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Share Market Highlights: Nifty settles above 19040, Sensex over 63780; Bank Nifty adds over 500 points

Posted on 2024-05-16 by admin

Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended the week’s last trading session in the positive territory. The NSE Nifty 50 soared 190 points or 1.01% to settle at 19,047.25, while the BSE Sensex climbed 634.65 points or 1.01% to 63,782.80. The broader indices ended higher with Smallcap stocks leading the gains. The Bank Nifty index added as much as 501.85 points or 1.19% to settle at 42,782. PSU Bank and Media stocks led the gains among the other sectoral indices and surged over 4.11% and 2.58%, respectively. Coal India, HCL Tech, Axis Bank, State Bank of India and Bajaj Auto were the top gainers, while the top laggards included UPL, ITC, Hindalco Industries, BPCL and Asian Paints. The volatility index (India Vix) ended down 7.03%.

(Source: NSE)

13:43 (IST) 27 Oct 2023 Bajaj Finserv Q2 profit rises 23.9%

Bajaj Finserv on Friday posted second quarter profit at Rs 1,928.96 crore, up 23.9% in comparison to Rs 1,556.93 crore during the corresponding quarter of last year. It posted a total income for the quarter ended September 2023 at Rs 26,022.66 crore, up 25.1% as against Rs 20,803.33 crore during the second quarter of FY23.

13:25 (IST) 27 Oct 2023 BOJ meets as rising global yields, inflation test yield cap

The Bank of Japan will face growing pressure at its policy meeting next week to shift further away from its controversial bond yield control, amid rising global bond yields and persistent inflation, reported Reuters. A spike in the US Treasury yields has pushed up the 10-year Japanese government bond (JGB) yield near the BOJ’s 1% cap set just three months ago, testing the bank’s resolve to prevent an excessive market-driven surge in borrowing costs.

12:48 (IST) 27 Oct 2023 Isha, Akash, Anant Ambani get shareholders’ nod for appointment on RIL board

Reliance Industries on Friday announced that its shareholders have approved the appointment of Ambani scions Akash Ambani, Isha Ambani and Anant Ambani on board of the company, it said in a regulatory filing. While Isha Ambani got 98.21 % of votes, Anant Ambani received 98.06% votes, Anant Ambani got 92.75% votes for being appointed as the non-executive director of the Company.

12:01 (IST) 27 Oct 2023 Infosys signs 5-year deal with smart Europe GmbH

Infosys on Thursday said it has signed a five-year partnership with smart Europe GmbH, a premium EV maker, to improve the latter’s direct-to-customer (D2C) business model in Europe. Infosys will help the EV maker boost digital sales and improve customer experience.

In a filing with the BSE, the company said it will provide enhanced customer experience, data-driven personalisation and engagement for the existing EV models like smart #1, smart #3 and other upcoming all-electric models from the iconic brand.

12:00 (IST) 27 Oct 2023 Reliance Industrial Infrastructure Q2 profit up 40.7%

Reliance Industrial Infrastructure Ltd (RIIL), an entity of Reliance Industries, posted its Q2 earnings with profit at Rs 3.18 crore, up 40.7% on-year. It had posted Q2 profit for FY23 at Rs 2.26 crore. The company recorded revenue from operations at Rs 14.36 crore, down 13.6% in comparison to Rs 16.62 crore during the second quarter of the previous year.

11:59 (IST) 27 Oct 2023 TTK Prestige Q2 profit drops 29.3%

TTK Prestige on Friday posted its second quarter earnings for the financial year 2023-24 with profit at Rs 59.27 crore, down 29.3% as against Rs 83.85 crore during the corresponding quarter of FY23. It posted revenue from operations at Rs 729.47 crore, down 13.4% as against Rs 842.35 crore during the quarter ended September 2022. The company’s EBITDA stood at Rs 80.9 crore, down 31.7% on-year.

11:32 (IST) 27 Oct 2023 Market Statistics

(Source: NSE)

11:21 (IST) 27 Oct 2023 Rollover – October Series

“Sharp spike in the US 10-year bond yield towards 5% triggered a bout of intense profit booking this week. Series on series, the Nifty is down by 3.4%, largely contributed by the selling observed in the current week. The index is down by 3.5% week-to-date. The stupendous outperformance observed in the mid-cap space over Nifty took a pause as the NSE Mid-cap index declined by 5% this series. The Nifty rollover stands at 83%, higher than its last three series average of 79%. The series has started with a cumulative future open interest of 11.6 million shares as against last three series average of 11.5 million shares. The Bank Nifty rollover stands at 79%, lower than its last three series average of 80%. The series has started with a cumulative future open interest of 2.5 million shares as against last three series average of 2.3 million shares,” said Neeraj Agarwal, Technical & Alternative Research, JM Financial.

