Share Market HIGHLIGHTS: Sensex ends 300 pts up, Nifty at 17622 in volatile trade; HDFC, Bajaj Fin top gainers

Posted on by

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic stock market indices BSE Sensex and NSE Nifty 50 ended half a per cent up on Monday, despite weakness in global market. BSE Sensex ended 300 points or 0.5 per cen up at 59,141, while NSE Nifty 50 index at 17,622, up 91 points or 0.5 per cent. Stocks of M&M, Bajaj Finance, State Bank of India (SBI), Hindustan Unilever (HUL), Nestle India, Bajaj Finserv, and Reliance Industries among others were top BSE Sensex gainers. On the flip side, Tata Steel, ICICI Bank, Power Grid Corporation of India, NTPC, Asian Paints were top index losers. India VIX, the volatility index, rose 0.6 per cent to settle at 19.94 levels

Live Updates

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

15:37 (IST) 19 Sep 2022 Market closing: Sensex, Nifty end 0.5% up

BSE Sensex ended 300 points or 0.5 per cent up at 59,141, while NSE Nifty 50 index at 17,622, up 91 points or 0.5 per cent

14:49 (IST) 19 Sep 2022 Harsha Engineers IPO share allotment: Check grey market premium, status via BSE, registrar; listing on 26 Sep

Harsha Engineers International’s Rs 755-crore IPO, which got subscribed 71.32 times on the final day of bidding, is likely to finalise the basis of allotment on Wednesday, 22 September. The portion reserved for qualified institutional buyers was subscribed 178.26 times and that for non-institutional investors was subscribed 71.32 times. The retail investors portion was subscribed 17.63 times. The IPO shares were sold at a price band of Rs 314-330 per share. The equity shares are expected to list on BSE and NSE on 26 September 2022. Read full story

14:09 (IST) 19 Sep 2022 Nifty, Sensex hold firmly in green

Sensex is up 411.31 points or 0.70 percent at 59,252. Nifty is up 132.70 points or 0.76 percent at 17,663. Among sectors, capital goods, realty, metals and power are under pressure while autos are leading the rally. Mahindra & Mahindra, Eicher Motors, Hero Motocorp are among the top gainers in autos.

14:09 (IST) 19 Sep 2022 Adani Green commissions 324.4 MW wind power plant in Madhya Pradesh

Adani Wind Energy MP One Private Ltd (AWEMP1PL) (earlier known as SBESS Services ProjectCo Two Private Limited), a subsidiary of Adani Green Energy Limited (AGEL) has commissioned a 324.4 MW Wind Power Plant in Dhar, Madhya Pradesh.  The plant has two 25-year Power Purchase Agreements (PPAs) with SECI of 274.4 MW and 50 MW, at Rs. 2.83/kwh Adani Green Energy stock was quoting at Rs 2,350.85, up Rs 35.55, or 1.54 per cent on the BSE.

13:24 (IST) 19 Sep 2022 Avoid buying this dip as market is losing strength

Avoid buying this dip as market is losing strength and smart money has encashed Bank Nifty new high and this correction can go little deeper. Stay light except few stock specific longs. Co-Head Business Affiliate Grp & MD, JM Financial Services

12:28 (IST) 19 Sep 2022 Indices off day’s high

Benchmark indices erased some of the intraday gains but still trading higher with around 17600. The Sensex was up 269.92 points or 0.46% at 59110.71, and the Nifty was up 86.20 points or 0.49% at 17617.

11:57 (IST) 19 Sep 2022 Nifty likely to head towards 18300 in October, Bank Nifty looks to hit 41800; buy SBI, Bharti Airtel for gains

Going ahead, we reiterate our structural positive stance and expect the Nifty to gradually head towards the January 2022 high of 18300 by October while strong support of 17300 is expected to be held. The index is undergoing healthy consolidation which will help to cool off the overbought conditions (daily and weekly stochastic oscillators cooled off to 36 and 56, respectively) ahead of U.S. Fed event this week. Read full story

11:31 (IST) 19 Sep 2022 Nifty to see profit booking, use Long Strangle for 22 Sep F&O expiry; Bank Nifty looks mixed this week

For the week, we expect Nifty to trade in the range of 16900-18100 with mixed bias. The weekly strength indicator RSI is above its respective reference lines indicating positive bias in the medium term. Whereas daily RSI given a cross over below its respective reference lines indicating that some profit booking is expected in the short term. Read full story

11:10 (IST) 19 Sep 2022 Nifty may fall below 17500 if weakness persists, US Fed may hike rate by 100 bps; watch out for these levels

At the beginning of last week, we had less fear of a long liquidation as the long build up was significantly lower than what was prevailing in early April and mid August, the last two occasions when Nifty sniffed at 18k vicinity and turned lower. FIIs’ long exposure in the index future segment was boosted to 28% on Friday, despite the fall, marking an increase from 22% seen at the start of the week. It was the retail segment that was long heavy, having accumulated 72.9% of the longs in the index future segment, last week, and they have since reduced their exposure marginally to 68.9%. Read full story

11:05 (IST) 19 Sep 2022 Defence sector outlook positive; BEL, BDL, HAL top picks

“The defence sector is poised to perform well on the back of strong ordering activity, the government’s thrust on indigenous manufacturing, and export potential. Additionally, strong balance sheets and reasonable valuations are cheery on the cake. We are positive about the sector and our top picks are BEL, HAL, and BDL.”

