data, led by better-than-expected retail sales, cemented the likelihood of another 75 basis-point interest rate hike from the Fed at the conclusion of next week’s monetary policy meeting, as uncertainties simmered over where the central bank will go from there.

“The question is what’s going to happen in November?” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. “If the Fed really wants to handle it properly, it will be 50 basis-point drop in November, a 25 basis-point cut in December, and then they’ll reassess.” While the retail print surprised to the upside, declining jobless claims reaffirmed the labor market’s strength, and a drop in import prices supported the past-peak inflation narrative. But a surprise drop in industrial production and a contraction of Atlantic region manufacturing provided fodder for economic pessimists.

None of the data appeared to change the calculus regarding Fed expectations. Financial markets have now fully priced in an interest rate increase of at least 75 basis points next Wednesday, with a one-in-five chance of a super-sized, 100-basis-point hike, according to CME’s FedWatch tool. U.S. railroads remained open after the Biden administration helped broker a tentative deal with unions to avert a strike, thereby avoiding a rail shutdown which would add to supply-chain pressures at the core of hot inflation. Shares of railroad operators Union Pacific and Norfolk Southern outperformed the broader market.

Adobe Inc tumbled after the company said it would buy Figma in a deal valued at about $20 billion. The Dow Jones Industrial Average fell 173.27 points, or 0.56%, to 30,961.82, the S&P 500 lost 44.66 points, or 1.13%, to 3,901.35 and the Nasdaq Composite dropped 167.32 points, or 1.43%, to 11,552.36. Nine the 11 major sectors of the S&P 500 ended the session in negative territory. Energy shares showed the largest percentage drop as the tentative rail agreement and demand concerns sent crude prices tumbling. Healthcare posted the biggest advance with an assist from health insurer Humana Inc, whose 8.4% surge following its strong earnings forecast made it the top gainer in the S&P 500.

Also Read: Will bulls take a backseat as bears drag Nifty fall below 17800? 5 things to know before market opening bell

Adobe Inc was the S&P 500’s biggest percentage loser, tumbling 16.8% after the company said it would buy Figma in a cash-and-stock deal that valued the online design startup at about $20 billion. Declining issues outnumbered advancing ones on the NYSE by a 2.79-to-1 ratio; on Nasdaq, a 1.35-to-1 ratio favored decliners. The S&P 500 posted no new 52-week highs and 21 new lows; the Nasdaq Composite recorded 16 new highs and 206 new lows. Volume on U.S. exchanges was 11.11 billion shares, compared with the 10.35 billion average over the last 20 trading days.

Harsha Engineers, Britannia, Embassy REIT, Coal India, BPCL, State Bank of India stocks in focus

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Indian equity markets are likely to open lower on Monday as ahead of the trading session, SGX Nifty was in red, hinting at a negative start for NSE Nifty 50, and BSE Sensex. “We expect volatility to remain high as we have important events like MPC’s monetary policy review meet and monthly derivatives expiry scheduled during the week. Besides, the prevailing pressure in the global indices would continue to weigh on the sentiment. Markets are finally giving in to the pressure of global indices especially the US and are likely to inch further lower ahead,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus 26 September, Monday

Harsha Engineers: The company share will debut on stock exchanges on Monday. Ahead of the listing, Harsha Engineers shares commanded a grey market premium of Rs 170. The Rs 755-crore public issue was bought 74.7 times by participants, and despite uncertainty in the equity markets, analysts expect Harsha Engineers stocks to make a strong debut with a significant premium over its issue price of Rs 330 per share.

Embassy Office Parks REIT: Blackstone Inc will reportedly sell a stake of $400 million in Embassy Office Parks REIT, India’s major real estate investment trust, through block deals. Abu Dhabi’s Sovereign wealth fund, being the world’s largest, will pick up at least half of the stake that Blackstone is to sell, reported Reuters.

BPCL: State-run Bharat Petroleum Corporation Ltd (BPCL) has signed a Memorandum of Understanding (MoU) with Brazilian oil major Petrobras, to diversify its crude oil sourcing. In a statement BPCL said, the signing of the MoU will strengthen future crude oil trade relations between the two companies and explore potential crude import opportunities by BPCL, on a long-term basis, especially considering the current geopolitical situations.

Coal India: State-owned Coal India will sign agreements with three public sector enterprises — Bharat Heavy Electricals Ltd., Indian Oil Corporation Ltd. and GAIL (India)– in order to set up four surface gasification projects. The government aims to achieve 100 million tonnes of coal gasification in the next eight years in order to reduce the import of crude oil which is otherwise used to produce syngas.

Britannia: The maker of the popular Good Day and Tiger biscuits has appointed Rajneet Kohli as its chief executive officer, effective September 26. Kohli is currently president and chief business officer at Domino’s India, run by food service company Jubilant FoodWorks. He also held senior leadership roles in Asian Paints Ltd and Coca-Cola Co. His appointment comes at a time when the industry is grappling with margin concerns amid soaring inflation.

Also Read: MCX crude oil Oct futures: Wait for crude to cross Rs 7,150/bbl; check key levels to watchout for next week

SBI: State Bank of India has raised Rs 4,000 crore Basel III compliant Tier 2 bonds at a coupon rate of 7.57 per cent. The public lender said that the tier 2 bonds attracted an overwhelming response from investors with bids of Rs 9,647 crores, and was oversubscribed by about 5 times against the base issue size of Rs 2,000 crores.

