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Share Market LIVE: Sensex down from highs, still in green, Nifty above 17600; RIL, bank stocks among gainers – The Financial Express

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

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets started the day’s trade in the positive territory as benchmark indices soared higher. S&P BSE Sensex regained 59,000, gaining 0.60% on Monday morning while Nifty 50 touched 17,600 again. Bank Nifty was above 37,500 while broader markets were outperforming benchmarks. India VIX was also in the green, gaining 1%. NTPC was the best performing Sensex stock, up 1.4% followed by Mahindra & Mahindra, Dr Reddy’s and State Bank of India. On the other hand, Nestle India was down 0.6% as the top laggard, followed by Tata Steel, and HUL. 

Domestic stock markets are likely to keep eyes on global cues and the Reserve Bank of India’s Monetary Policy Committee (MPC) for this week’s momentum. The MPC will meet later this week starting October 6 and will end its deliberations on October 8. “The Central Bank is expected to maintain its accommodative stance to maintain adequate liquidity in the system and to support economic activity,” said Vinod Nair, Head of Research at Geojit Financial Services. Although US Federal Reserve has started the taper talk, RBI is not expected to move on expected lines soon. “Given that economic activity has not yet returned to pre-pandemic levels, the RBI is unlikely to remove the economy’s training wheels. Any deviation from this stance, however, may result in whipsaw movements,” said analysts at Samco Research.

RIL share price hit a fresh all-time high of Rs 2,574.65, rising 2 per cent on BSE in intraday after the company said that it has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products, and agricultural commodities. The stock had hit a 52-week low of Rs 1,830 apiece earlier this year, since then RIL stock has soared over 40 per cent. Reliance International has been incorporated as a wholly-owned subsidiary in Abu Dhabi Global market, the United Arab Emirates (UAE). RIL said that it has invested Rs 7.42 crore (equivalent to $10 lakh) in cash in 10 lakh equity shares of $1 each of Reliance International Limited (RINL), a newly incorporated wholly-owned subsidiary in Abu Dhabi Global Market.

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Bank Nifty is sitting in the positive territory on Monday afternoon, gaining 0.77%. The banking index was above 37,500 as headline indices were under the control of bulls. 

Sensex and Nifty were down from their intra-day highs but still sitting comfortably in the green. Dalal Street was outperforming Asian peers. 

The monetary policy meetings seem to have reached a stage where decisions from the RBI will be more keenly watched than what the MPC delivers. In the October meeting, the markets will be watching for RBI’s signals on addressing the liquidity glut along with normalization of reverse repo rates. The MPC will likely continue to stick with the accommodative stance, for now, while keeping the repo rate unchanged. All eyes for the next few meetings will be on the poteential liquidity normalization path and the reverse repo rate hikes but any sharp moves seem unlikely.

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Rakesh Jhunjhunwala-owned Jubilant Ingrevia’s share price has soared a massive 180% so far in 2021, helping the big bull massive returns from the life-sciences ingredients company. The strong rally seen by the sock could continue further, analysts at HDFC Securities believe. The domestic brokerage and research firm initiated the coverage of the stock with a ‘buy’ rating seeing at least 12% upside from today’s opening price to hit a target of 844 per share.. Rakesh Jhunjhunwala, along with his wife, Rekha Jhunjhunwala owns more than 1 crore equity shares of the company, which was earlier known as Jubilant Lifescience.

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Aditya Birla Capital Sun Life AMC’s Rs 2,768.26-crore IPO, which was subscribed 5.25 times, will finalise the share allotment on Wednesday, 6 October 2021. The shares were seen trading weak in the primary market on Monday. In the grey market, Aditya Birla Capital Sun Life AMC shares were trading at Rs 2 discount over the IPO price of Rs 712 per share, according to the people who deal in unlisted shares of the companies.

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Only three of the thirty stocks that make Sensex were trading with losses, while others gained. Titan was the worst performer, followed by Bajaj Auto and Tata Steel. 

“The index has respected the 17400-17450 support and bounced smartly this morning. What needs to be seen is if we can manage to close above the 17600-17700 levels as that would resume the current uptrend. This move should then take the Nifty higher to levels closer to 18000 and beyond. Until we do not break 17400 on a closing basis, the overall trend of the market continues to remain bullish and dips can be utilized to enter long positions,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Commodity prices traded mixed with bullion prices witnessed recovery for the week halting weekly declines. Crude oil prices extended gains on lower supplies and higher demand on costly alternate fuels. Base metals traded weak pressured by demand worries from China over power shortage and government restictions. 

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Nifty 50 regained 17700 on Monday morning as Bulls attempted to make a comeback on Dalal Street after Bears overpowered them last week. Sensex was above 59300.

