According to preliminary statistics from the National Stock Exchange (NSE), on September 22, foreign institutional investors (FIIs) sold shares worth Rs 1,326.74 crore, while domestic institutional investors (DIIs) bought equities worth Rs 801.2 crore.
On September 25, Stock Market Today the benchmark Sensex and Nifty indexes are anticipated to open marginally higher thanks to patterns in the GIFT Nifty, which predict a favourable start for the broader market and a projected gain of 25 points.
The BSE Sensex fell 221 points on September 22 to settle at 66,009, while the Nifty50 lost 68 points to finish the day at 19,674. A bearish candlestick pattern with a slight upper shadow appeared on the daily charts, indicating that selling pressure was present at higher levels.
“The Nifty experienced sustained selling pressure throughout the course of the past week, which led to a 2.80% drop from its record high. It has fallen below the crucial 21-day exponential moving average (21EMA) as a result of the most recent correction, according to Rupak De, senior technical analyst at LKP Securities.
The pivot point calculator predicts that 19,656 may be the level at which the Nifty finds support, then 19,623 and 19,569. On the upside, the numbers 19,764, 19,797, and 19,851 could serve as immediate resistance levels.
For the most recent information on the currency and equity markets today, keep checking Moneycontrol. We have assembled a selection of noteworthy headlines from various news sources that could have an effect on both the Indian and global markets.
Nifty Gift
With a gain of 25 points, Stock Market Today the GIFT Nifty signals a marginally good start for the larger index. After touching a high of 19,679 points, the GIFT Nifty futures were at 19,669 points.
A US market
US equities fell again on Friday, capping up a difficult week for the market. At 33,963.84, the Dow Jones Industrial Average lost 106.58 points, or 0.31 percent. The S&P 500 dropped 0.23 percent to 4,320.06 in the last minutes. The Nasdaq Composite also decreased, closing at 13,211.81 down 0.09 percent. Following news that the car manufacturer was making headway in talks with the United Auto Workers union, which was on strike, Ford experienced a 1.9 percent boost. General Motors ended the day lower while Stellantis saw a modest boost.
The three major indices lost money on Friday for the fourth day in a row. Stock Market Today The Federal Reserve gave a signal that it intended to keep interest rates higher for a long time, which was followed by the market’s decline. This caused the S&P 500 to fall by 2.9 percent and the Nasdaq Composite to fall by 3.6 percent during the course of the week. The Dow fell 1.9 percent for the entire week. Following the central bank’s prediction of another rate increase in 2023, bond rates skyrocketed. The two-year rate achieved its highest level since 2006 throughout the week, while the benchmark 10-year Treasury yield reached its highest level since 2007.
European Economies
Due to worries about rising interest rates as a result of central bank decisions made over the week, European markets finished lower on Friday. The pan-European Stoxx 600 index saw its lowest week since mid-August as it finished the day down 0.3 percent and for the week, 1.57 percent. companies in the building and manufacturing industries decreased by 0.9 percent, while tech companies rose by 0.77 percent.
Recent days have been challenging for international stock markets. On Wednesday, the US Federal Reserve voted to keep interest rates unchanged, but it did so in a hawkish manner, implying that rates will rise again later this year and remain high for longer to fight inflation. Jerome Powell, the chairman of the Federal Reserve, emphasised that maintaining price stability and avoiding a rebound of inflation are the top priorities.
Chinese markets
As investors awaited this week’s inflation statistics from the area, Stock Market Today Asian markets showed varied movements. While Japan will disclose inflation data for the Tokyo region, Singapore and Australia are anticipated to report inflation figures for August. A leading indicator of developments across the country is said to be the inflation figures for the capital area.