Wall Street opens sharply higher, clawing back more ground

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Stocks are opening sharply higher again on Wall Street as the market continues to claw back more of the ground it lost in a miserable several weeks that brought the S&P 500 to its lowest point of the year last Friday. The benchmark index was up just over 2% in the early going Tuesday. Other major U.S. indexes were also higher. Treasury yields continued to pull back from their multiyear highs. European markets also posted strong gains. Australia’s market jumped 3.8% overnight after that country’s central bank made an interest rate increase that was smaller than previous ones. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

U.S. futures are sharply higher Tuesday, potentially extending a quarter-opening rally this week after a dismal September. Futures for the Dow Jones industrials jumped 1.3% and futures for the benchmark S&P 500 rose 1.6% following Monday’s 2.6% gain. The tech-heavy Nasdaq composite, which has been pummeled, lead the way with a 2% leap.

It is hoped by many investors that the Federal Reserve might ease off on its aggressive interest rate hikes intended to beat down high inflation that has rattled businesses as well as families. By raising rates, the Fed is making it more expensive to buy a house, a car or most anything else on credit with the goal of slowing the economy just enough to starve inflation of the spending that has driven prices higher.

ALSO READ US Stock Market Today: Are the bulls staging a comeback on Wall Street?

The Fed has already pushed its key overnight interest rate to a range of 3% to 3.25%, up from virtually zero as recently as March. Most traders expect that to be more than a full percentage point higher by early next year. But stresses are building in financial markets and corporate profits have weakened as central banks around the world hike rates in concert. Australia’s S&P/ASX 200 jumped 3.8% to 6,699.30 after its central bank boosted its benchmark interest rate for a sixth consecutive month to a nine-year high of 2.6%. The Reserve Bank of Australia’s increase of a quarter percentage point to the cash rate was smaller than those at recent monthly meetings. When the bank lifted the rate by a quarter percentage point at its board meeting in May, it was the first rate hike in more than 11 years. It’s now at its highest point since August 2013, when the bank cut the rate from 2.75% to 2.5%.Besides stocks, lower rates also boost prices for everything from cryptocurrencies to gold, which can suddenly look a bit more attractive when bonds are paying less in income.

Elsewhere, Japan’s benchmark Nikkei 225 added nearly 3.0% to finish at 26,992.21. South Korea’s Kospi gained 2.5% to 2,209.98. Markets in Hong Kong and Shanghai were closed for holidays. At midday in Europe, France’s CAC 40 gained 3.4%, Germany’s DAX rose 2.9% and Britain’s FTSE 100 added 1.9%. The latest update on the U.S. jobs market, the labor turnover report, arrives Tuesday. The more consequential monthly jobs report is out Friday. . It will be the last jobs report before the Fed makes its next decision on interest rates, scheduled for Nov. 2. Continued strength would give the central bank more leeway to keep hiking. Traders say the likeliest move is a fourth straight increase of a whopping three-quarters of a percentage point, triple the usual move.

In energy trading, benchmark U.S. crude added $1.16 to $84.79 a barrel. It jumped Monday amid speculation big oil-producing countries could soon announce cuts to production. Brent crude, the international standard, added $1.44 to $90.30 a barrel. In currency trading, the U.S. dollar was stable at 144.81 Japanese yen from. The euro cost 98.90 cents, up from 98.40 cents.

Veranda to raise Rs 300 cr via preferential issue

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Chennai-based Veranda Learning Solutions (Veranda), a public-listed ed-tech company on Thursday announced that the board of directors has approved a preferential issue to raise Rs 300 crore. This raise includes an investment of Rs 61.40 crore to be subscribed by the promoters in the form of convertible warrants.

The fundraising is through a mix of preferential offers of equity shares and convertible warrants both at Rs 307 per share. Each warrant is convertible into 1 equity share and the conversion can be exercised at any time within 18 months from the date of allotment. Around 25% of the total consideration for convertible warrants will be payable at the time of application.

Also Read: KEC International order book robust, net working capital to improve

Kalpathi S Suresh, chairman and executive director of Veranda Learning Solutions, said, “We are pleased with the response to the private placement and the success of the fundraise places Veranda in a unique position with the necessary war chest to fuel the next leg of growth. At Veranda, our objective is to provide the highest quality education possible at an affordable price. To that end, we are building an eco-system to strengthen our offerings through a judicious mix of high-quality content propelled by cutting edge technology which we believe will take Veranda to greater heights.”

Founded in 2018, by the Kalpathi AGS Group, Veranda Learning Solutions offers a bouquet of training programmes for competitive exam preparation, including state public service commission, banking, insurance, railways, IAS, and CA, as well as a slew of professional skilling and upskilling programmes in trending technologies.

The company provides services through four subsidiaries: Veranda Race, Veranda CA, Veranda IAS, and Edureka – the customer-facing brand of Brain4ce Education Solutions. The company has also incorporated two new subsidiaries: Veranda Learning Solutions North America and Veranda Management Learning Solutions. These new subsidiaries will be used as vehicles for future growth, said a company statement.

