The sterling slumped to a record low on Monday as investors piled in to dollars and out of almost everything else, spooked by the prospect of high interest rates and poor growth ahead. [MKTS/GLOB]
Last week, the United States and half a dozen other countries raised interest rates.
The Reserve Bank of India is set to raise interest rates again this week with a slim majority of economists in a Reuters poll expecting a half a percentage point hike and some others expecting a smaller 35 basis point rise.
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Coforge, Infosys among top gainers from IT pack
Price as on 26 Sep, 2022 01:07 PM, Click on company names for their live prices.
What’s behind the freefall in pound?
#MarketsWithETNOW | Pound slumps! The currency depreciates 6% against the rupee in two days, @Sharad9Dubey brings u… https://t.co/QfNBymexIB
— ET NOW (@ETNOWlive) 1664174939000
Sensex off day’s low, still down nearly 800 points
Balaji Amines says commercial production begins at newly set up Solapur Plant
Price as on 26 Sep, 2022 12:07 PM, Click on company names for their live prices.
Brent slips below $85 per barrel for first time since Jan
BRENT CRUDE FUTURES FALL MORE THAN $1 TO $85.12/BBL
Shares of Sterlite Technologies dropped almost 7 per cent during the early trade on Monday after the company’s key managerial personnel tendered resignation. The telecommunications service provider announced that Mihir Modi has tendered his resignation from the chief financial officer (CFO) and key managerial personnel position. Modi will be relieved from his duties with effect from the close of business hours of Friday, 14 October 2022, the company informed in an exchange filing.
Price as on 26 Sep, 2022 11:53 AM, Click on company names for their live prices.
Metal stocks badly hit amid market crash. Hind Copper plunges the most
Price as on 26 Sep, 2022 11:47 AM, Click on company names for their live prices.
TOP SENSEX DRAGS IN MORNING SESSION
Rupee falls to fresh all-time lows as the dollar strengthens across the board. Hawkish Fed outlook, political instability in China and sell-off in pound after the tax cut announcement is also disturbing the overall market sentiment. This week, RBI will release its policy statement and this is likely to influence the rupee that is currently falling sharply against the US dollar.
– Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services
Global market check
- S&P 500 futures dropped 0.9% as of 6:38 a.m. in London
- Nasdaq 100 futures fell 1%. The Nasdaq 100 dropped 1.7%
- Euro Stoxx 50 futures decreased 0.7%
- The Topix index dropped 2.7%
- Australia’s S&P/ASX 200 Index slipped 1.4%
- South Korea’s Kospi declined 3.1%
- The Hang Seng Index dropped 0.5%
NIFTY SLIPS BELOW 17000 FOR FIRST TIME SINCE JULY 28
S&P projects India’s GDP growth at 7.3 pc this fiscal
As consumption booms, India’s retail industry is set to be one of the biggest beneficiaries! And, Mukesh Ambani’s Reliance Retail has been on a shopping spree to cash in on this mega trend
#MarketsWithETNOW | As consumption booms, India's retail industry is set to be one of the biggest beneficiaries! An… https://t.co/cBFipPph6K
— ET NOW (@ETNOWlive) 1664169791000
PowerGrid slides for 7th session, trades below all key DMA levels
Price as on 26 Sep, 2022 10:53 AM, Click on company names for their live prices.
Realty Check! These stocks fall the most from the real estate pack
Price as on 26 Sep, 2022 10:50 AM, Click on company names for their live prices.
BSE SMALLCAP INDEX TANKS NEARLY 4%
Shares of Suzlon Energy dropped more than 7 per cent during the early trade on Monday after the company announced to raise funds via rights issue route. In an exchange filing, the renewable energy firm announced that its board has approved raising Rs 1,200 crore via a rights issue of 240 crore shares. The Securities Issue Committee of the Board approved the rights issue. The company will raise Rs 1,200 crore through issuance of 240 crore shares with face value of Rs 2 each at an issue price of Rs 5 per share, the exchange filing added.
Price as on 26 Sep, 2022 10:32 AM, Click on company names for their live prices.
NIFTY NEARS 17,000 LEVEL
The pull from 17000 has become irresistible now. That it coincides with the 200 day SMA makes it all the more compelling for Nifty to pay a visit, now that Friday closed just 1.7% away from it. Even more so, because the 38.2% fibo of the Jun-Sepmove is also at the same level. Ideally, a breach of 17000, will bring in 16000 into picture, with interim support seen at 16650.Meanwhile, given that a sharp draw down is already in place, we will watch the ability of 17166, the recent reaction low, to let bulls regroup early in the day and aim for a recovery push and 17430.
