Taking Stock: Market ends flat amid volatility; realty stocks outperform, banks drag

#Local Markets, #Nifty, #Sensex, #Taking Stock, Nifty 50, Coal India, HDFC, Nifty Midcap 100, Nifty Bank

After making a smart recovery in the previous session, Indian benchmark indices had a volatile day on September 22, with a rally in realty, auto, IT and metal names helping indices to narrow losses at end of the day.

At close, the Sensex was down 77.94 points, or 0.13 percent, at 58,927.33, and the Nifty was down 15.30 points, or 0.09 percent, at 17,546.70.

“Despite hopeful signs in the global markets, domestic main indices traded in a narrow range to give away its early gains in today’s volatile session. However, the broad market was robust barring banks, all major sectors were in demand and media, metals and realty outperformed,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Realty stocks were in focus owing to an increase in property registrations in September while easing jitters over the Chinese economy bolstered metal stocks. Investors traded cautiously awaiting the outcome of the FOMC meeting that will clear the air regarding Fed’s tapering plans.”  The Federal Reserve meeting concludes on September 22.

The broader market outperformed the benchmarks, as BSE midcap and smallcap indices added over a percent each.

On the sectoral front, Nifty auto and metal indices rose a percent each, while some selling was seen in the FMCG and banking names.

Stocks & sectors

On the BSE, except bank and FMCG, all sectoral indices ended in the green. The realty index gained over 8 percent and auto, metal indices were up a percent each.

Index Prices Change Change%
58,927.33 -77.94 -0.13%
17,546.65 -15.35 -0.09%
36,944.65 -291.20 -0.78%

Nifty 50 17,546.65 -15.35 (-0.09%)
Wed, Sep 22, 2021

  • 1D
  • 5D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 2Y

Biggest Gainer Prices Change Change%
Coal India 162.10 5.70 +3.64%
Biggest Loser Prices Change Change%
HDFC 2,734.70 -39.65 -1.43%
Best Sector Prices Change Change%
Nifty Midcap 100 29933.90 491.40 +1.67%
Worst Sector Prices Change Change%
Nifty Bank 36944.70 -291.15 -0.78%

Among individual stocks, a volume spike of more than 900 percent was seen in Nalco, SAIL and Zee Entertainment.

Long buildup was seen in Sun Pharma, Cummins and Balkrishna Industries, while short buildup was seen in Adani Ports, SAIL and Torrent Power

More than 200 stocks, including Sunteck Realty, DLF, PVR, Inox Leisure and Escorts, hit a 52-week high on the BSE.

Technical View

The Nifty formed a small-bodied bearish candle on the daily scale and closed flattish but was hovering near the highs of the previous session.

“Now it has to continue to hold above 17,500 zones, for an up move towards 17,650 and 17,777 zones, whereas support is placed at 17,350 and 17,272 zones,” said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.

Outlook for September 23

Rohit Singre, Senior Technical Analyst, LKP Securities

The Nifty moved in a very narrow range and closed the day at 17,547 with minimal loss, forming a small bearish candle on the daily chart.

The index has support around 17,500-17,430 and any dip near the levels will be a buying opportunity, with an immediate stop below 17,450 and resistance at 17,600-17,660 zone.

One can lock trading long gains around the said levels. The overall range is still in between 17,300 and17,800 and either side breakout will decide the final direction.

Ashis Biswas, Head, Technical Research, CapitalVia Global Research

The Nifty saw some lackluster movement and an attempt to hold 17,500. For the short term, it will be important for the market to sustain above the 17,450-17,500 support zone.

If it holds the level, it can move higher to 17,850. Momentum indicators like RSI and MACD suggest that market breadth will improve, further strengthening the short-term bullish outlook.

Sahaj Agrawal, Head of Research-Derivatives, Kotak Securities

The Nifty remains in a medium-term uptrend for targets of 18,000 and above. Any meaningful correction is a good opportunity to buy. Support for the September series is seen at 17,325, while resistance is expected at 17,600-17,770.

A breach of 17,325 on the closing basis is expected to result in selling pressure to sub 17,000 levels. Auto and energy stocks traded with a positive bias, while metals are expected to consolidate before resuming uptrend.

Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities

After a robust pullback rally, the Nifty witnessed a narrow-range activity near the 17,600 resistance level. On September 22, after a muted opening, the Nifty hovered in the 17,525-17,610 range.

It tried to go past the resistance of 17,600 but failed to clear the hurdle due to tepid global cues and lack of follow-through buying activity.

The intraday trading setup suggests 17,600-17,625 will act as the key resistance level for the day traders and below it, a quick intraday correction till 17,500-17,450 is not ruled out.

