India VIX was down with marginal losses on Thursday morning. (Image: Reuters)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened in the green on the weekly F&O expiry session. S&P BSE Sensex was above 61,500 on opening while the NSE Nifty 50 was above 18,300. Bank Nifty along with the broader markets mirrored the up-move charted by headline indices. India VIX was down in red, but still holding above 18 levels. Sun Pharma was up 1.5%, followed by Power Grid, Kotak Mahindra Bank, and NTPC. HCL tech was down half a per cent as the worst-performing Sensex constituent, followed by Titan, TCS, Tech Mahindra, and Bajaj Auto.
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Highlights
BSE Sensex and Nifty 50 were languishing near the day lows on the back of sell-off in the index heavyweights such as Reliance Industries Ltd (RIL), Infosys, Asian Paints, and Tata Consultancy Services (TCS). So far in the day, the 30-stock index hit a day’s low of 60,583.19, and NSE’s Nifty touched a low of 18,072.65. Amid this sell-off, just one stock Kotak Mahindra Bank hit a fresh 52-week high of Rs 2,136.15 apiece on the 30-stock BSE Sensex. Kotak Bank has surpassed its previous high of Rs 2,077.90 apiece, touched on 28 September 2021.
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"In all probability, the correction should be over today as all the gaps are filled and markets should bounce back from tomorrow. Support Zone: 18,000- 18,050. Stay Long, Stay Bullish with closing SL of 18k spot," said Rahul Sharma, Director & Head - Research, JM Financial.
Mukesh Ambani’s Reliance Industries Ltd (RIL) is likely to post strong growth in net profit led by a rise in EBITDA in the July-September quarter of FY22. Analysts expect that Reliance will continue the momentum from the previous quarter into the second quarter of the current fiscal. The oil-to-telecom conglomerate has recently announced several acquisitions through subsidiaries, such as a 100% stake in Norway-based solar cell; panel and polysilicon maker REC Solar Holdings for $771 mn; and 25 million euros (USD29 million) stake in Germany’s NexWafe GmbH. On the stock performance front, RIL share price has soared nearly 10 per cent in the last month, 38 per cent in six months, and over 32 per cent in the year so far.
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Bank Nifty was trading with gains on Thursday while Sensex and Nifty were deep in the red. Bank Nifty was up 0.19% at 39,592.
IRCTC share price halted its free-fall on Thursday -- the stock hit an intraday high of Rs 4,750 in the morning trade. However, IRCTC stock’s very high P/E ratio continues to worry investors. At a trailing P/Diluted EPS of 294x, IRCTC shares trade close to Elon Musk Tesla Inc -- another stock which has repeatedly come under scrutiny for high P/E multiples. IRCTC stock’s forward P/E multiple of 147x too is close to Tesla, according to S&P Capital IQ data. IRCTC’s stock price has nose-dived 29% since the last hour of trade on Tuesday after hitting a market capitalisation of Rs 1 lakh crore. Now the stock trades at Rs 4,750 with a market cap of Rs 71,700 crore.
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Nifty 50 index moved below 18100 on Thursday afternoon as bears continued to force Dalal Street benchmark indices lower.
Overall trend is volatile with hurdle at 18350 and 18450 zones while on the downside support is at 18150 levels. Play the volatile swing in this wider trading range.
Trading Range : Expected wider trading range : 18150 to 18350/18450 zones
Option Writing : Aggressive Option writers can sell 18500 Call and 18100 Put with strict double stop loss
~ Motilal Oswal Finanacial Services
"The index is very close to its support level of 18200. If we need to bounce, this should be the level from where it could happen. Else the Nifty would enter into a consolidation phase for a couple of days before a direction sets in. Until we do not break 18200, the focus should be on looking for avenues to buy this market," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Thursday, mirroring the positive global trends. On Multi Commodity Exchange, gold December futures were ruling at Rs 47,554 per 10 gram, up Rs 55, while silver December futures were trading Rs 118 or 0.18 per cent up at Rs 65,725 per kg. Globally, yellow metal prices inched up, extending gains into a third session on a softer dollar. Spot gold rose 0.2 per cent to $1,784.96 per ounce. US gold futures were little changed at $1,784.60.
