Zee Business Stock, Trading Guide: Indian stocks fell for the fourth consecutive session on Monday as the rupee’s decline did not go down well with domestic stocks. Global signals were also negative as US markets closed in the negative on Friday.
The BSE Sensex closed today at 57,145.22, down 953.70 points or 1.64 percent from Friday’s closing level. Meanwhile, the 50-share Nifty50 index settled at 17,016.30, down 311 points or 1.8 percent from the previous close.
In the 30-share Sensex, 7 stocks were trading in the green at the close, while the remaining 23 were in the red. In the 50-stock Nifty50, 9 stocks advanced while 41 declined.
Of the 15 sectoral indices, Nifty IT was the gainer, while Nifty Bank (-2.35%), Nifty Auto (-3.81), Nifty Metal (-4.13%), Nifty PSU Bank (- 3.69%) and Nifty Realty. (-4.25 percent) among the worst losers. The broader markets also witnessed a bloodbath with Nifty Mid Cap 50, Nifty Mid Cap 100, Nifty Small Cap 100 ending in the red.
Here’s a list of triggers that investors should watch for when markets reopen on Tuesday, September 27.
1) Rupee vs Dollar: The rupee has fallen nearly 10 percent in 2022 against the US dollar. Since the announcement of the interest rate hike by the US Federal Reserve, it has experienced a sharp decline against the greenback. On Monday, the INR ended at a record low against the US dollar for the third straight session on Monday on risk-averse sentiments and unprecedented strength in the greenback following Fed and recession concerns. It closed 63 paise lower at 81.62 against the USD, IANS reported. It had closed at 80.99 in the previous trading session.
2) Dollar Index (DXY) today it broke the 114 mark. The dollar index is trading at two-decade highs and making new highs daily.
3) Foreign Institutional Investors (FIIs) were net sellers of Indian stocks and sold stocks worth Rs 5,101 cr while the National institutional investors (DIIs) bought shares worth Rs 3,532.18.
4) US Markets: US markets were trading in the negative at the time of filing the story. The Dow 30 traded at 29,406.20, down 184.21 points or 0.62 percent. The S&P 500 traded at 3,676.50, down 16.73 points or 0.45%. The Nasdaq Composite traded at 10,878.40, up 10.52 points or 0.10%.
5) Securities prohibited from trading Date September 27, 2022: Vodafone Idea, Punjab National Bank (PNB), Zee Entertainment Enterprises (ZEEL).
6) Monetary policy announcements on Friday will also weigh on the markets where the Central Bank of India is expected to raise the repo rate by 50 bps.
7) This week is also the F&O expiry week, which may affect the markets.
8) The Volatility Index jumped nearly 7 percent to 21.89 from 20.59.
9) Markets expert Sudip Bandyopadhyay told Zee Business that markets are already in oversold territory and bear buying is still there in domestic stocks. His advice to investors is to continue to vary the moves. The outlook for FII is not favorable and once reversed, reversal could be expected.
10) Anil Singhvi Trading Strategy: Nifty50 has support at 16800-16850 while resistance at 17300-17325. Bank Nifty has support at 38200-38325 while resistance at 38900 and 39100. #BazaarAajAurKal