Stock Market LIVE: Sensex sheds 850 pts, Nifty below 17,100; Metal, Auto lag

Share Market LIVE Update: Sensex is trading around 57,300 and Nifty below 17,100 on Monday as pressure remains on indices. IndusInd, M&M and Powergrid shed at open, and all indices are in red. Rupee went below 81.50 against the dollar on Monday.

Wall Street closed lower on Friday and the trend continued on Monday morning with Asian markets opening lower. Traders will keep an eye on a number of economic reports this week including US initial jobless claims and GDP data along with PMI figures from China.

Rupee falls 43 paise to all-time low of 81.52 against US dollar

The rupee depreciated 43 paise to an all-time low of 81.52 against the US dollar in early trade on Monday as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit.

Moreover, escalation of geopolitical risks due to conflict in Ukraine, a negative trend in domestic equities and significant foreign fund outflows sapped the investor appetite, forex traders said.

At the interbank foreign exchange, the rupee opened at 81.47 against the greenback, then fell to 81.52, registering a fall of 43 paise over its previous closing.

On Friday, the rupee slumped 30 paise to close at a fresh lifetime low of 81.09 against the US dollar.

Harsha Engineers shares make strong debut in some cheers from investors

Shares of Harsha Engineers International Ltd made a strong debut on Dalal Street today. The stock listed on BSE at ?444 per equity share, delivering around 36% premium to its allottees. India's largest manufacturer of precision bearing cages company has delivered a stellar return to its investors despite weakness on Dalal Street in the last four straight sessions.

Court stays ?21,000 crore tax demand on online gaming firm

The Karnataka High Court has stayed the recovery of Goods and Services Tax (GST) demand amounting to nearly ?21,000 crore and applicable interest and penalty on gaming company Gameskraft Technologies Pvt. Ltd. till the case is decided on merit.

The tax demand comes at a time a ministerial committee set up by the federal indirect tax body, the GST Council, is deliberating over what should be the tax rate for the online gaming sector and what should be the base on which the tax rate should be levied.

Vedanta's proposal to transfer ?12,587 crore from reserves gets proxy advisory firm's backing

Metals and oil conglomerate Vedanta Ltd's proposal to reorganise capital and transfer ?12,587 crore from general reserves to retained earnings has won the backing of US-based proxy advisory firm Glass Lewis.

Vedanta has convened a meeting of shareholders of the company on October 11 for approval of a scheme of arrangement.

In a notice to shareholders, Vedanta reasoned that the firm had over the years "built up significant reserves through transfer of profits".

"The company is of the view that the funds represented by the general reserves are in excess of the company's anticipated operational and business needs in the foreseeable future, thus, these excess funds can be utilised to create further shareholders' value," it said.

Suzlon Energy stock in focus as board approves right issues at 45% discount

Suzlon Energy shares will be under scanner when the stock market opens today as the company board has given its approval to raise ?1200 crore funds through right issues of company shares. As per the latest exchange filing by the company, the board of directors of the company has given its approval to issue 240 crore equity shares at ?5 per share price. Suzlon Energy share price had closed at ?9.15 on NSE on Friday's session, which means the right issue of shares are offered at around a 45 per cent discount.

Sterling collapses as investors fly into dollars

Sterling slumped to a record low on Monday, prompting speculation of an emergency response from the Bank of England, as confidence evaporated in Britain's plan to borrow its way out of trouble, with spooked investors piling in to U.S. dollars.

Broadening worry that high interest rates will hurt growth hit Asia's currencies and equities too, with exporters from Japanese carmakers to Australian miners hit hard.

The pound plunged nearly 5% at one point to $1.0327, breaking below 1985 lows. Moves were exacerbated by thinner liquidity in the Asia session, but even after stumbling back to $1.05 the currency is still down some 7% in just two sessions.

"You've got to buy the dollar as a risk off-trade. There is nowhere else to go," said Rabobank strategist Michael Every in Singapore.

Subsidies frozen for erring EV makers

The department of heavy industries has found that certain electric vehicle (EV) original equipment manufacturers (OEMs) have violated the government’s phased manufacturing plan (PMP), a critical eligibility criteria against which it disburses incentives under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme, said the secretary of the department Arun Goel.

