Broader markets were participating in the rally while volatility jumped 1%.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmark indices began Wednesday’s trading session setting fresh all-time highs but gave up gains during the day. The 50-stock NSE Nifty gave up 13,100 while Sensex was nearing 44,200. Among the top gainers on Sensex were ONGC, ICICI Bank and Power Grid. Only eight of the 30 Sensex constituents were trading with gains. Tech Mahindra, Asian Paints, Sun Pharma, and Kotak Mahindra Bank were the top index drags.
The recent rally in domestic markets is supported by heavy buying by Foreign Institutional Investors (FII). so far this month, FIIs have pumped in a record breaking Rs 55,474 crore into domestic securities. This week along FIIs have bought equities worth Rs 9,000 crore. FII buying is aided by the changes to MSCI indices that will take place at the end of this week as well as favorable outlook for India’s economic growth in the post pandemic world.
Highlights
Sensex fell over 400 points from day's high while Nifty 50 gave up the crucial 13,000 levels.
RIL share price has slipped over 2% in the last one month while the Nifty 50 has zoomed 11.5% in the same time period. Index heavyweight Reliance Industries Ltd’s recent underperformance follows its 165% rally between March and September. However, now trading at Rs 1,984 per share, down 20% from its 52-week high of Rs 2,369, has RIL corrected enough for investors to start accumulating it again?
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Erasing all losses and slipping into the red, Sensex was trading voer 150 points lower. Only 8 of the 30 Sensex constitutients were trading with gains.
Sensex and Nifty gave up all gains and turned red on Wednesday. IT sector stocks were seen bleeding while bank stocks were up with gains.
Leading private sector lender HDFC Bank's shares surged 1.2% on Wednesday morning. With this the market capitalisation of HDFC Bank shares crosses Rs 8 lakh crore mark.
"We have successfully achieved the Nifty target of between 13100-13200 this morning. This zone could prove to be a resistance zone and there is every possibility we witness profit booking. Traders can utilize the current market level to lighten up on their positions and use a trailing stop loss method. The support is now upgraded to 12800," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Top drags on Wednesday morning was Tech Mahindra down over 1%. It was followed by Mahindra & Mahindra and Nestle India.
Among the top gainers on Sensex were ONGC, HDFC Bank, and Maruti Suzuki. These were followed by other bank stocks such as ICICI Bank, Axis Bank, and SBI. ONGC shares zoomed 4.6%.
Sensex opened at 44,749 points while the Nifty 50 began trading at 13,130 setting fresh all-time highs on Wednesday morning.
Sensex surges 226 points during the pre-open session. The 50-stock Nifty was at 13,130 levels.
"The upside momentum in Nifty seems to have picked up with a sustainable upside above the hurdle of 12970 levels. Further decisive upmove could have a sharp positive impact on the market and that could open the next upside targets of around 13500-13600 levels in the near term. Immediate support is now placed at 12950," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
S&P BSE Sensex was trading over 150 points higher during the pre-open session on Wednesday. Nifty 50 breached 13,100.
Foreign Institutional Investors pumped in Rs 4,563 crore into domestic securities on Tuesday as they continued to pump funds into Indian markets.
Nifty breached 13,100 in the pre-open session on Wednesday. Sensex too was seen gaining.
With equity markets now trading at their highest ever levels, some analysts suggest treading cautiously from here on. Although with the broader markets participating in the rally, corrections are being bought into, however, taking a stock specific approach is being advised. SGX Nifty was trading over 55 points higher on Wednesday morning hinting at a positive start for domestic markets. Global Cues too were positive with Wall Street closing at fresh highs and Asian peers mirroring the upmove. Hang Seng, Topix and Nikkei 225 were up over 1% each.
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State Bank of India (SBI) on Tuesday said it has raised Rs 2,500 crore from bonds to fund business growth. The committee of directors for capital raising at its meeting held on Tuesday accorded approval to allot 25,000 Basel-lll compliant non-convertible, taxable, perpetual, subordinated, unsecured, fully paid-up debt instruments in the nature of debentures qualifying as AT 1 capital of the bank to the subscribers, it said in a regulatory filing.
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Domestic equity benchmarks once again shatters record and soared to set new all-time highs. S&P BSE Sensex closed at 44,523 points while the 50-stock NSE Nifty closed at 13,055, their highest ever closing levels. Among top Sensex gainers were Axis Bank, Mahindra & Mahindra, HDFC Bank, and ITC. Dragging the index were HDFC, Titan, Nestle India, and Bharti Airtel. Broader markets were seen inching higher along with the benchmarks. BSE Smallcap and BSE Midcap indices closed with gains but underperformed Sensex.
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