Asian share markets slid on Wednesday as surging borrowing costs fed fears of a global recession, spooking investors into the arms of the safe-haven dollar.
Indian investors await monetary policy decision from the Reserve Bank of India, which begins its three-day policy meeting Wednesday.
The metals index was down 1.5%, while the bank index fell 1%.
Shares of Motherson Sumi Wiring India rose 5.2% after the company said it will consider a proposal to issue bonus shares.
Foreign institutional investors sold a net 28.24 billion Indian rupees ($345.63 million) of Indian equities on Tuesday, while domestic investors purchased 35.05 billion rupees shares, as per provisional data available with the National Stock Exchange.
!1 New UpdateClick here for latest updates
JUST IN | MSCI emerging markets index falls 2% to lowest since April 2020
Check out the top losers on NSE in afternoon session
Price as on 28 Sep, 2022 02:04 PM, Click on company names for their live prices.
GST revenue in September likely at Rs 1.45 lakh cr
Goods and Services Tax (GST) revenue mop-up in September is expected to be around Rs 1.45 lakh crore, an official said. The collection has been over Rs 1.4 lakh crore since March and in August it was Rs 1.43 lakh crore. “The collection in September is likely to be little more than Rs 1.45 lakh crore. Improved business activity is expected to yield better collections in coming months,” the official said.
Equirus on CanFin Homes: No link of fraud with MD & CEO resignation; Expect real estate boom to continue for next 5-6 years
#StocksInNews | Equirus on #CanFinHomes: No link of fraud with MD & CEO resignation; Expect real estate boom to con… https://t.co/XafShS7K7Q
— ET NOW (@ETNOWlive) 1664350864000
Top 5 gainers on NSE in afternoon trade
Price as on 28 Sep, 2022 01:13 PM, Click on company names for their live prices.
Nippon Steel says India JV with ArcelorMittal to spend $5 bln to boost capacity
An Indian joint venture of ArcelorMittal and Nippon Steel will invest 410 billion rupees ($5 billion) to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday. Their joint venture, AM/NS India, will build two blast furnaces, along with other facilities, in its Hazira plant in western India, with plans to start operations by early 2026.
Sensex erases over 500 points loss, trades higher
Sun Pharma top gainer from the pharma pack
Price as on 28 Sep, 2022 11:41 AM, Click on company names for their live prices.
NSE CO-LOCATION CASE | Delhi HC grants statutory bail to Chitra Ramkrishna
These 5 stocks fell the most from the private banking space
Price as on 28 Sep, 2022 11:15 AM, Click on company names for their live prices.
ITI to consider and approve allotment EQ shares to the President of India
Price as on 28 Sep, 2022 11:05 AM, Click on company names for their live prices.
Electronics Mart India IPO to kick off on Oct 4; price band fixed
Electronics Mart India (EMIL) will sell its shares in the price band of Rs 56-59 during its initial public offering (IPO), which will kick off for subscription on Tuesday, October 4. The company is looking to raise Rs 500 crore through its initial stake sale, which entirely consists of the issuance of fresh equity shares with a face value of Rs 10 each.
Larsen & Toubro says L&T Construction gets order for its buildings & factories business. Order worth between Rs 1000-2500 crore
Price as on 28 Sep, 2022 10:59 AM, Click on company names for their live prices.
Dr. Reddy’s Laboratories (Dr. Reddy’s), a leading multinational pharmaceutical company based in India, has selected IQVIA Orchestrated Customer Engagement (OCE) platform as its core CRM solution for its entire field force in India.
Price as on 28 Sep, 2022 10:56 AM, Click on company names for their live prices.
Shares of Motherson Sumi Wiring India (MSWIL) rose on Wednesday, despite weakness in the broader markets, as the company said its board will consider the proposal for bonus issue on Friday.
Price as on 28 Sep, 2022 10:54 AM, Click on company names for their live prices.
RBI likely sells dollars as surging U.S. yields hold rupee hostage: Traders
Source: Reuters
Business Wire India Birla Estates Pvt. Limited, a 100% wholly owned subsidiary and the real estate arm of Century Textiles and Industries Limited (CTIL), announced its acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 Mn sq. ft. with a revenue potential of Rs 900 crore. (Source: PTI)
Price as on 28 Sep, 2022 10:50 AM, Click on company names for their live prices.
Smallcap World Fund raises stake in Mastek
Price as on 28 Sep, 2022 10:47 AM, Click on company names for their live prices.
Top gainers from the IT pack
Price as on 28 Sep, 2022 10:46 AM, Click on company names for their live prices.
Prabhudas Lilladher on Torrent Pharmaceuticals
In the near term, Curatio acquisition will increase Torrent Pharma net debt and we see this acquisition as EPS dilutive. Post factoring in Curatio acquisition, our EPS for FY23 and FY24 stands reduced by ~5%. However, the deal is a strategic fit for TRP, given that it gives presence in high-growing cosmetic derma segment and can enhance profitability of Curatio portfolio with cost synergies, geographical expansion and price hike as well as accelerate the topline growth. Historically TRP have managed to integrate successfully Unichem and Elder acquisition which gives us comfort. We expect 18% EBITDA and 19% EPS CAGR over FY22-25E. Maintain ‘BUY’ rating with revised TP of Rs 1,850/share (Rs1,750 earlier), 17x EV/EBITDA as we roll forward to Sept 2024E.
