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Share Market LIVE: Sensex tanks 500 points, Nifty gives up 15,700 as bears take control on Dalal Street – The Financial Express

India VIX was up 10%.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets were down in the red on Thursday. S&P BSE Sensex was down 1% below 52,600 while the 50-stock NSE Nifty gave up 15,750. Tech Mahindra was up 0.8% as the top Sensex gainer, followed by Bajaj Auto, NTPC and Titan. Sun Pharma, HUL, and Tata Steel were the top drags, falling more than 1.5% each. Bank Nifty was trading near 35,500, down 0.79% as all sectoral indices on NSE traded with losses. Broader markets were mirroring the fall recorded by benchmark indices, except small caps, that were up with gains. Volatility surged higher with the India VIX jumping more than 10%.

“Investors continue to invest in pure equity schemes resulting in positive net sales of almost 6000 cr, this is slightly lower than last month due to higher redemptions. For now, the trend surely is in favour of Indian Equities by domestic investors. It is particularly very encouraging to witness good amount of interest in dynamic / asset allocations funds with higher gross sales of 4300 cr and net sales of 2300 cr. The prime objective of the funds in this category is to use valuation models and then dynamically rebalance portfolio between equities and fixed income ensuring better risk-adjusted returns for investors. In current environment, dynamic / asset allocations funds are good option for investors certainly,” said Akhil Chaturvedi, Associate Director, Head of Sales & Distribution, Motilal Oswal Asset Management Company. 

Tech Mahindra was the top Sensex gainer, up 0.76%, followed by Bajaj Auto, Titan, NTPC, and HCL Technologies.

Nifty regained 15,700 ahead of the closing bell. Tech Mahindra, Eicher Motors, Shree Cements, Titan Company, NTPC, and Power grid were the gainers on Nifty 50.

We continue to remain constructive on Tata Communications and Bharti Airtel (from a medium term perspective). Our positive stance on Bharti is underscored by market share gains across segments, healthy subscriber additions and potential FCF generation along with tariff hike. In the case of TCOM, the upward revision in financial targets after meeting 2 of the 3 goals highlighted last year, along with balance sheet deleveraging, cost optimization measures and impending revenue recovery, supports our view. Emkay Global Financial Services

India VIX, the volatility gauge, was seen trimming its advances ahead of the closing bell. India VIX was up 11.9%.

Nifty IT index turned positive with less than an hour to go before the closing bell. The Index gained 0.02%, helped by Tech Mahindra, Coforge, and L&T Infotech shares.

Nifty PSU Bank index fell more than 2% on Thursday afternoon. Bank of Baroda, Union Bank of India, Canara Bank, and Central Bank were among the top drags.

Zomato, an online food delivery platform, will soon launch an online grocery facility on its app. The company, today, said that it will re-enter the online grocery delivery business going ahead. The company confirmed its $100 million investment in online grocery firm Grofers during the IPO announcement. Last year, Zomato launched its online grocery business, but closed soon after. It may be noted that Swiggy, Zomato’s competitor, already has its presence in this business. Zomato’s announcement comes after Tata Digital bought a majority stake in BigBasket. 

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“Massive Call Writing (Addition of OI) of over 7.5 million shares in NIFTY happened today at 15800. So, going above 15800 looks out of the question now even if there is a mild pullback. On the lower side, 15700 holds maximum PUT OI — however, fresh PUT writing is not happening much meaning the overall structure is weak. NIFTY’s behaviour against 15700 important — if it recovers it will NOT move past 15800 in all likelihood,” said Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services.

The volatility index was moving higher on Thursday, up 13.7% at 13.89 levels. The index had closed at 12.21 yesterday.

Nifty slipped below 15,700 again, giving up crucial support levels for the day. TATA Motors, JSW Steel were among the top drags on the 50-stock index. 

Midcap and Smallcap indices on NSE and BSE were performing better than largecap peer on Thursday. BSE Midcap index was down 0.59% while the Nifty midcap 50 was down 1%. On the other hand, BSE Smallcap index was down 0.5% and the Nifty Smallcap 50 slipped 0.54%. Both Sensex and Nifty, meanwhile, were down more than 1.1% each.

Bank Nifty moved below 35,200, down 568 points. ICICI Bank, SBI, and RBL Bank were among the worst-performing bank stocks. 

