Business News Highlights: Market Extends Losses To Fourth Session, Nifty Ends Below 19,700

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On Thursday, the two key equity benchmarks, Sensex and Nifty, closed lower for the third consecutive session as the US Federal Reserve signaling a prolonged period of higher interest rates weighed on investors. At the closing bell, the S&P BSE Sensex was down 570 points or 0.85 per cent at 66,230.24, while the Nifty declined 159.05 points or 0.8 per cent to 19,742.35. 

As per the analysts, ongoing foreign institutional investor (FII) selling, Weekly F&O expiry, and elevated crude oil prices added to investors' concerns. Global market weakness further dampened sentiments on Dalal Street. 

According to technical analysts, going forward, sharp reversals like this with more gaps either going up or down, it suggest that the trend might continue for a while in the same direction, reported the Economic Times. As per the analysts, now, what traders should pay attention to is a support level at around 19,550 points. This level is calculated using a weekly 10-period EMA (Exponential Moving Average). While there might be a small upward bounce from this support level, experts believe that it could be an opportunity to sell rather than buy.

Additionally, the daily momentum indicator has given a negative crossover, which is considered a signal to sell. It aligns with the recent price movement, indicating a bearish trend, the report said. Nifty is currently at a support level, and while there might be a temporary bounce, it's uncertain whether this is a good time to buy.

Meanwhile, data from the Ministry of Labour and Employment on Thursday showed that Retail inflation for farm workers and rural labourers slightly declined in August, to 7.37 per cent and 7.12 per cent, respectively, compared to July. Food inflation for farm workers and rural labourers stood at 8.89 per cent and 8.64 per cent in August, compared to 8.88 per cent and 8.63 per cent in July 2023. 

"The major contribution towards the rise all-India index came from the food group to the extent of 8.38 points and 7.69 points, respectively mainly due to increase in prices of rice, wheat atta, pulses, milk, meat-goat, sugar, gur, chillies-dry, turmeric, garlic, onion, mixed spices, etc," the ministry said. 

IPO Update

Zaggle Prepaid Ocean Services and Samhi Hotels are set to make their stock market debuts sooner than expected, on September 22, following a T+3 timeline, reported Moneycontrol. This shift indicates that these companies are adapting to the new IPO listing timeline introduced by the Securities and Exchange Board of India (SEBI). Originally, according to the information provided in the red herring prospectus, Zaggle Prepaid and Samhi Hotels were slated to list their shares on September 27.

In addition, the Vaibhav Jewellers IPO, which is the initial public offering of Manoj Vaibhav Gems N Jewellers, based in Andhra Pradesh, will open for subscription on Friday, September 22. 

15:52 PM (IST)  •  22 Sep 2023

Rupee Gains Against US Dollar, Ends At 82.95

The rupee appreciated by 18 paise to close at 82.95 against the US dollar on September 22. 

15:46 PM (IST)  •  22 Sep 2023

Supertech Chairman RK Arora Plea To Quash Arrest In Money Laundering Case Dismissed By Delhi HC

The Delhi High Court has dismissed a plea moved by RK Arora, chairman and promoter of real estate major Supertech Group, seeking direction declaring his arrest as illegal in relation to a money laundering case, reported ANI. He was arrested by the ED in June 2023.

Delhi High Court dismisses a plea moved by chairman and promoter of real estate major Supertech Group RK Arora, seeking direction declaring the arrest of him as illegal, in relation to a money laundering case. He was arrested by the ED in June 2023.

— ANI (@ANI) September 22, 2023

15:42 PM (IST)  •  22 Sep 2023

Market Ends In Red For Fourth Session, Nifty Ends Below 19,700

Stock markets extended losses to the fourth consecutive session on Friday, with the Sensex and Nifty falling over 0.3 per cent each. The benchmark indices were dragged down by selling in banking, metal, and IT stocks. The Sensex ended down 221.09 points at 66,009.15, while the Nifty fell 68.00 points to close at 19,674.30.

14:52 PM (IST)  •  22 Sep 2023

Sensex Down 161 Points, Nifty Below 19,700

After staying in positive territory for a few hours, the two benchmark indices again slipped into the red. At 2.30 AM, Sensex declined 160.73 points to 66,069.51. Nifty on the other hand was down 50 points to 19,692.05

14:01 PM (IST)  •  22 Sep 2023

I T Dept Conducting Raids On Lux Industries Over Rs 200 Crore Tax Evasion Allegations: Report

The Income Tax Department is conducting raids on Lux Industries over allegations of tax evasion of more than Rs 200 crores, reported ANI. The search is underway in multiple cities at premises linked to the company, including Kolkata. Offices and residences of top officials are covered in the raids, sources told the news agency. 

Income Tax Department is conducting raids on Lux Industries over allegations of tax evasion of more than Rs 200 crores. Search is underway in multiple cities at premises linked to the company including Kolkata. Offices and residences of top officials are covered in the raids:…

— ANI (@ANI) September 22, 2023