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Share Market LIVE: Nifty again falls below 15,000, HDFC Bank, SBI drag Sensex lower; indices trade volatile – The Financial Express

Nifty Bank index was top sectoral loser, down 1.45 per cent, followed by Nifty Financial Services. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading lower on Friday, taking cues from their global peers. BSE Sensex was hovering around 50,500 while NSE’s Nifty give up 15,000. HDFC Bank, ICICI Bank, Housing Development Finance Corporation, Axis Bank, State Bank of India, Bajaj Finance were among major contributors to Sensex’ fall. Stocks of ONGC, NTPC, Maruti Suzuki, Tech Mahindra, HCL Tech, Titan Company were top BSE Sensex gainers. Barring Nifty Media index, all the sectoral indices were trading lower. Nifty Bank index was the top sectoral loser, down 1.45 per cent, followed by Nifty Financial Services. The broader market outperformed equity benchmarks in today’s trade. S&P BSE MidCap index was trading flat to negative at 20,971, while the S&P BSE SmallCap index gained over half a per cent or 114 points to trade at 21,367.Heranba Industries shares made a stellar listing on the stock exchanges today, unscathed by the mildly weak market sentiment. Shares of the company began trading at Rs 900 per share, up 43.54% from the IPO price of Rs 627 apiece. On listing, Heranba Industries was commanding a market capitalisation of Rs 3,600 crore.

Hyderabad-based MTAR Technologies Rs 596-crore initial public offering (IPO) has been subscribed 12.77 times so far on the last of the bidding process. The IPO has received bids for 9.83 crore equity shares against an offer size of 72.6 lakh equity stocks, translating into a subscription of 10.27 times, data available on the exchanges showed. In the grey market, MTAR Technologies shares were commanding a strong grey market premium of 85 per cent over the issue price of Rs 575 apiece on Friday. 

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NSE Nifty 50 is trading at a stretched PE ratio of 40.93. Meanwhile, on a one-year forward basis valuations seem rich at 22.3x FY22E. Despite this, stock markets continue to remain unscathed and hover closer to the all-time highs. Is it now time to pull money out of equities and wait for a correction? “Since near term valuations are still very much on the higher side it is not wise to expect healthy returns in less than one year,” Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities, told Financial Express Online.

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Heranba Industries Ltd (HIL), a crop protection chemical manufacturing company, listed today on the exchanges with a 44% premium at Rs 900/share against its issue price of Rs627/share. The company had raised Rs625 crore through public issue which was subscribed 83 times. It also has a well-diversified presence in India through more than 9400 dealers/distributors. During FY18-20, its revenue witnessed 13% CAGR, while PAT grew at 44% CAGR, led by EBITDA margin expansion from 12.5% in FY18 to 15.3% in FY20. RoE has been consistent and healthy at ~30%. At the CMP, the stock is valued at PE of ~37x of FY20 earnings and 27x FY21E on an annualized basis.: Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Servcies

MTAR Technologies IPO has been subscribed 12.77 times so far on the last day of the bidding process, with retail investors subscribing their reserved portion the most, 19.31 times. QIBs have subscribed their reserved portion 1.09 times while non-institutional investors 13.12 times.

The intraday momentum in USDINR pair is like a roller coaster ride, the pressure in the offshore and global trend is pushing rupee above 73.00 levels. However, in the onshore, the pair strives to remain resilient in the face of inflows but the bottom seems forming near 72.30-72.50 levels that the pair has respected in the past. Nonetheless, USDINR bulls are active but any steep fall in rupee is likely to be capped near 73.50 levels amid channel of IPO’s lined up in coming sessions, thereby attracting foreign investors. As the overall sentiments remain cautious, The near term rupee shall be well within 72.50-74.00 levels. With that, any dips below 72.80-72.90 levels can be taken for buying and upticks above 73.40 shall be utilized to sell for near term exposures.: Amit Pabari, managing director, CR Forex Advisors

Kotak Mahindra Bank on Friday said it has divested 10 per cent stake in ECA Trading Services to one of its subsidiaries for nearly Rs 2 crore. Kotak Mahindra Bank has sold 1,09,48,925 equity shares of Rs 10 each (10 per cent of its stake) of ECA Trading Services Limited to Kotak Securities (a wholly-owned subsidiary of the bank), at a consideration of Rs 1.98 crore, it said in a regulatory filing.

