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

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

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

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Deepak Jasani, Head of Retail Research, HDFC Securities

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

Rupak De, Senior Technical Analyst, LKP Securities

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

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Vinod Nair, Head of Research, Geojit Financial Services

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

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

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

Corning-Optiemus JV to seek incentives for cover glass

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Bharat Innovation Glass Technologies, a joint venture (JV) of US-based gorilla glass maker Corning and local contract manufacturer Optiemus Infracom, will soon apply for incentives under the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS)to make finished cover glass for smartphones in the country.

The JV company is expected to start the production of smartphone cover glass in the October-December quarter of 2024. In the first phase, Bharat Innovation Glass willmake30million pieces of high-quality finished cover glassand will employ between 500 and 1,000 people, John Bayne, senior vice president and general manager of mobile consumer electronics at Corning, said in a media interaction on Thursday.

For Corning, this is the first such JV to make cover glass. Currently, the JV will be involved in finishing the cover glass sheets in India. “Over time, once we have the scale, we would consider bringing the original glass sheet manufacturing here as well,” Bayne added.

According to Bayne, it does not make sense to directly start with manufacturing of cover glass because that will lead to higher costs initially in the absence of a local manufacturing ecosystem in the country. Once there is a scale and development of the local component ecosystem, it would make sense for Corning to bring in the technology for glass manufacturing.

Optiemus and Corning announced the joint venture last month. As part of the arrangement, Optiemus will hold a 70% stake, whereas Corning will hold 30%. The companies did not disclose the investment in the facility. However, it is learnt that the companies will put in close to `934 crore. Further, the companies are yet to decide on the location of the facility and are in talks with Tamil Nadu and Telangana to occupy the land and start operations.

Even if the JV will start making cover glass locally, the same may not lead to reduction in prices of smartphones for the end consumer, according to Bayne.

“Having a local supply chain is probably a good thing and avoids a lot of logistics and shipping costs. This makes it more economical for the OEMs (original equipment makers) who are assembling their phones here,” Bayne said.

Once the company starts operations, the facility will make entry- and premium-level 2D, 2.5D and 3D glasses for the smartphone OEMs. Corning will transfer its technology to the joint venture to start the cover glass finishing operations in the country.