Share Market Highlights- Bears pull Sensex 872 pts lower to close at 58773, Nifty ends at 17490
Share Market Highlights: Bears pull Sensex 872 pts lower to close at 58773, Nifty ends at 17490 Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets remained in the grip of bears on Monday amid weak global cues. S&P BSE Sensex dived 872 points or 1.46% to settle at 58,773 while the NSE Nifty 50 index tanked 267 points or 1.51% to end at 17,490. Bank Nifty was down 1.77% on the closing bell while India VIX zoomed 4% to close at 19.04. Among Sensex constituents, ITC gained 0.58% to end as the top gainer followed by Nestle India. All other Sensex stocks closed in the red, led by Tata Steel which was down 4.3%. Asian Paints, L&T, and Ultratech Cement were the other laggards.Live Updates Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates It was a day dominated by bears on Dalal Street as headline indices tanked for the second day running. S&P BSE Sensex dived 872 points or 1.46% to settle at 58,773 while the NSE Nifty 50 index tanked 267 points or 1.51% to end at 17,490. Among Sensex constituents, ITC gained 0.58% to end as the top gainer followed by Nestle India. All other Sensex stocks closed in the red, led by Tata Steel which was down 4.3%. Bank Nifty was down 1.77% on the closing bell while India VIX zoomed 4% to close at 19.04. Read full story Bears are alive and kicking. For the second consecutive day today, markets saw profit booking across the board just that it was more intense than Friday's. Benchmark index Nifty 50 after making a high of ~18k on Friday has corrected 500 points in just two trading sessions and closed at ~17500 today. Bank nifty continued to be the worse of the two indices and fell 1.8% or ~700 points for the day to close at ~38300. All other sectors like IT, pharma, auto, metal, etc. corrected too and ended 1-2% lower for the day. The sharp sell off in two trading sessions could be a sign of worry for bulls but it will be too early to call this an end of the bull run. Markets may consolidate from here before starting another leg up again. Ashish Gupta, Volatility Trader and Derivatives Expert S&P BSE Sensex ended 872points or 1.46% lower at 58,773 while the NSE Nifty 50 index closed at 17,490 points, down by 267 points or 1.51%. Revival in auto sales (30% revenue share for KNPL) and strong demand momentum in industrial paints would lead the recovery. Softening RM prices and focus on premiumisation in decorative segment would drive the margin expansion. We think the base case fair value of the stock is Rs 556 (39.4x FY24E EPS) and the bull case fair value of is Rs 613 (43.5x FY24E EPS). Investors can buy the stock in Rs 501-511 band (36x FY24E EPS) and add more on dips in Rs 438-448 (31.5x FY24E EPS) band. ~ HDFC Securities ICICI Prudential Mutual Fund today announced the launch of ICICI Prudential PSU Equity Fund, which is an open-ended equity scheme. The New Fund Offer (NFO) from ICICI Prudential AMC may be attractive to investors who are bullish on PSU stocks but want to minimise risks and investment hassles via the mutual fund route. Read full story ITC was the top gainer on Sensex on Monday afternoon, zooming 1%, accompanied by Nestle and Dr Reddy's. BSE Sensex was down 700 points or 1.2 per cent to 58,944.5, while Nifty 50 was down 220 points or 1.3 per cent to 17,534 BSE Sensex, NSE Nifty 50, and Bank Nifty may see up to 7 per cent correction from the current levels in near-term, but may make new highs by Diwali 2022, Sanjiv Bhasin, Director, IIFL Securities, said. Last week, BSE Sensex crossed 60,000, NSE Nifty topped 17900, and Bank Nifty ruled above 39,750. In an interview with Surbhi Jain from FinancialExpress.com, Sanjiv Bhasin said, after a fall of 5-7 per cent, all these indices will make new all-time highs. He is bullish on banking stocks and suggested a few names like ICICI Bank, and Kotak Mahindra Bank, to pocket gains by end of December 2022. Read full interview Sensex and Nifty were both down close to 1.2% on Monday as bears ran riot on Dalal Street. The stock price Started its down fall from 166 (Jan 2018). The stock made a low of 10.30 (April 2020) after the Covid event. The stock traded below averages which itself were trending downwards. Value buying followed and the stock started making higher bottom formations and made a high of 92 (April 22).The stock almost gave a V shaped recovery. The stock always traded above averages after May 2021. Recently the stock gave a trend line (Connecting 2018-2022) breakouts & made a new high of 120. The ADX, Demand Index & MACD indicator suggest a possible firm uptrend. ADX measures the strength of the trend & Demand Index measures the ration of Buying Pressure to Selling Pressure. The possible target is 160-180. If the stock price corrects downwards the buy levels (104-95)-87- (79-74). Stop Loss to be observed in the trade is 71. ~ Bharat Gala, President – Technical Research, Ventura Securities Reliance Industries share price fell more than half a per cent on Monday dragging Nifty, Sensex deep in red, down around 1 per cent in Morning trade. Initially, RIL share price rose 0.26 per cent despite S&P BSE Sensex falling more than 400 points or 0.50% to give up 59,250; and NSE Nifty 50 index declining more than 150 points or 0.48% to 17,600. However, the scrip soon dropped in red. Reliance shares were last