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Share Market News Today Highlights: Sensex dives 509 points amid global rout, Nifty barely holds 16,850; Hindalco, JSW Steel, Axis Bank among top drags

Business Today Desk Sep 28, 2022, Updated Sep 28, 2022, 4:42 PM IST

Stock Market News Today Highlights: Sensex and Nifty plunged sharply as global markets remained jittery on worries over a global recession. Analysts have said that the domestic indices may remain rangebound until the Reserve Bank of India's (RBI's) policy decision on Friday. The RBI's three-day policy meeting started today.

Share Market News Today Updates, 28 September 2022: Sensex and Nifty fell for the sixth straight session today. Share Market News Today Updates, 28 September 2022: Sensex and Nifty fell for the sixth straight session today.

Indian equity benchmarks on Wednesday plunged sharply as global markets remained jittery on worries over a global recession. The domestic indices extended their fall for the sixth straight session today, dragged by bank, financials, metal and energy stocks.

 

Analysts have said that the domestic indices may remain rangebound until the Reserve Bank of India's (RBI's) policy decision on Friday. The RBI's three-day policy meeting started today.

 

Asian stocks crashed today, tracking overnight Wall Street weakness. Japan's Nikkei index dived 1.50 per cent, South Korea's KOSPI plunged 2.45 per cent, Shanghai Composite index fell 1.58 per cent and Hong Kong's Hang Seng Index slumped 3.41 per cent.

 

S&P Futures cracked 1.15 per cent, Nasdaq futures slipped 1.58 per cent and Dow Futures fell 0.93 per cent, indicating more pain for the Wall Street today.

 

Back home, the benchmark BSE Sensex tanked 509 points or 0.89 per cent to close at 56,598, while the broader NSE Nifty moved 149 points or 0.87 per cent lower to settle at 16,859.

 

Here are the share market highlights:

4:42 PM (2 months ago)

Technical View

Posted by :- prashun talukdar

"Nifty ended in the red after a volatile trading session. The index closed below 200-day moving average (DMA) for the first time after several days. The momentum oscillator RSI is in a bearish crossover. On the daily chart, the index has made a low around the historical swing high. The trend is likely to remain weak as long as it remains below 17,000. On the lower end, 16,800-16,830 will likely remain supported," said Rupak De, Senior Technical Analyst at LKP Securities. On the higher end, resistance is visible at 17,000, he added.

4:19 PM (2 months ago)

Expert View: Bank Nifty

Posted by :- prashun talukdar

The Bank Nifty index witnessed continuous selling pressure and closed below the support of 38,000 which indicates further bearishness in the near term. The index remains in a sell-on-rise mode with multiple hurdles at 38,500-39,000 where fresh call writing has been observed, said Kunal Shah, Senior Technical Analyst at LKP Securities. The next crucial support on the downside is placed at 36,000 which coincides with its 200-day moving average (DMA), he added.

4:16 PM (2 months ago)

Commentary: RBI MPC

Posted by :- prashun talukdar

With Fed leading the pack in hiking rates and other central banks following suit this month, the stage seems set for RBI to hike rates in upcoming MPC by 35 bps to protect the rupee as well as contain inflation, said Rohin Agarwal, Vice-President at Avener Capital. RBI will have to evaluate the impact of rate hikes going forward and play a balancing act, he added.

4:13 PM (2 months ago)

Expert View

Posted by :- prashun talukdar

"Investors continue to be sceptical of the domestic market's higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market's appetite for risk has been hindered by the rising worries of a worldwide recession. Domestic investors are turning to IT and pharma companies, which have been in a consolidation phase for the past year and are now gaining from the Indian rupee depreciation. The RBI policy meeting is currently underway, and the central bank is likely to raise repo rates by 35-50 basis points, however, the inflation outlook may soften in reaction to declining commodity prices," said Vinod Nair, Head of Research at Geojit Financial Services.

4:07 PM (2 months ago)

Electronics Mart IPO to open next week, price band fixed at Rs 56-59

Posted by :- prashun talukdar

Hyderabad-based consumer durable retail chain, Electronics Mart India has fixed the price band at Rs 56 to Rs 59 per equity share for its forthcoming initial public offering (IPO), which is slated to hit the primary market on October 4. (Read more)

3:54 PM (2 months ago)

Nifty Bank

Posted by :- prashun talukdar

The sectoral sub-index closed 1.56 per cent lower at 37,759.85.

3:49 PM (2 months ago)

Share market breadth

Posted by :- prashun talukdar

The overall market breadth stood weak as 1,708 shares advanced while 2,085 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 268.36 lakh crore.

