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Share Market LIVE: Sensex dances between gains and losses, Nifty holds 15,800; Asian Paints, HDFC top gainers – The Financial Express

India VIX was moving higher. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened in the red on Wednesday morning amid weak global cues. Sensex was trading flat with a negative bias while the broader Nifty 50 index was hovering around 15,800. Asian Paints, Tata Steel, and Bajaj Finserv were the top-performing Sensex constituents while Mahindra & Mahindra, IndusInd Bank, Hindustan Unilever, and Titan were among the laggards. Broader markets were trading mixed as midcap and smallcap indices moved higher. India VIX was up 1.73%. Bank Nifty was down in the red.

Today initial public offerings (IPO) of Clen Science and Technology and GR Infraprojects will open for subscription. Collectively both the IPOs plan to raise Rs 2,509 crore, on the higher end of the price band. 35% of both IPOs have been reserved for retail investors. Being purely an offer for sale (OFS), both Clean Science and GR Infraprojects will not receive any funds from the public issue. Clean Science and Technology, a manufacturer of specialty chemicals has raised Rs 464 crore from anchor investors. On the other hand, GR Infraprojects managed to raise Rs 283 crore from anchor investors ahead of the IPO.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading firm in India on Wednesday, even as yellow metal in international markets slipped from a three-week peak. On Multi Commodity Exchange, gold August futures were trading Rs 72 up at Rs 47,756 per 10 grams, as against the previous close of Rs 47,684. Silver September futures were trading marginally up at Rs 69,541 per kg.

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“A surprising but important development in the US market yesterday was the 7.2 bp crash in the US 10-year bond yield to 1.34%. This is a market indication that the growth recovery may be weaker than expected and, therefore, the Fed would continue to be dovish. This will calm equity markets and may further embolden equity bulls even though valuations are almost in bubble territory. FIIs continue to sell in cash markets, but the intensity of selling (Rs 540 cr yesterday) has come down. Bank Nifty is showing strength and has further room to go up. IT stocks are likely to be in focus since TCS is all set to report Q1 results on July 8th. IT stocks may remain resilient in spite of lofty valuations since there is good earnings visibility and improving prospects for growth,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Sensex and Nifty surged higher from the lows and turned positive for the day. Sensex was up 50 points while Nifty was above 15,800.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices started the day’s trade in the negative with marginal losses. Broader markets mirrored the fall. India VIX was up 2%.

Sensex was up 50 points while Nifty 50 was up marginally just ahead of the opening bell. 

“Benchmark Indices are expected to open on a negative note as trends on SGX nifty indicates a gap down opening with 60 points loss. Asian Markets were mixed on Wednesday morning following losses on wall street with the S&P 500 ending its seven day winning streak. The Dow and S&P 500 fell on Tuesday, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record. Oil prices slipped on Tuesday driven by profit taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand. Bond yields shoot up amid hardening crude prices, transition to new benchmark. Immediate support and resistance for Nifty 50 are 15,600 and 15,900 respectively,” said Mohit Jain,  Head,  PMS – Hem Securities.

Sensex gave up 53,000 but remained in the green while Nifty regained 15,800 during the pre-open session. 

Sensex regained 53,000 while Nifty 50 slipped below 15,800 during the pre-open session on Wednesday morning. 

The current week start was positive, post gap up opening Nifty 50/BSE Sensex quickly surpassed the 15750/ 52600 resistance mark and rallied over 190/ 400 points. In the daily time frame, the index has formed a strong reversal formation and the texture of the pattern suggests an uptrend wave likely to continue in the medium term.

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Nifty futures were trading 54.50 points or 0.34 per cent down at 15,786.50 on Singaporean Exchange, suggesting a negative start for BSE Sensex and Nifty 50 on Wednesday. In the previous session, the 30-share index reached a fresh all-time high of 53,129 but failed to hold gains at close and ended flat. NSE Nifty 50 index lower at 15,818. Analysts see high volatility in markets one day ahead of weekly options expiry. “On daily charts Nifty made a bearish inverted hammer like pattern.

