Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets were deep down in red on Monday, as bears took over benchmark indices. S&P BSE Sensex tanked more than 1,100 points giving up 58,500 while NSE Nifty 50 was shy of 17,500. Bank Nifty was down 2%, just below 37,200. Broader markets mirrored the fall. India VIX was up 14%, nearing 17 levels. 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.
Volatility was moving higher as India VIX was up 17% on Monday with less than half an hour left to the closing bell.
India Bank was among the top laggards on S&P BSE 500, falling 9.98% to hit the lower circuit. Brigade Enterprises, Jai Corp, Jamna Auto, and Navin Fluorine International were the other drags.
Mukesh Ambani’s Reliance Industries Limited called off its deal with Saudi Aramco last week, after having missed out on two self-imposed deadlines. With RIL having shelved the 20% stake sale in the oil to the chemical unit (O2C), the stock came under selling pressure on Monday, falling more than 4% to hit an intra-day low of Rs 2,356 per share. Analysts have mixed views on what impact the cancellation of the O2C stake sale would have on RIL stock performance. While analysts at foreign brokerage firm Jefferies have reduced the target price, those at Kotak Securities, Credit Suisse, and Prabhudas Lilladher have maintained their previous price targets.
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Dalal Street was witnessing a bloodbath on Monday as Sensex and Nifty tanked more than 2.2% each.
“Short build up in the Nifty futures, short build up in the Bank Nifty Futures, Call writing at 17900 – 18000 levels and Short build up by FII’s in the index future segment indicates that one should be cautious for the markets. Therefore, our advice is to hold short with the stop loss of 17900 levels. On the lower side, 17700-17600 levels will act as strong support.”
~ HDFC Securities
Nifty gave up 17400 for a brief period on Monday before recovering to trade above the said levels. Bears were in control on Dalal Street.
Unless the Nifty moves back above 17,850, it will continue to trade weak with a corrective undertone. Stay selective, avoid building large leveraged positions on either side
~ Pradhudas Lilladher
“Over past 18 months, Price-wise Nifty has maintained the rhythm of not correcting for more than 7-9% while holding its 50 days EMA and timewise intermediate corrections have got arrested within four to five weeks, barring one instance. As index has already corrected 5.5% over past four weeks, we expect index to hold 17500 and attract incremental buying demand as larger structural uptrend remains intact. Hence, dips should be capitalised on to accumulate quality stocks. Sectorally, Capital goods, Telecom, Auto are expected to outperform while BFSI provide favourable risk-reward setup. Pullbacks in Metal space are expected to be short lived,” said ICICI Direct.
Only four Sensex stocks were trading with gains while the rest 26 shares were down with losses. Bharti Airtel was the top Sensex gainer, up 3%, followed by Asian paints, Power Grid, and TCS.
A sustainable move below 17700 (which seems likely) would activate the pattern and as a result of this, we could see a fresh leg of correction in coming days. After this, next levels to watch out for would be 17450 and 17200, where one needs to reassess the situation. On the flipside, if Nifty manages to hold 17700 and move higher first, then 18000 – 18200 are to be considered as strong hurdles, which as of now we do not expect to get surpassed in the near future. The major culprit during the last week’s correction was the continuous weakness in banking and metal counters. Although the banking index is nearing its strong support zone, we do not expect any major bounce back in this space.
~ Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
India VIX, the volatility index, was up 14% on Monday afternoon as bears ran riot on Dalal Street. The gauge was above 16 levels.
Paytm share price is now down 40% from the IPO price as the scrip extends losses on the second day of trade. Paytm shares were trading at Rs 1,320 per share.
Sensex was still deep in red but above its intraday low of 58,465. Nifty 50 was still shy of 17,500.
‘10% Correction from the top of 18,600 should take us near 16,800. Derivatives Support of 17,500 broken today. Expect 17,000-16,800 shortly unless we see any signs of recovery in second half today. Maintained Bearish Stance once we broke 17,991. Stay Light/Stay selective until volatility cools down. Technically, this looks like a correction and not a full-blown Bear Market,’ said Rahul Sharma, Director & Head – Research, JM Financial.
Sensex and Nifty continue to extend losses as bears take over Dalal Street. Sensex was down more than 1,100 points or 1.84% on Monday while NSE Nifty 50 dropped below 17,450.
Sensex and Nifty were down deep in the red as bears ran riot on Dalal Street. Sensex was down more than 800 points or 1.45% at 59,770 while the NSE Nifty 50 index was at 17,500 levels.
The management is making the right noise in terms of steady market share gains, premiumization, cross selling through digital initiatives, and healthy inroads in non-Mobile revenue streams like payments bank, Home, and Enterprise segments. It expects 20% consolidated EBITDA CAGR over FY21- 23E, along with tariff/consolidation to drive FCF/deleveraging. We maintain our Buy rating.
Target price – Rs 860 per share
Digital payments and financial services firm Paytm on Sunday reported more than two-fold rise in gross merchandise value at Rs 1,95,600 crore in the second quarter that ended on September 30, according to the company’s first operating performance report for the month of October filed at the Bombay Stock Exchange (BSE). The company had recorded a GMV of Rs 94,700 crore in the same period a year ago.
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Check Live Price: PAYTM
S&P BSE Sensex may hit 80,000 by December 2022 helped by a likely new profit cycle, said foreign brokerage and research firm Morgan Stanley. The brokerage firm believes 80,000 is achievable for Sensex in a bull-case scenario, where India would see nearly $20 billion inflows on the back of inclusion in global bond indices. Morgan Stanley said that India remains entrenched in a long-term bull market and that positives outweigh the risks for those willing to take a slightly longer-term view. The positive outlook for Dalal Street comes nearly a month after Morgan Stanley downgraded Indian equities to equal weight.
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Thursday’s second half saw almost all of the day’s gains being wiped off, prompting a neutral start to today. If able to float above 17760, Nifty could see revival in upside hopes, but limited to a modest objective of 18000 initially, this week. But unlike last week, when we placed low bets on a break of 17650/600, we are now too close to the key level, to not factor in a vertical drop. A break of 17600, could trigger a 16500 move, but we hope that the 17350-17166 region will help bulls to regroup.
~ Geojit Financial Services
“The markets have seen some correction over the past week and giving a good opportunity for entry to quality stocks. The NIFTY50 seems to trade with the support of 17,700 with resistance at 18,000 while Bank Nifty with support of 37,500 with resistance of 38,450,” said Mohit Nigam, Head – PMS, Hem Securities.
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.