India VIX closed with losses. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty were revisited by the bulls on Thursday’s monthly F&O expiry session. S&P BSE Sensex added 454 points or 0.78% to close at 58,795 while the NSE Nifty 50 were up 121 points or 0.7% to close at 17,536. Bank Nifty ended 0.21% lower while broader markets mirrored the gain charted by headline indices. Reliance Industries was the top Sensex gainer, surging 6.1%, followed by Infosys, ITC, and Tech Mahindra. Maruti Suzuki India, ICICI Bank, and IndusInd Bank were among the top laggards.
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Sensex and Nifty were revisited by the bulls on Thursday's monthly F&O expiry session. S&P BSE Sensex added 454 points or 0.78% to close at 58,795 while the NSE Nifty 50 were up 121 points or 0.7% to close at 17,536. Bank Nifty ended 0.21% lower while broader markets mirrored the gain charted by headline indices. Reliance Industries was the top Sensex gainer, surging 6.1%, followed by Infosys, ITC, and Tech Mahindra. Maruti Suzuki India, ICICI Bank, and IndusInd Bank were among the top laggards.
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Domestic headline indices closed with gains on Thursday. Bank Nifty and India VIX ended with losses.
Sensex and Nifty were down from their highs but still trading comfortably with gains. Sensex was up 400 points while Nifty was up 100 points.
Interestingly, with markets cooling off from highs, the overall market wide futures OI is also at ~INR 2.387tn vs. ~INR 2.491tn on the D-1 of previous expiry. Stock futures rollovers on the D-1 stood at 77% which is tad lower in comparison to three-month average rollovers of ~78%. With higher volatility this week, markets were under pressure and the roll cost has cooled off simultaneously. As on Friday, Roll-Cost was near-about 39-40bps and today roll cost for most of the names were 35-36bps.
~ Edelweiss Financial Services
Among top drags on Sensex were ICICI Bank and Maruti Suzuki India. Both the scrips were down more than 1% each.
Sensex and Nifty continued adding to gains as Dalal Street inched closer to the closing bell. Sensex was above 58,800.
Mukesh Ambani's Reliance Industries was up 5.8% on Thursday trading at Rs 2,489 per share. RIL was the top Sensex gainer.
Domestic benchmark indices were trading with gains on Thursday afternoon, looking to recoup yesterday’s losses. S&P BSE Sensex was up more than 0.50% near 58,700 while NSE Nifty 50 was hovering around 17,500 levels. Broader markets mirrored the up-move and were trading in the positive territory. As headline indices moved up, a total of 206 stocks on BSE touched their respective 52-week high values while a total of 85 scrips reached new highs on NSE. Chalet Hotels, Raymond, Torrent Power, and Trident were among the top names to have reached fresh highs on BSE.
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Yesterday’s high of 17600 now becomes a strong barrier for bulls and in fact with a broader view, till the time we do not surpass 17900 – 18000, one should continue with a sell on rise strategy. Today being the monthly expiry, the volatility is expected to be on the higher side and although we continue to remain bearish on the market, it would be difficult to take a call whether we would break the sacrosanct support of 17200 today itself. Yes, sooner or later it is likely to be breached to see Nifty retesting the 17000 mark. Before this, 17300 is to be considered as an intraday support.
Market seems to have reversed precisely from the important resistance levels, be it Nifty and Bank Nifty or even the midcap index for that matter. Traders are advised not to get carried away by such recoveries and should avoid taking aggressive longs for a while.
~Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel One
Nifty opened flattish and after a slight decline in the initial tick, buying was seen at declines which are giving strength to the index. It is moving in a positive to range-bound manner. Till the index holds above key level of 17450, it can once bounce towards 17777 zones. Market breadth continues to be in favor of the advancing counters indicating stock-specific action in the street.
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India’s capex cycle has been muted for the last ten years as private capex was flat despite 1.7x rise in corporate profits. It was only the government capex that had supported infrastructure spending with 13% CAGR over FY10-20. The most pertinent question to answer right now is -- what factors drove the capex supercycle of FY03-07 characterized by a high capex to GDP ratio and are we witnessing similar factors in the current environment?
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Reliance Industries was the top index gainer, up 4%, followed by Kotak Mahindra Bank, Dr Reddy's, and Infosys.
