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Share Market LIVE: Nifty nears 16,600 on opening, Sensex above 55,700; Tata Steel, SBI top gainers – The Financial Express

Global cues were positive on Monday morning.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets enter the first trading session of the week, hoping to recoup some of the losses suffered during the previous few trading sessions. S&P BSE Sensex currently sits at 55,392 while the NSE Nifty 50 index is at 16,450. SGX Nifty was trading more than 150 points higher ahead of the day’s trade, hinting at a positive start for domestic equities. Global cues were positive as Asian markets moved higher on Monday morning, rebounding from last week’s lows, mirroring Wall Street’s positive closing during the previous session. 

Nuvoco Vistas will make its Dalal Street debut today. The Rs 5,000 crore IPO of the company subscribed 1.71 times earlier this month in the price band of Rs 560-570 per share. IPO investors will be watching the listing nervously after seeing the discounted listing of CarTrade Tech last Friday. In the grey market, shares of Nuvoco Vistas were trading at a discount last week. Nuvoco Vistas will join listed industry peers such as Ultratech Cement, Shree Cement, Ambuja Cements, and ACC on the stock exchanges. 

India VIX was down more than 3% on the opening bell sitting at 13.5 levels. 

Domestic equity markets started the day in the positive territory. Broader markets mirror up-move. Bank Nifty jumps 0.82%. 

“Nifty is expected to open positive at 16580, up by 170 points since yesterday’s close. Nifty has strong support at 16350 and 16400 levels. It may face resistance at 16600 and 16620 levels. New buying should be considered if Nifty closes above 16650 with higher than average volumes,” said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.

Sensex extending gains in pre-open session and zoomed past 55,600 levels. Nifty 50 was nearing 16,600. 

Sensex regains 55,500 levels during the pre-open session on Monday while the NSE Nifty 50 index was above 16,500. 

Food-tech giant Zomato could be active on the stock exchanges today. From today the anchor investors of Zomato can sell shares of the company. Zomato had managed to raise Rs 4,196 crore from a total of 186 anchor investors just ahead of its initial public offering. Marquee investors such as Tiger Global Investment Fund, Blackrock Global Funds, Fidelity Funds, JP Morgan, Morgan Stanley, T. Rowe Price, SBI, Kotak funds, Government of Singapore, Goldman Sachs, ICICI, HDFC, and UTI MF invested in the company through the anchor investor portion. 

Infosys could be in action today as the company faces heat from the government officials for its failure to offer seamless operation of the Income Tax portal. The same was unavailable for two straight days. Finance Minister Nirmala Sitharaman has summoned Infosys MD and CEO Salil Parekh today. 

SGX Nifty is up 170 points ahead of the day’s opening bell. SGX Nifty has extended its gains from being 140 points higher earlier in the day. 

Nifty started the previous week on a flat note and traded with extreme volatility on either side throughout the week. However, Friday’s sell-off dragged index lower to end near low’s. Nifty closed at 16451 with a loss of 79 points on a weekly basis. 

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The Benchmark index has formed a bearish harami candlestick pattern in the weekly time frame at the all-time high levels, the bearish pattern will be confirmed when the prices will close below the harami pattern. Momentum oscillator RSI (14) has dropped sharply from its overbought levels and currently reading at 65 levels with bearish crossover on the daily interval.

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SGX Nifty was up more than 170 points on Monday morning ahead of the day’s trade. Asian stock markets were sitting in the green.

Amid a raging row over the hefty taxes on petrol and diesel, NITI Aayog is learnt to have proposed a formula whereby the two motor fuels and electricity could be brought under the goods and services tax (GST) in one go, without causing much Centre-state tussle. According to the think-tank’s formula, the Centre would compensate the states for potential revenue losses on account of shifting electricity – which is currently being taxed by the states exclusively – to GST for about six years.

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The Indian stock market will see the listing of Nuvoco Vistas today. The Rs 5,000-crore Nuvoco Vistas IPO got 1.71 times subscription, and was available at a price band of Rs 560-570 per share. In the primary market, Nuvoco shares were seen trading at discount to IPO price. Nuvoco shares were trading at Rs 556, a discount of 2.5 per cent in the grey market, over the issue price, according to the people who deal in unlisted shares of the companies.

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