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Home / Markets / Live Blog /  Sensex ends 224 pts down, Nifty at 18,000; IT, Realty tank; Bank, Metal shine

Sensex ends 224 pts down, Nifty at 18,000; IT, Realty tank; Bank, Metal shine

Stock Market Today: US Inflation data to keep market on edge (MINT_PRINT)Premium
Stock Market Today: US Inflation data to keep market on edge (MINT_PRINT)

  • Share Market Close: Indices ended in red and lost around 0.4% on Wednesday. Sensex closed just above 60,300 and Nifty at 18,000. IndusInd Bank, NTPC and SBI were among the stocks in the green, whereas Infosys, Tech Mahindra, HCL Tech and TCS ended in deep red.

US consumer prices rose faster than expected last month suggesting Federal Reserve will continue to keep inflation as its priority. This led to Wall Street tanking on Tuesday and Asian markets tracking the loss and ending in the red. All indices lost ground on Wednesday.

14 Sep 2022, 03:44:54 PM IST

Indian indices not immune to US inflationary pressure, loses ground on Wednesday. Sensex down 225 points and Nifty 65.

Indian benchmark indices tracked Wall Street and other Asian indices in the morning and slipped more than a per cent, ut recovered to close 0.4% down.

Sensex closed at 60,347, a drop of 224 points. Nifty shed 66 points and closed just above 18,000 points.

IT index, which started in red along with other indices, could never recover and closed 3.5% down. Realty, Consumer Durable, Pharma and Oil & Gas also slipped in today's session.

Bank and Financial indices made impressive gains along with Media and Metal and helped to curtail the extent of the loss.

Among stocks, Infosys dropped more than 4%. Tech Mahindra, TCS and Wipro were also amongst the laggards. IndusInd Bank, NTPC, Powergrid, and SBI made decent gains on Wednesday.

Most Asian markets fell on Wednesday extending a global selloff as higher-than-expected US inflation data sparked fears of a prolonged period of Federal Reserve interest rate hikes.

Tokyo stocks sank on Wednesday as investors shunned risk on worries about high US inflation. The benchmark Nikkei 225 index closed down 2.78%.

China stocks also fell and blue-chip CSI 300 Index lost 1.1%, while the Shanghai Composite Index was down 0.8%. The Hang Seng Index dropped 2.5%.

European stock markets opened lower on Wednesday. Added to the picture, UK inflation slowed last month to 9.9% but remains close to a decades-high, official data showed Wednesday.

Sensex at Close
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Sensex at Close
14 Sep 2022, 03:17:23 PM IST

Industry players to discuss ways to cut energy cost, adopt new technologies: Mercom India

Over 300 players from various sectors, including solar, steel and cement, will gather in Coimbatore on Friday to discuss ways to reduce their energy costs amid government's push towards use of renewable energy.

The 'C&I Clean Energy Meet 2022' on September 16 will also see participation from players operating in foundry, automobile, manufacturing, chemical, engineering, automation, spinning mills and textiles sectors, organiser Mercom India said in a statement on Wednesday.

Commercial and Industrial (C&I) customers, particularly those with large power requirements, across India are plagued with mounting power bills. This event is designed to foster collaboration between C&I companies and leading renewable energy solution providers, it said. (PTI)

14 Sep 2022, 03:16:45 PM IST

Land deals worth $1.1 bn closed between January-June across top 8 cities: Report

During January-June period, around 700 acres of land have been acquired for over $1.1 billion across eight cities to develop housing, office, retail, logistics and data centre projects, a report by CII-CBRE said on 14 September.

During January-June period, around 700 acres of land have been acquired for over $1.1 billion across eight cities to develop housing, office, retail, logistics and data centre projects, a report by CII-CBRE said on 14 September. (Full Story)

14 Sep 2022, 02:56:05 PM IST

Bharat Electronics' record date for 2:1 bonus shares issue this week. Check details

Government-owned Bharat Electronics' (BEL) record date for the bonus issue of its equity shares that it had recommended in the ratio of 2:1 is this week on Friday, September 16, 2022 and the stock will start trading ex-bonus on Thursday, a day ahead of the record date. (Full Story)

14 Sep 2022, 02:54:59 PM IST

India narrows thermal coal imports gap with top buyer China

India is fast catching up with China in its thermal coal imports, as the world's two biggest overseas buyers of the power generation fuel adjust purchases to align them with the varying trajectories of their economic growth.