~Punit Patni, Equity Research Analyst, Swastika Investmart

10:43 (IST) 19 Sep 2022 Gold Price Today, 19 Sep’22: Gold falls despite positive global cues; US FOMC eyed, check support, resistance

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. Read full story

10:20 (IST) 19 Sep 2022 India seems isolated from high inflation-slow growth challenges

The continuation of hostilities between Russia and Ukraine has led to an entrenched episode of higher inflation across the globe. However, commodity prices have come off sharply from their peaks with renewed concerns on global growth, led by strong monetary tightening that is likely to continue at least until Dec’22. At this juncture, India seems isolated from the high inflation-slow growth challenges. Motilal Oswal Financial Services

09:55 (IST) 19 Sep 2022 Petrol, Diesel Price Today, 19 Sep 2022: Fuel cost unchanged; check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 19 September 2022 (Monday), 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

09:47 (IST) 19 Sep 2022 HDFC Life Insurance gets NCLT approval to merge Exide Life Insurance with itself

HDFC Life Insurance Company has received approval from National Company Law Tribunal for merger of Exide Life Insurance Company with itself.

09:46 (IST) 19 Sep 2022 Nifty may slip below 17400, resistance at 17777; buy these two stocks to pocket short-term gains

As macroeconomic and policy uncertainty remains elevated, further market volatility is expected. US data pointed to robust numbers like retail sales and a strong labor market which is raising expectations of more aggressive action by the Fed as it tries to cool inflation. US 2-Year bond spiked to 15-year high at 3.87% while 10-year bond is hovering at 3.44%, implying a short-term pain to continue in the global markets. Moreover, US Dollar Index surged to multi years high, resulting in sharp decline across the commodity prices (Gold fell to 2-year low, aluminum, copper, oil to 2-7 month low).  Apart from the US rate decision, Bank of England policy decision on 22nd (Thursday) and domestic Logistic policy will be announced today.

Read full story

09:32 (IST) 19 Sep 2022 UltraTech Cement, Asian Paints, Titan top Sensex laggards

UltraTech Cement, Asian Paints, Titan Company, Tata Steel, HCL Tech, Maruti Suzuki were index laggards

09:29 (IST) 19 Sep 2022 Bajaj Finserv, SBI were top Sensex gainers

Bajaj Finserv, M&M, Infosys, State Bank of India, Axis Bank, IndusInd Bank, and Power Grid Corporation of India were among top index gainers

09:25 (IST) 19 Sep 2022 Sensex, Nifty trade weak

BSE Sensex was trading 148 points or 0.3 per cent down at 58636, NSE Nifty was down 50 points or 0.3 per cent at 17540

09:12 (IST) 19 Sep 2022 Bank Nifty will continue to be the pillar of support for Nifty

The near term texture of the market has turned weak and the buy on dips strategy is unlikely to work in the present risk-off global environment. FIIs turning sellers is a short-term negative. The market is likely to take a decisive trend only after the Fed policy announcement on 21st September. The market expects the Fed to raise rates by 75bp and reiterate its hawkish stance. But since the market is going into the event with light positions and no positive expectations any positive data or comment may act as a trigger for a relief rally after the Fed announcement. Bank Nifty will continue to be the pillar of support for Nifty and near-term sentiments are negative for IT despite reasonable valuations. The situation is very fluid and therefore it would be better for investors to wait and watch till the Fed meeting is over. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

08:59 (IST) 19 Sep 2022 Nifty support at 17400; resistance at 17700

“Benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty. US stock markets ended on the lower side on Friday as investors are reacting to the warning of impending global slowdown from FedEx. Dow Jones was down by 139 pts, whereas NASDAQ was down by 0.9% to 11448 levels. Asian markets are trading on a mixed note as investors are waiting for the outcome from various central banks which are meeting this week. The Australian market is trading 0.11% higher whereas South Korea is down by 0.4%. Goldman Sachs cut its US economic growth estimates for 2023 after recently boosting its predictions for Federal Reserve interest rate hikes. Oil prices are trading higher due to the weaker dollar and supply concerns. On the technical front, 17400 and 17700 are immediate support and resistance in Nifty 50. For Bank Nifty 40300 and 41000 are immediate support and resistance respectively.”

~Mohit Nigam, Head – PMS, Hem Securities

08:37 (IST) 19 Sep 2022 Nifty, Bank Nifty levels to watch for

“The support for Nifty has shifted around 17300 levels while on the upside 17850 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40000 levels while resistance at 41400 levels. Overall, the Nifty is looking weak on charts closing below 17500 can open the gate for 17300-17200. Sell on rising is advisable till Nifty didn’t give closing above 18000 mark.”

