India VIX closed with losses on Wednesday. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices closed with losses on Wednesday, a day ahead of the muhurat trading session on Diwali. S&P BSE Sensex closed 257 points or 0.43% lower at 59,771 while the NSE Nifty 50 ended 59.75 points lower at 17,829. Bank nifty breached 40,000 mark earlier in the day but failed to hold above the said levels and closed in red. Broader markets closed with losses, except Nifty Next 50, which was up 0.57%. India VIX closed in red. Larsen & Toubro Ltd. was top Sensex gainer, up 4%, followed by Ultratech Cement, Asian Paints, and State Bank of India. Sun Pharma, IndusInd Bank, and Kotak Mahindra Bank were among the top laggards.
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Highlights
Dometic benchmark indices closed with losses for the second day straight on Wednesday. S&P BSE Sensex closed 257 points or 0.43% lower at 59,771 while the NSE Nifty 50 ended 59.75 points lower at 17,829. Larsen & Toubro Ltd. was top Sensex gainer, up 4%, followed by Ultratech Cement, Asian Paints, and State Bank of India. Sun Pharma, IndusInd Bank, and Kotak Mahindra Bank were among the top laggards. Bank nifty breached 40,000 mark earlier in the day but failed to hold above the said levels and closed in red. Broader markets closed with losses, except Nifty Next 50, which was up 0.57%. Dalal Street will open on Thursday evening for muhurat trading.
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Domestic benchmark indices closed Wednesday’s trading session in the red. India VIX fell over 5%. Bank Nifty failed to hold above 40,000 and closed in red.
India VIX, the volatility gauge, was down 6% on Wednesday. The index was nearing 16 levels after weeks of hovering between 17 and 18 levels.
India saw 11 individuals making an annual donation of over Rs 100 crore in the financial year 2020-21. Wipro’s Azim Premji retained the top spot among philanthropist billionaires of India for a second time. Premji hiked his donations 23 per cent on-year last fiscal, according to the recent EdelGive Hurun India Philanthropy List 2021. Hurun India and EdelGive released the eighth edition of the list, ranking the most generous people in India based on the value of their donations between 1 April 2020 and 31 March 2021.
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BSE Sensex and Nifty 50 were trading over half a per cent down on Wednesday, due to sell-off in index heavyweights such as ICICI Bank, ITC, and Hindustan Unilever Ltd (HUL). So far in the trade, the 30-stock index hit a day’s low of 59,648, while the NSE Nifty gave up the 17,800 levels. Amid this weakness, just two stocks Larsen & Toubro (L&T), and State Bank of India hit their respective 52-week highs on S&P BSE Sensex. L&T hit a new high of Rs 1,912.85, and SBI stock rose to Rs 528.25 apiece. While no stock hit a 52-week low on S&P BSE Sensex so far on Wednesday.
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Sensex was well below 59,800 mark on Wednesday with less than an hour left before the closing bell. Nifty was below 17,800.
The domestic passenger vehicle and two-wheeler volumes remained weak despite the festive season, but the ease in restrictions on the movement of goods by the various state governments and recovery in the core infrastructure sector have enabled the Commercial Vehicles sales volumes to go up. The impact of pandemic on the rural economy continues to have a negative impact on two Wheeler domestic sales, while Passenger Vehicle volumes continued to reveal a slowdown on account of the severe global shortage of semiconductors. Acuité Ratings
Macro headwinds like high oil prices, supply chain disruptions, the debate on transient versus structural inflation, the possibility of hardening interest rates across the globe, internal economic challenges in China and its global ramifications, and the ongoing US-China spats will keep global and local markets volatile. The markets are currently not fully discounting these headwinds but having said that stocks will track earnings and valuations, and to that extent companies whose stock prices are reflecting the optimistic outlook 3-4 years down the line are most vulnerable to price and time corrections. Krishna Kumar Karwa, Managing Director - Emkay Global Financial Services
Over the past one year we have seen the Nifty deliver a 50% return, and the small /mid-cap indices broadly delivered around 80% returns. It will be unfair to assume that the benchmark indices will deliver similar returns in the short term. Benchmark index returns in the short term may not be the right way to assess the investment opportunity. A carefully constructed portfolio which harnesses the tailwinds, which the Indian Economy is expected to enjoy in the coming years, should deliver 12-15% compounded returns over the medium term. Right from IT, domestic manufacturing, real estate, and real estate full chain, to financial services, capital market intermediaries, and capital goods --- all the sectors are expected to do well over the medium term. Hence, over the medium term investors can make significant wealth by investing in domestic equities. Krishna Kumar Karwa, Managing Director - Emkay Global Financial Services
Broader markets slipped into the red along with the benchmark indices on Wednesday. Nifty Smallcap 50 was down 0.8% while the Midcap 50 index was down 0.4%.
India’s services PMI (seasonally adjusted) expanded sharply in October, with the index moving to 58.4 - the highest in over a decade The robust recovery likely signals strong pent-up demand of the domestic economy amid an ongoing festive season. The composite PMI moved to 58.7 in October - the strongest reading since January 2012. October marks the third month following India’s second COVID wave in which the services PMI exceeded the manufacturing PMI, reflecting a shift in sequential growth drivers.
~ Barclays
Sensex moved below 60,000 on Wednesday as the benchmark indices gave up gains and moved into the negative territory.
Sensex and Nifty 50 were up with gains on Wednesday and broader markets were mirroring the up-move. S&P BSE Sensex regained 60,300 mark while the NSE Nifty 50 was closing in on 18,000. Bank Nifty breached 40,000 during the morning trade and added to gains. On the other hand, India VIX was down in the red, giving up 17 levels. Amid the positive market momentum, Vodafone Idea was the top volume gainer with more than 3.47 crore equity shares exchanging hands between investors. However, in terms of value, Larsen & Toubro was the highest traded stock on NSE.
