Stock Market LIVE: Sensex sheds 300 pts, Nifty 100; ONGC gains; Hindalco lags

Pharma index continues to shine in today’s trading, gains 1%.

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Rupee falls 38 paise to 81.78 against US dollar

The rupee depreciated 38 paise to 81.78 against the US dollar in early trade on Monday, tracking a muted trend in domestic equities and risk-off sentiment among investors.

Besides, surging crude prices in the international market impacted the domestic unit, traders said.

At the interbank foreign exchange, the local currency opened weak at 81.65 against the dollar, then lost further ground to quote at 81.78, registering a loss of 38 paise over its previous close.

The rupee settled 33 paise higher at 81.40 against the dollar on Friday. (PTI)

ONGC gains on Monday, surges almost 5% in early trading

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Hotel shares continue to climb. Experts list out stocks to buy, sell or hold

Despite the global economy reeling under the heat of slowdown and inflation concerns, hotel stocks in India have delivered a stellar return to its investors in recent times. In year-to-date (YTD) time, Indian Hotels Company shares have risen 80 per cent, shares of Lemon Tree Hotels too ascended to the tune of 80 per cent, EIH share price shot up around 50 per cent, Chalet stocks appreciated 65 per cent whereas Oriental Hotels shares surged around 60 per cent. As the festive season has begun and is expected to last till the end of this year, market experts are expecting a further rally in these stocks. (Read More)

‘IT stocks may disappoint…,’ says Nippon India MF’s Rupesh Patel

In the very near term, there are uncertainties around US inflation, interest rates, recession in large economies and commodity prices. Developments around these factors will keep markets volatile. Investing in a staggered manner over next few months is what investors should consider as preferred option, said Rupesh Patel, Senior Fund Manager – Equity Investments, Nippon India Mutual Fund.

Investing in a staggered manner over next few months is what investors should consider as preferred option, said Rupesh Patel, Senior Fund Manager – Equity Investments, Nippon India Mutual Fund. (Read More)

Indices open in the flat-to-red territory on Monday. Sensex shed 200 pts and Nifty around 30.

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Cryptocurrency prices today: Bitcoin, ether slip while Tron, Polygon gain

In cryptocurrencies, Bitcoin price today, which is the world’s largest and most popular cryptocurrency, was trading about 0.6% lower at $19,188. The global crypto market cap today remained below the $1 trillion mark, as it was down nearly a per cent in the last 24 hours at $966 billion, as per CoinGecko. (Read More)

Nikkei rises on boost from chip and energy shares

Japan’s Nikkei share average rose on Monday, recovering from early losses as chip-related stocks rallied and energy shares tracked gains in crude oil prices.

The market’s mood was also buoyed by Japan Inc’s plans to boost capex this fiscal year in a quarterly Bank of Japan (BOJ) survey of corporate sentiment.

The Nikkei ended the morning session 0.67% higher at 26,111.54, recovering from early declines of as much as 1.22%.

The broader Topix gained 0.26% to 1,840.71, rebounding from losses as steep as 1.12%. (Reuters)

Sensex is marginally down at preopen session on Monday. Airtel, Reliance, TCS in focus

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Geojit Financial Services views on today’s market: A significant trend in the market now is the dominance of DIIs and retail investors over FIIs

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “Even though there are global challenges for equity markets, India’s outperformance is likely to continue. A significant trend in the market now is the dominance of DIIs and retail investors over FIIs. Last Friday when FIIs sold equity worth ₹1545 crores in the cash market DIIs bought equity for ₹3245 crores. If this kind of dominance of DIIs and retail investors can be sustained, FIIs will have to slow down their selling even in the context of rising dollar and bond yields in the US. Re-entry for FIIs will be expensive since DIIs and retail will not easily sell back the stocks which FIIs have sold.

Auto numbers for September confirm the strong auto rebound trend. There is more room for CV, PV and select 2-wheeler stocks to move up.

The fears regarding the Credit Suisse crisis are unlikely to impact the markets since it doesn’t have the potential to become a systemic crisis.”

Stocks to Watch: Airtel, TCS, Reliance, Zee Entertainment, Maruti, Hero MotoCorp, Nestle India, Tata Motors, Bank of Baroda and Coal India 

Housing Development and Infrastructure (HDI) stock will be in focus on Monday as it will be announcing the August to October quarter earnings. (Read More)

FPI favourite multibagger stock gives 2200% return in 5 years. Do you own?

Shares of Lancer Container Lines Ltd are one of the multibagger stocks that Indian stock market has delivered in last one year. In post-Covid rally, this small-cap stock has given whopping return to its shareholders. Probably, this sharp rise in the scrip has attracted Foreign Portfolio Investors (FPIs) as well. In fact, during April to June 2022 quarter, they almost doubled their stake in the company from 6.63 per cent in Q4FY22 quarter to 13.60 per cent in Q1FY23 quarter. (Read More)

Suzlon Energy stock in focus as share trades ex-rights today. Details here

Suzlon Energy rights issue is going to open on 11th October 2022 and it will remain open till 20th October 2022. The board of directors of the energy company has fixed record date for Suzlon Energy rights issue on 4th October 2022. This means, Suzlon Energy stock will be in focus today as it is going to trade ex-rights share today. (Read More)

Reliance Securities Stock in Focus for today: Indus Towers

STOCK IN FOCUS

Indus Towers (CMP Rs.197)

We have BUY rating on Indus Towers with a DCF-based 12-M Target Price of Rs240, at an implied valuation of 4.6x FY24E EV/EBITDA.

