“Markets are going to be range-bound with focus on global macros and oil, near-term triggers are all done for this quarter,” said Mayuresh Joshi, head of equity research at William O’Neil & Co in India.
Oil prices slipped on Tuesday after a 3% gain in the previous session, as an OPEC+ deal to cut output in October was seen as a largely symbolic move to stem the market’s recent slide, while Asian shares rose after China pledged to make renewed efforts to boost its sagging economy.
In Mumbai, the Nifty IT index was among the worst performing sub-indexes, falling as much as 0.8% to an over one-week low. Infosys declined 1%.
Reliance Industries gained 1.1% after the company said it would acquire a 79.4% stake in California-based solar energy software developer SenseHawk for $32 million as part of efforts to boost renewable energy output.
Apollo Hospitals Enterprise rose as much as 2.9% to be the top percentage gainer on the Nifty 50.
DreamFolks Services, India’s largest airport service aggregator, soared 68.4% in its market debut. Shares climbed to as much as 549 rupees, compared with the issue price of 326 rupees.
Kalpataru Power Transmission jumped 8.5% to post its biggest intraday percentage rise in over a year in heavy volumes after the company won orders worth $168 million.
New Delhi Television slid 5% after surging more than 50% over the last nine sessions amid a takeover battle between its promoters and the Adani Group.
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Gold gains Rs 107; silver jumps Rs 563
Gold rose by Rs 107 to Rs 51,092 per 10 gram in the national capital on Tuesday amid depreciation in the rupee, according to HDFC Securities. In the previous trade, the yellow metal had settled at Rs 50,985 per 10 gram.Silver also jumped by Rs 563 to Rs 54,639 per kg.
Markets settled almost unchanged in a volatile trading session, in absence of any major trigger. After the initial uptick, the Nifty oscillated in a range and finally settled at 17,655.60 levels. Most sectoral indices traded in sync with the benchmark wherein metal, energy and infra pack witnessed decent traction.Markets are still in a range and rotational buying across sectors is helping the index to hold strong amid mixed global cues. Since all the sectors, barring IT, are contributing to the move, the focus should be more on stock selection.
– Mr. Ajit Mishra, VP – Research, Religare Broking Ltd
The Bank Nifty index continued to face resistance around the level of 40,000 where the highest open interest is built up on the call side. The index immediate downside support stands at 39,500-39,400 and if breached will see further downside towards 38,800-38,500 levels. The bias remains on the upside and once should have a buy-on-dip approach.
– Kunal Shah, Senior Technical Analyst at LKP Securities
Government has respectively received about Rs 2408 crore and Rs 1745 crore from ONGC and IOCL as dividend tranches.
Government has respectively received about Rs 2408 crore and Rs 1745 crore from ONGC and IOCL as dividend tranches. https://t.co/XYiPvhseIo
— Secretary, DIPAM (@SecyDIPAM) 1662458514000
Government has respectively received about Rs 2408 crore and Rs 1745 crore from ONGC and IOCL as dividend tranches: DIPAM Secy
Government has respectively received about Rs 2408 crore and Rs 1745 crore from ONGC and IOCL as dividend tranches. https://t.co/XYiPvhseIo
— Secretary, DIPAM (@SecyDIPAM) 1662458514000
“Domestic indices wiped out their early gains to close flat, tracking mixed global cues. While the energy crisis and ECB interest rate decision later in the week pressurized European markets. Chinese policymakers’ renewed efforts to strengthen its economy boded well for the Chinese bourses. In an effort to stabilize declining oil prices, OPEC+ opted to cut back on the output given the faltering global growth outlook”
– Vinod Nair, Head of Research at Geojit Financial Services
Sensex Heatmap: 10 index stocks close in the green
Nifty ends marginally lower, but holds 17,650
Nifty ends marginally lower, but holds above 17,650
How Sensex moved in trade today
Closing Bell: Sensex, Nifty end marginally lower after volatile session; Bajaj Finserv drops 2%; NTPC up 3%
Market Live Updates: Top 5 losers on NSE in afternoon session
Price as on 06 Sep, 2022 03:02 PM, Click on company names for their live prices.
