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Share Market LIVE: Sensex recoups losses, turns green, Nifty resistance in 18100-18200 range – Financial Express

India VIX was down in the red.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened with losses on Wednesday morning, falling below 60,100 in the initial minutes of trade while Nifty 50 managed to hold just above 17,900. Bank Nifty was half a percent down, just above 38,000 mark. Broader markets traded mixed as smallcaps gained. India VIX, the volatility gauge, was down over 3%. HDFC was the worst performing stock on Sensex, down 1.1%, followed by Reliance Industries, Dr Reddy, and bank stocks. Asian Paints was up 1.7% as the top gainer, followed by NTPC, Maruti Suzuki India, and ITC. 

Tarsons Products IPO enters the final day of sale today, after having been oversubscribed by all sections of investors. Qualified Institutional Buyers have bid for 1.3 times their portion while NIIs have bid for nearly 4 times the portion reserved for them. Retail investor quota has been subscribed 4.7 times, taking the overall subscription to 3.58 times. Further in the primary market, Go Fashion’s IPO will open for sale today. Through the Rs 1,013 crore public issue, the company is selling shares in the fixed price band of Rs 655-690 per share. The issue consists of a fresh issue of equity shares and an OFS by existing shareholders.

“We expect, the Bank Nifty index to continue with its consolidation around the crucial support area of 50 days EMA. Hence use intraday dips towards 38100 -38170 for creating long position for the target of 38440, maintain a stoploss of 37980,” said ICICI Direct.

Asian Paints was the top Sensex gainer on Wednesday, up 2.4%, followed by Power Grid, NTPC, and SBI. 

Go Fashion (India) IPO opened for subscription today as the company looks to raise Rs 1,014 crore from the primary market. Apparel brand Go Fashion’s public issue is a mix of a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders of the company. The issue is offered to investors in a fixed price band of Rs 655-690 per share from today. On the day of the opening of the IPO, trends in the grey market suggest strong interest in the company with a heavy premium of Rs 555 apiece, or 80%, above the issue price.

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Sensex turned green on Wednesday after having opened with losses. The index was trading flat with a positive bias while Nifty 50 was just below 18,000.

“We expect the index to prolong the ongoing consolidation in the broader range of 18200-17700 amid stock specific action as sectoral churn continues. Over past 11 sessions index has retraced 61.8% of 9 sessions decline (18604-17613) seen during October. The lack of faster retracement on either side indicates extended consolidation which would offer incremental buying opportunity as index approaches price/time wise maturity of correction,” ICICI Direct said.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading marginally up in India on Wednesday, following international trends. On Multi Commodity Exchange, gold December futures were trading Rs 32 up at Rs 49,070 per 10 grams. Silver December futures were ruling at Rs 66,384 per kg, up Rs 150, as against the previous close of Rs 66,234 per kg. 

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“Since the last few trading sessions Nifty has been facing strong resistance in 18100-18200 range and has support in 17800-17850 range. Traders are suggested not to initiate new long positions till the time Nifty gives a daily close above 18200 with higher-than-average volumes,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Sensex was up from opening lows but still in red. The benchmark index regained 60,100 while NSE Nifty 50 was above 17,950.

Domestic benchmark indices mirrored Asian peers on opening bell, starting the day with losses. Broader markets trade mixed. India VIX was down 4%.

Sensex sits below 60,200 in pre-open session while the Nifty 50 index was just above 17,900 as indices look set to open with losses.

Nifty below 17,800 in pre-open session, Sensex sits in red, gives up 60,200

The Nifty 50 and BSE Sensex ended 145 and 396 points lower, respectively. Among sectors, PSU Banks and Pharma indices witnessed selling pressure, while despite weak market sentiment, the Auto index rallied over 2.5 per cent. Technically, on intraday charts, the Nifty and Sensex formed lower top formation which is broadly negative. 

