Indian equity benchmarks ended higher for the
second consecutive session on Tuesday, led by broad-based gains amid a rebound
in the global equities. Foreign fund inflows also aided the domestic
sentiments. On the global front, Asian markets settled higher on
Tuesday following the broadly positive cues from Wall Street, with traders
remaining cautiously optimistic as they believe the heavy selling in recent
sessions has been overdone. They also await the US Fed’s monetary policy
decision on Wednesday.
Also Read | US stocks fall sharply ahead of Fed’s policy meeting
The Nifty50 has formed a small positive candle on
the daily chart with a long upper shadow, reflecting the presence of strong
overhead resistance around 17,900-18,000 levels, according to Nagaraj Shetti,
Technical Research Analyst at HDFC Securities.
Some weakness in the 50-scrip indexcannot be ruled
out, he said. “The opening upside gap remains unfilled… The charts also
indicate a weak bounce in the last two sessions compared to recent weakness
from the highs.”
Also Read | Impact of US Federal Reserve rate hike on India
Indian Indices
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Broader Indices
The broader indices ended in green
with the BSE mid-cap index up by 1.65% and the Small cap index up by 1.01%. The top gaining sectoral indices on the BSE were Healthcare up by 2.81%,
Consumer Durables up by 2.17%, Auto up by 1.59%, Realty up by 1.53% and Metal
up by 1.34%, while there were no losing sectoral indices on the BSE.
India VIX Index
Nifty or India VIX, a gauge of the market’s
expectation of volatility over the near term, fell 5.73% to 18.80 on Tuesday.
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SGX Nifty
The trends on SGX Nifty indicate a negative opening
for the index in India with a 87 point gain. The Nifty futures were trading at
17,708.0 on the Singaporean Exchange at around 7.01 hours IST.
Support and Resistance levels
The key support level for the Nifty is placed at
17,734, followed by 17,652. If the index moves up, the key resistance levels to
watch out for are 17,909 and 18,001, according to pivot charts.
US Markets
The S&P 500 fell 43.96 points, or 1.13%, to 3,855.93.
The Dow Jones Industrial Average fell 313.45
points, or 1.01%, to 30,706.23.
The Nasdaq composite fell 109.97 points, or 0.95%,
to 11,425.05.
The Russell 2000 index of smaller companies fell 25.34
points, or 1.40%, to 1,787.50.
Also Read | Week ahead: US Fed interest rate decision to weigh on Sensex, Nifty
Asian Markets
Asian markets ended mostly higher on Tuesday. The
Hang Seng rose 1.16%, the KOSPI Composite rose 0.52%, the Nikkei 225 rose 0.44%
and the Shanghai Composite rose 0.22%.
European Markets
European markets ended mostly in red on Tuesday.
Germany’s DAX was down by 1.03%, France’s CAC 40 was down by 1.35% and London’s
FTSE was down by 0.61%.
Also Read | Week in review: Inflation fears, weak global cues drag Sensex, Nifty lower
Major Headlines
M&M to acquire Swaraj Engines’ 17.41% stake
from Kirloskar Industries
Mahindra and Mahindra said it will acquire an additional
17.41% stake in Swaraj Engines Ltd from Kirloskar Industries Ltd for Rs 296
crore. The acquisition will result in raising the company’s stake in Swaraj
Engines Ltd to 52.13% from 34.72%, the company said in a regulatory filing. The
company offers to acquire 21,14,349 equity shares constituting 17.41% of the
paid-up equity share capital of SEL from KIL at Rs 1,400 per share.
Consequently, Swaraj Engines which is currently an associate of the company
would become a subsidiary of M&M, the company said.
Also Read | Asian markets prepare for series of interest rate hikes
Hero Moto partners with HPCL to set up electric
two-wheeler charging infra
Hero MotoCorp said it has tied up with Hindustan Petroleum
Corporation Ltd (HPCL) to set up charging infrastructure for electric
two-wheelers in the country. The two companies will first set up charging
infrastructure at Hindustan Petroleum Corporation’s (HPCL) existing network of
stations. In the first phase, the charging stations will be set up in select
cities, which will then be expanded to other key markets to establish a high-density
of EV charging station network across the country, Hero MotoCorp said in a
statement. The entire user charging experience will be controlled by a Hero
MotoCorp Mobile App, based on a cashless transaction model.
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Bulk Deal data
Shakkarbhai Desai Amratbhai sold 1,50,000 shares in
Art Nirman Limited at Rs 106.00 per share on the Nse.
Satya Prakash Mittal sold 30,000 shares in AVSL
Industries Limited at Rs 89.12 per share on the Nse.
Raj Kumar sold 5,25,000 shares in Best Agrolife
Limited at Rs 1240.90 per share on the Nse.
Dubash Radhika sold 2,00,000 shares in Debock
Industries Limited at Rs 32.00 per share on the Nse.
Wealth First Portfolio Managers Pvt Ltd sold 40,000
shares in Kakatiya Cements Limited at Rs 251.80 per share on the Nse.
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DII and FII data
Foreign institutional investors (FIIs) have bought
shares worth a net Rs 1,196.19 crore, whereas domestic institutional investors
(DIIs) purchased shares worth a net Rs 131.94 crore on September 20, as per
provisional data available on the NSE.
NSE F&O Ban
Delta Corps, Escorts, India Cements, PVR and RBL
Bank have been placed under the F&O ban for September 21. 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.
