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Share Market LIVE: Sensex tanks 400 pts, Nifty in red but holds 16400; chartist believe 16900 still in sight – The Financial Express

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

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began the final trading session of the week, deep in the negative territory. Sensex opened at 55,159, down more than 400 points while the NSE Nifty 50 started at 16,382. However, benchmark indices managed to recoup some of the losses during the initial minutes of trade with Sensex regaining 55,400 and Nifty jumping above 16,450. Bank Nifty was down 1%, just below 35,200 mark. India VIX soared 6%. Broader markets were down in the red. Tata Steel dived 3.7% to trade as the worst Sensex constituent, followed by Kotak Mahindra Bank, Dr Reddy’s, SBI, and Larsen & Toubro. Bharti Airtel was up 1% as the best performing Sensex stock, followed by Infosys, Asian Paints, Maruti, and HUL.

Global fund managers have continued to hold a positive outlook for US equities while trimming stakes in Eurozone, Japan, UK, and emerging market stocks, a Bank of America survey showed. Allocation to US equities remains steady at a net 11% overweight in August, while allocation to eurozone stocks is down 9 percentage points on monthly basis. Allocation to emerging markets is down 11 percentage points to the lowest since May 2020. BofA’s survey showed that fund managers are now turning defensive in allocations, investing more in the healthcare and insurance sectors, while increasing cash positions.

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India VIX is up 7% on Friday as domestic stock markets come under a bear attack. The volatility gauge was above 13 levels and nearing 14.

Sensex is down over 300 points or 0.60% while the Nifty 50 is holding above 16,400 but down 0.73%. 

Equity benchmarks concluded weekly derivative expiry session on a subdued note amid elevated global volatility. Meanwhile, Sensex clocked a fresh all time high and surpassed 56000 during the session. The Nifty settled Wednesday’s session at 16569, down 0.3%. In the coming session, the index is likely to witness a gap down opening tracking weak global cues. We expect intraday pullback to remain short lived. Hence use intraday pullback towards 16460-16485 to create short position for target of 16373.Key point to highlight is that over past three weeks’ index has rallied 1188 points that hauled weekly stochastic oscillator in overbought territory (at 92), indicating couple of days’ breather from here on cannot be ruled out. However, such breather should be capitalised to accumulate quality stocks as we believe, strong support is placed at 16100 levels. We believe, breather from hereon would make market healthy and pave the way towards 16900 in coming month as it is 161.8% extension of mid-June rally (15450-15962) projected from July high of 15962.

~ ICICI Direct

India Ratings and Research on Thursday trimmed its growth forecast for India to 9.4% for FY22 from 9.6% announced earlier, and expected real gross domestic product (GDP) to have expanded at 15.3% in the June quarter, driven by a favourable base.

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices edged higher on Friday, even as global rates were flat on a firmer dollar. On the Multi Commodity Exchange, gold October futures were trading Rs 102 or 0.22 per cent up at Rs 47,271 per 10 gram, against the last close of Rs 47,169. Silver September futures were ruling at Rs 62,180 per kg, up Rs 47. In the previous session, silver futures ended at Rs 62,133. 

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CarTrade Tech shares made a weak debut on BSE and NSE on Friday, 20 August 2021. CarTrade Tech shares got listed at Rs 1,599, down 1.12 per cent from the IPO of Rs 1,618 apiece. The initial public offering of CarTrade Tech was subscribed a little over 20 times. On the listing, the market capitalisation of the company stood at Rs 7,333.45 crore. CarTrade Tech is backed by marquee investors — Warburg Pincus, Temasek, JP Morgan, and March Capital.

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“Nifty 50 technical supports are placed at 16530 and 16450 while resistances are at 16700 and 16740 levels,” said Standard Chartered Securities.

Our advice is to remain cautious and wait for Nifty to close above 16600 levels for building aggressive long positions. On the lower side 16300-16200 level will act as immediate support where Puts have been written.

~ HDFC Securities

Nifty has bounced above 16,500 as the benchmark index continues to trim opening losses. Sensex was nearing in on 55,500.

“Nifty 50 bounced back from our support area (16,400-16,360). 16,500 Put writers supporting the market,” said Rahul Sharma, Director & Head – Research, JM Financial.

The day long decline on Wednesday, after testing 16700, suggest that the negative divergences that we had discussed multiple times early this week, may have become less potent now. This allows Nifty to attempt a recovery early today, aiming 16425. The 17130 view remains intact, but with 16550 and other challenges lying ahead, we would not get ahead of ourselves at this point. That said, the ongoing down-move can easily stretch till at least 15970, and we are attempting only a reversal play today. However, the favoured view seeks to look for any decline in momentum in 16425-550 region on the bounce, or a direct fall below 15260 to put that downside objective in play.