Nifty IT index was in the red on Thursday, mirroring the broader market trend. Mindtree, TCS, Infosys, Wipro, and HCL Techmologies were in the red.

Bank Nifty continued to move lower on Thursday, falling 1.54% or 547 points. The index was trading at 35,224. AU Small Finance Bank was the only gainer among Bank Nifty constitutens. 

Nifty 50 slipped below 15,700 to hit an intra-day low of 15,698 but recovered immediately. The index is down more than 1% on Thursday.

Nifty Metal index dived 2% on Thursday with little over an hour left to go before the day’s closing bell. SAIL, Jindal Steel, and National Aluminimum were among the top drags, falling more than 3% each. 

Open-ended debt schemes saw inflows of Rs 3,566 crore in June against outflows of Rs 44,512 crore. Inflows into equity-oriented schemes were down to Rs 5,988 crore against Rs 10,000 in the previous month. 

In the month of June, mutual funds saw investors pump in a net Rs 15,320 crore against May’s outflows of 38,601 crore.

With bears pulling benchmark indices lower on Thursday, broader markets gave up gains and slipped into the red. 

Bank Nifty fell 1.37% on Thursday as bank stocks fell. The index was trading at 35,281.

India VIX, the fear gauge of domestic markets, was up 13% with little over an hour left before the day’s closing bell. 

Sensex and Nifty tanked 1% each on Thursday as bears took control on Dalal Street. Index heavyweights such as ICICI Bank, HDFC Bank, and RIL were down in the red. 

Investing is a long term journey and within that there are several pit-stops where one may pause and have a close look at the portfolio. There could have been new developments in the recent past which may shape up the future in a new light altogether. Currently, the stock markets are at an all-time highs and the valuation of some stocks makes them expensive as well. The potential for the equity markets to go higher still exists but investors need to exercise a bit more caution. So, at the 2021 mid-point, many investors are looking for answers to keep their portfolio returns on the same track in light of the recent developments, especially on the front of inflation, yields and dollar strength.

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“S&P BSE REALTY hits a high of 2890 and now is trading near the 52 week high of 2909.9 which was made in March 2021. We have seen some good numbers from Sobha Limited yesterday which were better than the market expectation. The company reported pre-sales growth of 40%. We have seen a very good 2nd half of FY21 after the sector was adversely hit by the pandemic in 2020. Several companies reported their all-time high results in Q4FY21 on the back of some effects of pent-up demand. It was expected that the demand for 2022 will strengthen this year whereas the ready to move inventory levels have hit 7 years low in Q1FY22, as customer preference has been changed to the ready property rather than the under-construction properties. We expect Residential real-estate to do well in the financial year 2022 as some early signs of the organized sector gaining the market share are encouraging. We have a buy call on Godrej property with a target price of 1700,” said Yash Gupta Equity Research Associate, Angel Broking.

Bajaj Auto, Tech Mahindra, NTPC, IndusInd Bank, HDFC, UltraTech Cement and Titan were the only gainers on Sensex was the index fell nearly 400 points. 

All sectoral indices on NSE were down in the red on Thursday. The Nifty Metal index was the worst performer, down 1.59%, followed by Nifty Pharma index and Nifty Bank index.

Activities in Nifty futures remained muted last week as well. However, FIIs have created fresh shorts in the index while their net longs have declined from 90000 contracts to just 56000 contracts since June settlement. Hence, it feels like some short bias from FIIs is building up. India VIX continued to move lower and declined sharply in the last few sessions. From the reading of above 15 seen during the June settlement, it has declined near 12 in just over a week, indicating significant option writing at ATM strikes. A small trigger can infuse sharp volatility where a directional move of 3-4% cannot be ruled out.

~ ICICI Direct

Index big-wigs such as HDFC Bank, Reliance Industries, ICICI Bank, and Infosys were down in the red on Thursday, pulling the benchmark indices lower. 

“The market continues to struggle around the 15,900 levels. If we manage to get past this hurdle on a closing basis, the Nifty can scale higher to 16,100. On the downside, the index has good support at 15,400 and until we do not disrespect that, the overall trend of the market continues to remain positive,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Overall trend is consolidative and need to holds above 15800 zones to witness an up move towards 16000 zones while on the downside support is seen at 15700 then 15600 zones. Buy nearby 15800, 15850 Call or Bull Call Ladder Spread.

