All the Nifty sectoral indices were trading in the green, led by Nifty Bank index, up 1.2 per cent.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading nearly a per cent higher in Wednesday’s session, in line with positive cues from their Asian peers. BSE Sensex jumped 315 points or 0.78 per cent to trade at 40,859.50, while the broader Nifty 50 index was up 87 points 0r 0.78 per cent and was ruling at 11,987. IndusInd Bank share price gained over 3 per cent on BSE after the BofA Securities Europe SA bought 11.73 lakh shares of IndusInd Bank from Morgan Stanley Asia (Singapore) PTE at Rs 626.85 per share. Among other Sensex gainers were HDFC, SBI, Axis Bank, ICICI Bank, Titan Company. On the flip side, Nestle India was top Sensex laggard, followed by HCL Tech, Tech Mahindra, TCS, HUL. Among top BSE Sensex contributors were HDFC, HDFC Bank, Reliance Industries, ICICI Bank and Axis Bank. All the Nifty sectoral indices were trading in the green, led by Nifty Bank index, up 1.2 per cent.
The initial public offer of Equitas Small Finance Bank was subscribed 39 per cent on the first day of bidding on Tuesday. The Rs 518-crore IPO received bids for 4.54 crore shares against the 11.58 crore shares on offer. The category reserved for non-institutional investors was subscribed 3 per cent, while the retail individual investors category was subscribed 85 per cent.
Highlights
Gold rose for the third straight day, supported by a softer dollar and increasing hopes for a new U.S. coronavirus relief package ahead of the November elections. Democrats have been locked in a stalemate since with Republicans on a successive package to the Coronavirus Aid, Relief and Economic Security, arguing over the size of the next relief, as thousands of Americans, particularly those in the airlines sector, risked losing their jobs without further aid. Dollar index has fallen for three consecutive sessions. Moreover, the investors will continue to monitor developments into the relief stimulus package by the US. Sentiment will be bullish in the bullion pack: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
Rupee continues to trade a 73.30-73.50 range. Nationalized banks intervened aggressively around 73.30 and bought Dollars and sterilized their purchases by paying far forwards. As a result of persistent intervention by the RBI, the Rupee has weakened against the Yuan. Rupee weakened past the 11.00 mark against the Yuan for the first time since September 2013. The SDL auction cutoffs were aggressive with 10y cutoffs around 6.50% which implied the spread over comparable Gsecs has narrowed to under 60bps: Abhishek Goenka, Founder and CEO, IFA Global
Among top BSE Sensex contributors were HDFC, HDFC Bank, Reliance Industries, ICICI Bank and Axis Bank. These top 5 contributors pushed Sensex above 300 points.
IndusInd Bank share price gained 2 per cent on BSE after the BofA Securities Europe SA bought 11.73 lakh shares of IndusInd Bank from Morgan Stanley Asia (Singapore) PTE at Rs 626.85 per share.
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BSE Sensex jumped 315 points or 0.78 per cent to trade at 40,859.50, while the broader Nifty 50 index was up 87 points 0r 0.78 per cent and was ruling at 11,987.
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BSE Sensex fell nearly half a per cent, while the broader Nifty 50 index jumped over 100 points to reclaim the crucial 12,000 mark in pre-open on Wednesday.