Vinod Nair, Head of Research at Geojit Financial Services on tyre stocks
The sector was trailing under pressure for a long, due to subdued demand in the auto sector and high input cost. However, the situation is likely to improve going forward, due to a sleep fall in the crude price and easing the semi-conductor issue at OEM levels. During H1FY23, growth in the PV and CV is robust in the domestic industry, followed by PV space in the European region. Meanwhile, APL’s (Apollo tyre’s) 43% & 35% revenue comes from Truck/Bus and PV segment and holds 31% domestic market share in TBR tyres. To offset the margin pressure, During Q1FY23, APL took an 8% and 9% price hike in India and European operations and a further 3-4% hike is expected in Q2FY23. As a result, the company registered an earnings growth of 68% QoQ. We believe the Key triggers are CV cyclical upswing, high radicalization levels, an uptick in PV space and network expansion to be a major top-line driver for the company in a medium to long-term basis. In addition, benign commodity price along with operational efficiency to result in margin expansion for FY24 estimates.
“We are aware of the fact that most of the defence companies are in a phase of rapid transition towards procuring from domestic players, rather going for indigenisation in the wake of the GOI’s Make In India mission as well as costlier imports. This is enabling them to improve their profitability and in turn cash flows while at the same time employing more research and knowledge-based employees like engineers and scientists which forms a significant amount of their total expenses. This would further allow them to focus on product development and technology.”
– Ashwin Patil, Senior Research Analyst at LKP Securities
Moody’s retains India’s sovereign credit rating at Baa3 stable
The impact of the Russia-Ukraine conflict, higher inflation and tightening global financial conditions are unlikely to derail India’s economic recovery from the pandemic, rating agency Moody’s said in a release on Tuesday. Moody’s Investor Service retained its sovereign rating on India at Baa3 with a stable outlook, the release showed.
Market LIVE Updates: Pfizer India to pay Rs 30/sh interim dividend
Price as on 06 Sep, 2022 01:44 PM, Click on company names for their live prices.
Metal stocks gain in volatile market; check out the top performers
Price as on 06 Sep, 2022 01:28 PM, Click on company names for their live prices.
Motilal Oswal Financial Services has announced the launch of RESEARCH 360 – a financial market research & analysis platform.
Price as on 06 Sep, 2022 12:59 PM, Click on company names for their live prices.
Market LIVE Updates: Gail shares rise ahead of record date for bonus issue
Price as on 06 Sep, 2022 12:38 PM, Click on company names for their live prices.
Vaibhav Jewellers files draft papers to mop-up funds via IPO
Vaibhav Gems N’ Jewellers Ltd, a leading regional jeweller brand in South India, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The public issue comprises fresh issue of equity shares aggregating up to Rs 210 crore and an Offer-for-Sale (OFS) of 43 lakh equity shares by promoter entity Grandhi Bharata Mallika Ratna Kumari (HUF), according to the draft red herring prospectus (DRHP).
What will impact markets in Sept?
In India, the RBI’s MPC meets from 28th to 30th September. We may see a 35 to 50-bps hike, which could be RBI’s last hike in 2022. If the inflation trajectory remains downward, we expect the RBI to trim interest rates by 2023.
We believe the Indian equity market will touch new highs in 2022 due to more robust economic growth, lower inflation, and strong FIIs return.
Sunil Damania, Chief Investment Officer, MarketsMojo
Markets Live Update: Top losers from the FMCG pack
Price as on 06 Sep, 2022 12:07 PM, Click on company names for their live prices.
August gold imports halve on volatile prices, weak rupee
India’s gold imports in August halved from a year ago as volatile local prices and a weak rupee prompted consumers to postpone purchases, a government source told Reuters on Tuesday. While lower imports by the world’s second-biggest bullion consumer could weigh on benchmark gold prices, the drop may help in limiting India’s trade deficit and support the ailing rupee. The country imported 61 tonnes of gold in August, compared with 121 tonnes a year earlier, the source said on condition of anonymity as he is not authorised to speak to the media. In value terms, August imports fell to $3.52 billion from $6.7 billion a year ago, he said.
Kalpataru Power Transmission Ltd (KPTL) on Tuesday said the company and its international subsidiaries have secured new orders worth Rs 1,345 crore. In a regulatory filing KPTL said, the company and its international subsidiaries have secured new orders/notification of awards of Rs 1,345 crore.
Price as on 06 Sep, 2022 11:23 AM, Click on company names for their live prices.
Morgan Stanley initiated coverage on Apollo Tyres with a target price of Rs 329; stock surges 5%
Price as on 06 Sep, 2022 11:17 AM, Click on company names for their live prices.
BUZZING: NDTV slips after 9…
Read More:sensex today: STOCK MARKET HIGHLIGHTS: Sensex, Nifty end marginally lower after volatile session; Bajaj Finserv drops
2022-09-06 12:25:00