India, widely seen as one of the last remaining major growth markets for the fuel, has stepped up buying from Indonesia and Russia after the invasion of Ukraine, which Moscow calls a special operation. (Full Story)

14 Sep 2022, 02:26:06 PM IST

Goldman downgrades Infosys, TCS to ‘sell’ but upgrades one IT stock

Goldman Sachs downgraded top Indian information technology service providers Tata Consultancy Services and Infosys to "sell," from "buy," citing a potential slowdown in dollar revenue growth in the face of impending macroeconomic stress.

Goldman upgraded Wipro to ‘buy’, citing attractive valuations and a recent pickup in the company's order book. (Full Report)

14 Sep 2022, 02:25:24 PM IST

Harsha Engineers' IPO opens for subscription

The initial public offering of Harsha Engineers International opened for subscription on Wednesday. The issue will conclude on Friday.

Harsha Engineering International is a major manufacturer of precision bearing cages, in terms of revenue, in the organised sector in India, and is touted among the leading manufacturers of precision bearing cages globally.

It plans to raise 755 crore through the IPO that comprises a fresh issue of 455 crore and an offer for the sale of shares worth 300 crore by promoters.

Some proceeds from the IPO will be utilised for debt repayment, for funding capital expenditure, infrastructure repairs and renovation and general corporate purposes. (ANI)

14 Sep 2022, 02:23:26 PM IST

Google loses appeal against record EU antitrust fine

The European Union's second-highest court on Wednesday overwhelmingly upheld the EU's record fine against Google over its Android operating system for mobile phones, slightly reducing the fee for technical reasons.

In a statement, the EU's General court said it "largely confirms the commission's decision that Google imposed unlawful restrictions on manufacturers of Android mobile devices" in order to benefit its search engine.

The court, however, said the fine should be slightly reduced to 4.125 billion euros ($4.1 billion), instead of the 4.3 billion euros decided by the commission in 2018 after reviewing the duration of the infringement.

The levy remains the EU's biggest ever despite Google's arguments that the commission's case was unfounded and falsely relied on accusations it imposed its search engine and Chrome browser on Android phones. (AFP)

14 Sep 2022, 01:51:09 PM IST

Sebi cracks down on unauthenticated news circulation by intermediaries

The Securities and Exchange Board of India on Tuesday directed market intermediaries to put internal code of conduct and controls in place to deal with the rise in circulation of unauthenticated news by Sebi-registered market intermediaries through various modes of communication.

The regulator told the intermediaries that the access to blogs, chat forums, messenger via which the unauthenticated news related to stocks was being circulated should be restricted under supervision. (Full Report)

14 Sep 2022, 01:38:08 PM IST

Vedanta to create hub to manufacture iPhones, TV equipment in Maharashtra: Report

Vedanta Ltd will create a hub to manufacture Apple's iPhones and other television equipment in the state of Maharashtra, Reuters reported quoting CNBC TV18.

After Vedanta Limited signed MoUs with Gujarat on September 13, Shiv Sena leader Aditya Thackeray charged the Maharashtra government with abandoning the agreement.

Maharashtra Navnirman Sena chief Raj Thackeray has demanded a probe into how the Vedanta-Foxconn deal went from Maharashtra to Gujarat. The MNS chief said that the priority of the investors was Maharashtra than how the deal went into Gujarat's hands. Thackeray added that "it is serious and not a good sign. We should go beyond politics and look at this issue". (Full Report)

14 Sep 2022, 01:36:07 PM IST

Bank index has rebounded handsomly and is now trading in green, gains 1%

Bank Index
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Bank Index
14 Sep 2022, 01:13:09 PM IST

Knight Frank's "Think India, Think Retail 2022 - Reinventing Indian Shopping Malls" report stated that as many as 21% or 57 malls across top-8 cities in India are currently in different stages of dilapidation.

The national capital region (NCR) has the largest 3.35 million square feet of space occupied by ghost malls, as per the report. IT city Bengaluru has 1.38 million sq.ft of space occupied by ‘ghost malls’ and followed by Hyderabad and Mumbai at 1.14 million sq ft and 1.13 million sq ft space, respectively. The other Indian cities where ghost malls are located are Ahmedabad (0.37 million sq ft); Pune (0.37 million sq ft); Kolkata (0.32 million sq ft), and Chennai (0.33 million sq ft), respectively. (Full Report)

14 Sep 2022, 01:10:19 PM IST

DHL Supply Chain to invest 500-mn Euro in India over next 5 years

Contract logistics provider DHL Supply Chain will invest 500-million Euro (around 4,000 crore) in India over the next five years to expand its warehousing capacity, workforce and sustainability initiatives.