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Equity benchmarks edged higher over third session in a row. The Nifty ended Tuesday session at 11897, up 24 points or 0.2%. In the coming session, we expect the index to endure its positive momentum while maintaining higher high-low formation. Hence, intraday dip towards 11890-11912 should be used to create long position for target of 11994.ICICI Direct Research
Indian markets are likely to see a gap up opening tracking positive global cues amid developed market stimulus hopes and better-than-expected initial quarterly numbers. However, global news flows and sector-specific development will be key monitorable: ICICI Direct Research
The larger degree positive pattern like higher tops and bottoms is visible on Nifty as per weekly timeframe chart. Though, Nifty is now placed near the higher highs, still there is no confirmation of any higher top reversal yet at the highs, as per weekly chart. Hence, we are unlikely to see any sharp weakness beginning from here. Any minor declines/consolidation could be a buy on dips opportunity for the short term: HDFC Securities
Indian markets could open mildly higher following largely positive Asian markets today and positive US markets on Tuesday. The short term uptrend of Nifty remains intact with range bound action. The market could make an attempt to retest the crucial upper resistance of around 12000-12050 levels in the next few sessions. Immediate supports to be watched at 11780: HDFC Securities
Domestic bullion could start with gains this Wednesday morning, tracking a positive start in the overseas prices. Technically, MCX Gold December gave a positive close above 65-Daily Moving Average around 50750 indicating positive momentum where 51150-51300 will hold resistance and support is at 50700-50450 levels. MCX Silver December is trading in Rising Channel formation where it has given breakout from past consolidation, moreover it ended giving a close above 63000 levels which signifies for upside movement upto 63700-64300 levels: Sriram Iyer, Senior Research Analyst at Reliance securities
IndusInd Bank: BofA Securities Europe SA bought 11.73 lakh shares of IndusInd Bank from Morgan Stanley Asia (Singapore) PTE at Rs 626.85 per share.Vedanta: Moody’s Investors Service on Tuesday placed Vedanta Resources’ rating under review for downgrade.
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The short term uptrend of Nifty remains intact with range bound action. The market could make an attempt to retest the crucial upper resistance of around 12000-12050 levels in the next few sessions. Immediate supports to be watched at 11780: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Foreign Institutional Investors (FII) were net buyers of domestic equities on Tuesday, pumping in Rs 1,585 crore. However, FIIs sold index options, index futures and stock futures. Domestic Institutional Investors (DII) sold stocks worth Rs 1,633 crore on Tuesday.
Based on the overall market formation, the Nifty must cross the 12050 levels otherwise another round of profit booking or tired bulls liquidation is more likely below the level of 11800. The Nifty is moving in a narrow range of 11800 and 11950 levels. Above the level of 12050, the Nifty could move to 12200 in a short period of time: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
At the upper end of the price band, Equitas SFB demands Adj. PB of 1.26x post considering the fresh issue. Though the bank has a diversified loan book and the best CASA ratio among SFBs, the return ratios are subdued with GNPA above 2.5% for last 3 years. Our concern for Equitas SFB is the fresh formation of bad loans from moratorium book that would keep provisions high and return ratios compressed. We believe investors should wait for price discovery before making any investment decisions. Considering above factors, we recommend a NEUTRAL rating for the IPO: Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking Ltd
Moody’s Investors Service on Tuesday placed Vedanta Resources’ rating under review for downgrade following its failed attempt to delist the Indian listed subsidiary. Moody’s placed the London-based firm’s B1 corporate family rating (CFR) under review for downgrade.
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Sensex and Nifty are now on a three-day winning streak and have recouped most of the losses registered on October 15. Although domestic benchmark indices closed lower from yesterday’s highs but still managed to gain and continue the positive momentum. “A small positive candle was formed with a minor upper shadow, which indicates sideways range movement with positive bias in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. However, analysts are not convinced of a massive upside bounce unless Nifty crosses the 12,025-12,050 mark convincingly.
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The initial public offer of Equitas Small Finance Bank was subscribed 39 per cent on the first day of bidding on Tuesday. The Rs 518-crore IPO received bids for 4.54 crore shares against the 11.58 crore shares on offer. The category reserved for non-institutional investors was subscribed 3 per cent, while the retail individual investors category was subscribed 85 per cent.
With growing optimism around the deal on a stimulus package, Wall Street shares ended higher in overnight trade. The Dow Jones Industrial Average closed up 0.4 per cent, the S&P 500 gained 0.47 per cent and the Nasdaq Composite closed 0.33 per cent up.
Asian peers were trading mixed in the early session on Wednesday. Shanghai Composite was down 0.17 per cent while the Shenzhen component dipped 0.26 per cent. Japan’s Nikkei 225 added 0.32 per cent while the Topix index gained 0.76 per cent.