Stock Market LIVE Updates: Sensex gains 200 points, Nifty near 17,800; Tata Chem falls 4%, Nestle adds 1%

Stock Market Today Live: Indian shares rose in early trades on Friday, with gains in bank stocks countering losses in metals, as investors weighed mixed cues from global equities amid earnings reports and expectations of a slower pace of rate hikes from major central banks.

The Nifty public sector bank index rose more than 1%, while metal index, which closed 2.7% higher in the previous session, was down 1%.

Nifty 50 components top carmaker Maruti Suzuki and pharmaceutical major Dr. Reddy’s Laboratories Ltd were up 1.2% and down 0.3%, respectively, ahead of their quarterly earnings results later in the day.

Foreign institutional investors bought a net 28.18 billion Indian rupees ($342.12 million) worth of equities on Thursday, while domestic investors sold net 15.80 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.

In broader equities, Asian shares fell on Friday and were set to snap a three-day winning streak, while U.S. stocks were mixed at close on Thursday, as investors balanced mixed earnings reports and economic data.

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Market live updates: Sensex extends gains, rises 300 points

SBI Cards and Payment Services reported a 52.4% jump in second-quarter profit on Thursday, as it issued more credit cards and Indians spent more going into the festive season.

Price as on 28 Oct, 2022 10:26 AM, Click on company names for their live prices.

Rupee gains 4 paise to 82.29 against US dollar

The rupee appreciated 4 paise to 82.29 against the US dollar in early trade on Friday, supported by a weak greenback in the overseas market and positive domestic equities. Fresh foreign capital infusion in capital markets also strengthened sentiment, forex traders said.At the interbank foreign exchange, the domestic unit opened weak at 82.39 against the dollar, then gained ground to quote at 82.29, registering a rise of 4 paise over its previous close.

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Bullish exhaustion has now managed two days of downsides,but each of them fizzled off once in the mid 17600s,suggesting that a swing higher is due. Upper range is seen as 17900 for now, but momentum for the 18100 move looks missing. Alternatively, inability to float above 17900 or an outright attack on 17700s could pave the way for 17400.

– Anand James – Chief Market Strategist at Geojit Financial Services

Tata Chemicals Ltd on Thursday reported a second-quarter profit that nearly tripled, helped by a strong performance in its basic chemistry products segment. That said, the stock tanked 4%.

Price as on 28 Oct, 2022 09:39 AM, Click on company names for their live prices.

The near-term market construct is clearly ‘advantage bulls.’ There are many factors going in favour of the bulls like strong Q3 GDP numbers (2.6%) in the US, easing recession fears, indications of declining inflation and expectations that Fed might pause rate hikes in Q1 of 2023. In India, even though valuations look high from the short- term perspective, there are favourable factors that can take the market higher. The important positive is the decline in US 10-year bond yield to below 4% which will persuade the FPIs to buy rather than sell in the near-term. The encouraging Q2 results will provide fodder to the bulls. Nifty is already up by 6% in October and the trend looks set to continue. The resilience of banking, select autos, capital goods and telecom might continue.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Opening Movers

Price as on 28 Oct, 2022 09:28 AM, Click on company names for their live prices.

Opening Bell: Sensex gains 200 points, Nifty near 17,800; Tata Chem falls 4%, Nestle adds 1%

Pre-open session: Sensex down 10 points; Nifty below 17,760

INDIAN RUPEE OPENS UP 0.12% AT 82.3900 PER U.S. DOLLAR; PREVIOUS CLOSE 82.4900

Asian shares slip, yen steady ahead of Bank of Japan meeting

Asian equities edged lower on Friday as investors grappled with mixed earnings reports, while the Japanese yen held firm ahead of the Bank of Japan’s policy review. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.32%, set to snap a three-day winning streak. The index is down nearly 3% for the month and 30% for the year.

Quarterly earnings today

Maruti Suzuki, Vedanta, Dr. Reddy’s Laboratories, Tata Power Company, JSW Energy, Bandhan Bank, Blue Dart Express and Carborundum Universal are among companies that will announce their quarterly earnings today.

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 49.5 points, or 0.28 per cent, higher at 17,852, signaling that Dalal Street was headed for a positive start on Friday.

Tech View: Nifty ends October series with an Inside Bar

As Nifty ended the monthly F&O expiry day 81 points higher, the headline index formed an Inside Bar on the daily scale. The hourly chart shows that the index is forming a distribution below the key Fibonacci retracement at 17,800 for the last couple of sessions, analysts said.

Tokyo stocks open lower with eyes on BoJ

Tokyo stocks opened lower on Friday following falls in US tech shares, with investors’ eyes on a policy decision from the Bank of Japan due later in the day. The benchmark Nikkei 225 index was down 0.92 percent, or 250.72 points, at 27,094.52 in early trade, while the broader Topix index was down 0.54 percent, or 10.26 points, at 1,895.30.

US stocks mixed

The S&P 500 and the Nasdaq posted losses on Thursday, as investors contended with solid economic data and a mixed bag of corporate earnings.

Oil prices fall as dollar climbs

Oil prices fell in early trade on Friday on a stronger dollar, but were on track for a weekly gain on concerns about supply tightening with Europe’s pending cut-off of imports from Russia.

Rupee rises 48 paise to close at 82.33 against US dollar

The rupee appreciated 48 paise to close at 82.33 against the US dollar on Thursday as the greenback retreated from its elevated levels.

Sensex, Nifty on Thursday

The 30-share Sensex ended 213 points higher at 59,757, while its broader peer, Nifty50, ended above the 17,700 mark.

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