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Share Market LIVE: Sensex tanks further, nears 59000, Nifty gives up 17600; Reliance, TCS among drags – The Financial Express

India VIX was up, breaching 19 levels. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Benchmark equity indices started trading on the monthly F&O expiry session in the green but soon slipped to trade with losses. S&P BSE Sensex was dow 0.25% hovering around 59,270 points while the NSE Nifty 50 was down 0.24%, giving up 17,700 mark. Bank Nifty was down 0.4% during the initial hour of trade while midcap and smallcap indices continue to outperform. Tata Steel was the top gainer on Sensex, up 0.86%, followed by Dr Reddy’s, NTPC, HUL, and Larsen & Toubro. On the other end, Reliance Industries was down 0.73% as the top laggard, followed by Power Grid Corporation, Kotak Mahindra Bank, and Maruti. 

Sensex and Nifty were deep in red on Thursday, erasing all intra-day gains and falling nearly 0.5% each. 

Aditya Birla Sun Life AMC IPO has been subscribed 0.83 times on the second day of sale so far. Retail investors, who had already fully subscribed their portion on the first day, added to their tally taking their subscription to 1.61 times. No other investor category has fully subscribed their portion yet. 

Index heavyweights such as Reliance Industries, TCS, ICICI Bank, and Infosys were all trading with losses on Thursday, pulling the benchmarks lower. 

Telecom major Bharti Airtel will invest Rs 5,000 crore over the next 3-4 years in its newly-launched data centre business, to triple capacity. Airtel will scale up its data center capacity through Nxtra by Airtel, a new business unit focusing solely on the data center business. The telecom giant believes the data center business could grow into a $4 billion market in the coming four years. Nxtra currently operates 10 large and 120 edge data centres located across India.

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Sun Pharma and Bajaj Finance were the top gainers on Sensex at this hour, both up 1.8% each. These were followed by Bajaj Finserv, Titan, Dr Reddy’s Labs, and HDFC. 

Short build up in the Bank Nifty futures, Short built up by FII’s in the Index Futures and Call writing at 17800 – 17900 levels Indicates that one should continue to remain cautious for the markets. Therefore, our advise is to accumulate Short positions by keeping a stop loss at 17800 level. In the Bank Nifty, where we have seen short build up, our advice is to go short by keeping stop loss at 38000 level

~ HDFC Securities

Sensex and Nifty were trading with marginal gains on Thursday, rebounding once again from the lows. Dalal Street headline indices were witnessing yet another volatile trading session. 

As part of its new ‘Sustainable Future’ strategy, Covestro is continuing to focus on the circular economy and the structurally increasing demand for sustainable solutions. Covestro plans to deploy the energy efficient AdiP technology, which is already used at its Brunsbuettel site in Germany. The technology can reduce steam by up to 40 percent and electricity by 25 percent per ton of product in an MDI plant, cutting CO2 emissions by up to 35 percent. “There is a growing demand for sustainable solutions worldwide and that offers us significant additional market potential. Our high-tech plastics already enable sustainable innovations in many industries,” said Markus Steilemann, CEO of Covestro.

MSCI Standard Index could see the inclusion of SRF, Mindtree, IRCTC, Zomato and two other stocks in the upcoming November semi-annual index rebalancing, Edelweiss Alternative Research said. Analysts believe the inclusion of six scrips to the index could result in inflows worth $1.04 billion from foreign investors into these stocks. Morgan Stanley Capital International (MSCI), the global index provider, rebalances its indices semi-annually and quarterly. The semi-annual index review is expected to be announced in November this year with a cut-off date being the last week of October.

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Nifty Open Interest Put Call Ratio remained steady at 0.94 levels. Amongst the Nifty options (30-Sep Expiry), Put writing was seen at 17500-17600 levels, Indicating Nifty is likely to find support in the vicinity of 17500 – 17600 levels. On the higher side, immediate resistance is seen in the vicinity of 17800 – 17900 levels where we have seen Call writing. Short Built up was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 1572 Cr with their Open Interest going up by 1427 contracts.