10:41 (IST) 27 Oct 2023 Gold movement

“COMEX Gold prices pared early advance and closed with marginal gains on Thursday, amid robust US economic activity coupled with delay in the Israeli ground invasion. US gross domestic product accelerated to a 4.9% annualized rate in the last quarter, the fastest since 2021, while new orders for manufactured durable goods surged by 4.7% m/m in September 2023. Meanwhile, ECB paused the rate hikes, reflecting a more cautious “wait-and-see” stance among policymakers. Today, US PCE price index and UoM consumer sentiments will be in focus,” said Ravindra Rao, CMT, EPAT, VP – Head Commodity Research, Kotak Securities.

10:27 (IST) 27 Oct 2023 PSU Bank stocks shine

The Nifty PSU Bank index soared 3.05% during early trade on Friday. Canara Bank led the gains with a surge of 5.72%, while Bank of India and Union Bank of India advanced over 4% each.

09:49 (IST) 27 Oct 2023 Derivative outlook

Nifty weekly contract has highest open interest at 18,900 for Calls and 18,850 for Puts while monthly contracts have highest open interest at 18,900 for Calls and 18,850 for Puts. Highest new OI addition was seen at 18,900 for Calls and 18,850 for Puts in weekly and at 18,900 for Calls and 18,850 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 58.60%, increased future index shorts by 20.80% and decreased index options by 51.69% in Call longs, 27.78% decrease in Call short, 49.81% decrease in Put longs and 34.33% decrease in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

09:48 (IST) 27 Oct 2023 Markets offer opportunity to long-term investors

“After six continuous days of losses triggered by the elevated bond yields in the US and tensions in West Asia, the market appears to be oversold. Shorting in the FPI overweight segments like banking and IT have contributed significantly to the sharp market correction. The US economy’s resilience is surprising. The Q3 GDP growth at 4.9% means the Fed will continue to be hawkish and the likely ‘higher for longer’ interest rate regime is negative from the stock market perspective. On the positive side, valuations in India, which were high, have now turned fair and in sectors like banking valuations are attractive. This is the time for cherry picking for long-term investors. History tells us that corrections triggered by geopolitical events were opportunities to buy,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

09:20 (IST) 27 Oct 2023 Markets at open

The NSE Nifty 50 opened at 18,928.75 up 0.37%, while the BSE Sensex opened at 63,559.32 up 411.17 points.

09:13 (IST) 27 Oct 2023 Technical View

“According to the daily chart, Nifty is maintaining a bearish trajectory, targeting 18,400 in line with correction wave C. The immediate resistance is at 18,650. However, if the price closes above 19,000, a bounce towards 19,200 could be anticipated. For Bank Nifty, the immediate support is near 42,000 and 41,900, while on the flip side, 42,600 and 42,800 act as immediate resistance levels. In a scenario where clear trends are lacking in both the Nifty and Bank Nifty, it is advisable for market participants to exercise caution and adopt a more selective, stock-specific approach to their investments,” said Mandar Bhojane, Research Analyst, Choice Broking.

08:57 (IST) 27 Oct 2023 USD-INR

“The USD-INR futures contract for October 27th showed strength by surpassing the 83.22 level. According to the daily technical chart, the pair is trading above its moving average trend-line support level of 83.20, and the RSI is above the 50 level. However, it’s worth noting that the MACD is displaying a negative divergence. Additionally, the pair has breached its resistance level at 83.22. Based on the daily technical chart, the pair has support at 83.15-83.00 and resistance at 83.35-83.50. If the pair maintains levels above 83.22, it could exhibit further strength, potentially reaching the 83.35-83.50 range. In today’s session, we anticipate that the pair may trade within the range of 83.15-83.45,” said Rahul Kalantri, VP Commodities, Mehta Equities.

