India VIX closed in the red on Monday.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed in the positive territory on Monday, recouping some losses suffered during the previous week. S&P BSE Sensex scaled above 55,700 earlier in the day but closed at 55,555, gaining 0.41%. NSE Nifty 50 attempted to regain 16,600 during the early hours of trade but closed at 16,496, jumping 0.28%. Bank Nifty gained 0.26% during the day, closing at 35,124. Broader markets underperformed as midcap and smallcap indices on NSE closed in the red. NSE Midcap 50 ended 0.71% lower while the Smallcap 50 closed 2.19% lower. HCL Tech zoomed 4.37% to end the day as the top Sensex gainer, followed by TCS, Bajaj Finserv, Nestle India, and Bharti Airtel. Mahindra & Mahindra was the worst Sensex constituents today, falling 2.53%. This was followed by Bajaj Auto, Ultratech Cement, Power Grid, and ITC.
Highlights
Dometic benchmark indices started the week on a positive note, ending the day in the green, recovering some of last week’s losses. S&P BSE Sensex scaled above 55,700 earlier in the day but couldn’t hold the lead and closed at 55,555. NSE Nifty 50 closed at 16,496, jumping 0.28%. HCL Tech zoomed 4.37% to end the day as the top Sensex gainer, followed by TCS, Bajaj Finserv, Nestle India, and Bharti Airtel. Mahindra & Mahindra was the worst Sensex constituents today, falling 2.53%. This was followed by Bajaj Auto, Ultratech Cement, Power Grid, and ITC. Bank Nifty gained 0.26% during the day, closing at 35,124. Broader markets underperformed as midcap and smallcap indices on NSE closed in the red. NSE Midcap 50 ended 0.71% lower while the Smallcap 50 closed 2.19% lower. India VIX closed in the red.
Read full story
Domestic equity benchmarks closed the day’s trade in the green. Broader markets underperformed headline indices. Bank Nifty closed at 35,124 or up 0.26%.
Mumbai-based investment bank, Equirus Group, recently announced the closure of 5 transactions worth Rs 42 billion in just 45 days. With the successful listing of Krsnaa Diagnostics, Equirus has gained solid momentum on the capital markets front raising this significant amount via its transactions. “We would like to thank all the stakeholders associated with us throughout this phase. Closing 3ECM deals within a week, completing a total of 5 transactions, and raising Rs. 45 billion transactions in just 45 days is indeed a milestone in Equirus Capital’s journey so far. We are elated and this is indeed a proud moment for the group. Achievements like these are the outcome of our tremendous and collaborative teamwork and I am sure that this is just the beginning of many more milestones that we intend to achieve in the times ahead," said Ajit Deshmukh, Managing Director and Co-Head Investment Banking, Equirus.
Nifty was just shy of 16,500 ahead of the day's closing bell. Meanwhile, Sensex was trading above 55,500.
Sensex was just below 55,600 while the Nifty 50 index was above 16,500 with minutes to go before the closing bell.
Bank Nifty was up in the green on Monday afternoon. The banking index was closing in on 35,200 just ahead of the closing bell.
Leading stock exchange NSE has asked investors to refrain from investing in unregulated derivative products such as contracts for difference and binary options offered by internet-based trading platforms. In a statement, the exchange said that investors falling prey to the promises of high or exorbitant returns by these trading platforms may eventually lose money heavily. Accordingly, investors have been advised to refrain from dealing or investing in such products, it added.
Read full story
After a strong 118% rally in 73 weeks, upside from current levels may be limited for the benchmark Nifty 50 index. Satish Menon, Executive Director at Geojit Financial Services, in an interview with Kshitij Bhargava of Financial Express Online says he expects Nifty to be in the range of 16000-16500 by March 2022. He further added that valuations, although down from their all-time highs are still trading well above their 5-year averages. On the correction in the midcap and smallcap space, Satish Menon is not too worried but sees it as a much-needed correction after the stellar run since April 2020. Here are the edited excerpts.
Read full story
HCL Tech share price was up 5% on Monday as the top Sensex gainer. This was followed by TCS, Bajaj Finserv, and Bharti Airtel.
It’s raining IPOs on Dalal Street! Following a busy first half of 2021, the domestic primary market is set to have an even busier second half of the year, with many firms lining up to float their initial public offerings. This is an opportunity for investors to add stocks to their portfolios at the offer price. Indian companies have raised nearly $3 billion via IPOs so far in 2021, the best start of a year since 2018. Market liquidity is aided by both foreign and domestic investors. The gradually recovering economy has boosted investor sentiment, making it an opportune time for companies to list on stock exchanges.
Read full story
Nifty Realty, Nifty Auto, Nifty FMCG, Nifty Consumer Durable, and Nifty Media were trading in the red on Monday while other sectoral indices on NSE were up in the green.