3:44 PM (2 months ago)

Top gainers & losers on NSE

Posted by :- prashun talukdar

On the stock-specific front, Hindalco was the top Nifty loser as the stock cracked 3.65 per cent to close at Rs 359.95. JSW Steel, Axis Bank, ITC and Reliance Industries were also among the laggards. In contrast, Asian Paints, Sun Pharma, Dr Reddy's, Eicher Motors and PowerGrid were among the top gainers.

3:42 PM (2 months ago)

Sectoral indices

Posted by :- prashun talukdar

11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Metal and Nifty Oil & Gas underperformed the NSE platform by falling as much as 1.56 per cent, 1.23 per cent, 1.94 per cent and 0.91 per cent, respectively. However, Nifty IT and Nifty Pharma climbed as much as 0.24 per cent and 0.85 per cent.

3:40 PM (2 months ago)

Mid & small-cap fall

Posted by :- prashun talukdar

Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 slipped 0.31 per cent and small-cap fell 0.54 per cent.

3:33 PM (2 months ago)

Share market closing: Sensex, Nifty extend fall for sixth straight session

Posted by :- prashun talukdar

Sensex dives 509 points or 0.89 per cent to close at 56,598, Nifty moves 149 points or 0.87 per cent lower to settle at 16,859

2:57 PM (2 months ago)

Share market update: Sensex tanks over 400 points, Nifty breaks below 16,900

Posted by :- prashun talukdar

Sensex dives 425 points or 0.74 per cent to trade at 56,683, Nifty moves 129 points or 0.76 per cent lower to trade at 16,879

2:55 PM (2 months ago)

Nifty Bank below 37,850

Posted by :- prashun talukdar

The sectoral sub-index fell 1.34 per cent to trade at 37,846.25.

2:48 PM (2 months ago)

Multibagger stock stuck in upper circuit of 5% for second straight session

Posted by :- prashun talukdar

Shares of Colorchips New Media hit upper circuit of 5 per cent for the second straight session today after the firm announced the date for split/sub-division of equity shares in the ratio of 1:5. The stock has delivered multibagger returns in 2022. It has gained 352 per cent during the period and delivered 175 per cent returns in a year. (Read more)

2:41 PM (2 months ago)

Share market update: Bears strengthen grip

Posted by :- prashun talukdar

Sensex falls 337 points or 0.59 per cent to trade at 56,770, Nifty moves 99 points or 0.58 per cent lower to trade at 16,908; Hindalco, JSW Steel, Axis Bank, ITC and Reliance Industries among top drags

2:39 PM (2 months ago)

ITC shares fall over 2%

Posted by :- prashun talukdar

Shares of ITC fell 2.39 per cent to trade at Rs 326.85 in late deals.

2:02 PM (2 months ago)

Share market update: Sensex falls over 200 points, Nifty trades above 16,950

Posted by :- prashun talukdar

Sensex falls 201 points or 0.35 per cent to trade at 56,906, Nifty moves 64 points or 0.38 per cent to trade at 16,944; JSW Steel, Reliance, ONGC among top drags

1:58 PM (2 months ago)

JSW Steel down over 2%

Posted by :- prashun talukdar

Shares of JSW Steel fell 2.02 per cent to trade at Rs 624.15. 

1:47 PM (2 months ago)

Accuracy Shipping to focus on supply chain solutions, tech-based operations; shares edge higher

Posted by :- prashun talukdar

Accuracy Shipping Limited (ASL) is keenly focusing on customised supply chain solutions and tech based operations since the announcement of National Logistics Policy earlier this month. The policy aims to lower the cost of logistics from the existing 13-14 percent and lead it to par with other developed countries. This will increase the competitiveness of Indian products in both the Indian home market and the international market. The company, as the new policy rolls out, has a plethora of opportunities ahead of it. Global and Indian markets have ample opportunities ahead of it, which can fuel its growth in times to come, said the market analysts. Ravi Singh, Vice-President & Head of Research at Share India said that the diversified business model of Accuracy Shipping company has worked well. The company's network reach and specialisation in providing customised solutions has been well positioned among its peers. "The company has already started focusing on various other industries like paper, textile, glass and more to reduce dependency on the core sectors of marble, granite and ceramic tile," he said. Shares of the company were up 0.21 per cent to trade at Rs 258.25 on NSE.

1:35 PM (2 months ago)

RBI may raise repo rate by '50 bps'

Posted by :- prashun talukdar

RBI MPC may be tempted to deliver a 50 basis points (bps) rate hike at the upcoming policy (September 30), said Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products, Kotak Mahindra Asset Management Company. "We could also see some small downward tweaks to GDP growth forecasts with CPI forecasts likely to remain unchanged," Iyer added.