08:56 (IST) 27 Oct 2023 Market outlook

“Smart money on Dalal Street remains cautious, actively seeking selling opportunities during market strength, as both Nifty and Bank Nifty face significant downside risks. The suggested trades include selling Nifty in the range of 18,950-19,100 and Bank Nifty in the range of 42,500-42,750. The stock market’s near-term recovery looks unlikely due to persistent concerns such as rising US bond yields and the Israel-Hamas conflict, while FIIs have been selling in October, driven by inflation and recession fears. Also, uninspiring Q2 earnings of major Indian companies further contribute to the market’s pessimism. Nifty is expected to trade within a range of 18,500-19,500, with a crucial resistance at 19,500, and the Volatility Index stands at 11.73,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

08:48 (IST) 27 Oct 2023 Bank Nifty outlook

“The Bank Nifty index experienced continued heavy selling, resulting in a 1.29% decline. It is currently trading below its 200-day Exponential Moving Average (200EMA) placed at 43,264. This situation maintains a bearish undertone. The next immediate support level on the downside is at 42,000, where fresh put writing is evident. A breach below this level could lead to further declines, potentially targeting the 41,500-41,200 range,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

08:38 (IST) 27 Oct 2023 FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 7,702.53 crore, while domestic institutional investors (DII) added shares worth net Rs 6,558.45 crore on October 26, 2023, according to the provisional data available on the NSE.

08:31 (IST) 27 Oct 2023 Crude Oil

WTI crude prices are trading at $83.70 down 0.53%, while Brent crude prices are trading at $88.47 down 0.61%, on Friday morning.

08:31 (IST) 27 Oct 2023 US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.02% at 106.63.

08:19 (IST) 27 Oct 2023 Wall Street

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected, reported Reuters.

The tech-heavy Nasdaq Composite tanked 225.62 points or 1.76% to 12,595.61. The S&P tumbled 49.54 points or 1.18% to 4,137.23, while the Dow Jones Industrial Average dropped 251.63 points or 0.76% to 32,784.3.

Life Insurance: Steady premium growth witnessed

Posted on 2024-05-15 by admin

Private life insurers reported 8.9%/17.6% y-o-y growth in individual/total APE a (annualised premium equivalent) in Aug’22. Growth in individual/total APE in FY23-TD remains strong at 25.3/31% y-o-y. Life Insurance Corporation of India reported 12.5%/37% y-o-y growth in total APE in Jul’22/FY23-TD.

We witnessed disparate growth and margin performance among life insurers in Q1FY23. Tata AIA and Bajaj Allianz (BALIC) led the pack in terms of growth. Tata AIA also reported highest y-o-y growth in sum assured market share in FY23-TD. Overall VNB (value of new business) margin for players has mostly been boosted by higher non-par and lower ULIPs while retail protection remained muted in Q1FY23.

Individual/total APE grew 8.9%/18% for private life insurers in Aug’22: o In terms of total APE growth – BALIC (40% y-o-y), Tata AIA (54% y-o-y) and HDFC Life (19% y-o-y) were outperformers in Aug’22. IPRU Life reported growth of 10.5% y-o-y. SBI Life (SBLI) reported total APE growth of 1.8% y-o-y on adverse base. Max Life reported a decline of 11% y-o-y. Individual APE growth remains on similar trajectory – BALIC/Tata AIA /HDFC Life outperformed with 38%/52.3%/17% y-o-y growth while SBLI/IPRU Life/Max reported decline of 5.2%/ 14%/11.6% in Aug’22, respectively.

Overall sum assured declined 8% m-o-m while individual sum assured was up 4% m-o-m: In terms of total sum assured, Tata AIA saw maximum improvement in its market share from 4.6% in FY22-TD to 8.4% in FY23-TD followed by Kotak Life from 3.3% to 4.5%. In terms of individual sum assured, Tata AIA/SBI Life/BALIC witnessed highest improvement in their sum assured from 10.6%/7.3%/3.5% in FY22-TD to 19.4%/7.7%/4.2% in FY23-TD while HDLI/IPRU Life/ Max witnessed decline from 13.3%/ 12.1%/11.1% to 9%/ 8% /9% during the same period, respectively.

LIC lagged its private peers in terms of Aug’22 y-o-y growth but YTD performance has been very strong with 37% total APE growth and gain in market share. It reported 5.2% y-o-y growth in terms of individual APE vs 9% reported by private insurers.

