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Share Market News Today Updates, 30 September 2022: Sensex and Nifty turned positive after RBI rate hike announcement. Indian equity benchmarks on Friday rebounded sharply as bank and financial shares climbed after the Reserve Bank of India (RBI) hiked its key interest rate to fight inflation amid global recession fears. RBI hiked its key lending rate by 50 basis points (bps), taking the current repo rate to 5.90 per cent.
The domestic indices defied a weaker global trend and settled on a higher note today, pausing their seven-day losing run.
The repo rate is the rate at which a central bank lends money to banks, and the reverse repo rate is at which it borrows from commercial lenders.
Asian shares traded lower, tracking an overnight decline on Wall Street. Japan's Nikkei index cracked 1.83 per cent, South Korea's KOSPI fell 0.71 per cent and the Shanghai Composite index declined 0.55 per cent. However, Hong Kong's Hang Seng Index managed to trade higher by rising 0.33 per cent.
In sync with the Indian equities, US stocks futures hinted at a positive start for Wall Street. S&P Futures gained 0.83 per cent, Nasdaq futures rose 0.77 per cent and Dow Futures climbed 0.66 per cent.
Back home, the benchmark BSE Sensex jumped 1,017 points or 1.80 per cent to close at 57,427 today, while the broader NSE Nifty moved 276 points or 1.64 per cent higher to settle at 17,094.
Here are the share market highlights:
Stock of Motherson Sumi Wiring closed flat today despite board of the firm clearing bonus issue of shares in the ratio of 2:5. This means the firm will issue two shares for every five shares held by the shareholders. Motherson Sumi Wiring stock ended at Rs 87.15 against the previous close of Rs 87 on BSE. (Read more)
According to a recent report by brokerage Anand Rathi, India’s chemicals sector is in a good position to profit from this change and capture a sizable share of the market. (Read more)
Ravi Singhal, CEO, GCL: "Demand is expected to remain strong in the second half. Still, the inflationary effect is looming. The possibility of increasing interest rates is also increased."
Ravi Singh, Vice-President and head of Research, Share India: "In line with the expectation, RBI has increased the repo rate by 50 bps and is already discounted by the market. The indices and stocks are currently witnessing weakness taking cues from the selling pressure in the global markets. Nifty may sustain the support of 16,800 levels if the international markets show reversal. A rebound in Nifty may show the levels of 17,200 else the downside levels of 16,500 is possible. Being inflation and rupee weakness still major concerns which needs to be improved keeping economic growth in pace, Investors should wait till the market sentiments stabilizes for fresh entry."
The overall market breadth stood strong as 2,332 shares advanced while 1,108 declined on BSE. The market capitalization (m-cap) of BSE-listed companies rose to Rs 271.86 lakh crore as investor wealth surged around Rs 3.59 lakh crore.
All the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the green. Sub-indexes Nifty Bank and Nifty Financial Services outperformed the NSE platform by rising as much as 2.61 per cent and 2.24 per cent, respectively.
Mid- and small-cap shares finished on a higher note as Nifty Midcap 100 gained 1.60 per cent and small-cap surged 1.59 per cent.
On the stock-specific front, Hindalco was the top Nifty gainer as the stock soared 5.58 per cent to close at Rs 391.90. Bharti Airtel, IndusInd Bank, Bajaj Finance and Bajaj Finserv were also among the gainers. In contrast, Adani Enterprises, Dr Reddy's, Cipla, Coal India and Apollo Hospitals were among the top laggards.
Sensex jumps 1,017 points or 1.80 per cent to close at 57,427, Nifty moves 276 points or 1.64 per cent higher to settle at 17,094; Hindalco, Airtel, IndusInd Bank among top gainers
The 50 basis points (bps) rate hike is a cautious approach by the RBI and it will also impact home loan interest rates, particularly for the affordable housing sector, said Pankaj Malik, Chief Financial Officer, Fullerton India. However, with the increased economic activities across the country along with the festive demand, the impact of rate hikes will be minimal on serious homebuyers, he added.
In market veteran Nilesh Shah's words, the RBI on Friday delivered a “Mai Hoon Na” policy, as the central bank assured the market that it is in safe hands despite the prevailing global storm. (Read more)
Sensex jumps 1,164 points or 2.06 per cent to trade at 57,574, Nifty moves 332 points or 1.98 per cent higher to trade at 17,151; Hindalco, Airtel, IndusInd Bank among top gainers
A 20 per cent correction in IT major Tata Consultancy Services (TCS) along with 11 other group companies dragged the group’s market capitalisation on a year-to-date (YTD) basis till September 29. Overall, market valuation of the group declined to Rs 20.16 lakh crore at present from Rs 23.19 lakh crore on December 31 last year. On the other hand, gains in at least 14 Tata group stocks managed to cap the downside. (Read more)
Shares of Hindalco surged 4.73 per cent to trade at Rs 388.75 in afternoon trade.
Sensex jumps 1,014 points or 1.80 per cent to trade at 57,424, Nifty moves 290 points or 1.72 per cent higher to trade at 17,108
Shares of Bajaj Finserv surged 3.76 per cent to trade at Rs 1,697.35 in afternoon deals.
Sensex zooms 928 points or 1.65 per cent to trade at 57,338, Nifty moves 268 points or 1.59 per cent higher to trade at 17,086; Hindalco, Bajaj Finserv, HDFC twins among top gainers
Shares of private lender HDFC Bank rose 3.05 per cent to trade at Rs 1,424.45.
Sensex zooms 714 points or 1.26 per cent to trade at 57,123, Nifty moves 202 points or 1.20 per cent higher to trade at 17,020; Hindalco, ONGC, HDFC twins, Kotak Mahindra Bank among top gainers
Shares of Asian Paints were the top Sensex and Nifty losers today despite the ongoing festive season. Analysts said the stock saw profit-booking after hitting record high. On September 28, the stock hit a record high of Rs 3,590 despite weak broader markets. However, it's down 16.78 per cent from the peak compared to today's intraday low. (Read more)
Sensex climbs 615 points or 1.09 per cent to trade at 57,025, Nifty moves 180 points or 1.07 per cent lower to trade 16,998; Hindalco, ONGC, HDFC Bank among top gainers
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