trading at Rs 2,593, down 0.77% on NSE. Analysts at ICICI Securities maintained its positive outlook on the stock and reiterated ‘Add’ rating with a target price of Rs 2,805 per share. Read full story Industrialist Anand Mahindra shared a post on Twitter recently remembering the “most valuable and profitable investment advice ever” from investor Rakesh Jhunjhunwala. “This post is being widely shared. At the last stage of his life, Rakesh gave the most valuable and profitable investment advice ever. It’s advice that is worth billions and the best part is, it requires investing your time, not your money,” Anand Mahindra wrote along with a screenshot of an old publication interview of the late billionaire investor. In the snapshot shared in the tweet, the Big Bull expressed his regret at not investing enough in his health. Read full story Indian equity markets started the week with losses amid weak global cues. S&P BSE Sensex was down more than 300 points or 0.50% to give up 59,300, while NSE Nifty 50 index fell 150 points or 0.48% to 17,600. According to analysts, the overall trend remains strongly bullish, however, further profit booking is to be seen this week. Traders are advised to continue with a stock-specific approach. Amid the volatility, analysts at ICICI Direct have chosen Tata Communications as their gladiator stock pick. This Rekha Jhunjhunwala portfolio stock is expected to rally 14% in three months. Read full story Global brokerage firm UBS continues to back value trade on Wall Street despite the recent surge in technology shares amid the universe of growth stocks. “While the recent rally in the tech sector is encouraging, we continue to maintain a selective approach to longer-term growth stocks and keep our preference for value over growth in the near term,” UBS said in a note. Analysts continue to believe that volatility will remain high across stock markets but in this heightened volatility and backed by the strong correction seen so far in 2022, UBS is of the view that there is good opportunity for long-term investors. Read full story Indian equity markets slumped on Monday amid weak global cues. S&P BSE Sensex was down more than 600 points or 1.08% to sit just above 59,000 while NSE Nifty 50 index was down close to 200 points or 1.10% to hover above 17,550. Bank Nifty was down more than 1.5% while India VIX gained 4% and breached 19 levels. According to analysts, dollar index surge and hawkish US Fed commentary might be behind today’s profit booking. Additionally, the minutes of the Reserve Bank of India’s policy meeting indicated more interest rate hikes in the coming months which spooked investors. Read full story Sensex was again down near 59,000 levels after having trimmed some losses earlier. Nifty was near 17,550. Sensex trimmed some losses and moved above 59,000 mark. Nifty 50 was above 17,550. However, headline indices were still deep in red. “On the lower side, we expect the market to correct towards 17550 first where support is placed on the hourly charts, while a break below the same could then lead to further correction towards the daily chart support at 17330,” said Ruchit Jain, Lead Research, 5paisa.com. We don’t see any sort of a war premium to support the yellow metal in the near future, be it US – China, China – Taiwan or Russia – Ukraine. As mentioned above, this week, key focus will be on the Fed Chair Powell’s speech at Jackson Hole for more cues on the rate hike trajectory. We expect the dollar index to move higher to 109 mark and the Comex gold may decline to $1,710 – 1,700 an ounce. In that scenario, MCX Gold October is also likely to drop to Rs. 50,800 per 10 grams this week. Read full story Commodity prices traded lower with most of the commodities in the non-agro segment witnessing selling last week. Bullion prices declined on a stronger dollar and hawkish FED which limited demand for safe haven. Crude oil prices traded down on weaker demand and optimism over Iran nuclear deal. Base metals traded weak on China demand fears and lack of positive data despite tight supplies. Read full story Paytm boss Vijay Shekhar Sharma has secured the approval of shareholders to continue to act as the Managing Director (MD) and CEO of Paytm (One 97 Communications) while drawing a salary worth Rs 4 crore per annum, despite facing resistance from institutional investors at the Annual General Meeting (AGM). Shareholders have also approved the appointment of Madhur Deora, as Whole-time Director, designated as Executive Director, President and Group Chief Financial Officer of the Company. The AGM had garnered interest after various proxy advisory firms had opposed the re-appointment and remuneration of Vijay Shekhar Sharma. Read full story Sensex was below 59,100 on Monday morning as the index tumbled 550 points. Nifty was below 17,600. Apart from Nifty FMCG all other NSE sectoral indices were trading with losses on Monday. Bank Nifty was down 1.44% along with Nifty PSU Bank (1.43%) and Nifty Private Bank (1.46%). NSE Nifty 50 and S&P BSE Sensex managed to end last week in positive territory despite highly volatile trading sessions in the short spun this week. Sensex gained 183 points or 0.3% to close at 59,646 while touching a high of 60,411, just less than 2000 points away from the record high (62,245 on October 24, 2021). Nifty advance 0.3% or 60 points to close at 