Share Market HIGHLIGHTS- Bears pull indices in red; Sensex falls 700 pts, Nifty ends F&O expiry below 17600
Share Market HIGHLIGHTS: Bears pull indices in red; Sensex falls 700 pts, Nifty ends F&O expiry below 17600Go to Live Updates Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Bears gripped Dalal Street amid weak global cues. Both benchmark indices ended in the red, mainly dragged by IT, metal, power and oil & gas stocks. BSE Sensex ended 770.48 points or 1.29% lower at 58,766.59, and the NSE Nifty 50 settled 216.50 points or 1.22% lower at 17,542.80. Except realty, capital goods, PSU bank and auto, all other sectoral indices ended lower. In the broader market, BSE midcap and smallcap indices rose 0.5% each. Hindalco Industries, Reliance Industries, ONGC, TCS and SBI Life Insurance were among top losers on the Nifty, while Tata Consumer Products, Bajaj Finserv, Asian Paints, Eicher Motors and Hero MotoCorp were the gainers.Live Updates Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates September 1 Domestic equities fell as global inflation concerns weighed on investor sentiment. Besides, a weaker-than-expected domestic Q1FY23 GDP data, along with marginal downtick in Manufacturing PMI for August, also worried market participants. The S&P BSE Sensex fell 1,014 points intra-day before closing at 58,766.5, down 770.5 points or 1.29%, and the Nifty 50 ended 216.5 points, or 1.22% lower at 17,543. Reliance Industries tanked 3 per cent today, contributing nearly 30 per cent of the losses on the Sensex. Other losers included TCS, Sun Pharma, Tech M, HUL, Infosys, NTPC, HDFC, Bajaj Finance, Tata Steel, Power Grid, and ICICI Bank. All these shares shed over 1.5 per cent each. Dish TV shares surged 20% as chairman is to exit amid Yes Bank tussle. YES Bank, which holds an about 25% stake in Dish TV, has been pushing for a board reconstitution, including the removal of Goel, Narang and other members, citing corporate governance issues and alleging that the board was “purportedly acting at the behest of certain minority shareholders” Most Asian markets have traded lower today and have lost more than 1% each basis the weakness seen overnight in the US markets which have closed lower for the 4th day on the trot. The weak global sentiment was accompanied on the domestic front by tepid GDP growth numbers. Predictably the major sector which has led on the way down is the IT sector which is directly affected by the weakening business sentiment in the US. The US Fed has made it absolutely clear that they will raise rates and keep them higher for longer; and removed any ambiguity that was helping keep the market afloat. Certain important economic indicators like Baltic Dry Freight index have lost around 60% over the past 3 months while copper has declined ~ 19% over the same period. Crude too which had seen firmness due to geopolitical ruction too has lost 23% over the past 3 months. These are important indicators which help us understand the evolving situation on the ground.” ~Vineet Bagri, Managing Partner- TrustPlutus Wealth Tata Motors sales in the domestic & international market for August 2022 stood at 78,843 vehicles, compared to 57,995 units during August 2021. The sales in the domestic market for the company grew by 41% on year to 76,479 units compared to 54,190 units last year. The Competition Commission of India's August 3 notice to the two companies stated the watchdog is of the view that a further investigation is merited. “It has given the two companies 30 days from August 3 to respond. The CCI's findings will delay regulatory approval of the deal and could force the companies to propose changes to its structure,” Reuters reported. DreamFolks IPO share allotment can be announced soon as the tentative date for allotment is 1 September. Those who have applied for the public offer can check DreamFolks IPO allotment status online by logging in at the BSE website or website of the official registrar of the IPO. The official registrar of DreamFolks IPO is Link Intime India Private Ltd. European markets made a negative start to the new trading month as traders grappled with fears of higher interest rates and a looming economic downturn. The pan-European Stoxx 600 fell 1.1% in early trade, with basic resources shedding 3% to lead losses as all sectors and major bourses slid into the red. Weak factory activity: Asia's factory activity slumped in the month August as China's zero Covid curbs and cost pressures continued to hurt businesses, surveys showed on Thursday, darkening the outlook for the region's fragile economic recovery. Manufacturing activity was weak in countries ranging from Japan, China, South Korea to Taiwan in a sign sluggish demand was adding to headaches for companies