On Wednesday, Indian share markets slipped into the red and traded in negative territory throughout the session.
Benchmark indices had a subdued day and ended lower as investors chose to wait for Fed’s signal on the course of future rate hikes.
Sectoral indices did not see a lot of swings. Realty and IT indices traded in the negative zone and topped the list of laggards. Metal and healthcare, on the other hand, ended in green with decent gains.
At the closing bell on Wednesday, the BSE Sensex stood lower by 215 points (down 0.4%).
Meanwhile, the NSE Nifty closed down by 71 points (down 0.4%).
Hindalco, Sun Pharma, and ITC were among the top gainers.
Bharti Airtel, Apollo Hospital, and Maruti Suzuki, on the other hand, were among the top losers.
The BSE Midcap index ended lower by 0.1% while the BSE SmallCap index ended higher by 0.2%.
Sectoral indices ended on a mixed note with stocks in the energy sector, metal sector, and healthcare sector witnessing most of the buying.
On the other hand, stocks from the realty sector, telecom sector, and power sector witnessed selling pressure.
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Shares of Torrent Pharma, ITC, and Coal India hit their 52-week highs.
Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 50,502 per 10 grams, at the time of Indian market closing hours yesterday.
At 8:10 AM today, the SGX Nifty was trading down by 174 points, or 1% lower at 17,980 levels.
Indian share markets are headed for a weak opening today following the trend on SGX Nifty.
Speaking of stock markets, the Nifty has crossed the 18,000 mark. But there are a lot of questions. Will it stay above the mark? What stocks are driving the rally?
HDFC and HDFC Bank shares are up by more than 4% in the last couple of trading sessions.
On charts, they are breaking out of the consolidation zone but underperforming against the Nifty50. With a ~14% weightage of HDFC twins in Nifty50, can they take the index to an all-time high?
Chartist Brijesh Bhatia answers this question in the below video.
Top Buzzing Stocks Today
Max Healthcare will be among the top buzzing stocks today.
Max Healthcare Institute reported a healthy operational performance in September 2022 quarter. Owing to this, shares of the company hit a new high yesterday.
Karnataka Bank share price will also be in focus today.
Yesterday, shares of Karnataka Bank were locked in the 20% upper circuit at Rs 112.6 on the BSE after the bank posted a record quarterly net profit of Rs 4.1 bn for the quarter ended September 2022.
The net profit grew by 228% compared to the net profit of Rs 1.3 bn for the quarter ended 30 September.
The bank said the significant jump in net profit is mainly because of improved earnings, improved asset quality, healthy growth of advances, cost containment, and efficiency enhancement among others.
Crude oil prices on the rise
Yesterday, oil prices rose more than 1% after industry data showed a surprise drop in US crude inventories, suggesting demand is holding up despite steep interest rate hikes dampening global growth.
Both benchmark contracts rose about 2% in the previous session on a weaker US dollar and after an unverified note trending on social media said the Chinese government was going to consider ways to relax COVID rules from March 2023, potentially boosting demand in the world’s second-largest oil user.
In a further positive sign for demand, data on Tuesday from the American Petroleum Institute showed crude oil stocks fell by about 6.5 m barrels for the week ended 28 October, according to market sources.
Eight analysts polled by Reuters had on average expected crude inventories to rise by 400,000 barrels.
At the same time, gasoline inventories fell more than expected, with stockpiles down by 2.6 m barrels compared with analysts’ forecasts for a drawdown of 1.4 m barrels.
The greenback slipped from a near one-week peak versus major peers, with traders on tenterhooks before the looming Federal Reserve rate decision on Wednesday.
A weaker dollar makes oil cheaper for holders of other currencies and usually reflects greater investor appetite for risk.
China’s zero-COVID policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world’s second-largest economy.
Reliance Retail adds another product in its basket
Reliance Retail has launched an athleisure brand Xlerate on AJIO Business. Reliance Industries’ subsidiary has signed up cricketer Hardik Pandya as its brand ambassador.
According to the company, Xlerate will cater to the requirements of sports and fitness enthusiasts who seek style and comfort in their fitness journey. It will offer them a wide variety of high-quality, functionally superior sporting merchandise and footwear that deliver industry-leading style and convenience.
Xlerate’s product will start at Rs 699, and has something on offer for every price segment.
The sports utilities offered by Xlerate include sports shoes, athletic and lifestyle footwear, and apparel such as track pants, t-shirts, shorts, and other accessories. The company said Xlerate products are exclusively available on AJIO Business.
Any retailer in India, including small-sized general sports stores and fashion retail outlets, can place an order for Xlerate products by registering on AJIO Business.
AJIO Business, the new-commerce arm of Reliance Retail, partners with retailers and merchants across the country to empower them with an extensive portfolio of 5000-plus fashion and lifestyle brands.
Speaking of Reliance Industries, did you know that it is one of the 5 Indian companies with insane cash reserves?
Hike in ethanol prices
The central government on Wednesday said that it has hiked the price of ethanol used for blending in petrol, as it looks to double the blending to 20% by 2025/26.
The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, raised the price of ethanol extracted from sugarcane juice to Rs 65.6 per litre from the current Rs 63.5 per litre for the supply year beginning December 2022.
The Union Cabinet has advanced by five years its target for achieving 20% ethanol blending in petrol. The amended National Biofuel Policy-2018 has now set the new target for 2025-26 instead of 2030, apart from allowing more feedstock for production of biofuels and export of biofuels in specific cases.
20% ethanol-blended petrol is likely to be available in the country from December or January, ahead of the April 2023 target, Union Petroleum and Natural Gas Minister Hardeep Singh Puri had said earlier.
Citing the example of Brazil where flex-fuel vehicles are available and the consumer can take ethanol or petrol as per choice, Puri had said that this will be the ultimate goal of the government.
The minister had also said that for the targeted 20% blending of ethanol in petrol, the country will need a 1,000 core litre capacity.
He added that 4.5 bn litre is being produced and tenders for 4 bn litre have been issued.
All petrol sold in the country is targeted to have 20% ethanol by 2025. A higher blending of ethanol in petrol will help cut the country’s oil import bill and benefit sugar cane farmers and sugar mills.
To know what’s moving the Indian stock markets today, check out the most recent share market updates here.
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( With inputs from equitymaster)