Nifty, Sensex May Correct More – Friday Closing Report
Moneylife Digital Team 23 September 2022
We had mentioned in Thursday’s closing report that Nifty and Sensex may remain range bound. On Friday, the indices opened gap down and ended deeply in the red. On the Bombay Stock Exchange (BSE), 896 stocks advanced, 2,580 declined, and 111 remained unchanged with advance decline ratio of 0.34 indicating weakness in broader market.
 
The trend of the major indices on Friday’s trading are given in the table below:
 
 
On NSE, 45 stocks advanced and closed at new 52 week high whereas 27 stocks sank to close at their new 52-week lows. In sectorial indices, Nifty PSU Bank and Nifty Media were the biggest losers whereas Nifty Pharma and Nifty Healthcare declined the least. The broader market indices underperformed their larger peers with BSE Midcap and BSE Small cap shedding 2.28% and 1.92% respectively.
Rupee ended at record closing low of 80.99/$. Dollar index was trading around its 20 years high of 112.
 
UK September S&P Global Services PMI was at 49.2 and Manufacturing PMI was at 47.5.
 
Euro Zone S&P Global September Flash Manufacturing PMI was at 48.5 as compared to 49.6 in August and Services PMI was at 48.9. as compared 49.8 in August.
 
Schneider Electric board has approved capacity expansion of vacuum interrupters and vacuum circuit breaker by setting a manufacturing facility in Kolkata. It will add 180k MV vacuum interrupters and vacuum circuit breaker assembly by FY27-28.
 
KV Vishnu Raj has replaced K Thanu Pillai as Chairperson of Sagar Cement. The stock declined more than 4%.
 
Unichem Labs has liquidated its 19.97% stake in Optimus Drugs for Rs 271. The stock ended in red.
 
Adani Ports declined more than 3% after NCLT approved merger of Gangavaram Port with Adani Ports.
 
Power Grid declined almost 8% after brokerage Jefferies has observed the adverse impact of 3% to 5% on EPS (earning per share) between FY22-23 and FY24-25, following its acquisition of REC.
 
Manappuram Finance has accepted rights issue proposal of its subsidiary Asirvad Micro Finance. Its board has approved subscription to rights issue worth Rs 250 crore.
 
In large trades, Voltas ended in green after 0.16% equity changed hands at Rs 907 per share. M&M Finance declined 13.5% after 0.27% equity changed hands Rs 198.5 per share.
 
Vesuvius declined 1% after opening a new facility at Perwada, Visakhapatnam. Reliance New Energy will acquire 20% stake in Caelux Corp for $12 mn.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 
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