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Taxes absorb 58% telco revenues in nation with lowest tariff: Voda-Idea CEO

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Vodafone IdeaApart from being impacted by one of the highest visible levies in the world, Indian telcos have a large hidden cost due to which 58 percent of their revenues become liable for government taxes,  CEO Akshaya Moondra said. Arguing the industry quickly needs to make massive capital investments for migration of technology, he said the burden on the telecom sectr needs to be reduced fast.

"We have 18 per cent  and 12 per cent licence fees and spectrum use charges. This 30 per cent is very visible to everyone. What is not very visible is that the price of spectrum, if converted to an annuity value and calculated as a percentage of revenue, adds another 28 per cent of industry revenue (as a cost)," Moondra said while speaking at the CEOs conclave at the sixth India Mobile Congress.

"So, if you take the industry revenue of Rs 231 crore and you calculate the total value of the spectrum given out, which is close to Rs six trillion today, the annuity value of that payment comes to 28 per cent of revenue, on top of the visible costs. Therefore, 58 percent of revenue is reflected as government levies in a country where the tariffs are the lowest," he explained.

Moondra said the operational cash generation of telcos can be released for investments if the government reduces the tax burden.

"With each transition of technology, especially from 4G to 5G, the data being carried by the networks is massive. This data cannot be carried wirelessly, you need fibre to carry it. Unfortunately the right-of-way regulations in the country have been very difficult. The government has taken some steps towards rectifying that. But if  is to be successful in India, it is very important that this right-of-way mess which exists today is sorted out," he added.

New opportunities

Moondra said that  brings with it features like low latency, ultra low latency, massive machine-type communication, and the ability to slice networks.

"These will contribute to automating manufacturing in a manner that was not possible earlier. Over the next 2-3 years, manufacturing, including internet-of-things, would be one of the key drivers of technology being deployed for the betterment of society, and for improving efficiency and productivity," he added.

Latency specifies the end-to-end communication delay, measuring the time between the sending of a given piece of information and the corresponding response.  can be exploited to reduce network latency. Latency can be identified in the time gap between the moment a “stop” button is clicked and the instant in which a remotely driven vehicle actually starts braking. Experts say reducing the latency experienced by the end users from hundredths of a second to a few milliseconds can have an unexpected impact, leading to a real digital revolution.

Madhusudhan Mysore, CEO & Executive Chairman,  Transformation Services (TCTS) said the massive level of investment expected in 5G is backed up by a number of established use cases. "It could be a consumer or industry use case. But the business implications are massive. The buyer is going to be the strategic person. It (5G) is no more jut a technological or IT-infrastructure conversation. It is becoming part of the boardroom's business strategy," he said.

"4G deployment has grown from nine per cent in 2016 to 68 per cent now. That is phenomenal, with a 15-fold growth in data consumption. Indians consume 15 Exabytes of data each month," Salil Raje, SVP Data Center & Communications Group at American multinational semiconductor maker AMD said. One Exabyte equals 1 billion Gigabytes.

He said India needs to pool in more talent into the hardware processing sector if it wants to sustainably expand and grow its export from the sectors. "We at AMD have 6,000-7,000 engineers in India, but we need to bring in a lot more talent," Raje said.

"We need to start thinking about private 5G which is extremely important in the areas of education and healthcare. Because it can bring quick impact to all these businesses and show the real value of 5G. Private 5G refers to managed services for deploying, operating, and scaling private cellular networks on premises with integrated hardware and software.

However, some business leaders said that newer networks that are programmable to use new opportunities for monetizing 5G are the need of the hour. "People are saying that 5G represents big investments, but Average Revenue Per User (ARPUs) are southbound while capital expenditure and operating expenditure is northbound. We need to get these curves going in the opposite direction," Puneet Sethi, Senior Vice President & General Manager at American telecommunication software company Mavenir said.

Touted as the largest telecom, media, and technology forum in Asia, the four-day long India Mobile Congress is jointly organised by the  (DoT) and  (COAI).



