The Indian market was trading lower in the afternoon session today. Sensex fell 772 pts to 58,764 and Nifty lost 223 pts to 17,536. Benchmark indices staged a stellar recovery rally in the previous session a day after the market came under strong selling pressure due to ultra-hawkish stance of the US Federal Reserve. Sensex closed 1,564 points or 2.70 per cent higher at 59,537 and Nifty surged 446 points or 2.58 per cent to close at 17,759.
On the sectoral front, banking shares were the top gainers with the BSE bankex rising 1,458 points to 45,295. Consumer durables and auto shares also gained, with their BSE indices rising 1,016 points and 762 points, respectively. All 19 BSE sectoral indices ended in the green.
The market breadth was positive with 2,403 shares ending higher against 1,022 stocks in the red. 127 shares were unchanged. Market cap of BSE-listed firms rose to Rs 280.21 lakh crore.
Here’s a look at live market updates today.
2:05 pm: Maruti Suzuki August sales
Maruti Suzuki India Limited sold a total of 165,173 units in August 2022. Total sales in the month include domestic sales of 137,537 units, sales to other OEM of 6,155 units and exports of 21,481 units.
1:50 pm: Market update
Sensex falls 772 pts to 58,764 and Nifty loses 223 pts to 17,536 in the afternoon session.
12:58 pm: Expert take
Santosh Meena, Head of Research, Swatika Investmart
“The Indian equity markets are witnessing high volatility as global cues are weak but our market is not ready to go down where every dip is taken as a buying opportunity. FIIs are in a buying mood despite the rise in the dollar index and US bond yields whereas the rupee has gained remarkably in the last two trading sessions. 17,160 is the previous swing low, 17,000 is 200-DMA, and 16,920 is a 38.2 per cent retracement of the previous rally therefore 17160-16920 is a critical demand zone. On the upside, 17800-18000 is an immediate supply zone; above this, the Nifty will prepare itself for new highs.”
12:53 pm: SpiceJet stock rebounds 12% from day’s low
In the afternoon session, SpiceJet stock rebounded 12.87 per cent to Rs 44.70 from the day’s low of Rs 39.60 amid the airline’s plan to raise $200 million.
11:42 am: Market update
Sensex falls 420 points to 59,116 and Nifty slips 109 points to 17,649.
11:33 am: Equitas Small Finance Bank offers increase in fixed Interest rates
Upto 7.32% interest for general public for 888 days
Upto 7.82% interest for senior citizens and 7.47% for NRE customers from 1 – 7th September, 2022
The offer stays valid for 7 days from 1 – 7th September, 2022
Higher interest rates for tenure greater than 1 year and to 3 years alongside Interest payout options ;monthly and quarterly.
11:22 AM: Nomura sees 22% upside in this Adani Group stock, here’s why
Shares of Adani Ports and Special Economic Zone were in focus today after financial brokerage firm Nomura gave a buy call to the Adani Group firm with an unchanged target price of Rs 1,025. The target price translates into a 22 per cent upside for the stock of Adani Ports. Adani Ports stock rose 0.46 per cent to Rs 846.30 against the previous close of Rs 842.35 on BSE. The share has gained 13.22 per cent in a year and gained 15.49 per cent in 2022.
Market cap of Adani Ports stood at Rs 1.78 lakh crore. Total 0.63 lakh shares of the firm changed hands amounting to a turnover of Rs 5.30 crore on BSE. Nomura said the Adani Group firm is into an integrated logistics play and port volumes are trending above guidance.
The company may be requiring Rs 23,000 crore in capex over FY23-25, leading to a capex-intensive phase but concerns on group leverage are overdone, Nomura said in its latest note on Adani Ports. Nomura said Adani Ports was adequately de-linked from Group companies’ operational and stock performance due to improved governance.
10:24 am : Why SpiceJet shares tanked 14% in early trade
SpiceJet shares declined over 14 per cent amid a falling market in early trade today after the budget carrier reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. The low-cost carrier logged a net loss of Rs 729 crore in the quarter ended June 2021. Stock of SpiceJet slipped over 14 per cent intraday to Rs 39.6 today against the previous close of Rs 46.40 on BSE. SpiceJet shares opened with a loss of 9.48 per cent at Rs 42 on BSE. Shares of SpiceJet have lost 39.74 per cent in the last one year and fallen 36.2 per cent since the beginning of this year.
However, the stock has gained 7.82 per cent in a month. In a week, the stock has lost 7 per cent. The airline stock is trading higher than 50-day moving averages but lower than 5-day, 20-day, 100-day and 200-day moving averages. Total 6.64 lakh shares of the firm changed hands amounting to a turnover of Rs 2.92 crore on BSE. Market cap of the airline fell to Rs 2,605 crore.
9:17 am: Market opens lower
Sensex falls 742 points to 58,794 and Nifty slips 218 points to 17,541 in early trade.
8:29: Expert take
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
“Due to temporarily overbought conditions, we may see range-bound activity in the near future. For traders 17,550 or the 20-day SMA could be an important level to notice. Above the same, the index could accelerate to the level of 17,800-17,850. On the other hand, an uptrend below 17,500 would be weak. If the Nifty crosses the 18,000 level then, the index could surge to 18,300-18,350.”
8:25 am: SGX Nifty
The Indian market is likely to open lower today as SGX Nifty fell 41 points to 17,469. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:10 am: Market on Tuesday
Benchmark indices staged a stellar recovery rally in the previous session a day after the market came under strong selling pressure due to the ultra-hawkish stance of the US Federal Reserve. Sensex closed 1,564 points or 2.70 per cent higher at 59,537 and Nifty surged 446 points or 2.58 per cent to close at 17,759.