Intraday Picks

LICHSGFIN (PREVIOUS CLOSE: 414) BUY

For today’s trade, long position can be initiated in the range of Rs409- 406 for the target of Rs424 with a strict stop loss of Rs398.

APOLLOTYRE (PREVIOUS CLOSE: 279) BUY

For today’s trade, long position can be initiated in the range of Rs274- 271 for the target of Rs289 with a strict stop loss of Rs266

JKCEMENT (PREVIOUS CLOSE: 2,626) BUY

For today’s trade, long position can be initiated in the range of Rs2,585- 2,570 for the target of Rs2,690-2,740 with a strict stop loss of Rs2,514.

Electronics Mart India IPO: Latest GMP ahead of issue opening for subscription tomorrow

Consumer durables retail chain Electronics Mart India Ltd’s (EMIL) three day initial public offering (IPO) will open for public subscription this week on Tuesday, October 4, 2022 and will conclude on October 7, 2022. The price band for the issue has been fixed at ₹56-59 per share.

The initial share sale consists of a fresh issue of equity shares aggregating to ₹500 crore, with no offer for sale (OFS) component. The company said that it intends to utilise the net proceeds to fund its capital expenditure, support incremental working capital requirements and pay debt and will also be used for general corporate purposes.

As per market observers, Electronics Mart India shares are commanding a premium or grey market premium (GMP) of ₹33 per share in the grey market today. The company’s shares are expected to list on stock exchanges on Monday, October 17, 2022. (Read More)

13 organisations sign agreements to access data on ULIP

Unified Logistics Interface Platform (ULIP), launched by Prime Minister Narendra Modi, as part of the ‘National Logistics Policy (NLP)’ on September 17 has received a strong response from the industry with 13 firms joining the platform in less than two weeks of the launch, the Ministry of Commerce & Industry said on Saturday.

Till date, 13 organisations – MapMyIndia, CargoExchange, Freight Fox, Conmove, Intugine, Eikonatech, Yes Bank, Superprocure, CargoShakti, CloudStrats, Shyplite, APSEZL, and AITWA have signed non-disclosure agreement to access data on ULIP.

Non-disclosure agreements (NDAs) with 11 more organisations like Instavans & Trucks, Bosch India, Portlinks, Shiprocket, etc. are in the process, the Ministry of Commerce & Industry said.

The startups are gearing up to showcase their innovative ideas for creating new solutions for the sector whereas large enterprises are mulling to integrate with ULIP for simplifying complex logistics processes, verifying the documents of vendors as well as to get visibility of cargo movement. (ANI)

Suzuki Motorcycle sales up 27.55 pc at 86,750 units in Sep

Suzuki Motorcycle India Pvt Ltd on Saturday reported a 27.55 per cent increase in total sales to 86,750 units in September.

The company sold 68,012 units in the same month last year.

Domestic sales were at 72,012 units while exports stood at 14,738 units in September 2022.

“This is the highest ever overall monthly as well as domestic monthly sales figure recorded by the company since its inception in 2006,” Suzuki Motorcycle India Pvt Ltd (SMIPL) said in a statement.

This was achieved despite some supply constraints, SMIPL Managing Director Satoshi Uchida said. (PTI)

India has a $1.2 trillion one-stop solution plan to snatch factories from China

In India, half of all infrastructure projects are delayed, and one in four run over their estimated budget. Prime Minister Narendra Modi believes technology is the solution to these perennial and notorious bottlenecks.

Under a 100-trillion-rupee ($1.2 trillion) mega project called PM Gati Shakti — Hindi for strength of speed — Modi’s administration is creating a digital platform that combines 16 ministries. The portal will offer investors and companies a one-stop solution for design of projects, seamless approvals and easier estimation of costs.

Under PM Gati Shakti project, Modi’s administration is creating a digital platform that combines 16 ministries. (Read More)

Auto sales on ascending track riding on festive cheer, smooth chip supplies

Robust festive demand coupled with better production due to easing of semiconductor supplies helped the domestic passenger vehicle industry post its best-ever monthly sales performance in September.

The industry volumes in September stood at 3,55, 946 units, registering an year-on-year increase of 91 per cent, enabling the second quarter sales to cross the 10-lakh sales mark.

Leading automakers Maruti Suzuki, Hyundai and Tata Motors were able to improve their dispatches to dealers last month on the back of improved production with the easing of chip shortage situation.

The country’s largest carmaker Maruti Suzuki India (MSI) said its total domestic passenger vehicle wholesales stood at 1,48,380 units last month as compared to 63,111 units in September last year. (PTI)

India makes strong pitch to major US firms for investing in oil and gas production

Favourable geology, open data access, supporting policy regime and ease of doing business were the major drivers to attract potential US players to invest in India’s energy and petroleum growth wave during a two-day investors meet held here.

