Special 
Stock Market Live Updates Today, 15 September 2022: Sensex and Nifty declined for the second straight session. Indian equity benchmarks fell for the second straight session amid volatile trade. The domestic indices slipped as banks slipped from record highs and technology stocks extended a decline, outweighing gains in automakers. Pharma and consumer shares also felt the heat today.
Asia's stock markets were mixed, a day after their biggest decline in three months as investors weighed the risk of the US Federal Reserve's interest rate hike next week. Overnight, Wall Street ended a directionless session higher.
S&P 500 futures today slipped 0.70 per cent, while Nasdaq futures and Dow Jones Industrial Average moved 0.15 per cent and 0.20 per cent higher, each.
Fed may announce a 100 basis points (bps) interest rate hike to tackle sticky inflation. Market participants were on edge as investors assessed the possibility of a 100 bps rate hike.
On the economic front, rating agency Fitch cut India's economic growth forecast for 2022-23 to 7 per cent from 7.8 per cent, in the backdrop of a slowdown amid global stress, elevated inflation and tighter monetary policy.
Here are the share market highlights:
"Nifty found resistance around 18,100 leading to close in the red for the day. On the daily chart, a dark cloud cover pattern has formed suggesting waning bullishness. The trend for a few hours to 1 day may remain weak; However, the short term trend remains positive as the Nifty closed above the falling trend line on the daily chart. On the lower end, support is visible at 17,700, below which the short term trend may become weak. On the higher end, resistance is visible at 17,900/18,100," said Rupak De, Senior Technical Analyst at LKP Securities.
Shares of tyre manufacturer MRF surged as much as 7.79 per cent to close at Rs 92,750.80 today. During the day, the stock touched a 52-week high of Rs 93,855.
"The Bank Nifty index witnessed some profit booking at higher levels which indicates 41,800-42,000 will act as an immediate hurdle on the upside. The lower-end support stands at 40,000 levels where one of the highest open interests is built up on the put side. The undertone remains bullish and once should keep a buy-on-dip approach as long as it holds the support of 40,000 on the downside," said Kunal Shah, Senior Technical Analyst at LKP Securities.
The overall market breadth stood slightly negative as 1,699 shares advanced while 1,795 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 285.88 lakh crore.
On the stock-specific front, Hindalco was the top Nifty loser as the stock cracked 3.87 per cent to close at Rs 424.90. Tech Mahindra, Infosys, Cipla and Apollo Hospitals were also among the laggards. In contrast, Maruti, Eicher Motors, Adani Ports, PowerGrid and NTPC were among the top gainers.
12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty IT, Nifty Pharma, Nifty Consumer Durables and Nifty Bank underperformed the NSE platform by falling as much as 1.43 per cent, 1.29 per cent, 0.56 per cent and 47 per cent, respectively.
Mid- and small-cap shares finished on a mixed note as Nifty Midcap 100 rose 0.38 per cent and small-cap edged 0.02 per cent lower.
Sensex slumps 413 points or 0.68 per cent to close at 59,934, Nifty moves 126 points or 0.70 per cent to settle 17,877; IT stocks drag
"The resilience of the domestic market is fuelled by the strong momentum of the banking sector. The major factors influencing the performance of banking stocks are asset quality, credit growth and FII activity. The recent rally in the market had largely taken into account the improving asset quality, while the market is yet to fully factor in the strong traction expected in credit demand. FIIs turning net buyers is an additional catalyst supporting the trend. Even after factoring in the current rally, the Nifty Bank index is still attractive trading marginally above the long-term averages. While we continue to have a strong long-term outlook for the banking sector, especially for large private banks, we can't rule out the prospect of short-term profit booking due to the spillover effect of a recession in the global economy," said Vinod Nair, Head of Research at Geojit Financial Services.