– Anand James – Chief Market Strategist at Geojit Financial Services
Harsha Engineers International (HEIL) made a strong debut on Dalal Street as the industrial products player listed at Rs 450 on Monday on NSE, a premium of 36 per cent over its issue price of Rs 330. The largest manufacturer of precision bearing cages debuted at a premium of 35 per cent at Rs 444 as against the given issue price on the BSE.
Apple starts manufacturing iPhone 14 in India
Price as on 26 Sep, 2022 09:54 AM, Click on company names for their live prices.
BROKERAGE RADAR | JEFFERIES ON STEEL
- Maintain Hold on Tata Steel, Target at Rs 95/share
- Steel price strain; still early to turn constructive
- Indian flat steel price declined 19% from June Quarter average
- See downside risk as Indian pricesare still 6-11% above import parity
- Downgraded Indian steel in Jan 0100
- Believe it is still early to turn constructive
The global macro construct is not favourable for equity markets in the short run. The dollar index above 113 and the US 10-year yield at 3.73 % is likely to aggravate FPI outflows which have been gathering momentum during the last 3 days. The probability of a global recession is also increasing since the Fed continues to be ultra hawkish. The 5% cut in MSCI World Index last week indicates the bearish undertone of global equity markets. In this scenario the buy on dips strategy which worked since the June lows need not work now. Investors have to be cautious and remain vigilant. However, India will outperform both in economic growth and market performance. Therefore, selective buying can be done in domestic economy-facing segments like financials, autos, capital goods and select FMCG on sharp market declines.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
SENSEX TANKS OBVER 800 POINTS
BROKERAGE RADAR | CITI ON I.T.
- IT services is a good defensive sector
- FY23E will see growth normalization & margin pressure
- Geopolitical situation & macro headwinds need to be monitored
- Four Ongoing Trends: Changing Face of Demand, Transformation of Global
- Delivery Model, Capital Allocation, Non-U.S. Opportunity
- Maintain Neutral on HCL Tech, Tech Mahindra
- Maintain sell on TCS, Wipro, Mphasis, Persistent Systems, Coforge, LTTS
Tata Steel, YES Bank, PNB among most active stocks on NSE
Price as on 26 Sep, 2022 09:24 AM, Click on company names for their live prices.
All sectors trade in the red… metals, realty worst losers
OPENING BELL: Sensex tanks over 700 points, Nifty nears 17,100; Hindalco, NMDC fall 3% each
Pre-open session: Sensex slumps over 550 points; Nifty below 17,160
JUST IN | Rupee at fresh record low vs US dollar
While the 2-year US Treasury yield was at 4.2%, its highest level since October 12, 2007, the dollar index scaled past the 114-mark overnight to a two-decade high.
The local unit had reached a record low of 81.2250 on Friday, prompting the Reserve Bank of India (RBI) to sell dollars, according to traders. The RBI’s intervention had aided the rupee to turn briefly higher on Friday.
Dollar stands alone as rate hikes rattle stocks
Asian stocks started the final week of the quarter on the slide on Monday, while the dollar stood ascendant, as the prospect of high interest rates and poor growth shook markets.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 170 points, or 0.98 per cent, lower at 17,162, signaling that Dalal Street was headed for a negative start on Monday.
Tech View: Bloodbath on D-St! Should traders go short?
The US Fed jitters kept equity and currency markets on edge. The S&P BSE Sensex plunged more than 1,000 points while the Nifty50 broke below a crucial support at 17,400 and also briefly slipped below 50-DMA but then bounced back. The Nifty50 formed a long bearish candle on the daily charts. The Supertrend indicator also triggered a sell on Friday.
Tokyo shares open down after global selloff
Tokyo stocks opened lower Monday after a long weekend that saw global selloffs, with investors expected to stay “risk-off” for some time.
Wall Street slumps as investors fret on rate hikes and recession
Wall Street’s main indexes slumped to close well down on Friday, as rattled investors continued repositioning themselves to reflect fears the U.S. Federal Reserve’s hawkish rate policy to curb inflation will push the American economy into recession.
Oil claws back some losses but strong dollar caps gains
Oil prices rose modestly in early trade on Monday after sliding to eight-month lows last week weighed down by a surging U.S. dollar and fears sharp interest rate hikes globally would spark a recession and hit fuel demand.
Rupee slides 30 paise to close below 81-mark against dollar
The rupee slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar on Friday, weighed down by the strong American currency overseas and risk-off sentiment among investors.
Sensex, Nifty on Friday
The 30-share Sensex declined 1020.80 points to end at 58,098.92. Its broader peer, Nifty50, ended at 17,327.35, down 302.45 points. Power Grid was the top loser from the 30-share pack, falling 7.93 per cent to Rs 202.60.