India VIX closed in the red. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed with losses on Wednesday. S&P BSE Sensex fell 314 points or 0.52% to end at 60,008 while Nifty 50 was just below 17,900 at the end of the day’s trade. Bank Nifty closed 0.69% lower at 38,041 while the broader markets closed largely in the red, except the Nifty Smallcap 100. India VIX ended 1.45% lower, giving up 14.98 levels. Asian Paints was the top gainer on Sensex, up 2.35%, followed by Maruti Suzuki, Power grid, and NTPC. Reliance Industries was the top laggard, down 1.91%, followed by Axis Bank, Kotak Bank, Bharti Airtel, and Titan.
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Bears continued to control Dalal Street momentum on Wednesday, forcing benchmark indices lower for the second day straight. S&P BSE Sensex fell 314 points or 0.52% to end at 60,008 while Nifty 50 was just below 17,900 at the end of the day's trade. India VIX ended 1.45% lower, giving up 14.98 levels. Asian Paints was the top gainer on Sensex, up 2.35%, followed by Maruti Suzuki, Power grid, and NTPC. Reliance Industries was the top laggard, down 1.91%, followed by Axis Bank, Kotak Bank, Bharti Airtel, and Titan. Bank Nifty closed 0.69% lower at 38,041 while the broader markets closed largely in the red, except the Nifty Smallcap 100.Read full story
Nykaa share listing last week made investors rich and promoters richer, with the stock nearly doubling from the IPO price. On the debut day, Nykaa shares rallied 96.15 per cent to close at Rs 2,206.70 against issue price of Rs 1,125 on BSE. The rally in the Nykaa stock price pushed the wealth of top promoters of the firm to up to thousands of crores of rupees. Moreover, Nykaa founder and CEO Falguni Nayar became India’s richest self-made woman billionaire, according to the Bloomberg Billionaires Index.
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Bank Nifty index was down in the red on Wednesday, falling 0.40% to sit at just above 38,100.
Sensex and Nifty were dancing between gains and losses on Wednesday, extending their consolidation phase. S&P BSE Sensex was hovering around 60,200 points while the NSE Nifty 50 index was above 17,950. Bank Nifty index was shy of 38,200 while broader markets were largely in the red. The volatility gauge, India VIX, was just above 15 levels, trading flat after having opened with losses. In terms of volume, Vodafone Idea was the top gainer with more than 8 crore equity shares of the telco exchanging hands on NSE. On the other hand, Apollo Hospitals Enterprises was the value topper.
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Reserve Bank of India (RBI) governor Shaktikanta Das on Tuesday called for a deeper discussion on the issue of cryptocurrencies, given the central bank’s reservations on the subject. “When the central bank says that we have serious concerns from the point of view of macroeconomic and financial stability, there are far deeper issues involved,” Das observed at the State Bank of India’s Economics Conclave.
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India VIX, the volatility gauge, was above 15 levels on Wednesday. The fear gauge gained more than 1% as benchmark indices traded with losses.
Since last 10 odd sessions, Nifty has done nothing. In fact if we take a close look at the daily time frame chart, we can see prices oscillating precisely within the boundaries of a small ‘Upward Sloping channel’. Due to last two days’ of small correction, we are trading at the mid-point of this trading range; but some of the heavyweights are now indicating a possible weakness from hereon. For the coming session, 17900 – 17800 are the levels to watch out for. This being the lower boundary of the ‘Channel’ pattern, a sustainable breach of this lower range would lead to further correction in coming days.
On the flipside, 18130 followed by 18200 are to be considered as stiff hurdles. We continue to remain cautious on the market and advise using intraday rebounds to lighten up longs. Yesterday’s correction was mainly led by RELIANCE and banking space; hence all eyes on these going ahead as they are going to dictate the near term direction.
~ Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
Sapphire Foods IPO allotment has been finalized by the company with the stock expected to debut on the bourses later next week. Sapphire Foods, a YUM Brands franchisee operator in India, Sri Lanka and Maldives, saw its Rs 2,073 crore IPO garner strong interest from investors, with the overall subscription tally reaching 6.62 times as all category of investors oversubscribed their portion of the issue. The initiation of refund or the unblocking of ASBA account will take place today with shares being credited to investor accounts tomorrow.
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"We expect, the Bank Nifty index to continue with its consolidation around the crucial support area of 50 days EMA. Hence use intraday dips towards 38100 -38170 for creating long position for the target of 38440, maintain a stoploss of 37980," said ICICI Direct.
Asian Paints was the top Sensex gainer on Wednesday, up 2.4%, followed by Power Grid, NTPC, and SBI.
Go Fashion (India) IPO opened for subscription today as the company looks to raise Rs 1,014 crore from the primary market. Apparel brand Go Fashion’s public issue is a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders of the company. The issue is offered to investors in a fixed price band of Rs 655-690 per share from today. On the day of the opening of the IPO, trends in the grey market suggest strong interest in the company with a heavy premium of Rs 555 apiece, or 80%, above the issue price.
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Sensex turned green on Wednesday after having opened with losses. The index was trading flat with a positive bias while Nifty 50 was just below 18,000.