17758. There was selling pressure on the last day on account of weakness in the global markets. Traders were booking profit after the index gained nearly 10% in the previous few sessions amid a bearish trend overseas. A depreciating rupee and geo-political tension dampen the market sentiment. However, there was stock-specific action in the market. Read full story Only Hindustan Unilever, Reliance Industries, ITC,and Power grid were the four Sensex stocks to trade with gains while others were down in red. After opening in red, Sensex and Nifty extended losses on Monday morning as Sensex fell more than 400 points while Nifty was down 130 points. “Nifty gained for the fifth week in a row (up 0.34%) despite the losses on Friday. The high low bar of Friday has engulfed the previous three candles forming a bearish engulfing pattern. As expected, Nifty has turned down after making a high on Friday. Until Nifty manages to cross the high of Friday (17992), the trend will be bearish or sell on rises. On falls, the first support can come in at 17566,” said Deepak Jasani, Head of Retail Research, HDFC securities. Sensex dived more than 350 points on Monday morning while Nifty was down more than 100 points to give up 17650. India VIX was up 2%. Sensex fell more than 400 points at the beginning of pre-open session on Monday while Nifty 50 was down 80 points. The outlook for the Indian rupee remains bleak, particularly in light of the recent announcement on foreign exchange reserves, which showed a decline in reserves to US$570.7 billion a decrease of US$2.2 billion over the previous week. If the US dollar index keeps rising, capital inflows into the Indian market could be hindered. It recorded its highest weekly rise since April 2020 on Friday, when it hit a five-week high. One of the key factors in the market's recent surge has been the FIIs' purchasing frenzy. This trend will be closely monitored by the market. On the technical front, immediate support and resistance in Nifty 50 are 17400 and 17850 respectively. Bank Nifty immediate support and resistance are 38450 and 39300 respectively. ~ Mohit Nigam, Head – PMS, Hem Securities “On the weekly chart, the Nifty 50 index formed a shooting star candlestick formation as it closed on a positive note for the fifth week in a row. The index has temporarily become overbought but the short-term trend is still up, and the candlestick pattern also shows that the bulls appear to have worn out after an overextended surge. On the other side, Nifty developed a bearish engulfing candlestick pattern, raising the possibility of a slight decrease due to profit taking. The Nifty's positional view remains bullish, and traders are encouraged to use the buy-on-dips strategy. On the downside, the 17200 zone is now acting as immediate support,” said Apurva Sheth, Head of Market Perspectives, Samco Securities. NSE Nifty 50 index on the daily chart is moving in a higher high higher bottom formation from the past two months and has given approximately 17 per cent returns in a very short span of time. The RSI reading above 80 levels on the daily chart is an alarm sign for bulls as we may see a dip or a correction in the prices soon. The MACD indicator has also reached above its previous high levels and the distance between its lines of polarity has increased significantly. Read full story The price of petrol and diesel has been left unchanged for more than three months by OMCs on August 22. The most recent price reduction had come in Maharashtra when the state government announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier last month. The cut in VAT is likely to cost Maharashtra’s state exchequer Rs 6,000 crore on an annual basis. For the rest of the country, prices have been steady since May 21 when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel. Read full story “Nifty post sharp bounce recently is now likely to consolidate in near term post hawkish commentary by US Fed and in absence of any new trigger. The earnings season is over but festive season is about to begin which is expected to be normal after two years. This should auger well for consumption-oriented sectors and should keep the overall momentum positive in the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services . Freebies are never ‘free’ and political parties promising such dole-outs must be required to make the financing plans for such programmes and related trade-offs clear to voters, the central bank’s Monetary Policy Committee (MPC) member Ashima Goyal said on Sunday. In an interview to PTI, Goyal said: “”Freebies are never free… specially harmful are subsidies that distort prices.” Stressing that freebies hurt production and resource allocation and imposes large indirect costs, such as the water table falling in Punjab due to free electricity, Goyal said such freebies come at the cost of low-quality health, education, air and water that hurt poor the most. Read full story The Government is not considering any charges on UPI services, the Ministry of Finance today clarified. The Ministry said that the concerns of the UPI service providers for cost recovery would have to be met through other means. It also noted that UPI is a digital public good with immense convenience for the public and productivity gains for the economy. Read full story
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