Rupee technically has depreciated 3.80% from 79 levels which was recently tested. I think Rupee will take support of 82 and remain in the range of 82-80 levels. This consolidation will benefit the importers if it tests 80 levels over short term.
– Megh Mody – Commodities and Currencies Research Analyst, Prabhudas Lilladher
Housing Development Finance Corp (HDFC) said HDFC Investments will sell 12% stake in Softcell Technologies
Price as on 28 Sep, 2022 10:23 AM, Click on company names for their live prices.
There were several upside attempts after achieving the17160 target, but all of them were rejected summarily,confirming further downsides aiming 16860 that we had lined up yesterday. Achievement of 16860 could givebulls a realistic chance to regroup. Failure to do so would open up falls towards 16650-16300.
– Anand James – Chief Market Strategist at Geojit Financial Services
Crypto Price Today: Bitcoin slips below $19K; XRP, Ethereum, Solana tank up to 11%
Godrej Properties, the real estate development arm of the Godrej Group, has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has total development potential of around 6 lakh sq ft and estimated booking value potential of Rs 750 crore.
Price as on 28 Sep, 2022 10:01 AM, Click on company names for their live prices.
Infrastructure major Larsen & Toubro’s subsidiary L&T Metro Rail (Hyderabad) has entered into a pact with Brookfield Group to transfer around 15 acres of land parcel in the Hyderabad Information Technology and Engineering Consultancy City (HITEC City) to the global institutional investor, said two people with direct knowledge of the development.
Price as on 28 Sep, 2022 10:00 AM, Click on company names for their live prices.
Shares of Pondy Oxides traded ex-bonus on Wednesday. The chemical company in August had announced a 1:1 bonus share issuance. Since the announcement of the bonus issue, the scrip has rallied over 50%.
Price as on 28 Sep, 2022 09:53 AM, Click on company names for their live prices.
Ahmedabad-based Torrent Pharmaceuticals Limited has entered into a definitive agreement to acquire 100% of skincare manufacturer Curatio Healthcare for Rs. 2,000 crores.
Price as on 28 Sep, 2022 09:40 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The texture of the market has changed from ‘buy on dips’ to ‘sell on rally’ and therefore, investors have to be cautious in the market now. The Bank Nifty has sharply corrected by 8% from its recent record high and is weak now. IT is likely to remain resilient supported by currency tailwinds. Autos and capital goods can be slowly accumulated on declines. Since valuations in India continue to be high relative to peers, investors may brace for more corrections in this bearish scenario. A sharp turnaround in global market sentiments will happen only when data indicate a decline in US inflation.
Voda Idea, Tata Steel, YES Bank among most active stocks on NSE
Price as on 28 Sep, 2022 09:26 AM, Click on company names for their live prices.
OPENING BELL: Sensex declines over 450 points, Nifty below 16,900; Torrent Pharma falls 5%, HDFC Bank 2%
INDIAN RUPEE OPENS AT RECORD LOW, DOWN 0.39% AT 81.8800 PER U.S. DOLLAR; PREVIOUS CLOSE 81.5800
Pre-open session: Sensex slumps over 400 points; Nifty below 16,890
Asia markets spooked by recession risks, dollar climbs
Asian share markets slid on Wednesday as surging borrowing costs fed fears of a global recession, spooking investors into the arms of the safe-haven dollar and driving the Chinese yuan to record lows.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 116 points, or 0.68 per cent, lower at 16,939, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Is range-bound Nifty scary?
Nifty bulls managed to protect the 200-DMA at 16,992.5 on a closing basis as the headline equity index ended just 9 points lower above the psychologically-important level of 17,000. On the daily charts, a negative candle, placed beside the similar negative candle of the previous session, was formed on Tuesday.
Tokyo stocks open lower after mixed US close
Tokyo stocks opened lower on Wednesday after Wall Street ended mixed, with the S&P 500 notching a new low for the year. The benchmark Nikkei 225 index was down 0.98 percent, or 261.70 points, at 26,310.17 in morning trade, while the broader Topix index was down 0.78 percent, or 14.65 points, at 1,858.36.
S&P 500 falls to two-year low, bear market rally snuffed out
The S&P 500 fell to its lowest level in almost two years on Tuesday on worries about super aggressive Federal Reserve policy tightening, trading under its June trough and leaving investors appraising how much further stocks would have to fall before stabilizing.
Oil prices mixed as Hurricane Ian output cuts support, dollar weighs
Oil prices were mixed in early Asian trade on Wednesday as support from U.S. production cuts caused by Hurricane Ian contended with crude storage builds and a strong dollar. Brent crude futures fell 4 cents, or 0.1%, to $86.23 per barrel by 0022 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 22 cents at $78.03 per barrel.
Rupee rises 14 paise to close at 81.53 against US dollar
The rupee consolidated in a narrow range and settled 14 paise higher at 81.53 against the US dollar on Tuesday as the American currency retreated from its elevated levels.
Sensex, Nifty on Tuesday
The 30-share Sensex fell 37.70 points to end at 57,107.52. Its broader peer, Nifty50, ended at 17,007.40, down 8.90 points. This was the 5th straight day of losses triggered after the Fed meet the outcome on September 21.
Good morning, dear reader! Here’s something to kickstart your trading day