India VIX was down in the red. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened with gains on Friday morning, attempting to recoup some of the losses suffered earlier this week. S&P BSE Sensex regained 61,000 mark while NSE Nifty 50 was above 18,200 as headline indices zoomed more than 0.30% each. Bank Nifty was above 40,200, setting fresh record highs. Broader markets were comfortably in the green. India VIX slipped just below 18 levels. HDFC was the top index gainer, up 1.9%, followed by Titan Company Ltd, Power Grid, and Tech Mahindra. Asian Paints was the worst-performing Sensex stock, followed by NTPC, Tata Steel, and L&T.
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As rising costs and supply chain pressures weigh in on stocks on Wall Street, retail investors continue to be major buyers of the dip, said Mike Wilson, chief investment officer and chief U.S. equity strategist for Morgan Stanley. He highlighted that retail investors have continued to pour money into US stock markets, unlike what analysts at Morgan Stanley had believed earlier in September when market correction was taking longer to recover. “Perhaps most importantly for the broader index is the fact that retail continues to be a major buyer of the dip,” he said. Retail participation is high despite the concerns stemming from supply chain pressures and inflation.
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"After broader correction in last 3 days, market seeing some fresh buying interest. We have seen a sharp correction in midcaps and small caps while bank nifty has shown strength. S&P BSE Realty index up by 50% within last 3 months and after a small correcting of 10% again S&P BSE Realty index showing the strength. Stock like Godrej Property up by 2.7%, Oberoi Realty up by 3.8%, Sobha developers up by 2%, etc. All the real estate stock showing good strength and good buying opportunity at this level, we expect the S&P BSE Realty index to reclaim its 52-week highs in near terms. We have a buy call on Sobha developers with a target price of 870," said Yash Gupta, Equity Research Analyst, Angel One.
The volatility gauge was still in the red on Friday, giving up 18 levels. Sensex and Nifty were dancing between gains and losses.
Nifty was dancing between gains and losses on Friday. The 50-stock index gave up 18200, trading flat with marginal losses.
Nykaa, owned by FSN E-Commerce Ventures Ltd, will launch its IPO on Thursday, 28 October 2021. The beauty startup public issue comprises a fresh issue of shares worth Rs 630 crore and an offer-for-sale (OFS) of up to 4.19 crore equity shares by the selling shareholders. The issue will close for subscription on 1 November 2021. The offer includes a reservation of up to 2.5 lakh equity shares for eligible employees. The company, in its red herring prospectus (RHP), said that it may offer a discount of up to 10 per cent of the offer price to the eligible employees bidding in the employee reservation portion. The global coordinators and book running lead managers to the issue include Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, Citigroup Global Markets India, ICICI Securities, and JM Financial. Link Intime India will be the registrar to the issue.
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Sensex was holding just above the 61,000 mark. The index slipped from an intra-day high but was still in the green.
IRCTC share price continues to recover some of the losses recorded earlier this week as it continues to trade in the green for the second day straight. The stock hit an intra-day high of 4,679 per share on Friday. 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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"Expect rally to continue in banks with a target of 42,000 (for Bank Nifty) in early November. Nifty expected to shift gears above 18,200 for an immediate target of 18,500," said Rahul Sharma, Director & Head - Research, JM Financial services.
Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have increased their stake in Titan Company Ltd for the first time in nearly seven quarters. According to the latest shareholding pattern of Titan, the Jhunjhunwala’s now hold a combined 4.9% stake in the company after having trimmed it for three consecutive quarters. Further, the big bull has added more of PSU stock Steel Authority of India (SAIL) to his portfolio, buying an additional 0.4% stake. Titan Company’s stock price has jumped 43% since the end of June this year till today, while SAIL has dropped 8% in value.
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Sensex regained 61,300 during the initial hour of trade on Friday as bulls attempted a comeback. Nifty was nearing 18300.
Domestic benchmark indices started the day with gains. Broader markets mirror up-move. Bank Nifty was above 40,200.