"We expect the index to prolong the ongoing consolidation in the broader range of 18200-17700 amid stock specific action as sectoral churn continues. Over past 11 sessions index has retraced 61.8% of 9 sessions decline (18604-17613) seen during October. The lack of faster retracement on either side indicates extended consolidation which would offer incremental buying opportunity as index approaches price/time wise maturity of correction," ICICI Direct said.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading marginally up in India on Wednesday, following international trends. On Multi Commodity Exchange, gold December futures were trading Rs 32 up at Rs 49,070 per 10 grams. Silver December futures were ruling at Rs 66,384 per kg, up Rs 150, as against the previous close of Rs 66,234 per kg.
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"Since the last few trading sessions Nifty has been facing strong resistance in 18100-18200 range and has support in 17800-17850 range. Traders are suggested not to initiate new long positions till the time Nifty gives a daily close above 18200 with higher-than-average volumes," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Sensex was up from opening lows but still in red. The benchmark index regained 60,100 while NSE Nifty 50 was above 17,950.
Domestic benchmark indices mirrored Asian peers on opening bell, starting the day with losses. Broader markets trade mixed. India VIX was down 4%.
Sensex sits below 60,200 in pre-open session while the Nifty 50 index was just above 17,900 as indices look set to open with losses.
Nifty below 17,800 in pre-open session, Sensex sits in red, gives up 60,200
The Nifty 50 and BSE Sensex ended 145 and 396 points lower, respectively. Among sectors, PSU Banks and Pharma indices witnessed selling pressure, while despite weak market sentiment, the Auto index rallied over 2.5 per cent. Technically, on intraday charts, the Nifty and Sensex formed lower top formation which is broadly negative.
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"Stock specific actions can be witnessed in stocks such as Coforge (filed papers with US securities and Exchange Commission for a proposed IPO) and Ashoka Leyland (the commercial vehicle maker's EV arm Switch Mobility has bagged a contract for the supply and operation of 300 electric buses for Bengaluru Metropolitan Transport Corporation). On technical front, the key resistance level for Nifty 50 are 18,100 followed by 18,200 and on the downside 17,850 followed by 17,800 can act as strong support," said Mohit Nigam, Head - PMS, Hem Securities.
The Nifty weekly strike wise PCR OI of 18000 fell to 0.85 vs 0.1.10, indicating call writing and fresh call writing was seen at strike price 18100 , which indicated that the index could continue the previous day trend . This pushed index PCR OI lower from 0.99 to 0.86, indicating there was more buildup of OI in the call segment. Buildup of OI was seen in the 18100 call. Combined with a fall in the option price, it indicates that call writing has happened at these strikes implying immediate resistance at these levels for the near term. So, further downsides are likely once the immediate support of 17930 is taken out.
~ Raushan Kumar, Derivative Analyst, IIFL Securities
BSE Sensex and Nifty 50 were likely to start in the negative territory on Wednesday, as suggested by trends on SGX Nifty in early trade. In the previous session, the 30-stock Sensex slipped 396 points or 0.65% to close at 60,322 points while Nifty 50 index dropped 0.61% to settle at 17,999. Analysts say that due to the last two days’ of small correction, Nifty is trading in range; but some of the heavyweights are now indicating a possible weakness from hereon.
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Nifty futures were trading 66 points or 0.4 per cent down at 17,939 on Singaporean Exchange on Wednesday, a day before weekly F&O expiry. The primary market will see one more IPO — Go Fashions — opening up for a subscription today. Analysts said that the overstretched valuations with a number of global financial services firms maintaining a cautious view on Indian equities were affecting the markets sentiments.
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"Nifty has closed marginally below its 10-day EMA of 18,012, and very close to 20-day EMA of 17,991. Any further weakness from here can push the Nifty directionally lower towards 17,700. Today should be a make-or-break day for the Nifty. Bias remains bearish below 17,991," said Rahul Sharma, Director & Head - Research - JM Financial.
The Sebi issued a consultation paper on Tuesday, seeking public comments on matters like utilisation of proceeds from fresh equity issued by companies and conditions for offer-for-sale (OFS) for significant shareholders, mainly in new-age technology companies.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of petrol and diesel have been left unchanged for the 13th day straight on Tuesday by Oil Marketing Companies. Last reduction in fuel price came on Diwali as center and state governments decided to cut taxes. Petrol in the national capital today costs Rs 103.97 per litre, while diesel in the capital city was retailing at Rs 86.67 per litre. Rates were reduced as center government cut excise duty on fuel and state governments trimmed VAT. 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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Investors would now keep an eye a slew of data including Euro GDP, US retail sales data. Primary market continues abuzz with one more IPO opening up on Wednesday. Overall market is in consolidation mode as valuations are rich despite good quarterly performance. Further, global cues are also keeping markets volatile. We expect the long-term fundamentals of the market to remain positive and hence investors can look to accumulate good quality stocks. However increased volatility could be seen in the near term.
~ Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
"The broader range movement for the Nifty is intact and the lows of 17800-17850 is expected to offer support in the next few sessions. Any weakness below 17800 could retest the last swing low of 17600 levels. As long as the minor positive chart pattern of higher tops and bottoms is intact, there is a hopes of upside bounce from the lows," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
SGX Nifty was down 59 points on Wednesday morning, hinting at a weak start to the day's trade. Cues from Asian peers were weak.
Go Fashion (India) Ltd, which owns women’s wear brand Go Colors, on Tuesday said it has raised a little over Rs 456 crore from anchor investors ahead of its IPO roll-out on Wednesday. The company has decided to allocate a total of 66,10,492 equity shares to 33 anchor investors at Rs 690 apiece, aggregating the transaction size to Rs 456.12 crore, according to a circular uploaded on the BSE website.
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