Share Market Closing Note

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 Share Market Closing Note

Equity markets were choppy on Monday as global mood remained sombre, and investors booked profit after Fridays 2-per cent rally. The S&P BSE Sensex gyrated within a band of 771 points, before settling at 56,789, down 638 points or 1.11 per cent. The NSE Nifty50, too, closed 207 points, or 1.21 per cent, lower at 16,887. The index hit a high of 17,114.65, and a low of 16,921.25 during the day. 

Adani Enterprises was the biggest Nifty dragger as it dropped 9 per cent. This was followed by selling in Eicher Motors, Maruti Suzuki, Adani Ports, Hindalco, Tata Consumer Products, HUL, Kotak Bank, ITC, HDFC Life, Britannia, SBI, and Tata Motors. All these stocks fell between 2 per cent and 6 per cent.

On the upside, ONGC, Cipla, Coal India, Dr Reddys Labs, BPCL, Divis Labs, and Bharti Airtel helped trim losses. 

The broader markets declined in tandem with benchmarks with the BSE MidCap, and SmallCap indices dipping 1.24 per cent, and 0.5 per cent, respectively. Overall, there were roughly 1,400 stocks in the green on the BSE, as against over 2,100 stocks in the red. Volatility index -- India VIX -- surged over 7 per cent today.

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Topic :- Time:3.10 PM

Just In:

Zee offers to shut down major entertainment channel for merger with Sony.

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Topic :- Time:3.00 PM

Nifty spot close above 16900 level will result in some upmove in the market in coming sessions and close below above mentioned level will mean some further decline in the Nifty. Avoid open positions for tomorrow

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 50420.If it manages to trade and sustain above 50480-50500 levels then expect some quick upmove in it and if it breaks and trade below 50380 level then some decline can follow in it.

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Topic :- Time:2.00 PM

Nifty is declining. Nifty spot if manages to trade and sustain above 16960 level then expect some further upmove in the market and if it breaks and trade below 16920 level then some decline can follow in the Nifty.

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Topic :- Time:2.00 PM

Nifty is declining. Nifty spot if manages to trade and sustain above 16960 level then expect some further upmove in the market and if it breaks and trade below 16920 level then some decline can follow in the Nifty.

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 642.55.If it holds below 645-646 level then expect some decline in it and it is likely to test 638-636 levels quite soon and if it manages to trade and sustain above 646 level then some upmove can follow in it.

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Topic :- Time:1.20 PM

Just In:

Zydus Lifesciences gets USFDA nod for generic drug.

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Topic :- Time:1.00 PM

Nifty is rangebound. Nifty spot if manages to trade and sustain above 17060 level then some upove can be seen in the market and if it breaks and trade below 17000 level then some decline can follow in the Nifty.

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Topic :- Time:12.30 PM

NATURALGAS Trading View:

NG is trading at 548.50.If it manages to hold above 544 level then expect some further upmove in it and only below 544 it can slide down. Buy on decline till it holds above 544 is recommended.

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Topic :- Time:12.00 PM

After negative start nifty is still trading in red zone. Nifty spot if breaks and trade below 17000 level then expect some further decline in the market and if it manages to trade and sustain above 17060 level then some upmove can follow in Nifty.

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Topic :- Time:11.30 AM

News Wrap up:

1. Sensex trims losses, down 150pts; Nifty50 below 17,050

2. Manufacturing PMI dips to 3-month low of 55.1 in September on poor demand

3. $1.2-trn PM Gati Shakti plan can snatch away factories from China

4. Hotels sold out as big fat Indian weddings recover from Covid shock

5. Reliance Jio may not charge a premium for its 5G services initially

6. Xiaomi says 84% of Rs 5,551 cr seized by ED was royalty payment to Qualcomm

7. Nykaa soars 11% after board approves 5:1 bonus share

8. RITES hits all-time high on healthy outlook; stock climbs 15% in 3 days



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India's largest fintech M&A deal falls through: PayU calls off BillDesk buy

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The acquisition of BillDesk for a total consideration of $4.7 billion had been announced on August 31 last yearBillDesk PayU

The biggest merger & acquisition (M&A) deal in the Indian financial technology space has fallen through, with Prosus-backed  calling off the acquisition of BillDesk. The acquisition, for a total consideration of $4.7 billion, had been announced on August 31, 2021.