The department is now implementing a system to introduce traceability in the way manufacturers share records of the domestic value addition (DVA) in their products with the government, Goel said.

Oil’s retreat deepens as dollar’s surge looms over commodities

Oil fell again as the dollar’s surge to a fresh peak and mounting recessionary concerns threatened global demand, deepening a rout.

West Texas Intermediate sank toward $78 a barrel as a Bloomberg gauge of the US currency rallied to an all-time high. The US benchmark crude collapsed more than 7% last week to end at the lowest close since mid-January. The decline was its fourth straight weekly drop, the longest losing run this year.

Crude is on track for its first quarterly slump in more than two years as central banks including the Federal Reserve raise interest rates aggressively, hurting the outlook for energy demand and sapping investors’ appetite for risk. The Fed’s tightening has helped to drive the US dollar to a record, making commodities priced in the currency more expensive for overseas buyers.

Mauritius-based FII invests in small-cap company. Share hits upper circuit

Positional investors who follow FII DII data and scan their latest buying and selling patterns, there is a piece of stock market news for them. Mauritius-based foreign portfolio investor (FPI) Vikasa India Eif 1 Fund has bought a stake in a small-cap company listed on BSE. As per the BSE bulk deal data available on the BSE website, Vikasa India Eif 1 Fund — Incube Global Opportunities has bought 51,000 shares of BSE-listed small-cap company SM Gold. They bought these shares in a bulk deal executed on 23rd September paying ?40.15 per share. This means the foreign institutional investor (FII) has invested ?20,47,650 in the small-cap company that ended with a market cap of ?40 crore on Friday.

Stocks to Watch: Harsha Engineers, Kotak, Reliance, ONGC, Coal India, Nestle 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 stocks will be under the ban for the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Geojit Financial Services on today's market: Buy-on-dips strategy which worked since the June lows need not work now

Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services: "The global macro construct is not favourable for equity markets in the short run. The dollar index above 113 and the US 10-year yield at 3.73 % is likely to aggravate FPI outflows which have been gathering momentum during the last 3 days. The probability of a global recession is also increasing since the Fed continues to be ultra hawkish. The 5% cut in MSCI World Index last week indicates the bearish undertone of global equity markets. In this scenario, the buy-on-dips strategy which worked since the June lows need not work now. Investors have to be cautious and remain vigilant.

However, India will outperform both in economic growth and market performance. Therefore, selective buying can be done in domestic economy-facing segments like financials, autos, capital goods and select FMCG on sharp market declines."

Nifty could test key support of 17,166 at open

The Nifty could test its support of 17,166 at the opening, derivatives trade on SGX Nifty indicates Monday morning.

The SGX Nifty, which derives its value from the Nifty, traded down 17,179 points Monday morning, while the Nifty closed at 17,327 on Friday. The price data signals a gap down of around a per cent from the weekend close.

INDIA BONDS-Bond yields seen higher, tracking relentless rise in U.S. peers

Indian government bond yields are expected to rise in early trading on Monday, tracking an unabating spike in U.S. yields, as investors fear that central banks globally will keep tightening monetary policy to tackle soaring inflation.

The benchmark Indian 10-year government bond yield is seen in a 7.40%-7.45% band, a trader with a private bank said. The yield ended at 7.3926% on Friday, a two-month high, to log a 12-basis points gain for the week.

"Till the time U.S. yields do not stabilise, (the) selloff in local bonds will continue," the trader said. "As the week progresses, market will await the local central bank policy decision, with a 50 basis points hike on the cards."

Piramal, Zurich Insurance mull joint bid for Reliance General Insurance

Piramal Group and Zurich Insurance plan to form a joint venture for taking over Reliance General Insurance, a subsidiary of debt-ridden Reliance Capital undergoing a resolution process.

Both Piramal and Zurich, which had submitted separate non-binding bids for the general insurance business of Reliance Capital in August, may hold 50 per cent each in the proposed special purpose vehicle (SPV), sources said.

Zurich confirmed that it has made a separate offer to acquire a stake in Reliance General Insurance Company as part of the resolution process under Insolvency and Bankruptcy Code (IBC).