~Palak Kothari, Senior Technical Analyst, Choice Broking

08:36 (IST) 19 Sep 2022 Market to remain volatile in the near term

“Investors are widely expecting an aggressive rate hike this week, with 1/3 of market respondents expecting the FED to do 100 bps, whereas a 75bps hike is mostly discounted. To combat pressure on the rupee, the RBI most likely will have to do at least 50 bps rate hikes soon. The Indian Ten Year yield spiked 15 bps to 7.25% in the last three session, in expectation of the same. The adverse rub-off impact of this was felt in the Indian equity market also, over the last three sessions including extended losses on Friday. Further to that, the World Bank gave a gloomy picture of world economies heading toward deep recession, as central banks across the world simultaneously hike interest rates to combat persistent inflation. Fitch especially cut India’s economic growth forecast for 2022/23 to 7% from 7.8%. All this fuelled the jitteriness and led to a surge in the Indian market fear index (VIX) above 20, for the first-time post-June 2022. We expect the market to remain volatile in the coming weeks before the market gets more cues from the ensuing quarterly season, which begins early next month.”

~Aishvarya Dadheech, Fund Manager, Ambit Asset Management

08:33 (IST) 19 Sep 2022 Bitcoin slips below $20,000 again

Bitcoin on Sunday dropped 1.54% to $19,804, slipping from the 20,000 mark after losing $310 from its previous close. The cryptocurrency is down 58.9% from the year’s high of $48,234 on March 28. Ethe , the coin linked to the ethereum blockchain network, dropped 3.2 % to $1,422.1, losing $47 from its previous close.

08:33 (IST) 19 Sep 2022 Vedanta-Foxconn semiconductor plant site in Gujarat likely to be finalised in 2 weeks

Vedanta and Foxconn have hired experts who are evaluating possible locations for their upcoming semiconductor plant in Gujarat and a site may be finalised in the next couple of weeks, Gujarat Science and Technology Department Secretary Vijay Nehra said. So far, the joint venture company has not finalised the location as they are evaluating various sites in Gujarat based on technical aspects, commercial viability and connectivity to set up the semiconductor and a display fabrication unit in the state.

08:32 (IST) 19 Sep 2022 India’s forex reserves down $2.23 billion

India’s foreign exchange reserves declined by $2.234 billion to stand at $550.871 billion for the week ended September 9, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the reserves had dropped by $7.941 billion to $553.105 billion. The fall in the reserves during the reporting week was on account of a dip in the foreign currency assets (FCAs), a major component of the overall reserves, according to the Weekly Statistical Supplement released by the RBI.

08:21 (IST) 19 Sep 2022 Oil prices climb on weak dollar, supply concerns

Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand. Brent crude futures rose $1.15, or 1.3%, to $92.50 a barrel by 0049 GMT after settling up 0.5 per cent on Friday. US West Texas Intermediate crude was at $86.16 a barrel, up $1.05, or 1.2 per cent.

08:01 (IST) 19 Sep 2022 Will bulls stage a comeback or bears drag Nifty to 17150? 5 things to know before share market opening bell

Indian stock market is likely to open in green on Monday as trends in the SGX Nifty hinted at a positive start for Indian benchmark indices, with a gain of 43 points. In the previous session, the BSE Sensex fell nearly 1,100 pts to 58,841, while the NSE Nifty 50 plunged around 350 pts to 17,531. “Indian markets were the worst performers in the Asian pack on Friday, as higher inflation and likely aggressive rate hikes by the US Fed sent stocks tumbling across the board. We are likely to see strong bouts of volatility in the coming sessions as global slowdown looms large. Technically, the double top formation on daily and intraday charts and bearish candle on weekly charts is indicating further weakness from current levels,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities.

Read full story

07:51 (IST) 19 Sep 2022 Asian markets cautious

Shares in the Asia-Pacific were mixed ahead of major central bank meetings this week. The S&P/ASX 200 in Australia was 0.11 per cent higher, while South Korea’s Kospi opened higher before falling 0.45 per cent. Japan’s market was closed for a holiday.

07:51 (IST) 19 Sep 2022 Wall Street indices end in red

US stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx hastened investors’ flight to safety at the conclusion of a tumultuous week. The Dow Jones Industrial Average fell 139.4 points, or 0.45 per cent, to 30,822.42, the S&P 500 lost 28.02 points, or 0.72 per cent, to 3,873.33 and the Nasdaq Composite dropped 103.95 points, or 0.9 per cent, to 11,448.40.

07:50 (IST) 19 Sep 2022 SGX Nifty hints at a positive start for Indian equities

Nifty futures were trading 19 points, or 0.11% higher at 17,582 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.

Veteran billionaire US investor says no gains to be made in share markets in next 10 years

Posted on by

Legendary billionaire investor Stanley Druckenmiller said that the stock market is likely to be flat for the next ten years. “There’s a high probability in my mind that the market, at best, is going to be kind of flat for 10 years, sort of like this ’66 to ’82 time period,” Druckenmiller said in an interview with Alex Karp, CEO of Palantir, a software and AI firm on September 13. Rising inflation, interest rate hikes, the ongoing Ukraine-Russia war, and reversing globalization, he says, are highly likely to cause a global recession in the coming decade.

