Wall Street closed lower on Friday and the trend continued Monday morning with Asian markets opening lower. Traders will be keeping an eye on a number of economic reports this week, including US initial jobless claims and GDP data as well as China’s PMI numbers.
FII, based in Mauritius, invests in a small capitalization company. Share hits the top circuit
Positional investors who follow FII DII data and analyze their latest buy and sell patterns, there is a stock market news for them. Mauritius-based foreign portfolio investor (REIT), Vikasa India Eif 1 Fund, has taken a stake in a BSE-listed small cap company. According to BSE block trade data available on the BSE website, Vikasa India Eif 1 Fund – Incube Global Opportunities has purchased 51,000 shares of BSE-listed small cap company SM Gold. They purchased these shares in a bundled trade executed on September 23 by paying ₹40.15 per share. This means that the Foreign Institutional Investor (FII) has invested ₹20,47,650 in the small cap company that ended with a market capitalization of ₹40 crores Friday. (Read more)
Stocks to watch: Harsha Engineers, Kotak, Reliance, ONGC, Coal India, Nestlé India, Vodafone Idea, BPCL, ONGC, Reliance Capital
Ambuja Cements, Delta Corp, Vodafone Idea, Zee Entertainment, Can Fin Homes and Punjab National Bank will be under the F&O ban list for Monday. These shares will be prohibited for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), according to the NSE. (Whole story)
Geojit Financial Services in today’s market: The buy-on-dip strategy that has worked since the June lows doesn’t need to work now
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “The global macroeconomic construction is not favorable for equity markets in the near term. have grown in the last 3 days. The likelihood of a global recession also increases as the Fed continues to be ultra hawkish. The 5% decline in the MSCI World Index last week indicates the bearish trend in global equity markets. In this scenario, the buy-on-dip strategy that has worked since the June lows does not need to work now. Investors should be cautious and remain vigilant.
However, India will outperform both in terms of economic growth and market performance. Therefore, selective purchases may be made in domestically oriented segments such as finance, automotive, capital goods and some FMCGs in the event of a sharp market downturn.”
Nifty may test key support at 17,166 at the open
The Nifty may test its open support at 17,166, derivatives trading on SGX Nifty indicated on Monday morning.
The SGX Nifty, which derives its value from the Nifty, fell 17,179 on Monday morning, while the Nifty closed at 17,327 on Friday. Price data is signaling a gap of around 1% from the weekend close. (Read more)
INDIAN BONDS – Bond yields rose, following the relentless rise in US peers
Yields on Indian government bonds are set to rise in early trading on Monday, following a steady surge in US yields, as investors fear central banks around the world will continue to tighten monetary policy to combat soaring inflation .
The yield on India’s benchmark 10-year government bonds is in the range of 7.40% to 7.45%, a private bank trader said. The yield ended at 7.3926% on Friday, a two-month high, to register a gain of 12 basis points for the week.
“Until U.S. yields don’t stabilize, (the) local bond sell-off will continue,” the trader said. “As the week progresses, the market will await the policy decision from the local central bank, with a 50 basis point hike on the cards.” (Reuters)
Piramal and Zurich Insurance are preparing a joint offer on Reliance General Insurance
Piramal Group and Zurich Insurance are considering forming a joint venture to take over Reliance General Insurance, a debt-ridden subsidiary of Reliance Capital that is in the process of resolution.
Piramal and Zurich, which had submitted separate non-binding offers for Reliance Capital’s general insurance business in August, could each own 50% of the proposed special purpose vehicle (SPV), sources said.
Zurich has confirmed that it has made a separate offer to acquire a stake in Reliance General Insurance Company as part of the resolution process under the Insolvency and Bankruptcy Code (IBC).
“The terms of any transaction are subject to negotiation and there can be no assurance that a transaction will occur,” the company said in an email response. (PTI)
Buy or Sell: Prabhudas Lilladher’s Vaishali Paresh Recommends 2 Stocks to Buy Today – September 26
Following weak global sentiment following the US Fed’s interest rate hike, the Indian stock market ended in the negative zone for the third consecutive session on Friday. The Nifty 50 index plunged 302 points and closed at 17,327, Sensex crashed 1,020 points and ended at 58,098 while Bank Nifty ended at 39,546 levels, 1084 points below its previous close . Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, believes that the major support for the Nifty 50 index lies at 17,000 levels and further weakness can be expected if this crucial 200 DMA support is broken.
