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Stock Market Highlights: Nifty gives signs of pullback but clear breakout awaited. What traders should do on Thursday
27 Sep, 2023 | 07:39:13 PM IST
Tech View: By ending 52 points higher, Nifty today formed a bullish reversal pattern near the 50-day SMA (simple moving average) which indicated strong possibility of fresh uptrend rally from the current levels.
For the traders now, 19630 would act as a key support level. Above which, the market could continue the positive momentum till 19800-19825. On the flip side, below 19630 uptrend would be vulnerable, said Shrikant Chouhan of Kotak Securities.
For the traders now, 19630 would act as a key support level. Above which, the market could continue the positive momentum till 19800-19825. On the flip side, below 19630 uptrend would be vulnerable, said Shrikant Chouhan of Kotak Securities.
1 New Update
H&M profits impress despite September sales slowdown
H&M reported a pick-up in quarterly profit margins on Wednesday, boosting optimism about its turnaround efforts even as the fashion retailer blamed unusually hot weather in many of its European markets for delaying the autumn shopping season.
H&M, whose biggest rival is Zara owner Inditex, said September sales would fall by 10% year-on-year measured in local currencies.
"It's clear that more heavy autumn product types are the ones where we see a delay in selling," H&M CEO Helena Helmersson said in an interview, adding: "We know that we can't draw big conclusions after one month."
Tailored suits, denim, fine knits and blouses are among the most popular styles so far this season, she added.
The predicted sales drop compares with Inditex reporting a 14% increase in sales between Aug. 1 and Sept. 11.
H&M, whose biggest rival is Zara owner Inditex, said September sales would fall by 10% year-on-year measured in local currencies.
"It's clear that more heavy autumn product types are the ones where we see a delay in selling," H&M CEO Helena Helmersson said in an interview, adding: "We know that we can't draw big conclusions after one month."
Tailored suits, denim, fine knits and blouses are among the most popular styles so far this season, she added.
The predicted sales drop compares with Inditex reporting a 14% increase in sales between Aug. 1 and Sept. 11.
Short positions in China ADRs hit a one-year high in Sept- Morgan Stanley
Short positions on U.S.-listed Chinese stocks jumped to the highest level in a year this month as the U.S. Federal Reserve's hawkishness on monetary policy pressured global markets, Morgan Stanley said.
Global hedge funds placed sizable bearish bets on the American depository receipts (ADRs) of Chinese firms in September, resulting in the value of short interest in these shares surging to $2.1 billion as of Sept. 22, the bank said in a report, citing IHS Markit data.
Short interest flows are calculated by multiplying daily changes in outstanding shorted shares by the daily closing price, which puts the value for this month at the biggest since September 2022 when China was still under a COVID-19 lockdown.
Global hedge funds placed sizable bearish bets on the American depository receipts (ADRs) of Chinese firms in September, resulting in the value of short interest in these shares surging to $2.1 billion as of Sept. 22, the bank said in a report, citing IHS Markit data.
Short interest flows are calculated by multiplying daily changes in outstanding shorted shares by the daily closing price, which puts the value for this month at the biggest since September 2022 when China was still under a COVID-19 lockdown.
US stocks gain at open after previous session's mauling
Wall Street's main indices opened higher on Wednesday as easing Treasury yields boosted megacaps, while investors awaited developments on a US funding bill and inflation data this week to gauge the Federal Reserve's policy outlook.
The Dow Jones Industrial Average rose 63.93 points, or 0.19%, at the open to 33,682.81. The S&P 500 opened higher by 9.10 points, or 0.21%, at 4,282.63, while the Nasdaq Composite gained 51.75 points, or 0.40%, to 13,115.36 at the opening bell.
The Dow Jones Industrial Average rose 63.93 points, or 0.19%, at the open to 33,682.81. The S&P 500 opened higher by 9.10 points, or 0.21%, at 4,282.63, while the Nasdaq Composite gained 51.75 points, or 0.40%, to 13,115.36 at the opening bell.
6 PSU stocks hit 52-week high; deliver up to 30% gains in a month
In Wednesday's trading session, the Sensex benchmark index experienced a gain of approximately 173 points, concluding the day at 66,118.
Evergrande unit Hengda: still working with all parties to resolve debt risks
China Evergrande's flagship onshore unit Hengda Real Estate Group said on Wednesday it is working with all parties to jointly resolve debt risks and safeguard the legitimate rights and interests of creditors in accordance with the law.
