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Share Market Closing Note | Indian Stock Market Trading View For 17 October 2022

18. October 2022 sandeep Stock Market Research (0)

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Share Market Closing Note

Benchmark indices climbed over 1 per cent in intra-day deals on Tuesday, before cooling off mildly as HDFC twins, Sun Pharma, NTPC, and Tech M weighed.

What Is a Stock Exchange? Definition and Examples

The gains were largely led by bank, auto, IT, and FMCG stocks. Their sectoral indices were up over 1 per cent each.

The S&P BSE Sensex ended at 58,961, up 550 points or 0.94 per cent, while the Nifty50 closed at 17,487, 175 points or 1 per cent, higher. The indices hit intra-day highs of 59,144, and 17,528, respectively.

In the broader markets, the Nifty MidCap and SmallCap indices gained 1.2 per cent, and 0.75 per cent, respectively. Overall, the market breadth firmly favoured buyers in the ratio of 2:1. Volatility index, India VIX, meanwhile eased over 5 per cent.

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Topic :- Time:3.00 PM

Nifty spot if manages to trade and hold above 17500 level on closing basis then expect some further upmove in the market in coming sessions and if it closes below above mentioned level then some sluggish movement can be seen. Avoid open positions for tomorrow.

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Topic :- Time:2.20 PM

Just In:

POLYCAB Q2 : CONS NET PROFIT AT 270 CR V 198 CR (YOY).

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Topic :- Time:2.00 PM

Nifty is trading flat. Nifty spot if breaks and trade below 17450 level then expect some decline in it and if it manages to trade and sustain above 17500 level then some upmove an follow in it.

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Topic :- Time:1.45 pm

Just In:

1. HERITAGE FOODS Q2 ; CONS . NET PROFIT AT 19 CR V 32.7 CR (YOY)

REVENUE AT 81.6 CR V 67 CR (YOY)

2. PRAJ Q2 : CON. PROFIT AT 48 CR V 33 CR (YOY)

REVENUE AT 876 CR V 532 CR (YOY)

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Topic :- Time:1.30 pm

GOLD Trading View:

GOLD is trading at 50540.If it manages to trade and sustain above 50580 level then expect some further upmove in it and if it breaks and trade below 50500 level then some decline can follow in it.

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Topic :- Time:1.00 pm

Nifty is trading in a range. Nifty spot if manages to trade and sustain above 17540 level then expect some upmove in the market and if it breaks and trade below 17480 level then some decline can follow in the Nifty. Currently nifty is trading at 17497.

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Topic :- Time:1.00 pm

Nifty is trading in a range. Nifty spot if manages to trade and sustain above 17540 level then expect some upmove in the market and if it breaks and trade below 17480 level then some decline can follow in the Nifty. Currently nifty is trading at 17497.

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Topic :- Time:11.30 am

News Wrap Up:

1. Sensex off highs, up 550 pts; PSB index rises 3%, HDFC, BPCL fall

2. 66% CEOs in India expect recession in 2023; layoffs on the cards

3. Bangladesh, Vietnam seen as competitors in textile and garment trade

4. BSVI phase 2: Diesel car cost likely to rise by nearly Rs 80,000

5. Invesco to sell 5.51% stake in Zee Entertainment for over Rs 1,300 cr

6. Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements

7. Zee Entertainment surges 6% after 53 mn shares change hands via block deal

8. Samvardhana Motherson slips 7%, hits new 52-week low after block deal

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Topic :- Share Market Closing Note

Nifty ends above 17,300 led by SBI, Bajaj Finserv; metals, realty close in the red

Stock Market Updates: Among sectors, buying was seen in financials, auto and power spaces while selling was seen in metals and realty names.

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Topic :- Time:3.20 PM

Nifty spot close above 17280 level will result in some further upmove in coming sessions and if it closes below above mentioned level then some sluggish move can continue. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 50514. If it breaks and trade below 50480 level then some decline can follow and if it manages to trade and sustain above 50550 level then some more upmove can follow. Gold is in Buy from decline trend as off now.

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Topic :- Time:2.00 PM

Nifty spot if manages to trade and sustain above 17320 level then expect some upmove in it and below 17280 level some decline can be seen.

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Topic :- Time:1.00 PM

Nifty spot if breaks and trade below 17260 level then expect some decline in the market and if it manages to trade and sustain above 17300-17320 levels then some upmove can follow in it. Currently Nifty spot is trading at 17287.

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Topic :- Time:12.30 pm

COPPER Trading View:

COPPER is trading at 654.If it holds above 652 level then expect good upmove in it and if it breaks and trade below 652 level then some decline can follow in Copper.