Here we list all the details regarding the actions recommended by Prabhudas Lilladher’s Vaishali Parekh:
1]Voltas: Buy at ₹900 target ₹945, stop loss ₹880; and
2]NIIT: buy at ₹320 target ₹338, stop loss ₹312.
India sees defense exports increase by 334% in past five years
In five years, India’s defense exports have increased by 334% and the country now exports its defense products to more than 75 countries, according to the government.
India has recorded a 334% growth in its defense exports and has started exporting defense products to 75 countries, the government has informed. (Read more)
JioMart boosts holiday season deals to take on Flipkart and Amazon
Reliance Retail’s digital commerce platform, JioMart, is gearing up for the holiday season as it prepares to compete with Flipkart and Amazon this year. The platform will function as a marketplace offering multiple brands with items spanning electronics, consumer durables, fashion & lifestyle, beauty, home & kitchen, and grocery. (Read more)
Kotak Group Reorganizes Senior Management; Iyer named CEO of an investment advisory firm
Kotak Group announced a senior management reshuffle on Friday that will see Lakshmi Iyer take over as managing director of its investment advisory business.
Iyer, chief investment officer for fixed income and head of product in the asset management industry, succeeds Srikanth Subramanian, previously named head of Kotak Cherry.
Deepak Agarwal will now lead the fixed income investment team as Chief Investment Officer – Fixed Income, at Kotak Mahindra Asset Management Company (KMAMC), while Abhishek Bisen has been appointed Head of Income fixed, according to a statement. (PTI)
REITs Pump ₹8,600 cr in September; the pace of investment is slowing down
After infusing more than ₹51,000 crore last month, foreign investors have so far slowed the pace of Indian stock buying in September as they invested slightly more ₹8,600 crore, on sharp depreciation in rupee.
Going forward, foreign portfolio investors (REITs) are unlikely to buy aggressively amid a rising dollar, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Indication of another rate hike by the US Federal Reserve, fears of a recession, depreciation of the rupiah and ongoing tensions in Russia and Ukraine will affect REIT flows, said Basant Maheshwari, fund manager. small business and co-founder, Basant Maheshwari Wealth Advisers LLP. (PTI)
India’s foreign exchange reserves fall to nearly two years
India’s foreign exchange reserves fell for the seventh consecutive week, falling to $545.652 billion in the week to September 16, the Reserve Bank of India’s weekly statistical supplement revealed on Friday. This is the lowest level since October 2, 2020.
Although the decline in reserves was partly due to valuation changes, analysts believe that much of the decline was due to the Reserve Bank of India’s intervention in the currency market to prevent the rupee from depreciating. stronger against the dollar. (Read more)
Harsha Engineers IPO today. Experts predict handsome gains
The IPO date for Harsha Engineers has been set and shares of India’s largest manufacturer of precision bearing cages will hit Dalal Street on September 26, 2022, i.e. today. In accordance with the information available on the ESB website, effective Monday 26 September 2022, shares of Harsha Engineers International Limited will be listed and admitted to trading on the stock exchange in the list of Group “B” securities. Therefore, Harsha Engineers actions will be part of the Special Pre-Opening Session (SPOS) on Monday, September 26, 2022. (Read more)
Dow plunges to 2022 low on Friday as recession fears rock global markets
Shares fell sharply around the world on Friday on fears that an already slowing global economy could slip into recession as central banks increase pressure with further interest rate hikes.
The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since the end of 2020. The S&P 500 fell 1.7%, close to its 2022 low set in mid-June, while the Nasdaq slipped 1.8%.
The sell-off capped another tough week on Wall Street, leaving the major indexes with their fifth weekly loss in six weeks.
Energy prices closed sharply lower as traders worried about a possible recession. Treasury yields, which affect rates on mortgages and other types of loans, have held at multi-year highs. (AP)
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