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Share Market News Today Highlights: Sensex crashes 1,021 points, Nifty settles below 17,350; Mahindra Finance tanks 13%

Business Today Desk Sep 23, 2022, Updated Sep 23, 2022, 4:43 PM IST

Stock Market News Today Highlights: Sensex and Nifty extended their fall for the third straight session on Friday, in line with the weaker trend in global markets. On the stock-specific front, PowerGrid was the top Nifty loser as the stock cracked 8.06 per cent to close at Rs 202.35. Hindalco, Apollo Hospitals, Adani Ports and NTPC were also among the laggards. In contrast, Divi's Lab, Sun Pharma, Cipla, Tata Steel and ITC among the top gainers.

Share Market News Today Updates, 23 September 2022: Sensex and Nifty fell for the third straight session on Friday. Share Market News Today Updates, 23 September 2022: Sensex and Nifty fell for the third straight session on Friday.

Indian equity benchmarks extended their fall for the third straight session on Friday, in line with the weaker trend in global markets. Investors remained worried after the sharp interest rate hike by the US Federal Reserve and renewed recession fears.

 

Asian and European stocks fell sharply, tracking an overnight decline on Wall Street. S&P 500 futures slipped 0.88 per cent, Nasdaq futures cracked 1.03 per cent and Dow futures shed 0.79 per cent, indicating a cautious start for the US stocks today.

 

The Fed increased rates by 75 basis points (bps) – the third such rise in a row – and signalled that it would continue to raise borrowing costs to fight inflation. Interest rates may hit 4.4 per cent this year - higher than markets had priced in before the Fed meeting.

 

Here are the share market highlights:

4:25 PM (1 week ago)

Technical View

Posted by :- prashun talukdar

"Nifty has fallen sharply after an indecisive candle on the daily chart. The sharp fall has led the index below the crucial short-term moving average. The momentum oscillator on the daily timeframe is in a bearish crossover. The trend looks negative, which may take the Nifty towards 17,000 over the short term. On the higher end, it has resistance at 17,500," said Rupak De, Senior Technical Analyst at LKP Securities.

4:14 PM (1 week ago)

Expert View: Bank Nifty

Posted by :- prashun talukdar

"The Bank Nifty index last week witnessed extreme selling pressure from the higher levels after the key event of the US Fed. The index breached the crucial support of 40,000 and closed below it, confirming the breakdown and activating the sell-on-rise mode. The index remains in a sell-on-rise mode with hurdles at 40,500 and the next support is visible at 39,000," said Kunal Shah, Senior Technical Analyst at LKP Securities.

4:11 PM (1 week ago)

Adani Wilmar vs Patanjali Foods: Which stock do analysts recommend?

Posted by :- prashun talukdar

Shares of Adani Wilmar and Patanjali Foods (formerly called Ruchi Soya) have risen up to 29 per cent in a month as sentiment is upbeat due to the upcoming festive season. The shares of edible oil and packaged food products firms might further rally on bourses in the near future amid expectations of rising demand for their products. Both Adani Wilmar and Patanjali Foods have been among the top picks of investors since they have given multibagger returns after their market debut/relisting. (Read more)

3:58 PM (1 week ago)

Expert View

Posted by :- prashun talukdar

"A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. Fall in liquidity in the banking system, weak currency and current premium valuation have set the market outlook bearish for the near term. With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles," said Vinod Nair, Head of Research at Geojit Financial Services.

3:57 PM (1 week ago)

Share market breadth on BSE

Posted by :- prashun talukdar

The overall market breadth stood negative as 989 shares advanced while 2,490 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 276.64 lakh crore and investors lost over Rs 5 lakh crore around in today's market rout.

3:51 PM (1 week ago)

Top gainers & losers on NSE

Posted by :- prashun talukdar

On the stock-specific front, PowerGrid was the top Nifty loser as the stock cracked 8.06 per cent to close at Rs 202.35. Hindalco, Apollo Hospitals, Adani Ports and NTPC were also among the laggards. In contrast, Divi's Lab, Sun Pharma, Cipla, Tata Steel and ITC among the top gainers.

3:49 PM (1 week ago)

Sectoral indices

Posted by :- prashun talukdar

All the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Bank and Nifty Financial Services underperformed the NSE platform by falling as much as 2.67 per cent and 2.49 per cent, respectively.