With this expansion, DHL Supply Chain will add 12 million sq ft of warehousing space in its existing portfolio to take its total capacity to about 22-million sq ft by 2026, the company said in a statement on Wednesday.

The company will add this 12-million square feet of capacity in wholly-owned DHL multi-client sites in key metro cities such as Bangalore, Chennai, Kolkata, Mumbai, NCR and Pune, to cater to growing sectors such as e-commerce, retail, consumer, manufacturing as well as automotive. (PTI)

14 Sep 2022, 12:51:49 PM IST

Most indices have turned green but Realty is still under pressure, down 1%. Almost all stocks in red.

Realty Index
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Realty Index
14 Sep 2022, 12:49:54 PM IST

Tata firm gets ₹596 cr LoA for floating solar project in MP

Tata Power Solar Systems Ltd (TPSSL) has received a letter of award worth 596 crore from NHDC to set up a 125MWp floating solar project in Madhya Pradesh.

NHDC is a joint venture of state-owned hydro power giant NHPC and the Madhya Pradesh government, a statement by Tata Power Company Ltd said on Wednesday.

NHDC had invited bids early this year for this project to be set up at the Omkareshwar reservoir in Khandwa district of Madhya Pradesh.

The LoA was awarded through tariff-based competitive bidding. The project will be commissioned within 13 months from the date of issuance of the letter of award (LoA) and will provide sustainable power to MP Power Management Company. (PTI)

14 Sep 2022, 12:49:11 PM IST

WPI inflation eases to 12.41% in August

India's wholesale price-based inflation (WPI) eased to 12.41% year-on-year (YoY) in August 2022 from 13.93% in the previous month of July, the government data showed on Wednesday, and lower than 11.64% in August 2021.

Inflation in August, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products etc. as compared to the corresponding month of the previous year, as per data released by the ministry of commerce and industry. (Full Story)

14 Sep 2022, 12:24:48 PM IST

Tata Power Solar Systems receives LoA of ₹596 cr for NHDC project

Tata Power Solar Systems, a solar EPC company and a wholly owned subsidiary of Tata Power Renewable Energy, has received a letter of award (LoA) of 596 crore from NHDC Limited for setting up a 125MW floating solar project.

The project will be commissioned within 13 months from the date of letter of award and will provide sustainable power to M.P. Power Management Company. (Full Story)

14 Sep 2022, 12:11:48 PM IST

Trade with India saw single-biggest jump among 15 nations in past 1 yr: US envoy

US's trade with its top 15 partners increased over the past one year, but the single biggest jump was with India, the country's Consul General in Kolkata Melinda Pavek said.

Pavek, while addressing a session here at the East India Summit 2022 organised by the Confederation of Indian Industry (CII), said India-US trade stood at USD 67 billion during the first six months of 2022.

"Exports to India were USD 23 billion, while Indian exports to the US stood at USD 44 billion during January-June.

"US trade with its top 15 partners has increased over the past year, but I am proud to say that the single biggest jump was with India... US companies are consistently India's biggest source of foreign direct investment (FDI)," she said. (PTI)

14 Sep 2022, 12:07:02 PM IST

UK inflation rate slips from 40-year high with drop in petrol prices

Britain’s inflation rate eased from its highest rate in four decades after petrol declined, but still leaving the pace of price increases uncomfortably high for the Bank of England.

The Consumer Prices Index rose 9.9% from a year ago last month from 10.1% in July, the Office for National Statistics said Wednesday. Economists had expecting a reading of 10%.

The reading may fan speculation that inflation has already peaked, relieving some of the pressure on the central bank to act. Prime Minister Liz Truss announced plans to freeze an increase in energy bills due to hit households in consumers, a move economists say will prevent a further spike in prices this winter but keep inflation strong well into next year. (Bloomberg)

14 Sep 2022, 12:02:47 PM IST

Noon Update: Indices claw back and trim morning losses. Sensex is trading 300 points lower and Nifty 85 points

Most indices have turned green with Media and Bank being the most stable. IT, Consumer Durables and Realty are still in the red. 

