Today’s stock market, September 28, 2022: Indian stock markets ended in the red for the sixth consecutive day. The BSE Sensex ended at 56,598.28, down 509.24 points or 0.89 per cent, while the Nifty50 settled at 16,858.60, down 149 points or 0.87 per cent compared to Tuesday’s closing price.
In the 30-share Sensex, 18 stocks were trading in the red at the close, while the remaining 12 were in the green. Meanwhile, in the 50-share index, 15 stocks advanced while 35 declined.
Of the 15 sector indices, four ended in the green and 11 were closed in the red. Nifty Bank (1.56 percent), Nifty PSU Bank (2.07 percent), Nifty Metal (1.94 percent) were the worst performers today. Gainers included Nifty Pharma (0.85%), Nifty IT and Nifty Healthcare Index (0.86%).
The broader markets also traded lackluster with Nifty Mid Cap 50, Nifty Mid Cap 100 Nifty Small Cap 100 closing in the red.
Things to keep in mind when markets reopen on Thursday:
1) RBI MPC: The Reserve Bank of India’s Monetary Policy Committee (MPC) meeting began today. On Friday, Governor Shaktikanta Das will announce the policy rate announcement along with the Central Bank’s commentary on inflation, the economy and GDP. RBI is expected to raise interest rates by 50 basis points.
2) Rupee vs Dollar: The Indian rupee fell below the 82 mark for the first time in intraday trade before falling 40 paise to 81.93 against the US dollar on Wednesday. The weakness was due to strong currency outflows due to strengthening US Treasury yields. On the interbank currency, the rupee opened at 81.90 and later fell to 82.02 to the dollar in intraday trade on risk-averse sentiment among investors. The rupee finally settled at 81.93, its all-time closing low. PTI
3) Dollar Index (DXY) cold US dollar index futures were trading at 113.580, down 0.467 or 0.41%. Here’s how other currencies traded.
Source: Comex
4) US markets: The Dow 30 snapped its losing streak today and was trading positive at 29,449.2, up 314.26 points or 1.08 percent. The S&P 500 was trading at 3,675.48, up 28.19 points, or 0.77 points, while the Nasdaq Composite was trading at 10,920.30, up 90.81 points, or 0.84%.
Source: Comex
Merchandise
MCX Gold, Silver: October gold futures on MCX were trading at Rs 50,120 per 10 grams, up Rs 670 or 1.35 percent from Tuesday’s closing price. As for December silver futures, they were trading at Rs 56,150 per kg and were up nearly Rs 771 or 1.39 percent by around 9.45 pm.
5) Anil Singhvi’s Strategy: Market participants should brace themselves for a big action tomorrow, Singhvi said. Nifty50 has support between 16600-16700 while resistance at 17000-17200, he added. As for Bank Nifty, support is between 37200 and 37350 while resistance between 38200 and 38350. #BazaarAajAurKal
6) Values in Ban For trade date 29 September 2022: Vodafone IDEA
7) Bulk Offers: There could be some stock-specific action when markets reopen on Thursday due to the bulk deals that occurred on Wednesday. Graviton Research Capital LLP bought 7,34,674 in Can Fin Homes Ltd at Rs 471.81 per share while sold 7,43,449 at Rs 472.20 per share. PGIM India Mutual Fund sold 10,000,000 shares to Can Fin Homes at Rs 469.62 per share. Graviton also bought 4,97,582 shares at Rs 273.68 per share in Liberty Shoes Ltd, while it sold 4,97,582 shares at Rs 272.92 per share. Keva Constructions Pvt Ltd sold 11,10,000 shares of SH Kelkar and Co. Ltd at Rs 140.41 per share while it bought 11,10,000 shares at the same price of Rs 140.41.
8) Date FII/DII: Foreign institutional investors were net sellers of Indian stocks and sold shares worth Rs 2,772.49 while domestic institutional investors were net buyers of Rs 2,544.17 maintaining a buying trend.
9) Volatility Index (India VIX) rose 2.44 percent at 10:10 p.m. from 9:57 p.m. on Tuesday.
10) Thursday will be a monthly expiration day and markets could see some profit booking.
11) Market expert Siddharth Sedani that the correction is a buying opportunity in good stocks and investors can buy in a staggered fashion. He said RBI’s comments and roadmap on economy will be crucial. Buy on dips, he said. The stock to buy with a positional view is United Spirits for a target price of Rs 1035 and stop loss of Rs 760. In the longer term, he suggested a buy on Apcotex Industries for a target price of Rs 703.
12) Stock market expert Nilesh Jain said the markets remain oversold and may see a rally soon. He said Nifty50 has crossed the 200-day moving average (DMA) of 17,000. It sees strong support at 16,800 while resistance at 17,000. He expects Nifty50 to trade in a range between 16,800 and 17,000. Jain, who is Assistant Vice President, Technical and Derivative Research at Centrum Broking sees major support in Nifty Bank at 37300 while resistance at 38200. If it breaks on the downside, a 600 points downside will open, he said and he added that trends remain weak. At the retracement levels of 38000-38300 could be seen.
13) Stocks to buy: He said Asian Paints stocks should not be missed and buying is recommended on dips between Rs 3500-3540. The target is 3700-3800 with a stop loss of Rs 3360. Another stock is Dr Reddy’s Laboratories with long term view. The target is Rs 4,450 and the stop loss is Rs 4,180.
(Disclaimer: The opinions/suggestions/advice expressed here in this article are solely those of investment experts. Zee Business suggests its readers to consult their investment advisors before taking any financial decisions.)