Trading Range : Expected wider trading range : 15750 to 16000 zones

~ Motilal Oswal Financial Services

Tata Motors share price has slipped nearly 10% so far this week, as investors reacted to the fall in wholesale volumes at Jaguar Land Rover owing to the global semiconductor shortage. The luxury car subsidiary of Tata Motors, earlier this week, said that its wholesale volumes came in at 84,442 units against the planned ~1.15 lakh units, down 27% in the first quarter.  On Thursday Tata Motors shares were trading down 1.8% at Rs 311 per share. Earlier on June 15, Tata Motors hit a fresh 52-week high of Rs 360.55 per share. The auto manufacturer has a market capitalization of Rs 1.03 lakh crore.

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India VIX, the volatility index, jumped 7% on Thursday as Sensex, Nifty slipped more than 0.5% each.

Sensex was down more than 200 points on Thursday while the Nifty 50 index was nearing 15,800 as domestic headline indices slipped. 

Overall trend is likely to remain positive and need to holds above 35750 zones for an up move towards 36000 then 36250 zones while on the downside support exists at 35500 then 35250 levels. Option traders are suggested to trade with nearby Call like 35700, 35800 strikes or Bull Call Ladder spread.

Trading Range: Expected immediate trading range : 35250/35500 to 36000/36250 zones

~ Motilal Oswal Financial Services

Scottish energy giant Cairn Energy has seized properties owned by the Indian government in Paris, the Financial Times reported on Thursday. The oil producer and the Indian government have been at loggerheads for months after an arbitration tribunal ruled in favour of Cairn and asked the Indian government to pay $1.7 billion over a tax dispute.

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On the domestic front, Fitch Ratings has cut India’s real GDP forecast by 280 basis points to 10%, as renewed Covid-19 restrictions have slowed recovery efforts. The current low vaccination rate in India has made things vulnerable to further waves in the pandemic as only 4.17% of India’s 1.37 billion population has been vaccinated. That apart, open market purchase of government bonds worth ₹20,000 crores under the G-sec Acquisition Programme (G-SAP 2.0) could keep the rupee under pressure. The only bright spot for the rupee could be the upcoming FII inflows on account of IPOs. Considering the global dollar strength and prospects of inflows the rupee is expected to move in a range of 74.50-75.20 levels for the near term with a steady upside bias. Amit Pabari, managing director, CR Forex Advisors

With VIX low, break out expectations have been so low lately that Nifty has kept reverting to means, every time a directional move was attempted. So, it was not surprising to see that yesterday’s upswing failed to find enough momentum for a push beyond 15900. This is now the umpteenth attempt to breach 15900 in the last 30 days. Towards this end, it is fair to assume subdued trades on either sides of 15780 today with 15680-15900 as the outer boundaries. A directional move is certainly round the corner, and patterns suggest that a breakout on the higher side is likely to have a better momentum than a downside break.

~ Geojit Financial Services

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India saw a gap-down opening for the first time in six trading sessions on Thursday, even as yellow metal in the international market remained steady. On Multi Commodity Exchange, gold August futures were trading Rs 171 or nearly half a per cent lower at Rs 47,739 per 10 gram. 

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“The Nifty maximum concentration among weekly Nifty put options has shifted higher to 15,800 from 15700 on Wednesday, while among call options, the maximum concentration at 16000. This broadly suggests traders expect the Nifty to rise above or up to 16000 and do not expect the index to fall below 15800. And expecting the Nifty to resolve out of the higher band of the past four weeks contracting range of 15900-15950 and gradually head towards 16100-16200 in coming days. Key point to highlight is that the Bank Nifty has regained upward momentum as it surpassed previous week high of 35576 and is now gearing up to resolve above past six weeks consolidation (35850-33900). The rejuvenated momentum in Banking and IT ahead of Q1FY22 earnings season would help the Nifty resolve out of higher band of consolidation and head towards our target 16100-16200. In the coming session, the trading spot band is between 15760 and 15940,which means further upsides are likely once the immediate resistances of 15940 are taken out and weakness could emerge if the supports of 15760 are broken,” said Raushan Kumar, Derivative Analyst, IIFL Securities.

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