In a statement issued on Monday, Prosus said: “Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval by the  (CCI).  secured CCI approval on September 5, 2022. However, certain conditions precedent were not fulfilled by the September 30, 2022, long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented.”

On August 31, 2021, Prosus had announced that an agreement had been reached between  Payments Private Limited (PayU), a subsidiary of Prosus, and the shareholders of the Indian digital payments provider BillDesk.

While the deal got a go-ahead from the CCI only in September, it was yet to receive the approval of the Reserve Bank of India (RBI). The process was to take at least 45 days.

Prosus, a long-term investor and operator in India, has invested close to $6 billion in Indian technology  since 2005. It said it remained committed to the Indian market and growing its existing businesses within the region. Some of its other investments include Meesho, Byju’s, DeHaat, Mensa Brands and Good Glamm Group.

This acquisition would have made PayU the biggest player in the digital payment (B2B) segment. At the time of acquisition announcement, PayU India head Anirban Mukherjee had told Business Standard that the synergies of both the  would lead to more new products being launched in the market.

“We do know where some of the synergies are. For instance, they are very strong in bill payments in the government and financial services.

We are much more focused on e-commerce and SMEs. There are synergies where their products apply to our customers and vice versa. Like LazyPay can go into their checkout pages. The bigger conversation will happen once we close this deal. I feel this type of scale can drive a different level of innovation and access to the market. We have a lot of complementary strengths and I am hoping that we will have lots of ideas on taking this to drive digitisation of the last mile much faster in India,” he had said.

During the announcement, PayU had estimated that the combined entity would process total payment values (TPV) of $152 billion based on FY21 numbers.BillDesk is one of the largest players in the payment aggregator space, especially with its early-mover advantage as well as a strong hold in the utility payment space. Industry estimates suggest BillDesk’s market share to be in the 25-30 per cent range. The second-largest players is Razorpay, with a share of around 20 per cent.

Festive demands up airfares by 20-30% on key routes across country

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The hike in airfare prices is a result of the increased cost of aviation turbine fuel, according to ixigo's data

Delhi airport, air travel, passengers, coronavirus

Increased demand during the ongoing festival season has caused airfares on major routes across the nation to increase by 20 per cent to 30 per cent, reported The Hindu Businessline.

Research by ixigo, an Indian AI-based online travel portal, shows that typical airfares have increased by 20–30 per cent this year on popular routes as a result of the increase in aviation turbine fuel (ATF). Around  and Diwali, EaseMyTrip has also seen a surge in airfares on metro routes.

Aloke Bajpai, Group CEO & Co-founder of the IPO-bound OTA  said to The Hindu Businessline, “With  and  just around the corner, excitement for the festival season is at its peak. Flight searches have risen 25-30 per cent for leisure travel for  week compared to last year.”

Cleartrip’s data also revealed 23 per cent higher bookings in the same period.

Patna, Mumbai, Jaipur, Ahmedabad, Varanasi, Hyderabad, Pune, Goa, Bagdogra and Dehradun are among the top 10 leisure destinations for travel between October 01 and October 24, found the ixigo’s data.

Customer confidence has now increased as the majority of eligible citizens of India have received their booster vaccinations and the virus's impact has decreased.

This has encouraged airlines to make up for the lost revenues over the previous two years, which is supported by the raising of the airfare cap on August 31.

 has predicted that due to increasing demand for travel, last-minute prices for well-travelled routes will experience a sharp increase in airfares. For instance, on travel dates shortly before Diwali, one-way rates for routes like New Delhi to Patna, which are typically approximately Rs 5,000, might reach as high as Rs 8,000-13,000.

