Stock Market LIVE: Sensex sinks 300 pts, Nifty down 80 pts; Bank, IT, Metal lag

Share Market LIVE Update: Indices start on a subdued note Wednesday tracking Asian peers. Sensex and Nifty are down 300 and 80 points, respectively, with Metal, Bank, IT and Auto leading the race to the bottom. IndusInd Bank, Bharti Airtel drag.

Wall Street opened after a long weekend and remained under pressure to close lower for the fourth day in a row on Tuesday. Most of the markets have been losing ground as the Federal Reserve has indicated it will not give up on raising interest rates to bring down the highest inflation in decades.

Ashika Stock Broking on Nifty: Index is likely to open on a negative note due to weak global cues

Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a high wave doji candle suggesting indecision after a rise. There is evidence of reversal pattern in weekly time frame hence in coming sessions, key thing to watch will be a faster retracement above August highs of 18000 that will signal end of the ongoing corrective phase. Else, prolonged consolidation in 17200-17800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark and turned flattish indicating of sluggish momentum for the short to medium term. Thus, one need to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6% of the entire rally from 15,183 to 17,992 comes around 16900 followed by 50% correction at 16600. On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support stands at 17,350 and Index need to sustain above the said level with some authority for the bulls to strengthen their stance. During the day index is likely to open on a negative note due to weak global cues and is expected to withstand the selling pressure at the crucial support level of 17,350.

Nomura, other FIIs buy stake worth ₹82 cr in this multibagger small-cap stock

Salasar Techno Engineering Ltd has raised ₹81.9 crore fund through Qualified Institutions Placement of 3 crore equity shares. The foreign institutional investors (FII) who have been allotted shares by the share allotment committee of Salasar Techno Engineering Ltd includes Nomura Singapore and Forbes EMF. Forbes EMF has bought 1.35 crore Salasar Techno shares whereas Nomura Singapore has bought 1.26 crore Salasar Techno shares. Other two FIIs who have been allotted shares in company's fund raise drive are AG Dynamics Fund and Maybank Securities. Shares have been allotted at an issue price of ₹27.30 per equity shares.

Angel One's view on Nifty: Keep focusing on such potential candidates which are likely to continue their recent runs

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd: Our markets once again completely ignored the sluggish global cues as we started the session on a positive note. In the initial hour, Nifty literally hastened beyond the 17750 mark and it appeared as if it was going to come out of the congestion zone finally. But tentativeness was observed once again at higher levels, which resulted in erasing all gains to even slide below 17600 around the midsession. Fortunately, the dip was bought into successfully, and with some zig-zag movement, the Nifty concluded the session marginally in the red.

Yesterday, the kind of start we had, the market should have ideally ended its recent consolidation phase. Unfortunately, it’s not the case in the end. The coming session would be quite crucial and it would probably confirm the near-term direction of the key indices. A small push from the global market is the need of the hour. As far as levels are concerned, 17700 – 17800 remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18000 and beyond. On the flip side, 17600 – 17500 are to be treated as immediate support. The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focusing on such potential candidates which are likely to continue their recent runs.

Tamilnad Mercantile Bank IPO: Latest GMP on final day of subscription

The initial public offering (IPO) of Tamilnad Mercantile Bank got subscribed 1.53 times on Tuesday, day two of the subscription, after getting fully subscribed in early trade. The three-day issue will conclude on Wednesday. The price band is ₹500-525 per share. The Tuticorin-based private sector lender on Friday said it has mobilised a little over ₹363 crore from anchor investors ahead of its share sale.

Japanese stocks fall as slowdown concerns eclipse exporter boost; Hang Seng down 2%

Japanese stocks fell nearly 1% on Wednesday, as investor concerns over a COVID-ravaged economy overshadowed strong performances by exporter shares, which gained on a weaker yen.