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“Stock specific actions can be witnessed in stocks such as Coforge (filed papers with US securities and Exchange Commission for a proposed IPO) and Ashoka Leyland (the commercial vehicle maker’s EV arm Switch Mobility has bagged a contract for the supply and operation of 300 electric buses for Bengaluru Metropolitan Transport Corporation). On technical front, the key resistance level for Nifty 50 are 18,100 followed by 18,200 and on the downside 17,850 followed by 17,800 can act as strong support,” said Mohit Nigam, Head – PMS, Hem Securities.

The Nifty weekly strike wise PCR OI of 18000 fell to 0.85 vs 0.1.10, indicating call writing and fresh call writing was seen at strike price 18100 , which indicated that the index could continue the previous day trend . This pushed index PCR OI lower from 0.99 to 0.86, indicating there was more buildup of OI in the call segment. Buildup of OI was seen in the 18100 call. Combined with a fall in the option price, it indicates that call writing has happened at these strikes implying immediate resistance at these levels for the near term. So, further downsides are likely once the immediate support of 17930 is taken out.

~ Raushan Kumar, Derivative Analyst, IIFL Securities

BSE Sensex and Nifty 50 were likely to start in the negative territory on Wednesday, as suggested by trends on SGX Nifty in early trade. In the previous session, the 30-stock Sensex slipped 396 points or 0.65% to close at 60,322 points while Nifty 50 index dropped 0.61% to settle at 17,999. Analysts say that due to the last two days’ of small correction, Nifty is trading in range; but some of the heavyweights are now indicating a possible weakness from hereon. 

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Nifty futures were trading 66 points or 0.4 per cent down at 17,939 on Singaporean Exchange on Wednesday, a day before weekly F&O expiry. The primary market will see one more IPO — Go Fashions — opening up for a subscription today. Analysts said that the overstretched valuations with a number of global financial services firms maintaining a cautious view on Indian equities were affecting the markets sentiments. 

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“Nifty has closed marginally below its 10-day EMA of 18,012, and very close to 20-day EMA of 17,991. Any further weakness from here can push the Nifty directionally lower towards 17,700. Today should be a make-or-break day for the Nifty. Bias remains bearish below 17,991,” said Rahul Sharma, Director & Head – Research – JM Financial.

The Sebi issued a consultation paper on Tuesday, seeking public comments on matters like utilisation of proceeds from fresh equity issued by companies and conditions for offer-for-sale (OFS) for significant shareholders, mainly in new-age technology companies.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of petrol and diesel have been left unchanged for the 13th day straight on Tuesday by Oil Marketing Companies. Last reduction in fuel price came on Diwali as center and state governments decided to cut taxes. Petrol in the national capital today costs Rs 103.97 per litre, while diesel in the capital city was retailing at Rs 86.67 per litre. Rates were reduced as center government cut excise duty on fuel and state governments trimmed VAT. 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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Investors would now keep an eye a slew of data including Euro GDP, US retail sales data. Primary market continues abuzz with one more IPO opening up on Wednesday. Overall market is in consolidation mode as valuations are rich despite good quarterly performance. Further, global cues are also keeping markets volatile. We expect the long-term fundamentals of the market to remain positive and hence investors can look to accumulate good quality stocks. However increased volatility could be seen in the near term. 

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

“The broader range movement for the Nifty is intact and the lows of 17800-17850 is expected to offer support in the next few sessions. Any weakness below 17800 could retest the last swing low of 17600 levels. As long as the minor positive chart pattern of higher tops and bottoms is intact, there is a hopes of upside bounce from the lows,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

SGX Nifty was down 59 points on Wednesday morning, hinting at a weak start to the day’s trade. Cues from Asian peers were weak.  

Go Fashion (India) Ltd, which owns women’s wear brand Go Colors, on Tuesday said it has raised a little over Rs 456 crore from anchor investors ahead of its IPO roll-out on Wednesday. The company has decided to allocate a total of 66,10,492 equity shares to 33 anchor investors at Rs 690 apiece, aggregating the transaction size to Rs 456.12 crore, according to a circular uploaded on the BSE website.

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