IT stocks continued their downtrend, with the Nifty IT index down 0.2%. The index has shed 3.6% in the previous two sessions.
Markets also took a cue from a weaker rest of Asia, as investors were focussed on the upcoming speech on Friday by Jerome Powell, the chair of the U.S. Federal Reserve.
“In the immediate short term, the reaction will be based on the Fed,” said Mayuresh Joshi, head of equity research at William O’Neil.
“Volatility will persist, given the F&O expiry tomorrow,” Joshi said, adding that Indian equities have fared better than some of their global peers.
India’s equity market is expected to post only minimal gains for the rest of the year amid rising volatility, according to strategists polled by Reuters, who cautioned the risks to that lacklustre outlook were skewed to the downside.
The Nifty Bank index rose 0.4% on Wednesday while the Nifty PSU Bank index was up 0.7%.
Oil and Natural Gas Corp and IndusInd Bank were the top gainers on Nifty 50 index, up 2.4% each. Divi’s Laboratories was the top loser, with its 1.5% fall.
Shares of NDTV Ltd rose as much as 4.99% to their highest in 14 years, a day after billionaire Gautam Adani’s conglomerate said it seeks to control a majority stake in the television media company.
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GRMs of OMCs to decline from the highs of Q1: Fitch Ratings
While rating agency Fitch Ratings expects petroleum demand growth to pick up to 7-8 per cent in FY23 from 5 per cent in FY22, gross refining margins are seen declining. “Fitch expects core gross refining margins (GRMs) to moderate from the highs of 1QFY23 but remain close to mid-cycle levels in 2HFY23, benefitting from supportive supply and demand factors including changes in global trade flows and strong post-pandemic recovery,” Fitch said in a report.
Top 5 losers in afternoon trade
Price as on 24 Aug, 2022 02:18 PM, Click on company names for their live prices.
Miners drag European bourses lower as energy crisis looms
European shares extended a selloff on Wednesday, as investors fretted over an energy crisis and gloomy growth outlook, while hawkish comments on U.S. Federal Reserve monetary policy further dented sentiment.The pan-European STOXX 600 was down 0.2%, as of 0716 GMT, to hover near one-month lows on downbeat performances by miners.The energy sub-index firmed 0.2% to extend gains to seventh straight day.
Look at long-term FDs post Sept: Sandip Sabharwal
As the gap between credit growth and deposit growth increases At a time when RBI is increasing rates Many banks w… https://t.co/ZcW8bJhCwB
— sandip sabharwal (@sandipsabharwal) 1661323132000
This might be the last bull rally, says Jim Rogers
Investment Guru Jim Rogers says this might be the last rally and that the worst bear market of his life is ahead. Rogers said he has seen plenty of bear markets including the one in 2008 when there was too much debt. “Well since then, the debt has skyrocketed everywhere. So the next bear market has to be the worst in my lifetime,” the author of Street Smarts: Adventures on the Road and in the Markets told ET NOW in an interview.
India state-run banks step up bond buys post RBI Aug rate hike-traders
State-run banks have bought bonds worth 72.4 billion rupees ($907.84 million) on a net basis in 10 trading sessions from Aug. 5 to Aug. 23, CCIL data shows
They had sold bonds worth a net 6.4 billion rupees in 10 trading sessions before the monetary policy decision on Aug.5
Top 5 gainers from the realty pack
Price as on 24 Aug, 2022 12:32 PM, Click on company names for their live prices.
SBICAP Securities names Deepak Kumar Lalla as CEO
Indian financial services firm SBICAP Securities, a unit of SBI Capital Markets and part of the government-owned State Bank Group, on Wednesday named Deepak Kumar Lalla as its managing director and chief executive, replacing Naresh Yadav. Lalla, who has worked at the country’s top lender State Bank of India for over 37 years, was previously heading the bank’s wealth management business, SBICAP said in a statement.
Watch: Trends for Apollo Tyres
#MarketWithETNOW | Why are the trends for @apollotyres strong and important? @kbbothra decodes the stock's two year… https://t.co/vZyyba3xvo
— ET NOW (@ETNOWlive) 1661320124000
IPO WATCH: DreamFolks IPO retail portion subscribed over 3X
Retail Portion: 3.22x
HNI Portion: 11%
QIB Portion: NIL
Overall: 61%
Escalation of geopolitical tensions biggest risk to India’s growth outlook: Jayanth Varma
The biggest risk to India’s growth outlook is an escalation of geopolitical tensions, especially if these tensions spread to the Asian region, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Wednesday. Varma, in an interview to PTI, said that inflation and inflationary expectations appear to be moderating and high inflation will certainly not become the ‘norm’ in the country. He is cautiously optimistic about the Indian economy for several reasons.