Sensex, Nifty erase all yearly gains; Nifty support at 17166, investors poorer by Rs 5 lakh crore

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BSE Sensex and NSE Nifty 50 ended nearly 2 per cent down on Friday, on the back of fears of a global recession. Both the indices have turned negative for 2022 with Friday’s fall. Today’s nearly 2 per cent plunge has led to an erosion of Rs 4.83 lakh crore market cap of BSE-listed companies. BSE Sensex tanked 1.7 per cent or 1,021 points to 58099, while NSE Nifty 50 index plunged 1.8 per cent or 302 points to end at 17327. Stocks of HDFC Bank, Reliance Industries Ltd (RIL), ICICI Bank, Housing Development Finance Corporation (HDFC), State Bank of India, among others dragged the index the most. Broader market indices underperformed the equity frontliners. S&P BSE MidCap ended 2.3 per cent or 588 points at 25,271, while S&P BSE Smallcap index plunged 2 per cent or 567 points to settle at 28,813.

Also read: MCX gold may give 1% return next week, rally seems to continue; support seen at Rs 48800 per 10 gm

The Bank Nifty index last week witnessed extreme selling pressure from the higher levels after the key event of the US FED. The index breached the crucial support of 40,000 and closed below it, confirming the breakdown and activating the sell-on-rise mode. The index remains in a sell-on-rise mode with hurdles at 40,500 and the next support is visible at 39,000.

Deepak Jasani, Head of Retail Research, HDFC Securities

After remaining resilient against the global weakness in equities, Nifty gave in over the past three sessions. Nifty fell sharply for the second consecutive week (down 1.16%), breaking some key technical levels on the way. 17166 is the next support for the Nifty post which a sharper fall could ensue. 17490 could be the resistance for the Nifty in the near term.

Also read: Rupee likely to fall further, dollar index may rise to 114 if US Fed hikes rate by 75 bps in November

Ajit Mishra, VP – Research, Religare Broking

Markets are finally witnessing pressure after showing resilience for quite some time and indications are pointing towards further decline. The Nifty index has the next crucial support at the 17,100 zone. Since most sectors are trading in tandem with the benchmark, it’s prudent to maintain short positions also. Investors, on the other hand, should utilise this phase to accumulate quality stocks in a staggered manner.

Vinod Nair, Head of Research, Geojit Financial Services

A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term. With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles.

Significance of asset diversification and risk profiling in the rapidly changing investment culture

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By Deepak Singh

Information-driven smart investing has become a buzzword in today’s technology-led globalised world as all investors want to earn risk-free returns without making too much of an effort. A couple of decades ago, earning risk-free returns sounded impossible, but today information technology (IT) has made it possible. IT has brought the entire world on fingertips which helped you understand the happenings around the world before making smart decisions. Understanding stock or sector-specific developments along with allied businesses may, therefore, have a direct or indirect bearing on your profit earning.

Over the last few decades, creating awareness through continuous educational content has increased investors’ confidence towards the stock market which is evident from a sharp increase in new enrolments. Markets regulator Sebi reported 2.2 times increase in new Demat account holders in the post-pandemic era.

Also Read: Investment lessons to learn from Lord Ganesh: Here’s how to build a robust investment portfolio

Sebi data showed the total number of Demat account holders were at 35.9 million, an increase of 3.9 million in the financial year 2018-19. During the financial year 2019-20, 5 million new accounts were added which took the tally to 40.9 million, followed by 14.2 million in FY 2020-21 to 55.1 million. In the years 2021-22, 34.6 million new accounts were opened taking the total tally to 89.7 million accounts. In Aug’22, total Demat accounts crossed the 100 million mark.

The AUM of the Indian MF Industry has grown from ₹ 7.30 trillion as on July 31, 2012, to ₹37.75 trillion as on July 31, 2022 more than 5 fold increase in a span of 10 years. The total number of accounts (or folios) as on July 31, 2022, stood at 13.56 crore (135.6 million).

Changing investment culture

There has been a complete transformation in the investment climate over the last few decades. In the fast growing social media era, individuals have started sharing information on every possible platform which gets transmitted in seconds to the entire world whether relevant investors or others.

Investors have now realised the lacunae of the social media platforms and started checking facts about the company and the sector, along with other allied businesses before taking final investment decisions. Since the regulator has made sharing of price sensitive information mandatory, smart decision making has become easier now than ever before when social media was not evolved. Hence, you must know your portfolio before making a financial planning decision.

Often decision-making based on public advice does not yield desired results. Hence, self-decision making comes to play a pivotal role. In fact, investors’ behaviour is changing with each passing day which is boosting confidence with understanding the underlying value of companies or the sector and then making choices, instead of directly vouching for a tip given via social media.

Plethora of opportunities

Globalisation has opened an ocean of opportunities for investors of which equities, indices, commodities, mutual funds, bonds, post office and bank deposits, and assets-linked investment schemes have become popular. Smart investors understand the instrument and assess the risk associated with them, explore alternative options, and compare returns before making a final decision, instead of jumping the bandwagon directly.

Asset diversification and risk profiling

In order to safeguard the investment and harvest maximum returns, you require to build a diversified portfolio in a proportion that suits your needs. A diversified portfolio distributes the asset-specific risk and helps you prepare to deal with it. In investment parlance, an underperformance of some stocks or asset classes due to any domestic or international issues always yields a surge in other ones. Thus, you can not only compensate the potential loss in one asset class with other ones, but also earn higher returns even in rough waters from a diversified portfolio. Hence, portfolio diversification helps you minimise the potential of loss and increase earnings in all market eventualities. Thus, portfolio diversification is an easy way to wealth creation by increasing your returns over a period of time.