Sensex at Noon
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Sensex at Noon
14 Sep 2022, 11:55:50 AM IST

IndusInd Bank is high on the the list gainers today, adds 4%

IndusInd Bank
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IndusInd Bank
14 Sep 2022, 11:55:02 AM IST

Tata Group financial stock rallies 13%, hits fresh record high; shares up 36% in 5 days

Shares of Tata Investment Corporation Ltd continued to rally by hitting record high for the second straight session Tuesday's trading session. The stock surged over 12% intraday to 2,463 apiece on the BSE. The stock has been in an uptrend since the past few sessions as it has risen more than 36% in the last five trading sessions. (Full story)

14 Sep 2022, 11:40:34 AM IST

Vedanta-Foxconn deal: Raj Thackeray demands probe as Maharashtra loses to Gujarat

Maharashtra Navnirman Sena chief Raj Thackeray has demanded a probe into how the Vedanta-Foxconn deal went from Maharashtra to Gujarat. The MNS chief said that the priority of the investors was Maharashtra than how the deal went into Gujarat's hands. Thackeray added that "it is serious and not a good sign. We should go beyond politics and look at this issue".

Yesterday, India's mining conglomerate Vedanta and Taiwanese electronic giant Foxconn signed a Memorandum of Understanding with the Gujarat government to set up a 1.54 lakh crore semiconductor and display manufacturing unit in Gujarat. (Full Story)

14 Sep 2022, 11:21:23 AM IST

SBI share price climbs to life-time high. Should you buy, sell or hold?

The State Bank of India (SBI) share price today climbed to life-time high despite selling pressure on Dalal Street. SBI shares today opened downside but soon attracted bulls attention and hit intraday high of 564.90 apiece on NSE, which is now its new record high.

According to stock market experts, SBI shares are in ‘uptrend’ and the stock has strong support base at 530 per share levels. They said that those who have this PSU bank stock in portfolio should continue to hold the stock for immediate target of 600 apiece levels. They said that the stock has given ‘flag pattern’ breakout at 530 levels and any dip in the stock should be seen as buying opportunity in the stock. They advised shareholders to hold the stock with trailing stop loss at 530 whereas fresh buyers can buy at current levels maintaining ‘buy on dips’ strategy till the stock is trading above 540. They advised fresh investors to maintain stop loss at 497 apiece levels. (Full Story)

14 Sep 2022, 11:19:39 AM IST

Oil drops on concern demand will slump as Fed battles inflation

Oil retreated on concern that a further round of severe US monetary tightening to combat inflation will hurt demand, and an industry report pointed to a hefty increase in American commercial stockpiles.

West Texas Intermediate fell below $87 a barrel after a volatile session on Tuesday, when prices were buffeted by data showing elevated US inflation, and a possible Biden administration plan to refill strategic reserves. Crude’s latest drop came with losses in equities and other commodities including copper.

Oil hit the lowest since January earlier this month as traders attempted to price in a possible global slowdown, tighter monetary policy, and lower energy demand. The hotter-than-expected US inflation figures have set the scene for another round of aggressive hikes from the Federal Reserve, as well as further gains in the dollar, which is already near a record. There’s growing concern that the US central bank may tip the world’s largest economy into recession. (Bloomberg)

14 Sep 2022, 11:01:10 AM IST

INDIA BONDS-Bond yields rise as inflation stokes rout in U.S. Treasuries

Indian government bond yields rose on Wednesday following an overnight selloff in U.S. Treasuries, stirred by fears that the Federal Reserve will deliver more super-sized rate hikes.

The benchmark 10-year government bond yield was at 7.1504% by 0504 GMT, up from 7.1077% in the previous session.

There is a "a bit of correction" on the back of U.S. bond reaction to the inflation data, but index inclusion bets will keep the yield differentials between U.S. and India low, said a trader at a private sector bank.

The difference between the 10-year U.S. and India is hovering near its lowest level since 2009. Large Fed rate hikes alongside expectations of Indian bonds being included into global indexes have led to the yield difference falling to around 370 basis points. (Reuters)

14 Sep 2022, 11:00:19 AM IST

Saurabh Mukherjea's latest bet is a banking stock that is trading at record high level

Shares of ICICI Bank continued to rally and has been trading near its record high level of 913 apiece, that it had it in the previous session on the BSE. The banking stock has been in upward trend in the last few sessions and is up about 30% in the last six months as compared to over 6% rise in benchmark Sensex.