However, there is a decrease in airfare between  and after Diwali in an effort to prevent further financial hardship for its consumers. Along with this,  (OTAs) and airlines are providing their clients with flash bargains and offers.

According to Cleartrip spokesperson, there are sectors where prices have dropped and there are expensive fares too.

Manufacturing PMI edges down to 55.1 in September

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India's manufacturing PMI for September has come in above 50 for the 15th month in a rowManufacturing Purchasing Managers' Index jumps to 55.3 in July

India's manufacturing activity lost some momentum in September, with S&P Global's Purchasing Managers' Index (PMI) edging down to 55.1 from 56.2 in August, data released on October 3 showed.

A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction.

This is the 15th consecutive 50-plus print for the manufacturing PMI.

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Watch: Elon Musk showcases humanoid robot at Tesla AI event

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Tesla AI Day: Elon Musk has said Tesla's robot business will be worth more than its cars.Tesla CEO Elon Musk showcases humanoid robot at event | Arab News PK

Tesla CEO Elon Musk showcased his much-touted humanoid robot 'Optimus' at the electric vehicle maker's "AI Day" event on Friday.

The billionaire has said a robot business will be worth more than its cars, hoping to expand beyond self-driving cars that have not yet become a reality despite his repeated promises.

A prototype of the robot walked on stage and waved to the seated audience. A video of the robot carrying a box, watering plants and moving metal bars in the automaker's factory was shown.

"Our goal is to make a useful humanoid robot as quickly as possible," Musk said at the event being held at a Tesla office in Palo Alto, California.

Musk is also expected to discuss Tesla's long-delayed self-driving technology. In May, Musk said that the world's most valuable carmaker would be "worth basically zero" without achieving full self-driving capability, and it faces growing regulatory probes, as well as technological hurdles.

"There will be lots of technical detail & cool hardware demos," Musk wrote on Twitter late on Wednesday, adding the event was aimed at recruiting engineers.

Tesla's live demonstration record is mixed. Launches typically draw cheers, but in 2019 when Musk had an employee hurl a steel ball at the armored window of a new electric pickup truck, the glass cracked.

The key test for the robot is whether it can handle unexpected situations.

Musk announced Tesla's plan for humanoid robots at its AI day in August last year and delayed this year's event from August to have its robot prototype working, with a plan to start production possibly next year.

Tesla teased the unveiling of the bot on social media with an image of metallic robotic hands making a heart shape. But building human-like, versatile hands that can manipulate different objects is extremely challenging, said Heni Ben Amor, a robotics professor at Arizona State University.

Initially, Optimus, an allusion to the powerful and benevolent leader of the Autobots in the Transformers media franchise, would perform boring or dangerous jobs, including moving parts around Tesla factories or attaching a bolt to a car with a wrench, according to Musk.

"There's so much about what people can do dexterously that's very, very hard for robots. And that's not going to change whether the robot is a robot arm or whether it's in the shape of a humanoid," Jonathan Hurst, chief technology officer at Agility Robotics, a humanoid robot firm, told Reuters.

Musk has said that in the future robots could be used in homes, making dinners, mowing the lawn and caring for the elderly, and even becoming a "buddy" for humans or a sex partner.

He is due at Friday's event to give updates on Tesla's much-delayed plan to launch self-driving cars, and on its high-speed computer, Dojo, which was unveiled last year and the company has said is integral to its development of self-driving technology.

Musk has said he expects Tesla will achieve full self-driving this year and mass produce a robotaxi with no steering wheel or pedal by 2024.

At an "Autonomy" event in 2019, Musk promised 1 million robotaxis by 2020 but has yet to deliver such a car.

Share Market Closing Note Indian Stock Market Trading View For 30 Septmber 2022

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Indian benchmark indices ended sharply higher on September 30 with Nifty closing above 17,000 after Reserve Bank of India (RBI) announced repo rate hike by 50 bps.Blog for Stock tips, Equity tips, Commodity tips, Forex tips:  Sharetipsinfo.com | Want to beat the stock market volatility? Just keep on  reading this exclusive blog by Sharetipsinfo which will cover topics

At Close, the Sensex was up 1,016.96 points or 1.80% at 57,426.92, and the Nifty was up 276.20 points or 1.64% at 17,094.30. About 2283 shares have advanced, 1058 shares declined, and 95 shares are unchanged.

