Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets danced between marginal gains and losses for the first half of the trading session on Tuesday but bulls took control later, forcing the Dalal Street to close with gains. S&P BSE Sensex surged 514 points or 0.88% to end at 59,005 while the NSE Nifty 50 index jumped 165 points or 0.95% to close at 17,562. Bank Nifty staged a recovery to end at 37,235. Broader markets closed with gains, except smallcap indices. India VIX was down with losses. Bajaj Finance was the top Sensex gainer on closing, up 5%, followed by IndusInd Bank, Tata Steel, and ITC. Maruti Suzuki India was the worst-performing Sensex constituent, falling 2.5%, followed by Bajaj Auto, Nestle India, and Power Grid Corporation.
Domestic headline indices staged a strong recovery in the dying hours of trade to end comfortably in the green. Broader markets ended in with gains, except smallcap indices. India VIX fell 5.55%.
Sensex and Nifty were trading 1% higher with minutes left before the closing bell. Sensex was above 59,000 while Nifty 50 was nearing 17,600.
Bank Nifty rallied from intra-day lows of 36,525 to sit near 37,289 with minutes left before the closing bell. Bank Nifty was up 0.38% for the day.
The volatility index was down 5.72% on Tuesday ahead of the closing bell, sitting at 16.5 levels. India VIX started the day at 17.49 before zooming to touch 18 levels earlier in the day. However, as domestic markets regained momentum, the fear gauge tanked.
“What a turnaround from the mentioned support zone of 17,300-17,350 (low of 17,326 today). Resistance of 17,500 navigated along with India VIX cooling off. Fed Meet + China Regulatory moves to dictate follow up move from here. Technically we remain positive above 17,300,” said Rahul Sharma, Director & Head – Research, JM Financial.
The nifty Metal index was up more than 2% on Tuesday, recouping yesterday’s losses as benchmark indices rallied during the dying minutes of trade. Nifty Realty was up more than 3%.
Bulls were seen taking charge on Tuesday afternoon, just ahead of the closing bell as Sensex regained 59,000 while Nifty 50 was comfortably above 17,500.
Sensex and Nifty rebounded strongly from lows to rally nearly 0.75% each on Tuesday afternoon. Sensex was up 400 points while Nifty was above 17,500.
Indian equity benchmarks made an optimistic start on Tuesday despite weakness in global peers. Markets are trading higher with marginal gains in early deals on account of buying in Realty, Oil & Gas and Energy stocks. Most Asian markets are lower in weak holiday trading, following Wall Street’s solidly bearish indications overnight, as traders sought bargains despite falling crude oil prices and concerns about the likely bankruptcy of Chinese real estate major Evergrande. The Nifty50 index is currently trading at 17446.70, up by 49.80 points or 0.29% after trading in a range of 17390.55 and 17481.10. There were 36 stocks advancing against 13 stocks declining, while 1 stock remained unchanged on the index. Gaurav Garg, Head of Research, CapitalVia Global Research
Paras Defence and Space Technologies IPO sailed through during the initial hour of the first day of bidding, getting oversubscribed on the back of strong interest from retail investors. The Rs 171-crore initial public offering of the company, which is a mix of an offer for sale (OFS) by existing shareholders and a fresh issue of equity shares, opened today for subscription. Paras Defence and Space Technologies is an indigenously designed, developed and manufactured (IDDM) category private sector company in India, catering to four major segments of the Indian defence sector. Paras Defence shares were trading with a premium of Rs 200 per share in grey market today, or 114% over the issue price.
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India VIX was down 3.3% on Tuesday, giving up 17 levels after yesterday’s mammoth rally in the volatility index.
Evergrande, the biggest real estate developer in China, and a global Fortune 500 company, which is staring at bankruptcy, hit the world’s biggest fortunes, with the richest people losing billions of dollars. The world’s top 10 richest people, such as Elon Musk, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and others lost over $26 billion. Tesla Inc.’s Elon Musk, the world’s richest billionaire, saw his net worth falling by $7.2 billion to $198 billion, according to the Bloomberg Billionaires Index. Amazon.com Inc. founder Jeff Bezos lost $5.6 billion, with a net worth of $194 billion.
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China’s Evergrande Group’s likely default on liabilities including interest payments and debt obligations has fuelled fear of a contagion spreading across global financial markets. The second-largest real estate developer in China, Evergrande is a Fortune 500 company with over $300 billion in liabilities due for payment starting this week. Failure to pay the said liabilities could spark a series of events that may result in either the Chinese government bailing Evergrande out or a liquidation of the company’s assets that is likely to create spillover in various financial assets or have a domino effect on banks and non-banks with exposure to Evergrande, various market watchers have noted.
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Chalet Hotels has become the first hospitality company, globally, to join Climate Group’s RE100, EP100, and EV100 initiatives linked to renewable electricity, energy efficiency and electric mobility respectively. Under these, Chalet Hotel will move all its properties to 100% renewable electricity by 2031, reducing its scope 2 emissions which amounts to 1000 tCO2. Chalet Hotels has also committed to double its revenue per unit of electricity consumed by the year 2029. The hospitality major has also committed to deploy electric vehicles across properties by 2025. The stock price of Chalet Hotels was up 2% on Tuesday.
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Sensex and Nifty trimmed losses and were trading flat, dancing between gains and losses on Tuesday.
