Closing Bell | Indian market started the September F&O expiry series on a highly volatile note. Sensex closed 59 points higher at 58,834 while Nifty gained 36 points and closed at 17,559.
Bank Nifty faced stiff selling pressure around 39,500 levels ahead of global economic events. The index closed 36 points higher at 38,987.
Among sectors, capital goods, metal, power and PSU Banks gained 1% each.
Market breadth was in favour of advances. About 1,122 stocks on the NSE advanced while 838 declined.
India Vix fell 6.95% to 18.2 levels.
- Top Gainers: Grasim Industries, NTPC, JSW Steel
- Top Losers: Eicher Motors, Bharti Airtel, IndusInd Bank
Bank Nifty faced stiff selling pressure around 39,500 levels ahead of global economic events. The index closed 36 points higher at 38,987.
Among sectors, capital goods, metal, power and PSU Banks gained 1% each.
Market breadth was in favour of advances. About 1,122 stocks on the NSE advanced while 838 declined.
India Vix fell 6.95% to 18.2 levels.
- Top Gainers: Grasim Industries, NTPC, JSW Steel
- Top Losers: Eicher Motors, Bharti Airtel, IndusInd Bank
Market Update
Reason for big buying in the last 15 mins - SBI Block Deal for Rs 42.3 crore (NSE).
Reason for big buying in the last 15 mins - SBI Block Deal for Rs 42.3 crore (NSE).
*Market Commentary*
We have a bullish view on the market today on the back of strong global cues.
Dow Jones closed 1% higher while Nasdaq gained 1.7% yesterday. SGX Nifty indicates a good start, trading half a percent up.
FIIs remained net buyers yesterday (+369 cr). India Vix jumped 6% to 19.6 levels.
We have a bullish view on the market today on the back of strong global cues.
Dow Jones closed 1% higher while Nasdaq gained 1.7% yesterday. SGX Nifty indicates a good start, trading half a percent up.
FIIs remained net buyers yesterday (+369 cr). India Vix jumped 6% to 19.6 levels.
Federal Reserve Chairman Jerome Powell delivered a stern commitment Friday to halting inflation, warning that he expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy.
In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will “use our tools forcefully” to attack inflation that is still running near its highest level in more than 40 years.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said in prepared remarks.
Pobapility of 75 bps increase in Interest rate is 60.5% as per CME Group’s FedWatch
Negative
Dow jones down 2 % 650 points monday will be painful for Indian markets
In his much-anticipated annual policy speech at Jackson Hole, Wyoming, Powell affirmed that the Fed will “use our tools forcefully” to attack inflation that is still running near its highest level in more than 40 years.
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses,” he said in prepared remarks.
Pobapility of 75 bps increase in Interest rate is 60.5% as per CME Group’s FedWatch
Negative
Dow jones down 2 % 650 points monday will be painful for Indian markets
Team keeping in mind above stance of federal reserve and dow jones reaction..lets us know key market levels for nifty
*Tata Steel*
1. Although the company is trading at discounted valuations, we believe metal sector likely to face several headwinds in near future. Hence it is recommended to Avoid entry Ito this stock
2. Company reported weak set of result in June quarter, Net profit declined over 12% mainly due to decline in margins
3. Metal companies' profitability are highly volatile and expose to commodity cycle risk which may severely impact their margins.
4. In the past whenever commodity prices corrected, Tata steel reported losses, besides further rate hikes will put additional pressure on the profitability ahead
5. As per analyst consensus estimates, Revenue & Net profit for the the company is expected to decline by 9% & 41% respectively in FY23
1. Although the company is trading at discounted valuations, we believe metal sector likely to face several headwinds in near future. Hence it is recommended to Avoid entry Ito this stock
2. Company reported weak set of result in June quarter, Net profit declined over 12% mainly due to decline in margins
3. Metal companies' profitability are highly volatile and expose to commodity cycle risk which may severely impact their margins.
4. In the past whenever commodity prices corrected, Tata steel reported losses, besides further rate hikes will put additional pressure on the profitability ahead
5. As per analyst consensus estimates, Revenue & Net profit for the the company is expected to decline by 9% & 41% respectively in FY23
*KPIT Tech*
*Rating : Accumulate*
1. The overall IT sector had taken a beating over the past few months amid recession fears. However, the sector has seen good recovery of late.
2. KPIT is a fundamentally good company supported by strong technicals and healthy outlook led by strong focus on mobility solutions for Electric Vehicle space
3. Company delivered a strong performance in the June quarter (Q1FY23), beating street expectations. Revenue & Net Profit up 21% & 41% respectively.
4. Company won orders worth $155 mn in Q1, up 24% QoQ.
5. Strong growth guidance: Management reiterated Revenue guidance of 18-21% for FY23, with an 18-19% EBIT margin.
6. Robust Track record: Revenue & Net Profit have grown at an average annual growth rate (CAGR) of 56% & 50% in the last 3 years.
7. Excellent market performance The stock has given an average annual return of ~82% in the last 3 years.
*Rating : Accumulate*
1. The overall IT sector had taken a beating over the past few months amid recession fears. However, the sector has seen good recovery of late.
2. KPIT is a fundamentally good company supported by strong technicals and healthy outlook led by strong focus on mobility solutions for Electric Vehicle space
3. Company delivered a strong performance in the June quarter (Q1FY23), beating street expectations. Revenue & Net Profit up 21% & 41% respectively.
4. Company won orders worth $155 mn in Q1, up 24% QoQ.
5. Strong growth guidance: Management reiterated Revenue guidance of 18-21% for FY23, with an 18-19% EBIT margin.
6. Robust Track record: Revenue & Net Profit have grown at an average annual growth rate (CAGR) of 56% & 50% in the last 3 years.
7. Excellent market performance The stock has given an average annual return of ~82% in the last 3 years.
News that Moves
Fed Chairman Jerome Powell delivers a stern commitment in Jackson Hole gathering to halting inflation.
Warns of more rate hikes in a way that could cause “some pain” to the US economy.
Wall Street sees its worst day in months as Dow Jones, Nasdaq plunge 3-4% on Friday.
Fed Chairman Jerome Powell delivers a stern commitment in Jackson Hole gathering to halting inflation.
Warns of more rate hikes in a way that could cause “some pain” to the US economy.
Wall Street sees its worst day in months as Dow Jones, Nasdaq plunge 3-4% on Friday.
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