A new report from the Deloitte Economics Institute shows India must act now to prevent the country losing US$35 trillion in economic potential over the next 50 years due to unmitigated climate change. The report, titled, “India’s turning point: How climate action can drive our economic future”, also reveals how the country could gain $11 trillion in economic value instead over the same period, by limiting rising global temperatures and realising its potential to ‘export decarbonisation’ to the world.
“We have a narrow window of time -- the next 10 years -- to make the decisions needed to alter the trajectory of climate change. No one is immune to the impact of climate change, but for India this is a window of opportunity to lead the way and show how climate action is not a narrative of cost but one of sustainable economic growth. As India aspires to be a US$5 Trillion economy, it is not just foreign and domestic investments that will be key in driving growth, we must also take this opportunity to align our ambitions with climate choices,” says Atul Dhawan, Chairperson, Deloitte India.
Going against the analysis of some value investors, domestic brokerage and research firm ICICI Securities has termed the newly listed Zomato as a value stock, unlike what the street believes it to be. Initiating the coverage of Zomato, ICICI Securities said that the food-tech giant could scale as much as 70% from current levels. On Monday morning, the stock was down 7%, hitting an intra-day low of Rs 129.4 apiece. Anchor investors of Zomato, who pumped in Rs 4,196 crore into the IPO last month can sell their holdings in the month-old market debutant stock from today, ending the lock-in period.
Read full story
HDFC bank is India’s largest private sector bank with an asset book of Rs. 11.3 lakh crore in FY21 and deposit base of Rs. 13.4 lakh crore. The Bank has a very well spread out book with wholesale constituting ~54% of the asset book while retail accounted for the remaining 46% of the loan book. Q1FY22 numbers were impacted due to the second Covid wave which has led to an increase in GNPA/ NNPA by 15/8bps QoQ to 1.5% and 0.5% of advances. Restructured advances at the end of the quarter stood at 0.8% of advances as compared to 0.6% in Q4FY21. The bank posted NII/PPOP/PAT growth of 8.6%/18.0%/16.1% for the quarter despite higher provisioning on the back of strong loan growth of 14.4% YoY. NIMs for the quarter declined by~10bps sequentially to 4.1% due to interest reversals and change in product mix. The management has indicated that 35-40 days of collections had been lost, but expects healthy recoveries from slippages in 2QFY22 which should lead to lower credit costs going forward. Given best in class asset quality and expected rebound in growth from Q2FY22 we are positive on the bank given reasonable valuations at 3.0xFY23 adjusted book which is at a discount to historical averages. We value the stock at3.7xFY23 adjusted book and arrive at a target price of Rs. 1859.
~ Angel Broking
New India Assurance Company Ltd was the top gainer on BSE 500, jumping 9.7%. This was followed by Aster DM Healthcare, TCI Express, and Welspun India.
India VIX, the volatility index, was up intra-day lows but still in the red. The fear gauge was nearing 14 levels.
"Indian markets opened on a strong note today, tracking firm cues from the Asian bourses. However, the opening gains have failed to sustain and barring the IT sector, all the indices have turned red. Broader markets have again cracked, with CNX Smallcap 100 and Midcap 100 index down over 2% and 1%, respectively. The Nifty still remains in a healthy uptrend. However, given the swift 1,200 rally over the last three weeks, we are witnessing a cool off at present. Technically, 16360 is the immediate key support to keep an eye on. Break below that could cause the index to correct till 16100-16000 levels in the days ahead. On the upside, 16600 is now a key resistance. Until it is not surpassed, the short-term selling pressure is likely to persist," said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS.
On Friday, we had set out with an expectation of an upswing that would revive the possibilities of 17130 again. However, we did not want to get ahead of ourselves, as at one point on Wednesday, Nifty had looked poised to collapse to 15970. Towards this end, we wanted to gauge the momentum of upsides on Friday, once inside 16425-16550 region, before confirming our directional bias. The wild swings inside 16400-16500 on Friday justifies our caution, but the odds remained evenly balanced. Today, favoured view expects 16570 to hold early upsides, followed by a struggle inside 16520-16450 to establish dominance. A pull back again beyond 16570 would signal rapid ascent to 17130-200. Alternatively, the inability to float above 16450 could bring bears back in action and aim for 16200 or 15700s, but this appears a low probability scenario for now.
~ Geojit Financial Services
Commodity prices traded mixed with most of the commodities in non-agro segment traded under pressure witnessing selling for the week. Gold prices managed to end in green while silver prices declined following weak global cues. Crude oil and base metals plunged on-demand growth worries over rising COVID cases.
Read full story
Sensex and Nifty continue to move lower, trimming opening gains. Nifty was below 16,450.
Share price of Nuvoco Vistas rebounded from the listing lows but was still well below its IPO price band. The debutant stock started trading at 17% discount to the issue price.
Equity benchmarks witnessed a roller coaster ride during the previous week amid volatile global cues. Nifty ended the truncated week at 16451, down 0.5%. However, broader market indices extended profit booking as Nifty midcap, small-cap lost 1%, 3%, respectively. Sectorally, IT, FMCG stayed at forefront while financials and metal underperformed.