already suffering from lingering supply constraints. Weak global cues: While the domestic market was closed on Wednesday on account of Ganesh Chaturthi, US stocks continued downward slide for the fourth session as all three major Wall Street indices ended in red. On Thursday, S&P500 futures were trading 0.70 per cent lower at 3,928 level, signalling another day of weak start for Wall Street stocks. Asian shares were also trading mostly lower, tracking the broad slide on Wall Street, as investors braced for higher interest rates and inflation worries for some time. Benchmarks fell in Tokyo, Sydney, South Korea and Hong Kong in early trading, but edged up slightly in Shanghai. Weak global cues dampened investors' sentiment in India. Benchmark indices extended the losses and trading at day's low with Nifty below 17500. The Sensex was down 965.98 points or 1.62% at 58571.09, and the Nifty was down 268.30 points or 1.51% at 17491. “While the absolute GST collections displayed a mild sequential dip in August 2022, the YoY growth rate remained at an impressive 28% reflecting the revival in consumption, improved compliance as well as elevated inflation. Looking ahead, the YoY growth in GST collections is likely to remain well above 20% in September 2022, before tempering down to 12-15% in Q3 FY2023, on a normalising base, trending close to the nominal GDP expansion. We continue to foresee a considerable upside in the CGST collections relative to the FY2023 BE, more than offsetting the expected loss in excise collections.” ~ Aditi Nayar, Chief Economist, ICRA Nifty IT index falls about 2 per cent, followed by the Nifty Metal index, which eased 1 per cent. On the upside, the Nifty PSU Bank index added over 1 per cent, and the Nifty Auto and Realty indices advanced 0.8 per cent each. Bears continued mayhem on Dalal Street as Nifty 50 slipped below crucial support 17550. Oil & gas, metal and information technology down 1.5 per cent each, while buying is seen in the realty, auto and PSU bank names. Mahindra & Mahindra announced that its overall auto sales for the month of August 2022 stood at 59,049 vehicles. In the Utility Vehicles segment, Mahindra sold 29,516 vehicles in August 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 29,852 vehicles in August 2022. Exports for the month were at 2,912 vehicles. In the Commercial Vehicles segment, Mahindra sold 21,492 vehicles in August 2022. 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. Maruti Suzuki India touched a 52-week high of Rs 9,229 and was quoting at Rs 9,123.35, up Rs 31.45, or 0.35 percent. The Sensex was down 663.20 points or 1.11% at 58873.87, and the Nifty was down 186.90 points or 1.05% at 17572.40. Shares price of Indian fuel exporters fell up to three percent in the morning on September 1 after the government nearly doubled the windfall tax on exports of diesel and raised the levy on aviation fuel, a move that is expected to dent the profitability of these companies. ONGC shares dropped 2.2 per cent, Reliance Industries stock was down 1.5 per cent, Chennai Petroleum Corp shares fell 3.3 per cent, Mangalore Refinery & Petrochemicals stock fell 1.5 per cent and Oil India lost 0.5 per cent In the morning trade. “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. 17160 is the previous swing low, 17000 is 200-DMA, and 16920 is a 38.2% 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.” ~Santosh Meena, Head of Research, Swatika Investmart Bajaj Finserv, Asian Paints ,Bharti Airtel are the top winners, while RIL, IT majors in a slump Nifty Metal index shed 0.7 per cent, dragged by Hindalco Industries, Nalco, Vedanta India’s GDP for the quarter ended June 30, 2022 (Q1FY23) rose 13.5 per cent on-year. While India’s April-June economic growth in double digits was on expected lines, it fell short of some high estimates as many analysts had expected growth at around 15-16% in the first quarter of the current fiscal due to the base effect. According to economists, growth will slow down in the next few quarters on account of fading base effect. Global drags including elevated crude prices, shrinking corporate profitability, tight monetary policies, aggressive rate hikes, recession fears, inflation and diminishing global growth prospects also weigh on India’s growth outlook. However, strong macroeconomic fundamentals may lend support to the growth momentum. Read full story SpiceJet shares fell 15% to hit one-month low on bigger quarterly loss. The airline on Wednesday reported a net loss of 7.84 billion rupees ($98.50 million) for the quarter ended June 30, compared with a loss of 7.31 billion rupees a year earlier. India’s manufacturing activity continued to improve in August, as input cost inflation receded further. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) posted at 56.2 in August – little-changed from July’s reading of 56.4 – signalling the second-strongest improvement in operating conditions since last November. An index reading of 50 or above suggests expansion and below it points at contraction. Read full story Markets log 3rd highest monthly FPI inflows since Covid outbreak in August Benchmark indices were trading lower with Nifty below 17,700. The Sensex was down 359.09 points or 0.60% at 59177.98, and the Nifty was down 100 points or 0.56% at 17659.30. Sensex trims nearly half of opening losses, still in red Nifty PSU Bank index rose 1 per cent, led by the Canara Bank, Bank of Baroda, Indian Bank Ashok Leyland share price rallied 5% on bagging order for 1,400 school buses in UAE. The stock surpassed its previous high of Rs 158.15 touched on August 1, 2022. It was trading close to its record high of Rs 168 touched on May 8, 2018. India Manufacturing PMI for August comes in at 56.2 vs 56.4 MoM The price of a commercial LPG cylinder was reduced on Thursday, 1 September, as global oil prices continued to slide on recession fears. The price of liquefied petroleum gas (LPG) used in commercial cylinders was cut by Rs 91.50 per 19-kg cylinder. Following the latest price reduction, the 19-kg commercial cylinder will now cost Rs 1,885 in Delhi, down from Rs 1,976.50 earlier, according to the data available on the Indian Oil Corporation’s (IOC) website. Read full story NDTV shares hit 5% upper circuit yet again. The stock was quoting at Rs 495 on NSE. In the last 5 days, the stock has rallied 21%. – A highlight of the recent market trend is India's outperformance among large markets. While the US, Europe and most large emerging markets have turned weak, the Indian market has shown surprising resilience. Since the Fed chief Powell's ultra-hawkish message last Friday the S&P 500 is down 5.8% while the Nifty is up 0.9%. – A major factor driving this outperformance is the return of FIIs into the Indian market. It is important to appreciate the fact that the FIIs investment of Rs 4165 cr on Tuesday in the cash market is the largest buy figure in 2022. This is providing momentum to the market.- However, investors have to exercise caution since valuations are high and the global growth environment is not favorable for a sustained bull market. Even while remaining invested, some profit booking may be a good idea. ~ VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services Nifty Bank tumbled over 200 points or 0.69% to 39,272 SpiceJet Ltd fell back into the red in the fourth quarter of 2021-22 and in the first quarter of 2022-23 as the airline reported a net loss of Rs 458 crore and Rs 789 crore, for the quarter ending March and quarter ending June, respectively. The low-cost carrier, which reported its Q4FY22 and Q1FY23 results on August 31, had reported a profit of Rs 23 crore in the third quarter of 2021-22 and a loss of Rs 235 crore in the quarter ending March 2020-21 and a loss of Rs 729 crore in the first quarter of 2021-22. SpiceJet had delayed announcing the results of its fourth quarter in 2021-22 due to a ransomware attack. Bharti Airtel, Bajaj Finserv, Ultratech Cement, Tata Consumer Products, HDFC Life were the top gainers, while Hindalco, Infosys, TCS, ONGC, SBI Life were the laggards. Bharti Airtel, Bajaj Finserv, Ultratech Cement, IndusInd Bank, Asian Paints were the top Sensex gainers, while Infosys, TCS, Reliance Industries, HDFC, HBFC Bank, ICICI Bank, HCL Technologies were the top losers. Bears made a comeback on Dalal Street and pulled markets lower on weekly F&O expiry amid weak global sentiments. Benchmark indices Nifty 50 opened over 200 points lower to trade below 17,550 levels, while the S&P BSE Sensex declined over 800 points to trade at 58,734 levels. Broader markets, too, declined in tandem as Nifty Smallcap 100 and Nifty Midcap 100 slipped up to 0.5%. Except Nifty Realty, all sectoral indices dropped in negative territory. Nifty IT and Nifty Bank faced the worst brunt as both the indices dropped over 1% each. Indian rupee opened marginally lower at 79.54 per dollar on Thursday against Tuesday's close of 79.45. Benchmark indices are trading lower in the pre-opening session. The Sensex was down 436.35 points or 0.73% at 59100.72, and the Nifty was down 288 points or 1.62% at 17471.30. Foreign Direct Investment (FDI) equity inflows into India contracted by 6 per cent to USD 16.59 billion during the April-June quarter this fiscal, according to the data of the Department for Promotion of Industry and Internal Trade (DPIIT). The inflows had stood at USD 17.56 billion during the corresponding period of the previous year. The total FDI inflows (which includes equity