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Share Market Highlights: Sensex tanks 456 pts on closing, Nifty ends at 18,266; Airtel up 4%, IRCTC tanks 19% – The Financial Express

India VIX closed 5% higher on Wednesday.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices HighlightsE: Bears forced domestic benchmark indices lower on Wednesday. S&P BSE Sensex closed 0.74% lower at 61,259 while the NSE Nifty 50 index fell 0.83% to settle at 18,266. Broader markets fared worse than benchmark indices with Nifty Midcap 50 index falling 1.19% while the and Smallcap index fell 2.42%. India VIX soared 5.35% to breach 18 levels ahead of the weekly expiry session. Bharti Airtel was the top gainer on Sensex, gaining 4%, followed by State Bank of India, IndusInd Bank and Bajaj Finance. Titan was the worst-performing Sensex stock, falling 2.62%, followed by HUL, NTPC, and Bajaj Finserv.

Domestic equity markets continued to move lower for the second consecutive trading session on Wednesday amid heightened volatility. S&P BSE Sensex closed 456 points or 0.74% lower at 61,259 while the NSE Nifty 50 index fell 0.83% to settle at 18,266. Broader markets fared worse than the benchmark. Nifty Smallcap 50 fell 2.42% while the Midcap 50 index slipped 1.19%. Bharti Airtel was the top gainer on Sensex, gaining 4%, followed by State Bank of India, IndusInd Bank and Bajaj Finance. Titan was the worst-performing Sensex stock, falling 2.62%, followed by HUL, NTPC, and Bajaj Finserv.

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Domestic equity markets were closed with losses for the second day straight on Wednesday. Midcap, smallcap indices fared worse than largecap peers. Bank Nifty closed flat with marginal losses. 

With minutes left for the closing bell, Sensex and Nifty recouped some losses but continued to trade in the red. Nifty 50 was nearing 18,300 while Sensex regained 61,300.

BSE Sensex and NSE Nifty 50 were under the firm control of bears on Wednesday witnessing heightened volatility. S&P BSE Sensex was down more than 450 points or 0.70% to trade just above 61,200,  while the NSE Nifty 50 dived more than 0.80% to give up 18,300. Despite the bearish market sentiment, ICICI Bank, State Bank of India, Infosys, and Tech Mahindra hit their respective 52-week high values on the Bombay Stock Exchange (BSE). Of these only SBI managed to hold its gains with minutes left before the closing bell, while others slipped and moved into the red. On the other hand, a total of 57 securities hit their 52-week highs on the National Stock Exchange. 

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Indian share markets were ruling at record high levels, adding nearly 30 per cent higher so far this year. As we enter Samvat 2078, markets have once again scaled to a new high, with BSE Sensex above 62,000, and Nifty 50 over 18,600 levels. Nifty has gained 41.55 per cent since last Diwali to date. Research and brokerage firm Anand Rathi Share and Stock Brokers has picked up six stocks as Diwali 2021 picks. From the next 12 months perspective, the brokerage firm is positive on banks, FMCG, housing finance, defence, engineering, and auto sector. The stock recommendations were based upon strong technical patterns from the universe of NSE F&O and cash counters.

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IRCTC share price was down 17% on Wednesday as the stock continued to face the wrath of bears. The PSU stock was trading at Rs 4,431 per share, after having hit a 52-week high of Rs 6,393 just yesterday. 

“Sustenance below 18400 can push the index to 18200-1800. Look to buy into the correction near these supports,” said Rahul Sharma, Director & Head  – Research, JM Financial.

India VIX, the volatility gauge, was on the rise on Wednesday, gaining 7.5%. India VIX breached 18.7 levels. 

We have seen a sharp selloff in the broader market in the last two days, midcaps and small caps had very share fall. Many stocks like IRCTC, IEX, Tata Motors, Tata Power, Deepak Nitrite corrected sharply in last 2 days. Nifty is down by 1.7% to 18267 from yesterdays highs of 18600, Bank nifty holding up strongly as compared to the broader market. Nifty Smallcap 100 and Nifty Midcap 100 are down by more than 5% and even several stocks are down by more than 10%.

We suggest retail investors be cautious and avoid buying on dips kind of strategies, as we are seeing selling pressure in the broader market.

~Yash Gupta, Equity Research Analyst, Angel On

As the sell-off intensified, NSE Nifty gave up the crucial 18250 level, falling over one per cent to 18,220

BSE Sensex tumbled over 550 points or nearly one per cent to 61,125 in the afternoon deals.

Nifty 50 index was nearing 18200 as bears continued to force Dalal Street benchmark indices lower. Sensex was below 61,200.

Post the sharp rally in midcaps and smallcaps, profit booking is being witnessed across them as the valuations for many stocks have touched unrealistic levels. However, if we remove some of the very expensive names, then this correction do offer bottom up opportunities, given the more relaxations being offered and pick-up in economic activities, buoyant festive mood and an improved demand backdrop. The balance sheets and cash flows continue to improve as corporates tightened costs and deleverage. Going ahead, Q2FY22 earnings delivery vs earnings expectation would provide further direction to the market. Sneha Poddar, AVP Research, Broking & Distribution, Motilal Oswal Financial Services

Bank Nifty was up with marginal gains on Wednesday while Sensex and Nifty were deep in red. The banking index was up 0.06%, sitting above 39,500.

