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Sensex gains 210 pts, Nifty near 17,600 level, European stocks decline

Published on Sep 19, 2022 13:37

The headline equity indices continued to trade in a narrow range with modest gains in the afternoon trade. The Nifty traded near the 17,600 level. PSU bank, media and financial services stocks were in demand while, realty, consumer durables and pharma shares declined.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 209.84 points or 0.36% to 59,050.63. The Nifty 50 index added 66.35 points or 0.38% to 17,597.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.47% while the S&P BSE Small-Cap index remained flat.

The market breadth was negative. On the BSE, 1,689 shares rose and 1,863 shares fell. A total of 123 shares were unchanged.

Investors prepared for an important week, lined up with 13 central bank meetings, with expectations of interest rates rising globally and an ultra-hawkish monetary tightening by the US Fed`s meeting on Wednesday, followed by the Bank of Japan and Bank of England on the next day.

Economy:

Direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the Government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology. The figures of Direct Tax collections for the FY 2022-23, as on 17.09.2022 show that net collections are at Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of the preceding Financial Year i.e. FY 2021-22, representing an increase of 23%.

Gainers & Losers:

Bajaj Finance (up 2.72%), Mahindra & Mahindra (up 2.68%), Adani Ports and Special Economic Zone (up 2.47%), SBI Life Insurance Company (up 2.04%) and Bajaj Finserv (up 2.02%) were top Nifty gainers.

Britannia Industries (down 1.90%), Cipla (down 1.86%), Tata Steel (down 1.42%), Tata Motors (down 2.42%) and Power Grid Corporation of India (down 1.06%) were major Nifty losers.

Stocks in Spotlight:

Maruti Suzuki India declined 0.63%. The company has announced to recall 5,002 Super Carry vehicles manufactured between 4th May 2022 and 30th July 2022. The recall is being undertaken for inspection and torquing of a bolt attached to seat belt buckle bracket of co-driver seat. It is suspected that there is a possible defect in bolt torquing, which in a rare case, may loosen in the long run.

HDFC Life Insurance Company shed 0.45%. The life insurer said that the Mumbai Bench of the National Company Law Tribunal has sanctioned the scheme of amalgamation between Exide Life and HDFC Life.

Indoco Remedies added 0.10%. The drug maker said that the company`s CRO AnaCipher was inspected by the United States Food and Drug Administration (US FDA) from 12 September to 16 September 2022. The clinical phase of inspection covered three BA/BE studies submitted by clients to the US FDA and was successfully concluded with zero 483 observations.

Adani Green Energy (AGEL) gained 1.37% after the company said that its subsidiary, Adani Wind Energy MP One has commissioned a 324.4 megawatt (MW) wind power plant in Dhar, Madhya Pradesh. The plant has two 25-year power purchase agreements (PPAs) with Solar Energy Corporation of India (SECI) of 274.4 MW and 50 MW, at Rs 2.83/kwh.

Global Markets:

Shares in Europe and Asia declined on Monday ahead of major central bank meetings this week.

Data due on Monday includes construction output figures for the euro zone. Luis de Guindos, vice president of the European Central Bank, is also due to make a speech in Madrid at 10:00 a.m. London time.

Later this week, the US Federal Reserve and the Bank of Japan will be announcing their interest rate decisions. Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation. The Bank of Japan is expected to keep rates on hold at ultra-low levels, as per reports. Japan`s market is shut for a public holiday.

The Fed`s two-day meeting is due to begin from Tuesday, with markets expecting a 75-basis-point rate hike as the central bank strives to get soaring prices under control.

US stocks ended in the red on Friday, falling to two-month lows as a warning of impending global slowdown from FedEx hastened investors` flight to safety at the conclusion of a tumultuous week.

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