Produced by: Prashanti Moktan
Designed by: Hitansh Gaur
NSE and BSE shifted its settlement holidays to today (September 29). This was after the change in holiday by the Reserve Bank of India (RBI), and the Maharashtra government. “Change in Public Holiday under Negotiable Instrument Act – Settlement of financial market transactions on September 29, 2023," wrote on X (Twitter).
Banks will be closed today (September 29) in Maharashtra, Sikkim, Jammu, and Srinagar in view of Eid-E-Milad/Eid-e-Meeladunnabi. Initially, the bank holiday had been listed as Sept 28 for Maharashtra but was later updated to Sept 29.
There is a state wide shutdown in Karnataka today (September 29), in effect from 6 am to 6 pm. Led by Kannada Okkuta leader Vattal Nagaraj, the bandh is in protest against the Karnataka government's decision to allocate Cauvery water to Tamil Nadu. Schools, colleges, malls and shops are expected to remain closed. Cab services like Ola and Uber will also suspend operations during the bandh while private offices are likely to allow employees to Work From Home. Essential services such as hospitals, pharmacies are expected to remain open. Bengaluru Metro and government offices will also be functioning normally.
Plaza Wires Limited IPO is set to open for subscription today (September 29) and close on October 4. The Plaza Wires Limited IPO price band has been set at Rs 51 to Rs 54 per share. Plaza Wires Limited shares will list on the BSE and NSE with the tentative listing date of October 12.
“The Indian stock market faced significant downward pressure as investors grew increasingly concerned about the surging oil prices. Should the price of crude oil persistently remain above the $90 mark, it poses a potential danger to inflation rates and could erode profit margins for businesses,” said Deven Mehata, Equity Research Analyst, Choice Broking.
“Index has a support around 19,400-19,300 zone. Coming to the OI Data, on the call side, the highest OI observed at 19,700 followed by 19,800 strike prices while on the put side, the highest OI is at 19,400 strike price,” said Deven Mehata, Equity Research Analyst, Choice Broking.
“Daily and hourly momentum indicators had a negative crossover, which is a sell signal… Both price and momentum indicators suggest that there is a further downside possible over the next few trading sessions. In terms of levels, 19,500 – 19,440 is the crucial support zone while 19,625 – 19,650 shall act as an immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
"Bank Nifty also witnessed sustained selling pressure throughout the day to close around the lows on Sept 28. The daily momentum indicator has a negative crossover which is a sell signal. On the downside we expect the Bank Nifty to drift towards 43,800. On the upside 44,700 – 44,800 shall act as an immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
WTI Crude oil futures pared early gains and edged lower from a 13-month high. Prices rose earlier as stockpiles at Cushing, Oklahoma (the delivery point for WTI futures) tumbled below 22 million barrels last week, the lowest since July 2022. However, rising inflation and growth concerns weighed on the demand outlook, as per Kotak Securities. The report added that immediate supports for MCX crude futures for October delivery are seen at Rs 7,746 and Rs 7,703 while resistance levels are at Rs 7,858 and Rs 7,927
Public sector OMCs including BPCL, IOCL and HPCL revise their petrol price and diesel price daily in line with international benchmark prices and forex rates. Petrol and diesel prices remained stable today.