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Market At Close | Sensex and Nifty50 snap 2-day winning run ahead of Fed policy announcement
Here are some highlights:
--Cement stocks see profit booking — ACC top loser
--Adani stocks tumble — group companies lose market cap of nearly Rs 1 lakh crore
--Borosil Renewables and Sterling & Wilson rise after Cabinet nod for solar modules PLI
--Financial stocks under pressure — IndusInd Bank top loser with three percent fall
--Britannia, HUL, ITC and Apollo Hospitals rise
--ACC, Ambuja, JK Cement, Indiabulls Housing and Ramco Cements top midcap losers
--Market breadth favours the bears — advance-decline ratio at 2:5
Buy MCX crude oil futures at Rs 6,750: Motilal Oswal Financial Services' Amit Sajeja
Amit Sajeja, VP-Technical Commodities and Currencies Analyst-Commodities at Motilal Oswal Financial Services, suggests buying the September futures of crude oil on MCX for a target price of Rs 7,150 with a stop loss at Rs 6,500.
"MCX crude oil has formed a reverse head and shoulders pattern (which is a bullish reversal pattern) on the 120-minute chart, suggesting a short-covering move. Strong support is seen around Rs 6,500 and the price has the potential to test the pattern target around resistance at Rs 7,150. Buying on dips is advised," he tells CNBCTV18.com.
Buy IIFL Finance, SW Solar: Rahul Sharma
Here are two recommendations from Rahul Sharma of Equity99 Advisors:
--Buy SW Solar for a target of Rs 340-350 with a stop loss at Rs 310
--Buy IIFL Finance for a target of Rs 390 with a stop loss at Rs 358
75 bps is the new 25 bps: S&P Global's Paul Gruenwald on Fed rate hike
Paul Gruenwald, Global Chief Economist at S&P Global Ratings, says a 75 basis-point hike in the key rate by the Fed is the baseline. "The new 25 is 75," he says.
"Central banks are behind the curve, especially in the advanced markets... US inflation is still printing quite strong. We are way above the two percent target. So the Fed is barely neutral. We think they have got more work to do perhaps a terminal rate of greater than 4 percent. So a 75 bps hike looks like a good bet for this week," he tells CNBC-TV18.
Volkswagen India to raise prices by up to 2% across portfolio: Bloomberg
Buy ACC, Hindustan Unilever: Sacchitanand Uttekar
Sacchitanand Uttekar of Tradebulls shares three trading calls:
--Buy ACC for a target of Rs 2,700 with a stop loss at Rs 2,420
--Buy HUL for a target of Rs 2,680 with a stop loss at Rs 2,595
--Sell Tata Motors for a target of Rs 405 with a stop loss at Rs 435
Sensex and Nifty50 extend losses amid market-wide sell-off
Indian equity benchmarks fall close to one percent amid selling pressure across most sectors, as nervousness set in among investors globally after Russian President Vladimir Putin's remarks that the West is seeking to weaken and destroy Russia, which will take necessary steps to defend its sovereignty. Putin also said Russia will begin partial military mobilisation events on Wednesday.
The Sensex drops as much as 444.3 points to 59,275.4 and the Nifty50 slides to as low as 17,663.6, down 152.7 points from its previous close. Equities in other Asian markets remain under pressure, with MSCI’s broadest index of Asia Pacific shares outside Japan tumbling 1.2 percent. European and US futures are down about 0.3 percent each.
Buy Britannia, sell DLF: Mitessh Thakkar
Here are two trading recommendations from Mitessh Thakkar of earningwaves.com:
--Buy Britannia for a target of Rs 3,900 with a stop loss at Rs 3,730
--Sell DLF for a target of Rs 372 with a stop loss at Rs 390
Buy TVS Motor and Cipla: Chandan Taparia
Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services, shares three trading calls:
--Buy TVS Motor Company for a target towards Rs 1,130 with a stop loss at Rs 1,055
--Buy Cipla for a target towards Rs 1,130 with a stop loss at Rs 1,060
--Sell IOC for a target towards Rs 65 with a stop loss at Rs 72
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