Well-known money manager Saurabh Mukherjea is the Founder and Chief Investment Officer (CIO) of Marcellus Investment Managers. In his recent TV interactions, he said that Marcellus' wealth management team has built positions in ICICI Bank over the last few months. (Full Story)

14 Sep 2022, 10:35:25 AM IST

Media Index is the only index in green with Inox and PVR leading the rally

The Competition Commission of India (CCI) on 13 September rejected a complaint against the proposed merger of multiplex chains PVR and INOX Leisure. The regulator in its seven-page order said that it was of the view that the apprehension of likelihood of AAEC (Appreciable Adverse Effect on Competition) by an entity which is yet to take form cannot be a subject matter of inquiry/investigation under Section 3 or 4 of the Competition Act.

Media Index
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Media Index
14 Sep 2022, 10:27:21 AM IST

Rupee falls 43 paise to 79.60 against US dollar in early trade

The rupee depreciated by 43 paise to 79.60 against the US dollar in opening trade on Wednesday, as higher-than-expected US CPI print resulted in massive risk-off sentiments.

At the interbank foreign exchange market, the rupee opened at 79.58 against the greenback, then fell to 79.60, registering a decline of 43 paise over its last close. In initial deals, the local unit also touched 79.54 against the dollar.

On Tuesday, the rupee appreciated by 36 paise to close at an over one-month high of 79.17 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.03 per cent to 109.77. (PTI)

14 Sep 2022, 10:20:12 AM IST

Mint Mark to Market: To break the inflation fever, both US Fed and RBI have more work to do

Data released on Tuesday showed that in the US, the annual retail inflation rate eased to 8.3% from 8.5% in July. Even so, it remains elevated and higher than Wall Street's consensus estimate of 8.1%. The decline in gasoline prices was offset by higher costs of food, shelter and medical care services. (Read More)

14 Sep 2022, 10:18:11 AM IST

This Adani Group stock's target price raised by Jefferies. Key triggers

Global brokerage Jefferies in a note said that it interacted with Adani Ports' management to discuss business operations. Adani Ports aims to leverage its strong B/S to benefit from gradual volume recovery, as global container rates are easing and as it grows in logistics/warehousing to offer customers end-to-end solutions, the brokerage highlighted. (Full Story)

14 Sep 2022, 10:04:42 AM IST

Angel One recommendation on market: Focus more on stock-specific movements

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Nifty surpassing 18000 this time wasn’t a surprise, because the way our market behaved in the last week or so, things were pretty evident. Additionally, the global markets have been supportive for the last 4 – 5 days, which provided the much-needed push. Now, heavyweight constituents seem to have slipped into a consolidation mode, and hence, we are not seeing the following momentum in key indices. However, the market is not at all short of any action if we take a glance at the broader market. We reiterate that one can continue to remain bullish and focus more on stock-specific movements, which are likely to provide better trading opportunities.

The SGX Nifty is indicating a big gap down opening and we are likely to start around the strong support levels at 17800 - 17700 levels. In the recent past, it has been observed of such openings getting bought into, and hence it would be crucial to see how our markets react post the opening. On the flip side, 18000 - 18100 will be seen as immediate resistance.

14 Sep 2022, 09:49:56 AM IST

Finance ministry sets up committee to address issues faced by venture capital, private equity

The Union finance ministry has set up a high-level committee to address regulatory and other issues to enable scaling up investments by venture capital and private equity investments in the country.

Union Finance Minister Nirmala Sitharaman in her Budget 2022-23 speech had announced the setting up of an expert committee to examine and suggest appropriate measures related to venture capital and private equity.

"Venture Capital and Private Equity invested more than 5.5 lakh crore last year facilitating one of the largest start-up and growth ecosystems. Scaling up this investment requires a holistic examination of regulatory and other frictions. An expert committee will be set up to examine and suggest appropriate measures," Sitharaman had said in her speech. (ANI)

14 Sep 2022, 09:40:34 AM IST

Multibagger small-cap stock fixes record date for 1:2 bonus shares. Details here

The board of directors of Alphalogic Techsys Ltd has fixed record date for bonus shares. The company board has fixed record date for bonus shares on 21st September 2022. Earlier, the board of directors of the company had approved and declared bonus shares in 1:2 ratio that means one bonus shares will be issued for every two shared held by the shareholders. (Read More)

14 Sep 2022, 09:37:25 AM IST

Infosys leads the race to the bottom, sheds 4% in early trading

Infosys
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Infosys
14 Sep 2022, 09:27:05 AM IST

Ashika Stock Broking: Accumulate quality stocks for medium-term view.

