“Markets are technically overbought. Headlines around China and Taiwan will keep markets under pressure and US jobs data will be crucial to caution. Overall, markets are under selling pressure,” said Prashanth Tapsi - Research Analyst, Vice President (Research). ) and Mehta Equities Ltd.
Analysts expected 285,000 jobs added in the US last month, while the unemployment rate hovered at 3.5%. Investors may not like a strong figure if it supports the basis for continued interest rate hikes by the US central bank.
“Domestic, the data remains strong and we will see a slowdown in inflation with crude oil prices below $90 per barrel and this will help the markets to stabilize,” Tabsey said.
Despite a volatile week, inflows of foreign investors continued into the domestic market. This week saw inflows of $776.86 million through Thursday, with $534.34 million injected in the previous session.
NTPC shares gained as much as 3.55% after a report that said the Indian government had allowed public sector companies to import materials for renewable energy projects from countries, including China. (https://bit.ly/3wPgqBG)
Shree Cement stock fell 2.5% and was the biggest draw on the Nifty 50 after the National Stock Exchange (NSE) said the stock would be removed from its blue-chip index, effective close on September 30.
Adani Enterprises rose 1.8% after the NSE said the Adani Group’s holding company will be added to the Nifty 50, effective September 30.
Meanwhile, Moody’s Investors Service on Thursday lowered its growth forecast for India for 2022 to 7.7% from 8.3% last year, citing higher interest rates, an uneven distribution of the monsoon and slowing global growth.
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Gold prices in the international market fell below $1,700 an ounce yesterday, amid expectations that the US Federal Reserve will maintain its aggressive policy of raising interest rates. Falling safe haven demand and a stronger US dollar weighed on sentiment as well. With that said, investors are eagerly awaiting the key US job numbers, due later today to get direction for the US economy. In the local futures market, prices fell to their lowest level in one month, but the weak Indian rupee provided downside support. On the trading side, domestic gold prices are likely to remain strong. Although there may be major price corrections in the short term, gold is a good long term investment. However, investors are advised to buy small amounts and hold them while the prices are correcting.
- Harish V, Head of Commodities at Geojit Financial Services
Public sector banking losers
Price on Sep 02 2022 02:53 PMClick on company names to see their live prices.
The Board of Directors of Suven Pharma announces an interim dividend of Re 1 per share of equity and a special dividend of Rs 5 per share of equity.
Price on Sep 02 2022 01:57 PMClick on company names to see their live prices.
SpiceJet is likely to receive around Rs 225 crore as part of ECLGS; Funds likely to be used to settle receivables and lessor payments: ET NOW
Price on Sep 02 2022 01:38 PMClick on company names to see their live prices.
European stocks rose after a roller coaster week
The pan-European STOXX 600 rose 0.7%, after five sessions of losses, although the index was poised for a weekly loss of around 4% - its third consecutive weekly decline.
Shares of Credit Suisse rose 3.2% after a source told Reuters that Switzerland’s second-largest bank is considering cutting about 5,000 jobs as part of a cost-cutting drive.
Sensex regains strength in afternoon trading, up 200 points
Tanla Platforms board meets on September 8 to consider share buyback; Stocks up 4%
Price on Sep 02 2022 01:00 pmClick on company names to see their live prices.
NDTV reached the top circle at 5% for the seventh session
Why does gold lose its luster?
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Industry insiders said the dispatch of passenger cars from factories to showrooms last month was 329,000 units, the highest ever for August and the third highest in any month so far. This was the third consecutive month of dispatches of over 300,000 units.
Price on Sep 02 2022 12:08 PMClick on company names to see their live prices.
Global bonds falter in their first bear market in a generation
Under pressure from central bankers bent on stamping out inflation even at the expense of recession, global bonds tumbled in their first bear market in a generation. The Bloomberg Global Index of aggregate yields for government and investment-grade corporate bonds has fallen more than 20% from its 2021 peak, the largest decline since its inception in 1990. Officials from the United States to Europe have emphasized the importance of monetary tightening in recent days, based on the message Strong Powers from Federal Reserve Chair Jerome Powell at the recent Jackson Hole Symposium.
“It’s more clear than ever that Jerome Powell miscommunicated at his last FOMC press conference on July 27,” says Jeffreys’ Chris Wood.