Top 5 gainers in morning trade
Price as on 24 Aug, 2022 11:19 AM, Click on company names for their live prices.
Market Watch | Sensex back in the green
Aurobindo Pharma’s wholly owned subsidiary gets USFDA approval for Medroxyprogesterone Acetate Injectable Suspension
Price as on 24 Aug, 2022 10:42 AM, Click on company names for their live prices.
BPCL’s divestment process unlikely to restart this year: ET NOW Sources
#ETNOWExclusive | BPCL's divestment process unlikely to restart this year, Oil Ministry is sceptical about getting… https://t.co/H13Zo4OcHY
— ET NOW (@ETNOWlive) 1661317403000
Goldman Sachs initiates a Buy call on Affle India with a price target of Rs 1,495; stock up 5%
Price as on 24 Aug, 2022 10:32 AM, Click on company names for their live prices.
Hindalco Industries Chairman Kumar Mangalam Birla on Tuesday said the company has earmarked a total capital expenditure of about USD 8 billion over the next five years in its arm Novelis and India. Novelis has found potential investment opportunities of USD 4.5 billion. Birla was speaking at the Hindalco’s AGM.
Price as on 24 Aug, 2022 10:18 AM, Click on company names for their live prices.
DreamFolks IPO: Here’s what brokerages say about the issue
The Rs 562 crore initial public offering (IPO) of DreamFolks Services kicks off for subscription on August 24, Wednesday. The company is selling its shares in the range of Rs 308-326 apiece. The majority of the brokerages remain positive on the issue due to its asset-light model and growth prospects. However, a few of them suggest that the issue is aggressively priced and investors should bid for it with a long-term view only.
Voda Idea, IDFC First Bank, YES Bank among most active stocks on NSE
Price as on 24 Aug, 2022 09:58 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The near-term market trend will be influenced by the observations of the Fed Chief Jerome Powell on Friday. If the Fed Chief sounds ultra-hawkish, that would be a dampener for markets. On the other hand if he sounds optimistic on the growth front and on containing inflation that would be a bullish message.
Financials and capital goods continue to be investable segments. IT valuations are attractive.
NDTV hits 5% upper circuit after Adani Group picks stake
The Adani group launched takeover bid of NDTV, with an open offer to acquire an additional 26 per cent or 1.67 crore equity shares for up to Rs 492.81 crore at a price of Rs 294 per share. Three Adani group firms have come out with a public announcement for the offer under the Sebi norms.
Check out the top sectoral gainers and losers on NSE
OPENING BELL: Sensex gains 70 pts, Nifty above 17,600; NDTV climbs 5%, Adani Power drops 5%
Rupee opens almost flat at 79.84 per US dollar vs previous close 79.8625
On the technical front, Nifty formed a bullish candle on the daily charts that resembled closure to a piercing line formation. Higher high and higher low in weekly time frame remains perfectly in place defining that the trend to remain positive. Yesterday Nifty rebounded sharply from 17,345 levels, coinciding with the 20dma which going forward would remain a crucial support zone in the near term. On the upside, present buying momentum may escalate if Nifty provides a decisive close above the gap area of 17690-17710. Thus, during the day, Nifty is likely to open on a flat to slightly negative note however overall sentiment remains positive. Hence one can initiate buy position at lower levels of 17550-17550 for an upside target of 17800-17860.
– Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
Hawkish Fed comments knock stocks, help dollar
Asian stock markets slipped for an eighth straight session on Wednesday, and the dollar loomed large as fresh hawkish comments from a Federal Reserve official kept investors cautious ahead of this week’s Jackson Hole symposium.
Oil prices fall as fears of imminent OPEC+ output cut recede
Oil prices fell on Wednesday, taking a breather from a nearly 4% surge the previous day on receding fears of an imminent output cut by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 20 points, or 0.11 per cent, lower at 17,588, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty50 forms Bullish…
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