Also Read: MCX Gold outguns Comex on weak Indian Rupee, yellow metal may trade sideways; buy on dips for gains

Conclusion

Earlier, there was a huge stigma around equity markets which prompted many investors to stay away from the risks and stick to the post office and fixed deposit schemes. These instruments eroded your capital post adjusting to the inflation. The perception, however, of not having exposure has changed now after a huge volume of content pushed on investor education. Now, investors are believing in a long term profit with risk profiling and a diversified investment portfolio.

(Deepak Singh is the Chief Business Officer at Reliance Securities. The views expressed in the article are of the author and do not reflect the official position or policy of FinancialExpress.com.)

Noida International Airport welcomes TajSATS to develop In-Flight kitchen facility; Here’s how culinary excellence will be achieved

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TajSATS, a prominent inflight catering company, finalized an agreement on Thursday to establish an in-flight kitchen facility at the soon-to-be-opened Noida International Airport (NIA).

Under the terms of this agreement, TajSATS will construct and operate the in-flight kitchen facility using a Design, Finance, Build, Operate, and Transfer (DBFOT) model for a period of 37 years. This comprehensive mandate will include a range of services, including passenger and crew meal services, the management of in-flight catering equipment, as well as the loading and unloading of meals.

Development of In-Flight Kitchen Facility at Noida Airport

Situated strategically within the airport premises, the state-of-the-art kitchen facility will span an impressive 40,000 square feet and have the capacity to serve over 15,000 meals daily in its initial phase. Moreover, this facility will extend its services to the airport’s lounge facilities and the various food and beverage outlets within the airport and its vicinity.

With this addition, TajSATS will boast a total of nine production facilities in India, reinforcing its position in the industry.

Christoph Schnellmann, CEO of Noida International Airport, emphasized that this partnership represents a significant milestone in delivering a modern, customer-focused culinary experience. Schnellmann believes that meals are an essential component of an exceptional in-flight and airport experience. TajSATS’ extensive experience in serving numerous airports aligns seamlessly with NIA’s commitment to offering a world-class experience to its passengers.

TajSATS Air Catering Ltd is a joint venture between The Indian Hotels Company Limited (IHCL) and SATS Ltd. With over four decades of experience in airline catering and a strong presence in commercial catering, the company currently provides in-flight catering services at major airports in Mumbai, Delhi, Chennai, Kolkata, Amritsar, Goa, and Bangalore.

(With PTI Inputs)

Share Market HIGHLIGHTS: Sensex tanks 1021 pts, Nifty ends at 17327, turns YTD negative; PowerGrid crashes 8%

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended nearly 2 per cent down on Friday, on the back of weak global cues. BSE Sensex tanked 1.7 per cent or 1,021 points to 58099, while NSE Nifty 50 index plunged 1.8 per cent or 302 points to end at 17327. Stock of just Sun Pharma, ITC, and Tata Steel ended in green. PowerGrid Corporation of India plunged over 8 per cent, followed by NTPC, State Bank of India (SBI), Mahindra & Mahindra (M&M), Bajaj Finserv, Bajaj Finance, HDFC Bank, Housing Development Finance Corporation, among others dragged the index the most. Bank Nifty index ended 2.7 per cent down at 39,546

Live Updates

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

15:35 (IST) 23 Sep 2022 Sensex, Nifty tank nearly 2%

BSE Sensex tanked 1.7 per cent or 1,021 points to 58099, while NSE Nifty 50 index plunged 1.8 per cent or 302 points to end at 17327

15:18 (IST) 23 Sep 2022 Nifty, Sensex deep in red

Markets are deep in red trading near day’s low level with Nifty around 17350. The Sensex is down 934.18 points or 1.58% at 58185.54, and the Nifty down 276.80 points or 1.57% at 17353.

15:00 (IST) 23 Sep 2022 Nifty turns negative for 2022, Sensex falls 1.5%, Bank Nifty tumbles 3%; what is dragging markets today?

BSE Sensex and NSE Nifty 50 fell over 1.5 per cent to hit the lowest level since 30 Aug 2022, and Bank Nifty index plunged nearly 3 per cent intraday as market participants remained cautious fearing that aggressive rate hike by US Fed, and slowing Chinese economy could weigh on global economic growth. The US Fed clearly signalled this week that it is willing to tolerate a recession to get inflation back in control when it raised the rate by another 75 bps. In addition, its updated economic projections showed slower GDP growth and higher inflation. According to analysts at ICICI Securities, given the Fed’s hawkish stance to tame inflation, the US may enter a recession by the second quarter of FY23. Read full story

14:48 (IST) 23 Sep 2022 Mahindra and Mahindra Financial Services share price tanks 15%

Mahindra & Mahindra Financial Services share price tanked more than 14 per cent to Rs 192.05 intraday on Friday after RBI directed it to halt recovery via third parties

14:19 (IST) 23 Sep 2022 “About 10% of our turnover in next two years will come from rental business,” says Wonderchef CEO | INTERVIEW

Kitchen appliances brand Wonderchef is now betting on the growth of the shared economy in the country and has in line, launched ‘Wonderent’ to offer home and kitchen appliances on rent at typically around 5 per cent of the actual cost of the product. With monthly rental starting at Rs 199 for appliances, the brand is aiming the rental business to bring about 10 per cent of its total turnover in two years time, Ravi Saxena, Founder and CEO, Wonderchef, told FinancialExpress.com. “Net of all costs, we have been able to get a 42 per cent contribution per product from Wonderent, which is a healthy contribution and in terms of investment, it has been almost zero for us since we have partnered with a tech company Rentity to facilitate the rental service,” he said. Read full interview

14:17 (IST) 23 Sep 2022 RBI MPC expectation: 25-50 bps rate hike on cards

“The monetary policies in emerging markets will inevitably take cues from the US Fed. The RBI’s Monetary Policy Committee will take guidance from high inflation in India and uneven data points from global economies. They may also take into account that banking system liquidity in India has gone negative compared to 2019. With retail inflation above RBI’s comfort range there is that the RBI will increase rates by 25 basis points. However, it is very possible that the RBI might decide this is a good time to be ahead of the curve and increase rates by 50 basis points.”