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Topic :- Time:12.00 PM

Nifty is showing some signs of weakness now. Nifty spot if breaks and trade below 17220 level then expect some decline in the market and if it manages to trade and sustain above 17260-17280 levels then some upmove can follow in the Nifty.

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Topic :- Time:11.40 am

Just In:

CRAFTSMAN AUTO Q2 : CONS NET PROFIT AT 62.48 CR V 49. 9 CR (YOY)

REVENUE AT 776 CR V 571 CR (YOY)

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Topic :- Time:11.30 am

News Wrap Up:

1. Sensex surges 200pts, Nifty50 above 17,200; SBI gains 2%

2. This recession was anticipated, says TCS MD & CEO Rajesh Gopinathan

3. HDFC twins may merge a few months ahead of schedule: HDFC Bank CFO

4. Soaring dollar leaves food piled up in ports as world hunger grows

5. Mothersons local wiring biz better placed than its global sales entity

6. Bajaj Auto gains 2% in a weak mkt after net profit climbs 20% YoY in Q2FY23

7. Rs 25 trn in Jan Dhan accounts, says Union Minister Kishan Reddy

8. Crypto weekly wrap: Tokens recover after plunging post-US inflation data

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Topic :- Time:11.00 am

After negative opening nifty has shown smart recovery and is trading in green now. Nifty spot if manages to trade and sustain above 17280 level then expect more momentum in the market and if it breaks and trade below 17220 level then some decline can be seen.

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Topic :- Here are 10 key factors that will keep traders busy next week

1) Corporate earnings

2) US industrial production, China Q3CY22 GDP

3) Other global economic data points

4) Indian rupee

5) FII flow

6) Economic data points

7) Technical View

8) F&O cues

9) Primary market

10) Corporate Action

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 17 October 2022:

Nifty to trade volatile and is likely to follow global cues. Trade as per market trend.

Nifty spot if manages to trade and sustain above 17250 level then expect some upmove in the market and if it breaks and trade below 17160 level then some further decline can follow in the market.

Please note this is just opening view and should not be considered as the view for the whole day.

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Axis Bank hikes MCLR by 25 bps, joining other lenders in policy action

18. October 2022 sandeep Stock Market Research (0)

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Central bank's MPC has cumulatively increased the repo rate by 190 bps since May

Axis Bank has increased its marginal cost of funds-based lending rate (MCLR) by 25 basis points (bps) with effect from October 18. Accordingly, the bank’s overnight to three-year MCLR now ranges from 8.15 per cent to 8.50 per cent.

The increase in lending rate by the country’s third largest private sector bank comes after the central bank’s six-member rate-setting body--monetary policy committee (MPC)—raised the benchmark repo rate by 50 bps in its September meeting, taking the repo rate to 5.90 per cent.

It was the third consecutive 50 bps hike delivered by the MPC and cumulatively the repo rate has been increased by 190 bps since May.

State Bank of India, the country's largest lender, last week raised its MCLR by 50 bps from October 15. Consequently, its overnight to three years’ MCLR now ranges between 7.60 per cent and 8.25 per cent.

Private lender Kotak Mahindra Bank increased its MCLR for various tenors with effect from October 16. Its overnight to three-year MCLR ranges between 7.70 per cent and 8.95 per cent.

Kochi-based Federal Bank has revised its one-year MCLR to 8.70 per cent.

Punjab National Bank, ICICI Bank, Yes Bank, HDFC Bank, Bank of Baroda are among the lenders which have already raised their MCLR rates following RBI rate action.

Fear of Lehman-like capitulation lessens as authorities respond promptly

18. October 2022 sandeep Stock Market Research (0)

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The UK episode indicates that policymakers and regulators are watching financial stability like a hawk and will not be held back by ideology or ego when financial stability is at stake; this realisation that a Lehmanesque capitulation won't be allowed may put a bottom for the markets for now

Fear of Lehman-like capitulation lessens as authorities respond promptly

The crash and recovery of UK gilts after the United Kingdom government reversed nearly all the tax cuts may have one positive side-effect on global markets: it could reassure markets that even if there are unknown unknowns like overleveraged institutions, regulators and authorities won’t mind bending the rules and eating humble pie, to avoid a default like Lehman Brothers. The rise of not just UK bonds but indeed many global risk assets in the past 24 hours is probably in celebration of this point.

Since the June fall the S&P 500 has repeatedly seen selling between 4,100-4,200 levels. One can pinpoint to similar resistances (17,900-18,000) in other major indices like Nifty as well. One big reason for this resistance has been a latent fear that the rapid hiking of rates and sucking out of liquidity by all major central banks will catch some institutions swimming naked. The events in the UK in the last fortnight proved that these fears are well-founded. No one expected that in a developed financial market like the UK, pensions funds — known to be solid risk averse institutions — will be found overleveraged or holding derivatives.