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Gold prices extended losses on Friday on the account of the strengthening of the Indian rupee against the US Dollar. On MCX, gold April futures were trading Rs 317 or 0.71 per cent down at Rs 44,224 per 10 gram. On the other hand, silver May futures tumbled Rs 407 or 0.62 per cent to Rs 65,514 per kg on the Multi Commodity Exchange. MCX gold is likely to end on a bearish note for the third straight week, as the yellow metal prices have already declined over 3 per cent on a week-on-week basis.

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Nifty has shown indecisiveness over the last few sessions, as the index has formed a sequence of lower lows and higher highs, a sign of tussle between bulls and bears. With the earnings season behind and nothing much lined up on the data front domestically, Indian markets this week have taken cues from their global peers. NASDAQ and S&P 500 index have both broken below their 1 year trend line, US 10-year yield has climbed back above 1.5%, Dollar Index has risen above the 100-day moving average for the first time in 8 months, while metal prices have plunged over the last 2-3 sessions. These cross-market developments indicate that domestic markets could witness volatility in the short-term. Hence, one needs to implement a cautious stance going forward.: Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS

Heranba Industries shares made a stellar listing on the stock exchanges today, unscathed by the mildly weak market sentiment. Shares of the company began trading at Rs 900 per share, up 43.54% from the IPO price of Rs 627 apiece. On listing, Heranba Industries was commanding a market capitalisation of Rs 3,600 crore. Global markets were jittery on Friday as bond yields in the United States rose again. The IPO of the company was oversubscribed 82 times with retail investors bidding for 11.84 times their portion, Non-Institutional Investors (NII) bid for a whopping 271 times and Qualified Institutional Buyers (QIB) subscribed their portion 67 times.

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This morning we have again opened with a gap down but this has not disturbed the current uptrend. The index has a good support at 14700 levels and as long as that holds, we are in positive territory. These falls can be strategically utilized to go long on the markets. The Nifty is facing resistance around the 15200-15300 levels. Once it gets past that, the next target should be 15500.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

S&P BSE Sensex fell 400 points or 0.77 per cent to 50,454 dragged by sell-off in index-heavyweights such as Housing Development Finance Corporation (HDFC), State Bank of India, ONGC, RIL.

Broader market outperformed equity benchmarks in today’s trade. S&P BSE MidCap index was trading flat to negative at 20,971, while S&P BSE SmallCap index gained over half a per cent or 114 points to trade at 21,367

Barring Nifty Media index, all the sectoral indices were trading lower. Nifty Bank index was top sectoral loser, down 1.45 per cent, followed by Nifty Financial Services.

Stocks of ONGC, NTPC, Maruti Suzuki, Tech Mahindra, HCL Tech, Titan Company were top BSE Sensex gainers.

HDFC Bank, ICICI Bank, Housing Development Finance Corporation, Axis Bank, State Bank of India, Bajaj Finance were among major contributors to Sensex’ fall

BSE Sensex was trading over 400 points or 0.82 per cent down at 50,430, while the broader Nifty 50 index slipped below the crucial 15,000, falling 116 points or 0.77 per cent.

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The highly valued Nasdaq appears to be in a short- phase of reversion to mean, having declined 10% from record highs. The US 10-year yield has again spiked to 1.575% giving further ammunition to bond bears. Back home, both FIIs & DIIs turned sellers yesterday impacting market sentiments. The steady rise in dollar index also is not good news for FII inflows. Inspite of all these the texture of the market remains ‘ buy on dips’ since the ‘growth & earnings recovery story’ is intact and ample liquidity is available waiting to be invested. The comments of the Fed chief Jerome Powel before the FOMC Meet will be keenly watched by the market. The outperformance of mid-small-caps is likely to continue.: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Nestle India, HDFC Bank, Bajaj Finance, UltraTech Cement, IndusInd Bank, Reliance Industries Ltd (RIL), Kotak Mahindra Bank were among top BSE Sensex draggers in pre-open

