Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity indices began the day flat, moving between gains and losses. S&P BSE Sensex was hovering around 58,200 mark while the NSE Nifty 50 was just above 17,300. Bank Nifty was up with gains sitting above 36,800 levels. Broader markets trade mixed as Nifty Midcap 50 was down in red while Nifty Smallcap 50 was trading with gains. India was nearing 14 levels. Bharti Airtel stock price was up 0.76% as the top Sensex gainer, followed by Kotak Mahindra Bank, Bajaj Finserv, and SBI. Tech Mahindra, Axis Bank, and Titan were the top laggards.
LIC’s (Life Insurance Corporation of India) IPO seems to be picking up pace now as the government on Wednesday appointed 10 bankers, including Goldman Sachs (India) Securities and JP Morgan India, to help prepare for the behemoth public issue. The government plans to list LIC on the stock exchanges by March 2022. Other bankers to work as book-running lead managers for the monstrous IPO are ICICI Securities, JM Financial, Citigroup Global Markets India, Nomura Financial Advisory and Securities, Kotak Mahindra Capital, SBI Capital Markets, DSP Merrill Lynch and Axis Capital. LIC is a state-run insurer, analysts believe a 10% stake sale in the same could fetch the government roughly Rs 80,000-1,00,000 crore. The government has budgeted Rs 1 lakh crore from the disinvestment of government stakes in public sector financial institutions and banks in FY22.
Small-cap indices on NSE were outperforming peers on Thursday. Nifty Smallcap 50 was up 0.58% while the Nifty Smallcap 100 was up 0.63%. Nifty 50 was down with marginal losses.
Asian market declined early today after a dip seen in the global market. Investors await more indications that economic reopening can overcome challenges posed by the delta variant. The government has approved an increase in minimum support prices for rabi crops for the next marketing season, the highest absolute increase in MSP was for lentils, rapeseeds and mustard by Rs 400 per quintal. Jindal Steel and Power Ltd. has halved the debt in its Australian arm as it aims to eliminate the metric in the subsidiary by the year ending March 2023. Overall Indian indices look on a positive territory with regular foreign capital inflows, strong domestic data. On the technical front, 17450 may act as immediate resistance for Nifty 50 followed by 17,500 while 17,100 remains a crucial support for Nifty 50.
~ Mohit Nigam, Head – PMS, Hem Securities
“A major global trend post the Covid outbreak and the consequent crash in March 2020 and the incredible market recovery since April is the arrival and dominance of retail investors. This trend is robust and conspicuous in India. Importantly, retail investors have made money during this rally and continue to pour money into markets. A healthy development is the sustained increase in SIP inflows which have touched Rs 9923 cr during August. Retail investors in SIPs should stay put with a minimum investment horizon of 4 years since returns in the next couple of years may turn out to be below par due to high present valuations. Globally markets have taken a breather from the risk-on mode. India too is likely to follow suit. FIIs are back to selling mode. An important trend is Bank Nifty gathering strength. Jio Phone Next launch tomorrow will be keenly watched by the market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Domestic benchmark indices started the day flat. Bank Nifty was up in the green. India VIX was down 2%.
Sensex gave up all gains to trade with losses in the pre-open session, Nifty regained 17,300 but was still in red.
Sensex was up with gains during the pre-open session on Thursday while Nifty 50 was down with losses, giving up 17300.
The Nifty index opened flat to positive and remained slightly dull in the first half of the session on Wednesday. It failed to hold 17350 and drifted towards 17250 zones but picked up during the next half to close on flattish note. It breached its previous day’s low but buying interest at declines made it to close above 17350 levels. It formed a Hammer sort of candle on daily scale with long lower shadow indicating buying interest is intact at any declines. Now it has to continue to hold above 17300 zones to extend the move towards 17500 and 17777 zones while on the downside support is seen at 17200 and 17050 levels.
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Nifty has been consolidating in a tight range for the last few sessions. The index nevertheless remains in an uptrend. On the daily time frame, Nifty has recently made higher bottoms at 16162, 16376 and 16565 and continues to trade above the 20 and 50 day SMA, which gives further evidence of an intermediate uptrend.
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“Nifty is expected to open negative at 17330 , down by 30 points from yesterday’s close. Today is the weekly expiry and we may get to see some volatility. Nifty has support at 17300 and 17250. Nifty has been consolidating since the last few days, any breakout above the highs may take Nifty to 17480 and 17520 levels. Buying on dips with strict stop-loss can be a good strategy,” Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
Going ahead global cues would be actively tracked as fear of economic slowdown looms. All eyes would be on ECB council meeting due on this Thursday as its expected to start tapering its stimulus programme soon given the surge in inflation to 10-year high. The market might consolidate for some time on account of weak global cues. Even valuations are also moving beyond comfort zones and hence could lead to bouts of profit booking and increase in volatility. But the overall sentiment in the domestic market remains positive, supported by improving economic data and positive earnings expectation. Large caps offer better margin of safety in the current environment and could continue to remain in focus in the near term as well.
~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
SGX Nifty was down 46 points at 17,337 on Thursday morning ahead of the weekly expiry session, hinting at negative momentum building for domestic equities. Sensex and Nifty have closed with marginal losses for two consecutive days now. Global cues were also negative after NASDAQ, Dow Jones, and S&P 500 closed with losses on Wednesday. “The present short term consolidation movement is expected to end soon and that could open a decisive upside bounce from the lows in the next 1-2 sessions. The confirmation of higher bottom is likely to pull Nifty towards 17550-17600 levels by next week. Immediate support is placed at 17250 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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SGX Nifty was down 50 points on Thursday morning. Nifty futures trading with losses could indicate a gap down opening .
Accelerating preparation to bring in the initial public offer (IPO) of insurance behemoth Life Insurance Corporation by March 2022, the department of investment and public asset management (DIPAM) on Wednesday appointed 10 bankers, including Goldman Sachs (India) Securities and JP Morgan India.
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