~Srikanth Subramanian, CEO, Kotak Cherry

14:06 (IST) 23 Sep 2022 NSE Nifty 50 turns negative for 2022

NSE Nifty 50 index turned YTD negative again, erasing all the yearly gains

14:05 (IST) 23 Sep 2022 RBI monetary policy a key event to watch out for next week

Domestic and international equity markets this week reacted to Federal Reserve’s 75 bps rate hike decision. Domestic market remained range bound and major indices gave broadly flattish return this week. Returns of most sectoral indices this week were on a slightly negative territory. However, BSE FMCG and BSE Healthcare witnessed some positive momentum. Global equity markets were under pressure post Fed’s rate hike decision and its hawkish tone. US 10-year treasury yield remained high and is now above 3.7%. Globally, inflation, Central Bank rate increase action, energy prices and recession remains area of concern. Crude oil prices have broadly remained stable but the Indian currency have depreciated in recent days. For the domestic market, one of the key near-term event to watch out for is the upcoming RBI monetary policy. Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities

13:06 (IST) 23 Sep 2022 Should you buy Tata Steel stock?

Tata Steel has announced a merger of 7 subsidiaries – 4 listed and 3 unlisted. Merger is a positive step as it will (1) simply the corporate structure, (2) plug leakage of addition royalty payments on inter-company iron ore transfers, (3) reduce corporate overheads (4) enable various businesses with higher financial flexibility to progress on growth projects and (5) bring in further operational, procurement and tax synergies. While we await for company guidance on potential synergies, we estimate Rs7.5-8 bn of annual savings, equity dilution of 2.2% and potential EPS accretion of 1.5-2%. The scheme will require various regulatory and shareholder approval and likely to complete by end of FY2024E. We have a REDUCE rating on the stock with a Fair Value of Rs110/share. Jatin Damania, Vice President – Fundamental Research, Kotak Securities

12:41 (IST) 23 Sep 2022 MCX gold may give 1% return next week, rally seems to continue; support seen at Rs 48800 per 10 gm

We anticipate a rally on the upside to continue in Gold. If gold manages to break $1700, then we can see levels till $1725-1730 however we are not expecting any steep upside rally owing to Dollar strength. Going forward, USD is expected to remain strong which will provide headwinds. As long as $1650 is not breached on the downside, it is safe to hold on to long positions. In MCX, 48800 seems to be a good support of Oct contract and one can go long with stoploss of 48800 and expected target of 50800-51000. Read full story

12:40 (IST) 23 Sep 2022 Tata Steel shares jump, TRF hits lower circuit, Tinplate, Tata Metaliks fall after board okays mega merger

Tata Steel share price jumped, while TRF, Tinplate, Tata Steel Long Products and Tata Metaliks shares fell on Friday after Tata Steel approved the amalgamation between seven of its group companies and itself. Tata Steel share price jumped around 3 per cent to hit an intraday high of Rs 107 on the NSE. In the previous session, the stock settled at Rs 103.60 apiece on NSE, down 0.81 per cent. Meanwhile, shares of TRF opened 5 per cent in the red and hit lower circuit. Read full story

11:46 (IST) 23 Sep 2022 Gold Price Today, 23 Sep 2022: Gold trades flat on rise in US Dollar; check resistance, support

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver silver were trading weak on Friday, on the back of muted global cues. On Multi Commodity Exchange, gold October futures were ruling 60 points or 0.12 per cent down at Rs 49,923 per 10 gram, as against the last close of Rs 50,000. Silver December futures were trading Rs 78 down or 0.13 per cent down at Rs 57,949 per kg on MCX. Globally, yellow metal prices were flat as the dollar held close to its recent peak while the likelihood of more aggressive interest rate hikes by the U.S. Federal Reserve also weighed on the appeal for non-yielding bullion. Read full story

10:15 (IST) 23 Sep 2022 Crude may remain volatile as supply risks counter demand concerns

NYMEX crude trades mixed above $83/bbl as support from supply risks relating to Russia and Iran and OPEC’s wariness with lower prices is countered by demand concerns amid mixed economic data from major economies and downbeat growth forecasts. Monetary tightening by the Fed and other central banks is also hampering commodities at large. Crude may remain volatile as supply risks counter demand concerns however with relative stability in riskier assets, smaller build in US crude stocks and supply risks relating to Russia, we may see some gains Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

09:35 (IST) 23 Sep 2022 Bank Nifty index falls over 1%

Nifty Bank index fell 1.3 per cent or 531 points to trade at 40,083

09:31 (IST) 23 Sep 2022 HDFC, IndusInd Bank, HDFC Bank top Sensex losers

IndusInd Bank, Housing Development Finance Corporation (HDFC), M&M, Tech Mahindra, HDFC Bank, Axis Bank, Kotak Mahindra Bank were among top index draggers.