“We would certainly not be in a hurry to buy these dips; because this may not be the similar corrective move that we have been witnessing of late. As far as levels are concerned, 17550 – 17630 are to be treated as stiff hurdles; whereas on the flipside, we have entered a key support zone of 17450 – 17250. A violation of the lower range would lead to extended correction in the market which in our sense is likely in coming days. Still all eyes would be on the banking as well as midcap space, because they are the ones who are likely to set the tone for the remainder of participants,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
India VIX, the volatility gauge, was moving higher on Tuesday morning as benchmark indices gave up gains to trade flat. India VIX is sitting well above 17 levels.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Tuesday, mirroring global trends ahead of the US Federal Reserve meeting. On Multi Commodity Exchange, gold October futures fell Rs 66 or 0.14 per cent to Rs 46212, as against the previous close of Rs 46278 per 10 grams. Silver December futures were trading at Rs 59645 per kg, up Rs 36. In the previous session, silver futures ended at Rs 59609 per kg. Globally, yellow metal prices were flat as investors adopted a risk-averse stance amid caution ahead of US Federal Reserve’s policy meeting where the central bank is expected to provide cues on when it will begin tapering its asset purchases, according to Reuters. Spot gold was steady at $1,763.60 per ounce, US gold futures were flat at $1,764.40.
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Global stock markets grappled with contagion fears on Tuesday, sparked by troubles at China Evergrande as growing risks the property giant could default on its massive debt pile prompted investors to flee riskier assets. Asian markets were jittery in volumes thinned by public holidays in China, Taiwan and South Korea. The Hang Seng recovered from an early drop to trade near flat as financials and property firms bounced, while Japan’s Nikkei returned from a market holiday with a drop of almost 2%.
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“The Evergrande crisis has caused a minor sell-off in markets with the Dow and S&P falling by around 1.7 percent each and Nasdaq and Russel 2000 correcting by above 2 percent each. Concerns are being expressed whether this might turn out to be China’s Lehman moment. This appears far-fetched now since Evergrande’s debt is not widely held and, therefore, is unlikely to lead to contagion with systemic risks. The recovery in Dow which was down 972 points at the lows to close with a loss of 614 points is an indication of the market’s confidence that contagion is unlikely. However, investors have to be cautious since markets are richly valued and, therefore, vulnerable to corrections. There is another view that the Chinese crisis- the regulatory crackdown earlier and the Evergrande crisis now- bode well for India, facilitating increasing capital flows to India. This may play out in the medium to long-term. The FOMC meet starting today may give a timeline on tapering. This will be watched closely by markets, globally. This is likely to be a ‘taper without tantrum’,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Billionaire investor Rakesh Jhunjhunwala has trimmed his shareholding in The Mandhana Retail Ventures Limited, selling 98,094 equity shares of the company or 0.44% of his total shareholding in the company. According to the latest shareholding pattern of Mandhana Retail Ventures, available on the BSE website, Rakesh Jhunjhunwala held a 12.74% stake in The Mandhana Retail Ventures at the end of June this year. The stock price of Mandhana Retail Ventures has zoomed 20.83% so far this year. Most of these gains were recorded in the first six months of the year; the stock has moved lower after that.
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Domestic equity benchmarks Sensex and Nifty 50 started the day’s trade with gains despite weak global cues. Bank Nifty was up in the green. India VIX was trading with losses.
SGX Nifty was up nearly 60 points ahead of the opening bell on Dalal Street.
Sensex jumped 139 points in pre-open session while Nifty regained 17,450 as both the benchmark indices looked set to open with gains.
Sensex was down with marginal losses during the pre-open session while the NSE Nifty 50 was up in the green despite weak global cues.
Trends on SGX Nifty suggested a positive opening for BSE Sensex and Nifty 50 on Tuesday, as Nifty futures surged in trade. Globally, market participants were eyeing concerns from default of Chinese real estate giant Evergrande. On the back of weak global cues, Indian share market witnessed sell-off in the previous session. On the technical front, the Nifty has confirmed the shooting star pattern on daily chart. “17320-17245 should be treated as key support area whereas 17580-17635 should be seen as resistance levels. First signal of weakness would come only if Nifty slides below its lower range of 17245,” Aprajita Saxena, Research Analyst, Trustline Securities, told Financial Express Online.
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“Nifty is expected to open flat to negative, down by 30 points since yesterday’s close at 17360. Yesterday nifty closed below its support zone, this is a sign to be cautious. Traders in long positions may consider booking profits on every rise. Nifty has support in 17250-17300 range and may have strong resistance in 17450-17500 range,” Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol and diesel were left unchanged for the sixteenth consecutive day on Tuesday by oil marketing companies. Petrol in the national capital today costs Rs 101.19 per litre, while diesel in the capital city is retailing at Rs 88.62 per litre. The previous cut in Petrol and diesel prices came on September 5 when prices were reduced by 15 paise. So far this month, prices have been decreased twice, trimming the rate by 30 paise. 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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“Nifty has fallen sharply on Sept 20, raising fears of the beginning of an intermediate correction. 17303 is the next support for the Nifty, while 17444-17533 band could provide resistance on upmoves,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty futures were trading 48.50 points or 0.28 per cent up at 17,422 on Singaporean Exchange, suggesting a gap-up start for BSE Sensex and Nifty 50 on Tuesday. In the previous session, S&P BSE Sensex was down 525 points or 0.89 per cent at 58,490 while the NSE Nifty 50 index was down 188 points or 1.07 per cent at 17,396. Asian stock markets were trading lower in the early trade on Tuesday, as mounting concerns from default of Chinese real estate giant Evergrande weighed on investors’ sentiments.
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SGX Nifty was trading with gains on Tuesday morning even as Asian markets traded with losses, mirroring Wall Street’s fall.
Paras Defence and Space Technologies IPO will open for subscription today where investors can bid for shares in the price band of Rs 165-175 per share. The issue will close on September 23.