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GMR Group said on Friday that it will liquidate its 40 per cent stake in Cebu International Airport in the Philippines for an advance payment of Rs 1,330 crore plus profits to be received over four years.
Price on Sep 02 2022 11:02 AMClick on company names to see their live prices.
State oil companies sold 16% more gasoline and 23.5% more diesel in August than a year ago as economic activity picked up and sales at private retail stores declined. Gasoline sales are 20.6% higher than in August of 2019 while diesel sales are up 11.6%, according to preliminary sales data obtained from state oil companies.
Price on Sep 02 2022 10:50 AMClick on company names to see their live prices.
Despite yesterday’s failure to close above 17600, the moves were not the same as the rejection trades, encouraging us to maintain our bullish hopes for today, as long as above 17512. The inability to do so, could indicate weakness towards 17335, but a sign of the downside For the 18600 track it may continue at 17250.
- Anand James - Chief Market Strategist at Geojit Financial Services
BSE Midcap outperforms Sensex, up 0.30%
Aden Ports | Shipping volumes jump 18% year over year; April-August average run rate remains solid at 30.3 MMT
Price on Sep 02 2022 10:06 AMClick on company names to see their live prices.
Voda Idea, Tata Steel and NTPC are among the most active stocks in NSE
Price on Sep 02 2022 09:54 AMClick on company names to see their live prices.
Market now | Sensex erases all gains, slips into red
How do cryptocurrencies work today
Market view: Dr. F. K. Vijayakumar, Senior Investment Strategist at Geojit Financial Services
US jobs data will be released today and CPI numbers expected on September 13 signal the strength of the US economy and its impact on the Federal Reserve’s interest rate decision later this month.
The near-term market outlook has turned bearish amid the volatility. Investors can take advantage of deep market cuts to purchase domestic cyclical vehicles such as those that show strong resilience backed by healthy and cutting-edge fundamentals.
Real estate index leads sectoral gains; Check out the best performing package
Price on Sep 02 2022 09:23 AMClick on company names to see their live prices.
Sector Monitoring | All indices are trading in green
Opening Bell: Sensex bounces 200 points; neat near 17600; NTPC jumps 3%, Adani projects 2%
Asian stocks struggle ahead of US jobs report
Asian stocks were mixed and the dollar stood higher on Friday ahead of the key US jobs report as investors braced for more sharp rate hikes from the Federal Reserve, while commodity prices fell overnight amid fresh lockdowns in China.
SGX Nifty indicates a positive start
Nifty futures on the Singapore Stock Exchange traded 43.5 points, or 0.25 percent, up at 17,612, indicating that Dalal Street is headed for a positive start on Friday.
Quarterly earnings today
Modulex Construction, Mewar Hi-Tech Engineering and Celestial Biolabs are among the companies that will announce their quarterly earnings today.
Technical look: Nifty50 drop to below 17350 could give bears the upper hand
After the start of the lower gap, the Nifty50 on Thursday ended up forming a small bullish candle on the daily scale, but with a long upper wick, signaling an intraday recovery sell-off. Analysts said the consolidation underway in the 17,350-17,750 range will continue to move forward.
Oil companies are betting that OPEC + will talk about production cuts to stop the decline in prices
Oil prices rose on Friday on bets that OPEC+ will discuss production cuts at its meeting on September 5, but benchmarks are still on track to post their worst weekly drop in four on fears of COVID-19 restrictions in China and hit weak global growth. the demand.
Stock prices fell in Tokyo ahead of US jobs data
Tokyo stocks traded lower Friday morning ahead of US jobs data due later in the day. Stocks had opened slightly higher, but about half an hour into the session, the benchmark Nikkei 225 index was down 0.16 percent, or 45.40 points, at 2,7616.07, while the broader Topix was down 0.55 percent, or 10.56 points, at 1924.93 points. .
The S&P 500 settles for a four-session losing streak with payroll aboard
A late rally helped the S&P 500 index slip into a losing streak for four sessions on Thursday as investors’ focus turned to a major labor market report on Friday.
The rupee drops by 4 pounds to 79.56 against the dollar due to foreign exchange inflows
The rupee fell by 4 pounds to close at 79.56 against the US dollar on Thursday due to the dollar’s strength in global markets and foreign money inflows from local stocks.
Sensex, Nifty on Thursday
The 30-share Sensex fell 770 points to close at 58,767. Its broader counterpart, Nifty50, fell 217 points to close at 17,543.
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