Indian equity benchmarks ended higher on Wednesday marking the fourth straight session of gains following the buys in HDFC twins, Reliance Industries and Nestle India. Traders also noted the report that Tuhin Kanta Pandey, secretary in the Department of Investment and Public Asset Management, said the government of India should focus on privatisation of state-run enterprises instead of following high divestment targets, pointing to market volatility and investors’ shaky appetite for risk.

“The Nifty remains in a short-term uptrend as it has moved above the previous swing highs of 17,429 and made higher bottoms over the last few weeks,” said Subash Gangadharan, Senior Technical & Derivative Analyst at HDFC Securities.

He further said the Nifty is near strong resistances which coincide with a downward sloping trend line that has held down the highs of 2021 and 2022. The index needs to convincingly cross these resistances for the uptrend to continue, which could take the Nifty towards the previous intermediate highs of 18,096. Crucial supports to watch for resumption of weakness are at 17,434.

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Indian Indices

The Sensex jumped 146.59 points or 0.25% to 59,107.19 while the Nifty surged 25.30 points or 0.14% to 17,512.25 at the close of trading on Wednesday. The Sensex moved in a high and low band of high and low of 59,399.69 and 58,961.77. There were 11 stocks advancing against 19 stocks declining. The Nifty traded in a range of 17,607.60 and 17,472.85. There were 18 stocks advancing against 32 stocks declining on the index.

Broader Indices

The broader indices ended mixed with the BSE MidCap index up by 0.13% while the SmallCap index was down by 0.03%. The top gaining sectoral indices on the BSE, Energy was up by 0.45%, FMCG was up by 0.42%%, Realty was up by 0.38%, Financial Services was up by  0.32% and Oil & Gas was up by 0.22%. While Utilities by 1.61%, Power by 1.38%, Metal by 0.94%, IT by 0.86% and TECK by 0.75% were the top losing sectoral indices on the BSE.

Also Read: European markets largely flat after hot UK inflation data

India VIX Index

Nifty or India VIX, a gauge of the market’s expected volatility over the near term, rose 0.20% to 17.49 on Wednesday.

SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 123 points loss. The Nifty futures were trading at 17,381 on the Singaporean Exchange at around 07:00 hours IST.

Support and Resistance level

The key support level for the Nifty is placed at 17,479, followed by 17,447 & 17,396. If the index moves up, the key resistance levels to watch out for are 17,582 followed by 17,614 and 17,665, according to pivot charts.

Also Read: UK inflation jumps to 40-year high of 10.1% in September

US Markets 

The S&P 500 fell 24.82 points, or 0.7%, to 3,695.16 on Wednesday.

The Dow Jones Industrial Average fell 99.99 points, or 0.3%, to 30,423.81.

The Nasdaq fell 91.89 points, or 0.9%, to 10,680.51.

The Russell 2000 index of smaller companies fell 30.20 points, or 1.7%, to 1,725.76.

Asian Markets

Asian markets ended mostly lower on Wednesday. Hang Sang was down by 2.38%, Jakarta Composite was down by 1.19%, KOSPI Composite was down by 0.56%, and KOSPI Composite settled up by 0.37%.

European Markets

European markets finished lower yesterday with shares in France leading the region. The CAC 40 was down 0.43% while Germany’s DAX was off 0.19% and London’s FTSE 100 was lower by 0.17%.

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Major Headlines

IndusInd Banks Q2 Results: Net profit rises 57% to 1,805 crore

The private sector lender reported a 57% year-on-year rise in July-September standalone net profit to Rs 1,805.22 crore driven by a rise in loan disbursement and net interest income. Net interest income rose 18% year-on-year and 4% quarter-on-quarter to Rs 4,302 crore. The bank’s net interest margin was 4.24%, up 17 bps YoY and 3 bps QoQ. Pre-provision operating profit increased 10% YoY to Rs 3,544 crore.

Rupee slumps 61 paise to hit new all time low of 83

The Indian rupee plunged 61 paise to fall below the 83-mark for the first time against the US dollar on Wednesday, October 19, 2022, amid persistent foreign fund outflows and a firm dollar in the overseas markets.

The local unit began strongly at 82.32 against the US dollar at the interbank foreign exchange market but later lost all gains to settle at an all-time low of 83.01 against the American currency, down 61 paise over its previous close.

As the US dollar gains strength, other currencies continue to witness sharp declines. The British pound slipped 0.6% to 1.1247. The Japanese Yen fell as low as 149.48, its weakest since 1990, and moving closer to the psychological 150 level.

Also Read: Reliance Jio ties up with Nokia and Ericsson to deploy 5G network in India

Bulk Deal data

SKY WANDERERS  LLP sold 1,35,000 shares in QMS Medical Allied S Ltd at Rs 126.39 per share on the NSE.

GAURAV JAIN sold 4,24,919 shares in Debock Industries Limited at Rs 21.5 per share on the NSE.

MAYANK ARUN SEKHSARIA sold 1,65,000 shares in Lloyds Luxuries Limited at Rs 44.8  per share on the NSE.

SUNFLOWER BROKING PRIVATE LIMITED bought 69,000 shares in Jay Jalaram Techno Ltd at Rs 92.99 per share on the NSE.

CHIRAG HARSHADKUMAR PATEL sold 69,300 shares in Vinny Overseas Limited at Rs 55.65 per share on the NSE.

DII and FII data

Foreign institutional investors (FIIs) have sold shares worth a net of Rs 453.91 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 908.42 crore on October 19, as per data available on the NSE.

Also Read: World’s largest chipmaker TSMC reports 80% jump in net profit

NSE F&O Ban

BHEL, Delta Corp Ltd, Indiabulls Housing Finance, Zee Entertainment Enterprises and India Cements have been placed under the F&O ban for October 20. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.