3:47 PM (1 week ago)

Mid & small-cap fall

Posted by :- prashun talukdar

Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 dropped 2.35 per cent and small-cap fell 2.04 per cent.

3:34 PM (1 week ago)

Share market closing: Sensex, Nifty extend fall for third day

Posted by :- prashun talukdar

Sensex crashes 1,021 points or 1.73 per cent to close at 58,099, Nifty moves 302 points or 1.72 per cent lower to settle at 17,327; Mahindra Finance crashes 13%

3:23 PM (1 week ago)

Zomato falls over 4%

Posted by :- prashun talukdar

Shares of food aggregator Zomato fell as much as 4.27 per cent to trade at Rs 60.60 in fag-end trade. (Read more)

Source: BSE
3:04 PM (1 week ago)

Share market update: Sensex crashes over 1,000 points, Nifty trades below 17,350

Posted by :- prashun talukdar

Sensex crashes 1,026 points or 1.73 per cent to trade at 58,094, Nifty moves 296 points or 1.68 per cent to trade at 17,333

2:18 PM (1 week ago)

Nifty Bank breaks below 39,500

Posted by :- prashun talukdar

Nifty Bank slipped as much as 2.83 per cent to trade at 39,482.05.

2:06 PM (1 week ago)

Share market update: Sensex slumps over 900 points, Nifty tests 17,350

Posted by :- prashun talukdar

Sensex dives 911 points or 1.54 per cent to trade at 58,209, Nifty moves 272 points or 1.54 per cent to trade at 17,358; banking & financials drag

1:54 PM (1 week ago)

Kotak Group announces key leadership changes

Posted by :- prashun talukdar

"Asset management veteran Lakshmi Iyer will take charge as CEO, Investment Advisory business at Kotak Investment Advisors. At Kotak Mahindra Asset Management, Deepak Agarwal will now lead the Fixed Income Investment Team as Chief Investment Officer, Fixed Income, while Abhishek Bisen has been elevated to Head, Fixed Income," Kotak Group stated in a release. These changes would come into effect from November 1, 2022.

1:07 PM (1 week ago)

Paytm shares in focus: Why Goldman Sachs sees 61% upside for the digital payments firm

Posted by :- prashun talukdar

Shares of Paytm (listed as One97 Communications) were in focus today after global brokerage Goldman Sachs assigned an outperform call to the digital payments firm. Goldman Sachs is bullish on the business model of Paytm and has maintained a target price of Rs 1,100 that implies 61 per cent upside to the previous close. (Read more)

12:41 PM (1 week ago)

Share market update: Sensex falls over 750 points, Nifty tests 17,400

Posted by :- prashun talukdar

Sensex dives 757 points or 1.28 per cent to trade at 58,363, Nifty moves 222 points or 1.26 per cent to trade at 17,408

12:39 PM (1 week ago)

Investors lose Rs 3 lakh crore today

Posted by :- prashun talukdar

Investors became poorer by around Rs 3 lakh crore as the market capitalisation (mcap) of all BSE-listed companies slipped to Rs 278.74 lakh crore.

12:20 PM (1 week ago)

Looking to invest in PSU sector? Motilal Oswal's Siddhartha Khemka suggests these stocks

Posted by :- prashun talukdar

Public sector companies have been buzzing on Dalal Street due to their superlative performance in the ongoing calendar year. The BSE PSU index has gained 13.32 per cent on a year-to-date (YTD) basis till September 22. On the other hand, the benchmark BSE Sensex has advanced just 1.49 per cent during the same period. In an interaction with Business Today, Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services (MOFSL), said that rising share of PSUs in the profit pool and the dearth of cheap valuation made them attractive. (Read more)

11:44 AM (1 week ago)

Commodity market

Posted by :- prashun talukdar

Domestic gold prices rose again today due to the upcoming festive season. Gold prices in India were up to Rs 50,360 for 24-carat gold (10 grams), while for 22-carat gold (10 grams) it was Rs 46,160. Silver prices were trading at Rs 58,000 per kilogram. (Read more)

11:35 AM (1 week ago)

Mahindra Finance shares crack over 14% after RBI order; M&M down 3%

Posted by :- prashun talukdar

Shares of Mahindra and Mahindra Financial Services on Friday fell more than 14 per cent after the Reserve Bank of India (RBI) directed the company to stop using third-party services for loan recovery until further orders. (Read more)