(Image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began trading in the green on Thursday morning. S&P BSE Sensex opened above 52,500 while the Nifty 50 regained 15,700. IT stocks were among the top gainers with TCS, Infosys surging nearly 1% each on the opening bell. These were followed by Larsen & Toubro and IndusInd Bank. Bajaj Auto, Nestle India, and Asian Paints were the worst performers. Reliance Industries was trading flat during the early minutes of trade. Broader markets were moving higher along with the volatility index, India VIX. Apart from Nifty Auto, all other sectoral indices on NSE were up in the green.
For a major part of the day (yesterday), the Bank Nifty remained under pressure due to selling in select private banks along with midcap banks. On the options front, significant OI was distributed from 34800 to 35200 Call strikes. On the other hand, an addition was seen in 34500 Put strike. It indicates the Bank Nifty may trade within a range of 34500 and 35000 on expiry day.
~ ICICI Direct
“Expiry is likely to be in the range of 15,700-15,750 zone with huge writing seen at 15,800 strike. Bank Nifty has a similar setup with built-up at 35,000 strike. Support at 34,500,” said Rahul Sharma, Head Technical Research, JM Financial.
“The fundamental support to the highly valued markets comes from the ongoing economic recovery and the expected sharp rebound in earnings. US, China & parts of Europe are staging a smart economic rebound. In India even though unemployment is high and consequently aggregate demand is a concern, the organised sector is doing well supported by market share gain at the expense of the unorganised sector, lower corporate tax, cost-cutting and lower interest cost. Segments like IT, metals & pharma have favourable tailwinds. Since valuations are high investors should moderate their return expectations and extend their investment time horizon. Even in these highly valued markets, there are pockets of value in leading financials, pharma and top telecom stocks,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Thursday, on the back of rates in the international market where stronger dollar dented yellow metal’s appeal. On Multi Commodity Exchange, gold August futures were trading Rs 162 or 0.34 per cent lower at Rs 46,910 per gram, breaching the crucial Rs 47,000 levels on the downside. In the previous session, gold futures ended flat at Rs 47,072 per 10 gram.
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Shyam Metalics and Energy made a strong listing on the stock exchanges on Thursday amid positive market momentum. Shares of the debutant company began trading at Rs 380 per share on NSE, up Rs 76 or 24.18% from the issue price of Rs 306 apiece. Shyam Metalics and Energy had a market capitalization of Rs 9.69 crore on the listing.
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Shares of Sona BLW Precision Forgings (Sona Comstar) made a muted listing debut on the stock exchanges today. The stock began trading at Rs 302 per share, up 2.92% or Rs 11.4 premium over the IPO price of Rs 291 per share. Sona Comstar entered the market earlier this month to raise Rs 5,550 crore through a mix of fresh issuance of equity shares and offer for sale by existing shareholders. The company is a diversified manufacturer of automotive components and systems with capabilities across drivetrain parts and motor electronics. On listing the stock had a market capitalization of more than Rs 17,000 crore.
India VIX was down 1% after having gained during the initial minutes of trade. Broader markets, except, Nifty Next 50 were in the green.
Ahead of its Annual General Meeting, Reliance Industries share price was trading flat. The stock opened with marginal gains but soon slipped.
Sensex and Nifty began trading in the green on Thursday morning. Nifty crossed 15,700 once again while Sensex was up more than 150 points.
Sensex trimmed gains during the pre-open session but continued to trade in the positive territory. Nifty was above 15,700.
Sensex regained 52,600 during the pre-open session while the Nifty 50 index was above 15,700.
BSE Sensex and Nifty 50 were likely to see a positive opening on Thursday, a day of weekly options expiry. Nifty futures surged higher in trade, rising 27.50 points or 0.18 per cent to 15,723 on Singaporean Exchange. F&O expiry, RIL AGM, along with COVID-19 vaccination pace, crude oil prices, rupee movement against US dollar and other global cues will set the tone for domestic markets today. Chartists believe that the short term trend of Nifty 50 is weak with range bound action. “The overall market breadth and broad market indices are showing resilience compared to benchmark Nifty. The present weakness is expected to be over in the next 1-2 sessions and the market could bounce up again from the lows. Immediate support is placed at 15600 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
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‘Equity market may remain volatile given FNO monthly expiry (Thursday). Investors would continue to track global Central Banks and RBI’s steps as the signs of rising inflation leads to fear of a sooner-than-expected tightening in global monetary policies especially post US Fed’s hawkish policy statement. However, good monsoon so far, gradual opening up of the economy and the pick-up in the pace of vaccination provides support to the market. Technically too, Nifty till it holds 15550 levels, it can witness an up-move towards 16,000. Reliance AGM would be key event to watch out for on Thursday,’ said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
In an economy recovering from the first wave of coronavirus pandemic, supply-side snags eased during the January-March quarter while demand was still fragile. As India once again attempts to reboot the economy, the demand issues need to be addressed while policy-makers carve out plans, economists said. “Barring a severe third wave (which remains less likely), the pace of economic recovery would be more dependent on demand,” said Sujan Hajra, Chief Economist and Executive Director, Anand Rathi Shares & Stockbroker. The second wave curtailed the spending power of households as jobs losses accelerated to 15 million in May, according to CMIE. The unemployment rate shot up to 11.9% from 8% in April.
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On the daily chart, the Nifty continues to hold above a rising trend line that has held the important lows of the last few months. This implies that the index remains in an intermediate uptrend. The Nifty has also recently made higher bottoms at 14,591, 14,884 and 15,374 and continues to trade above the 20 and 50 day SMA, which gives further evidence of an uptrend.
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SGX Nifty was trading with gains on Thursday morning. With Nifty futures up in green, the market could open with some positive momentum.
Shyam Metlaics and Sona BLW Precision Forgings will make their stock market debut today. Both the IPOs were oversubscribed earlier this month.
Mukesh Ambani’s Reliance Industries will hold its 44th annual general meeting today. The oil-to-telecom conglomerate had an eventful 2020-21 with international investors lining up to get a stake in Mukesh Ambani’s retail and digital units. Over the years, RIL’s AGM has seen the company announce key decisions.