SoftBank slashes valuation of OYO by 20% to $2.7 billion

Posted on 2024-05-15 by admin

Japan’s SoftBank has cut the valuation of OYO Hotels on its books by more than 20%, Bloomberg reported on Thursday, citing sources. The downgrade comes at a time when the hotel aggregator is once again preparing for an initial public offering (IPO) early next year.

The Japanese investor, the largest shareholder in OYO, cut its estimated value for the firm to $2.7 billion in the June quarter from an earlier $3.4 billion after benchmarking it against peers with similar operations, the report said. OYO’s valuation had reached $10 billion in a 2019 funding round.

Also Read: Qualcomm-backed drone maker IdeaForge Technology weighs $125 million India IPO

On speculations that it is targeting an early 2023 IPO at a $5-billion valuation, OYO said, “We have not decided the exact timing for the IPO and the IPO valuation is also highly speculative.”

On September 19, OYO filed its earnings for FY22 and the April-June quarter of the current fiscal as addendum to its draft red herring prospectus filed earlier with the Securities and Exchange Board of India (Sebi). The hotel aggregator’s revenue from operations during the April-June period stood at Rs 1,459.3 crore, while losses were at Rs 414 crore. In FY22, with the lifting of Covid-led restrictions, its revenue from operations went up 20.7% to Rs 4,781.4 crore and losses narrowed to Rs 2,140 crore from Rs 4,103 crore in FY21.

OYO is still far behind its pre-Covid annual revenue of Rs 13,413 crore in FY20. It had registered a net loss of Rs 10,419 crore during that year.

Its total costs went up to Rs 6,984 crore in FY22 from Rs 6,937 crore in FY21. General administrative expenses at Rs 515.4 crore were down 44.4% from Rs 927 crore in FY21. The employee expenses, net of ESOP-based compensation reduced by 26.5% in FY22 to `1,117.2 crore.

Helped by travel resumption, the hospitality firm’s gross bookings value per hotel in Q1FY23 stood at Rs 3.25 lakh. During FY22, it was at Rs 2.21 lakh. Its storefronts during the April-June quarter was at 168,000 from 157,000 at the end of FY21.

Depalpur Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

Posted on 2024-05-14 by admin

As anticipation mounts for the upcoming Depalpur Constituency Election in Madhya Pradesh, voters are eagerly awaiting the big battle that kicks off with the announcement of key dates by the Election Commission of India. Here, we provide you with essential details about the Depalpur Constituency Assembly Election 2023 that every voter should be aware of.

Depalpur Constituency Madhya Pradesh Assembly Election 2023: Voting Date

The voting date for the Depalpur Assembly Constituency Election 2023 has been officially announced by the Election Commission. As per the ECI, Depalpur Assembly Constituency will go to polls on November 17. Stay tuned for updates as we bring you the latest information.

Depalpur Madhya Pradesh Election 2023: Candidates

Watch this space as prominent political parties, including the Indian National Congress (INC)Bharatiya Janata Party (BJP)and None Of The Above(NOTA) along with others, are poised to reveal their candidates for the Depalpur Assembly Constituency Election 2023 post the official declaration of voting dates by the Election Commission of India.

Stay informed as we bring you the latest updates on the Depalpur Assembly Constituency Election 2023, keeping you abreast of all the developments and insights that matter to you.

Depalpur Constituency MP Election Result: What happened in 2018

Vishal Jagdish Patel from Depalpur of Madhya Pradesh, won the seat with 94981 votes. He defeated Bharatiya Janata Party’ Manoj Nirbhaysingh Patel who had polled 85937 votes. The winning margin was 9044 votes.

2018 Depalpur Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesVishal Jagdish PatelIndian National Congress94981

Candidate List Party Name Votes Gained (Vote %) Vishal Jagdish Patel Indian National Congress 94981 (50.46%) Manoj Nirbhaysingh Patel Bharatiya Janata Party 85937 (45.66%) None Of The Above None Of The Above 1957 (1.04%) Brajesh Kannoji (ahirwar) Bahujan Samaj Party 1340 (0.71%) Bahadur Singh Mandloi Aam Aadmi Party 1192 (0.63%) Sheikh Azij Independent 715 (0.38%) Sohan Panchal Independent 616 (0.33%) Ramcharan Patel Shiv Sena 400 (0.21%) Rajesh Gupta Independent 289 (0.15%) Sohan Solanki (malvi) Prajatantrik Samadhan Party 280 (0.15%) Rakesh Patel Independent 180 (0.1%) Gajraj Singh Choudhary Independent 179 (0.1%) Nilesh Neema Independent 153 (0.08%)

Depalpur Constituency MP Election Result: What happened in 2013

In the Madhya Pradesh Assembly election of 2013, Manoj Nirbhaysingh Patel won from the Depalpur seat garnering 93264 votes and defeated Indian National Congress candidate Satyanarayan Patel who bagged 63067 votes. The candidate who came third was Bahujan Samaj Party’ Jeetu Pardeshi.