The Evergrande unit was being probed by the Chinese securities regulator for suspected violation of information disclosure.
The Evergrande unit was being probed by the Chinese securities regulator for suspected violation of information disclosure.
Insurance stocks rally up to 67% in FY24 and still look strong on SWOT analysis
In the current fiscal year FY24, Indian insurance companies have achieved remarkable growth.
US SEC says It charges corporate insiders for failing to timely report transactions and holdings
Fed's Kashkari: Unsure if Fed has hiked enough to bring inflation to target
Federal Reserve Bank of Minneapolis President Neel Kashkari said Wednesday it is not clear yet whether the central bank is finished raising rates amid ample evidence of ongoing economic strength.
Speaking on CNBC, Kashkari said he not yet ready to say rates have been lifted enough to get inflation back to the 2% target. He said that he expects the U.S. central bank to hold rates steady next year after a likely final rate rise this year.
Speaking on CNBC, Kashkari said he not yet ready to say rates have been lifted enough to get inflation back to the 2% target. He said that he expects the U.S. central bank to hold rates steady next year after a likely final rate rise this year.
SAT reserves order on Punit Goenka's plea against Sebi restrain
The Securities Appellate Tribunal (SAT) on Wednesday reserved its order on Zee Entertainment promoter Punit Goenka's plea against Sebi's interim order restraining him from holding any key managerial position in listed entities due to alleged fund diversion. SAT, reserving the order, directed the Securities and Exchange Board of India (Sebi) and Goenka to file any written submissions, if any, within a week.
Sebi's confirmatory order, passed on August 14, bars ZEEL promoters - Goenka and Subhash Chandra - from holding any directorship or other key managerial positions in the company and other organisations.
Sebi's confirmatory order, passed on August 14, bars ZEEL promoters - Goenka and Subhash Chandra - from holding any directorship or other key managerial positions in the company and other organisations.
Nifty gives signs of pullback but clear breakout awaited. What traders should do on Thursday
By ending 52 points higher, Nifty today formed a bullish reversal pattern near the 50-day SMA (simple moving average) which indicated strong possibility of fresh uptrend rally from the current levels.
For the traders now, 19630 would act as a key support level. Above which, the market could continue the positive momentum till 19800-19825. On the flip side, below 19630 uptrend would be vulnerable, said Shrikant Chouhan of Kotak Securities.
For the traders now, 19630 would act as a key support level. Above which, the market could continue the positive momentum till 19800-19825. On the flip side, below 19630 uptrend would be vulnerable, said Shrikant Chouhan of Kotak Securities.
Market Analysis by Ajit Mishra, SVP - Technical Research, Religare Broking
Markets remained volatile for yet another session and ended marginally higher. After the initial downtick, Nifty drifted further lower in early hours but recovery in select heavyweights not only pared losses but also pushed the index in the green. Consequently, Nifty settled around the day’s high at 19716.45 level; up by 0.26%. Meanwhile, a mixed trend continued on the sectoral front wherein pharma, realty and FMCG were among the top gainers. The broader indices outperformed the benchmark and gained in the range of 0.8%-1%.
The impending rebound in select heavyweights like Reliance and ITC largely contributed to the recovery. We are eyeing 19,750 in Nifty as an immediate hurdle and its break may prompt further rebound else profit taking would resume. Amid all, the scheduled monthly expiry of derivative contracts would keep the volatility high so plan your trades accordingly.
The impending rebound in select heavyweights like Reliance and ITC largely contributed to the recovery. We are eyeing 19,750 in Nifty as an immediate hurdle and its break may prompt further rebound else profit taking would resume. Amid all, the scheduled monthly expiry of derivative contracts would keep the volatility high so plan your trades accordingly.
The market inched higher in the second half, driven by positive openings in European markets. Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors, such as promising economic growth prospects and the potential for strong earnings, which validate the premium valuation. The FMCG and Pharma sectors outperformed, with investors adopting a defensive approach to navigate global challenges. However, persistent outflows of foreign funds and rising US bond yields are expected to keep the broader indices in bleak terrain, in the near-term.
- Vinod Nair, Head of Research at Geojit Financial Services
Top gainers & losers in closing trade
Price as on 03:36:39 PM 03:36 PM, Click on company names for their live prices.
