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Share Market LIVE: Sensex bounces back above 61,100, Nifty regains 18,200; HDFC, HDFC Bank, RIL among gainers – The Financial Express

India VIX was down in the red.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened with gains on Friday morning, attempting to recoup some of the losses suffered earlier this week. S&P BSE Sensex regained 61,000 mark while NSE Nifty 50 was above 18,200 as headline indices zoomed more than 0.30% each. Bank Nifty was above 40,200, setting fresh record highs. Broader markets were comfortably in the green. India VIX slipped just below 18 levels. HDFC was the top index gainer, up 1.9%, followed by Titan Company Ltd, Power Grid, and Tech Mahindra. Asian Paints was the worst-performing Sensex stock, followed by NTPC, Tata Steel, and L&T.

Sensex was holding just above the 61,000 mark. The index slipped from an intra-day high but was still in the green. 

IRCTC share price continues to recover some of the losses recorded earlier this week as it continues to trade in the green for the second day straight. The stock hit an intra-day high of 4,679 per share on Friday. However, IRCTC stock’s very high P/E ratio continues to worry investors. At a trailing P/Diluted EPS of 294x, IRCTC shares trade close to Elon Musk Tesla Inc — another stock which has repeatedly come under scrutiny for high P/E multiples. IRCTC stock’s forward P/E multiple of 147x too is close to Tesla, according to S&P Capital IQ data. IRCTC’s stock price has nose-dived 29% since the last hour of trade on Tuesday after hitting a market capitalisation of Rs 1 lakh crore. Now the stock trades at Rs 4,750 with a market cap of Rs 71,700 crore.

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“Expect rally to continue in banks with a target of 42,000 (for Bank Nifty) in early November. Nifty expected to shift gears above 18,200 for an immediate target of 18,500,” said Rahul Sharma, Director & Head – Research, JM Financial services.

Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have increased their stake in Titan Company Ltd for the first time in nearly seven quarters. According to the latest shareholding pattern of Titan, the Jhunjhunwala’s now hold a combined 4.9% stake in the company after having trimmed it for three consecutive quarters. Further, the big bull has added more of PSU stock Steel Authority of India (SAIL) to his portfolio, buying an additional 0.4% stake. Titan Company’s stock price has jumped 43% since the end of June this year till today, while SAIL has dropped 8% in value.

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Sensex regained 61,300 during the initial hour of trade on Friday as bulls attempted a comeback. Nifty was nearing 18300.

Domestic benchmark indices started the day with gains. Broader markets mirror up-move. Bank Nifty was above 40,200.

“Benchmark Indices are expected to open on a flattish note as suggested by trends on SGX Nifty. US markets closed positive in the previous trading session while major Asian Indices opened in green today. The uptick in crude prices to a three-year high and a lack of positive surprises in the ongoing earnings season is hitting the investor sentiment. We can see some more traction in the renewable sector as the recent reforms and power shortage have supported the rally in power stocks and investors are now focused on the alternatives energy and the recent acquisition by reliance in this segment has added to this momentum. Nykaa is planning to launch its three-day initial public offering (IPO) on October 28 to raise as much as Rs 5,200 crore. On the technical front, Benchmark Indices witnessed a sell off for the third consecutive session. Immediate support and resistance in Nifty 50 are 18,000 and 18,500 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Sensex was trading flat with positive bias in the pre-open session, touching 61,000 mark while the Nifty 50 was down with marginal losses.

Ten stocks such as Amara Raja Batteries, Escorts, Vodafone Idea, IRCTC, L&T Finance Holdings, NALCO, Punjab National Bank, SAIL, Sun TV Network and Tata Power were under the F&O ban for 22 October 2021. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.

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The short term weakness of the market seems to be ending now. Positive close in the next session could confirm higher bottom formation at Thursday’s low of 18048. A sustainable upmove from here could eventually challenge the recent all time high of 18604 levels in the near term. Immediate support is placed around 18150-18050 levels.

~ Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

BSE-listed companies such as HDFC Life Insurance Company, Yes Bank, Apollo Pipes, Bharat Seats, Crompton Greaves Consumer Electricals, Dodla Dairy, Federal Bank, Gland Pharma, Hindustan Zinc, Inox Leisure, Jubilant Pharmova, Kajaria Ceramics, Kirloskar Ferrous Industries, Kwality Pharmaceuticals, Mahindra Holidays & Resorts India, Omkar Speciality Chemicals, Polycab India, ABB Power Products and Systems India, PVR, Steel Strips Wheels, Subros, Sundaram-Clayton, Supreme Industries, Tata Consumer Products, Tata Elxsi, and Zenotech Laboratories will release their second quarter earnings on 22 October 2021.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were hiked for the third consecutive day on Friday by oil marketing companies. Petrol in the national capital today costs Rs 106.89 per litre, up 35 paise from yesterday while Diesel in the capital city is retailing at Rs 95.62 per litre, an increase of 35 paise. Petrol and diesel rates have increased 16 times so far in October. 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 Nifty could immediately trade in a 1.70% range either side from 18200 with a bias on the downside, weekly options data show. The range for the market based on the combined value of the 18200 call and put expiring on October 28 is 17900-18500. The bias, going by the open interest put call ratio of 0.79, is on the downside,indicating traders have sold more call options than puts on the Nifty, expecting the market to decline further and gobbling up the premiums received by selling calls to the option buyers.

And for the coming session, the trading spot band is between 18000 and 18400,which means further upsides are likely once the immediate resistances of 18400 are taken out and weakness could emerge if the supports of 18000 are broken.

~ Raushan Kumar, Derivative Analyst

Mukesh Ambani’s Reliance Industries Ltd (RIL) is likely to post strong growth in net profit led by a rise in EBITDA in the July-September quarter of FY22. Analysts expect that Reliance will continue the momentum from the previous quarter into the second quarter of the current fiscal. The oil-to-telecom conglomerate has recently announced several acquisitions through subsidiaries, such as a 100% stake in Norway-based solar cell; panel and polysilicon maker REC Solar Holdings for $771 mn; and 25 million euros (USD29 million) stake in Germany’s NexWafe GmbH. On the stock performance front, RIL share price has soared nearly 10 per cent in the last month, 38 per cent in six months, and over 32 per cent in the year so far.

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SGX Nifty was in the green on Friday morning. Nifty futures trading in the green hint at a flat to positive start. 

Prime Minister Narendra Modi will address the nation at 10 AM today. The Prime Minister will address the nation a day after India crossed the 100 billion mark in its vaccination drive.

The Bombay High Court on Thursday asked Zee Entertainment Enterprises (Zee) to cohttps://www.financialexpress.com/industry/bombay-high-court-asks-zee-to-call-egm-as-sought-by-invesco/2354387/nvene an extraordinary general meeting (EGM), as requisitioned by its single largest investor Invesco Developing Markets Fund. However, the court added that the results of the EGM be kept in “abeyance” till it decides on the legality of the requisition. Further, the EGM should be chaired by a competent person such as a retired high court judge, a senior counsel or someone from the corporate world, the order stated.

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