S&P/ASX 200 futures in Australia decreased 0.45% at the beginning of the week. In contrast, the Topix and Nikkei 225 in Japan both increased by 0.16 percent and 0.24 percent, respectively, recovering from the previous week’s losses. The Kosdaq and Kospi in South Korea both plummeted by 0.94 percent and 0.24 percent, respectively, adding to prior week’s losses. Futures for the Hang Seng index in Hong Kong were at 18,040, indicating a weaker opening than the HSI’s closing price of 18,057.45.
Plans to Raise Significant Amounts for Bajaj Finance
Bajaj Finance, an enormous NBFC with headquarters in Pune, is getting ready to raise up to $1 billion through a QIP or preferential offer. Bajaj Finance has hired JM Financial, Citi, Morgan Stanley, and BofA Securities as its four investment banks for the proposed transaction. The upcoming board meeting on October 5 will determine the deal’s size and method in its entirety.
The IPO Rush Is Still Going
Dalal Street continues to see a steady flow of initial public offers (IPOs), with 18 companies launching IPOs this week totaling Rs 4,095 crore. One of them, JSW Infrastructure, launched its initial public offering on September 25 with a goal of generating Rs 2,800 crore. It was the first from the JSW Group since 2010. In the same period, Updater Services is also launching its Rs 640 crore first public offering.
Changes in ICICI Lombard’s Leadership
Sanjeev Mantri has been appointed as managing director and chief executive officer of ICICI Lombard General Insurance, beginning on December 1 or after IRDAI approval, for a five-year period or until his retirement, subject to IRDAI and shareholder approval. Mantri has more than 28 years of experience, including executive positions at BNP Paribas and more than 20 years with the ICICI Group. She is currently the company’s Executive Director.
PSU Stocks Are Surrounded by Uncertainty
Concerns regarding the future of other public sector enterprises have been expressed by investors following the recent 12 percent decline in SJVN’s stock price following the government’s announcement that it would sell holdings at a significant discount to market value. Stocks of state-run businesses have fallen as a result of investor concerns regarding the government’s aggressive disposal policy at a discount to market price. Following the government’s decision to sell 4.95 percent of SJVN at a price that was 15.59 percent less than the going rate on September 20, the NSE CPSE index, which includes central public sector businesses, fell by 1.68 percent on September 22. At Rs. 71.15 per share, the stock is currently trading just a little bit above the divestiture price.
Price of oil
On Friday, oil prices stayed largely constant, but the week concluded with lower prices as a result of profit-taking and worries that upcoming rate hikes may damage supply and demand. After three weeks of advances, Brent futures ended the day 3 cents lower at $93.27 per barrel, representing a 0.3 percent weekly decrease. crude US West Texas Intermediate
The price of (WTI) futures increased by 40 cents, or 0.5 percent, to reach $90.03 a barrel. This was the first weekly increase in four weeks. As refineries undergo maintenance and increased interest rates put additional pressure on the markets in October, market watchers predict a lull in demand.
Currency Index
In futures, the price of one dollar stayed close to Rs 83.10 while the Dollar index rose by 0.21 percent to 105.58.
Price of gold
On Friday, gold prices marginally rose thanks to a small decline in the dollar and bond yields. This came after the market’s evaluation of the Fed’s continuing hawkish posture. Breaking a three-day losing trend, spot gold increased by 0.3 percent to $1,925.21 per ounce by 1:59 PM EDT (1759 GMT). Additionally up by 0.3 percent, US gold futures ended the day at $1,945.60 for an ounce.
Gold became more affordable for owners of other currencies as the dollar dropped from a six-month high against major currencies. Furthermore, 10-year Treasury benchmark yields declined from 16-year highs. Gold prices benefited from this small decline despite the Federal Reserve’s recent aggressive posture.
D.I.I.s and FIIs
According to preliminary data from the National Stock Exchange (NSE), foreign institutional investors (FIIs) sold shares worth Rs 1,326.74 crore, while domestic institutional investors (DIIs) bought equities worth Rs 801.2 crore.
Please take note that the aforementioned data and market trends are as of September 25, 2023, preliminary.
