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Share Market LIVE: Bears in control as Sensex tanks 500 pts, Nifty nears 17,600; Paytm tanks 11%, RIL down 3% – Financial Express

India VIX was up with gains.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets started Monday’s trading session on a weak footing, as benchmark indices slid on the opening bell. S&P BSE Sensex was down more than 400 points in the initial hour of trade nearing 59,200 levels while Nifty 50 was below 17,700 mark. Bank Nifty was down 0.7%, just above 37,700. Broader markets mirrored the fall. India VIX was up 5%. Reliance Industries was down 3.2% as the worst Sensex performer, followed by Bajaj Finance, Kotak Bank, and Maruti Suzuki India. On the other hand, Bharti Airtel was up 5% as the top gainer, followed by Asian Paints, Power Grid, and IndusInd Bank.

Bharti Airtel share price zoomed 3.9% on Monday to trade at Rs 724 per share as investors reacted to the telco’s decision to increase tariffs this week. Bharti Airtel has decided to increase mobile pre-paid tariffs by 20-25%.

“Markets are in a precarious position. We are threatening the 17600 level and if we break this level on a closing basis, the Nifty could slide down to 17200. The index has a resistance at 18100-18200 and unless we do not get past that, the trend of the markets will remain sideways to negative,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

In F&O space, we saw open interest addition in both the indices with clearly suggests fresh shorts where formed during the week (wherein banking index added massive shorts as outstanding contracts surged more than 20%).

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On Monday morning, Paytm share price was down more than 6%, erasing another Rs 100 per share in value. The stock was now trading at Rs 1,460 per share, down from Rs 2,150 per share issue price.

Going forward, we expect Nifty to extend its ongoing consolidation amid lack of faster retracement on either side while holding its key support threshold of 17500 levels, while stock specific outperformances will continue as markets are undergoing a healthy sectoral churn post Q2 earnings

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Sensex and Nifty were down deep in red on Monday morning as the 30-stock benchmark tanked more than 0.65% in the initial minutes of trade while Nifty 50 was down more than 0.7%. Bank Nifty was down 0.5%. 

Domestic benchmark indices started Monday’s trading session with losses. Broader markets followed. Bank Nifty was down 0.23% just above 37,800.

Sensex slipped from initial highs and began trading with losses in the pre-open session, Sensex was was just above 17,700.

Sensex touches 60,000 in pre-open session while Nifty was down with losses, struggling to hold 17,700.

Bharti Airtel will increase prepaid mobile tariffs by 20-25% starting 26 November 2021, the telecom company said in a statement on Monday morning. Bharti Airtel said that the move to increase prices is aimed at increasing the Average Revenue Per User (ARPU) of the telco to enable substantial investments in the network as it plans 5G roll out in India.

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‘Nifty is expected to open flat to positive at 17785, up by 20 points. Nifty has support in the 17650-17600 range and resistance in the 17900-18000 range. Overall the bias in Nifty is negative and traders are suggested to avoid taking new long positions and maintaining strict stoploss in their existing long positions,’ said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Domestic markets were under-pressure last week, falling three times in four trading sessions. Entering Monday’s trading session, SGX Nifty was up in the green, hinting at a flat to a positive start to the day’s trade. On the technical side, chartists believe the short-term trend for Nifty is weak. “The overall negative chart pattern as per daily and weekly chart signal that the present key support of 17700 could be broken in the short term and that could open a larger downward correction down to 17200-17100 levels in the next few weeks,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. “Any attempt of upside bounce from here could find resistance around 17850-17900 levels,” he added.

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SGX Nifty was up 40 points ahead of the opening bell on Dalal Street on Monday. Nifty futures trading with positive bias hints at positive momentum buildup for domestic indices.

“On the domestic front, India’s WPI in October spiked to 12.54% from 10.66% in September owing to the rise in prices of crude petroleum and manufactured products. Similarly, India’s CPI rose to 4.48% from 4.35% led by a surge in food prices. The weak listing of India’s largest IPO, Paytm, further impacted domestic sentiment. Foreign investors remained net sellers during the week while domestic institutional investors continued their buying spree. Going forward, rising inflationary pressure will continue to haunt global markets as fears of rate hikes will pump out liquidity from emerging markets like India.”
~ Vinod Nair, Head of Research at Geojit Financial Services.
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