"The terms of any transaction are subject to negotiations and there can be no assurance that a transaction will take place," the company said in an email reply.

Buy or sell: Vaishali Paresh of Prabhudas Lilladher recommends 2 stocks to buy today — Sept 26

Following weak global sentiments post-US Fed interest rate hike, the Indian stock market ended in the negative zone on the third straight session on Friday. Nifty 50 index dipped 302 points and closed at 17,327, Sensex crashed 1020 points and ended at 58,098 whereas Bank Nifty finished at 39,546 levels, 1084 points below its previous close. Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher believes that major support for Nifty 50 index lies at 17,000 levels and more weakness can be expected if this crucial 200 DMA support is broken.

Here we list out full details in regard to stocks recommended by Vaishali Parekh of Prabhudas Lilladher:

Voltas: Buy at ?900, target ?945, stop loss ?880; and

NIIT: Buy at ?320, target ?338, stop loss ?312.

India sees 334% jump in defence exports in last five years

Within five years India's defence exports have grown by 334 per cent, and the country is now exporting to over 75 countries its defence products, according to the government.

India has registered a growth of 334 per cent in its defence exports and has begun to export defence products over 75 countries, informed government.

JioMart amps up festive season offerings to take on Flipkart and Amazon

Reliance Retail’s digital commerce platform JioMart is gearing up for the festive season as its readies to compete with the likes of Flipkart and Amazon this year. The platform will operate like a marketplace offering multiple brands with items spanning electronics, consumer durables, fashion and lifestyle, beauty, home and kitchen and grocery.

Kotak Group rejigs senior management; Iyer made CEO of investment advisory biz

The Kotak Group on Friday announced a senior management rejig which will see Lakshmi Iyer take charge as the chief executive of its investment advisory business.

Iyer, the chief investment officer for fixed income and head of products in the asset management business, succeeds Srikanth Subramanian who was earlier appointed as the 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 elevated as head, fixed income, as per a statement.

FPIs pump in ?8,600-cr in Sep; pace of investment slows

After infusing more than ?51,000 crore last month, foreign investors have slowed down the pace of equity buying in India in September so far, as they invested a little over ?8,600 crore, on sharp depreciation in rupee.

Going forward, Foreign Portfolio Investors (FPIs) are unlikely to buy aggressively amid rising dollar, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Indication of further rate hike by the US Federal Reserve, fears of a recession, depreciating rupee and continued tensions in Russia and Ukraine will affect FPI flows, Basant Maheshwari, smallcase manager and Co-founder, Basant Maheshwari Wealth Advisers LLP, said.

India's forex reserves fall to near two-year low

India's foreign exchange reserves fell for a seventh straight week, dropping to $545.652 billion in the week to September 16, Reserve Bank of India's weekly statistical supplement showed on Friday. This is the lowest level since 2 October, 2020.

Though the fall in reserves is partly due to valuation changes, analysts believe a large part of the fall has been on account of the Reserve Bank of India's intervention in the currency market to prevent the rupee from depreciating more sharply against dollar.

Harsha Engineers IPO share listing today. Experts predict handsome gains

Harsha Engineers IPO listing date has been fixed and shares of India's largest manufacturer of precision bearing cages are going to hit Dalal Street on 26th September 2022 i.e. today. As per the information available on BSE website, effective from Monday, September 26, 2022, the equity shares of Harsha Engineers International Limited shall be listed and admitted to dealings on the exchange in the list of 'B' group of securities. Hence, Harsha Engineers shares will be a part of Special Pre-open Session (SPOS) on Monday, September 26, 2022.

Dow sinks to 2022 low on Friday as recession fears roil world markets

Stocks fell sharply worldwide Friday on worries an already slowing global economy could fall into recession as central banks raise the pressure with additional interest rate hikes.

The Dow Jones Industrial Average fell 1.6%, closing at its lowest level since late 2020. The S&P 500 fell 1.7%, close to its 2022 low set in mid-June, while the Nasdaq slid 1.8%.

The selling capped another rough 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 kinds of loans, held at multiyear highs.

Get watch our process Click here Ideal Stock Investment , daily call profit, Market News, Fill Our ask an Expert form