Closing Bell: Sensex recovers 570 pts from day's low, ends 173 pts higher; Nifty above 19,700; Senco surges 14%, IIFL 11%
Share Market Live Updates: Ahluwalia Contracts gets Rs 832 cr orders for hospitals construction
Price as on 03:25:25 PM 03:25 PM, Click on company names for their live prices.
The Securities Appellate Tribunal (SAT) has reserved its order in the matter involving ZEEL MD and CEO Punit Goenka and Securities and Exchange Board of India (Sebi). Earlier, the SAT had adjourned the hearing of Goenka's appeal against Sebi's confirmatory order to September 27.
Price as on 03:22:14 PM 03:22 PM, Click on company names for their live prices.
Stock Market Live Updates: Global stocks tick up and bond yields dip after sell-off
Global stocks inched higher on Wednesday as investors found a footing after a sharp sell-off the previous day, while U.S. Treasury yields dipped after hitting their highest level since 2007.
Stocks and bonds have dropped in recent weeks as investors come to terms with the idea that central banks will hold interest rates "higher for longer" than previously expected, as officials try to squeeze inflation out of economies.
The Europe-wide STOXX 600 index was up 0.2% on Wednesday, after falling 0.6% in the previous session in its fourth straight daily drop.
MSCI's index of global stocks was little changed after falling 1.2% the previous day. The index has fallen 4.5% since the start of September.
Germany's Dax index was up 0.05% while Britain's FTSE 100 was flat. In Asia overnight, Japan's Nikkei 225 index rose 0.18%.
Stocks and bonds have dropped in recent weeks as investors come to terms with the idea that central banks will hold interest rates "higher for longer" than previously expected, as officials try to squeeze inflation out of economies.
The Europe-wide STOXX 600 index was up 0.2% on Wednesday, after falling 0.6% in the previous session in its fourth straight daily drop.
MSCI's index of global stocks was little changed after falling 1.2% the previous day. The index has fallen 4.5% since the start of September.
Germany's Dax index was up 0.05% while Britain's FTSE 100 was flat. In Asia overnight, Japan's Nikkei 225 index rose 0.18%.
India's ultra-long bonds to see ample demand from insurers, pension funds in H2
India's first-ever issuance of 50-year government bonds and 30-year green bonds can be easily absorbed by insurance companies and provident funds, which are keen and have been looking for avenues to park long-term funds, officials said.
India aims to raise Rs 6.55 trillion ($78.73 billion) through the sale of bonds in October-March. This would include Rs 300 billion of the 50-year security, the first such auction by the central government.
India aims to raise Rs 6.55 trillion ($78.73 billion) through the sale of bonds in October-March. This would include Rs 300 billion of the 50-year security, the first such auction by the central government.
Crypto firm Binance pulls out of Russia
Cryptocurrency firm Binance said on Tuesday it was selling its Russia business, months after reports suggested US authorities were investigating possible sanctions violations.
"As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy," chief compliance officer Noah Perlman said in a statement.
"As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy," chief compliance officer Noah Perlman said in a statement.
Updater Services' IPO sails through on last day on QIB, retail push
Subscription Rates
QIB Portion: 1.36x
NII Portion: 0.53x
Retail Portion: 1.04x
Overall:1.07x
QIB Portion: 1.36x
NII Portion: 0.53x
Retail Portion: 1.04x
Overall:1.07x
Sensex Today | Stock Market Live Updates: Khadim India to consider and approve scheme of arrangement between Khadim India and KSR Footwear
Price as on 01:40:09 PM 01:40 PM, Click on company names for their live prices.
LIC decreases its shareholding from 9.620% to 7.615% of the paid-up capital of NMDC
Price as on 01:23:10 PM 01:23 PM, Click on company names for their live prices.
Stock Market LIVE Updates | India market regulator examining proposal for extended derivative trading hours - sources
India's market regulator is examining a proposal from the country's top exchange to extend trading hours for index derivatives but a final decision has not yet been taken, two sources with direct knowledge of the matter said on Wednesday.
The National Stock Exchange (NSE) has sent a proposal to the Securities and Exchange Board of India (SEBI) to have an evening session to trade in index futures and options, an NSE official told Reuters.
The National Stock Exchange (NSE) has sent a proposal to the Securities and Exchange Board of India (SEBI) to have an evening session to trade in index futures and options, an NSE official told Reuters.
