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Share Market LIVE: Sensex dances between gains, losses, Nifty may fall to 18200-18000, if it gives up 18400 – The Financial Express

India VIX was up in the green.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Sensex and Nifty began Wednesday’s trade flat but dived deep into the red minutes into the day’s trade. S&P BSE Sensex fell 0.30% or over 200 points to trade bear 61,500 while NSE Nifty 50 was down 0.48% hovering around 18,300. Bank Nifty was down in red. Broader markets fared worse. Nifty midcap 50 was down more than 2% while Smallcap 50 slipped 3%. Nestle India was the top gainer on Sensex, up 2%, followed by Bharti Airtel, HUL, Infosys, and HDFC. Bajaj Auto, Tata Steel and Maruti were the top laggards.  

“After the 1000 point rally in Nifty in ten trading sessions the market is showing signs of high volatility in the days ahead. There is excessive speculation in certain stocks, particularly in the broader market, which have taken some stocks to unjustifiable levels of valuations. PEs in some cases are 100, 150 and even above 200. The high level of speculative froth in many stocks is evident from the abnormal trading volumes and huge volatility in these stocks. For instance, IRCTC had a trading volume of Rs 9083 cr yesterday and a price correction of around 15% from the peak. Many broader market stocks witnessed corrections of above 5%. Massive selling (Rs 2578 cr yesterday) by DIIs indicates that smart money regards markets as overvalued and overheated. The market direction will depend on whether the exuberant retail investors will again rush in to absorb the selling by institutions. At the present juncture, safety is in high-quality large-caps. The fact that high-quality stocks like HDFC twins, RIL, Infosys, L&T, Kotak Bank and some others were resilient during the crash in the broader market indicates the zone of safety for investors. Traders in the broader market are likely to face stormy weather in the coming days,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

COMEX gold trades marginally higher near $1774/oz after a 0.3% gain yesterday. Gold trades higher supported by  weaker US dollar, disappointing US and Chinese economic data and persisting inflation concerns. However, weighing on price is Fed’s monetary tightening expectations, higher bond yields and weaker investor interest. Gold continues to trade in a broad range near $1770/oz amid mixed cues and volatility in larger financial market and this trend may continue in the near term unless there are fresh triggers however rising challenges to global economy may keep prices supported. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Rakesh Jhunjhunwala latest Public Sector stocks have rallied between 12-20% so far this month, helping the big bull pocket massive returns in a short period of time. The ace investor had picked a stake in Canara Bank earlier last quarter through a Qualified Institutional Placement (QIP). The other addition to Rakesh Jhunjhunwala’s portfolio is National Aluminium Company Limited (NALCO), according to the latest shareholding pattern of the company available on the bourses. The big bull has reiterated his views on PSU stocks time and again and has been vocal about select PSU banks and commodity stocks.

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While the need to give consent and go through a two-factor authentication process for every payment above Rs 5,000 will enhance the security of transactions, it might create some disruption among businesses and personally, I also agree that if a mandate from the customer is given, the need for an additional factor of authentication should not be there, Payments Council of India (PCI) Chairman Vishwas Patel told Financial Express Online in an interaction.

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading higher on Wednesday, even as yellow metal fell in the global markets. On Multi Commodity Exchange, gold December futures were trading Rs 117 or 0.25 per cent up at Rs 47,397 per 10 gram, as against the previous close of Rs 47,280. Silver December futures were ruling flat at Rs 64,505 per kg. Globally, yellow metal edged lower as surging US bond yields dented the metal’s appeal and bets for upbeat corporate earnings lifted risk-on sentiment, according to Reuters. Spot gold dropped 0.1% to $1,767.71 per ounce. The metal rose as much as 1.2% on Tuesday before giving up most of those gains as Treasury yields rallied. U.S. gold futures fell 0.1% to $1,768.40.

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“On the technical front, Benchmark Indices looks in a positive zone and is likely to continue this bull run. Immediate support and resistance in Nifty 50 are 18,200 and 18,700 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Sensex and Nifty trimmed opening losses and began trading flat, moving between marginal gains and losses. Nifty was still below 18450 and Sensex was just above 61700.

IRCTC shares tanked nearly 15% on Wednesday morning to trade at Rs 4,594 per share. The stock had dived 15% yesterday as well. 

Domestic equity markets opened flat with positive bias. Broader markets were trading mixed. Bank nifty was below 39,500, trading with losses. 

