Stock Market LIVE Updates: Sensex drops 150 points, Nifty below 17,900; Sona Comstar tanks 5% post block deal; Bajaj Finserv rallies 6%

Stock Market Live Updates: Indian shares started lower on Thursday, after the minutes of Federal Reserve’s July meeting signalled a slowdown in the pace of future rate hikes.

Pharma and IT stocks weighed on sentiment, with the Nifty Pharma index down 1.3%.

The Fed minutes showed policymakers committed to raising rates as high as necessary to bring inflation under control.

U.S. stocks closed lower on Wednesday, with indexes volatile after the minutes, while MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.22% on Thursday.

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3.4% equity block deal: Embassy REIT

On the technical front, Nifty formed a positive candle on the daily chart and is close to challenge the life time high. The trendline resistance adjoining the highs of Oct’21, Jan’22 and Apr’22 has been breached and is trading comfortably above it. Against such backdrop one can expect that the present rally to extend further immediately towards 18100-18150 levels. Likewise support base has now shifted higher to 17,500 to 17,550 range (gap support). Momentum oscillator though are trading in overbought price conditions, but no signs of exhaustion can be seen yet rather had been supportive with weekly RSI breached past the 6-months falling trend line. Market breadth has seen remarkable improvement, indicating broader market participation across sectors.

– Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking

Vodafone Idea, YES Bank among most active stocks on NSE

Price as on 18 Aug, 2022 09:49 AM, Click on company names for their live prices.

Power Mech Projects bags Flue Gas Desulphurisation (FGD) projects worth Rs 6,163.20 crore from Adani Group; stock rises 3%

Price as on 18 Aug, 2022 09:37 AM, Click on company names for their live prices.

Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The Fed minutes suggest continuation of the hawkish stance and this may slightly impact sentiments in the mother market, US. But this is unlikely to impact the bullish sentiments in India since the return of the FIIs has completely altered the market mood and the bulls are calling the shots now. Dips are likely to get bought in the near-term.

From the fundamental perspective, there are no triggers to take the market much higher from the present levels since there is no valuation comfort. Nifty is now trading at around 21 times FY23 earnings. The market, it appears, is banking on continuation of good GDP and earnings growth this year and the next. If the growth momentum sustains capital goods and automobiles will attract more buying.

SONA COMSTAR: 16% equity traded in a block deal

OPENING BELL: Sensex drops 150 points, Nifty below 17,900; DRL, SBI Card tank 3% each

Rupee opens down 0.20% at 79.60 per US dollar; previous close 79.4450

Asia shares ease, dollar holds firm after Fed minutes

Asian shares tracked lower on Thursday, in step with Wall Street’s losses, as even the prospect of a less aggressive Federal Reserve has still set the U.S. central bank on a path for interest rates to stay higher for longer.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 19 points, or 0.11 per cent, lower at 17,949, signaling that Dalal Street was headed for a negative start on Thursday.

Oil prices ease as Russia output increases

Oil prices eased on Thursday, reversing course from the previous session, as rising output from Russia and worries about a potential global recession weighed on futures. Brent crude futures fell 33 cents, or 0.4%, to $93.32 a barrel. U.S. crude futures fell 40 cents, or 0.5%, to $87.71 a barrel.

Tokyo shares open lower after US losses

Tokyo shares opened lower Thursday following US losses, while investors locked in profits after recent market gains. The headline Nikkei 225 index fell 0.93 percent or 273.02 points to 28,949.75 in early trade, while the broader Topix index lost 0.76 percent or 15.35 points to 1,991.64.

Tech View: Nifty50 in overbought zone, but there are no signs of weakness

There are no signs of weakness. If anything, momentum picked up after a couple of days of narrow range trading. That said, the index has been showing an overbought reading of 83 on 14-day relative strength index (RSI) and could face hurdles around record high levels.

Wall Street ends down, but indexes briefly cut losses after Fed minutes

U.S. stocks closed lower on Wednesday, with indexes volatile after minutes from the Federal Reserve’s meeting in July suggested policymakers may be less aggressive than previously thought when they raise interest rates in September.

Rupee rises 29 paise to 79.45 against US dollar

The rupee gained 29 paise to settle at 79.45 against the US dollar on Wednesday as heavy buying in domestic equities and persistent foreign capital inflows strengthened investor sentiment.

Sensex, Nifty on Wednesday

The 30-share pack settled 417.92 points higher at 60,260.13. Its broader peer, Nifty50, advanced 119 points and managed to top the 17,900 mark. This was the seventh consecutive day of gains for the index.

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