On the flip side, 17,625 could be the range breakout level for the day traders and above the same, the breakout continuation formation is likely to continue up to 17,665-17,700-17,725 levels.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Internet Explorer Channel Network
News Related

OTHER NEWS

Rabbit Cash launches digital lending services

From left Mr Oshima, Mr Soontorn, Ms Ratchanee and Mr Warawut at the launch of the Rabbit Cash joint venture. Rabbit Cash, a joint venture by three major companies, has launched ... Read more »

Call for travel bubbles Seen as crucial for two-way tourism

Tourists are greeted by health officials on arrival at Suvarnabhumi International airport as they now have to quarantine on arrival in accordance with the Centre for Covid-19 Situation Administration’s regulations. (Photo: ... Read more »

State vows raft of ways to lift economic growth

The government vows to rev up infrastructure development, investment in clean energy, electric vehicles and new targeted industries to lift economic growth. Speaking on Wednesday at a forum entitled “Creating ... Read more »

State banks line up loans for businesses in EEC

State-run financial institutions stand ready to provide liquidity to around 175,000 business operators in the Eastern Economic Corridor (EEC) to help them deal with the impact of the ongoing Covid-19 ... Read more »

LTV rejig a boon for stocks

Analysts say the easing of the LTV rule will have a huge positive effect on the real estate sector. Real estate stocks will directly benefit from the Bank of Thailand ... Read more »

Lab-grown coffee on the way Boffins come up with sustainable alternative

Research team leader Heiko Rischer shows cell cultures at the VTT lab in Espoo, Finland. (AFP photo) HELSINKI: Latte drinkers may in the future be sipping on java sourced from ... Read more »

SRT unveils Red Line extension

The State Railway of Thailand (SRT) has unveiled a plan to add four more extensions to its Red Line electric commuter train service and grant a concession for operating the ... Read more »

Covid fears mount as Bangkok eyes tourists

A worker cleans Don Mueang, one of the airports to reopen for fully vaccinated travellers on Monday. (Photo: Pattarapong Chatpattarasill) About 300,000 foreign tourists are expected to visit Bangkok in ... Read more »

Cramer rejects calls to break up Big Tech, says U.S. government is wrong to target it

CNBC's Jim Cramer said Wednesday he opposes government efforts to break up American technology giants such as Amazon and Apple. “You want to hate big tech for being too powerful, ... Read more »

Brooklyn Nets fans could now interact via video chat with up to 3 friends during live streaming

YES subscribers could now interact with up to three friends through video chat in live streaming coverage of the Brooklyn Nets. New York-based YES Network has installed a ‘watch together’ ... Read more »

Switzerland follows EU's suit by imposing sanctions against eight Russian citizens

The inclusion of the eight people to the sanctions list was justified by them allegedly actively supporting actions and policies that undermine and threaten the territorial integrity, sovereignty and independence of Ukraine Read more »

After $4 billion deal with Tesla, Hertz says it will rent out half those cars to Uber drivers

Drivers with at least a 4.7-star rating will be able to rent a Model 3 for $334 a week before taxes and fee. Read more »

Ford does better thanks to increase in available chips

Ford’s turnover in the months of July to September amounted to 35.7 billion dollars, just under 31 billion euros. In the second quarter, sales still accounted for $26.8 billion in ... Read more »

Ford does better thanks to an increase in available chips

Photo: ANP Ford has seen a significant increase in sales and profits in the third quarter. According to the car manufacturer, this is because the company received many more chips ... Read more »

ANZ NZ profit up 44 per cent to $1.92 billion

ANZ New Zealand has seen a 44 per cent increase in its profit rising to hit $1.92 billion for the year to September 30. The country’s largest bank saw its ... Read more »

Dow, S&P 500 falls from records as Congress haggles

NEW YORK (AFP) – Major Wall Street indices drew back from record territory on Wednesday (Oct 27), as enthusiasm over good earnings numbers was overcome by the grinding politics of ... Read more »

US stocks down on tax uncertainty

Stock markets in New York closed mostly lower on Wednesday. Investors wonder what will happen to corporations and billionaires in taxes as negotiations over President Joe Biden’s investment plans continue. ... Read more »

Starbucks hikes wages, will hit $15 an hour minimum by next summer

A 'We're Hiring!' sign is posted at a Starbucks on August 06, 2021 in Los Angeles, California.Mario Tama | Getty Images Starbucks announced Wednesday it will raise wages for its ... Read more »

Budget 2021: Government targets top 30 developers in £2bn cladding tax raid

But campaigners have warned that the total bill could hit as high as £10bn. Read more »