Harder than ever for Stanley Druckenmiller to predict what will happen in next 1 year

Also read: Global Markets: European stocks set for weekly loss as global economic outlook worsens

“I like darkness”: Stanley Druckenmiller

However, there may be an upside to the static environment created by a flat stock market. “The nice thing is, there were companies that did very, very well in that environment back then,” he said, referring to the flat stock market period between 1966 and 1982. “That’s when Apple Computer was founded, Home Depot was founded,” he added. Druckenmiller also warned investors of his dreary outlook, mentioning his bearish bias, and said that this is the toughest time in economic history to forecast. “I’ve had a bearish bias for 45 years and it had to work around, I like darkness,” he said.

Central banks are “reformed smokers”

Globalization, Druckenmiller says, leads to increased worker productivity and disinflation. However, rising tensions between the United States and China, and the Ukraine war has aided the reversal of globalization. Further, central banks that adopted relatively loose monetary policies following the 2008 Global Financial Crisis have started tightening them. This is evident from the hikes in interest rates by central banks globally. “The response after the global financial crisis to disinflation was zero rates, and a lot of money printing, quantitative easing. That created an asset bubble in everything,” he added.

Now, central banks are turning away from these policies. “Now, they’re like reformed smokers,” Druckenmiller said about central banks. “They’ve gone from printing a bunch of money, like driving a Porsche at 200 miles an hour, by not only taking the foot off the gas but just slamming the brakes on,” he added.

Also read: Adani Group completes acquisition of Holcim stakes in Ambuja Cement, ACC for $6.4 bln

Druckenmiller, who is worth $10.1 Billion, ran his hedge fund, Duquesne Capital from 1981 until 2010 when he converted it into a family office. The fund posted average annual returns of about 30%. He also managed money for George Soros, lead portfolio manager at Quantum Fund, from 1988 to 2000. He is known for shorting against the British Pound in 1992, making over a billion dollars in profits.

Gas price review panel seeks more time

Posted on by

The government-appointed panel for reviewing the pricing of natural gas has sought more time to submit its report as it does a tightrope walk of striking a balance between the expectations of producers and consumers, sources said.

The panel headed by former planning commission member Kirit S Parikh was tasked to suggest a “fair price to the end-consumer” by the end of September.

Also read: Petrol, Diesel Price Today, 27 Sep 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

A decision on the exact duration of the extension will be taken next week after oil secretary Pankaj Jain returns from his overseas trip, they said.

Natural gas is a fossil energy source that formed deep beneath the earth’s surface. It is used to generate electricity, produce fertiliser, convert into CNG to run automobiles and piped to household kitchens for cooking and heating. It is also used in making glass, steel, cement, bricks, ceramics, tile, paper, food products, and many other commodities as heat sources.

Its prices remained docile till last year but have shot up in recent months, raising the cost of production of user industries in general and city gas operators that sell CNG to automobiles and piped cooking gas to households, in particular.

To keep rates under check so that they do not add fire to already high inflation, the government formed the committee to review the way prices of gas produced in India are fixed.

The panel includes representatives of the gas producers association as also state-owned producers ONGC and OIL, a member from private city gas operators, state gas utility GAIL, a representative of Indian Oil Corporation (IOC) and a member from the fertiliser ministry.

Sources said the committee has so far held two meetings but is no way near formalising its recommendation.

The fault lines were clearly visible in the very first meeting. While the producers insisted on complete market freedom as had been guaranteed in the contracts they signed for finding and producing the fuel, consumers wanted a “fair price”, sources said.

Also read: Three new basmati rice varieties show high yield

Producers argue that artificially controlling prices would dry up investments in exploration, consumers particularly the city gas sector felt that the environment-friendly fuel would lose out to other hydrocarbon fuels if the prices were not reasonable, they said.

At the second meeting, there was an agreement that an attempt has to be made to see that investments in exploration are not dissuaded. At the same time, the momentum that the city gas sector has got should not be disturbed.

The panel is now collecting data points from both sides to arrive at an informed decision, they said, adding that the committee will have to meet more often if only a 15-day extension is given.

The Modi government had in 2014 used prices in gas surplus countries to arrive at a formula for locally produced gas. Rates, according to this, are set every six months — on April 1 and October 1 — each year based on rates prevalent in gas surplus nations such as the US, Canada and Russia in one year with a lag of one quarter.

The rates according to this formula were subdued and at times lower than the cost of production till March 2022, but rose sharply thereafter, reflecting the surge in global rates in the aftermath of Russia’s invasion of Ukraine.

The price of gas from old fields, which are predominantly of state-owned producers like ONGC and Oil India Ltd, was more than doubled to USD 6.1 per mmBtu from April 1, and is expected to cross USD 9 per mmBtu at the next review due on October 1.

Similarly, the rates paid for gas from difficult fields such as deep sea KG-D6 of Reliance Industries went up to USD 9.92 per mmBtu from April 1 against USD 6.13 per mmBtu. They are expected to rise to USD 12 per mmBtu next month.

The panel has been asked to recommend a fair price to end-consumers and also suggest a “market-oriented, transparent and reliable pricing regime for India’s long-term vision for ensuring a gas-based economy,” according to an order of the oil ministry.

The government wants to more than double the share of natural gas in the primary energy basket to 15 per cent by 2030 from the current 6.7 per cent.

The sources said the increase in gas price is likely to result in a rise in CNG and piped cooking gas rates in cities such as Delhi and Mumbai.

It will also lead to a rise in the cost of generating electricity but consumers may not feel any major pinch as the share of power produced from gas is very low.

Similarly, the cost of producing fertiliser will also go up but as the government subsidises the crop nutrient, an increase in rates is unlikely.

Technical stocks to buy: Infosys, HDFC, others look strong on charts; Nifty eyes 15,065 target

Posted on by

By Shrikant Chouhan

The market has formed a continuation formation followed by the formation of the Harami pattern which it has formed on Monday. It is bullish for the market. Also, the Nifty/Sensex closed between the bearish gap, which it had left between 15065-14919 / 50250-50991 last Friday. The market breadth was also encouraging as along with IT and FMCG we saw bullish activity in financials. Based on the daily chart the Nifty/Sensex is heading for the minimum target of 15065/50750. On the other side, 14830/50100 and 14750/49800 would be major supports. The focus should be on Technology and FMCG stocks.

Colgate-Palmolive India Ltd

BUY, CMP: Rs 1,602.15, TARGET: Rs 1,680, SL: Rs 1,570

Colgate-Palmolive India Ltd stock has given a breakout of a downward sloping trend line and closed comfortably above its 50 day SMA with a strong bullish candlestick pattern indicating a further up move in the near term.

Infosys

BUY, CMP: Rs 1,304.5, TARGET: Rs 1,370, SL: Rs 1,275

After the double bottom chart pattern, Infosys Ltd stock reversed with an inverted hammer candlestick formation and currently it has given a trend line breakout with incremental volume activity on the daily chart.

Housing Development Finance Corporation (HDFC Ltd)

BUY, CMP: Rs 2,564, TARGET: Rs 2,690, SL: Rs 2,510

Post short term correction, currently Housing Development Finance Corporation Ltd (HDFC) stock is trading near its important retracement level and the texture of the chart suggests a fresh uptrend.

Tata Steel Ltd

BUY, CMP: Rs 735.5, TARGET: Rs 770, SL: Rs 720

Tata Steel Ltd stock has formed bullish continuation formation along with modest volume activity indicating further uptrend from current levels.

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

US Stocks: Wall Street futures climb 1% as Treasury yields retreat

Posted on by

Wall Street futures rose more than 1% on Tuesday as a pullback in U.S. Treasury yields boosted the demand for stocks, with investors waiting for more economic data to gauge the monetary tightening path.

Data on job openings and factory orders will be in focus after the market opens, a day after weaker-than-expected manufacturing activity showed rising rates taming demand for goods.

Yields on government bonds fell on expectations that the Federal Reserve might slowdown, but Bank of New York President John Williams said while there are nascent signs of cooling inflation, price pressures remain too high, implying the U.S. central bank must press forward.

Investors will continue to keep a close watch on commentaries from Fed speakers including New York President John Williams, Cleveland President Loretta Mester and Governor Philip Jefferson.

“With earnings starting next week, it’s going to be quite interesting to see how much the inflation is really impacting profits,” said Melissa Brown, global head of applied research at Deutsche Boerse-owned Qontigo.

“If profits don’t come out maybe as high as expected and you combine that with continuing higher interest rates and therefore, lower justifiable valuations, that’s not a good mix to have for a market recovery.”

The rebound in stocks on the first trading day of the final quarter follows the S&P 500’s lowest close in nearly two years on Friday that capped its worst monthly performance since March 2020.

Also read: Petrol, Diesel Price Today, 4 October 2022: Fuel prices unchanged; check rates in Delhi, Mumbai, other cities

At 06:26 a.m. ET, Dow e-minis were up 445 points, or 1.51%, S&P 500 e-minis were up 65.75 points, or 1.78%, and Nasdaq 100 e-minis were up 248.25 points, or 2.2%.

Yield on the 10-year U.S. Treasury slipped to near two-week lows, lifting rate-sensitive growth stocks.

Megacap stocks such as Apple Inc, Microsoft Corp , Alphabet Inc and Nvidia Corp rose between 2.0% and 3.1%.

Rivian Automotive Inc jumped 8.8% after the electric-vehicle maker said it produced 7,363 units in the third quarter, 67% higher than the preceding quarter, and maintained its full-year target of 25,000.

Tesla Inc bounced back 3.6% from its steepest selloff in four months in the previous session that was triggered by disappointing quarterly vehicle deliveries.

Global Markets: Stocks, bonds rally as investors spy possible central bank ‘pivot’; pound

Posted on by

Global stocks and bond prices rallied on Tuesday, buoyed by a growing belief among investors that central banks may be on the verge of shifting down a gear in their quest to fight inflation, while UK assets benefitted from a government U-turn on tax cuts.

A number of factors have helped douse some of the expectations for policymakers to deliver hefty rate hike after rate hike to quell inflation.

With borrowing costs having surged in the last couple of weeks in particular, a number of companies, including Swiss lender Credit Suisse, have found themselves in the line of fire.

Also read: Election Commission moves to check ’empty poll promises’, writes to political parties

“The sight of a bond rally when investors smell a whiff of a central bank pivot is something to behold,” ING strategists led by Padraig Garvey said.

“The root cause of the recent re-pricing lower in rates can be traced back to two factors: the global economic slowdown and resurgent fears for financial stability.”

The MSCI All-World index was last up 0.9% on the day, while stocks in Europe headed for their biggest one-day rally in over three months, as the Stoxx 600 traded 2.6% higher and London’s FTSE gained 1.8%.

The pound, meanwhile, rose 0.1% against the dollar to trade at $1.1363, having pared some of the day’s gains. Sterling has risen by more than 10% since the mini-budget unveiled by Finance Minister Kwasi Kwarteng last week triggered alarm across the financial markets.

Global bond yields headed lower, with those on the benchmark U.S. 10-year Treasury note falling 6 basis points to 3.587%. The yield fell by nearly 20 basis points on Monday, having topped 4.0% just last week.

“Noticeably, that move lower was entirely driven by a fall in real yields, with inflation breakevens moving higher on the day, which is again a sign that investors are pricing in a much less aggressive reaction from the Fed,” Deutsche Bank strategist Jim Reid said in a daily note.

DOLLAR RELAXES ITS GRIP

With Treasury yields falling, the dollar was on course for a fifth consecutive daily loss against a basket of currencies – its longest streak of declines since August 2021 – as investors began to price in the possibility that tighter credit conditions will make the Federal Reserve tread more carefully.

However, some analysts said this optimism may be misplaced.

Also read: US stocks: Wall Street closes with sharp gains as final quarter begins

“My firm view, however, is that this will not be the case. While, technically, having a dual mandate, the Fed have effectively become a single-issue central bank; that issue being bringing inflation back to the 2% target,” Michael Brown, chief strategist at CaxtonFX, said.

“Unless we see a few months of consecutive improvement in inflation data, it’s tough to envisage any sort of pivot, with another 75 bps hike remaining my base case for next month’s decision. It’s tough to be long risk with that on the radar.”

Markets show investors believe inflation is likely to drop more quickly. On a five-year horizon, investors see inflation at just 2.24%, down from nearer 3% six weeks ago.

In Europe, benchmark natural gas prices, which have served as a proxy for inflation, fell to their lowest in two months, which could take some pressure off the European Central Bank.

In the UK, Kwarteng on Monday announced the government would back down on a tax cut for top earners that formed part of a package aimed at boosting growth.

This measure only makes up a small part of the 45 billion pounds ($51 billion) in unfunded tax cuts, but it was enough to soothe some of the recent angst in the market and, together with emergency bond buying from the Bank of England, sterling was set to make up most of the losses incurred since the mini budget was unveiled on Sept. 23.

But the respite seen across the markets on Monday and Tuesday would likely not last, given the bleak outlook for the British economy, analysts said.

“The about-face … will not have a huge impact on the overall UK fiscal situation in our view,” said NatWest Markets’ head of economics and markets strategy John Briggs.

“(But) investors took it as a signal that the UK government could and is at least partially willing to walk back from its intentions that so disrupted markets over the past week.”

S&P 500 futures rose 1.8%, following a 2.6% bounce for the index overnight, suggesting a second day of gains may be in the offing on Wall Street later.

Oil rallied for a second day, boosted by the prospect of output cuts from the world’s biggest exporters, leaving Brent futures up 1.1% at $89.84 a barrel.

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

Posted on by

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

Dindori Constituency Madhya Pradesh Assembly Election 2023: Voting Date

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

Dindori Madhya Pradesh Election 2023: Candidates

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

Dindori Constituency MP Election Result: What happened in 2018

Omkar Singh Markam from Dindori of Madhya Pradesh, won the seat with 85039 votes. He defeated Bharatiya Janata Party’ Jay Singh Maravi who had polled 52989 votes. The winning margin was 32050 votes.