Shares of Tata Motors are in focus again amid reports that the UK economy is on the brink of recession. Tata Motors' UK arm Jaguar Land Rover (JLR) contributes 67 per cent to the revenues of the Indian auto firm. The Tata Motors stock has lost 7.18 per cent this year, signaling that the scrip has been affected by negative cues emanating from the Russia-Ukraine war and the economic slowdown after Covid-19 lockdowns across the world. (Read more)
"Large banks like HDFC, ICICI, SBI, Kotak and BOB are the major constituents of Bank Nifty and are well placed with superior fundamentals. The economy is witnessing a strong credit environment with improving capacity utilisation and capacity expansion. Healthy credit growth is one of the triggers of better performance of banks. Moreover, a healthy balance sheet, minuscule stress formation and lower credit cost lead to strong profitability. We believe the banks to witness NIMs improvement as the share of floating rate loans is increasing. The sound balance sheet, strong credit growth, healthy margins and lower credit cost are likely to be fruitful for the banking sector. The large bank may take a competitive advantage factoring the technological advancement. Among large banks, BOB and ICICI are our top picks," Ajit Kabi, Banking Analyst at LKP Securities.
’Tis the battle of the titans. After several years at the top as India’s most valuable brand, HDFC Bank has ceded the numero uno position to TCS. In Kantar Brandz India’s 2022 Rankings, the homegrown IT giant came out tops with a brand value of $45.52 billion. Meanwhile, TCS shares were down 0.32 per cent today; while HDFC Bank was down 0.01 per cent. (Read more)
"Markets do encounter frequent periods of volatility. Stock prices generally do not bounce around constantly as there may be periods where nothing much is happening on these prices, but there may be big/sudden movement up and down for short periods, for these stocks. In the current scenario of rupee weakening, the uncertainty created by the Ukrainian crisis, domestic institutional selling and global economies, Sensex is expected to be range bound and remain volatile. Embracing volatility keeps and investors' sanity alive," said Sethurathnam Ravi, former BSE chairman and founder and managing partner of Ravi Rajan & Co.
Sensex falls 408 points or 0.68 per cent to trade at 59,939, Nifty moves 125 points or 0.69 per cent to trade at 17,879; Hindalco, Infosys, Cipla among top drags
At least 17 companies in the BSE 500 index, which are also owned by Life Insurance Corporation of India (LIC), have delivered robust return to investors since the beginning of this year. With a rally of 129 per cent, Adani Transmission emerged as the biggest gainer in the list. Shares of the company jumped to Rs 3,975.70 on September 14, 2022 from Rs 1732.85 on December 31, 2021. The country’s biggest institutional investor held 3.28 per cent stake in the company as of June 30. (Read more)
Sub-index Nifty IT extended its fall today and dropped as much as 1.34 per cent to trade at 27,761.90. The sub-index had plunged 3.36 per cent on Wednesday.
As of 1:12 pm on Thursday, the issue attracted bids for 9,59,59,215 crore equity shares against the IPO size of 1,68,63,795 shares -- subscribed 5.69 times on the second day of bidding.
Retail individual investors' portion was booked 6.06 times and non-institutional investors' category was subscribed 12.33 times. Employee reserved portion was subscribed 4.56 times. Qualified institutional buyers' category was subscribed 9 per cent.
Sensex slips 225 points or 0.37 per cent to trade at 60,122, Nifty moves 74 points or 0.41 per cent to trade at 17,930
Shares of Tata Investment Corporation rose for the sixth straight session despite the broader market trading in the red today. Tata Investment Corporation stock gained 10 per cent intra day today to its fresh all-time high of Rs 2,886.5 against the previous close of Rs 2,624.10 on BSE. (Read more)
The country's largest lender, State Bank of India (SBI), raised the Benchmark Prime Lending Rate (BPLR) by 70 basis points (or 0.7 per cent) to 13.45 per cent on Wednesday. The announcement would make loan repayment linked to BPLR costlier. Other banks are likely to follow suit. Meanwhile, share of SBI rose 0.50 per cent to trade at Rs 574.45. (Read more)
Copyright©2025 Living Media India Limited. For reprint rights: Syndications Today
