NIFTY Financial News

Stock market today: Key benchmark indices of the Indian stock market had a gap up opening during early morning deals on Thursday that has further fueled speculation for the NSE Nifty to hit 20,000 mark in near term. According to stock market experts Nifty today is facing hurdle at 19,600 and chances of Nifty hitting 20,000 levels may get more fodder only when the 50-stock index breaches this resistance on closing basis.

rupee fell 2 paise to hit the lowest level of 83.15 against the US dollar in early trade on Thursday amid a strong American currency and elevated crude oil prices. Forex traders said, massive selling of equities by foreign investors in the past few sessions and subdued market sentiment also put pressure on the Indian currency. Crude oil breached the level of USD 90 per barrel after oil producing countries agreed to extend supply cut till December this year, while dollar strengthened on safe-haven demand. At the interbank foreign exchange, the domestic unit opened at 83.15 against the dollar, 2 paise lower from its previous close.

L&T Technology Services Ltd.(up 0.77 per cent), Wipro Ltd.(up 0.29 per cent), MphasiS Ltd.(up 0.23 per cent), Tata Consultancy Services Ltd.(up 0.08 per cent) and Tech Mahindra Ltd.(up 0.06 per cent) were among the top gainers. Coforge Ltd.(down 1.43 per cent), Infosys Ltd.(down 0.47 per cent), Persistent Systems Ltd.(down 0.32 per cent), HCL Technologies Ltd.(down 0.12 per cent) and LTIMindtree Ltd.(down 0.01 per cent) were the top losers on the index. The Nifty IT index was down 0.13 per cent at 32271.1 at the time of writing this report. Benchmark NSE Nifty50 index was down 25.5 points at 19585.55, while the BSE Sensex was down 97.56 points at 65782.96. Among the 50 stocks in the Nifty index, 19 were trading in the green, while 30 were in the red. Shares of JP Power, Indian Railway Fin, Vodafone Idea, YES Bank and Zomato were among the most traded shares on the NSE. Shares of Responsive Ind., Usha Martin, Cochin Shipyard, IOL Chemicals and Onward Tech hit their fresh 52-week highs in today's trade, while Penta Gold, Bombay Metrics Suppl, Redtape L, Atam Valves and Pyramid Technoplast hit fresh 52-week lows in trade.

Rishabh Instruments IPO: Allotment status has become public for the initial public offering (IPO) of Rishabh Instruments Limited. Those who have applied for the Rishabh Instruments IPO, they are advised to check their Rishabh Instruments IPO allotment status online at BSE website or at the website of its official registrar KFin Technologies. However, after allotment of shares, investors and market observers are eagerly waiting for the Rishabh Instruments IPO listing date, which is most likely on 11th September 2023 i.e.

Nifty Metal index has gained approximately 5 per cent, while the benchmark Nifty has risen by about 2 per cent. With the exception of August, when the metal pack fell by 1.5 per cent, the index has witnessed significant gains since March this year, driven by hopes of a revival in demand both from China and domestically as economic growth picks up. Since September last year, the metal pack ended in the red only four times on a monthly basis.

Indian equities that has swelled the market’s total valuation by $775 billion in a little more than five months has been accompanied by a notable shift in investor preference to smaller stocks. That poses risks as gauges of small and mid-cap shares show signs of overheating, and as the domestic economic outlook becomes more clouded ahead of national elections next year. Smaller companies are seen benefiting more from the ongoing recovery in India’s capital expenditure. Larger stocks, in contrast, have been relatively restrained by worry over the impact of a possible global recession on the nation’s major IT firms, as well as fallout from a short-seller campaign against the sprawling group controlled by billionaire Gautam Adani. The trend is the opposite to what has been seen in the US stock market, which has been driven by a handful of technology megacaps surging on the boom in artificial intelligence, leaving small caps in the dust. The Nifty Midcap 100 Index has risen 37% from a March low, compared with a 16% gain in the blue-chip NSE Nifty 50 Index, driving the ratio of the former to the latter to an all-time high.