"Benchmark Indices are expected to open on a flattish note as suggested by trends on SGX Nifty. US markets closed positive in the previous trading session while major Asian Indices opened in green today. The uptick in crude prices to a three-year high and a lack of positive surprises in the ongoing earnings season is hitting the investor sentiment. We can see some more traction in the renewable sector as the recent reforms and power shortage have supported the rally in power stocks and investors are now focused on the alternatives energy and the recent acquisition by reliance in this segment has added to this momentum. Nykaa is planning to launch its three-day initial public offering (IPO) on October 28 to raise as much as Rs 5,200 crore. On the technical front, Benchmark Indices witnessed a sell off for the third consecutive session. Immediate support and resistance in Nifty 50 are 18,000 and 18,500 respectively," said Mohit Nigam, Head - PMS, Hem Securities.
Sensex was trading flat with positive bias in the pre-open session, touching 61,000 mark while the Nifty 50 was down with marginal losses.
Ten stocks such as Amara Raja Batteries, Escorts, Vodafone Idea, IRCTC, L&T Finance Holdings, NALCO, Punjab National Bank, SAIL, Sun TV Network and Tata Power were under the F&O ban for 22 October 2021. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.
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The short term weakness of the market seems to be ending now. Positive close in the next session could confirm higher bottom formation at Thursday's low of 18048. A sustainable upmove from here could eventually challenge the recent all time high of 18604 levels in the near term. Immediate support is placed around 18150-18050 levels.
~ Nagaraj Shetti, Technical Research Analyst, HDFC Securities
BSE-listed companies such as HDFC Life Insurance Company, Yes Bank, Apollo Pipes, Bharat Seats, Crompton Greaves Consumer Electricals, Dodla Dairy, Federal Bank, Gland Pharma, Hindustan Zinc, Inox Leisure, Jubilant Pharmova, Kajaria Ceramics, Kirloskar Ferrous Industries, Kwality Pharmaceuticals, Mahindra Holidays & Resorts India, Omkar Speciality Chemicals, Polycab India, ABB Power Products and Systems India, PVR, Steel Strips Wheels, Subros, Sundaram-Clayton, Supreme Industries, Tata Consumer Products, Tata Elxsi, and Zenotech Laboratories will release their second quarter earnings on 22 October 2021.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were hiked for the third consecutive day on Friday by oil marketing companies. Petrol in the national capital today costs Rs 106.89 per litre, up 35 paise from yesterday while Diesel in the capital city is retailing at Rs 95.62 per litre, an increase of 35 paise. Petrol and diesel rates have increased 16 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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The Nifty could immediately trade in a 1.70% range either side from 18200 with a bias on the downside, weekly options data show. The range for the market based on the combined value of the 18200 call and put expiring on October 28 is 17900-18500. The bias, going by the open interest put call ratio of 0.79, is on the downside,indicating traders have sold more call options than puts on the Nifty, expecting the market to decline further and gobbling up the premiums received by selling calls to the option buyers.
And for the coming session, the trading spot band is between 18000 and 18400,which means further upsides are likely once the immediate resistances of 18400 are taken out and weakness could emerge if the supports of 18000 are broken.
~ Raushan Kumar, Derivative Analyst
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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SGX Nifty was in the green on Friday morning. Nifty futures trading in the green hint at a flat to positive start.
Prime Minister Narendra Modi will address the nation at 10 AM today. The Prime Minister will address the nation a day after India crossed the 100 billion mark in its vaccination drive.
The Bombay High Court on Thursday asked Zee Entertainment Enterprises (Zee) to cohttps://www.financialexpress.com/industry/bombay-high-court-asks-zee-to-call-egm-as-sought-by-invesco/2354387/nvene an extraordinary general meeting (EGM), as requisitioned by its single largest investor Invesco Developing Markets Fund. However, the court added that the results of the EGM be kept in “abeyance” till it decides on the legality of the requisition. Further, the EGM should be chaired by a competent person such as a retired high court judge, a senior counsel or someone from the corporate world, the order stated.