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"There are mixed cues for the market with some global tailwinds and domestic headwinds. Strength in the mother market US, declining dollar index and stability in European markets are positives. But these positives are likely to be overwhelmed by the domestic headwinds like high valuations which have become unsustainable and rising commodity inflation which will impact the margins of firms. Sustained selling by institutions - both DIIs and FIIs - indicate that smart money regards the market as overheated and overvalued. The institutional sell figure of Rs 3523 cr yesterday indicates that there can be further selling on rallies. The dip in the broader market and cracks in leveraged momentum plays have pushed the VIX higher by 5%. Retail investors should temper their expectations from the market. Partial profit booking, particularly in overvalued segments, may be considered," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The overall trend is likely to remain volatile and now need to holds above 39300 zones to witness an up move towards 40000 zones while on downside major support is seen at 39300 then 39000 levels. Option traders are suggested to trade with nearby Call like 39500, 39600 strikes or Bull Call Spread Ladder
Trading Range : Expected immediate trading range : 39000/39300 to 40000 zonesOption Writing : Option writers are suggested to write OTM 40100/40200 Call and 38900/39000 Put with strict stop loss
~ Motilal Oswal Financial Services
Sensex was down from initial highs to trade flat with positive bias. The index was holding just above 61,300 while NSE Nifty 50 was hovering around 18,300.
Domestic benchmark indices opened in the green on Thursday. Broader markets were mirroring the up-move. Bank Nifty was above 39,700.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were hiked for the second consecutive day on Thursday by oil marketing companies. Petrol in the national capital today costs Rs 106.54 per litre, up 35 paise from yesterday while Diesel in the capital city is retailing at Rs 95.27 per litre, an increase of 35 paise. Petrol and diesel rates have increased 15 times so far in October. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
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"Nifty is expected to open positive at 18355 , up by 35 points. Since the last few trading sessions Nifty has been Nifty has been correcting and charts suggest it may continue doing so for the next few sessions. Traders are suggested to book profits on every rise and avoid taking new long positions till we get a bullish confirmation. Nifty has support in 18250 and 18150 range and resistance in 17450 and 18480 range," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Sensex and Nifty 50 were up in the green during Thursday's pre-open session. Nifty 50 was nearing 18400 while Sensex touched 61600.
On the weekly F&O expiry day, BSE Sensex and Nifty 50 were set to open in the positive territory. Amid heightened volatility, benchmark indices have been ending in the red for the last two days. Analysts say that the tepid start to the earnings season has led to profit-taking and global cues have also not been very encouraging. “Going ahead, we expect choppiness to continue due to the weekly expiry and the scheduled earnings of some of the index majors so it’s prudent to restrict leveraged positions for the time being and let the markets stabilize,” Ajit Mishra, VP – Research, Religare Broking, said. Nifty crucial support now lies at 18150-18200.
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On Option front, Maximum Put OI is at 17500 followed by 18000 strike while maximum Call OI is at 18500 followed by 19000 strike. Call writing is seen at 18300 then 18400 strike while minor Put writing is seen at 18200 than 17500 strike. Option data suggests an immediate trading range in between 18100 to 18600 zones.
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BSE-listed companies such as Asian Paints, JSW Steel, Biocon, 63 Moons Technologies, Agro Tech Foods, Borosil Renewables, Can Fin Homes, CG Power and Industrial Solutions, Container Corporation of India, ICICI Lombard General Insurance Company, IDBI Bank, Indian Energy Exchange, IIFL Securities, Indian Hotels, IndiaMART InterMESH, Duncan Engineering, Gateway Distriparks, Heritage Foods, Jubilant Industries, Lemon Tree Hotels, LIC Housing Finance, Bank of Maharashtra, Mphasis, Music Broadcast, Rane Engine Valve, Sasken Technologies, South Indian Bank, Sterlite Technologies, Tanla Platforms, Trident, TVS Motor Company, and VST Industries will release second quarter earnings on 21 October 2021.
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In the Nifty’s current series, a short covering has been witnessed with an increase in price of 3.94% and decrease in OI by -5.48% as of Wednesday wherein there was unwinding of 6.38 lakh shares in OI, decreasing from 116.52 lakh to 110.14 lakh shares. Nifty October rollover stands at 18.31%, while Nifty Put Call Ratio, a sentiment indicator used by traders to gauge the market sentiment and mood, is currently at 0.91 compared to 1.53 of last week, indicating positive bias.
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After showing weakness from all-time highs on Tuesday, Nifty witnessed follow-through declines on Wednesday and closed the day lower by 152 points. A long bear candle was formed on the daily chart, which indicate sharp reversal in the market. The recent swing high of 18604 could now be considered as a short term top formation for the Nifty.
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"Nifty closed at almost the intraday low for the second session and advance-decline ratio continued to be sharply negative. 18198 and 17948 are the two successive supports for the Nifty while, 18351 could be a resistance for the near term. Post 1-2 days of more weakness, one may get a chance to bottom fish (especially for traders)," said Deepak Jasani, Head of Retail Research, HDFC Securities.
SGX Nifty was up 30 points on Thursday morning amid mixed global cues. Nifty futures hit at a flat to positive start for equities.
The National Asset Reconstruction Company (NARCL), or the so-called bad bank, is expected to witness the transfer of the first batch of toxic assets worth about Rs 90,000 crore by January 2022, banking sources told FE.
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