Share Market LIVE: Nifty gives up gains, turns red, Sensex below 59,000; Zee shares surge 20%, HDFC Twins fall – The Financial Express

HDFC was down 1.25% on Wednesday as the worst-performing stock on Sensex, followed by HDFC Bank, which was down 0.87%.

This is a positive and welcome move. After the merger talks of Sony Entertainment with Viacom18 dropping, this consolidation will add synergies to the existing portfolio of both the entities, especially in the verticals of Sports & OTT. Further ZEE would also have access to Sony’s international catalogue to exploit and monetise. The corporate governance overhang of ZEE Entertainment should also fade away with this merger and enhance investor confidence. To add, the combined entity will be in a superior position to compete with Disney more effectively both on the distribution & advertising side. Overall the consolidation looks value accretive,” said Vivek Menon, co-founder of NV Capital.

“A bullish market will witness short coverings causing sudden sharp upturns. There are reasons to believe that this happened yesterday when shorts created in anticipation of negative fallout from the Evergrande crisis were forced to cover. The sharp surge in Nifty by 235 points from lows yesterday is indicative of this. Even though the jury is still out on the final outcome of the woes of the Chinese realty major, the possibility is that the issue will be confined to China with no contagion on global markets. Today the market is likely to focus on the Fed message which is likely to give a timeline for taper. It is unlikely to be a market-moving message since markets have already discounted taper,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Domestically, inflows could continue to pour in on account of HDFC Bank raising Rs 5,000crs via infra bonds. So far dollar weakness and a breakdown in China markets had led to a flurry of flows diverted to India. However, with the two key risk events today it will be watchful whether FII would hold back or take the flight of capital back to safe heaven US. Developments in policy meetings are likely to drive the further movement for the USDINR pair. Till then, the rupee to trade in the range of 73.30-73.90 zone in the near term before any big market triggers takes it towards 74.20-74.40 levels in the upcoming time. Amit Pabari, managing director, CR Forex Advisors

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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Housing Development Finance Corporation (HDFC), Axis Bank, Tata Steel, Nestle India were among top Sensex laggards

Tech Mahindra, NTPC, HCL Technologies, Titan Company, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, Maruti were top BSE Sensex gainers

Zee Entertainment Enterprises shares were locked in 10 per cent upper circuit at Rs 281.20 apiece, after the company announced to merge with Sony Pictures

BSE Sensex gained 61 points to trade at 59,066, while the Nifty 50 index jumped to reclaim 17600 on opening

A bullish market will witness short coverings causing sudden sharp upturns. There  are reasons to believe that this happened yesterday when shorts created in anticipation of negative fallout from the Evergrande crisis were forced to cover. The sharp surge in Nifty by 235 points from lows yesterday is indicative of this. Even though the jury is still out on the final outcome of the woes of the Chinese realty major, the possibility is that the issue will be confined to China with no contagion on global markets. Today the market is likely to focus on the Fed message which is likely to give a timeline for taper. It is unlikely to be a market-moving message since markets have already discounted taper. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Sensex and Nifty were down from initial highs in the pre-open session but were still trading with gains, looking set to start the day on a positive note.

Sensex and Nifty zoomed higher during the pre-open session on Wednesday morning despite weak global cues. Nifty was above 17,600.

After two days of sharp price correction, on Tuesday, the benchmark indices witnessed a sharp pullback rally from 17350/58300 support level. Post intraday correction, the Nifty took the support at 17326/58232 and reversed sharply. The intraday rally was largely supported by the Metal, Oil, and Gas and selective financial stocks. Whereas, despite strong momentum, Auto stocks witnessed selling pressure. Technically, the texture of the sharp reversal formation near 10 days SMA suggests a further uptrend from the current level. 

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Zee Entertainment Enterprises Ltd’s (ZEE) Board of Directors on Tuesday approved a merger with Sony Pictures Networks India, the company said in a regulatory filing on Wednesday morning. The move paves the way for Punit Goenka to retain his position as MD and CEO of ZEE group, fending off Invesco’s attempt to get him off the chair. The Board of Directors of ZEE Entertainment Enterprises Ltd present and voting in its board meeting held on 21st September 2021, unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEE,” the filing said.

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Nifty futures were trading 9.50 points up at 17,571 on Singaporean Exchange, suggesting a cautious start for BSE Sensex and Nifty 50 on Wednesday. In the previous session, S&P BSE Sensex surged 514 points or 0.88 per cent to end at 59,005 while the Nifty 50 index jumped 165 points or 0.95 per cent to close at 17,562. Asian stocks were trading mixed in early trade. Anlaysts say global cues would continue to influence market this week as all eyes are set on ECB and US Fed MPC outcome.

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Nifty futures turned negative in trade, falling 34.50 points to 17,527 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Wednesday. After two days of sharp correction, benchmark indices witnessed a sharp pull back rally while Nifty found support at 17326 to reverse the falling trend. Investors will continue to watch stock specific development, the ongoing Evergrande crisis, crude oil prices, rupee movement against dollar and other global cues. “Technically, the texture of the sharp reversal formation near the 10 day SMA suggests further uptrend from the current level. We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17650-17450 levels. For day traders, as long as the index is trading above 17450, pullback rally is likely to continue up to 17600-17650 -17680 levels. On the flip side, index below 17430, the uptrend would be vulnerable,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

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Zee Entertainment Enterprises has announced it will merge with Sony Pictures, while Punit Goenka will retail is position as MD and CEo of the merged company.

SGX Nifty was down more than 20 points on Wednesday morning, hinting at a muted start to the day’s trade.

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.  At the end of the first day, the public issue was subscribed 16.57 times with retail investors subscribing their portion 31.36 times. Non-Institutional investors also oversubscribed their portion by 2.77 times while bids from qualified institutional buyers were largely muted.