Manoj Nirbhaysingh Patel got 93264 votes while Satyanarayan Patel got 63067 votes.

2013 Depalpur Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesManoj Nirbhaysingh PatelBharatiya Janata Party93264

Candidate List Party Name Votes Gained (Vote %) Manoj Nirbhaysingh Patel Bharatiya Janata Party 93264 (56.74%) Satyanarayan Patel Indian National Congress 63067 (38.37%) Jeetu Pardeshi Bahujan Samaj Party 2017 (1.23%) None Of The Above None Of The Above 1897 (1.15%) Vishnu Barod (kalota) S D Bahujan Sangharshh Dal 1373 (0.84%) Santosh Chouhan Independent 831 (0.51%) Mohammad Arshad Independent 604 (0.37%) Prakash Agrawal Independent 471 (0.29%) Manoj Patel Independent 420 (0.26%) Gokul Bodana Independent 221 (0.13%) Mahesh Parihar Independent 217 (0.13%)

Depalpur Constituency MP Election Result: What happened in 2008

Satyanarayan Patel of the INC was the winning candidate from the Depalpur constituency in the MP Assembly elections 2008, securing 62890 votes while 53399 votes were polled in favour of Manoj Nirbhay Singh Patel of the BJP. The margin of victory was 9491 votes.

2008 Depalpur Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesSatyanarayan PatelINC62890

Candidate List Party Name Votes Gained (Vote %) Satyanarayan Patel INC 62890 (50.51%) Manoj Nirbhay Singh Patel BJP 53399 (42.89%) Moolchand Rathor IND 1725 (1.39%) Nanuram Hekedia BSP 1360 (1.09%) Chhatar Singh Solanki LJP 1329 (1.07%) Pravin Anadilal Porwal IND 1106 (0.89%) Rajendra Patel BJSH 1066 (0.86%) Jagdish Solanki(dinesh) IND 692 (0.56%) Amit Ashok IND 530 (0.43%) Bharat Sing Patel SP 419 (0.34%)

Sebi mulls farmework for market making to deepen bond markets

Posted on 2024-05-13 by admin

With over 98 per cent of corporate bonds being private placements, leading to a shallow secondary market, Sebi is planning to come out with a framework for market-making to help markets become more vibrant and funds cheaper, a Sebi member said.

Concerted efforts by regulators and government have seen corporate bond outstanding touching Rs 40.20 lakh crore in FY22 from Rs 10.51 lakh crore in FY12, while the secondary market is about 30 per cent of this. Annual issuances during this period have increased from Rs 3.80 lakh crore to close to Rs 6 lakh crore.

Compared to this, the current outstanding stock of government securities is Rs 84.71 lakh crore across 100 instruments as of June 2022 while trading volume in G-Secs was Rs 126.6 lakh crore in FY22 which is about seven-times of the trading in corporate bonds.

Between FY12 and FY22, the secondary market volume spiked from Rs 4.5 lakh crore to Rs 14.37 lakh crore, showing clearly that secondary trading has not risen in consonance with the size of the market, according to the Reserve Bank data.

The central bank data also show that as much as 80 per cent of issuances in FY22 were AAA-rated, and 15 per cent were AA-rates, leaving just 5 per cent for high-yielding junk papers, which is one of the reasons for low trading volume or lack of liquidity in the secondary market.

Market making not only assists in creating a more vibrant corporate bond market but also helps in generating better yields and in reducing cost of borrowing for borrowers over the long-run.

In this regard, Sebi is exploring a market-making framework that’ll be applicable to every listed issuer who has issued non-convertible debt and has outstanding privately issued NCDs of Rs 500 crore ore more. “We should be coming out with the framework very soon,” Ashwani Bhatia, the whole-time member at Securities and Exchange Board said here on Tuesday.

Bhatia, the banker-turned-regulator, who was addressing the annual capital markets summit organized by the industry lobby Ficci, did not offer more details.