09:30 (IST) 23 Sep 2022 Tata Steel jumps 3% as company to merge 7 group metal companies with itself

Stocks of Tata Steel, Sun Pharma, Hindustan Unilever Ltd (HUL), ITC, Dr.Reddy’s, Infosys, HCL Tech, Titan Company, and Maruti Suzuki were among top Sensex gainers

09:26 (IST) 23 Sep 2022 Sensex, Nifty fall 0.5%

BSE Sensex fell 300 pts or 0.5 per cent to 58854, while NSE Nifty was down 0.4 per cent or 65 points to 17593

09:14 (IST) 23 Sep 2022 Rupee to fall up to 81.80 and 82.00 levels in near term

Historically, whenever a big figure in rupee has been taken out, a move of 2.5 rupees an average has been seen within one month of breakout. Overall, with RBI’s absence, the rupee is going to test new lows in the short term and we expect the currency to weaken up to 81.80 and 82.00 levels in the near term. Amit Pabari, MD, CR Forex Advisors

09:13 (IST) 23 Sep 2022 Sensex, Nifty fall in pre-open on Friday

BSE Sensex was testing 59000, while NSE Nifty 50 fell below the crucial 17600 in pre-opening session on Friday

09:09 (IST) 23 Sep 2022 Rupee at fresh all-time low; opens at a record low of 81.09/$

The Indian Rupee opened at a record low of 81.09 against US Dollar on Friday

08:52 (IST) 23 Sep 2022 Immediate downside risk for Nifty seen at 17429

Equity benchmark indices are likely to start on a negative note Friday and slip further amid bearish sentiment across the global equity markets. Markets will continue to witness intra-day volatile moves in the backdrop of a rate hike decision by the US Fed and its hawkish commentary that is weighing heavily on investors’ minds. Some part of pessimism is also due to the exit of FIIs from the local shares and they sold shares worth Rs 2509.60 crores in yesterday’s trade. Technically, the immediate downside risk for Nifty is seen at 17429 mark and below the same, expect a waterfall of selling which could take the index towards the 16907 mark. Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities

08:29 (IST) 23 Sep 2022 Reliance New Energy to acquire 20% stake in solar tech company Caelux Corp to produce low cost solar modules

Reliance Industries’ subsidiary Reliance New Energy (RNEL) has announced plans to invest in Caelux Corporation to produce more powerful and lower cost solar modules. In a bid to push India’s energy transition toward renewable sources, Mukesh Ambani’s RNEL will invest $12 million to acquire a 20% stake in this solar technology company. US headquartered Caelux Corporation develops perovskite-based solar technology. Moreover, RNEL and Caelux have also entered into a strategic partnership agreement for technical collaboration and commercialisation of Caelux’s technology, RIL said in a statement on Friday. Read full story

08:03 (IST) 23 Sep 2022 Reliance New Energy Ltd to invest in Caelux Corporation

Reliance New Energy Limited (“RNEL”), a wholly owned subsidiary of Reliance Industries Ltd, has today signed definitive agreements to invest in Caelux Corporation (“Caelux”), a company headquartered in Pasadena, California, in the United States of America, engaged in the development of perovskite-based solar technology. RNEL will invest USD 12 million to acquire 20% stake in Caelux.

07:55 (IST) 23 Sep 2022 US Markets end in red

Major Wall Street indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve’s latest aggressive move to rein in inflation by selling growth stocks, including technology companies. The Dow Jones Industrial Average fell 107.1 points, or 0.35%, to 30,076.68, the S&P 500 lost 31.94 points, or 0.84%, to 3,757.99 and the Nasdaq Composite dropped 153.39 points, or 1.37%, to 11,066.81.

07:54 (IST) 23 Sep 2022 SGX Nifty in red

Early trends in SGX Nifty hinted at a negative opening for the broader index in India with a loss of 65 points. The Nifty futures were trading around 17,575 levels on the Singaporean Exchange.

Share Market HIGHLIGHTS: Sensex ends 322 pts up, Nifty at 17936 ahead of CPI inflation, IIP data; Reliance up

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Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 settle more than 0.5 per cent high on Monday, ahead of India’s CPI Inflation of August and IIP for July data release. BSE Sensex gained 322 points or 0.5 per cent to settle at 60,115, while NSE Nifty 50 added 0.6 per cent or 103 points to finish trade at 17,936.35. Stocks of Tech Mahindra, Titan Company, Axis Bank, Tata Steel, Reliance Industries Ltd (RIL), Wipro were among top index gainers. On the contrary, Nestle India, Housing Development Finance Corporation (HDFC), HDFC Bank, Mahindra & Mahindra (M&M), Sun Pharma were among top index losers. Nifty Bank index gained 0.4 per cent to settle trade at 40,574

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15:37 (IST) 12 Sep 2022 Sensex ends above 60000, Nifty at 17936

BSE Sensex gained 322 points or 0.5 per cent to settle at 60,115, while NSE Nifty 50 added 0.6 per cent or 103 points to finish trade at 17,936.35

15:03 (IST) 12 Sep 2022 India’s IIP data in focus today, July output data to provide status on manufacturing, mining, other sectors

The government will on Monday evening release the keenly-watched factory output data for the month of July. The factory output measured in terms of Index of Industrial Production (IIP) grew 12.3 per cent in June this year, remaining in double digit for second month in a row due to base effect. Read full story