~ Geojit Financial Services

ICICI bank was down 1.15% on Friday morning, followed by HDFC Bank, down 1.05%, and Reliance Industries, down 0.82%. Index heavyweights were pulling the benchmark lower.

Nifty regained 16,450 as the benchmark index trimmed some opening losses. Sensex soared past 55,250 mark. 

India VIX soared 5% on Friday morning as bears asserted control on Dalal Street.

Bears were in full control on Dalal Street on Friday morning. Sensex was holding above 55,200 while Nifty was just above 16,400.

Domestic benchmark indices opened deep in red on Friday morning. Bank Nifty was down 500 points, broader markets mirrored the fall.

“Indian benchmark indices are expected to open in the red as trends on SGX Nifty indicate a gap-down opening. Global Share markets and oil prices fell on Thursday after the US Federal Reserve warned it could soon start to cut back its support for the economy. An increase in coronavirus in some countries, signs of Chinese economic weakness and the Taliban’s takeover of Afghanistan also spooked investors. Despite the wall of worry which investors are being forced to climb, the main Indian Indices are still comfortably in positive territory. On the technical front, 16,300 and 16,750 are immediate support and resistance in Nifty 50,” said Mohit Nigam, Head – PMS, Hem Securities.

Bank Nifty tanked 400 points during the pre-open session to sit at 35,156. Benchmark indices were deep in the red.

Nifty is set to open below 16,400, a crucial support level, on Friday. Sensex is down 470 points sitting just above 55,150.

Sensex was down nearly 400 points in the pre-open session while Nifty 50 gave up 16,400, falling over 1%.

Sensex and Nifty were down in the red during the pre-open session on Friday. Sensex gave up 55,600 while Nifty 50 was below 16,550.

SGX Nifty was trading around 16,370 on Singaporean Exchange, against Wednesday’s close of 16,572, on the last day of the week. Market participants are likely to react to the growth concerns amid the spread of COVID-19 Delta variant and US Federal policy minutes that signaled a reduction of its bond-buying program in 2021. Investors will also watch COVID vaccination pace, oil prices and rupee movement against US dollar.

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“Nifty is expected to open at 16350, down by 200 points. On Wednesday after making a lifetime high there was heavy selling in Nifty and it closed 40 points in negative. This was not a good sign for longs. Nifty has support at 16350, any closing below that can drag it to 16150. It is important to keep strict stop-loss in such markets,” said Gaurav Udani, Founder & CEO, ThincRedBlu Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of diesel was trimmed by oil market companies for the third day straight on Friday, while petrol rate remained the same for the 34th consecutive day. Petrol in the national capital today costs Rs 101.84 per litre, while Diesel in the capital city is retailing at Rs 89.27 per litre, down 20 paise from yesterday. The price of petrol in Delhi has increased by Rs 11.15, since May 4. 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 futures were trading 26 points or 0.16 per cent up at 16,365 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on Friday. In the previous session, BSE Sensex fell 163 points from to end at 55,629, even after hitting a new record high of 56,118. While Nifty 50 index gave up 16,600 levels, despite surging to 16,701.85, a fresh all-time high.

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Dow Jones nose-dived below 35,000 but the good thing is that support of 34,730 is still intact. S&P 500 saw a good bounce back from the support of 4,370. Nifty futures saw the closing of some positions. Put writers support is seen at 16,500 in Nifty and 35,000 in Bank Nifty as of Wednesday’s closing.

Views: Nifty support is placed at 16,400-16,360. Expect a bounce back if the market is able to sustain these two levels.

~ Rahul Sharma, Director & Head – Research, JM Financial.

“In the near future, the benchmark index may consolidate between 16420 to 16700 levels. On the downside, 16500-16450  could be the key support levels. On the other hand, the 16650-16700 level would be the immediate hurdle for the Nifty and below the 16450 level, uptrend could be vulnerable,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.

On Friday morning, SGX Nifty was trading around 13,370, against Wednesday’s close of 16,572, hinting at some negative momentum ahead of the day’s trade.

CarTrade Tech IPO is all set to make its stock market debut on Friday, 20 August 2021, after the issue got 20.29 times subscription. In the primary market, CarTrade Tech shares fell further. The grey market premium has now fallen to Rs 120 from Rs 180, earlier this week, over the IPO price of Rs 1,618. CarTrade Tech shares were seen trading at Rs 1,738, a 7.4 per cent premium in the grey market, over the issue price, according to the people who deal in shares of unlisted companies.

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