Hindalco Industries, Bharti Airtel, IndusInd Bank, Bajaj Finance and Kotak Mahindra Bank were among the top gainers on the Nifty. However, losers included Shree Cements, Asian Paints, Britannia Industries, Coal India and Dr Reddys Laboratories.

All the sectoral indices ended in the green with auto, power, capital goods, bank, realty and metal up 1-2 percent.

BSE Midcap and Smallcap indices added 1 percent each.

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Topic :- Time:3.00 PM

Nifty spot if holds above 17080 level on closing basis then expect some upmove in market in coming sessions and close below above mentioned level will result in some sluggish movement. Avoid open positions for Monday.


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Topic :- Time:2.50 PM

UK Forex reserve is at all time low. Its just $500 Billion which is way lower than India. They might enter into recession followed by depression during winter time as Industries will suffer due to leakage in Gas pipeline from Russia which will be closed again. With upcoming winters survival without Russian gas will be difficult.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 50336.If it manages to trade and sustain above 50380 level then some further upmove can be seen and if it breaks and trade below 50290 level then some decline can follow.

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Topic :- Time:2.00 PM

Nifty is recovering smartly. Nifty spot if manages to trade and sustain above 17160 level then expect some further upmove in the market and if it breaks and trade below 17120 level then some decline can be seen.

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 654.If it manages to trade and sustain above 655.20 level then expect some upmove in it and if it breaks and trade below 653.20 level then some decline can follow in the market.

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Topic :- Time:1.10 PM

Just In:

Nestle India finance chief David Steven McDaniel to step down from March.

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Topic :- Time:1.00 PM

Nifty spot is trading at 17088. If it manages to trade and sustain above 17120 level then some upmove can follow in the market and if it breaks and trade below 17060 level then some decline can be seen.

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Topic :- Time:12.00 PM

Nifty is trading in green zone and is going strong now. Nifty spot if manages to trade and sustain above 17020 level then expect some further upmove in the market and if it breaks and trade below 16960 level then some decline can follow in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex up 450pts, Nifty above 16,900 after RBIs 50 bps rate hike

2. RBI policy: Repo rate hiked by 50 bps to 5.9%; FY23 GDP forecast cut to 7%

3.  Govt must curb non-essential imports to stem rupee fall: CEO poll

4. Discussions on with Indus Towers for softer payment terms, says Vi

5. India is the only growth market for autos globally: S&P Global Mobility

6. India falls short on FTSE Russell EM government bond index inclusion

7. LNG markets may tighten further in 2023 as demand likely to rise: IEA Chief

8. Sebi permits FPIs to participate in exchange-traded commodity derivatives

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 30 Septmber 2022:

Expect market to remain volatile throughout the day. Global cues to dictate trend.

Nifty spot if manages to trade and sustain above 16880 level then expect some further upmove in the market and if it breaks and trade below 16780 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.


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Repo rate expected at 6.5% by FY23-end: Unmesh Kulkarni of Julius Baer

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Unmesh Kulkarni of Julius Baer India expects the RBI to continue on the path of rate hikes for some more time (December and February policies).

Repo rate expected at 6.5% by FY23-end: Unmesh Kulkarni of Julius Baer -  Finnoexpert

Unmesh Kulkarni – Managing Director and Senior Advisor at Julius Baer India

The monetary policy was on expected lines, and the fixed income markets were pretty much anticipating the 50 basis point hike in policy rates, especially after the 75 bp hike by the US Fed along with their hawkish messaging.

Overall, the Monetary Policy Committee (MPC) is concerned about the emerging shocks on the global front – Covid shocks followed by Ukraine shocks and, now, the rate hike aggression shocks by global central banks – as these shocks tend to have spillover effect on other economies.