Nor did anyone expect the UK government — the oldest democracy in the world, with the world's oldest global financial centre in its jurisdiction — to indulge in such thoughtless policy flip-flop: to announce a yawning fiscal deficit in the teeth of double digit inflation, when bond markets were already skittish with uncertain geopolitics, and unprecedented energy prices. Such immature policy adventures are expected from banana republics, and from the derisively termed ‘under developed’ countries.

But the crisis also reassured global markets of mature reaction by politicians and regulators, when systemically important institutions or markets come to the brink. As leveraged pensions funds started off a panic vicious bond-selling, the Bank of England shrugged off all fears of criticism and boldly reversed its bond sale plan. It went out and bought bonds for a full two weeks unconcerned about criticism that it is diluting its monetary stance; the idea was to give pension funds adequate time to arrange for funds at not-too-distressed prices. Even more sensible was the way in which it ended the bond purchase programme, giving the UK government adequate notice that it won’t reverse its inflation-fighting mandate beyond a point, and it was time now for the fiscal authorities to undo their part of the damage.

UK Prime Minister Liz Truss and her Cabinet appear to have taken the hint and acted with equal speed and sense. The finance minister, the author of the tax cuts in the mini-budget, was sacked and a new chancellor of the exchequer was appointed, who quickly announced a near complete reversal of the tax cuts which created the chaos in the first place.

For markets, this sordid episode indicated that policy-makers and regulators are watching financial stability like a hawk, and will not be held back by ideology or ego when financial stability is at stake. This realisation that a Lehmanesque capitulation won't be allowed may put a bottom for the markets for now.

However, there are other dangers for the market.

Geopolitical minefields can still erupt. The US administration, earlier this month, announced restrictions on US persons supporting the development, production, or use of integrated circuits at some chip plants located in China. These restrictions appear to be applicable to all US Green Card holders, as well as US citizens working for the identified chip plants. It isn't yet clear how severely it may cripple some Chinese chipmakers. This step may well create a worldwide shortage of some chips once again. If the Chinese retaliate, there can be more geopolitical uncertainties.

Short point, world markets may have found some kind of a ‘put’ from global financial regulators, but this ‘put’ can be swept away by geopolitical uncertainties.

Healthcare | Should governments regulate private hospitals?

18. October 2022 sandeep Stock Market Research (0)

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Though the medical industry needs to be regulated, worse can be the cure through the unleashing of a mindless ‘inspector raj’ driven less by the keenness to protect patient interests, and more by rent seeking

In July, the Competition Commission of India (CCI) released its report on the pricing practices of 12 corporate hospitals. Though not surprising that these hospital chains were overcharging patients, what drew peoples’ attention was that for the first time an audit of sorts was carried by an arm of the government with powers to penalise ‘wrongful’ gains.

It was a report long overdue, and so welcomed by citizens struggling with the issue of exploitative prices without accountability to outcomes or ethical considerations. This then raises the issue whether it is time for government to regulate the pricing of services charged by private hospitals with the attendant question of should it, and can it.

Theory For Government Intervention

Asymmetry of information that creates an unequal power structure between care providers and patients is a typical characteristic of the health sector, providing a compelling argument for government intervention. It is basic economics that tells us that perfect competition and markets can only function when there are certain conditions such as perfect knowledge between suppliers and buyers, and no barriers to entry among others. Therefore, says economic theory, since health is not amenable to the fair allocation of resources between competing interests, it quickly slips into exploitation and exclusivity, unless controlled. This then sets the stage for the entry of the State.

In July, the Competition Commission of India (CCI) released its report on the pricing practices of 12 corporate hospitals. Though not surprising that these hospital chains were overcharging patients, what drew peoples’ attention was that for the first time an audit of sorts was carried by an arm of the government with powers to penalise ‘wrongful’ gains.

It was a report long overdue, and so welcomed by citizens struggling with the issue of exploitative prices without accountability to outcomes or ethical considerations. This then raises the issue whether it is time for government to regulate the pricing of services charged by private hospitals with the attendant question of should it, and can it.

Theory For Government Intervention

Asymmetry of information that creates an unequal power structure between care providers and patients is a typical characteristic of the health sector, providing a compelling argument for government intervention. It is basic economics that tells us that perfect competition and markets can only function when there are certain conditions such as perfect knowledge between suppliers and buyers, and no barriers to entry among others. Therefore, says economic theory, since health is not amenable to the fair allocation of resources between competing interests, it quickly slips into exploitation and exclusivity, unless controlled. This then sets the stage for the entry of the State.

Building value-based and non-adversarial work environments in the health sector is critical since all stakeholders have in the ultimate analysis one primary goal — the benefit of the patients, and their well-being as all are dependent on each other, and cannot do without the other.

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