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed yet another bullish candle on the daily chart and surpassed the much-awaited hurdle of 18000 mark to continue with its winning streak. However, momentum oscillators has now reached an overbought region and some amount of cool-off seems eminent. However present price structure indicates of continuance of positive bias and our domestic Index is likely to head towards 18,300 in near term as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying major shift of momentum from a medium-term perspective. Nifty also has given a conclusive breakout from eight month’s falling channel signalling end of corrective phase and breakout is well supported by sequential improvement in market breadth. However brutal sell-off in the US market after US inflation data for August, it is highly likely that the Fed will go for another rate hike of 75bps in its next FOMC meeting on 21st September and that would have its repercussion in our market as well. During the day global cues indicating of a huge gap down and lower level of 17700 and 17500 would be the immediate support points where one can accumulate quality stocks for medium term view.

14 Sep 2022, 09:24:15 AM IST

IT index sinks 3% in early trading with all stocks in red

IT Index
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IT Index
14 Sep 2022, 09:21:50 AM IST

Indices lose a per cent at open with Sensex and Nifty shedding 700 and 200 points, respectively.

Sensex at Open
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Sensex at Open
14 Sep 2022, 09:10:35 AM IST

Bitcoin, ether, Solana, other crypto prices today crash. Check latest rates

Bitcoin price today plunged in the wake broad based sell-off after higher-than-expected US inflation data. The world's largest and most popular cryptocurrency was trading more than 8% lower at $20,373. The global crypto market cap today was above the $1 trillion mark, even as it was down over 5% in the last 24 hours at $1.04 trillion, as per CoinGecko. (Full Story)

14 Sep 2022, 09:07:16 AM IST

SEBI chairperson says every single policy it brings out is data-backed

Chairperson of capital markets regulator SEBI Madhabi Puri Buch said every single policy it brings out is totally backed by proper data.

"We will rely on and be led by data. Every single policy that SEBI brings out today is backed by data," Buch said on Tuesday while speaking at the 19th Annual Capital Markets Conference 'CAPAM 2022', organized by industry body FICCI.

In her address, the SEBI chief highlighted its role which is to facilitate capital formation and added that nation-building is done by corporates and businesses.

Buch also said that the regulatory body was fully appreciative of opportunities in India, and it is through technology that the country can achieve its goal. (ANI)

14 Sep 2022, 09:04:42 AM IST

Sensex tanks to preopen, down almost 1500 pts. PVR, NTPC, Inox Leisure, Vedanta in focus

Sensex at Preopen
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Sensex at Preopen
14 Sep 2022, 09:00:09 AM IST

Reliance Securities Stock in Focus for today: GPIL

STOCK IN FOCUS

GPIL (CMP Rs.301)

We have BUY rating on GPIL, with a 12-month SOTP-based Target Price of Rs440.

Intraday Picks

COLPAL (PREVIOUS CLOSE: 1,644) BUY

For today’s trade, long position can be initiated in the range of Rs1,641- 1,630 for the target of Rs1,674 with a strict stop loss of Rs1,610.

SUNTV (PREVIOUS CLOSE: 533) BUY

For today’s trade, long position can be initiated in the range of Rs522- 518 for the target of Rs537 with a strict stop loss of Rs512.

DALBHARAT (PREVIOUS CLOSE: 1,660) SELL

For today’s trade, short position can be initiated in the range of Rs1,689- 1,697 for the target of Rs1,626 with a strict stop loss of Rs1,727.

14 Sep 2022, 08:49:02 AM IST

Harsha Engineers IPO opens today: A good bet? Know GMP, key points

Harsha Engineers International Ltd's (HEIL) initial public offering (IPO) will open for public subscription today and the issue will conclude on September 17, 2022. The price band has been fixed at 314-330 per share for its initial share sale.