On the other hand, the RBI Governor exuded a lot of confidence around the state of the Indian economy – resilience of domestic demand, encouraging signs around credit growth, capacity utilisation, the government's thrust on capital expenditure, and the strength of our forex reserves along with better performance of rupee vis-à-vis other currencies.

On the liquidity front, given the advanced stage of tightening that we are already in, one would have expected an official change in the policy stance to include the word “tightening”; however, the MPC has chosen to stay with the stance “withdrawal of accommodation”. RBI has been successful in bringing down the excess system liquidity through its VRRR (variable rate reverse repo) auctions. The money markets have reacted sharply to the tightening liquidity, with the call rates hovering around 5.75 percent – 5.85 percent in the past one week, and closer to the enhanced repo rate of 5.90 percent.

Also read - As RBI raises repo rate, here are 10 rate-sensitive stocks to bet on

Inflation remains on the higher side and above the RBI’s comfort zone. The RBI has retained its overall projections for inflation (as per the previous policy) and expects CPI to moderate sequentially over the next few quarters, from the current expected 7.1 percent in the second quarter to five percent in FY24. Despite easing of crude oil prices and food inflation, RBI perceives uncertainty on the overall inflation trajectory on supply concerns as well as the strength of the US dollar (leading to imported inflation).

Given the lower-than-expected GDP growth in the first quarter (13.5 percent versus projected 16.2 percent), the MPC has lowered its growth outlook for FY23 from 7.2 percent to seven percent, but raised the growth outlook for the coming quarters, as well as for the first quarter of FY24 (7.2 percent versus earlier projection of 6.7 percent). This projection seems optimistic and will likely be tested over time, as the world is staring at a recession, and not a phase of accelerated growth, as a fallout of the continuous and massive rate hikes by global central banks.

Also read - RBI Monetary Policy Live Updates: MPC to discuss RBI's reply to government on failing to meet inflation target

Overall, the policy managed to perform a balancing act, between inflation and global concerns on the one hand, and providing optimism around the domestic growth/demand situation on the other. We do expect the RBI to continue on the path of rate hikes for some more time (December and February policies).

Although the Governor mentioned that the MPC would avoid providing guidance around a terminal policy rate, it would be reasonable to assume a repo rate of 6.5 percent at the end of FY23, especially against the backdrop of an aggressive Fed, dollar strengthening and rising global bond yields.

In the near term, as fixed income markets had already priced in this 50 bp rate hike, there is a possibility of some pullback in yields; however, the yield curve will continue to be under upward pressure until the markets start sensing that we are close to the end of the tightening.

RBI heads for its third half-point hike as rupee slumps

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The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 34 of 46 economists surveyed by Bloomberg as of Thursday.RBI rate hike: India heads for its third half-point hike as rupee slumps,  Auto News, ET Auto

The Reserve Bank of India is expected to increase its policy rate by half a point for the third time in a row as the currency’s plunge to a record low this month complicates the battle against inflation.

The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 34 of 46 economists surveyed by Bloomberg as of Thursday. Eleven forecast the rate will rise by 35 basis points to 5.75%, while one sees a quarter-point increase.

Hawkish Policy | RBI headed for third half-point rate increase

Governor Shaktikanta Das may opt to dial up his hawkish rhetoric from his tone at the August meeting when he pledged to do “whatever it takes” to cool inflation that has stayed above 6% this year. Since then, India’s price gains quickened anew and the currency slump deepened as the Fed raised rates by 75 basis points for a third consecutive time and amplified a hawkish signal while warning of a painful slowdown needed to curb US inflation.

“The biggest point of worry currently is the significant depreciation in the currency,” said Upasna Bhardwaj, chief economist of Kotak Mahindra Bank Ltd. Deteriorating reserves curtail RBI’s ability to intervene so “higher interest rates will have to be maintained with hawkish tone in the policy to support the rupee.”