Crypto Price Today: Bitcoin holds above $26,200; Toncoin, Polygon fall up to 3%
The major cryptocurrencies were trading in the red on Wednesday amid worries about the impact of higher-for-longer interest rates. The global cryptocurrency market cap was trading at around $1.05 trillion, falling 0.25% in the last 24 hours.
Bitcoin was down 0.25% at $26,229 as of 11:55 a.m., while Ethereum was flat at $1,590.
Bitcoin was down 0.25% at $26,229 as of 11:55 a.m., while Ethereum was flat at $1,590.
Share Market LIVE Updates: Sun Pharma says Sun Pharma Canada launches Winlevi, a novel topical treatment for acne.
Price as on 12:33:55 PM 12:33 PM, Click on company names for their live prices.
Share Market LIVE Updates: Shares of state-owned REC jumped 6.2% to Rs 283.9 in Wednesday's trade on BSE after the firm signed a memorandum of understanding (MoU) with Punjab National Bank (PNB) to jointly fund projects in the power sector and infrastructure & logistics sector.
Price as on 12:10:16 PM 12:10 PM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Krishana Phoschem says Sulphuric Acid plant shut down from September 27 2023 for annual maintenance
Price as on 11:52:51 AM 11:52 AM, Click on company names for their live prices.
Stock Market LIVE Updates: Alphalogic Industries wins order worth Rs 70 lakhs to design, manufacture, supply and installation of storage racking system from Scootsy Logistics (Swiggy).
Price as on 11:34:14 AM 11:34 AM, Click on company names for their live prices.
Share market live updates: Modi Naturals commercialised the first grain-based Ethanol distillery in Chhattisgarh.
Price as on 11:16:16 AM 11:16 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Arvind SmartSpaces pre-launched Arvind Uplands 2.0, Adroda and achieved sales of over Rs. 300 Cr in just 3 days.
Price as on 10:58:00 AM 10:58 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates | Shares of Suzlon Energy fell 3.4% to Rs 25.1 in Wednesday's trade on BSE after the Sun Pharma promoter Dilip Shanghvi and Associates decided to terminate the amended and restated shareholders' agreement that was signed in February 2020.
Price as on 10:38:57 AM 10:38 AM, Click on company names for their live prices.
Aditya Birla Fashion Retail Ltd (ABFRL) has completed the acquisition of a 51 per cent stake in TCNS Clothing to become a promoter of the women's apparel brand. "The company has acquired 51 per cent of the expanded share capital of TCNS, thereby acquiring control over TCNS," ABFRL said in a late night regulatory filing on Tuesday.
Price as on 10:16:39 AM 10:16 AM, Click on company names for their live prices.
Sensex Today | Stock Market LIVE Updates| Shares of Sai Silks (Kalamandir) debuted at a premium of 4% on Wednesday. The stock got listed at Rs 231 on NSE, up 4%, compared to the issue price of Rs 222. Meanwhile, on BSE, the shares debuted at a premium of 3.6% at Rs 230.1 apiece.
Price as on 10:14:04 AM 10:14 AM, Click on company names for their live prices.
Signature Global shares list at a premium of 16% over issue price
The shares of realty player Signature Global listed at a premium of 16% on the exchanges on Wednesday. The stock was listed at Rs 445, up 15.6% on BSE. While it was listed at Rs 444, up 15.3% on the NSE.
Ahead of the listing, the company's shares were commanding a premium of Rs 41 in the unlisted market. The IPO was priced at Rs 385 at the upper end.
Ahead of the listing, the company's shares were commanding a premium of Rs 41 in the unlisted market. The IPO was priced at Rs 385 at the upper end.
Sensex Today | Stock Market Live Updates | Borosil Renewables shares rose 9% after the firm said the Indian court quashed the tax demand notice of 195.3 million rupees.
Price as on 09:47:23 AM 09:47 AM, Click on company names for their live prices.
Sensex Today | Stock Market Live Updates | Adani Ports said its finance committee approved an offer to purchase up to $195 million of its 3.375% senior notes due 2024
Price as on 09:36:32 AM 09:36 AM, Click on company names for their live prices.
Share Market Live Updates: Pharma stocks buck weak market trend, gain up to 2%
Price as on 09:34:59 AM 09:34 AM, Click on company names for their live prices.
Sensex Today | Stock Market Live Updates: Sun Pharma promoter Dilip Shanghvi and Associates have decided to terminate the amended and restated shareholders' agreement with Suzlon Energy that was signed in February 2020.
