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Share Market LIVE: Nifty hovers around 16,300, Sensex below 54,500; IndusInd Bank, M&M top index gainers – The Financial Express

India VIX was moving higher.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity benchmark indices began the day’s trade flat amid mixed global cues. Sensex was up 0.10%, just above 54,550 while the NSE Nifty 50 was up 0.13%, crossing the 16,300 mark. Bank Nifty was up 0.28%, holding just below 36,000. India VIX was seen surging higher. Broader markets were outperforming during the opening bell. IndusInd Bank, Mahindra & Mahindra, and State Bank of India were the top Sensex gainers, surging more than 1% each. HCL Technologies, Infosys, and TCS were down in the red.

Today, shares of Glenmark Life Sciences will make their Dalal Street debut. The IPO of the company was 44.17 times last month, helping the company raise Rs 1,513 crore. Apart from the listing, eyes will also be glued on the four IPOs that will close for subscription today. Devyani International, Krsnaa Diagnostics, Exxaro Tiles, and Windlas Biotech have all been oversubscribed by investors. Devyani International’s IPO has been subscribed 6.73 times with retail investors bidding 23.16 times for their portion, Krnsnaa Diagnostics IPO has been subscribed 5.42 times so far. Meanwhile, Exxaro Tiles’ IPO has received bids for 10.40 times the issue size and Windlas Biotech has been subscribed 7.06 times.

RBI has trimmed its growth projections for India’s economy to 9.5% from 10.2% earlier. 

Short build up in Bank Nifty futures, fall in put-call ratio on the back of call writing at 16300-16400 levels and short build-up by FIIs’ in the Index Futures segment Indicates that one should be cautious for the markets. Therefore, our advice is to book profits and add long positions at lower levels. On the lower side, the 16200-16100 level will act as immediate support where Puts have been written.

~ HDFC Securities

Sensex and Nifty jumped 0.25% each after the initial hour of trade, helped by RBI’s MPC keeping repo rate unchanged to facilitate growth for the covid hit economy.

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has kept the repo rate unchanged at 4% at its bi-monthly meeting. 

Glenmark Life Sciences shares made a weak listing on the stock exchanges today, marred by the muted market momentum. Glenmark Life Sciences’ shares began trading at Rs 751 per share, up 4.32% from the IPO price of Rs 720 per share. The IPO of Glenmark Life Sciences had received a strong response from investors earlier last week. A subsidiary of the already listed Glenmark Pharmaceuticals, Glenmark Life Sciences develops and manufactures high value, non-commoditized APIs with a portfolio of 120 products. On listing the company was commanding a market capitalization of Rs 9,203 crore. 

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“Shortly after achieving the 16350 objectives that we have been aiming for in the last few days, an evening star candlestick pattern matured, in hourly charts, suggesting that Nifty has embarked on a mean reversion move. Having formed so early in the uptrend, favoured view expects the correction to be brief. In the event of such dips not extending beyond 16238 or 16174, the return to uptrend could be swift, with 16600 as the next objective. Else, we may have to wait till at least 16030,” said Anand James, Chief Market Strategist at Geojit Financial Services.

Domestic equity markets began the day’s trade flat, dancing between gains and losses. Broader markets were outperforming. Bank Nifty was up 0.26%.

At the end of the pre-open session, Sensex was back in the green, jumping 19 points while Nifty was just above 16,300.

Sensex, Nifty were trading flat with negative bias during the pre-open session on Friday. Sensex was below 54,450 while Sensex was below 16,290.

Sensex with gains during Friday’s pre-open session while Nifty was down with losses amid mixed global cues. 

Two months’ of boredom finally came to an end as the market kicked off the August month with a bang. There were several attempts made recently to reach the millstone of 16000 but every time global markets became a spoil sport. This time it was certainly not the case. We had complete support from the global peers which provided impetus to reach the magical figure of 16000. 

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“Nifty is expected to open flat around yesterday’s close. It has been making new highs since the last 4 days but the volumes have decreased in the last 2 days therefore it seems there may be some correction. 16200 and 16150 will act as very strong support. Nifty may see 16400 and 16450 in the next few days” said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.

BSE-listed companies such as Hindalco Industries, Mahindra & Mahindra, Berger Paints (India), Muthoot Finance, Piramal Enterprises, Steel Authority of India (SAIL), Balkrishna Industries Astral, Bharat Electronics, Tata Power, Alkem Laboratories, AU Small Finance and Abbott India, will announce April-June quarter earnings today.

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“The Nifty volatility skew is greater than 3, plus the India VIX eased for the fourth straight session, indicating trader sentiment is bullish and strike wise PCR OI of 16,300 increased to 0.91 vs 0.71, indicating put writing. In the coming session, as long as the 16180 support is held on a closing basis, index eventually head to challenge its high OI of 16500 over the short-term, as market’s cost-of-carry is up on the back of fresh long additions,” said Raushan Kumar, Derivative Analyst, IIFL Securities. 

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of Petrol and Diesel have been left untouched by oil marketing companies for the twentieth consecutive day. Today, petrol in the national capital costs Rs 101.84 per litre, while Diesel in the capital city is retailing at Rs 89.87 per litre. Fuel prices have increased 41 times since May 4, now sitting at all-time highs. The price of petrol in Delhi has increased by Rs 11.15, while diesel price has surged Rs 10.80 per litre since the rates started increasing more than 2 months back. 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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“Nifty on Technical Daily Charts indicates very strong momentum as we can see 6 bullish candles consecutively with higher top higher bottom formation, for Friday Nifty has immediate support at 16260 followed by 16220 & major support 16150, Similarly with closing at 16294 the next Resistance is placed at 16330 followed by 16385 and 16450 as third major resistance,” said Rahul Sharma, Co-Founder, Equity99.

“Technically, Nifty formed a Doji sort of candle on daily scale and continues the formation of higher highs – higher lows from past six sessions. If Index manages to sustain the current momentum, we can witness an up move towards 16400-500 zones, while on the downside 16,000 could act as a key support. India VIX came down further by 3.6% to 12.87 levels. Stability in volatility indicates that bulls are holding the market to cheer the fresh momentum,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

The IPOs of Devyani International, Exxaro Tiles, Krnsaa Diagnostics, and Windlas Biotech will close for subscription today. All four IPOs were oversubscribed on day one and have been seeing strong interest from investors. Retail investors have oversubscribed their portion in each issue. 

Shares of Glenmark Life Sciences are set to list on BSE and NSE today. The IPO of the pharma company were subscribed a massive 44 times earlier last month. 

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