The investors meet from September 28-29, showcasing the lucrative fiscal policies and conducive environment of energy and petroleum (E&P) sector, that has seen a paradigm shift in policies aimed at attracting investors for investment was organised by Directorate General of Hydrocarbons (DGH) under the aegis of Ministry of Petroleum and Natural Gas (MoPNG) and facilitated by Houston Consulate General of India.

MoPNG Secretary Pankaj Jain, in his keynote address to potential investors from over 50 companies; oil and gas majors, financial institutions, private equity firms, service providers and academicians, made a strong pitch to investors interested in doing business with India.

He discussed India’s strength and role in the global energy ecosystem and highlighted India as the destination of energy opportunities. (PTI)

Rupee rises 33 paise to close at 81.40 against US dollar as RBI raises rates by 50 bps

The rupee extended its initial gains and settled 33 paise higher at 81.40 against US dollar on Friday, after the Reserve Bank of India raised the benchmark lending rate by 50 basis points.

At the interbank forex market, the local unit opened at 81.60 against the greenback. It witnessed an intra-day high of 81.17 and a low of 81.69 during the session.

It finally ended at 81.40, up 33 paise from its previous close.

On Thursday, the rupee recovered from record lows to settle 20 paise higher at 81.73 against the dollar.

The Reserve Bank of India (RBI) on Friday raised the benchmark lending rate by 50 basis points, the fourth straight increase since May, as it extended its battle to tame stubbornly high inflation. (PTI)

Just top 20% of consumer driving demand as majority yet to recover from pandemic hit: Report

That the rich got richer during the pandemic has become more evident with research data showing just 20 per cent of the population are leading the discretionary consumption wagon as the rest are still recovering.

The pandemic has not impacted affluent consumers’ income levels in the country is clear from the fact that the top 20 per cent of the population account for the bulk of discretionary consumption — 59 per cent in rural areas and 66 per cent in urban areas, Tanvee Gupta-Jain, chief economist at UBS Securities India, said in a report.

Citing an in-house UBS survey (conducted in August among 1,500 higher-income consumers) results, she says more than half of the respondents have bought gold/ jewellery as planned or more in the past three months and more than half of them planning to invest in properties and buying cars/two-wheelers over the next two years. (PTI)

5G in India: Airtel begins rollout in 8 cities, Jio vows very affordable service

Bharti Enterprises chairman Sunil Mittal said that its 5G service will launch in 8 cities. He said that Airtel 5G will go live in New Delhi, Varanasi, Mumbai, and Bengaluru in addition to four other cities. Name of other four cities is not revealed yet.

The carrier will cover all urban areas by March 2023 and the entire country by March 2024 with its 5G services, he added.

On the other hand, Reliance Jio, the nation’s biggest telecom firm, will expand 5G telephony services offering ultra high-speed internet connectivity to every part of the country by December 2023, its chairman Mukesh Ambani said on Saturday.

Jio had in September 2016 made an entry into the telecom sector, offering free voice calls and dirt-cheap data, forcing the competition to either match or fold up/consolidate.

Ambani has now promised affordable 5G services.

Tech giant TCS to consider 2nd interim dividend on 10 Oct. What to expect in Q2?

Largest Indian IT company, Tata Consultancy Services (TCS) will be considering a second interim dividend for the financial year FY23 in a board meeting scheduled on October 10. Also, TCS will announce its financial results for Q2 and six monthly periods of FY23. The Tata Group-backed firm has also announced a record date to determine eligible shareholders for the dividend benefits. In Q2, seasonal strength and digital services growth are likely to lift TCS revenue sequentially. Revival in EBIT margin is also expected due to the absorption of wage revision.

During October 10 meeting, TCS said the board will approve and take on record the audited standalone and consolidated financial results of the company under Indian Accounting Standards for the quarter and six-month period ending September 30, 2022.

Wall Street posts third straight quarterly loss on Friday as inflation weighs, recession looms

The S&P 500 closed the books on its steepest September decline in two decades on Friday, skidding across the finish line of a tumultuous quarter fraught with historically hot inflation, rising interest rates and recession fears.

All three major indexes veered to a sharply lower end, having quashed a brief rally early in the session.

The S&P and the Dow notched their third consecutive weekly declines, and all three indexes posted their second straight monthly losses.

In the first nine months of 2022, Wall Street suffered three quarterly declines in a row, the longest losing streak for the S&P and the Nasdaq since 2008 and the Dow’s longest quarterly slump in seven years.

“It’s another ugly day to end an ugly quarter in what’s looking like a very ugly year,” said Ryan Detrick, chief market strategist at Carson Group in Omaha, Nebraska. “Investors will look back and realize this was the year the Fed pulled a total 180 on their views on inflation and quickly turned incredibly hawkish.”

The Commerce Department’s personal consumption expenditures (PCE) report did little to assuage those fears, showing that while consumers continue to spend, the prices they are paying have accelerated, drifting further beyond the Fed’s inflation target and all but ensuring the central bank’s hawkish monetary policy will continue longer than investors had hoped. (Reuters)