Top Share of Day: The Indian stock market had a weak start on the first trading day of the week. BSE Sensex was trading at 67,580.85 with a fall of 257.78 points. Whereas, Nifty was trading at the level of 20,131 with a fall of 61.15 points. in nifty HCL TECH, Infosys, Wipro are top losers, while HDFC Life Is a top gainer. There has been heavy selling in IT shares in the market, the decision on the interest rate of the US Central Bank, trends in global markets and activities of foreign investors will decide the direction of the stock markets this week. Analysts have expressed this opinion. Whereas, stock markets will remain closed on Tuesday on the occasion of Ganesh Chaturthi. On the global front, the decision on interest rates of Bank of England and Bank of Japan will also give direction to the market. Pravesh Gaur, Senior Technical Analyst, Swastika Investmart Limited said that this week will be about monetary policy. Federal Reserve policymakers have called a meeting of the Federal Open Market Committee (FOMC) and the decision on interest rates will be announced on Wednesday, September 20. Pravesh Gaur said that the movement of rupee against the dollar, bond yields in the US and crude oil prices will also be important for the direction of the market.
How was the market last week?
Last week, the 30-share BSE Sensex gained 1,239.72 points or 1.86 percent. National Stock Nifty rose 372.4 points or 1.87 percent. On Friday, the Sensex remained in profit for the 11th consecutive trading session and closed at a record level of 67,838.63 with a jump of 319.63 points or 0.47 percent. During the day’s trading, it rose 408.23 points or 0.60 percent to its new all-time high of 67,927.23. On Friday, Nifty closed at its record level of 20,192.35, up 89.25 points or 0.44 percent. During the day, it rose 119.35 points or 0.59 percent to its all-time high of 20,222.45.
Central Bank meeting will be held this week
Vinod Nair, head of research, Geojit Financial Services, said that investors will now keep an eye on the upcoming data and the central bank meetings to be held this week. Apart from the Federal Reserve, decisions on interest rates will be announced by the Bank of England and the Bank of Japan during the week. Arvinder Singh Nanda, Senior Vice President, Master Capital Services, said that in the coming days the market will be waiting for some big macroeconomic data. For example, America’s S&P will react to global manufacturing and services PMI, unemployment claims, crude oil reserves, FOMC’s comment, Federal Reserve’s decision on interest rate, UK inflation, euro zone inflation.
Will keep an eye on these shares
Tata Steel: Tata Group and the UK government have announced a joint investment of £1.25 billion in electric arc furnace steelmaking at the Port Talbot plant. This includes a grant of up to 500 million pounds from the UK government. Over ten years, the Port Talbot project will reduce direct emissions by 50 million tonnes.
Indian Oil Corporation:The Board of Directors has approved additional investment of Rs 903.52 crore in Hindustan Fertilizers and Chemicals (HURL). HURL is an Indian Oil joint venture formed to set up fertilizer factories in Gorakhpur, Sindri and Barauni.
Wipro:The leading provider of technology services and consulting has launched a new location in Jefferson City, Missouri. The office will have more than 500 employees and will collaborate with the state’s Jobs for America’s Graduates (JAG) program to attract local talent.
Hindustan Aeronautics:The Defense Acquisition Council has approved the Acceptance of Requirement (AoN) for the procurement of 12 Su-30MKI aircraft from Hindustan Aeronautics with required equipment and Dornier aircraft avionics upgrades.
Tata Elxsi: INVIDI Technologies has established a global relationship with the provider of product engineering and innovation-based design services. This collaboration will allow operators to create new revenue sources as well as provide tailored advertising solutions.
Bharat Electronics:The state-owned defense firm has received an order worth Rs 2,118.57 crore from Cochin Shipyard for the supply of various equipment including sensors, weapon equipment, fire control systems and communication equipment for six next generation missile ships (NGMVs). Anti-surface warfare corvette for the Indian Navy.
Lemon Tree Hotels: The hotel chain has launched Peninsula Suites in Bengaluru, India. This is the sixth property in the city under the Lemon Tree umbrella. The facility is maintained by Carnation Hotels, a subsidiary of Lemon Tree Hotels, and its hotel management department.
Adani Total Gas: Ahmedabad Municipal Corporation has given work order worth Rs 130-150 crore to Adani Group company. The work order includes design, construction, financing and operation of 500 tonne per day (TPD) capacity Bio-CNG (CBG) plant under PPP model at Pirana/Gyaspur, Ahmedabad.
zomato: Zomato Slovakia sro, the Slovak Republic’s subsidiary of the food delivery business, started the liquidation process on September 14. Furthermore, Zomato is not carrying out any commercial activities in Slovakia. It should also be highlighted that Zomato Slovakia is not a significant subsidiary of the company, and its closure will not have any impact on the company’s turnover/revenue.
ONGC and Oil India: The central government has increased the windfall tax on domestic crude oil production from Rs 6,700 per tonne to Rs 10,000 per tonne. This increase will be effective from September 16. The government has reduced the special additional excise duty (SAED) on aviation turbine fuel (ATF) from Rs 4 to Rs 3.50 per litre.