On Wednesday morning, SGX Nifty was trading lower hinting at a weaker start for indices. Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices Sensex and Nifty began Wednesday’s trade in the red, following weaker global cues. S&P BSE Sensex was down over 50 points while Nifty 50 managed to hold above the 11,850 mark. Bharti Airtel shares zoomed over 6% followed by Mahindra & Mahindra, and Infosys. Global cues were mixed during the early hours of trade with KOSDAQ trading higher but TOPIX, Hang Seng and Shanghai Composite were down with losses. In the United States, Dow Jones and S&P 500 slipped but NASDAQ ended the day’s trade with gains.
While Bharti Airtel reported a reduction in losses during the second quarter of this fiscal year, auto major Tata Motors quarterly numbers saw the company’s losses increase. Both, Bharti Airtel and Tata Motors reported their quarterly earnings yesterday. Bharti Airtel’s net loss for the quarter stood at Rs 763 crore against Rs 23,045 crore in the same period last year. Tata Motors, on the other hand, reported a net loss of Rs 307 crore against a net loss of Rs 187 crore in the July-September quarter last fiscal year. However, on-quarter basis, both the firms managed to cut losses. Shares of Bharti Airtel have only managed to gain 7% since their March lows, while Tata Motors has zoomed 95%.
Highlights
COMEX gold trades marginally lower near $1909/oz after a 0.3% gain yesterday. Weighing on gold is uncertainty about US stimulus and recovery in US dollar index from recent lows. However, supporting price is ETF inflows, rise in Chinese imports and safe-haven buying amid rising virus cases and mixed economic data from major economies. Gold may remain choppy as equities and US dollar are likely to trade mixed ahead of US elections however general bias may be on the upside on the back of safe-haven buying amid rising virus cases and uneven recovery: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
S&P BSE Sensex opened in the red on Wednesday morning, following weaker global cues. Sensex slipped over 50 points on the opening bell while Nifty 50 managed to hold just above the 11,850 mark.
Pre-open session took the benchmark indices higher on Wednesday despite weaker global cues. Sensex moved 142 points higher while Nifty was up 33 points but gave up the 12,000 mark after having topped it initially.
Bharti Airtel: Telecom operator Bharti Airtel reported substantial narrowing of losses for the second quarter ended Sep 2020 at Rs 763 crore.Tata Motors: Tata Motors reported a consolidated net loss of Rs 307.26 crore for the second quarter ended September 30.
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Benchmark indices surged higher in the pre-open session on Wednesday. After a weaker start, Sensex was up 200 points and the Nifty 50 was at 12,000 mark.
S&P BSE Sensex slipped over 50 points in the pre-open session on Wednesday while the 50-stock Nifty was seen floating above the 12,000 mark.
Nifty futures on Singapore Exchange were trading 33 points lower just ahead of the opening bell. This suggests that Nifty 50 could start the day on a weaker footing.
"Technically, we were quite firm on our stance and had mentioned that the optimism remains intact as long as the strong and crucial support zone of 11700 – 11660 is not violated. On Tuesday too we respected this sheet anchor and had a remarkable recovery by shrugging off global nervousness. For the coming session, the intraday support now comes around 11800 and on the higher side; 11925 – 11975 are the levels to watch out for," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking
With just a few days to go for the US President elections, Joe Biden seems to have a significant advantage over Donald Trump. A flurry of polls suggests that at this point Biden is leading the pack, according to a report by Motilal Oswal Financial Services. The report highlighted that the coronavirus has realigned voters’ concerns and behaviour.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to see a gap-down opening on Wednesday, following global cues. In the previous session, BSE Sensex closed 376 points higher at 40,522 mark while the 50-stock Nifty ended just below the 11,900 mark. Today, the first phase of Bihar Vidhan Sabha elections, rising coronavirus cases, oil prices, July-September quarter earnings, rupee movement and other global cues will set the market direction. Investors will also react to FM Sitharaman’s comment where she said that there were visible signs of revival in the economy but the GDP growth may be in the negative zone or near zero in the current fiscal
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ICICI Bank on Tuesday said the US Securities and Exchange Commission (SEC) has concluded a probe into the bank’s bad-loan provisioning exercise and decided not to take any enforcement action against it. The probe dates back to 2018, when the lender had received requests for information from the SEC investigatory staff for an enquiry relating to the timing and amount of the bank’s loan impairment provisions taken under US GAAP (generally accepted accounting principles).
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"A reasonable positive candle was formed on Tuesday, that placed just beside the long negative candle of Monday. Technically, this pattern signal a smart comeback of bulls from the lower levels. In the last few occasions, the formation of such long bear candles have failed to show any reasonable follow-through declines after its formation," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that such an action below the resistance level of 12,000 could open the gates for Nifty to cross the resistance levels.
"The upside bounce of Tuesday could be another evidence of comeback of bulls after a sharp weakness. As happened in the past, one may expect further upside in the market for the short term and possible retest of 12000 mark in the next few sessions. Immediate support is placed at 11710 levels," he adds
Just a day ahead of the October series expiry data shows that maximum call open interest is placed at 12,000 strike with 44 lakh contracts. This is followed by 12,500 strike with 43.63 lakh contacts.
Massive call unwinding was seen at 12,500 strike.
"On a daily chart, the market is on the verge of forming an ascending triangle, which would spend time between 11700 and 12050 levels. The Bank Nifty is in rising consolidation and could move to the 25300 levels after the dismissal of 24850. On Wednesday the market trend could be dictated by Reliance Industries (RIL). Based on the September 2020 quarter performance of RIL we could see the market movement. The rise in RIL stock can lift the market beyond 12050. A fall in RIL would again drag the sentiment of the market, pulling the Nifty to 11750 levels," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Tata Motors on Tuesday reported a consolidated net loss of Rs 307.26 crore for the second quarter ended September 30. The auto major had reported a net loss of Rs 187.7 crore during the July-September period previous fiscal.
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Telecom operator Bharti Airtel on Tuesday reported substantial narrowing of losses for the second quarter ended September 2020 at Rs 763 crore. The losses were significantly lower than Q2FY20, when it stood at Rs 23,045 crore, after the company had made provisions of Rs 28,450 crore in the immediate aftermath of the Supreme Court ruling on statutory dues.
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