Shriram City Union Finance is part of the Shriram group and is in the high margin business of lending to small businesses which account for 57.3% of the loan book as of end FY20. The company posted a good set of number s for the quarter due to positive surprise on the asset quality front. It reported a strong 50% sequential growth in disbursement for the quarter which led to a 3.7% qoq growth in AUM to ~ Rs. 28,500 crore. We are positive on the company as we believe that the worst is over in terms of asset quality which along with positive growth momentum should lead to a rerating for the company.

Target price – Rs 3,002 | Upsdie – 37%

~ Angel One

Oil futures traded higher as an energy supply crunch continued across the globe while falling temperatures in China revived concerns over whether the world’s biggest energy consumer can meet domestic heating needs. Crude oil in New York climbed in a volatile session after Russia signaled it may not give Europe extra natural gas without approval for the Nord Stream 2 pipeline.

~ Heena Naik, Research Analyst – Currency, Angel One

“Post the sharp rally in midcaps and smallcaps, profit booking is being witnessed across them as the valuations for many stocks have touched unrealistic levels. However, if we remove some of the very expensive names, then this correction does offer bottom-up opportunities, given the more relaxations being offered and pick-up in economic activities, buoyant festive mood and an improved demand backdrop. The balance sheets and cash flows continue to improve as corporates tightened costs and deleverage. Going ahead, Q2FY22 earnings delivery vs earnings expectation would provide further direction to the market,” said Sneha Poddar, AVP Research, Broking & Distribution, Motilal Oswal. 

India VIX, the volatility index was up 4% on Wednesday afternoon. Often called the fear gauge of domestic markets, India VIX was above 18 levels. 

IRCTC share price tanked over 46 per cent from all-time high hit in the previous session, to Rs 4,371 apiece on BSE on Wednesday. The market capitalisation of the Indian Railway Catering and Tourism Corporation has declined to Rs 69,936 crore in intra-day trade today. It touched Rs 1.02 lakh crore in intra-day trade on Tuesday. The stock rose to a record high of Rs 6,393 apiece in yesterday’s intraday deals. Analysts say that extreme overvaluation often results in faster corrections as well which is currently being observed in midcap and smallcap stocks including IRCTC. “Technically, 4520 is immediate support. If broken on a closing basis 4140 is a possibility. Rs 5000 will now act as a strong resistance,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told Financial Express Online.

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We expect the Nifty to hold Monday’s gap area of 18340-18380 and trade with a positive bias. Hence, use intraday dips towards 18385-18410 for creating long position for target of 18497.

~ ICICI Direct

“After the 1000 point rally in Nifty in ten trading sessions the market is showing signs of high volatility in the days ahead. There is excessive speculation in certain stocks, particularly in the broader market, which have taken some stocks to unjustifiable levels of valuations. PEs in some cases are 100, 150 and even above 200. The high level of speculative froth in many stocks is evident from the abnormal trading volumes and huge volatility in these stocks. For instance, IRCTC had a trading volume of Rs 9083 cr yesterday and a price correction of around 15% from the peak. Many broader market stocks witnessed corrections of above 5%. Massive selling (Rs 2578 cr yesterday) by DIIs indicates that smart money regards markets as overvalued and overheated. The market direction will depend on whether the exuberant retail investors will again rush in to absorb the selling by institutions. At the present juncture, safety is in high-quality large-caps. The fact that high-quality stocks like HDFC twins, RIL, Infosys, L&T, Kotak Bank and some others were resilient during the crash in the broader market indicates the zone of safety for investors. Traders in the broader market are likely to face stormy weather in the coming days,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

COMEX gold trades marginally higher near $1774/oz after a 0.3% gain yesterday. Gold trades higher supported by  weaker US dollar, disappointing US and Chinese economic data and persisting inflation concerns. However, weighing on price is Fed’s monetary tightening expectations, higher bond yields and weaker investor interest. Gold continues to trade in a broad range near $1770/oz amid mixed cues and volatility in larger financial market and this trend may continue in the near term unless there are fresh triggers however rising challenges to global economy may keep prices supported. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Rakesh Jhunjhunwala latest Public Sector stocks have rallied between 12-20% so far this month, helping the big bull pocket massive returns in a short period of time. The ace investor had picked a stake in Canara Bank earlier last quarter through a Qualified Institutional Placement (QIP). The other addition to Rakesh Jhunjhunwala’s portfolio is National Aluminium Company Limited (NALCO), according to the latest shareholding pattern of the company available on the bourses. The big bull has reiterated his views on PSU stocks time and again and has been vocal about select PSU banks and commodity stocks.