COMEX gold trades about 0.6% lower near $1690/oz and has tested the lowest level since June 2020. Gold remains pressurized by firmness in the US dollar on the back of higher bond yields, optimism about the US economy and safe haven buying. Also weighing on gold price is continuing ETF outflows. However, supporting price is progress on US stimulus and loose monetary policy stance of major central banks. Gold may remain under pressure unless US bond yields correct or we see concrete measures on US stimulus.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

COMEX gold trades about 0.6% lower near $1690/oz and has tested the lowest level since June 2020. Gold remains pressurized by firmness in the US dollar on the back of higher bond yields, optimism about the US economy and safe haven buying. Also weighing on gold price is continuing ETF outflows. However, supporting price is progress on US stimulus and loose monetary policy stance of major central banks. Gold may remain under pressure unless US bond yields correct or we see concrete measures on US stimulus.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

BSE Sensex was trading over 200 points down at 50,635, while the broader Nifty 50 index slipped below the crucial 15,100 in pre-open on Friday.

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Gujarat State Petroleum (GUJS) has a 54% stake in Gujarat Gas (GUJGA), which amounts to a market capitalization of Rs 197b, much higher than GUJS’ m-cap at Rs 156b. Major concerns for the above anomaly have been expected decline in tariffs of GUJS due to over-utilization of the High Pressure grid, and concerns over the usage of cash.

Motilal Oswal

Tughlakabad (TKD) seeing limited volume loss, despite the 10-12% realisation hike effective 6 Dec 2020. Our interactions with competitors suggest no material volume inflow from TKD, in-line with management’s 3Q commentary. TKD hike implies 5% YoY realisation rise in FY22E vs our earlier 3% expectation. We raise our FY22E-25E realisation CAGR to 4% vs 2% and EPS by 18-19%. Privatisation and lower LLF are additional upside. Buy.

Jefferies

Nifty futures were trading 161 points or 1.07 per cent down at 14,910 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Friday. In the previous session, headline indices ended over one per cent lower on the back of rising US bond yields. In the absence of any fresh domestic trigger, markets will continue to take cues from global peers for further direction. 

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The Rs 597-crore initial public offering of MTAR Technologies was subscribed 10.27 times on Thursday, the second day of the bidding process, on huge support from retail investors. The IPO has received bids for 7.45 crore equity shares against an offer size of 72.6 lakh equity stocks, translating into a subscription of 10.27 times, data available on the exchanges showed.

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To facilitate development of the bullion market in India, International Financial Services Centres Authority (IFSCA) on Thursday issued enabling framework for banking units in IFSC. The enabling framework will help generate interest in trading and hedging activities, and serve as a precursor to International Bullion Exchange (IBE), IFSCA said in a statement.

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Domestic equity markets moved lower on Thursday as global markets slipped on rising bond yields. Sensex now sits just below 51,000 while the nifty 50 is holding just above 15,000. On Friday morning, SGX Nifty was again deep down in red, falling 180 points, during the early hours of trade, hinting at another day of negative moves on Dalal Street. Equity markets in the United States closed deep in red and Asian peers were seen mirroring the move on Friday morning.

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In overnight trade on Wall Street, major US stock indices declined amid a rout in tech stocks and Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. The tech-heavy Nasdaq Composite dropped 2.1 per cent. While the S&P 500 and the Dow Jones Industrial both fell more than a per cent.

Asian peers were trading in the deep sea of red primarily due to the sell-off in technology stocks and surge in bond yields overseas. Stocks in China declined in morning trade, with the Shanghai composite shedding 1.03 per cent. Japan’s Nikkei 225 slipped 1.76 per cent while the Topix index shed 0.96 per cent. South Korea’s Kospi fell 1.48 per cent. 

Nifty futures were trading 157.50 points or 1.05 per cent down at 14,913.50 on Singaporean Exchange.

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