Sensex It closed at 60,346.97, down 224.11 points or 0.37%. The benchmark touched the day’s high of 60,649.04 and low of 59,417.12. The last time the 30-point index crossed the 60,600 mark was in the first week of April this year.
In terms of sectoral indices, the BSE IT index was the worst hit, falling over 976 points. tech giants love Infosys, TCS, Tech Mahindra, and HCL Tech emerged as the top laggards, falling between 2-4.5%. On the other hand, BSE Bankex climbed over 600 points and Metals Index climbed over 371 points.
Talking about the performance of the market, Vinod Nair, Head of Research, Geojit Financial Services, said, “While the opening hours of the domestic market indicate a sharp sell-off in the global market, it recovered steadily as investors took the downside. Fish gained confidence, thanks to the bright prospects for the domestic economy.”
Nair also said, “The expectation that the Fed will become less furious, which had driven the most recent global rally, turned out to be worse than projected US inflation figures. Additionally, India’s easy WPI inflation numbers pushed up banking stocks.” With the recovery of Rs.
After the above, the market capitalization of BSE fell to approx. 285.95 lakh crore by the end of September 14 – less 76,196.54 crore as compared to the previous day’s over reading 286.71 lakh crore.
Reliance Industries remains the most valuable stock with a market cap of approx. 17.51 lakh crore, after this the valuation of TCS approx. 11.42 Lakh Crore, and HDFC Bank with a cap of approx. 8.51 lakh crore.
Coming to the Nifty 50, the benchmark closed at 18,003.75, down 66.30 points or 0.37%. The index had touched an intraday high and low of 18,091.55 and 17,771.15 respectively.
Ajit Mishra, VP – Research, Religare Broking said, “After the gap down start, the Nifty index gradually moved higher as the session progressed and reached Tuesday’s high, however taking gains in the last hour may lower the index. Gaya, finally closed at 18,003.75. Banking and Metals outperformed the sectoral pack, while IT, Energy and Realty remained under pressure.
Meanwhile, in the forex market, the Indian rupee closed at 79.47 per dollar – the greenback strengthened after losing 30 paise to a higher than expected US CPI print.
FPIs have invested this month till September 14 14,138 crore in the Indian equity market.
Going forward, Mishra said, “Markets are in strong hands and such strong recovery amid global catastrophe has further strengthened our confidence. Thus we reiterate our approach to maintain positive bias, but across sectors. Choose wisely. IT pack is weakest in global fall while banking is just inches away from its record high. In short, use dips to buy strength and avoid weak pockets.”
Investors will focus on RBI’s monetary policy to be held on September 30. Economists are expecting a hike of 35-50 basis points from the RBI in the upcoming policy, due to stubborn multi-year high inflation.
Mitul Shah – Head of Research, Reliance Securities said, “RBI is expected to continue its aggressive stance and hike interest rates by 50 bps in its upcoming policy meeting. Spread-over inflation trajectory from geopolitical shocks.” causing considerable uncertainty.”
India reported CPI inflation of 7% in August due to a rise in food prices. The Consumer Price Index stood at 6.71% in July. Inflation has remained above the RBI’s tolerance limit for the eighth consecutive month.
“As India’s inflation is likely to remain elevated in the near term due to higher energy prices (oil and gas prices) and food prices, we expect it to cool down by the end of FY23,” Shah said. “
The US Fed is likely to raise 75 basis points next week after US inflation numbers for August hit 8.3% – higher than expected at 8%.
According to Shah, the US Federal Reserve reiterated the need to act firmly against inflation, allowing the market to expect more interest rate hikes in the near future. India is trading at a premium valuation compared to emerging markets on higher growth expectations. “We expect India to continue to outperform as compared to other markets, given strong macro exposure to FII investments,” he added.
Investors’ wealth plunged by ₹76,197 crore as markets halted 4-day winning streak
Sensex It closed at 60,346.97, down 224.11 points or 0.37%. The benchmark touched the day’s high of 60,649.04 and low of 59,417.12. The last time the 30-point index crossed the 60,600 mark was in the first week of April this year.
In terms of sectoral indices, the BSE IT index was the worst hit, falling over 976 points. tech giants love Infosys, TCS, Tech Mahindra, and HCL Tech emerged as the top laggards, falling between 2-4.5%. On the other hand, BSE Bankex climbed over 600 points and Metals Index climbed over 371 points.
Talking about the performance of the market, Vinod Nair, Head of Research, Geojit Financial Services, said, “While the opening hours of the domestic market indicate a sharp sell-off in the global market, it recovered steadily as investors took the downside. Fish gained confidence, thanks to the bright prospects for the domestic economy.”
Nair also said, “The expectation that the Fed will become less furious, which had driven the most recent global rally, turned out to be worse than projected US inflation figures. Additionally, India’s easy WPI inflation numbers pushed up banking stocks.” With the recovery of Rs.
After the above, the market capitalization of BSE fell to approx. 285.95 lakh crore by the end of September 14 – less 76,196.54 crore as compared to the previous day’s over reading 286.71 lakh crore.
Reliance Industries remains the most valuable stock with a market cap of approx. 17.51 lakh crore, after this the valuation of TCS approx. 11.42 Lakh Crore, and HDFC Bank with a cap of approx. 8.51 lakh crore.
Coming to the Nifty 50, the benchmark closed at 18,003.75, down 66.30 points or 0.37%. The index had touched an intraday high and low of 18,091.55 and 17,771.15 respectively.
Ajit Mishra, VP – Research, Religare Broking said, “After the gap down start, the Nifty index gradually moved higher as the session progressed and reached Tuesday’s high, however taking gains in the last hour may lower the index. Gaya, finally closed at 18,003.75. Banking and Metals outperformed the sectoral pack, while IT, Energy and Realty remained under pressure.
Meanwhile, in the forex market, the Indian rupee closed at 79.47 per dollar – the greenback strengthened after losing 30 paise to a higher than expected US CPI print.
FPIs have invested this month till September 14 14,138 crore in the Indian equity market.
Going forward, Mishra said, “Markets are in strong hands and such strong recovery amid global catastrophe has further strengthened our confidence. Thus we reiterate our approach to maintain positive bias, but across sectors. Choose wisely. IT pack is weakest in global fall while banking is just inches away from its record high. In short, use dips to buy strength and avoid weak pockets.”
Investors will focus on RBI’s monetary policy to be held on September 30. Economists are expecting a hike of 35-50 basis points from the RBI in the upcoming policy, due to stubborn multi-year high inflation.
Mitul Shah – Head of Research, Reliance Securities said, “RBI is expected to continue its aggressive stance and hike interest rates by 50 bps in its upcoming policy meeting. Spread-over inflation trajectory from geopolitical shocks.” causing considerable uncertainty.”
India reported CPI inflation of 7% in August due to a rise in food prices. The Consumer Price Index stood at 6.71% in July. Inflation has remained above the RBI’s tolerance limit for the eighth consecutive month.
“As India’s inflation is likely to remain elevated in the near term due to higher energy prices (oil and gas prices) and food prices, we expect it to cool down by the end of FY23,” Shah said. “
The US Fed is likely to raise 75 basis points next week after US inflation numbers for August hit 8.3% – higher than expected at 8%.
According to Shah, the US Federal Reserve reiterated the need to act firmly against inflation, allowing the market to expect more interest rate hikes in the near future. India is trading at a premium valuation compared to emerging markets on higher growth expectations. “We expect India to continue to outperform as compared to other markets, given strong macro exposure to FII investments,” he added.
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