Here’s what to watch out for when Das addresses media:

Oil, Food Prices

With oil prices falling below $80 a barrel from more than $120 in June, the RBI will probably revise its oil price assumption on Friday from the $105 level it factored in previously. It’s unlikely to make any significant changes to this year’s 7.2% economic growth forecast, or 6.7% inflation outlook, given pressures from food grain prices.

“The inflation-growth mix is likely to remain tricky,” HSBC Holdings Plc economists led by Pranjul Bhandari wrote in a note this week. They expect the RBI to hike by 50 basis points each at the September and December meetings and see average inflation staying above the 4% mid-point of the RBI’s target range in the current and next fiscal years as economic growth slows.

In a separate survey by Bloomberg on India’s economy, retail inflation is seen to average at 5.1% next fiscal year from a 6.6% estimate in the year ending March while the latest projections on economic growth moderated to 7% and to 6.1% for fiscal years 2023 and 2024. Economists polled on the policy path expect the key rate to rise by another 25 basis points by March 2023 after a half-point hike on Friday.

FX Reserves

The rupee is down about 10% this year and trading near a record low even after the RBI mounted a staunch currency defense in the past year -- evident from an almost $100 billion drop in its foreign-currency reserves, with some of the decline attributed to revaluation. Das had said the reserves “provide a cushion against external shocks.”

A broad consensus among market participants was that anything lower than a 50 basis-point hike, or the governor sounding less hawkish may push the currency even lower.

“Rupee readjustment is catching up faster than peers, as it was held artificially stronger in past adjustments by policy intervention,” Madhavi Arora, lead economist at Emkay Global Financial Services wrote in a note, “The FX war chest has already dipped an estimated more than $100 billion, while the war is still pretty much on.”

Bonds, Liquidity

Bond traders are watching for signs from the central bank on how it plans to manage liquidity in the financial system that’s been tightening.

While the RBI’s intervention in the foreign-currency market is reducing the supply of rupees, increased domestic activity after a broad reopening from virus restrictions has contributed to the strain.

The liquidity crunch along with RBI’s rate hikes are reflected in rising shorter-term borrowing costs. Five-year yields are edging higher than benchmark 10-year notes, and a flattening yield curve is delivering the narrowest spread between 10- and 2-year yields since 2020.

The bond market is also awaiting the results of index reviews by FTSE Russell and JPMorgan Chase & Co. and whether or not India will be included.

Share Market Closing Note |Indian Stock Market Trading View For 29 Septmber 2022

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Topic :- Share Market Closing Note

Indian benchmark indices ended lower in the highly volatile session on September 29 ahead of Reserve Bank of India policy announcement..Stock Market Update: Sensex Falls Above 1,730 points, Nifty Below 15,700;  10 Updates

At Close, Sensex was down 188.32 points or 0.33% at 56,409.96, and the Nifty was down 40.50 points or 0.24% at 16,818.10. About 1775 shares have advanced, 1435 shares declined, and 102 shares are unchanged.

Asian Paints, Tech Mahindra, Hero MotoCorp, Bajaj Auto and Titan Company were among the top losers on the Nifty. However, gainers included ONGC, ITC, Apollo Hospitals, Hindalco Industries and HDFC Life.

On the sectoral front, power index down 1.3 percent, while FMCG, metal and pharma indices up 1 percent each.

BSE Midcap and Smallcap indices up 0.3-0.6 percent each.

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Topic :- Time:3.00 PM

Nifty is in no man land. Avoid open positions for tomorrow. Nifty spot close above 16840 level will result in some pull back else as per global cues we can witness more fall in coming sessions.

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Topic :- Time:2.40 PM

NATURALGAS Trading View:

NG is trading at 579.80.If it manages to trade and sustain above 580 level then expect some further upmove and if it breaks and trade below 578.80 level then some decline can be seen.

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Topic :- Time:2.00 PM

Nifty is highly volatile right now. Nifty spot if manages to trade and sustain above 16820 level then expect some upmove in the market and if it breaks and trade below 16780 level then some decline can follow in the Nifty.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 49958.If it manages to trade and sustain above 50050 level then expect some upmove in the market and if it breaks and trade below 49900 level then some decline can be seen in it.