Read full story
Nuvoco Vistas shares made a weak listing on the stock exchanges, even though benchmark indices and broader markets were trading with gains. Shares of the company began trading at Rs 471 apiece today, down 17.37% from the upper end of the IPO price band of Rs 570 per share. With this Nuvoco Vistas became the second recent listing to trade at discount on listing, after CarTrade Tech. Nuvoco Vistas, the fifth largest cement player in the country by capacity, had entered the primary market earlier this month to raise Rs 5,000 crore. The massive IPO of the company was subscribed 1.71 times by investors. Upon listing the market capitalization of Nuvoco Vistas was Rs 16,822 crore.
Read full story
Zomato share price dropped more than 5% today morning. Anchor investors of Zomato can from today sell the shares of the company.
"After last week's rampant sell off globally, today's trade setup hints at a recovery as Asian markets have opened higher as investors try to take advantage of the corrected prices. Japan, South Korea and Australian markets edged higher while Dow Futures is also trading on the upside. Oil prices show recovery, Brent rises after taking support at crucial levels. On the domestic front, all eyes would be on the announcement of the National Monetization Pipeline (MNP) which will lay a roadmap over asset monetization programs of state infrastructure over a period of next 4 years. Aurobindo Pharma cancels the deal to buy 51% stake in Cronus Pharma Specialities, Spicejet introduces 14 new domestic flights, board of SRF to consider issue of bonus shares. As several more companies continue to apply to SEBI for listing, coming weeks shall continue to witness IPO frenzy. Nuvoco Vistas to list on bourses today. On the technical front, 16,300 and 16,750 are immediate support and resistance in Nifty 50," said Mohit Nigam, Head - PMS, Hem Securities.
India VIX was down more than 3% on the opening bell sitting at 13.5 levels.
Domestic equity markets started the day in the positive territory. Broader markets mirror up-move. Bank Nifty jumps 0.82%.
"Nifty is expected to open positive at 16580, up by 170 points since yesterday's close. Nifty has strong support at 16350 and 16400 levels. It may face resistance at 16600 and 16620 levels. New buying should be considered if Nifty closes above 16650 with higher than average volumes," said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.
Sensex extending gains in pre-open session and zoomed past 55,600 levels. Nifty 50 was nearing 16,600.
Sensex regains 55,500 levels during the pre-open session on Monday while the NSE Nifty 50 index was above 16,500.
Food-tech giant Zomato could be active on the stock exchanges today. From today the anchor investors of Zomato can sell shares of the company. Zomato had managed to raise Rs 4,196 crore from a total of 186 anchor investors just ahead of its initial public offering. Marquee investors such as Tiger Global Investment Fund, Blackrock Global Funds, Fidelity Funds, JP Morgan, Morgan Stanley, T. Rowe Price, SBI, Kotak funds, Government of Singapore, Goldman Sachs, ICICI, HDFC, and UTI MF invested in the company through the anchor investor portion.
Infosys could be in action today as the company faces heat from the government officials for its failure to offer seamless operation of the Income Tax portal. The same was unavailable for two straight days. Finance Minister Nirmala Sitharaman has summoned Infosys MD and CEO Salil Parekh today.
SGX Nifty is up 170 points ahead of the day's opening bell. SGX Nifty has extended its gains from being 140 points higher earlier in the day.
Nifty started the previous week on a flat note and traded with extreme volatility on either side throughout the week. However, Friday's sell-off dragged index lower to end near low's. Nifty closed at 16451 with a loss of 79 points on a weekly basis.
Read full story
The Benchmark index has formed a bearish harami candlestick pattern in the weekly time frame at the all-time high levels, the bearish pattern will be confirmed when the prices will close below the harami pattern. Momentum oscillator RSI (14) has dropped sharply from its overbought levels and currently reading at 65 levels with bearish crossover on the daily interval.
Read full story
SGX Nifty was up more than 170 points on Monday morning ahead of the day's trade. Asian stock markets were sitting in the green.
Amid a raging row over the hefty taxes on petrol and diesel, NITI Aayog is learnt to have proposed a formula whereby the two motor fuels and electricity could be brought under the goods and services tax (GST) in one go, without causing much Centre-state tussle. According to the think-tank’s formula, the Centre would compensate the states for potential revenue losses on account of shifting electricity – which is currently being taxed by the states exclusively – to GST for about six years.
Read full story
The Indian stock market will see the listing of Nuvoco Vistas today. The Rs 5,000-crore Nuvoco Vistas IPO got 1.71 times subscription, and was available at a price band of Rs 560-570 per share. In the primary market, Nuvoco shares were seen trading at discount to IPO price. Nuvoco shares were trading at Rs 556, a discount of 2.5 per cent in the grey market, over the issue price, according to the people who deal in unlisted shares of the companies.
Read full story