~ HDFC Securities

“The index continues to face resistance at higher levels. The current level of importance is 17700 – we need to trade above this for a positive bias to set in. Until then we will continue to see sideways price action. If we can get past 17750-17800 on a closing basis, the Nifty will be on its way to claim 18000. 17500 is rock-solid support and until that does not break, the overall trend of the market is positive,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“Treasury yields are still rising however Jerome Powell indicates his optimism regarding inflation impact to be temporary. In China, the Central Bank is pumping funds consistently so as to maintain sufficient liquidity amid Evergrande’s situation. India will post fiscal deficit and industrial data today which shall be watched closely. Time and again, Indian markets are buying the dips and investors could look for opportunities in specific sectors and stocks which are offering favourable valuations. On the technical front, 17,600 could be seen as the nearest support for Nifty50 while near term resistance could be seen around 18,000 levels,” Mohit Nigam, Head – PMS, Hem Securities.

Sensex and Nifty turned positive once again as the benchmark indices turned positive from lows during the initial hour of trade. 

After showing sharp weakness and intraday upside recovery on Tuesday, Nifty shifted into a consolidation with weak bias on Wednesday and closed the day lower by 37 points. A small positive candle was formed at the lows with minor upper and lower shadow. Technically, this pattern indicate a formation of high wave type candle pattern. Normally, such formations after a reasonable decline could hint at a possibility of halt in present trend and this needs to be confirmed with reasonable upmove in the subsequent sessions.

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Sensex and Nifty were trading with losses after having opened the day’s trade flat with a positive bias. Nifty have up 17700 mark. 

In Nifty current series there has been a Short Covering witnessed with increase in price of 6.37% and decrease in OI by  48%  as on today wherein there was unwinding of 59 Lac shares in OI, decreasing from 123.97 lac to 64.89Lac shares there was addition of 25.74 Lac shares in OI in next series, the significant OI decrease is due to monthly expiry scheduled tomorrow while today Nifty September rollover stands at 58% as on today and Nifty Put Call Ratio a sentiment indicator used by traders to gauge the market sentiment and mood is currently at 0.94 compared to 1.46 of last week, indicating positive bias. 

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Domestic equity markets witnessed a muted start to the day’s trade, dancing between marginal gains and losses. Nifty was hovering around 17700.

Sensex and Nifty were up in the green during the pre-open session. Sensex was up nearly 200 points while Nifty was hovering around 17750. 

The Nifty 50 index opened Wednesday’s session gap down on account of weak global cues but it managed to hold the previous day’s low and bounced to a key hurdle of 17777 zones. Despite dullness in the initial half, it recovered well and finally closed above 17700 with losses of around 40 points. It formed a small-bodied Bullish candle on daily scale with longer shadows on either side indicates tug of war between bulls and bears. Now it has to continue to hold above 17700 zones, for an up move towards 17850 and 18000 zones whereas support is placed at 17600-17580 zones.

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SGX Nifty was signalling a flat to negative start for domestic equities on Thursday morning. Sensex and Nifty have already corrected for two consecutive days, but still, remain close to their all-time highs. On the monthly futures & options expiry session, the indices are expected to trade in a range. “Nifty expiry likely to be in the range of 17600-17700 whereas Bank Nifty data is suggesting a flat expiry,” said Rahul Sharma, Director & Head – Research, JM Financial. Although indices may remain range-bound, stock-specific action could continue on Dalal Street today.

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The IPO of Aditya Birla Sun Life AMC was subscribed 0.58 times on day one with retail investors oversubscribing their portion of the issue. 

Nasdaq futures jumped 1% on Wednesday as technology stocks led a rebound after concerns about inflation and rising Treasury yields drove one of Wall Street’s worst selloff of this year. Shares of heavyweights Inc, Facebook Inc, Microsoft Corp, Apple and Google-parent Alphabet Inc rose between 1% and 1.3% in premarket trading.

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