Harsha Engineers IPO consists of a fresh issue of equity shares aggregating to 455 crore, and an offer-for-sale (OFS) of up to 300 crore by existing shareholders. (Read More)

14 Sep 2022, 08:47:51 AM IST

Stocks to Watch: NTPC, PVR, Vedanta, Coal India, Infosys, Inox Leisure, JSW Steel, Bharat Forge, Maharashtra Scooters, and Future Lifestyle

Delta Corp, Ambuja Cement and Indiabulls Housing Finance Ltd to remain under the F&O ban list on Wednesday. These stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Full Story)

14 Sep 2022, 08:46:22 AM IST

SGX Nifty points to nearly 300-point gap down in Nifty

Indian stocks could open sharply lower following the overnight carnage in US markets with the Dow and Nasdaq tanking by 4-5% after data showed retail prices rose higher than anticipated.

SGX Nifty traded down 289 points at 17,781 in morning trades on SGX. SGX Nifty offers cues into initial price movements on the Nifty. (Full Story)

14 Sep 2022, 08:22:37 AM IST

Tamilnad Mercantile Bank IPO: What GMP signals ahead of share listing date

The public issue is all set to make its debut on BSE and NSE as most likely Tamilnad Mercantile Bank IPO listing date is 15th September 2022 i.e. tomorrow. As per the information available on BSE, the equity shares of Tamilnad Mercantile Bank Limited shall be listed and admitted to dealings on the BSE and NSE in due course. So, all eyes are now set on Tamilnad Mercantile Bank IPO listing date.

Meanwhile, grey market is also signaling about the kind of debut Tamilnad Mercantile Bank shares may have. According to market observers, Tamilnad Bank IPO GMP (grey market premium) today is 15. That means shares of Tamilnad Mercantile Bank are available at a premium of 15 in grey market today. (Read More)

14 Sep 2022, 08:21:10 AM IST

Vedanta eyes 2nd semiconductor unit after $20bn facility in Gujarat

Vedanta Resources Ltd chairman Anil Agarwal on Tuesday said his company is considering a second chip and display manufacturing facility in India, even as it announced a $20-billion ( 1.54 trillion) investment plan for its first such venture in Gujarat. Agarwal said India would need at least two such factories to become a hub of chip manufacturing and meet the needs of the country and the world. 

There are some interesting proposals from Andhra Pradesh and Maharashtra, and we will look for our second plant after starting operations from the first unit in Gujarat," Agarwal said over the phone. (Full Story)

14 Sep 2022, 08:06:54 AM IST

Mid-caps, small-caps continue outperformance despite volatility

Mid-caps and small caps continued to outperform benchmark indices despite the recent volatility in the markets. The gains of 5.64% and 5.89%, respectively, for BSE mid-cap and small-cap indices are higher than the Sensex’s 3.42% rise in August. The trend continued in September. The Sensex has gained just 1.74% so far in September, while mid- and small-cap indices gained 3.32-4.34%.

The rebounding equity markets have improved sentiments, as well as the risk appetite of investors. (Full Report)

14 Sep 2022, 08:04:14 AM IST

Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — Sept 14

On account of strong global cues on Tuesday, bulls on Dalal Street continued to beat bears on fourth straight session. However, after the US August inflation data coming higher than the market expectations, some market experts are suggesting day traders to maintain 'stock specific trade strategy' on Wednesday session. Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that Nifty 50 index has breached the psychological hurdle and upside sentiment is expected to rise further.

Vaishali Parekh of Prabhudas Lilladher has recommended day traders to look at shares of Tata Elxsi and Tata Motors. (Full Report)

14 Sep 2022, 07:56:35 AM IST

Government conducts e-auction of eight coal mines in five states

The Ministry of Coal on Tuesday conducted e-auction of eight mines spread in five states under the commercial coal mining auction process.

"The Nominated Authority, Ministry of Coal conducted e-auction of eight coal mines here today," the Ministry of Coal said in a statement.

Out of the eight coal mines that have been auctioned, five coal mines are fully explored and three mines are partially explored.

The total geological reserves for these eight coal mines are 2157.48 Million Tonnes (MT). The Cumulative Peak Rate Capacity (PRC) for these coal mines is 19.31 million ton per annum.

Out of the eight coal mines that have been auctioned two are in Jharkhand - Basantpur and Jitpur; two in Maharashtra - Dahegaon/Makardhokra-IV and Marki Mangli-IV; and two in Odisha - Rampia & Dip Side of Rampia.

