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Share Market LIVE: Sensex down in red, Nifty gives up 17,400, support placed at 17,200; RIL shares jump – Financial Express

Among Asian peers, Nikkei 225 and TOPIX were up with gains while other major indices were down with losses.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bears continue to dominate Dalal Street, forcing benchmark indices to close with losses on Wednesday. S&P BSE Sensex closed 323 points or 0.55% lower at 58,340 while NSE Nifty 50 ended 0.5% down at 17,415. Bank Nifty, However, managed to end with gains. Entering the monthly Futures & Options expiry session, SGX Nifty was down in the red. Global cues were mixed during the early hours of trade on Thursday. On Wall Street, S&P 500 and NASDAQ closed with gains while Dow Jones was in the red. Among Asian peers, Nikkei 225 and TOPIX were up with gains while other major indices were down with losses.

India’s economy will show a growth of 7.8% on-year basis in the July-September period, said economists at HDFC Bank. India will release the official print for GDP on November 30. HDFC Bank said that Real GDP will grow 9.4% in the financial year 2021-22 and decelerate to 7.5% for the fiscal year 2022-23 as the base effects result in the higher growth in the ongoing fiscal wear-off. In the previous fiscal year, India’s GDP had contracted 7.3% on the back of the pandemic that halted almost all economic activity. For the current financial year, the Reserve Bank of India (RBI) expects GDP to record 9.5% growth, which is expected to slow to 7.8% in FY23. GDP had expanded by 20% for the first quarter on the lower base. 

India VIX, the volatility gauge, was up 4% on Thursday morning while benchmark indices traded with losses. The volatility index was above 17 levels. 

Domestic markets started Thursday’s session flat. Bank Nifty was down in the red. Broader markets traded mixed while India VIX slipped.

Sensex was up 100 points during the pre-open session while NSE Nifty 50 was up 50 points. 

Sensex trades flat in pre-open session, moving between gains and losses while Nifty 50 was above 17500. 

“Volatility is expected to be on the higher side and although we continue to remain bearish on the market, it would be difficult to take a call whether we would break the sacrosanct support of 17200 tomorrow itself. Yes, sooner or later it is likely to be breached to see Nifty retesting the 17000 mark. Before this, 17300 is to be considered as an intraday support,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

“On November 24, 2021, Foreign institutional investors have done net selling worth Rs 5,122.65 crore, while domestic institutional investors have done net buying worth Rs 3,809.62 crore in the Indian equity market. On the technical front, the key resistance levels for Nifty 50 are 17560 followed by 17,700 and on the downside 17,310 followed by 17,210 can act as strong support. Key resistance and support for Bank Nifty are 37800 and 37150 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Domestic markets continue to trade weak amid rising covid-19 cases across the globe. On the charts, analysts say, the structure suggests selling on the rise, said Rohit Singre, Senior Technical Analyst at LKP Securities. “Nifty failed to move above 17600 zone & witnessed profit booking so going forward also strong hurdle will be 17600 zone and prior to that 17500 zone, immediate support is coming near 17350-17300 zone for strength index to need to decisively crossed above 17600 zone,” he added. Volatility is expected to be high today on account of the F&O expiry.

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“The news of the COVID situation worsening globally has started weighing on the sentiment along with the inflation fear. And since there’s no major event on the domestic front, markets will continue to take cues from global counterparts. At the same time, the scheduled monthly expiry would keep the traders busy on Thursday. We suggest continuing with negative bias on the index while keeping a check on leveraged positions. Nifty has next major support around 17,150 zone.”

~ Ajit Mishra, VP – Research, Religare Broking

After showing a sustainable upside bounce on Tuesday, Nifty witnessed sell on rise action on Wednesday and closed the day lower 88 points. A reasonable negative candle was formed on the daily chart that has partially engulfed previous bull candle. Technically, this pattern signal weak upside bounce in the market. This market action also indicates chances of Nifty revisiting the recent low of 17216 levels.

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Mukesh Ambani’s RIL said that its board has decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a Wholly-Owned Subsidiary. “The Gasification project at Jamnagar was set up with the objective to produce syngas to meet the energy requirements as refinery off-gases, which earlier served as fuel, were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC). This enables the production of olefins at competitive capital and operating costs. Syngas as a fuel ensures reliability of supply and helps reduce volatility in energy costs. Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery,” RIL said.

“The short term trend of Nifty continues to be down and there is no confirmation of any significant bottom reversal at the lows. There is a possibility of further weakness towards 17200 levels in the short term, before showing another round of minor upside bounce from the lows,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

Official data print on the GDP will show a 7.8 per cent expansion on a year-on-year basis for the September 2021 quarter, according to a report. Real GDP will grow 9.4 per cent in FY22 and decelerate to 7.5 per cent for FY23 as the base effects result in the higher growth in the ongoing fiscal wear-off, according to the report by economists at HDFC Bank released on Wednesday.Read full story

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