On the weekly chart, the Nifty 50 index formed a bearish candle last week and remained restricted within previous week’s High-Low range indicating lack of strength on either side. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart indicating positive bias. The chart pattern suggests that if Nifty crosses and sustains above 17800 levels it would witness buying which would lead the index towards 18000-18300 levels. However, if the index breaks below 17300 level it would witness selling which would take the index towards 17100-16800.

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“The dollar index slipping to 94.05 and the US 10-year yield slipping below 1.5 percent can be interpreted as indicative of return of risk-on in equity markets. But news from China can turn out to be a drag. China is trying to limit the damage to its real estate sector without bailing out Evergrande. An inevitable consequence will be a slowdown of the Chinese economy which will have implications for commodity prices and currencies of commodity exporters. Back home, India’s exports are booming and are inline to touch the $400 billion mark in FY22. However, the surge in the trade deficit is weakening the INR. The IT segment is likely to be back in focus. Commodities, particularly metals, may come under pressure,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Domestic benchmark indices began Monday’s trading session in the green, despite weak global cues. Broader markets were trading with gains. 

Sensex was up 355 points after having crossed above 59000 during the pre-open session on Monday morning. Nifty was above 17600. 

Nifty futures turned positive and rose 40 points on Monday morning ahead of the opening bell. 

Sensex and Nifty were up in the green during the pre-open session on Monday morning. Nifty 50 regained 17600 while Sensex was closing in on 59000.

BSE Sensex and Nifty 50 continued to correct on Friday, ending over 2 per cent lower on weekly basis. In the previous session, BSE Sensex ended 361 points or 0.6 per cent down at 58,766, while the Nifty 50 index fell 86 points or 0.5 per cent to settle at 17,532. A host of factors such as RBI MPC, third quarter earnings for FY22 by BSE listed companies, oil prices, rupee movement and other global cues will guide the Indian share market this week.

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“While the market would remain volatile in the near future, 17,650-17,750 level would be the key resistance level for traders while, 17,400-17,300 could act as good support for positional traders. Bears retained the charge at Dalal Street for the fourth straight day. The market closed with around half a percent loss on October 1, the first day of October series, as Banking & financials, FMCG, capital goods and technology stocks weighed down the market, but oil & gas, power, metals and auto stocks saw buying interest during the week. Foreign institutional investors were net sellers during the week. The market is likely to consolidate further in this week and will react according to the RBI commentary along with global cues including the movement in oil prices & US bond yields, and US jobs data.  Oil prices jumped to nearly three-year high levels due to rising demand with the increasing travel and tourism activities globally,” said Mohit Nigam, Head – PMS, Hem Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol were left unchanged on Monday by oil marketing companies after four consecutive days of price hikes. Petrol in the national capital today costs Rs 102.39 per litre, while diesel in the capital city is retailing at Rs 90.77 per litre. 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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“Nifty is expected to open flat to positive, up by 30 points at 17560. Nifty has resistance in 17620-17650 range and support in 17300-17350 range. As long as Nifty is trading above 17250, buy on dips with strict stop-loss can be used as a strategy. Any fall below 17250 may cause a temporary trend reversal,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities. 

Nifty 50 was trading in a rising channel formation since July 28 and registered its lifetime high of 17947.65 on September 24 giving a return of 15% in just three months. The Benchmark index on September 30 has broken the lower band of the rising channel pattern and has witnessed a breakdown of a rising channel pattern on the daily time frame.

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Nifty futures were in trading nearly half a per cent or 76.50 points down at 17,541.50 on Singaporean Exchange, suggesting a negative opening for BSE Sensex and Nifty 50. This week, markets will eye third-quarter earnings by IT companies, RBI’s monetary policy, India’s service PMI on the domestic front. While market participants will also track the movement of the dollar index, US bond yields, rupee trajectory, brent crude and FPI investments. Technical analysts say that even as the market will remain volatile in the near future, the 17650-17750 level would be the key resistance level for traders while 17400-17300 could act as sacrosanct support for positional traders.

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Nifty 50 index posted a big bearish candle after eight weeks of a sharp rise. Although Nifty is now trading around short-term averages, it is still outperforming its global peers and trading overbought in the short term. So a further slight correction up to 17250 – 17200 cannot be ruled out. Traders are suggested to maintain a buy on dips approach as positional outlook still remains bullish as long as Nifty does not break below 17000.

~ Samco Securities

Foreign portfolio investors (FPIs) were net buyers for the second month in a row in the Indian market with an investment of Rs 26,517 crore in September. As per depositories’ data, FPIs pumped in Rs 13,154 crore into equities and Rs 13,363 crore in the debt segment during September 1-30. The total net investment stood at Rs 26,517 crore. This comes after an investment of Rs 16,459 crore by FPIs in August.

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SGX Nifty was down 70 points on Monday morning, hitting at a negative start to the day’s trade. Sensex and Nifty fell 2% last week. 

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