Indian Equities Under Pressure Amidst Negative Global Cues

Indian Equities Under Pressure Amidst Negative Global Cues

Asif Iqbal | October 3, 2023 | 10:19 AM IST | Breaking News | Follow on Google News

Indian Equities Under Pressure Amidst Negative Global Cues

Indian Markets Facing Wild Swings Amid FPI Bearishness and Global ConcernsIn early trading on Tuesday, Indian equities experienced downward pressure due to negative global cues and renewed concerns about inflation. Various sectors, including heavyweights like IT and Banking, witnessed a decline.

JSW Infrastructure IPO Surges on Listing Date

The JSW Infrastructure IPO saw its share price trading at a significant premium on Tuesday. Both the NSE and BSE listed JSW Infrastructure shares at ₹143 per share, marking a 20.2% increase compared to the issue price of ₹119.

Market Outlook for October 3 and Insights on FII and DII Activity

Deven Mehata, Equity Research Analyst at Choice Broking, predicts a negative start for the broader index on October 3. He highlights potential support and resistance levels for the Nifty.Foreign institutional investors (FII) sold shares worth ₹1,685.70 crore, while domestic institutional investors (DII) bought ₹2,751.49 crore worth of stocks on September 29, as per provisional data from the National Stock Exchange (NSE).

Rupee’s Initial Exchange Rate Against the US Dollar Starts at 83.21, Slips 17 Paise

Vedanta’s Restructuring Plan Boosts Stock Price

Vedanta’s stock price surged by over 4% after the company’s approval of a restructuring plan, which involves dividing its diverse business into six separate listed companies. This strategic move aims to create more value for shareholders.

Indian Rupee Weighed Down by Stronger US Dollar and Rising Treasury Yields

The Indian rupee opened 17 paise lower against the US dollar on Tuesday, influenced by a stronger greenback and a spike in US treasury yields.

Market Expert Opinions on October Series and Stock Recommendations

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, provides insights into the mixed cues for the October series. He highlights factors like FII selling, the strengthening US dollar, and rising bond yields, along with the positive impact of falling Brent crude prices.

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, recommends stock picks for investors:

1. GNFC: Buy at ₹612, target ₹640, stop loss ₹600.
2. IGL: Buy at ₹456.50, target ₹475, stop loss ₹448.
3. National Aluminum: Buy at ₹97.20, target ₹102, stop loss ₹95.

Evergrande Group’s Rollercoaster Ride

China Evergrande Group witnessed a rollercoaster ride as its shares soared after returning from a trading halt, despite ongoing uncertainties surrounding the company. Evergrande requested trading resumption, stating that there was no additional pertinent information to disclose.

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.