Price as on 09:34:03 AM 09:34 AM, Click on company names for their live prices.
Sensex Today | Stock Market Live Updates | Vedanta: Moody's downgrades unsecured bonds, corporate family rating of Vedanta Resources
Price as on 09:28:07 AM 09:28 AM, Click on company names for their live prices.
Sensex Today | Stock Market Live Updates: Shreyas Shipping successfully completed the book-building process for delisting the company from the stock exchanges. About 4.3 million shares were tendered by the shareholders, surpassing the minimum requirement of 4.07 million shares.
Price as on 09:27:22 AM 09:27 AM, Click on company names for their live prices.
Rupee rises 4 paise to 83.24 against US dollar in early trade.
Top movers in morning trade
Price as on 09:26:50 AM 09:26 AM, Click on company names for their live prices.
Opening Bell: Sensex falls over 150 points, Nifty below 19,650; Vedanta drops 4%, Suzlon 3%
Pre-open session: Sensex dips 15 points; Nifty below 19,650
While markets may witness a subdued start to Wednesday trades, sharp intra-day gyration will remain the order of the day. Foreign fund outflows have been the biggest constraint in the month so far, as overseas investors are finding safe haven in dollar securities due to strength in dollar and rising US treasury yields. Besides, uptick in global oil prices and worries over more rate hikes in the near term are keeping investors in a tight spot. Nifty’s biggest intraday support is seen at 19589 and then all eyes will be on the 19221 mark.
- Prashanth Tapse, Senior VP (Research), Mehta Equities
Global Market Update | Japan's Nikkei touches 1-month low on Wall Street weakness
Japan's Nikkei share average hit a one-month low on Wednesday, tracking Wall Street's losses on interest rate jitters, and as investors sold value stocks after recent buying.
The Nikkei was down 0.4% at 32,174.84, as of 0207 GMT. Earlier in the session, the benchmark fell as much as 1.1% to 31,960.32, its lowest level since Aug. 28.
The broader Topix was down 0.33% at 2,364.17.
The Nikkei was down 0.4% at 32,174.84, as of 0207 GMT. Earlier in the session, the benchmark fell as much as 1.1% to 31,960.32, its lowest level since Aug. 28.
The broader Topix was down 0.33% at 2,364.17.
Markets Live Updates: Asian stocks mixed as investors grapple with higher rates
Asia stocks traded mixed on Wednesday and benchmark U.S. Treasury yields were near multi-year highs, as investors sour on both stocks and bonds amid worries about the impact of higher-for-longer interest rates.
Markets Live Updates: Dollar rides Treasury yields higher, yen battered
The dollar traded near a 10-month high against its major peers on Wednesday as Treasury yields stayed elevated on the prospect of higher-for-longer U.S. rates, while the yen stumbled towards a closely-watched intervention zone.
Markets Live Updates: Gold lingers near 1-month low as US dollar keeps momentum
Gold prices were pressured on Wednesday and traded near their weakest levels in a month touched in the previous session as the U.S. dollar firmed on the back of a higher-for-longer interest rate scenario.
Markets Live Updates: GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded higher by 4.5 points, or 0.02 per cent, at 19,737, signaling that Dalal Street was headed for muted start on Wednesday.
Tech View: Nifty forms Inside Body candle
Nifty on Tuesday ended 10 points lower to form an Inside Body candle, indicating continuation of a range-bound trend in the near future.
Rupee falls 15 paise against US dollar on foreign fund outflows
The rupee stayed on the downward track for the second straight day to settle 15 paise lower at 83.28 against the US dollar on Tuesday due to a firm greenback against major currencies overseas and persistent foreign capital outflows.
Wall Street pounded as investors grapple with higher rates
Wall Street's main indexes ended down over 1% on Tuesday as 10-year Treasury yields held their multi-year highs, with investors still wrestling with prospects for a long period of high interest rates and the economic fallout.
Markets Live Updates: Oil prices edge higher as markets focus on supply tightness
Oil prices ticked up in early trade on Wednesday, as markets focused on supply tightness heading into winter and a "soft landing" for the U.S. economy.
Sensex, Nifty on Tuesday
The 30-share BSE benchmark Sensex declined 78 points or 0.12% to settle at 65,945. The broader NSE Nifty dropped 10 points or 0.05% to end at 19,665.
