Nifty, Sensex Decline 3 weeks in a row– Weekly closing report
Moneylife Digital Team 30 September 2022
We had mentioned in previous week’s closing report that Nifty, Sensex may correct more. The major indices opened lower this week and closed with loss.
 
 
On Monday, frontline equity indices continued to inch lower for the fourth consecutive session. On the Bombay Stock Exchange (BSE), 611 stocks advanced, 2,980 declined, and 116 remained unchanged with advance decline ratio of 0.20 indicating weakness in broader market.
 
On NSE, 20 stocks advanced and closed at new 52 week high whereas 86 stocks sank to close at their new 52-week lows. Except for IT (information technology) sector, all sectoral indices were in red.
 
The Rupee slumped 30 paise to close at 81.09/$. Dollar index was trading at 113.56.
 
Harsha Engineers debuted on the exchange with 36% premium over the issue price. Harsha Engineers has raised Rs 755 crore through its public issue that had seen a strong 74.70 times subscription during 14 to 16 September.
 
Alicon Castalloy has been selected by Jaguar Land Rover in the UK (United Kingdom) to supply e-axle housing, a critical product for their e-mobility platform. The order win is a large, multi-million-dollar order for deliveries over five years and is the highest ever order win from a single customer for a single product in the company’s history.
 
On Tuesday, the indices opened gap up and ended with loss. On the Bombay Stock Exchange (BSE), 1,868 stocks advanced, 1,539 declined, and 133 remained unchanged with advance decline ratio of 1.21.
 
On NSE, 15 securities advanced and closed at new 52 week high whereas 53 securities sank to close at their new 52-week lows. In sectorial indices, Nifty Metal and Nifty Financial Services were the biggest losers whereas Nifty Oil & Gas and Nifty Pharma were the biggest gainers. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small cap ending 0.01% and 0.49% higher respectively.
 
Rupee ended at 81.58/$ as compared to 81.62/$.
 
Torrent Pharma will acquire Curatio Health Care for Rs 2,000 crore. The company has presence in cosmetic dermatology marketed in India.
 
Exide has started work on its lithium-ion cell making plants. First phase is to be operational by the end of 2024.
 
HFCL has won order worth Rs 202.6 crore for supplying optical fibre cables.
 
On Wednesday, the indices opened gap down, tried to rally and ended with loss. On the Bombay Stock Exchange (BSE), 1,335 stocks advanced, 2,092 declined, and 105 remained unchanged with advance decline ratio of 0.63 indicating negative sentiment in the broader market.
 
On NSE, 19 stocks advanced and closed at new 52 week high whereas 60 stocks sank to close at their new 52-week lows. In sectorial indices Nifty PSU Bank and Nifty Metal were the biggest losers whereas Nifty Pharma and Nifty Healthcare were the biggest gainers. The broader market indices outperformed their larger peers with BSE Midcap and BSE Small declining just 0.47% and 0.43% respectively.
 
Rupee ended at record closing low of 81.94/$ as compared to yesterday’s close of 81.58/$.
 
Delhi High Court has granted statutory bail to former NSE CEO Chitra Ramkrishna & operating officer Anand Subramanian.
 
Metal stocks continued their downward trajectory with Hindalco and JSW Steel declining more than 3% each.
 
Cabinet has approved 400 bps hike in DA (dearness allowance) of government employees which is estimated to cost Rs 8,570 crore. It has also approved extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) by 3 months which is estimated to cost more than Rs 40,000 crore.
 
On Thursday, the indices opened gap up and ended with loss. On the Bombay Stock Exchange (BSE), 1,884 stocks advanced, 1,543 declined, and 135 remained unchanged with advance decline ratio of 1.22.
 
On NSE, 31 securities advanced and closed at new 52 week high whereas 50 securities sank to close at their new 52-week lows. In sectorial indices Nifty IT and Nifty Financial Service were the biggest losers whereas Nifty Healthcare and Nifty Pharma were the biggest gainers. The broader market indices BSE Midcap and BSE Small cap outperformed their larger and gained 0.3% and 0.6% respectively.
 
Rupee ended at 81.86/$ as compared to Wednesday’s close of 81.94/$.
 
In September series, 38 Nifty 50 stocks closed in loss with Hindalco and Bajaj Auto being the top losers whereas Eicher Motors and Cipla were the top gainers. In midcap, Can Fin Homes, Piramal Enterprises and Rain Industries slumped more than 20% whereas Ambuja Cement, Indian Hotel and Adani Enterprises gained more than 10%.
 
PNB board has decided to sell its entire stake of 10.01% in Asset Reconstruction Company. The stock closed 2% higher.
 
Bajaj Electrical gained almost 5% after its board approved merger with Nirlep Appliances.
 
The government has postponed implementation of mandatory six airbags in cars by one year till 1 Oct 2023.
 
On Friday, the indices opened gap down but ended higher. On the Bombay Stock Exchange (BSE), 2,335 stocks advanced, 1,107 declined, and 96 remained unchanged with advance decline ratio of 2.1 indicating positive closing of more stocks. The broader market indices, BSE Midcap and BSE Small cap underperformed their larger peers and gained 1.4% and 1.45% respectively.
 
On NSE, 36 securities advanced and closed at new 52 week high whereas 40 securities sank to close at their new 52-week lows. In sectorial indices, Nifty PSU Bank and Nifty Private Bank were the biggest gainers whereas Nifty FMCG and Nifty Oil& Gas gained the least.
 
Rupee ended at 81.34/$ as compared to 81.86/$. RBI’s Monetary Policy Committee raised Repo Rate by 50 bps to 5.90%. RBI has slashed its GDP estimate for FY22-23 to 7% from 7.2% earlier.
 
The April to August fiscal deficit was at 32.6% of Rs 16.61 lakh crore.
 
Dilip Buildcon is declared as lowest bidder for Metro project of Rs 723.45 crore. The stock gained more than 3%.
 
Motherson Wiring will issue 2 bonus shares for every 5 shares held.
 
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