inflows, re-invested earnings and other capital) aggregated at USD 22.34 billion during the first three months of the current fiscal year as against USD 22.52 billion in the year-ago period Oil prices fell in early Asian trade on Thursday, led lower by increased supply and worries that the global economy could slow further with renewed restrictions to curb COVID-19 in China. Brent crude futures fell 37 cents, or 0.4%, to $95.27 a barrel by 0006 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.4%, to $89.23 a barrel. Gold prices slipped to a more than one-month low on Thursday, as the dollar firmed and prospects of the U.S. Federal Reserve continuing with its aggressive policy tightening stance weighed on the zero-yielding bullion's appeal. Spot gold fell 0.2% to $1,706.99 per ounce, as of 0100 GMT, after hitting its lowest level since July 21 at $1,704.94 earlier. U.S. gold futures GCv1 shed 0.5% to $1,717.50. The central government’s fiscal deficit touched 20.5 per cent of the annual target at the end of July 2022-23 against 21.3 per cent a year ago, reflecting improvement in public finance, as per official data released on Wednesday. In actual terms, the fiscal deficit – the difference between expenditure and revenue – was Rs 3,40,831 crore during the April-July period this financial year. A fiscal deficit is a reflection of government borrowings from the market. As per the data released by the Controller General of Accounts (CGA), the government’s receipts, including taxes, stood at Rs 7.85 lakh crore or 34.4 per cent of the Budget Estimates (BE) for 2022-23. During the year-ago period, it was nearly the same at 34.6 per cent. Read full story India's eight core sectors grew 4.5 percent in July, slowing from an upwardly revised 13.2 per cent in June, the commerce ministry said on August 31. Output in six of the eight core sectors grew in July. These sectors include coal, refinery products, electricity, fertilisers, cement and steel, said the ministry. While India’s economy is expected to be the fastest growing major economy, the recovery faces headwinds such as a looming slowdown in the West and continued economic uncertainty due to the Russia-Ukraine war. “The short-term market structure has changed from negative to positive due to a strong pullback from lower levels. But due to temporarily overbought conditions, we may see range-bound activity in the near future. For traders 17550 or the 20-day SMA could be an important level to notice. Above the same, the index could accelerate to the level of 17800-17850. On the other hand, an uptrend below 17500 would be weak. If the Nifty crosses the 18000 level then, the index could surge to 18300-18350.” ~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities “The market breadth is skewed in the favour of bulls. Crucial support for Nifty 50 is 17,300 while Nifty may face some resistance at 18,000.” ~ Mohit Nigam, Head – PMS, Hem Securities Reliance Industries: Days after announcing its ambitions to foray into the FMCG space, Reliance Industries has reportedly acquired homegrown soft drink brand Campa-Cola for Rs 22 crore from Delhi-based Pure Drinks Group. SpiceJet: SpiceJet on Wednesday saw widening of its losses on an on-year basis during the January-March quarter of FY22 as well the April-June quarter of the current fiscal. The airline’s CFO Sanjeev Taneja resigned on Wednesday. Read full story Indian equity markets may open on a tepid note on Thursday, weekly F&O expiry day. SGX Nifty was in red ahead of the session, signalling a flat to negative start for domestic benchmark indices. “Markets remained closed on Wednesday on account of Ganesh Chaturthi. Investors would look for cues from India Q1FY23 GDP which came yesterday, and manufacturing PMI data due on Thursday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. In previous session, the 30-shareBSE Sensex advanced 1,564.45 to end at 59,537.09, while its broader peer, Nifty50, ended the session comfortably above the 17,750 mark. Read full story US stocks ended the month of August with their fourth straight daily decline on Wednesday, cementing the weakest August performance in seven years as worries about aggressive interest rate hikes from the Federal Reserve persist. The Dow Jones Industrial Average fell 0.88%; the S&P 500 lost 0.78%; and the Nasdaq Composite dropped 0.56%. Meanwhile, Asian stocks fell in early trade on Thursday as a hawkish drumbeat from central banks reverberated across markets, supporting the dollar and pushing up bond yields. Shares were in the red in Japan, South Korea and Australia, while equity futures contracts on the S&P 500 and tech-heavy Nasdaq 100 also slid, with the latter shedding 1%. 
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