Market snaps 3-day losing run; Nifty ends above 17,100

12 Oct 2022 , 03:43 PM

The key equity indices closed near the days high with strong gains, snapping a three-day losing streak on Wednesday. The Nifty settled above the 17,100 level after hitting days low at 16,960.05. Barring the Nifty Media index, all the sectoral indices on the NSE ended in the green. As per provisional closing data, the S&P BSE Sensex, was up 478.59 points or 0.84% to 57,625.91. The Nifty 50 index added 140.05 points or 0.82% to 17,123.60. In previous three consecutive sessions, the Sensex has slipped 1.85% while the Nifty has tumbled 2.01%. In the broader market, the S&P BSE Mid-Cap index rose 0.66% while the S&P BSE Small-Cap index added 0.22%. The market breadth was negative. On the BSE, 1,688 shares rose and 1,752 shares fell. A total of 131 shares were unchanged. Economy: The International Monetary Fund on Tuesday cut its global growth forecast for next year to 2.7%. Cutting Indias GDP growth forecast to 6.8% for the financial year 2023, the IMF predicted that India will continue to remain on track to become one of the fastest-growing economies in the world. IMF expects that inflation in India will come down to 4% range next year. It is said that global inflation will likely perak at 9.5% this year 4.1% by 2024. IMF also warned that a major economic slump is yet to come, and 2023 will feel like a recession to many people. Meanwhile, the total approximate earnings of Indian Railways on originating basis during 1st April to 8th October 2022 is Rs 33476 crore, registering an increase of 92% compared with Rs 17394 crore achieved during the same period last year. Primary Market: The initial public offer (IPO) of Tracxn Technologies received bids for 3.32 crore shares as against 2.12 crore shares on offer, according to stock exchange data 15:33 IST on Wednesday (12 October 2022). The issue was subscribed 1.95 times. The issue opened for bidding on Monday (10 October 2022) and it will close on Wednesday (12 October 2022). The price band of the IPO is fixed at Rs 75-80 per share. An investor can bid for a minimum of 185 equity shares and in multiples thereof. Stocks in Spotlight: Infosys added 0.43%. The IT firm on Tuesday announced that Ravi Kumar S. resigned as president with effect from 11 October 2022. In his role, Ravi Kumar led the Infosys global delivery organization across all global industry segments. L&T Finance Holdings advanced 3.80%. The company said it has received approval from SEBI for sale of 100% shareholding in subsidiary L&T Investment Management to HSBC Asset Management (India). Delta Corp fell 0.09%. The company reported a consolidated net profit of Rs 68.25 crore in Q2 FY23 as against a net loss of Rs 22.57 recorded in Q2 FY22. Revenue increased by 3.6 times to Rs 269.97 crore in the second quarter from Rs 74.72 crore reported in the same period last year. NMDC shed 0.50%. The miner said that it has received Ministry of Corporate Affairs (MCA) order approving scheme of arrangement for merger of NMDC into NMDC Steel and their respective shareholders and creditors. Adani Green Energy slipped 1.52%. The company on Tuesday announced that its wholly owned subsidiary, Adani Renewable Energy Holding Four has incorporated two new subsidiaries, Adani Renewable Energy Forty Four and Adani Renewable Energy Forty Eight. The companys arm, Adani Renewable Energy Holding Four, has incorporated two new subsidiaries with an authorised and paid-up capital of Rs 1 lakh each. The aggregate cost of acquisition is Rs 2 lakh (Rs 1 lakh for each of the new subsidiaries). Suzlon Energy fell 2.39% after the company announced that it has received a new order for the development of 144.9 megawatt (MW) wind power projects for the Aditya Birla Group. Suzlon will install 69 units of wind turbine generators (Wind Turbines) with a hybrid lattice tubular (HLT) tower and a rated capacity of 2.1 MW each. Marksans Pharma jumped 3.54% after the drug firm said it has inked a pact with Tevapharm India to acquire its Goa-based pharmaceutical formulations business. HFCL declined 0.13%. The company said that it has received purchase orders aggregating to Rs 39.19 crore from Reliance Projects & Property Management Services for providing Services to roll out long distance fiber network. Global Markets: The Dow Jones futures rose 183 points, indicating a positive opening in the US stock market today. Most of the European shares advanced while Asian stocks traded in a mixed fashion on Wednesday amid concerns over the global economy. Investors are also waiting for inflation data from the U.S. due later this week. The British pound on Wednesday morning recovered losses following a media report that said the Bank of England is privately signaling a willingness to extend its emergency bond-buying program. Earlier in the day, the British pound fell against the dollar after Bank of England Governer Andrew Bailey warned that it would not extend its emergency intervention in financial markets beyond this week, after the turmoil sparked by the governments mini-budget. The currency slipped by more than a cent against the dollar to below $1.10 after the Banks governor reportedly insisted the 65 billion pound scheme to purchase UK government bonds would not be continued beyond the deadline on Friday. Following the reports of extension of bond-buying program, the pound reversed early losses and was back above the $1.10 mark. Meanwhile, Banks in China extended 2.47 trillion yuan ($344 billion) of new loans in September, compared with 1.25 trillion yuan in August, the countrys central bank said in a statement late Tuesday. The Bank of Korea raised its policy rate to 3%, an increase of 50 basis points in line with expectations. Inflation in South Korea stood at 5.6% in September, above the central banks target. In US, the S&P 500 and Nasdaq ended lower on Tuesday, with indications from the Bank of England that it would support the countrys bond market for just three more days adding to market jitters late in the session. Powered by Capital Market – Live News