Share Market News Today Updates, 10 November 2022: Trends on SGX Nifty indicated a lower opening for the domestic markets. Share Market Updates Today: Indian equity benchmarks declined in Thursday's trade, taking cues from global markets. Asian shares declined as Japan's Nikkei index slipped 1.17 per cent, South Korea's KOSPI dropped 0.55 per cent, the Shanghai Composite index edged 0.16 per cent lower and Hang Seng Index moved 1.76 per cent down.
Overnight, all three major US stock indexes fell sharply as investors awaited US inflation data for clues about the severity of Federal Reserve's future interest rate hikes.
On the domestic front, Nifty components Apollo Hospitals Enterprise, Eicher Motors, shoe-maker Bata India, and food delivery service provider Zomato would report quarterly numbers today.
Foreign institutional investors bought a net of Rs 387 crore equities on Wednesday, while domestic investors sold Rs 1,060 crore of shares, as per provisional data available with the National Stock Exchange.
Here are the share market Live Updates:
Shares of online food aggregator Zomato fell 2.83 per cent to trade at Rs 63.45. The stock hit an intraday low of Rs 63.15 today.
Shares of Tata Motors fell 4.56 per cent to trade at Rs 413.25. The stock hit an intraday low of Rs 409.30 today.
Shares of Union Bank of India jumped 4.76 per cent to trade at Rs 67.15. The stock hit an intraday high -- also its 52-week high -- of Rs 67.40 today.
Shares of Piramal Enterprises slumped 8.52 per cent to trade at Rs 813.15. The stock hit an intraday low of Rs 810.40 today.
Shares of Lupin jumped 5.41 per cent to trade at Rs 731.60. The stock touched an intraday high of Rs 753.90 today.
Shares of Ramco Cements slumped 8.44 per cent to trade at Rs 644.70. The stock hit an intraday low of Rs 634.65 today.
Sensex tanks 437 points or 0.72 per cent to trade at 60,596, Nifty moves 118 points or 0.65 per cent lower to trade at 18,039; Tata Motors, M&M, Axis Bank, Titan, SBI Life among top drags
Shares of Deepak Nitrate cracked 8.55 per cent to trade at Rs 2,102.10. The stock hit an intraday low of Rs 2,089.95 today.
The overall market breadth stood negative as 1,352 shares were seen advancing while 1,625 were declining on BSE.
13 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty Auto, Nifty Consumer Durables, Nifty Bank and Nifty Financial Services were underperforming the NSE platform by falling 1.63 per cent, 1.44 per cent, 0.68 per cent and 0.78 per cent, respectively. On the flipside, Nifty Pharma rose O.57 per cent in early trade.
"On the technical front, Nifty formed a bearish candle on the daily chart, indicating selling pressure emerging at a higher level and signifying a rise in a topping out situation. However, further confirmation in the form of a decisive close below the recent swing low and the rising trendline support for the past one month at 17,950 is required," Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd.
Mid- and small-cap shares were mixed as Nifty Midcap 100 fell 0.23 per cent and small-cap rose 0.12 per cent.
Tata Motors, Axis Bank, Tech Mahindra, Eicher Motors and UltraTech Cement were among the top gainers on the NSE platform today with their shares dowb as much as 4.68 per cent. In contrast, Cipla, Dr Reddy's, Hindustan Unilever, IndusInd Bank and Bharti Airtel were among the top laggards.
Sensex slips 306 points or 0.50 per cent to trade at 60,728, Nifty moves 93 points or 0.51 per cent down to trade at 18,064
"Inability to float above 18,350 after the opening burst invited long liquidation pressure as feared, and subsequent slippage past 18,200 has positioned Nifty for sizable downsides. An outright fall is less expected though, before an 18,600 test and initial dips into the 18,100-17,960 region will allow bulls to regroup. However, slippage past the same will bring 17,760 and 17,400 back inthe radar," said Anand James - Chief Market Strategist at Geojit Financial Services.
"The market is delicately poised awaiting the crucial US inflation data expected today. A lower than expected CPI number will be a trigger for a rally in markets globally. Conversely, if the inflation print is higher than expectations that can trigger a renewed risk-off in markets. So investors should watch out for this crucial data," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He further stated, "An important event unfolding in the market now is the ending of the lock-in period of some new-age tech companies. Some of the initial investors in these famous start-ups, who invested early at low prices, may choose to exit. The consequent high volatility can provide opportunities for long-term investors. Even though it is difficult to value many of these stocks, they have a long runway of growth and the successful ones will turn out to be big wealth creators. Watch out for this opportunity."
"RBI must be closely watching the rates and could think of buying intervention as currency has corrected by almost 2.5 per cent from an all-time low of 83.25. Broadly, after the release of US CPI, domestic CPI, and trade balance, we would get clarity on the direction of the US dollar. But, overall the dollar-rupee pair should take support somewhere near 81.00 to 81.40 in the near term and rebound well towards 82 to 82.40 levels," said Amit Pabari, MD, CR Forex Advisors.
Axis Bank: The government would sell a 1.55 per cent stake in Axis Bank through an offer for sale.
Tata Motors: The automaker said it expects profit and cash flow to bounce back in the second half thanks to healthy demand for its Jaguar Land Rover cars and a drop in domestic steel costs.
Star Health And Allied Insurance: The company reported September-quarter profit against a loss year ago.
Petronet LNG: The gas company reported a decline in quarterly profit.
Adani Ports: The port operator acquired a 49.38 per cent stake in petroleum logistics service provider Oiltanking for Rs 1,050 crore.
Punjab National Bank (PNB) is in F&O (Futures and Options) ban period today. Stocks are placed under F&O ban when the derivative contracts in their securities cross 95 per cent of the market-wide position limit.
Foreign institutional investors (FIIs) have purchased Rs 386.83 crore worth of shares, while domestic institutional investors (DIIs) have sold Rs 1,060.12 crore worth of shares on November 9, provisional NSE data showed.
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