Similarly, the broader NSE Nifty declined 148.80 points or 0.87 per cent to end at 16,858.60.
Among the 30-share Sensex pack, ITC, Axis Bank, Reliance Industries, Tata Steel, IndusInd Bank, State Bank of India, HDFC and HDFC Bank were the major laggards.
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India forex reserves set to shrink further, stir memories of 2008 crisis – Reuters Poll
India’s depleted foreign exchange reserves are likely to drop further, falling to their lowest level in over two years by end-2022, as the Reserve Bank of India continues to defend the rupee from the mighty dollar’s rise, a Reuters poll found.In a battle that has so far failed to staunch the rupee’s fall to a record low against the greenback, the RBI has drawn down its foreign exchange reserves by nearly $100 billion to $545 billion from a peak of $642 billion a year ago, and more is coming.
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. The next crucial support on the downside is placed at 36,000 which coincides with its 200 DMA.
– Kunal Shah, Senior Technical Analyst at LKP Securities
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 INR 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.
– Vinod Nair, Head of Research at Geojit Financial Services
IT, pharma only sectoral gainers as indices bleed for 6th session
BHEL has secured the order for setting up the 2×660 MW Talcher Thermal Power Project Stage-III in Odisha through international competitive bidding.
Price as on 28 Sep, 2022 03:49 PM, Click on company names for their live prices.
Closing Bell: Sensex sinks for 6th straight session, ends 509 pts lower; Nifty below 16,900; PNB, Adani Green tank 5% each
Sensex falls over 400 points
GLOBAL MARKET CHECK
- The Stoxx Europe 600 fell 1.6% as of 10:10 a.m. London time
- Futures on the S&P 500 fell 1%
- Futures on the Nasdaq 100 fell 1.3%
- Futures on the Dow Jones Industrial Average fell 0.8%
- The MSCI Asia Pacific Index rose 0.2%
- The MSCI Emerging Markets Index rose 0.4%
JUST IN | MSCI emerging markets index falls 2% to lowest since April 2020
Check out the top losers on NSE in afternoon session
Price as on 28 Sep, 2022 02:04 PM, Click on company names for their live prices.
GST revenue in September likely at Rs 1.45 lakh cr
Goods and Services Tax (GST) revenue mop-up in September is expected to be around Rs 1.45 lakh crore, an official said. The collection has been over Rs 1.4 lakh crore since March and in August it was Rs 1.43 lakh crore. “The collection in September is likely to be little more than Rs 1.45 lakh crore. Improved business activity is expected to yield better collections in coming months,” the official said.
Equirus on CanFin Homes: No link of fraud with MD & CEO resignation; Expect real estate boom to continue for next 5-6 years
#StocksInNews | Equirus on #CanFinHomes: No link of fraud with MD & CEO resignation; Expect real estate boom to con… https://t.co/XafShS7K7Q
— ET NOW (@ETNOWlive) 1664350864000
Top 5 gainers on NSE in afternoon trade
Price as on 28 Sep, 2022 01:13 PM, Click on company names for their live prices.
Nippon Steel says India JV with ArcelorMittal to spend $5 bln to boost capacity
An Indian joint venture of ArcelorMittal and Nippon Steel will invest 410 billion rupees ($5 billion) to boost crude steel output capacity by 6 million tones a year at its Hazira plant, the Japanese firm said on Wednesday. Their joint venture, AM/NS India, will build two blast furnaces, along with other facilities, in its Hazira plant in western India, with plans to start operations by early 2026.
Sensex erases over 500 points loss, trades higher
Sun Pharma top gainer from the pharma pack
Price as on 28 Sep, 2022 11:41 AM, Click on company names for their live prices.
NSE CO-LOCATION CASE | Delhi HC grants statutory bail to Chitra Ramkrishna
These 5 stocks fell the most from the private banking space
Price as on 28 Sep, 2022 11:15 AM, Click on company names for their live prices.
