Indian markets fall for third straight day on September 21
Indian stock markets fell for the third consecutive day on September 21, tracking weak global cues. The US Federal Reserve maintained the status quo in its policy meeting but indicated that interest rates will remain higher for longer. This led to selling by foreign institutional investors (FII) and elevated crude oil prices remained a concern.
The BSE Sensex declined 570.60 points, or 0.85 percent, to 66,230.24, while the broader Nifty 50 slumped 159.05 points, or 0.8 percent, to 19,742.35. The biggest drags on the indices were stocks from banks, auto and financial services segments.
Broader market performed even worse. Nifty Smallcap 100 declined 1.34 percent while Nifty Midcap 100 0.89 percent. Bse 590, the broadest index on NSE, dropped 0.84 percent.
Barring Nifty Media that closed marginally in green, all other sectoral indices bled. Nifty PSU Bank, which has been a standout performer in the last one month or so, was the biggest loser during the day, falling 2.28 percent. Nifty Auto, Nifty Bank and Nifty Financial Services ended lower by about 1.5 percent each.
Among the Nifty 50 stocks, Adani Ports was the top gainer, rising 1.74 percent. Tech Mahindra, Dr Reddy’s Labs, Asian Paints and Bharti Airtel were other big gainers adding over 1 percent each.
M&M was the top loser in the pack, down about 3 percent. ICICI Bank, Cipla, SBI, IndusInd Bank and UltraTech Cement followed with cuts in the range of 2-3 percent as well.
Outlook for September 22
Analysts believe that the market may remain volatile in the near term due to factors such as the hawkish stance by the US Fed, rising oil prices and erratic rainfall. However, they advise investors to stay stock-specific with a focus on risk management.
- 22 Sep
Technical Analysis Report for Nifty and Three Buy Calls
The Nifty index has been on a strong uptrend in the past three weeks, but it has recently retraced some of those gains. It is now expected to oscillate within the 19,605 to 19,878 range over the next few sessions. Three stocks that look good for buying over the next 2-3 weeks are Havells India, KSB, and Gujarat Ambuja Exports. All three stocks have strong bullish momentum and are trading above their key moving averages.
- 22 Sep
Maruti Suzuki Stock Gains on Bullish Stance from Global Brokerages
Maruti Suzuki stock gains on bullish stance from global brokerages Shares of Maruti Suzuki India surged on Friday after global brokerages Citi and Morgan Stanley maintained bullish stance on the counter. Both brokerages cited the company's improving product mix and attractive valuation as key reasons for their optimism. In addition, Maruti Suzuki reported strong sales performance in August 2023, with total domestic sales jumping 14 percent year-on-year and sale of utility vehicles jumping 118 percent year-on-year. Overall, the bullish stance from global brokerages and the company's strong sales performance are providing a boost to Maruti Suzuki stock.
- 22 Sep
PNB Gilts Hits Upper Circuit on Inclusion of Indian Bonds in JPMorgan Index
Shares of PNB Gilts hit upper circuit on September 22, 2023, following news that India's inclusion in JPMorgan's bond index is seen driving billions of dollars of inflows. The index provider will add Indian bonds to its widely-tracked emerging market index starting June 28, 2024. PNB Gilts is a primary dealer in government securities and other fixed-income instruments. The inclusion of Indian bonds in JPMorgan's index is expected to attract significant foreign inflows, which is likely to benefit PNB Gilts and other primary dealers in government securities.
- 22 Sep
Indian Bond Markets to Remain Stable in Near Term After JPMorgan Inclusion
Indian bond markets are expected to remain stable in the near term after JPMorgan's inclusion of India in its widely tracked emerging market debt index, according to BlackRock's head of Asia Pacific fixed income, Neeraj Seth. Seth expects inflows of around $20 billion to $25 billion into India after the maximum weight threshold is achieved on the GBI-EM index. Given the size of the global government bond market, this is relatively small and is unlikely to have a significant impact on volatility.
- 22 Sep
Indian market drops on September 22 despite inclusion of Indian bonds in JP Morgan index
Indian benchmark indices Sensex and Nifty fell for the fourth consecutive day on September 22, despite the inclusion of Indian bonds in the JP Morgan Government Bond Index-Emerging Markets (GBI-EM) global index suite from June 2024. The market is expected to remain volatile in the near term, with key support at 19,600 for Nifty.