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Adani Power on Wednesday said that it has got National Company Law Tribunal (NCLT) approval to acquire Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh.
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Domestic market’s correction may soon be over and Nifty 50 index could once again challenge life-time highs at 18,600, said domestic brokerage and research firm ICICI Direct. The brokerage firm believes the structural bull-run of domestic markets is intact and it is now time for investors to start buying again. Since May 2020, on three occasions Nifty has clocked new highs after undergoing average 9% correction. “We expect Nifty to maintain the rhythm of not correcting for more than 9% observed since May 2020,” ICICI direct said in a report. So far, the benchmark 50-stock Nifty has corrected 6% from its all-time high of 18,600.
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Nifty turned lower exactly from the 18020-barrier suggested yesterday. The expectation was a subsequent breach of the same. That this did not occur, suggest that the least resistance was enough to keep the upside attempts honest. We will continue to expect the ongoing momentum to take Nifty as far as the 18170-400 region before distribution strengthens. The 17350 view will be revisited once this move unfolds, but will be forced to revert to it if 17760 gives away today.
~ Geojit Financial Services
Unwinding was seen in the Nifty Futures where Open Interest fell by 3.94% with Nifty falling by 0.23%. Short covering was seen in the Bank Nifty Futures where Open Interest fell by 4.16% with Bank Nifty rising by 0.44%
~ HDFC Securities
Diwali is one of the biggest Hindu festivals, celebrated not just in India but in many other countries too. During this festival, one of the auspicious things is to wear gold or buy (invest) in the gold. Gold is a positively-charged metal that promotes optimal oxygen distribution to the cells in your body. And that’s the reason many Indians wear gold jewellery during festival days. Apart from an investment or buying gold on an auspicious day (Dhanteras), people also trade (frequently buy and sell) to make money out of it. Some traders look at it from an industrial point of view also as it is used in the manufacturing of electronics.
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Domestic benchmark indices opened in the green on Wednesday morning. Broader markets traded with gains. India VIX gave up 17 levels.
Nifty regained 17,900 in the pre-open session. Sensex was above 60,300.
Sensex was up 500 points during the initial minutes of pre-open session while Nifty 50 was trading flat with positive bias.
"The underlying trend of Nifty remains positive and the immediate resistance of 18050 is expected to be taken out on the upside soon. A sustainable upmove above the immediate hurdle could pull Nifty towards the next resistance of 18300 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
BSE-listed companies such as State Bank of India (SBI), Eicher Motors, Aditya Birla Fashion and Retail, Bata India, DCM Shriram Industries, GPT Infraprojects, Grindwell Norton, Gujarat State Petronet, Gujarat Alkalies & Chemicals, Likhitha Infrastructure, Pfizer, RattanIndia Power, Sharon Bio-Medicine, and Uflex will release September quarter earnings.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Wednesday. Nifty futures were trading 51.50 points or 0.3 per cent higher at 17,972.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex ended 109 points lower at 60,029 while NSE Nifty 50 dropped 40 points to end at 17,888. Given Diwali on Thursday, this week is a truncated one with all eyes awaiting the outcome of US Fed MPC which could provide direction to the future course of the market. “On the domestic front, earnings season so far has been mixed while macro data points have been robust – giving investor confidence with regards to economic recovery. We estimate Nifty EPS to grow at 35%/20% to INR730/INR874 for FY22E/FY23E, respectively,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
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"Nifty is expected to open flat to positive at 17915, up by 25 points. Since the last few trading sessions Nifty has been struggling to give a positive close with higher-than-average volumes, which means there is still weakness renaming. Nifty has resistance in the 17950-18050 range and support at 17600 and 17450 levels. Traders are suggested to book profits on every rise and not initiate new long positions till we see a closing above 18350 levels," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were left unchanged by oil marketing companies on Wednesday, after seven days of successive hikes. Petrol in the national capital today costs Rs 110.04 per litre, while diesel in the capital city was retailing at Rs 98.42 per litre, same as yesterday. Rates were increased for seven successive days till yesterday. 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 daily price action formed a bull candle carrying higher high -low with small lower shadow, highlighting pause in downward momentum. Going ahead, the formation of higher high -low along with decisive close above 18050 would open the door for extended pullback towards 18200. Failure to do wo would lead to base formation 17500 -18000, in the process, stock specific action would prevail amid progression of Q2FY22 earning season. We believe, such a base formation after 20% rally (seen over past three months) that would make market healthy. Hence, ongoing corrective phase should not be construed as negative, instead dips should be capitalised on to build quality portfolio over medium term
For the coming session, the trading spot band is between 18050 and 17800, which means further upsides are likely once the immediate resistances of 18050 are taken out and weakness could emerge if the supports of 17800 are broken.
~ Raushan Kumar, Derivative Analyst
Samvat 2077 has turned out to be historic year for equities, despite the pandemic. The benchmark Nifty50 clocked its best ever returns 12 years. While loose monetary policies adopted by global central banks was a big factor that drove markets, strong retail participation was also a key trend that emerged.
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IPOs of Policybazaar, SJS Enterprises, and Sigachi Industries will close for subscription today. While the issue of SJS Enterprises is yet to fully subscribed, that of Policybazaar and Sigachi Industries have been oversubscribed.
SGX Nifty was trading with gains on Wednesday morning, hinting at a flat to positive start to the day's trade. Nifty futures were up 40 points ahead of the opening bell.