ITI to consider and approve allotment EQ shares to the President of India
Price as on 28 Sep, 2022 11:05 AM, Click on company names for their live prices.
Electronics Mart India (EMIL) will sell its shares in the price band of Rs 56-59 during its initial public offering (IPO), which will kick off for subscription on Tuesday, October 4. The company is looking to raise Rs 500 crore through its initial stake sale, which entirely consists of the issuance of fresh equity shares with a face value of Rs 10 each.
Larsen & Toubro says L&T Construction gets order for its buildings & factories business. Order worth between Rs 1000-2500 crore
Price as on 28 Sep, 2022 10:59 AM, Click on company names for their live prices.
Dr. Reddy’s Laboratories (Dr. Reddy’s), a leading multinational pharmaceutical company based in India, has selected IQVIA Orchestrated Customer Engagement (OCE) platform as its core CRM solution for its entire field force in India.
Price as on 28 Sep, 2022 10:56 AM, Click on company names for their live prices.
Shares of Motherson Sumi Wiring India (MSWIL) rose on Wednesday, despite weakness in the broader markets, as the company said its board will consider the proposal for bonus issue on Friday.
Price as on 28 Sep, 2022 10:54 AM, Click on company names for their live prices.
RBI likely sells dollars as surging U.S. yields hold rupee hostage: Traders
Business Wire India Birla Estates Pvt. Limited, a 100% wholly owned subsidiary and the real estate arm of Century Textiles and Industries Limited (CTIL), announced its acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 Mn sq. ft. with a revenue potential of Rs 900 crore. (Source: PTI)
Price as on 28 Sep, 2022 10:50 AM, Click on company names for their live prices.
Smallcap World Fund raises stake in Mastek
Price as on 28 Sep, 2022 10:47 AM, Click on company names for their live prices.
Top gainers from the IT pack
Price as on 28 Sep, 2022 10:46 AM, Click on company names for their live prices.
Prabhudas Lilladher on Torrent Pharmaceuticals
In the near term, Curatio acquisition will increase Torrent Pharma net debt and we see this acquisition as EPS dilutive. Post factoring in Curatio acquisition, our EPS for FY23 and FY24 stands reduced by ~5%. However, the deal is a strategic fit for TRP, given that it gives presence in high-growing cosmetic derma segment and can enhance profitability of Curatio portfolio with cost synergies, geographical expansion and price hike as well as accelerate the topline growth. Historically TRP have managed to integrate successfully Unichem and Elder acquisition which gives us comfort. We expect 18% EBITDA and 19% EPS CAGR over FY22-25E. Maintain ‘BUY’ rating with revised TP of Rs 1,850/share (Rs1,750 earlier), 17x EV/EBITDA as we roll forward to Sept 2024E.
Rupee technically has depreciated 3.80% from 79 levels which was recently tested. I think Rupee will take support of 82 and remain in the range of 82-80 levels. This consolidation will benefit the importers if it tests 80 levels over short term.
– Megh Mody – Commodities and Currencies Research Analyst, Prabhudas Lilladher
Housing Development Finance Corp (HDFC) said HDFC Investments will sell 12% stake in Softcell Technologies
Price as on 28 Sep, 2022 10:23 AM, Click on company names for their live prices.
There were several upside attempts after achieving the17160 target, but all of them were rejected summarily,confirming further downsides aiming 16860 that we had lined up yesterday. Achievement of 16860 could givebulls a realistic chance to regroup. Failure to do so would open up falls towards 16650-16300.
– Anand James – Chief Market Strategist at Geojit Financial Services
Crypto Price Today: Bitcoin slips below $19K; XRP, Ethereum, Solana tank up to 11%
Godrej Properties, the real estate development arm of the Godrej Group, has acquired a 7-acre land parcel in Indiranagar extension in Bengaluru. The plot has total development potential of around 6 lakh sq ft and estimated booking value potential of Rs 750 crore.
Price as on 28 Sep, 2022 10:01 AM, Click on company names for their live prices.