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Topic :- Time:1.00 PM

Nifty spot is trading at 16825.If it manages to trade and sustain above 16840 level then expect some upmove in the market and if it breaks and trade below 16800 level then some decline can follow in the market. Nifty is currently trading around its support zone.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 637.20.If it breaks and trade below 636.80 level then expect some decline in it and if it manages to trade and sustain above 638.20 level then some upmove can follow. However for now trend is sell from rise in metals.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days high, up 200 points; Nifty50 tests 17,000

2. India eyes $550 million incentives to woo companies like Apple, Dell

3. Indias CAD may have breached 3% of GDP in Q1 on surge in imports

4. RBI to hike repo rate by 50 bps for 3rd time in a row as rupee slumps

5. TotalEnergies may trim stake in Adani Green to cash in on valuation jump

6. Sebi to allow confidential pre-filing of IPO documents in Sept 30 meet

7. Nykaa soars 6% as companys board to consider maiden bonus issue on Oct 3

8. Go Fashion hits record high on healthy outlook; up 100% against issue price

9. Lupin dips 3% as US FDA issues warning letter for Tarapur facility

10. India reaches out to US, Iraq for LNG after Gazprom reduces supply

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Topic :- Time:11.00 AM

After gap up opening nifty is still trading in green zone. Nifty spot if manages to trade and sustain above 16960 level then expect some further upmove and if it breaks and trade below 16900 level then some decline can follow in the market.

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Topic :- Stocks under F&O ban on NSE

1. Vodafone Idea

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Topic :- Stocks in News

Gensol Engineering: The company said the board has approved the preferential allotment of 12,81,993 equity shares at an issue price of Rs 1,036.25 per share. With this, it has raised Rs 132.84 crore via preferential issue.

Blue Dart Express: The company has announced average shipment price increase of 9.6 percent for 2023 as compared to 2022. The general price increase will be effective from January 1, 2023.

Supriya Lifescience: The company has received Certification of Suitability (CEP) for Diphenhydramine hydrochloride, API in anti-histamine therapy, from European Directorate for the Quality of Medicines and HealthCare (EDQM). This will be an added advantage for Supriya Lifescience in the European market. Global demand for Diphenhydramine Hydrochloride is 1850 tons, of which major demand is in the regulated markets.

S H Kelkar and Company: Subsidiary Keva Europe BV has acquired 19 percent equity stake in Netherlands-based Provier Beheer BV, the holding company of Holland Aromatics BV. With this, Keva Europe BV now holds 81 percent and the balance will be acquired in a span of two years. In addition, Creative Flavours & Fragrances SpA, Italy (CFF), a material subsidiary, acquired balance 30 percent of stake in Nova Fragrance Srl, Italy (Nova) thus making Nova, a wholly-owned subsidiary of CFF.

Essar Shipping: The company said the Board of Directors approved the appointment of Vipin Jain as Chief Financial Officer of the company. The appointment will be effective from October 1, 2022. Ranjit Singh has decided to step down from the post of Chief Executive Officer due to personal occupancy.

ITI: ITI has received Rs 80 crore against allotment of shares to the Government of India. The Board of Directors has approved allotment of 77,33,204 equity shares at Rs 103.45 per share to the President of India.

Genesys International: The company announced collaboration with Bentley Systems to provide 3D mapping capabilities for major cities across India. Bentley Systems is an infrastructure engineering software company.

Anupam Rasayan India: The company has opened its qualified institutional placement issue on September 28 after the approval of preliminary placement document. The floor price has been fixed at Rs 762.88 per share. It may offer a discount of up to 5 percent on the floor price.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 29 Septmber 2022:

F&O Expiry today. Expect market to remain volatile throughout the day.

Nifty spot if manages to trade and sustain above 16880 level then expect some further upmove in the market and if it breaks and trade below 16780 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.


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