14:57 (IST) 12 Sep 2022 Defense sector in focus

Defense sector is buzzing currently on the back of a strong order book, orders from GOI under the Ministry of Defense, technological advancements and requirements according to the geopolitical environment and export orders. This gives us a visibility of up to 4-5 years as the country needs to match the international standards. Furthermore, profitability led by higher indigenisation theme, better operating leverage and higher contribution from non government orders should augur well for the margins. Valuations too seem comfortable to us for the entire sector. Therefore we are bullish on the sector, particularly on BEL due to additional positives like a lean balance sheet, better working capital management and emphasis on some non profitable non defense sectors. Ashwin Patil, Senior Research Analyst at LKP Securities

14:50 (IST) 12 Sep 2022 Credit growth to be in range of 12-13% during FY23

In the short term, given the approaching festival season, the credit growth is likely to remain elevated. After a modest credit growth in recent years, the outlook for bank credit offtake is positive due to the economic expansion tracking nominal GDP growth, rise in government & private capital expenditure, rising commodity prices, implementation of the PLI scheme, the extension of ECLGS for MSME and retail credit push. The medium-term prospects look promising with diminished corporate stress and a substantial buffer for provisions. However, inflation remains a key risk. Even as RBI has managed domestic inflation to some extent, internationally inflation has remained high despite hawkish policies. Hence, CareEdge estimates the credit growth to be in the range of 12%-13% during FY23, however, rate hikes could adversely impact credit growth. CareEdge

14:28 (IST) 12 Sep 2022 Surging prices hit UK economic growth, raise recession risk

Britain’s economy grew by less than expected in July, raising the risk that it is already in a recession, with the sharp climb in energy tariffs hurting demand for electricity and a leap in the cost of materials hitting the construction sector. With inflation at a 40-year high of more 10%, gross domestic product expanded by 0.2% from June, official data showed on Monday, weaker than a median forecast of 0.4%. Read full story

13:25 (IST) 12 Sep 2022 India’s milk export to boost Modi’s Atma Nirbhar Bharat; PM says dairy sector employs 8 crore families

PM Narendra Modi said that India has become the largest producer of dairy products in the world due to collective efforts of small-scale dairy farmers. India’s dairy sector is recognised for production by masses rather than mass production. “Today 8 crore families are getting employment from the dairy sector,” the PM said while inaugurating International Dairy Federation World Dairy Summit (IDF WDS) 2022 on Monday, 12 September. Union Minister of Fisheries, Animal Husbandry and Dairy Purshottam Rupala said that the World Dairy Summit 2022 has been organised after over 48 years in India. “Our milk production is 220 million tonne today. We are in the position to export surplus milk, in line with the ‘Aatma Nirbhar Bharat’,” Rupala said. Read full story

13:05 (IST) 12 Sep 2022 Buy these two stocks for near-term gains, charts show strength; Nifty needs to hold above 17550, buy on dips

Back home, expect the rally to continue in the domestic market due to strong macro, continued FIIs buying interest and oil price falling to 7-month low. Sensex gained nearly 1000 points or 2%, biggest weekly gain since July. Better than expected quarterly earnings along with strong PMI data and above normal monsoon will be big positive in the local bourses. FIIs were strong net buyers over Rs6000cr this week while Sensex has shown over 60k intra-day high this week. It is expected that the Indian markets will continue its upward journey and any decline will be good buying opportunity. Read full story

12:30 (IST) 12 Sep 2022 Mahindra Lifespace Developers share price jumps over 2%; stocks hit fresh 52-week high on BSE

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

11:35 (IST) 12 Sep 2022 Reliance share price gains 1%, Mukesh Ambani’s RIL to acquire Shubhalakshmi Polyesters for Rs 1592 cr

Shares of Reliance Industries gained nearly 1 per cent in morning trade on Monday after the company announced the acquisition of polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore. On September 10, Reliance Industries said the acquisition is part of the strategy to expand its downstream polyester business. Read full story

11:28 (IST) 12 Sep 2022 CPI inflation may see marginal uptick to 6.75-6.9% on fall in crude oil prices, IIP may at come in at 5.7-5.9%

CPI inflation print eased to a five-month low to 6.71% in Jul’22 compared to 7.01% in Jun’22 due to easing of food inflation. Food and beverage inflation softened to 6.71% in July from 7.56% in June on account of sequential decline in prices of vegetables, edible oils and protein items. Edible oil inflation has moderated in recent months owing to government interventions and easing global prices. Core CPI also moderated to 10-month low to 5.8% in July. Falling international commodity prices have eased cost pressures for producers to some extent. Read full story

10:38 (IST) 12 Sep 2022 MCX gold price to trade sideways to weak this week, investors await US CPI inflation data; check support level

We expect gold prices to trade sideways to down this week with COMEX spot gold resistance at $1740 per ounce and support at $1676 per ounce. At MCX, Gold October prices have near term resistance at Rs. 51500 per 10 grams and support at Rs. 49800 per 10 gram. COMEX Spot silver has near term resistance at $19.40 per ounce with support at $17.90 per ounce. MCX Silver December has important resistance at Rs. 57000 per kg and support at Rs. 52500 per kg. Read full story

10:18 (IST) 12 Sep 2022 Petrol, Diesel Price Today, 12 Sep 2022: Fuel cost steady, check rates in Delhi, Mumbai, Noida, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 12 September 2022 (Monday), 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

