Sensex Today: Stock Market Today LIVE Updates: Sensex off day’s low, picks up 59,000; Clever above 17,600; IT stocks bleed the most

Sensex Today Live Updates: Indian shares fell on Thursday, weighed by losses from information technology companies on growth worries, while a government decision to raise taxes on fuel exports and domestic crude led to energy stocks.

The Nifty IT index fell 1.5%.

“Global weakness is reflected in Indian stock markets. IT is selling off on growth concerns in key markets like the US and Europe,” said Siddharth Khemka, head of trade research retail at Motilal Oswal Financial Services.

“There is a bit of weakness due to slightly lower than expected GDP. There are hardly any big positive triggers in the market. With each decline, the market is getting stronger, but the follow-through is lacking at higher levels.”

India’s economy grew at its fastest pace of 13.5% year-on-year in April-June, although economists have warned that growth could lose momentum in the coming quarters as rising interest rates interest slowing economic activity.

On Wednesday evening, the Indian government increased taxes on aviation, diesel fuel exports and domestic crude oil, driving the energy index down 1%.

Shares of Oil & Natural Gas Corp fell 2.6%, while Reliance Industries fell 1.6%.

SpiceJet shares fell 14.7% after its chief financial officer resigned, with the low-cost carrier posting a bigger quarterly loss amid heightened scrutiny of in-flight incidents.

Zee Entertainment shares fell 4.9% after a Reuters report said India’s competition regulator found further scrutiny was needed over its future merger with Japan’s Sony unit India. .

Meanwhile, New Delhi Television said a major sale of its founders’ stake in the Adani Group would require clearance from Indian tax authorities.

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USFDA inspection at Alembic Pharmaceuticals Injectable Facility (F-3) in Karkhadi

The United States Food and Drug Administration (USFDA) conducted an inspection at the Alembic Pharmaceuticals Injectable Facility (F-3) located in Karkhadi from August 18, 2022 through August 30, 2022. The USFDA issued a form 483 with 2 observations.

Zomato Deputy CFO Nitin Savara resigns

Price as of Sep 01, 2022 10:53Click on company names for their live prices.

TCS and Infosys among the big losers of NSE

Price as of Sep 01, 2022 10:47Click on company names for their live prices.

Technically, Nifty formed a strong bullish candle on the daily time frame and mostly broke through crucial short-term and long-term averages indicating a bullish connotation that could trigger another short-term rally cycle. Also on the oscillator front, the 14-period RSI has gained bullish momentum holding above the 60 trend decisive level. Although aggressive trading should be avoided amid global jitters . Given the current situation, a minimum correction of 38.6% of the entire rally from 15,183 to 17,992 comes around 16,900, followed by a correction of 50% to 16,600. On the upside, the current pattern indicates that Nifty may move towards 17,992 followed by 18,114 in the next few days. with immediate support lies at 17,350 and the index needs to hold above said level with some authority for the bulls to strengthen their position.

– Tirthankar Das, Technical and Derivatives Analyst, Retail, Ashika Stock Broking

Goldman Cuts India’s Growth Forecast; Morgan Stanley sees downside risks

Goldman Sachs lowered its growth projections for India after quarterly gross domestic product readings from April to June missed market estimates. Weaker-than-expected growth from April through June created a downside risk of 40 basis points from current-year growth estimates, Morgan Stanley said in a note. India’s real GDP growth rose 13.5% year-on-year in the quarter under review, below the 15.2% forecast by economists polled by Reuters.

Total Escort sales at 6,111 units vs. 5,360 units in July

Price as of Sep 01, 2022 10:04 amClick on company names for their live prices.

NDTV says sale of stake to Adani must be approved by tax authorities

New Delhi Television Ltd said a sale of a large stake by its founders to the Adani Group would require clearance from Indian tax authorities, adding another hurdle to the conglomerate’s bid to take control of the popular news network.

The income tax department in 2017 temporarily barred the founders – Prannoy and Radhika Roy – from selling part of their stake as part of a reassessment of their taxes, NDTV said in an exchange filing late. Wednesday.