Nifty rose 36 points to end at 19,611. Stocks that were in focus included names like Petronet, which rose 5.56%, IRFC, which fell 4.5%, and RVNL, whose shares declined 4.15% on Wednesday. Here's what Riches Vanara, Technical and Derivative Analyst at Stoxbox., recommends investors should do with these stocks when the market resumes trading today.Petronet — BuyStock is trading in ascending triangle pattern and trying for early breakout from the same pattern with huge volumes. Relative strength charts in comparison to nifty-50 have also made double bottom patterns which compliments the price breakout. The momentum indicators are also trading in the bull zone and confirm the momentum in price. Hence we recommend buying for targets of 250 and 256 with stops below 236.IRFC — SellAlthough stock is trading in bull mode and we also show 3 consecutive gap up openings on the daily chart, the price action and bearish engulfing candlestick pattern on Wednesday suggests some profit booking may come. The 14 period RSI also gives bearish confirmation by making a double top pattern on daily time frames.

Indian stock market is likely to open on a weak note following losses global markets. The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading at around 19,630 level as compared to the Nifty futures’ previous close of 19,665.

Sensex Today | Share Market Updates: The market capitalisation of BSE-listed firms reached a new lifetime peak of ₹317.33 lakh crore on Wednesday as the benchmark Sensex maintained its winning run for the fourth day running.Wall Street's three primary indices concluded Wednesday's trading session in the red. The Nasdaq experienced the most significant decline, with a 1% loss, primarily attributed to concerns arising from robust services sector data surpassing expectations.

Indian stock market is expected to open lower on Thursday tracking weak global cues amid strength in US dollar and surging crude oil prices. Asian markets were mixed, while US stock market ended in the red as stronger economic data raised concerns that interest rates will remain elevated for longer. The domestic benchmark equity indices ended higher on Wednesday, their fourth consecutive session of gains.

Day trading guide for today: Indian stock market ended mixed on Wednesday as two out of three key benchmark indices ended in green zone while one in the red territory. NSE Nifty finished 36 points higher at 19,611 levels whereas BSE Sensex added 100 points and ended at 65,880 mark. Bank Nifty index went off 123 points and closed at 44,409 levels.

The Nifty advanced 36 points to end at 19,611.05. Meanwhile, Nifty Bank ended in the red, and broader markets underperformed their headline peers after several days of gains.Here's how analysts are interpreting the market sentiment: «A spike in crude oil prices sent shockwaves across the globe, rekindling concerns about inflation and sparking fears of a Fed rate hike.

Steel Authority of India (SAIL), Manappuram Finance, BHEL, India Cements, Delta Corp, Hindustan Copper, Balrampur Chini Mills Limited, and Indiabulls Housing Finance are the eight stocks that are a part of the F&O ban list by the stock exchange for Thursday. The NSE updates the list of securities in F&O ban for trade everyday. The derivative contracts in the mentioned securities have crossed 95 per cent of the market-wide position limit and have been currently put in the ban period by the stock exchange, said NSE.

Nifty settled higher for the fourth consecutive session on the back of positive domestic macroeconomic data. As per the NSE data, FIIs cumulatively bought ₹9,994.21 crore of Indian equities, while they sold ₹13,240.07 crore --- resulting in an outflow of ₹3,245.86 crore.

Shares of Persistent Systems Ltd.(up 0.53 per cent), Coforge Ltd.(up 0.25 per cent), L&T Technology Services Ltd.(up 0.19 per cent), HCL Technologies Ltd.(up 0.02 per cent) and Tata Consultancy Services Ltd.(up 0.01 per cent) ended the day as top gainers in the pack. On the other hand, MphasiS Ltd.(down 1.82 per cent), Wipro Ltd.(down 0.59 per cent), Tech Mahindra Ltd.(down 0.44 per cent), LTIMindtree Ltd.(down 0.34 per cent) and Infosys Ltd.(down 0.09 per cent) finished as the top losers of the day. The Nifty IT index closed 0.16 per cent down at 32312.3. Benchmark NSE Nifty50 index ended up 36.15 points at 19611.05, while the BSE Sensex stood up 100.26 points at 65880.52. Among the 50 stocks in the Nifty index, 30 ended in the green, while 20 closed in the red. Shares of Vodafone Idea, Reliance Power, JP Power, Indian Railway Fin and YES Bank were among the most traded shares on the NSE. Shares of Ind-Swift Labs, Fidel Softech, Udayshivakumar Infra, FACT and Orient Paper hit their fresh 52-week highs in today's trade, while Bombay Metrics Suppl, SS Infrastructure, Penta Gold, Redtape L and PowerGrid Infa InvIT hit their fresh 52-week lows.