"A range-bound movement is seen in the pair with upside capped at 74.60 and down side at 74.30. Yesterday a big private petrochemical company sold $800 mio and brought $ down to 74.30. As Buying emerged in NDF it took spot upto 74.71 due to the rise in dollar index and US yields. However, it could not sustain higher levels and got sold off. Today opening at 74.55 and range of 74.30 to 74.80 should be seen. Exporters may sell at the upper end of the band and importers may buy at the lower end for very near term as the trade is otherwise directionless," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
Several of the biggest investors in Paytm’s record-breaking initial public offering added to their stakes in the Indian fintech giant after shares plunged by as much as 41%, according to people familiar with the matter. BlackRock Inc. and Canada Pension Plan Investment Board were among so-called anchor investors in the IPO that bought more Paytm shares on Tuesday and Wednesday, the people said, asking not to be identified discussing private information.
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India VIX, the volatility gauge, was up 4% on Thursday morning while benchmark indices traded with losses. The volatility index was above 17 levels.
Domestic markets started Thursday’s session flat. Bank Nifty was down in the red. Broader markets traded mixed while India VIX slipped.
Sensex was up 100 points during the pre-open session while NSE Nifty 50 was up 50 points.
Sensex trades flat in pre-open session, moving between gains and losses while Nifty 50 was above 17500.
"Volatility is expected to be on the higher side and although we continue to remain bearish on the market, it would be difficult to take a call whether we would break the sacrosanct support of 17200 tomorrow itself. Yes, sooner or later it is likely to be breached to see Nifty retesting the 17000 mark. Before this, 17300 is to be considered as an intraday support," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
"On November 24, 2021, Foreign institutional investors have done net selling worth Rs 5,122.65 crore, while domestic institutional investors have done net buying worth Rs 3,809.62 crore in the Indian equity market. On the technical front, the key resistance levels for Nifty 50 are 17560 followed by 17,700 and on the downside 17,310 followed by 17,210 can act as strong support. Key resistance and support for Bank Nifty are 37800 and 37150 respectively," said Mohit Nigam, Head - PMS, Hem Securities.
Domestic markets continue to trade weak amid rising covid-19 cases across the globe. On the charts, analysts say, the structure suggests selling on the rise, said Rohit Singre, Senior Technical Analyst at LKP Securities. “Nifty failed to move above 17600 zone & witnessed profit booking so going forward also strong hurdle will be 17600 zone and prior to that 17500 zone, immediate support is coming near 17350-17300 zone for strength index to need to decisively crossed above 17600 zone,” he added. Volatility is expected to be high today on account of the F&O expiry.
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"The news of the COVID situation worsening globally has started weighing on the sentiment along with the inflation fear. And since there’s no major event on the domestic front, markets will continue to take cues from global counterparts. At the same time, the scheduled monthly expiry would keep the traders busy on Thursday. We suggest continuing with negative bias on the index while keeping a check on leveraged positions. Nifty has next major support around 17,150 zone."
~ Ajit Mishra, VP - Research, Religare Broking
After showing a sustainable upside bounce on Tuesday, Nifty witnessed sell on rise action on Wednesday and closed the day lower 88 points. A reasonable negative candle was formed on the daily chart that has partially engulfed previous bull candle. Technically, this pattern signal weak upside bounce in the market. This market action also indicates chances of Nifty revisiting the recent low of 17216 levels.
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Mukesh Ambani's RIL said that its board has decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a Wholly-Owned Subsidiary. "The Gasification project at Jamnagar was set up with the objective to produce syngas to meet the energy requirements as refinery off-gases, which earlier served as fuel, were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC). This enables the production of olefins at competitive capital and operating costs. Syngas as a fuel ensures reliability of supply and helps reduce volatility in energy costs. Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery," RIL said.
"The short term trend of Nifty continues to be down and there is no confirmation of any significant bottom reversal at the lows. There is a possibility of further weakness towards 17200 levels in the short term, before showing another round of minor upside bounce from the lows," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Official data print on the GDP will show a 7.8 per cent expansion on a year-on-year basis for the September 2021 quarter, according to a report. Real GDP will grow 9.4 per cent in FY22 and decelerate to 7.5 per cent for FY23 as the base effects result in the higher growth in the ongoing fiscal wear-off, according to the report by economists at HDFC Bank released on Wednesday.Read full story