NDTV and Adani clashed in public after the conglomerate, headed by India’s richest man Gautam Adani, last week unveiled plans to control a majority stake in the news network seen as the bastion of independent media.

SpiceJet plummets nearly 15% on bigger quarterly loss

Shares of India’s SpiceJet Ltd fell 14.7% on Thursday after the low-cost carrier posted a bigger loss due to high fuel costs and unfavorable exchange rates, and said its chief financial officer had resigned. SpiceJet posted a net loss of 7.84 billion rupees ($98.50 million) for the quarter ended June 30, compared with a loss of 7.31 billion rupees a year earlier.

Sensex at day’s low, trades 450 points

Sensex at day's low, trades 450 points

Market View: Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

One of the highlights of the recent market trend is India’s outperformance among major markets. While the US, Europe and most major emerging markets have weakened, the Indian market has shown surprising resilience. Since Fed Chief Powell’s ultra-hawkish message last Friday, the S&P 500 is down 5.8% while the Nifty is up 0.9%. A major factor in this outperformance is the return of FIIs to the Indian market. It is important to appreciate that the FII investment of Rs 4165 cr on Tuesday in the spot market is the highest buy figure in 2022. This gives momentum to the market.

However, investors should exercise caution as valuations are high and the global growth environment is not conducive to a sustainable bull market. Even while staying invested, a profit reservation can be a good idea.

Voda Idea, YES Bank, Ashok Leyland among the most active stocks on NSE

Price as of Sep 01, 2022 09:19Click on company names for their live prices.

BLOCK CASE | Dodla Dairy – 5% shares change hands in block deal

Price as of Sep 01, 2022 09:18Click on company names for their live prices.

OPENING BELL: Sensex scores over 850 points, Nifty tests 17,500; Infosys and TechM down 2% each

OPENING BELL: Sensex scores over 850 points, Nifty tests 17,500;  Infosys and TechM down 2% each

Asian stocks falter in September as dollar climbs

Asian stocks fell and the dollar soared on Thursday as investors welcomed September by selling anything not tacked on after a month battered by worries about aggressive rate hikes from global policymakers.

SGX Nifty reports a negative start

Nifty futures on the Singapore Stock Exchange traded down 30 points, or 0.17%, at 17,480, signaling that Dalal Street was heading for a negative start on Thursday.

Quarterly results today

AJR Infra and Tolling and OCL Iron and Steel are among the companies to announce their quarterly results today.

Tech View: Nifty50 exits swing high, faces resistance ahead

Nifty50 on Tuesday jumped more than 2.5% and hit its recent high. The index has formed a large bullish candle on the daily chart. Analysts said the index could face strong resistance around 17,900 levels and see immediate support at the 17,600 level.

Oil falls on higher supply, weaker Chinese demand

Oil prices fell early in Asian trading on Thursday, led by increased supply and fears the global economy could slow further with new restrictions to curb COVID-19 in China. Brent crude futures fell 37 cents, or 0.4%, to $95.27 a barrel at 0006 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.4%, to $89.23 a barrel.

Tokyo stocks open lower

Shares in Tokyo opened lower on Thursday, extending U.S. losses as investors grew concerned there would be no respite from the Federal Reserve’s rate hikes aimed at taming inflation. The benchmark Nikkei 225 was down 1.04%, or 291.67 points, at 27,799.86 in early trading, while the broader Topix index slipped 0.80%, or 15, 76 points, at 1,947.40.

Wall Street ends August with a moan about Fed concern

U.S. stocks ended the month with their fourth consecutive daily decline on Wednesday, cementing the weakest August performance in seven years as concerns about aggressive Federal Reserve interest rate hikes persist.

The rupee jumps from 39 paise to 79.52 against the dollar

The rupee rebounded 39 paise to close at a near two-week high of 79.52 against the US dollar on Tuesday, supported by inflows of foreign funds and a correction in crude oil prices.

Sensex, Nifty on Tuesday

30-stock Sensex advanced 1,564.45 points — the second-biggest points gain this year — to end at 59,537.09. Its larger counterpart, Nifty50, ended the session comfortably above the 17,750 mark.

Hello, dear reader! Here’s something to start your trading day

Hello, dear reader!  Here's something to start your trading day

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