Shares of HDFC Bank Ltd.(up 1.3 per cent) and Au Small Finance Bank Ltd.(up 0.61 per cent) ended the day as top gainers in the pack. On the other hand, Punjab National Bank(down 2.44 per cent), Axis Bank Ltd.(down 1.67 per cent), IDFC First Bank Ltd.(down 1.56 per cent), ICICI Bank Ltd.(down 1.12 per cent) and IndusInd Bank Ltd.(down 1.06 per cent) finished as the top losers of the day. The Nifty Bank index closed 0.28 per cent down at 44409.1. Benchmark NSE Nifty50 index ended up 36.15 points at 19611.05, while the BSE Sensex stood up 100.26 points at 65880.52. Among the 50 stocks in the Nifty index, 30 ended in the green, while 20 closed in the red. Shares of Vodafone Idea, Reliance Power, JP Power, Indian Railway Fin and YES Bank were among the most traded shares on the NSE. Shares of Ind-Swift Labs, Fidel Softech, Udayshivakumar Infra, FACT and Orient Paper hit their fresh 52-week highs in today's trade, while Bombay Metrics Suppl, SS Infrastructure, Penta Gold, Redtape L and PowerGrid Infa InvIT hit their fresh 52-week lows.

On the BSE, Bindal Exports(down 19.90 per cent), FGP Ltd(down 12.31 per cent), Diggi Multitrade(down 10.20 per cent), Atal Realtech(down 9.97 per cent) and TTI Enterprise(down 9.96 per cent) stood among the top losers in today's trade. In the Nifty pack, 30 stocks closed in the green, while 20 stocks ended in the red. The index closed 36.15 points up at 19611.05. On the BSE, Bindal Exports, Atal Realtech, Integra Capital, Gaekwar Mills and Lead Financial hit their fresh 52-week lows, while Ind-Swift Labs, Udayshivakumar Infra, FACT, Karnimata Cold Store and Modern Shares touched their fresh 52-week highs in today's trade.

Nifty settled higher for the fourth consecutive session on Wednesday, September 6, supported by gains in shares of select heavyweights, including HDFC Bankand Bharti Airtel. However, weak global cues curtailed gains for them as concerns over interest rate hikes and weakening global economic growth weighs on market sentiment. In Asian markets, Tokyo, Shanghai and Hong Kong ended in the green while Seoul settled lower.

Nifty closed higher for the fourth consecutive session on gains in shares of select heavyweights, including HDFC Bank ITC and Bharti Airtel. However, weak global cues curtailed gains for them as concerns over interest rate hikes and weakening global economic growth kept weighing on sentiment. Major European markets in the UK, France and Germany traded lower when the Sensex closed as recent subdued economic prints of China and Europe raised concerns about an economic slowdown.

Varun Lohchab, Head of Research- Institutional Equities, HDFC Securities, says “Axis Bank, ICICI Bank, Chola, LTI, Mindtree, Persistent are the top picks within banking and IT pack which still look reasonably valued and within the capex theme there are a lot of ideas as well.” Lohchab also says: “A lot of the stocks are looking expensive from a next 12-month perspective and that is why one needs to have more moderate return expectations in some of those preferred themes. Some names like Cummins, NCC, Sobha Developers, DLF, NTPC among the power utilities and CESC are some of the ideas where as a house we are still positive and we have them as part of our modern portfolio.”Let us begin by discussing the market momentum. What is your near-term as well as medium-term outlook on the market?Near-term, markets are looking fully valued, which has been our call for the last two-three months after this rally to almost 20,000 levels on Nifty. From here on, over the next six-nine months, upsides at the index level look fairly limited. That is why the action has shifted a lot to smallcaps and midcaps. Definitely, at the beginning of the year, they were looking more attractive than the largecaps, which was our call.

ACC Ltd. traded 2.06 per cent down in Wednesday's trade at 01:59PM (IST).