Japan's Nikkei share average dropped 0.95%, tracking overnight losses on Wall Street, where all three major indexes fell as a U.S. services industry report underscored expectations the Federal Reserve will maintain its aggressive rate-hike stance.

The Nikkei fell as far as 27,268.70 in early trading, its lowest level since July 19, before settling at 27,362.83.

Meanwhile, Hong Kong's Hang Seng index is deep in red with 2% drop.

Bitcoin falls below $19,000, ether, dogecoin plunge 8%, other crypto prices today also decline

Bitcoin price continued to plunge and declined below the $19,000 level. The world's largest and most popular cryptocurrency was trading more than 5% lower at $18,644. The global crypto market cap today fell below the $1 trillion mark, as it was down over 5% in the last 24 hours at $986 billion, as per CoinGecko.

Stocks to Watch: Indigo, Wipro, Syngene, M&M, Gail India, IDBI Bank, Biocon, Zuari Industries

Delta Corp will continue to remain under the F&O ban stock list today. The stock will be under the ban for the F&O segment as it has crossed 95% of the market-wide position limit (MWPL), as per the NSE.

FMCG firms bet big on bumper festive sales

Fast moving consumer goods companies are ramping up supply chains and investing in marketing campaigns as they expect stronger sales this festival season.

ITC is witnessing a strong uptick in demand with the onset of festivities.

ITC’s agile supply chains are fully geared to ensure availability of a wide range of products.

IT firms resort to work-from-home amid Bengaluru rain fury; State IT minister calls meeting with several software companies today

India's best-known IT firms and startups have asked staff to work from home as torrential rains brought chaos to the streets of the technology hub, marooning roads and snapping water and electricity supplies.

While parts of the city that houses several global companies and home-grown startups, were underwater, operations in IT firms and startups were largely unaffected as most of them had power backup and a hybrid work environment where some employees logged in from home.

But some of the posh housing colonies were flooded and tractors were pressed into service to rescue residents.

However, technology companies engaged in research and development faced challenges in accessing labs that have adversely impacted their global workflow. (PTI)

IT and BT Minister CN Aswathanarayana has called a meeting with the representatives of the heads of several software companies at 5 pm today i.e. 7 September to discuss the problems created in the city due to the unprecedented rain.

Rupee falls 4 paise to 79.82 on strong dollar

The rupee depreciated 4 paise to close at 79.82 against the US dollar on Tuesday as a stronger US dollar against key rivals and a lacklustre trend in domestic equities weighed on sentiment.

However, fresh foreign fund inflows into capital markets and a sharp correction in crude oil prices restricted the rupee’s decline, forex traders said.

At the interbank foreign exchange market, the domestic currency opened at 79.80 per dollar. It hovered in a range of 79.77 to 79.91 during the session.

Oil tumbles to lowest since January as demand concerns escalate

Oil retreated to the lowest level since January on concern a global slowdown will cut demand in Europe and the US just as China’s Covid Zero strategy hurts consumption.

West Texas Intermediate sank below $86 a barrel, after erasing a gain driven by the Organization of Petroleum Exporting Countries and its allies decision on Monday to pare output. Reflecting the softness, Saudi Arabia cut prices for customers in Asia and Europe for next month’s shipments.

Pieter Elbers takes charge as IndiGo's new CEO

Former KLM chief executive officer and industry veteran Pieter Elbers on Tuesday assumed charge as the new CEO of IndiGo.

"Further to our letter dated May 18, 2022, we wish to inform you under Regulation 30 of SEBI LODR Regulations that Petrus Johannes Theodorus Elbers (Pieter Elbers) has joined as Chief Executive Officer of the Company with effect from today, September 6, 2022," InterGlobe Aviation Limited that runs the country's largest aviation service under the brand IndiGo said in a regulatory filing to the stock exchanges.

Elbers has assumed charge three weeks before he was originally envisaged to join. He has replaced 71-year-old Ronojoy Dutta.

