Markets were nervous as investors assessed the possibility that the US Federal Reserve will hike interest rates by 100 basis points next week to counter elevated inflation.
Meanwhile, Fitch cut India’s economic growth forecast for 2022/23 to 7% from 7.8% amid a slowdown amid global economic tensions, elevated inflation and tighter monetary policy.
“About a third of respondents believe the Fed is targeting a 100 basis point hike and that, along with the rating downgrades, continues to impact IT stocks,” said Aishvarya Dadheech, fund manager at Ambit Asset Management.
The Nifty IT index fell 1.4% after falling 3.7% in the previous session, with tech major Infosys falling 2.4%. Infosys is down nearly 7% over the past two sessions, partially hit by a downgrade to sell from Goldman Sachs.
The Nifty Bank Index slipped 0.21% after hitting a record high earlier in the session.
Meanwhile, automaker shares were a bright spot in the tepid market, with automaker Maruti Suzuki India climbing 4% to its highest level in over 4 years.
The Nifty Auto index rose 1.5% to a record high.
“We may remain on the fringes until the Fed meeting,” Dadheech said, adding that fresh highs for local markets during the upcoming holiday could not be ruled out given strong inflows from foreign equities and dovish commodity prices.
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TCS launches Mobility Cloud Suite for car manufacturers and suppliers
BUZZING STOCK: Tata Investment Corporation is hitting its lifetime trading high today
Price from 09/15/2022 11:07 a.mClick on company names for their live prices.
An Adani Group promoter bought 175 crore worth of shares in Adani Enterprises on the open market on September 13, Our Bureau reports. According to the insider trading disclosures, Spike Trade and Investment, the Promoter Group company, purchased 500,000 shares through the open market transaction. On September 7, Gelt Bery Trade and Investment, another promoter, bought 140 shares of Adani Enterprises.
Price from 09/15/2022 11:06 a.mClick on company names for their live prices.
Check out the top winners from the cement pack
Price from 09/15/2022 10:53 a.mClick on company names for their live prices.
Skilled trades below 17,950 give up 18,000
Tamilnad Mercantile Bank shares are trading at a 3% discount to the IPO price
Shares in Tamilnad Mercantile Bank (TMB) made a muted debut on Dalal Street on Thursday as the private lender was listed on the NSE at Rs 495, a discount of 3 per cent to its issue price of Rs 510 per share. In the meantime his shares were listed on the BSE at par. A day before the listing, Tamilnad Mercantile Bank shares were trading at a premium of Rs 10-12 in the gray market, signaling a flat listing for the company.
CLSA’s Vikash Kumar Jain explains whether the Indian market’s outperformance will last
#MarketsWithETNOW | @CLSAInsights’ Vikash Kumar Jain Says – Strong Reasons for India’s Outperformance – The Worst… https://t.co/0zOgqWalGM
— ET NOW (@ETNOWlive) 1663215071000
L&T Finance aims to raise up to 5,000 crore through the public sale of bonds rated Triple-A by rating agencies ICRA and India Ratings.
Price from 09/15/2022 09:54 amClick on company names for their live prices.
Fitch cuts India’s FY23 GDP growth forecast to 7% from 7.8%
Market assessment: Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
These performance differences between the global and Indian markets must endure in the short term.
Yesterday’s strong market performance confirms the success of the “buy on dips” strategy. Buyers are chasing banks, autos, FMCG, telecom, and construction-related segments that are likely to perform well in the coming quarters. While staying invested, investors should exercise some caution given the high valuation.
Stocks 9 top MFs bought, sold and exited in August
NIFTY BANK REACHES RECORD HIGH
Whilst ruling out a breakdown yesterday we had been betting on the prospects for a recovery push should there be a turnaround after hitting the 17860 downside target. The push higher, while encouraging after entailing a long liquidation near the recent highs, we are cautious about chasing higher prices today and biased to see further declines. Alternatively, a direct rise over the 18067/90 region could dispel doubts about the 18600 trajectory.
– Anand James – Chief Market Strategist at Geojit Financial Services
BLOCK DEAL IN PVR: 7.7% of shares changed hands
Price from 09/15/2022 09:19 amClick on company names for their live prices.
Opening Bell: Sensex up nearly 300 points, Nifty nearly 18,100; Tata Investment adds 4%, PVR loses 2%
Asian equities dampened by rate hike risks, yen stable
Asian stock markets were stable but fragile on Thursday, a day after their biggest drop in three months, as investors weighed the risk that the US Federal Reserve will announce a 100 basis point rate hike next week to fight stubborn inflation.
SGX Nifty signals a positive start
Slick futures on the Singapore Stock Exchange traded 27 points, or 0.15 percent, higher at 18,017, suggesting Dalal Street was off to a positive start on Thursday.
Tech View: Nifty50 pares losses, forms a bullish candle to reclaim 18,000
It was a rollercoaster ride for traders as Nifty50 slipped below 17,800 in opening trade on Wednesday after following weak global cues but managed to erase losses and close above 18,000 in a positive sign.
Tokyo stocks open higher
Tokyo stocks opened higher on Thursday, trailing gains on Wall Street and rebounding from the previous day’s sharp losses on concerns over US inflation. The benchmark Nikkei 225 index was up 0.25 percent, or 69.19 points, to 27,887.81 in early trade, while the broader Topix index was up 0.11 percent, or 2.14 points, to 1,949.60.
Wall Street lurches to a higher close as the Fed threatens to hike rates
Wall Street ended a directionless session higher on Wednesday as a targeted inflation report largely halted Tuesday’s sell-off and investors hit the “pause” button.
Oil rises on weakening dollar, potential supply disruptions
Oil prices edged higher Thursday in early Asian trade as supply concerns and a looming rail shutdown in the United States, the world’s largest crude oil consumer, supported markets.
The rupee falls 35 paises against the USD on FX outflows and rate hike fears
The rupee fell 35 paise to close at 79.52 against the US currency on Wednesday, as higher-than-expected US CPI numbers prompted risk-off sentiment among investors.
Sensex, Nifty on Wednesday
After falling over 1,100 points in morning trade, the 30-period Sensex rallied 930 points from the daily low and settled 224.11 points lower to end at 60,346.97. Its broader competitor, Nifty50, ended at 18,003.75, down 66.30 points.
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