On Monday, Indian share markets extended losses as the session progressed and ended deep in the red.
Benchmark indices slipped for the fifth day as investors shunned equities on renewed worries over economic growth in the face of a high-interest rate environment.
Nearly all indices except IT remained in trouble throughout the session with metal, auto, and realty shedding the most.
At the closing bell on Monday, the BSE Sensex stood lower by 954 points (down 1.6%).
Meanwhile, the NSE Nifty closed down by 311 points (down 1.7%).
Asian Paints, HCL Technologies, and Infosys were among the top gainers.
Tata Motors, Hindalco, and Adani Port, on the other hand, were among the top losers.
The broader markets ended on a negative note. The BSE Midcap was down 2.8% and the BSE SmallCap index ended lower by 3.3%.
Barring the IT sector, all sectoral indices ended on a negative note with stocks in the metal sector, realty sector, auto sector and power sector witnessing most of the selling.
Defensive sectors were also not spared as pharma stocks and FMCG stocks also fell.
Shares of Westlife Development hit its 52-week high on Monday.
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The rupee was trading at 81.57 against the US$ on Monday, touching a new low.
Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 49,401 per 10 grams, at the time of Indian market closing hours on Monday.
At 7:40 AM today, the SGX Nifty was trading up by 67 points, or 0.4% higher at 17,090 levels.
Indian share markets are headed for a positive opening today following the trend on SGX Nifty.
Speaking of stock markets, chartist Brijesh Bhatia does a complete analysis of today’s market and what to expect today, in the video below.
Top Buzzing Stocks Today
Hindustan Aeronautics will be among the top buzzing stocks today.
Hindustan Aeronautics has set up a Rs 2.1 bn Integrated Cryogenic Engine Manufacturing Facility (ICMF) that would cater to the entire rocket engine production under one roof for the Indian Space Research Organization (ISRO).
Hal has completed the commissioning of all the critical equipment for the manufacturing and assembly requirements.
Alicon Castalloy’s share price will also be in focus today.
Alicon Castalloy one of India’s largest integrated manufacturers of aluminium has won a multi-million-dollar order spanning five years from Jaguar Land Rover (JLR) in the United Kingdom to supply a critical product for their emobility platform called eaxle housing.
Market participants will also track shares of Hindalco.
Hindalco fell 7% on Monday after the aluminium and copper manufacturing, subsidiary’s client cut its earnings outlook due to the ongoing slowdown in the global economy.
FIIs Resume Selling
Foreign investors sold US$1 bn of Indian shares in the past eight sessions after volatility in the domestic and global markets amid mounting recessionary concerns. This was the biggest sale by FIIs in recent times.
Foreign investors sold a provisional Rs 28.9 bn of shares on September 23, according to data from the National Stock Exchange of India.
They sold US$686.13 m in equities from 14 September 2022 till 22 September 2022, data from the Securities Exchange Board of India showed. They were net sellers in five out of seven sessions.
FIIs had turned buyers in mid-July amid improving Indian macroeconomic data. From mid-July till 13 September 2022, they bought US$9.79 bn in local equities. After buying Indian stocks worth over Rs 510 bn last month, the pace of FII inflow has been reducing in September. So far in the month, the FIIs have invested only Rs 108.7 bn through the stock exchange.
Before that, they were net sellers, having sold over $34.43 billion in domestic equities from October 2021 t0 June 2022.
WAPCOS, a state-run enterprise filed a Draft Red Herring Prospectus (DHRP) to launch an IPO with the capital markets regulators SEBI on Monday.
The issue is entirely an offer for sale by the government of India of up to 325 m equity shares with a face value of Rs 10 each.
For the financial year 2022, it was placed first among the top ten international consultancy firms in the water and other urban infrastructure sectors.
It provides consultancy, and engineering, procurement, and construction services in the field of water, power, and infrastructure sectors. It comes under the Ministry of Jal Shakti.
It has ongoing projects in 30 countries and has been associated with over 455 overseas projects, both completed and ongoing.
Oil Below US$85
Brent crude oil prices inched lower below US$85 a barrel on Monday on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging U.S. dollar limits the ability of non-dollar consumers to purchase crude.
The crude oil futures for November slipped US$1.6% to US$84.8 a barrel. This is the lowest since 14 January 2022. This has affected crude oil prices and crude oil stocks in India.
These falling crude oil price trajectory started in December 2021 with the disruptions in the oil market from the Russia-Ukraine war, with European Union sanctions banning Russian crude
The central banks across numerous oil-consuming countries, including the world’s biggest crude user, have raised interest rates to fight surging inflation which has led to concerns the tightening could trigger an economic slowdown.
The attention is now turning to what the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, will do when they meet on 5 October 2022.
But, since OPEC+ is producing well below its targeted output, any announced cut may not have much impact on supply.Data last week showed OPEC+ missed its target by 3.58 m barrels per day in August, a bigger shortfall than in July.
For information on how to pick stocks that have the potential to deliver big returns,
Indian Share Market Update: Top Gainers and Losers
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( With inputs from equitymaster)