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Share Market LIVE: Nifty sits above 17,900, Sensex nears 60,300; Larsen & Toubro, Tech Mahindra top gainers – The Financial Express

India VIX was down in red on opening bell.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices started Wednesday’s session in the green. Sensex regained 60,300 on opening bell while Nifty 50 was above 17,900. Bank Nifty reclaimed 40,000 mark. Broader markets were trading with gains while India VIX was down in red, slipping below 17 levels. Bharti Airtel was the top gainer on Sensex, followed by Larsen & Toubro, and NTPC. Among the laggards was Titan, down 0.62%, followed by Sun Pharma, HDFC bank, and HUL.

IPOs of Policybazaar, SJS Enterprises, and Sigachi Industries will close for subscription today. While the issue of SJS Enterprises is yet to fully subscribed, that of Policybazaar has been bid for 1.59 times by investors with retail investors and Qualified Institutional Buyers (QIB) oversubscribing their quota. Sigachi Industries has seen the most interest among the current IPOs. The public issue has been subscribed 23.12 times with NIIs and retail investors heavily oversubscribing the issue. Investors can bid for the three IPOs till today evening. 

Sensex and Nifty 50 were up with gains on Wednesday and broader markets were mirroring the up-move. S&P BSE Sensex regained 60,300 mark while the NSE Nifty 50 was closing in on 18,000. Bank Nifty breached 40,000 during the morning trade and added to gains. On the other hand, India VIX was down in the red, giving up 17 levels. Amid the positive market momentum, Vodafone Idea was the top volume gainer with more than 3.47 crore equity shares exchanging hands between investors. However, in terms of value, Larsen & Toubro was the highest traded stock on NSE.

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Adani Power on Wednesday said that it has got National Company Law Tribunal (NCLT) approval to acquire Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh.

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Domestic market’s correction may soon be over and Nifty 50 index could once again challenge life-time highs at 18,600, said domestic brokerage and research firm ICICI Direct. The brokerage firm believes the structural bull-run of domestic markets is intact and it is now time for investors to start buying again. Since May 2020, on three occasions Nifty has clocked new highs after undergoing average 9% correction. “We expect Nifty to maintain the rhythm of not correcting for more than 9% observed since May 2020,” ICICI direct said in a report. So far, the benchmark 50-stock Nifty has corrected 6% from its all-time high of 18,600. 

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Nifty turned lower exactly from the 18020-barrier suggested yesterday. The expectation was a subsequent breach of the same. That this did not occur, suggest that the least resistance was enough to keep the upside attempts honest. We will continue to expect the ongoing momentum to take Nifty as far as the 18170-400 region before distribution strengthens. The 17350 view will be revisited once this move unfolds, but will be forced to revert to it if 17760 gives away today.

~ Geojit Financial Services

Unwinding was seen in the Nifty Futures where Open Interest fell by 3.94% with Nifty falling by 0.23%. Short covering was seen in the Bank Nifty Futures where Open Interest fell by 4.16% with Bank Nifty rising by 0.44%

~ HDFC Securities

Diwali is one of the biggest Hindu festivals, celebrated not just in India but in many other countries too. During this festival, one of the auspicious things is to wear gold or buy (invest) in the gold. Gold is a positively-charged metal that promotes optimal oxygen distribution to the cells in your body. And that’s the reason many Indians wear gold jewellery during festival days. Apart from an investment or buying gold on an auspicious day (Dhanteras), people also trade (frequently buy and sell) to make money out of it. Some traders look at it from an industrial point of view also as it is used in the manufacturing of electronics.

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“On the technical front, though Indian markets declined marginally yesterday, overall breadth seems positive and outperformance was witnessed in the majority of the Indices. We believe the positive trend in the market is intact and investors can witness further upside in the markets. Immediate support and resistance in the markets are 17800 and 18200 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Domestic benchmark indices opened in the green on Wednesday morning. Broader markets traded with gains. India VIX gave up 17 levels.

Nifty regained 17,900 in the pre-open session. Sensex was above 60,300.

Sensex was up 500 points during the initial minutes of pre-open session while Nifty 50 was trading flat with positive bias. 

“The underlying trend of Nifty remains positive and the immediate resistance of 18050 is expected to be taken out on the upside soon. A sustainable upmove above the immediate hurdle could pull Nifty towards the next resistance of 18300 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

BSE-listed companies such as State Bank of India (SBI), Eicher Motors, Aditya Birla Fashion and Retail, Bata India, DCM Shriram Industries, GPT Infraprojects, Grindwell Norton, Gujarat State Petronet, Gujarat Alkalies & Chemicals, Likhitha Infrastructure, Pfizer, RattanIndia Power, Sharon Bio-Medicine, and Uflex will release September quarter earnings.

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Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Wednesday. Nifty futures were trading 51.50 points or 0.3 per cent higher at 17,972.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex ended 109 points lower at 60,029 while NSE Nifty 50 dropped 40 points to end at 17,888. Given Diwali on Thursday, this week is a truncated one with all eyes awaiting the outcome of US Fed MPC which could provide direction to the future course of the market. “On the domestic front, earnings season so far has been mixed while macro data points have been robust – giving investor confidence with regards to economic recovery. We estimate Nifty EPS to grow at 35%/20% to INR730/INR874 for FY22E/FY23E, respectively,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.

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“Nifty is expected to open flat to positive at 17915, up by 25 points. Since the last few trading sessions Nifty has been struggling to give a positive close with higher-than-average volumes, which means there is still weakness renaming. Nifty has resistance in the 17950-18050 range and support at 17600 and 17450 levels. Traders are suggested to book profits on every rise and not initiate new long positions till we see a closing above 18350 levels,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were left unchanged by oil marketing companies on Wednesday, after seven days of successive hikes. Petrol in the national capital today costs Rs 110.04 per litre, while diesel in the capital city was retailing at Rs 98.42 per litre, same as yesterday. Rates were increased for seven successive days till yesterday. 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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The daily price action formed a bull candle carrying higher high -low with small lower shadow, highlighting pause in downward momentum. Going ahead, the formation of higher high -low along with decisive close above 18050 would open the door for extended pullback towards 18200. Failure to do wo would lead to base formation 17500 -18000, in the process, stock specific action would prevail amid progression of Q2FY22 earning season. We believe, such a base formation after 20% rally (seen over past three months) that would make market healthy. Hence, ongoing corrective phase should not be construed as negative, instead dips should be capitalised on to build quality portfolio over medium term

For the coming session, the trading spot band is between 18050 and 17800, which means further upsides are likely once the immediate resistances of 18050 are taken out and weakness could emerge if the supports of 17800 are broken.

~ Raushan Kumar, Derivative Analyst 

Samvat 2077 has turned out to be historic year for equities, despite the pandemic. The benchmark Nifty50 clocked its best ever returns 12 years. While loose monetary policies adopted by global central banks was a big factor that drove markets, strong retail participation was also a key trend that emerged.

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IPOs of Policybazaar, SJS Enterprises, and Sigachi Industries will close for subscription today. While the issue of SJS Enterprises is yet to fully subscribed, that of Policybazaar and Sigachi Industries have been oversubscribed.

SGX Nifty was trading with gains on Wednesday morning, hinting at a flat to positive start to the day’s trade. Nifty futures were up 40 points ahead of the opening bell. 

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