Also Read| Sebi’s SCORES platform disposes of 3,236 complaints in August

It can be noted that though both the primary issuance volume and also the outstanding rose manifold, public issues constituted only around 2 per cent of the total. For instance in FY22, money raised through public issuances was just Rs 11,589 crore, which is just about 2 per cent and the rest Rs 5.88 lakh crore were private placements, according to RBI data.

Similarly, as much as 98.5 per cent of the issuances are either AAA ir AA rated companies, who chose to get the issue privately placed due to the cumbersome listing process and the attendant cost escalation.

Recently, Reserve Bank deputy governor T Rabi Sankar had said concerted efforts by regulators saw corporate bond outstanding scaling Rs 40.20 lakh crore in March 2022 from Rs 10.51 lakh crore March 2012.

Annual issuances during this period increased from Rs 3.80 lakh crore to close to Rs 6 lakh crore, after peaking in FY21 when it crossed Rs 8 lakh crore. However, as of June 2022, the outstanding volume slipped to Rs 39.58 lakh crore across 29,745 instruments.

Sankar also said the number of corporate bond issuances also rose to 5,400 in FY22, showing the success of the developmental efforts of the government and regulators.

Nifty slips into consolidation, finds support at 14,500; Charts suggest Bank Nifty will underperform

Posted on 2024-05-13 by admin

By Milan Vaishnav, CMT, MSTA

After staying heavily spooked by rising bond yields and strengthening US dollar as its consequence, the Indian equity markets remained weak throughout the week barring the last day where it saw some technical rebound from the short-term oversold levels. Though the Index still away from violating the key levels on the higher time-frame charts, it has ended up violating few important levels on the daily chart. After suffering a negative close on four out of the past five days of the week, the headline index showed a 400-point rebound from the lows of the previous session and ended with a net loss of 286.95 points (-1.91%) on a weekly note.

Another relation that stays disturbed is the usually inverse relation that the Volatility Index, INDIAVIX, shares with NIFTY. Along with the markets, the INDIAVIX has also come off by another 7.92% to 19.99. In the week before this one, the INDIAVIX had come off by 15.07%. This inverse relation may get corrected; we may see the Index extending the technical pullback to a limited extent and can also expect volatility to increase over the coming days.

Nifty

Support placed at 14,500 for Nifty

The coming week will see the levels of 14,865 and 15,000 acting as resistance points. The supports come in lower at 14,500 and 14,380 levels.

The pattern analysis indicates that NIFTY has been trapped in a broad-ranged consolidation. Although it tested and violated a few key levels on the Daily charts, it is still 730-odd points away from the faster 20-Week MA which presently stands at 14,010 and tracks the rising trend line seen on the chart. The Bollinger bands, which had got wider than usual are seen beginning to contract; this indicates that the NIFTY may well stay in a broad range for a while and many not show any runaway up move.

What these pockets for opportunities

The defensive play has got quite evident in the markets. Select Auto stocks are seeing some relative strength but apart from that, the Energy, FMCG, Consumption and very select pharma stocks have started to show improvement in the relative performance. This trend is likely to work out in the coming week as well. The NIFTY may well see the technical rebound getting extended, but it is likely to say limited in its extent. We recommend avoiding shorts, staying highly stock-specific and keeping exposures at modest levels throughout the coming week.

Bank Nifty

BankNIFTY relatively underperformed the NIFTY in the previous week. While the front-line Index declined 286.95 points (-1.91%) on a weekly note, the BankNIFTY came off by 1335.05 points (-3.76%) on a weekly note.

The coming week is expected to see the BankNIFTY continuing to relatively underperform both NIFTY and the broader NIFTY500 Index. The Bank NIFTY has slipped inside the weakening quadrant on the weekly RRG; it is seen paring its relative momentum against the broader markets.

Bank Nifty

The movement during the coming week is likely to stay capped with 34,650 and 35,105 acting as potential resistance points; supports come in at 33,650 and 33,220 levels.

The weekly RSI is 63.87; it stays neutral and does not show any divergence against the price. The RSI has also shown a bearish failure swing; it went above 70, slipped below it. It rose again but could not take out its previous high and slipped again below the point where it had bounced. This has resulted in a mildly bearish failure swing on the RSI. The weekly MACD is bullish; however, the sharply narrowing slope of the histogram points at a likely negative crossover over the coming weeks.