Benchmark indices closed the pre-open session with marginal gains on Wednesday morning, set to open flat with a positive bias. 

Sensex was down from pre-open highs, now trading flat with marginal gains. Nifty continued to trade with losses.

Sensex was up in the green on Wednesday morning’s pre-open session while the NSE Nifty 50 index was down with marginal losses.

Trends on SGX Nifty suggested a gap-up opening for BSE Sensex and Nifty 50 on Wednesday. In the previous session, benchmark indices ended in the red after having touched fresh all-time highs in the first half of the day. Technical analysts believe investors should now wait and watch while avoiding hasty trading decisions. 

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“Nifty is expected to open flat to positive at 18446, up by 10 points. Nifty made a bearish engulfing pattern in yesterday’s trading sessions.  The correction in Nifty may extend to 18350 and 18250 levels.  Traders are suggested to book profits and keep strict stop-loss in the current markets,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

BSE-listed companies such as Jubilant FoodWorks, Havells India, L&T Finance Holdings, Angel Broking, Arihant Superstructures, Deep Polymers, Hathway Cable & Datacom, Just Dial, Menon Bearings, Moschip Technologies, Reliance Industrial Infrastructure, Rane (Madras), Shoppers Stop, Snowman Logistics, Supreme Petrochem, Suryalakshmi Cotton Mills, Syngene International, TajGVK Hotels & Resorts, Tata Communications, Tata Steel Long Products, Tejas Networks, and TT Ltd, were scheduled to announce their second quarter earnings today.

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The Nifty has already rallied almost 1000 points from the September expiry level of 17600, leading the FNO indicator to enter in the overbought territory. This may lead the index to enter a consolidation phase to cool off overbought conditions. As per options OI data, the trading band is between 18600 and 18305, which means, if the support of 18300 is breached decisively in the session, the Nifty50 should head towards the 18000 level. On the other hand, if the index breaks above 18600, it can target 18800-18950 initially.

~ Raushan Kumar, Derivative Analyst, IIFL Securities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were hiked once again by oil marketing companies on Wednesday morning after a two-day hiatus. Petrol in the national capital today costs Rs 106.19 per litre, up 35 paise from yesterday while Diesel in the capital city is retailing at Rs 94.92 per litre, an increase of 35 paise. Petrol and diesel rates have increased 14 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 continuous up-move of the last 7 sessions has been broken and the market has shifted into a profit booking mode. The overall negative chart pattern indicates more weakness in the next 1-2 sessions. The next lower levels to be watched are 18200-18150 (10day EMA). Any up-move from here could find resistance around 18470-18500 levels,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

Festive mood along with further relaxation in Maharashtra continues to cheer the investors and is thus driving the positive momentum. Accelerated demand and good quarterly corporate results have kept the investor’s interest sanguine. However, rising global commodity and energy prices continue to be a cause of worry. In this environment of high bullishness, one needs to stay grounded of various risks including valuations. we would suggest investors remain sector/stock specific. With a lot of heavyweights reporting their numbers this week, it would keep the markets volatile.

~ Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services 

Technically, the market is finding support between the 18400 to 18350 levels. However, it is advisable to buy with a reversal of the uptrend or a stop loss at the 18300 level. On the higher side, resistance exists at the 18500 and 18550 levels. Contra buying is advisable between 18250 and 18200 levels and for that keep a stop loss at 18100. On the other hand, contra sell is advisable at the levels of 18550 and 18600, however, for that we need to keep a tight stop loss at 18630.

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SGX Nifty was trading with gains on Wednesday morning. Nifty futures were up 29 points, hinting at a flat to positive start to the day’s trade. 

The finance ministry has advised state-run banks to start a nationwide loan outreach programme soon and take advantage of a potential rise in credit demand in the build-up to Diwali and thereafter, as the economy is on a path of “sustained recovery”, sources told FE.

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Moody’s Investors Service has revised upward its outlook for the Indian banking system to stable from negative, citing improvement in capital base and stabilising asset quality. In its outlook report on the Indian banking sector released on Tuesday, the global rating agency expected the country’s economy to continue to recover in the next 12-18 months, with GDP growing 9.3% in FY22 and 7.9% in the following year. Moody’s forecast that the pickup in economic activity will ultimately drive credit growth, likely to be 10%-13% annually, substantially higher than the current pace. According to the RBI data, non-food bank credit growth stood at 6.7% in August, compared with 5.5% a year earlier.

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