2018 Dindori Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesOmkar Singh MarkamIndian National Congress85039

Candidate List Party Name Votes Gained (Vote %) Omkar Singh Markam Indian National Congress 85039 (45.8%) Jay Singh Maravi Bharatiya Janata Party 52989 (28.54%) Ganga Singh Patta Gondvana Gantantra Party 28274 (15.23%) Bhudeshwar Banwasi Bhartiya Shakti Chetna Party 7341 (3.95%) None Of The Above None Of The Above 4940 (2.66%) Sunaram Nawasiya Shiv Sena 2376 (1.28%) Pankaj Kumar Patta Aam Aadmi Party 1930 (1.04%) Sitar Markam Bahujan Samaj Party 1528 (0.82%) Kehar Singh Varme Sapaks Party 1249 (0.67%)

Dindori Constituency MP Election Result: What happened in 2013

In the Madhya Pradesh Assembly election of 2013, Omkar Singh Markam won from the Dindori seat garnering 76866 votes and defeated Bharatiya Janata Party candidate Jay Singh Maravi who bagged 70478 votes. The candidate who came third was Gondvana Gantantra Party’ Harendra Singh Marko.

Omkar Singh Markam got 76866 votes while Jay Singh Maravi got 70478 votes.

2013 Dindori Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesOmkar Singh MarkamIndian National Congress76866

Candidate List Party Name Votes Gained (Vote %) Omkar Singh Markam Indian National Congress 76866 (43.84%) Jay Singh Maravi Bharatiya Janata Party 70478 (40.2%) Harendra Singh Marko Gondvana Gantantra Party 12128 (6.92%) None Of The Above None Of The Above 4935 (2.81%) Sunaram Nawasiya Independent 3137 (1.79%) Vijay Singh Dhurve Bahujan Samaj Party 2444 (1.39%) Ranjeeta Dhurve Bhartiya Shakti Chetna Party 1502 (0.86%) Rajbali Singh Markam Independent 1101 (0.63%) Dhannu Singh Patta Samajwadi Party 1095 (0.62%) Tara Armo Independent 867 (0.49%) Ramratan National People’s Party 764 (0.44%)

Dindori Constituency MP Election Result: What happened in 2008

Omkar Singh Markam of the INC was the winning candidate from the Dindori constituency in the MP Assembly elections 2008, securing 68885 votes while 36045 votes were polled in favour of Omprakash Dhurve of the BJP. The margin of victory was 32840 votes.

2008 Dindori Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesOmkar Singh MarkamINC68885

Candidate List Party Name Votes Gained (Vote %) Omkar Singh Markam INC 68885 (49.41%) Omprakash Dhurve BJP 36045 (25.85%) Ganga Singh Patta IND 15019 (10.77%) Lal Bahadur BJSH 9721 (6.97%) Bhuwan Singh SP 4456 (3.2%) Charan Singh GGP 3418 (2.45%) Wakta Singh BSP 1072 (0.77%) Sewak Ram JD(U) 805 (0.58%)

Gas prices hiked 40 pc; CNG, PNG to cost more

Posted on by

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

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

Also read: Gas price review panel seeks more time

These are the highest rates for administered/regulated fields (like ONGC’s Bassein field off the Mumbai coast) and free-market areas (such as the KG basin).

Also, this will be the third increase in rates since April 2019 and comes on the back of firming benchmark international prices.

Gas is an input for making fertiliser as well as generating electricity. It is also converted into CNG and piped to household kitchens for cooking purposes. A steep increase in prices is likely to reflect in higher rates for CNG and piped natural gas (PNG), which has in the last one year risen by over 70 per cent.

Also read: Infosys may announce share buyback in Q2 earnings

The government sets the price of gas every six months — on April 1 and October 1 — each year based on rates prevalent in gas surplus nations such as the US, Canada and Russia in one year with a lag of one quarter.

So, the price for October 1 to March 31 is based on the average price from July 2021 to June 2022. This is the period when global rates shot through the roof.

As higher gas prices can potentially further fuel inflation, which has been stubbornly above the RBI’s comfort zone for the past eight months, the government has set up a committee to review the pricing formula.

The committee, under former planning commission member Kirit S Parikh, has been asked to suggest a “fair price to the end-consumer” by September-end but the report is delayed.

The government had in 2014 used prices in gas surplus countries to arrive at a formula for locally produced gas.

The rates according to this formula were subdued and at times lower than the cost of production till March 2022 but rose sharply thereafter, reflecting the surge in global rates in the aftermath of Russia’s invasion of Ukraine.

The price of gas from old fields, which are predominantly of state-owned producers like ONGC and Oil India Ltd, was more than doubled to USD 6.1 per mmBtu from April 1.

Similarly, the rates paid for gas from difficult fields such as deepsea KG-D6 of Reliance went up to USD 9.92 per mmBtu from April 1 against USD 6.13 per mmBtu.

The panel has been asked to recommend a fair price to end-consumers and also suggest a “market-oriented, transparent and reliable pricing regime for India’s long-term vision for ensuring a gas-based economy,” according to an oil ministry order.

The government wants to more than double the share of natural gas in the primary energy basket to 15 per cent by 2030 from the current 6.7 per cent.

The volume-weighted average of the price prevalent in a 12-month period in US-based Henry Hub, Canada-based Alberta gas, UK-based NBP and Russia gas are used to fix prices for administered fields of ONGC and Oil India Ltd.

For difficult fields like discoveries in deepwater, ultra-deepwater and high pressure-high temperature areas, a slightly modified formula is used by incorporating the price of LNG, which too had shot through the roof in 2021.

