Rising bond yields, inflation worries across the globe, and the resurgence of coronavirus cases domestically are believed to be troubling the stock markets.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bears have taken over Dalal Street with Sensex and Nifty erasing all gains made since February 3. Yesterday’s nosedive by Sensex erased 1,145 points with the benchmark index closing at 49,744 while the 50-stock Nifty tanked 306 points and gave up 14,700 mark. Rising bond yields, inflation worries across the globe, and the resurgence of coronavirus cases domestically are believed to be troubling the stock markets. On Tuesday morning, SGX Nifty was up 70 points, hinting at a gap-up start. Some Analysts do believe a relief rally could be in the offing after the massive fall in headline indices.
Mukesh Ambani’s Reliance Industries Ltd (RIL) expects to complete the re-organisation of its oil-to-chemical business by the second quarter of the coming financial year. On Monday RIL unveiled a plan which will see the O2C business becoming a wholly-owned subsidiary of RIL. The subsidiary will consist of all refining, marketing and petrochemical businesses. Both Sibur and BP JVs will be included in the hived-off subsidiary. The O2C business has also been given a loan of $25 billion by the parent RIL. The firm has said that the re-organisation will facilitate participation by strategic investors and marquee sector-focused investors.
Highlights
The Supreme Court on Monday prevented the National Company Law Tribunal (NCLT) from taking a final call on the Rs 24,713-crore deal between Kishore Biyani-led Future Retail (FRL) and Reliance Retail, even as it allowed the tribunal to go ahead with the proceedings for merger of Future group and Mukesh Ambani’s Reliance group firms.
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A long bear candle was formed, after the formation of small negative candles in the last four sessions, which indicate that the downside momentum has started to gather strength. This could mean chances of more weakness for the Nifty in the coming sessions. The next crucial support is placed at 14335, which is an opening upside gap of 2nd Feb that formed after Union Budget and the crucial weekly support of 10 week EMA around 14365. Hence, both the support levels match intended decline for market.
The short term trend of Nifty continues to be negative. The pickup of downside momentum could signal more weakness in the next few sessions. The lower levels to be watched around 14350-14300, which could be achieved by this or by next week. Immediate resistance is placed at 14800-14850.
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The stock market’s powerful rebound from last year’s pandemic-related plunge have put investors in a buying mood. Dalal Street is full of energy as initial public offerings (IPOs) are hot again. A mixed bag of companies ranging from young ones, some of them yet to post profits, to ones with huge net worth such as LIC are selling shares to the public for the first time. Further, around 83 companies from sectors such as steel, cement, hospital, hotel, etc., have scheduled their IPO in the remaining part of the year. Let us see what investors should look for while choosing which IPO to invest in.
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SGX Nifty was up in the green, surging 70 points during the early hours of Tuesday. The jump in SGX Nifty suggests a positive start for domestic equity markets.