As per a statement released by IndiGo on 18th May, Dutta was scheduled to retire on 30th September 2022.

Angel One market wrap-up for Tuesday: Key indices might be consolidating but the broader end of the spectrum keeps on buzzing

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd: Our markets once again completely ignored the sluggish global cues as we started the session on a positive note. In the initial hour, Nifty literally hastened beyond the 17750 mark and it appeared as if it was going to come out of the congestion zone finally. But tentativeness was observed once again at higher levels, which resulted in erasing all gains to even slide below 17600 around the midsession. Fortunately, the dip was bought into successfully, and with some zig-zag movement, the Nifty concluded the session marginally in the red.

Today, the kind of start we had, the market should have ideally ended its recent consolidation phase. Unfortunately, it’s not the case in the end. The coming session would be quite crucial and it would probably confirm the near-term direction of the key indices. A small push from the global market is the need of the hour. As far as levels are concerned, 17700 – 17800 remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18000 and beyond. On the flip side, 17600 – 17500 are to be treated as immediate support. The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focusing on such potential candidates which are likely to continue their recent runs.

Govt trying to make it mandatory for carmakers to provide six airbags in 8-seater vehicles: Gadkari

The government is trying to make it mandatory for carmakers to provide at least six airbags in eight-seater vehicles for enhanced safety of occupants from October, road transport minister Nitin Gadkari said on Tuesday.

Earlier this year, the Ministry of Road Transport and Highways (MoRTH) in a statement said that in order to enhance the safety of occupants of the motor vehicle against lateral impact, it has been decided to enhance safety features by amending the Central Motor Vehicles Rules (CMVR), 1989.

"A draft notification has been issued on January 14, 2022, which mandates that vehicles of category M1, manufactured after October 1, 2022, shall be fitted with two side/side torso air bags, one each for the persons occupying front row outboard seating positions, and two side curtain/tube air bags, one each for the persons occupying outboard seating positions," it had said.

Mutual Funds Sundaram, SBI buy stakes in Hatsun Agro for ₹269 cr in open market

Dairy products maker, Hatsun Agro Product on Tuesday climbed nearly 4% on exchanges after two major mutual fund houses bought certain shares in the company via the open market. At the same time, promoter Raja Ganesan Chandramogan offloaded a portion of his equity shares in the company aggregating to nearly ₹269 crore. 

Promoter Raja Ganesan Chandramogan offloaded a portion of his equity shares in the company aggregating to nearly ₹269 crore.

ED arrests former NSE boss Ravi Narain in illegal phone tapping case

The Enforcement Directorate late on Tuesday night arrested Ravi Narain, former managing director and CEO of NSE in case of illegal phone tapping at the exchange, said ED official. He will be produced before a special court tomorrow for custody, the official added.

ED had registered and Enforcement Case Information Report (ECIR) in July against former Mumbai police commissioner Sanjay Pandey and former heads of the NSE for allegedly tapping the phones of employees between 2009 and 2017. This is the second case being probed by the investigative agency which is probing alleged violation of money laundering norms in the colocation scam. This is the first time Narain has been arrested when the irregularities at NSE had been a matter of investigation for five years now.

Wall Street stocks drift lower, extending losses into 4th straight week

Stocks closed lower on Wall Street Tuesday, extending the market's losses into a holiday-shortened week.

The S&P 500 fell 0.4% after bouncing between a gain of 0.5% and a loss of 1%. The Dow Jones Industrial Average fell 0.6% and the Nasdaq lost 0.7%.

The major indexes are coming off their third losing week in a row, part of a late-summer slump that erased much of the benchmark S&P 500's gains from July and early August.

Stocks have been losing ground as the Federal Reserve has indicated it will not let up anytime soon on raising interest rates to bring down the highest inflation in decades.

In addition, Wall Street is grappling with worries about a brewing energy crisis in Europe and the implications it could have for the global economy and corporate profits.

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