Sursa mines from Chhattisgarh and Bandha North from Madhya Pradesh were also auctioned. (ANI)

14 Sep 2022, 07:55:35 AM IST

Competition Comm rejects complaint against proposed PVR-INOX deal

The Competition Commission of India (CCI) on Tuesday rejected a complaint against the proposed merger of multiplex chains PVR and INOX Leisure, saying apprehension of likelihood of anti-competitive practices by an entity cannot be a subject of probe.

The watchdog's order has come on a complaint filed against the proposed merger that would create the country's largest multiplex chain with a network of more than 1,500 screens.

On March 27, PVR and INOX Leisure announced the merger. However, the entities were not required to seek CCI approval for the deal as it was below the regulator's threshold levels.

Under the competition law, deals beyond certain thresholds require clearance from the regulator. (PTI)

14 Sep 2022, 07:46:30 AM IST

RBI  may  hike  rate by up to 50 bps as inflation edges up

As retail inflation accelerated again to 7% in August, there is a growing chorus among economists for another 35-50-basis point (bps) repo rate hike in the September policy, a move some fear could stymie growth.

An aggressive 50-bps increase in the repo rate would take the policy rate to 5.9%, the highest in more than three years. It will also be the third consecutive rate hike of 50 bps in the current tightening cycle, beginning with a 40-bps surprise increase in May. (Full Story)

14 Sep 2022, 07:45:11 AM IST

Asian shares extend global selloff amid bets on more aggressive Fed

Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted on Wednesday, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer.

U.S. Labor Department data showed on Tuesday the headline Consumer Price Index gained 0.1% on a monthly basis versus expectations for a 0.1% decline. In particular, core inflation, stripping out volatile food and energy prices, doubled to 0.6%.

Wall Street saw its steepest fall in two years, the safe-haven dollar posted its biggest jump since early 2020, and two-year Treasury yields, which rise with traders' expectations of higher Fed fund rates, jumped to the highest level in 15 years. (Reuters)

14 Sep 2022, 07:32:56 AM IST

Rupee rallies 36 paise to over 1-month high on foreign fund inflows

The rupee appreciated by 36 paise to close at over one-month high of 79.17 against the US dollar on Tuesday, tracking the dollar's decline versus its major peers and foreign fund inflows.

At the interbank forex market, the local unit opened at 79.30 against the greenback. It witnessed an intra-day high of 79.03 and a low of 79.33 during the session.

It finally ended at 79.17, the highest closing level since August 3. The rupee had closed at 79.53 on Monday.

The dollar index, which measures the greenback's strength against a basket of six currencies, fell 0.40 per cent to 107.89. (PTI)

14 Sep 2022, 07:32:04 AM IST

Amazon, Flipkart to begin festive season sale from Sep 23

E-commerce majors Amazon and Flipkart will launch their festive season sales from September 23.

While Amazon India will host 28 to 29 days festive season sale, the Amazon Great Indian Festival, Flipkart has announced to host 'The Big Billion Days 2022' till September-end.

"We will have 11 lakh sellers that will participate in the sale of which 2 lakh are local stores. We will be delivering to customers across all serviceable pin code. The big change this year is that it will be coming on the back of two years of pandemic. We are returning to things as usual," Amazon India Vice-President Noor Patel told PTI.

Amazon will give 24 hours early access to its Prime Members before opening sale for everyone on September 23. (PTI)

14 Sep 2022, 07:30:15 AM IST

Surge in services demand helps steady India’s economy in August

India’s economy showed signs of stabilizing last month, with strong demand for services helping weather headwinds from high inflation, according to a gauge of earliest available indicators.

From August, Bloomberg News has changed three of the eight indicators it uses to track the economy’s so-called animal spirits. It now includes power demand, goods and services tax collection, and unemployment rate, in place of the Citi India Financial Conditions Index, factory and infrastructure output. (Full Story)

14 Sep 2022, 07:29:17 AM IST

Stocks tumble, dollar rallies as soaring U.S. inflation implies an aggressive Fed

The dollar index rallied on Tuesday and the S&P 500 tumbled 4% while Treasury yields surged after data showed U.S. consumer prices rising faster than expected in August, prompting bets for more aggressive Federal Reserve rate hikes.

Wall Street's equity indexes saw their deepest one-day percentage declines since June 2020.

This was a sharp reversal after the major stock indexes had rallied on Monday and in the previous week as investors had bet Tuesday's data would show an easing in inflation and provide a path for the Fed to ease its policy tightening. (Reuters)

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