Reliance-bp operated KG fields are classified as difficult fields.

Sources said the increase in gas price is likely to result in a rise in CNG and piped cooking gas rates in cities such as Delhi and Mumbai.

It will also lead to a rise in the cost of generating electricity but consumers may not feel any major pinch as the share of power produced from gas is very low.

Similarly, the cost of producing fertiliser will also go up but as the government subsidises the crop nutrient, an increase in rates is unlikely.

For producers, it will bring in higher revenues.

Reliance, HUL, HDFC Bank, Adani Enterprises, HCL Tech, SBI, DMart stocks in focus on weekly F&O expiry day

Posted on by

Indian benchmarks indices BSE Sensex and NSE Nifty 50 were likely to open in green on Thursday as Nifty futures on the Singapore Exchange traded 89 points, or 0.51 per cent, higher at 17,428. In the previous session, the BSE Sensex closed 2.25 per cent or 1277 points higher at 58,065, while Nifty50 ended 2.29 per cent or 387 points up at 17,274. Technical analysts say that the short term trend of Nifty has turned up sharply after a broader range movement of the last few sessions. “A decisive move above 17300 levels is likely to pull Nifty towards the next crucial resistances of around 17600 and next 18000 levels in the near term. Immediate support is placed at 17150 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Stocks to watch

Hindustan Unilever: Hindustan Unilever (HUL), the Indian arm of FMCG major Unilever, has outdone the performance of its parent, and is set to overtake the US business of the Anglo-Dutch consumer multinational company, to become the largest by value.

Reliance Capital: In a move that may further delay debt-laden Reliance Capital’s (RCap) bankruptcy process, its administrator intends to seek a 90-day extension for completion of the former Anil Ambani group firm’s entire resolution process.

HDFC Bank: HDFC Bank has posted a 23.5 per cent rise in loans to Rs 14.80 lakh crore in the second quarter of the fiscal. The credit book was Rs 11.98 lakh crore as of September 30 last year.

Tata Steel: Tata Steel company has offloaded 19 per cent stake in Al Rimal Mining LLC, Oman (Al Rimal).

HCL Technologies: Noida-based IT services major HCLTech plans to hire 1,000 people in Brazil in the next two years and will also open a new technology centre in Campinas as part of its expansion in the region.

Adani Enterprises: Adani Enterprises has announced the formation of a wholly-owned subsidiary, Adani Disruptive Ventures (ADVL), a note shared with the stock exchanges said. It also announced the formation of another subsidiary, Alwar Alluvial Resources (AARL).

Avenue Supermarts: Avenue Supermarts, the operator of DMart retail stores, reported a 35.8 per cent on-year jump in revenue from operations to Rs 10,384.7 crore for the quarter ended September, the company said in a regulatory filing.

State Bank of India, Bank of Baroda: Fitch on Tuesday assigned a stable outlook to public sector lenders State Bank of India (SBI) and Bank of Baroda (BoB) while affirming their ‘BBB-‘ rating.

Jubilant FoodWorks: Jubilant Foodworks arm acquires Netherlands-based DP Eurasia NV. Subsidiary Jubilant FoodWorks Netherlands BV acquired additional stake in the company.

Buy Reliance Industries stock: RIL share may soar above Rs 2600; charts signal technical pullback in near-term

Posted on by

Reliance Industries share price is likely to gain 9 per cent to Rs 2,615 apiece in near-term, as the stock has been witnessing buying demand from the key support area of Rs 2300-2370 for the third time since May 2022, analysts at ICICI direct Research said. It expects the RIL stock to witness a gradual pullback from the current oversold territory, thus offering a fresh entry opportunity with a favourable risk-reward set up. On Wednesday, RIL shares were trading 1.7 per cent down at Rs 2,354.05 apiece on BSE.  The stock is down nearly 18 per cent from the all-time highs, hit in April this year.

Also read: RBI MPC likely to hike repo rate by 50 bps again; commentary on liquidity, rupee depreciation keenly eyed

Reliance Retail has been one of the fastest and largest growing retailers over the recent time. During FY18-22 the company has recorded a staggering revenue CAGR of 30% with sales worth nearly Rs 2 lakh crore in FY22. On Tuesday, Mukesh Ambani’s Reliance Retail announced the opening of its fashion & lifestyle departmental store, Reliance Centro. This is the first such outlet by Mukesh Ambani’s Reliance Industries conglomerate, and is located in Vasant Kunj, New Delhi. The departmental store by Reliance will compete against the likes of Shoppers Stop, Lifestyle International, and other fashion & lifestyle departmental stores. 

Also read: Retail cos leveraging AI to grow revenue, shifting focus to customer experience, front-end | Nasscom Interview

Analysts noted that the long-term prospects and dominant standing of Reliance Industries in each of its product and service portfolio provide comfort for long term value creation. “RIL’s consumer business will be the growth driver, going ahead. The company has a strong balance sheet while its traditional business will continue to generate steady cash flows,” it added.

The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.