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Trends on SGX Nifty suggest a negative opening for BSE Sensex and Nifty 50 on Wednesday. Nifty futures were trading 78.50 points or half a per cent lower at 15,762.50 on Singaporean Exchange. Factors such as stock-specific development, oil prices, rupee movement against US dollar and other global cues will guide the markets today. Global peers were trading in red in early trade.

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Nifty corrected mildly after a two-day rise. This happened with higher volumes. Nifty also made a double top at 15914 levels. On daily charts it has made a bearish inverted hammer like pattern. Hence at 15850+ levels, a lot of selling pressure seems to be emerging from investors. 15738 is the support for the Nifty in the near term while 15915 continues to be resistance.

~ HDFC Securities

SGX Nifty was down 74 points ahead of the pre-open session on Wednesday morning. 

In a potential boost to consumption ahead of the festival season, the Union government’s employees and pensioners will likely see their emoluments rise effective July 1, thanks to a likely big hike in dearness allowance (DA) and dearness relief (DR). The move is seen to enhance their monthly pay by Rs 3,000 to Rs 30,000, depending on the pay scales.

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The price of Petrol was hiked once again by oil marketing companies today. With the latest hike Petrol price in Delhi has breached the Rs 100 mark. Petrol in the national capital costs Rs 100.21 per litre, up 35 paise since yesterday, while Diesel in the capital city is retailing at Rs 89.53 per litre today, up 17 paise. Fuel prices have increased 35 times since May 4 and four times this month. The price of petrol in Delhi has increased by Rs 9.52, while diesel price has surged Rs 9.65 per litre since the rates started increasing. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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“US Markets closed mixed yet again with the NASDAQ and S&P 500 closing flat while Dow Jones and Russell Index closed lower. This has dragged Asia lower this morning with the SGX Nifty suggesting a lower opening. Private Banks outperformed yesterday while auto stocks played spoilsport. Nifty Put writers were on the back foot while Call writing was witnessed at 15,900. Bank Nifty witnessed heavy addition in 35,500 Puts. Nifty meeds a macro reason for this big breakout to happen. Support at 15,740 and 15,690. Bank Nifty remains strong,” said Rahul Sharma, Director & Head of Research, JM Financial.

SGX Nifty was down in the red on Wednesday morning, signalling a weak start for domestic markets. SGX Nifty was down 70 points during the early hours of trade. 

“We are of the view that the bulls are still in total control but the intraday chart indicating traders may prefer to take a cautious stance near the 15925 resistance level. Technically, the short-term structure of the market is still on the bullish side . However, on the daily chart, Nifty has formed Gravestone Doji candlestick kind of pattern which indicates short-term weakness. In the near future, 15870 should be the key level to watch out for, below the same correction wave likely to continue up to 15775-15720. On the flip side, if the market succeeds to trade above 15870 we can expect the continuation of the uptrend wave till 15925-15965,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.

GR Infraprojects’ Rs 963-crore IPO will open for subscription on Wednesday, July 7, 2021, in a price band of Rs 828-837 per share of face value of Rs 5, each. The public issue will be entirely an offer-for-sale (OFS) of up to 1.15 crore equity shares by existing promoters and shareholders. In the grey market on Monday, GR Infraprojects shares were trading at a premium of Rs 355 over the IPO price. The shares were trading at Rs 1,192 apiece, implying a premium of 42 per cent over the IPO price, according to the people who deal in shares of unlisted companies. Equity shares are proposed to be listed on BSE and NSE.

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Clean Science and Technology’s Rs 1,546 crore initial public offering (IPO) opens for subscription on July 7. Investors can bid for the IPO in the price band of Rs 880-900 per equity share of face value Rs 1. Clean Sciences’ issue is entirely an offer for sale (OFS) by existing investors, including promoters of the company and does not involve a fresh issue. Post IPO, promoter and promoter group shareholding will drop to 78.51% from 94.65%. On the other hand, public shareholding in the firm will increase to 21.49% from the current 5.35%. The subscription window for Investors will remain open from today till the end of the week.

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