BankNIFTY has taken out a triple top resistance near 32,000 levels; after testing the high point at 37,708; it has marked a potential near-term top for itself at this point. It is unlikely that a runaway rise is seen in this index.

(Milan Vaishnav, CMT, MSTA is a Consultant Technical Analyst and founder of Gemstone Equity Research & Advisory Services, Vadodara. The views expressed are the author’s own. Please consult your financial advisor before investing.)

Rupee likely to depreciate on strong dollar, risk aversion in markets; USDINR pair may trade in this range

Posted on 2024-05-12 by admin

The Indian Rupee is likely to depreciate on strong dollar and risk aversion in markets as investors remain cautious ahead of US Fed meet on 20-21 September. USDINR spot price is expected to trade in a range of Rs 79-80.50 in the next couple of sessions, according to forex analysts. In the previous session, Rupee marked its worst week in five as risk sentiment was hit by the Chinese yuan weakening past 7 per dollar to breach a key psychological level for the first time in two years. The local unit settled 0.1% lower at 79.74 per dollar, recouping some of the day’s losses when it had hit an over one-week low. For the week, the rupee declined 0.2%, its biggest loss since the week ended 12 August.

Also Read: Share Market LIVE: Nifty, Sensex stare at positive start; India’s CAD to remain within 3% of GDP, says RBI

“Concerns over aggressive rate hike expectations by Federal Reserve may also put downside pressure on Rupee. However, easing crude oil prices may support Rupee at lower levels. Markets may also take cues from FII fund flows data. Trades may also take cues from US consumer sentiment which is expected better than previous reading. USDINR spot price is expected to trade in a range of Rs 79 to Rs 80.50 in next couple of sessions.”

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities

“USDINR spot closed 4 paise higher 79.74 in a day of quiet trading. Rise in dollar index, firm US bond yields and weakness in equities contributed to the demand for the US Dollars but exporter selling and suspected central bank intervention capped advance. Over the next week, USDINR may slip into a narrow range of ahead of US FOMC. We expect a range of 79.40 and 80.00 on spot.”

Yes Securities Research

“US Dollar index rallied while Treasury yields surged after data showed U.S. consumer prices rising faster than expected in August, prompting bets for more aggressive Federal Reserve rate hikes. Decline during the week found support near 79.20, recovery thereafter was swift which ensures immediate support near 79.40. USDINR September future is likely to oscillate between 79.40 – 80.30 zone.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee in the last few sessions consolidated in a narrow range and volatility remained low even after inflation number from the US and the UK came above estimates. On Friday, the dollar fell marginally against its major crosses even after University of Michigan’s preliminary September reading on the overall index on consumer sentiment came in at 59.5, up from 58.6 in the prior month. Broadly, the dollar could continue to get support ahead of the FOMC policy statement. Most market participants expect a high chance of a 75-basis-point rate hike at this week’s meeting and some even expect a 100-bps increase.”

Also Read: Will bulls stage a comeback or bears drag Nifty to 17150? 5 things to know before share market opening bell

“The Rupee was slightly weighed down after the offshore yuan past the critical threshold of 7 per dollar for the first time in more than two years overnight. On the other hand, pound remained under pressure after retail sales fell much more than expected in August, in another sign that the economy is sliding into a recession as the cost of living crunch squeezes households’ disposable spending. Today, volatility could remain low as no major economic data is expected to be released from the US. We expect the USDINR(Spot) to trade sideways and quote in the range of 79.40 and 80.05.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Petrol and Diesel Price Today, 10 Sep 2022: Fuel prices unchanged; Check rates in Delhi, Mumbai, other cities

Posted on 2024-05-10 by admin

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 10 September 2022 (Saturday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

The prices of petrol and diesel vary in each state depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc. Since the central government excise duty cut, only two states have reduced VAT rates on auto fuels. Meghalaya was the last to revise the fuel rates when it increased VAT August 24, because of which petrol now costs Rs. 96.83 per litre in Shillong and diesel is now priced at Rs. 84.72 per litre.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also Read: FM Sitharaman’s fight against inflation: Centre, state govts collectively responsible to tame rising prices

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Petrol, Diesel Price Today, 13 Sep 2022: Fuel cost steady; Check rates in Delhi, Noida, Mumbai, other cities

Posted on 2024-05-10 by admin

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 13 September 2022 (Tuesday), keeping costs steady for more than three months now. Petrol and diesel in Delhi is priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.