Domestic equity markets were trading in the red on Thursday. Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets slipped and opened with losses on Thursday morning. Benchmark S&P BSE Sensex opened 300 points lower but soon trimmed some losses. Nifty managed to hold on to the 12,700 mark on opening and was inching higher after the initial few minutes of trade. Banking and Finance sector stocks were the ones that pulled the index lower. HDFC, Kotak Mahindra Bank, IndusInd Bank, SBI, Bajaj Finserv, and Axis Bank were some of the top drags. Information Technology firm like Infosys, HCL Tech, Tech Mahindra were among the top drags along with M&M and Titan Company.
Marching on the mission of making in India, the Prime Minister Narendra Modi-led Union Cabinet on Wednesday announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing sectors. The government is looking to replicate the success it garnered from the PLI scheme for the mobile phone manufacturing sector. The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel.
Highlights
"The Nifty seems to be taking a breather which is natural and healthy for a trend to sustain. If it gets past yesterday's high, it will resume it's uptrend. The overall target for the index could be in the vicinity of 13000 and hence corrections can be fruitfully utilized to enter the markets. We have good support at 12000 and till that holds, we can aim for higher targets," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Mahindra & Mahindra, Titan Company Ltd, Infosys, HCL Tech, and Tech Mahindra were some of the top gainers on Dalal Street even though the benchmarks were trading in the red.
Sensex pared some losses after the initial few minutes of trade. Nifty too was seen inching higher, crossing the 12,730 mark.
HDFC, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, ICICI Bank were among the top drags on Sensex.
S&P BSE Sensex opened with losses on Thursday morning. Nifty 50 too was in the red but managed to hold on to the 12,700 mark.
Pre-open session saw Sensex and Nifty slip on Thursday morning, Nifty just held on to the 12,700 mark.
Nifty was just holding on to 12,700 during Thursday pre-open session while the benchmark Sensex was down over 200 points.
Minutes into the pre-open session, it was the 50-stock Nifty that slipped into the red while Sensex moved higher to trade with marginal gains.
In the pre-open session on Thursday morning, Sensex fell over 300 points while Nifty 50 managed to breach the 12,800 mark.
"The upside momentum has continued for the seven sessions and the market is now nearing a overbought region. The presence of crucial long term resistance around 12800-12850 and the emergence of intraday volatility could signal chances of reversal from the highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that long positions needs to be protected with appropriate stoploss. "We are unlikely to see any significant upmove above 12800-12850 levels. The formation of reversal pattern at the highs could confirm a quantum of decline from the highs. Immediate support is placed at 12665," he said.
"Nifty is now nearing a crucial long term resistance of around 12800-12850 levels (ascending long term trend line on the monthly chart, connected from a tops of Aug 2018 and June 2019. This is going to be a strong overhead resistance for the market and the selling pressure is expected to emerge from the highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
After witnessing a dream rally last week, the Nifty continued to rally this week to new lifetime highs. The Nifty has been continuously moving higher since last week after finding support at the 50-day SMA and breaking out of a 3-day trading range on last Tuesday. The Nifty also remains above the 20-day and 50-day SMA and has now closed at a new life time high after clearing the recent highs of 12026. The odds therefore do seem higher of the Nifty moving up further towards the 12900-13000 levels in the coming sessions. Short term sell offs however cannot be ruled out.
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In the last five trading sessions, S&P Sensex and the NSE Nifty 50 have surged nearly 6% each, aided by a vaccine shot, end of uncertainties around US Presidential Elections, and a nudge by the MSCI. Yesterday Sensex did slip and fall into the red but investors saw the dip as a buying opportunity and the benchmark ended higher. It is now time to plan your investments in a stock specific manner that shields your portfolio of any likely near term correction.
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The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel.
Prime Minister Narendra Modi-led cabinet today announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing areas ahead of Diwali. The government said that the move will help increasing production, exports, and employment in the country, giving support to the Atmanirbhar Bharat. Union Minister Prakash Javadekar said that while foreign mobile makers have come to manufacture in India, domestic companies like Lava, Micromax, Karbonn, etc will also be benefitted from the scheme. He added the government aims to prepare global champions.
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