Stock Market Today 5 September 2022: Indian stock market began the trading week on a positive not on Monday. While the BSE Sensex closed at 59,245.98, up nearly 442.65 points or 0.75 per cent from the Friday closing price, the 50-share Nifty50 index settled at 17,665.00, up by 126.35 or 0.72 per cent from the last closing.
In the 30-share BSE Sensex, 24 stocks were gainers at the closing time. The remaining 6 were losers. Meanwhile, in the 50-share index, 35 stocks advanced while 15 declined.
Nifty Bank ended above 39800, gaining over 385 points. Metal shares were the top gainers while in the broader markets, mid cap and small cap stocks were among action.
Zee Business Managing Editor Anil Singhvi said that the the Indian markets displayed strong action even when the global markets were showing weakness. The Indian markets ignred the Friday correction in the US markets. The Indian markets seemed unstoppable despite the selling shown by the Foreign Instititional Investors (FIIs). The Nifty50 opened in the green and crossed 17600 and traded in the range betwen 17600 and 17700, Singhvi said. The leadership in today’s rally was taken by Nifty Bank, he further said. There was stock specific action and tremendous action in the broad markets.
1) US markets are closed on Monday.
2) FIIs sold Indian equities worth rs 811 cr while there was buying action from the Domestic Institutional Investors (DIIs) who bought equities worth over Rs 533 cr.
3) Market expert Sudip Bandyopadhyay said that there is some level of decoupling in between the Indian and US markets. Despite selling undercurents prevailing in the global markets, Indian markets are seeing significant buying action, he added. One of the reasons is that a large number of foreign funds investing in the emerging markets are now wanting to exit China and there is a view that the exodus will help the Indian cause.
4) The Market Guru said that indicatons will be taken from Dow futures on Tuesday.
5) Nifty50 has support between 17475 and 17550 while the resistance at 17700-17775.
6) As for Nifty Bank support is seen between 39425 and 39550 while resistance between 39950 and 40050. If this range is breache the Bank Nifty will ikley trade in the range between 40300 and 40500, Singhvi said.
7) Overall ternds remain strong. The strength in mid and small cap stocks is likely to carry the momentum on Tuesday when the markets reopen.
8) Economy: Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world’s largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs. In the previous policy meeting, Powell had sort of sounded dovish on interest rates. PTI
9) The rupee appreciated 8 paise to close at 79.79 (provisional) against the US dollar on Monday, in line with a firm trend in domestic equities. PTI
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10) GoM on casinos, online gaming taxation likely to finalise report in 7-10 days: A panel of state finance ministers on taxation of casinos and online gaming on Monday met and decided to seek legal opinion on valuation criteria for all these segments. The Group of Ministers (GoM) headed by Meghalaya chief minister Conrad Sangma said, “After taking the opinion of stakeholders and after successive meetings to seek the suggestions of all members, we will take legal opinion before submitting the final report”. The GoM on casinos and online gaming taxation is likely to finalise its report in 7-10 days, he said after the meeting here. PTI