Welcome Energie customers feel doubly caught: ‘Welcome premium lost and pay twice as much'

Quite a few of the 90,000 customers of Welkom Energie had to learn this morning on this site or from other media that their supplier can no longer supply gas ... Read more »

Unilever escapes: ‘departure fine' no longer retroactive

That must have brought relief to the Unilever offices. The company wants to move its headquarters to the United Kingdom. But because of the bill that Snels was working on, ... Read more »

Gazprom, Moldova hold talks on new gas supply contract terms

Alexey Miller, Deputy Prime Minister of Moldova Andrei Spinu and Moldovagaz CEO Vadim Ceban continued the negotiations on the terms of a new contract for supply of the Russian natural gas to the republic and on the ongoing issues of cooperation between Gazprom and Moldovagaz Read more »

KPN and VodafoneZiggo remove telephones from Amsterdam stores due to burglaries

Telecom companies VodafoneZiggo and KPN are removing their telephone stocks from branches in Amsterdam after a series of robberies. VodafoneZiggo reported on Wednesday that “in a short time” several shops ... Read more »

Unibail shopping centers still well below old level

URW has 85 shopping centers worldwide, four of which are in the Netherlands. Total revenue in the third quarter was 92% of the level of the same quarter in 2019. ... Read more »

France introduces possible sanctions in fishing dispute with Britons

Photo: ANP If the fishing dispute between France and the United Kingdom is not resolved quickly, France could impose new sanctions. With that warning, Paris is trying to put pressure ... Read more »

Ford is set to report results after the bell. Here's what Wall Street expects

The badge of a Ford Motor Co. E-Transit electric vehicle during a presentation in Washington, D.C., U.S., on Wednesday, July 28, 2021.Al Drago | Bloomberg | Getty Images DETROIT – ... Read more »

Farmer Dijkstra has to gas his 60,000 chickens because of the bird flu. “Oh, there they go”

At exactly 2 pm, a man in bright yellow overalls steps into a shovel in the yard of organic poultry farmer Sijds Dijkstra. He drives the device to the back ... Read more »

Retail real estate company URW sees recovery due to reopening Europe

Photo: ANP Retail real estate company Unibail-Rodamco-Westfield (URW) again performed better in the third quarter. The further reopening of Europe, where corona measures were relaxed in many countries, played a ... Read more »

From "trade gateway" to risk guarantees: what Russian businesses are offered in Africa

What spheres of the economy are most promising for Russian businesses, what guarantees can they count on in Africa, and what have African countries been doing to bring about a ... Read more »

Notorious activist: ‘This is why Shell should be chopped in two'

To back up his demands, Loeb has bought over $500 million worth of stock, about 0.5% of the company. He writes this in a letter to his own investors, which ... Read more »

Budget 2021: Business rates cut in half for retail, leisure and hospitality sectors in package of support

The government announced a raft of measures - but ruled out scrapping rates altogether. Read more »

Sunak's budget responds to changing economy - but has he fumbled the climate crisis?

The budget strikes at a deeper question about the Tory party: do they stand for fiscal prudence, or for investing loads of money in some of the country’s more economically disadvantaged areas? Read more »

Gazprom to continue gas injection to European UGS after filling Russian storages — CEO

According to Alexei Miller, Gazprom plans to complete gas injection into Russian UGS on November 8 Read more »

LeasePlan talks about merger with French peer

In 2018, LeasePlan had the plan to go public, but that was canceled because share prices fell sharply shortly afterwards. Founded in 1963, the company operates in 29 countries and ... Read more »

Putin wants to replenish gas stocks in Europe after full own storage

Photo: ANP Russian President Vladimir Putin has ordered that gas supplies in Western Europe be replenished with Russian gas once underground gas reserves in Russia are full. According to Russian ... Read more »

Situation on global energy market remains highly unstable — Putin

The dramatic energy price growth leads to problems in associated sectors, the head of state noted Read more »

US regulator also bans China Telecom

The US again bans a Chinese telecom company for fear of espionage. After telecom giant Huawei, it is now the turn of the American subsidiary of China Telecom. The Federal ... Read more »

Land Registry: record rise in house prices; house costs more than 4 tons

Photo: ANP The prices of owner-occupied homes have never risen as fast as in the third quarter of this year. According to the Land Registry, house prices rose by an ... Read more »

Britian pledges 1.7 billion pounds for a large-scale, nuclear power plant

Britain’s Prime Minister Boris Johnson (Image: Reuters) Britain has pledged 1.7 billion pounds to get a large-scale nuclear power plant started, a Reuters report said. The report was quoting from ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic