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Share Market Closing Note
The bear-party, which started with the US Federal Reserve (US Fed) hiking rates by 75 basis points last week, continued for a sixth straight day on Dalal Street on Wednesday. The S&P BSE Sensex fell 509 points to close at 56,598, while the Nifty50 ended 149 points lower at 16,859. Both the frontline indices fell 0.89 per cent each.
Axis Bank, ITC, Reliance Industries, HDFC twins, Bajaj Finserv, IndusInd Bank, Tata Steel, and SBI were the top large-cap losers, while Sun Pharma, Power Grid, Asian Paints, Dr Reddys Labs, M&M, and Tech M climbed on the bourses.
In the broader markets, the BSE MidCap, and SmallCap indices lost 0.4 per cent each. Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent.
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Topic :- Time:3.10 PM
Nifty spot close above 16860 level will result in some further upmove in coming sessions and if it closes below above mentioned level then some sluggish movement can be seen. Avoid open positions for tomorrow due to F&O expiry.
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Topic :- Time:2.30 PM
Just In:
Saudi Arabias crown prince Mohammed bin Salman named prime minister.
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Topic :- Time:2.00 PM
Nifty is highly rangebound and is likely to remain volatile in a range. Nifty spot if manages to trade and sustain above 16700 level then expect some upmove in the market and if it breaks and trade below 16920 level then some decline can follow.
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Topic :- Time:1.00 PM
Nifty spot if manages to trade and sustain above 17020 level then expect some upmove in the market and if it breaks and trade below 16960 level then some decline can be seen. As nifty is approaching expiry so trade in limited quantity.
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Topic :- Time:12.00 PM
News Wrap Up:
1. Sensex, Nifty50 turn flat; Pharma, Auto stocks shine
2. Delhi HC grants bail to Ramkrishna, Subramanian in NSE co-location case
3. SEC fines Oracle $23 mn for bribing officials in India, Turkey, and UAE
4. Rupee hits new low, inches towards 82 per dollar on hawkish US Fed
5. Telecom may be first strategic sector to be picked up for privatisation
6. India rules out tax policy changes for inclusion in global indices
7. JSW Energy plans to raise $30.60 million through 3-year bonds
8. Torrent Pharma to acquire Curatio Healthcare for Rs 2,000 cr; stock down 6%
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Topic :- Stocks under F&O ban on NSE
1. Vodafone Idea
2. Zee Entertainment Enterprises
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Topic :- Stocks in News
Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173 percent shareholding in associate company Mahindra CIE Automotive. The sale has been executed through the bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427 percent to 9.254 percent. Participaciones Internacionales Autometal Dossociedad Limitada acquired 87.20 lakh shares in Mahindra CIE at an average price of Rs 284.88 per share.
H G Infra Engineering: Subsidiary H G Khammam Devarapalle Pkg-1 Private Limited has received financial closure for Greenfield highway project in Telangana, from the National Highways Authority of India.
Bharat Heavy Electrical: The company has received an order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement & construction) basis from NTPC.
Motherson Sumi Wiring India: The company said the board of directors will meet on September 30 to consider a proposal for the issuance of bonus shares to the equity shareholders of the company.
Supriya Lifescience: The board has appointed Rajeev Kumar Jain as Chief Executive Officer and Key Managerial Personnel of the company. Rajeev will be joining as CEO on October 3, 2022, to take Supriya on the next phase of its growth journey. Shireesh Ambhaikar has resigned as Chief Executive Officer of the company citing personal reasons.
GOCL Corporation: The company has completed the sale of the balance 12.25 acres of land for Rs 125.11 crore. Earlier it had sold 32 acres out of 44.25 acres of land.
Bharat Petroleum Corporation: Life Insurance Corporation of India has acquired an additional 2.01 percent stake in the company via open market transactions. With this, its shareholding in the company increased to 9.04 percent, up from 7.03 percent earlier.
Torrent Pharmaceuticals: The company has acquired Curatio Healthcare, which has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, for Rs 2,000 crore. It has entered into definitive agreements to acquire 100 percent in Curatio which reported revenue for FY21-22 at Rs 224 crore.
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Topic :- Investors Meetings on September 28
Shoppers Stop: Officials of the company will be meeting representatives of Invesco Asset Management.
Tech Mahindra: Officials of the company will attend Equirus Virtual Annual Conference.
Blue Star: Officials of the company will meet Aditya Birla Sun Life AMC.
Blue Dart: Officials of the company will meet ICICI Prudential Asset Management, Motilal Oswal AMC � PMS, L&T Mutual Fund, Helios Capital, Mirae Asset Management (India), and SBI Funds Management.
Alkem Laboratories: Officials of the company will meet Nine Rivers Capital.
Polycab India: Officials of the company will meet Government of Singapore Investment Corporation, M&G Group, Somerset Capital, Helios Capital, and Nikko Asset Management in Singapore.
Greaves Cotton: Officials of the company will interact with Pine Bridge.
ICICI Bank: Officials of the bank will interact with Jefferies Global Fund Managers.
Sapphire Foods India: Officials of the company will interact with Sundaram Mutual Fund, HDFC Securities, Bajaj Allianz Life Insurance, IIFL Holdings, and Chrys Capital.
CarTrade Tech: Officials of the company will attend Kotak PCG Virtual Conference.
Bharat Forge: Officials of the company will meet Van Eck Associates Corporation.
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Topic :- Nifty Opening Note
Nifty to turn volatile as the day progresses. Trade as per market trend.
Nifty spot if manages to trade and sustain above 17080 level then expect some upmove in the market and if it breaks and trade below 16940 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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