Share Market News Today Highlights: Sensex, Nifty pause two-day winning run; Shree Cement, Adani Ports, PowerGrid among top drags

"Nifty has closed above 17,700 for the day following a range-bound trading session. On the daily chart, the index has fallen below the falling trend line suggesting a waning bullishness. The daily RSI is in a bearish crossover on the daily chart indicating a falling momentum. The trend for the near term may remain sideways to positive as long as the index closes above 17,700. However, a decisive fall below 17,700 may trigger a correction in the market. On the lower end, below 17,700, Nifty may fall towards 17,500/17,350. On the higher end, resistance is visible at 17,850-17,900," said Rupak De, Senior Technical Analyst at LKP Securities.

Shares of Adani Ports and Special Economic Zone saw profit-booking in today's session a day after the Adani Group firm was awarded Rs 25,000-crore greenfield deep sea Tajpur port project. The stock had gained 3 per cent intraday in the previous session. In today's trade, the stock fell up to 5.4 per cent to Rs 917.05. (Read more)

"The Bank Nifty index continued to face resistance at a higher level where 42,000 will act as a hurdle. The index is stuck in a broad range between 40,500-42,000 and a break on either side will decide the trend for the index. On the derivative front, the highest open interest on the call side is built up at 42,000 and immediate support is visible at 41,000 where fresh put writing has been observed," said Kunal Shah, Senior Technical Analyst at LKP Securities.

"Markets across the globe were trading with considerable volatility ahead of the Fed policy announcement. A 75 bps hike by Fed was factored in by the markets, while reports of mobilising Russian forces in Ukraine have escalated geopolitical tension and fears of rising inflation. Any military escalation will have a significant effect on the world & domestic economy. This will have an influence on the near-term trend of the global market and implications on the local market can be high as it is trading at premium prices compared to the world," said Vinod Nair, Head of Research at Geojit Financial Services.

The overall market breadth stood weak as 1,287 shares advanced while 2,172 declined on BSE. The market capitalization (m-cap) of BSE listed companies fell to Rs 281.19 lakh crore.

On the stock-specific front, Shree Cement was the top Nifty loser as the stock cracked 5.94 per cent to close at Rs 21,862.35. Adani Ports, PowerGrid, IndusInd Bank and UltraTech Cement were also among the laggards. In contrast, Britannia Industries, Hindustan Unilever, ITC, Apollo Hospital and Bajaj Finance were among the top gainers.

14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Metal, Nifty Pharma and Nifty Oil & Gas underperformed the NSE platform by falling as much as 2.09 per cent, 1.39 per cent and 1.17 per cent, respectively. However, Nifty FMCG climbed 1.18 per cent today.

Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 fell 0.74 per cent and small-cap slipped 1.03 per cent.

Sensex slips 263 points or 0.44 per cent to close at 59,457, Nifty moves 98 points or 0.55 per cent lower to settle at 17,718

Happiest Minds Technologies today said that the trading window for dealing in its equity shares would remain closed from October 01, 2022, to October 22, 2022 "for the purpose of declaration of the financial results for the quarter and half year ending as on September 30, 2022." The stock traded 4.31 per cent higher at Rs 1,046.85 in late deals on the BSE index.

The IT solutions company had recently announced the expansion of the Noida campus to take its capacity to 450 seats in the National Capital Region (NCR). Before that, the company had acquired a new office space (1,600-seater) in Bengaluru in July.

Sensex fell to an intraday low of 59,275 and touched a day high of 59,799 in a volatile trade today, swinging 523 points. On the NSE platform, the index fell to an intraday low of 17,664 and touched a day high of 17,839, swinging 175 points.

Sensex down 163 points or 0.27 per cent to trade at 59,556, Nifty moves 59 points or 0.33 per cent to trade at 17,757

Sub-index Nifty FMCG climbed as much as 1.27 per cent to trade at 44,538.35 in late deals. Shares of Britannia Industries rose 2.79 per cent to trade at Rs 3,752.50.

Mishtann Foods has announced plans to set up a 1,000 kilolitres per day (KLPD) grain-based ethanol manufacturing facility in Gujarat. The proposed project is likely to incur a cost of Rs 2,250 to the company with an estimated annual revenue projection of Rs 3,500 crore for the company, Mishtann Foods said. "Mishtann Foods has delivered robust revenue growth due to its sustainable business model. The positive outlook of the FMCG sector is well supporting the stock. The company’s recent investment, launches of new products and order book are expected to improve the financials further in coming quarters. Mishtann foods stock is showing strength on daily chart and the stock has potential to touch the levels of 11-12 in near term," said Ravi Singh, Vice-President and Head of Research, ShareIndia. Shares of the company were down 1.79 per cent to trade at Rs 9.85 in afternoon deals.

Cross investments in a similar line of business could be one of the reasons for keeping the Virat Kohli-backed Go Digit General Insurance IPO in "abeyance" by capital markets regulator Securities Exchange Board of India (SEBI), according to an expert. (Read more)

Shares of Central Bank of India zoomed 15 per cent today after the Reserve Bank of India (RBI) removed the lender from the list of Prompt corrective action (PCA) restrictions. The performance of the bank was reviewed by the Board for Financial Supervision. Buoyed by the development, shares of Central Bank gained 15.48 per cent to Rs 23.5 against the previous close of Rs 20.35 on BSE. (Read more)

Sensex falls 363 points or 0.61 per cent to trade at 59,356, Nifty moves 107 points or 0.60 per cent down to trade at 17,709

The share allotment status of Harsha Engineers International's initial public offering (IPO) would be announced on Wednesday. The initial share sale of Ahmedabad-based company got subscribed 74.70 times, helped by heavy demand from institutional buyers, on the last day of subscription (September 16). The public offer received bids for 125.96 crore shares against 1.68 crore shares on offer, NSE data showed. (Read more)

Sensex falls 320 points or 0.54 per cent to trade at 59,400 in afternoon deals, Nifty moves 108 points or 0.61 per cent lower to trade at 17,708

Sensex falls 178 points or 0.30 per cent to trade at 59,542, Nifty moves 71 points or 0.40 per cent lower to trade at 17,745