10:06 (IST) 12 Sep 2022 Nifty may trade positive, use Iron Butterfly for 15 Sep F&O expiry; Bank Nifty may hit 42000; Buy SBI, M&M

The chart pattern suggests that if NSE Nifty 50 crosses and sustains above 18000 level it would witness buying which would lead the index towards 18100-18400 levels. However, if the index breaks below 17600 level it would witness selling which would take the index towards 17500-17300. For the week, we expect Nifty to trade in the range of 18400-17400 with a positive bias. The daily and weekly strength indicator RSI is above its respective reference lines indicating positive bias. Read full story

09:28 (IST) 12 Sep 2022 Nifty looks set to hit 18160-18600 in near term, Bank Nifty shows upmove; watch out for these levels

Bank Nifty has begun to show much more upward mobility than Nifty. Its present up move, which is the third such attempt since markets came off the 2021 peaks, has returned 26% in the span of 84 days, putting the last two attempts to shade. Further, the present move is replete with bullish continuation patterns, adding credence to the expectation that this run could get extended much beyond the record peak. Nifty Midcap100 index has broken out of the flag pattern on weekly time frame alongside a psar breakout in the monthly charts painting a positive outlook for the index in the medium term. Read full story

09:22 (IST) 12 Sep 2022 Nifty Bank remains above 40,500

Nifty Bank index was up 0.3 per cent, to trade above 40,540

09:21 (IST) 12 Sep 2022 HDFC shares top BSE Sensex laggard

HDFC (Housing Development Finance Corporation) was the only S&P BSE Sensex loser

09:20 (IST) 12 Sep 2022 Reliance, Infosys, Titan top BSE Sensex gainers

Tech Mahindra, Infosys, Tata Steel, HCL Tech, M&M, Wipro, TCS, Titan Company, ICICI Bank, Dr Reddy’s, Reliance, were among top index gainers

09:19 (IST) 12 Sep 2022 Sensex, Nifty jump 0.5%

BSE Sensex was up 272 points or 0.5 per cent to trade above 60,000, while Nifty 50 index soared above 17900

09:07 (IST) 12 Sep 2022 The beaten down IT segment may participate in pull back rally

The most important bullish factor that has caused and is sustaining India’s market outperformance is the strong growth recovery underway in India now. RBI’s report which puts bank credit growth now running at 15.5% is an endorsement of this fact. Bank Nifty which has outperformed Nifty by 11% is a reflection of this strong undercurrent in the banking segment. Even though valuations are high it appears that this rally has more steam to go up. While financials will continue to be resilient some sector rotation can be expected at this juncture. The beaten down IT segment may participate in a pull back rally. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:07 (IST) 12 Sep 2022 Nifty looks set to touch 18160-18600 in near term

Last Friday’s rejection trades on approach to 17900 revives collapse fears, having fallen about 4.5%, the last time Nifty rose above 17900, on 19 August. But the main difference this time is that last Friday’s dip was accompanied by decline in VIX, as opposed to a rise in VIX on 19th August. This encourages us to look for 18160-18600 in the near term. Alternatively, inability to float above 17750, will negate our bullish bias, and revisit chances of 17000-16650, should 17450 give away as well. Anand James – Chief Market Strategist at Geojit Financial Services

09:06 (IST) 12 Sep 2022 FPIs infuse Rs 5,600 crore in Indian equities in September so far

Foreign investors have pumped in close to Rs 5,600 crore into the domestic equity markets in this month so far on expected growth in consumer spending in festive season and better macro fundamentals compared to other emerging markets. This comes following a net investment of staggering Rs 51,200 crore in August and nearly Rs 5,000 crore in July, data with depositories showed. Read full story

09:01 (IST) 12 Sep 2022 Reliance Industries Rating: Buy – Building the next engine of growth: Motilal Oswal

The report showed RIL’s FY22 belonged to the O2C (order to cash) segment performance that outpaced other segments, even as RJio retained its market share. Retail business saw a steady recovery. The high crude prices led to 56% y-o-y Ebitda growth in O2C business while Retail grew 28% y-o-y; RJio growth, however, decelerated to 22% y-o-y. Post-equity raise during the last couple of years, FY22 saw a strong capex with heavy investments, especially in RJio, which included a large-scale spectrum investment. Read full story

09:00 (IST) 12 Sep 2022 Nifty near 18K: Market pundits call for caution

Market pundits are calling for caution amid a surge in Indian equities since mid-June and the benchmark 50-share Nifty nearing a decisive resistance level of 18,000. The index has corrected on four occasions after breaching the mark in the past year, with three corrections in excess of 10%. A gap of more than 2 percentage points between the yield of 10-year government securities and that of Nifty50 earnings has also coincided with the peaking of Nifty, according to foreign brokerage Jefferies. The current gap stands at 2.01 ppt. Read full story

08:59 (IST) 12 Sep 2022 CPI inflation likely to reverse 3-month downtrend in Aug on high food prices; WPI seen in double-digits

The inflation prints for August 2022 that are due to be released early next week assume significance as they would be the final official inflation-related data points available before the Monetary Policy Committee’s (MPC) meeting in end-September 2022. We expect the CPI and the WPI inflation to display a contrasting trend. ICRA expects the CPI inflation to have witnessed a mild base-effect led uptick in August 2022, halting the downtrend seen in the last three months. The WPI inflation, on the other hand, is expected to have continued to ease for the third consecutive month, while remaining firmly in double digits. Read full story