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While the need to give consent and go through a two-factor authentication process for every payment above Rs 5,000 will enhance the security of transactions, it might create some disruption among businesses and personally, I also agree that if a mandate from the customer is given, the need for an additional factor of authentication should not be there, Payments Council of India (PCI) Chairman Vishwas Patel told Financial Express Online in an interaction.

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading higher on Wednesday, even as yellow metal fell in the global markets. On Multi Commodity Exchange, gold December futures were trading Rs 117 or 0.25 per cent up at Rs 47,397 per 10 gram, as against the previous close of Rs 47,280. Silver December futures were ruling flat at Rs 64,505 per kg. Globally, yellow metal edged lower as surging US bond yields dented the metal’s appeal and bets for upbeat corporate earnings lifted risk-on sentiment, according to Reuters. Spot gold dropped 0.1% to $1,767.71 per ounce. The metal rose as much as 1.2% on Tuesday before giving up most of those gains as Treasury yields rallied. U.S. gold futures fell 0.1% to $1,768.40.

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“On the technical front, Benchmark Indices looks in a positive zone and is likely to continue this bull run. Immediate support and resistance in Nifty 50 are 18,200 and 18,700 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Sensex and Nifty trimmed opening losses and began trading flat, moving between marginal gains and losses. Nifty was still below 18450 and Sensex was just above 61700.

IRCTC shares tanked nearly 15% on Wednesday morning to trade at Rs 4,594 per share. The stock had dived 15% yesterday as well. 

Domestic equity markets opened flat with positive bias. Broader markets were trading mixed. Bank nifty was below 39,500, trading with losses. 

Benchmark indices closed the pre-open session with marginal gains on Wednesday morning, set to open flat with a positive bias. 

Sensex was down from pre-open highs, now trading flat with marginal gains. Nifty continued to trade with losses.

Sensex was up in the green on Wednesday morning’s pre-open session while the NSE Nifty 50 index was down with marginal losses.

Trends on SGX Nifty suggested a gap-up opening for BSE Sensex and Nifty 50 on Wednesday. In the previous session, benchmark indices ended in the red after having touched fresh all-time highs in the first half of the day. Technical analysts believe investors should now wait and watch while avoiding hasty trading decisions. 

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“Nifty is expected to open flat to positive at 18446, up by 10 points. Nifty made a bearish engulfing pattern in yesterday’s trading sessions.  The correction in Nifty may extend to 18350 and 18250 levels.  Traders are suggested to book profits and keep strict stop-loss in the current markets,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

BSE-listed companies such as Jubilant FoodWorks, Havells India, L&T Finance Holdings, Angel Broking, Arihant Superstructures, Deep Polymers, Hathway Cable & Datacom, Just Dial, Menon Bearings, Moschip Technologies, Reliance Industrial Infrastructure, Rane (Madras), Shoppers Stop, Snowman Logistics, Supreme Petrochem, Suryalakshmi Cotton Mills, Syngene International, TajGVK Hotels & Resorts, Tata Communications, Tata Steel Long Products, Tejas Networks, and TT Ltd, were scheduled to announce their second quarter earnings today.

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The Nifty has already rallied almost 1000 points from the September expiry level of 17600, leading the FNO indicator to enter in the overbought territory. This may lead the index to enter a consolidation phase to cool off overbought conditions. As per options OI data, the trading band is between 18600 and 18305, which means, if the support of 18300 is breached decisively in the session, the Nifty50 should head towards the 18000 level. On the other hand, if the index breaks above 18600, it can target 18800-18950 initially.

~ Raushan Kumar, Derivative Analyst, IIFL Securities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were hiked once again by oil marketing companies on Wednesday morning after a two-day hiatus. Petrol in the national capital today costs Rs 106.19 per litre, up 35 paise from yesterday while Diesel in the capital city is retailing at Rs 94.92 per litre, an increase of 35 paise. Petrol and diesel rates have increased 14 times so far in October. 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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“The continuous up-move of the last 7 sessions has been broken and the market has shifted into a profit booking mode. The overall negative chart pattern indicates more weakness in the next 1-2 sessions. The next lower levels to be watched are 18200-18150 (10day EMA). Any up-move from here could find resistance around 18470-18500 levels,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

Festive mood along with further relaxation in Maharashtra continues to cheer the investors and is thus driving the positive momentum. Accelerated demand and good quarterly corporate results have kept the investor’s interest sanguine. However, rising global commodity and energy prices continue to be a cause of worry. In this environment of high bullishness, one needs to stay grounded of various risks including valuations. we would suggest investors remain sector/stock specific. With a lot of heavyweights reporting their numbers this week, it would keep the markets volatile.

~ Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services 

Technically, the market is finding support between the 18400 to 18350 levels. However, it is advisable to buy with a reversal of the uptrend or a stop loss at the 18300 level. On the higher side, resistance exists at the 18500 and 18550 levels. Contra buying is advisable between 18250 and 18200 levels and for that keep a stop loss at 18100. On the other hand, contra sell is advisable at the levels of 18550 and 18600, however, for that we need to keep a tight stop loss at 18630.

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