Broader markets surged higher on Wednesday.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets rallied during the final hour of trade on Wednesday to end near record highs. S&P BSE Sensex closed above 53,000, gaining 0.37% while Nifty 50 ended at 15,879, up 0.39%. Broader markets mirrored the up-move. On Thursday morning, SGX Nifty was down in the red, signalling weak momentum ahead of the opening bell. Cues from global peers were mixed. Wall Street equity indices closed in the green overnight but failed to propel Asian markets. Hang Seng, KOSPI, KOSDAQ, Topix, and Nikkei 225 were down with losses on Thursday morning.
Clean Science Technology and GR Infraprojects initial public offers (IPO) opened for subscription yesterday and were both oversubscribed on day one. So far investors have bid for Clean Science Technology’s IPO 1.70 times with retail investors and non-institutional investors oversubscribing their portion. On the other hand, GR Infraprojects IPO was subscribed 2.28 times on the first day. Retail investors have subscribed to the issue 3.25 times while NIIs have bid for their portion 2.68 times. Both the IPOs will remain open for subscription till the end of the week.
Highlights
In the Nifty current series, there has been a Long Build Up witnessed with an increase in price of 0.34% and an increase in OI by 1.10% till Wednesday wherein there was addition of 1.03 lakh shares in OI, increasing from 93.23 lakh to 94.25 lakh shares. Nifty July rollover stands at 6.15% as on Wednesday. Nifty Put Call Ratio, a sentiment indicator used by traders to gauge the market sentiment and mood, is currently at 1.25 compared to 1.12 of last week, indicating positive bias.
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"Nifty recorded the highest ever closing at 15,880. Bith Nifty and Bank Nifty futures saw short covering along with strong writing in 15,800 put and 35,700 puts, respectively. Options data is suggesting a range of 15,700 to 16,000 in Nifty. Expect 16,000 to be tested if we conquer the crucial resistance of 15,915. Supports now shifted to 15,840 and 15,780. Bank Nifty can aim at 37,500 if we cross 36,000," said Rahul Sharma, Director & Head - Research, JM Financial Services.
The Nifty continues to consolidate in a range between 15500-15916 for the last several weeks. The 15900-15916 levels have been tested several times over the same period and found resistance. Even on Tuesday the Nifty reacted from the 15916 levels and corrected. But on Wednesday, the Nifty has again resumed climbing higher on the back of rising momentum readings like the 14-day RSI.
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"In the near term, Q1FY22 earning is likely to provide some direction to the markets, in absence of any major triggers. So, we remain cautiously optimistic and believe any correction at this juncture should be considered healthy as investors will get the opportunity to invest in quality counters on dips. Meanwhile, investors will keep a close watch on global cues," said Ajit Mishra, VP - Research, Religare Broking.
Nifty futures were trading 63 points or 0.40 per cent down at 15,825.50 on Singaporean Exchange, suggesting a negative start for BSE Sensex and Nifty 50 on weekly F&O expiry day. In the previous session, BSE Sensex gained nearly half a per cent, closing above 53,000, while the broader Nifty 50 index posted a record closing high of at 15,879. Investors will watch Q1FY22 earnings which start today with TCS, the pace of vaccinations, reopening of economy.
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SGX Nifty was down 55 points on Thursday morning, signalling a weak start for domestic equity markets on the weekly expiry session.
On the weekly F&O expiry day, Nifty 50 is likely to hit the 16,000-mark while Bank Nifty might surpass 36,200 level. Analysts expect a breakout from consolidation in Nifty and see the possible trading range of 15,800-16,000 in the index. Ahead of weekly options expiry, Nifty 50 made a record closing high of 15,879.65, while Bank Nifty ended over half a per cent higher at 35,771.30 levels. India VIX, the volatility index, cooled off half a per cent to settle at 12.21 levels on Wednesday.
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