(Image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bears tightened their grip on Dalal Street on Friday morning. S&P BSE Sensex tanked nearly 800 points on the opening bell to give up 58000 mark while Nifty 50 was down more than 200 points, hovering around 17300. Bank Nifty was down 1.7% while Broader markets mirrored the fall. India VIX was up 8%. Only Dr Reddy’s was up with gains among Sensex constituents while the other 29 stocks were down in red. Maruti Suzuki India was down 2.3%, followed by Kotak Mahindra Bank, and HDFC.
Nifty was above 17200 once again as benchmark indices trimmed some losses. The index was still over 1.88% in red.
Maruti Suzuki India and Tata Steel were down more than 4% each on Friday as the worst Sensex performers. These were followed by IndusInd Bank, Titan, HDFC, and Mahindra & Mahindra.
Bandhan Bank was among the worst banking stock on NSE on Friday as the scrip tanked 7.68%. This was followed by RBL Bank, IndusInd Bank, and State Bank of India.
“We reiterate that till the time we do not surpass 17900 – 18000, one should continue with a sell on rise strategy. Sooner or later it is likely to breach the key support of 17200 to slide below the 17000 mark,” said Sameet Chavan, Chief Analyst – Technical & Derivatives at Angel One.
The domestic benchmark – Nifty Index has gained ~25% YTD and has outpaced all the emerging markets. Since October 2021 end, while the Indian equities record-breaking rally has been losing steam, there are signs that local participants focus is shifting toward individual stocks from broad indices. Also interestingly in last two months, the FPIs were seen withdrawing money from the secondary markets (- USD 5.12bn) and deploying in primary markets (+ USD 3.78bn) largely.
~ Edelweiss
Key observation is that the index (Bank Nifty) since April 2020 has not corrected for more than one month barring one instance . In the current scenario with one month of decline already behind us, we expect the index to maintain the rhythm and form a higher base in the coming weeks.
~ ICICI Direct
The volatility index was up 18% on Friday while Sensex and Nifty tanked the most in recent months. India VIX was above 19 levels.
Zinc gained over 11 percent on the LME and about 9 percent on the MCX since October’21 following worries over disrupted supply amid resumption in global economic activities. Bleak demand from China, lockdown in Europe and bets over a tighter monetary policy might keep Zinc prices under pressure in the coming weeks.
Expect Zinc prices to trade lower towards Rs.260 per kg in a months’ time frame. (CMP : Rs.274)
~ Yash Sawant, Research Associate, Angel One
“Following to Asian trades Indian markets are overreacting to the concern over a new Covid variant found in South Africa last night followed by few EU countries under full lockdown scenario. Traders in fear are selling riskier assets like equities, which could result in increased equity outflows from FII. We believe India is not in panic mode and investors should make use of this selloff as a buying opportunity. The new variant should not be a great matter of concern for us and we suggest investors with suitable risk appetite to consider and start allocating money into markets who have missed the rallies,” said Prashanth Tapse, Vice President (Research) at Mehta Equities Ltd, a SEBI Certified Research Analyst.
The Indian Energy Exchange (IEX) has received shareholders’ approval for the issue of bonus shares and increase in authorised share capital. In a regulatory filing the company said the shareholders of the company have approved the resolutions as contained in the notice by requisite majority on November 25, 2021, through remote e-voting postal ballot process as set out in the postal ballot notice.
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“Equity markets have plunged almost 2% amid the emergence of a new, highly mutated Covid-19 variant. EU announced temporary ban of flights from South Africa and few EU countries are already under full lockdown scenario. Thus there is fear of this new variant spreading to other countries which might again derail the global economy. Already there is uncertainty as to when the US Fed will start raising interest rates. So markets might continue to reel under pressure and would actively track covid situation globally,” said Hemang Jani, Head of Equity Strategy & Senior Group VP, Broking & Distribution, Motilal Oswal.
Among sectoral indices, Nifty Pharma and Nifty Healthcare index were the only ones in green as investors rallied behind defensive bets. Both the sectoral indices were up more than 2% each.
Shares linked to the unlocking theme took a hit on Friday as investors gauged the surfacing of new covid-19 variant.
PVR – Down 6.7%
IndiGo – Down 8.5%
Indian Hotels – Down 7.6%
Barbeque Nation – Down 4.6%
Delta Corp – Down 6.4%
“Yesterday’s pullback after the early scare in the first half, and the inability to push beyond 17561 in the second half, despite several and strong up waves, confirms that consolidation is in play, rather than a directional move. Favoured view expects the same to continue today, without requiring to take a call on the chances of either 19k or 16k for now. During the day, it would be critical for Nifty to float above 17420 to maintain potential for a 17750-800 move. Inability to do so could clear path for 17000.”
~ Geojit Financial Services
Market had a positive start yesterday despite mixed global cues. In the initial trades, it looked a bit tentative as there was some hangover left of previous day’s late correction. Fortunately, all these nerves settled down in the first half an hour and then it was all big boy RELIANCE’s show thereafter. The stock kept surging throughout the day to mark whopping gains over 6% percent. It is needless to mention when this heavyweight moves in this fashion, it certainly takes the benchmark alongside it. If we look at the contributors list, this stock single-handedly pushed Nifty beyond 17500 as it contributed 104 points in Nifty.
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Only Dr Reddy’s was up with gains on BSE Sensex on Friday. The scrip was up 2% while bears tightened their grip on domestic markets.
Latent View Analytics share price was down 1.8% on Friday to trade at Rs 689 per share. Latent View is among the recently listed scrips on Dalal Street
Paytm share price was down 3.7% on Friday morning as the stock came under selling pressure amid bearish market momentum.
Tarsons Products shares were up 24% from the IPO price of Rs 662 per share on Friday, after nearly an hour of trade. The stock was up 18% from the listing price.
“The lack of faster retracement of the last decline signifies weak pullback that makes us believe retest of recent low of 17216 can not be ruled out. Over past 3 sessions index has retraced 38% of preceding four sessions decline (18210-17216). Since April 2020, there have been three major corrections (shown in adjoining chart) which measured average 9%. Buying in each of three corrections provided handsome returns for investors as index eventually scaled back to new highs. In current scenario, as Nifty has already corrected 7.5% from life highs of 18600 amid oversold placement of weekly stochastic (currently placed at 21), we expect markets to maintain this rhythm of arresting corrections within 9%. Thus, we expect Nifty to find strong buying demand in 16900-17100 zone,” said ICICI Direct.
India VIX, the volatility index, was up 14% on Friday as investors gauged the risk of new covid variant emerging. India VIX was above 19 levels after having dropped to below 15 levels earlier this month.
“The new virus strain news has taken markets by surprise. We have broken support of 17,216 & technically we should head lower. Multiple supports placed in the zone of 17,148 to 16,950. We have seen in the past that markets do not correct much due to Covid news & this may be a knee-jerk reaction which should settle in a day or two,” said Rahul Sharma, Director & Head – Research, JM Financial.
Sensex was down more than 1,200 points or 2% on Friday as bears forced Dalal Street lower. Nifty 50 was below 17,200, down more than 2%.
“(Bank Nifty) Index in the last three sessions witnessed a shallow retracement after recent decline signaling corrective bias. Hence after a negative opening use intraday pullback towards 37260 -37340 for creating short positions for the target of 37030, maintain a stoploss of 37460,” said ICICI Direct
“The lack of faster retracement signifies weak pullback of recent decline. Hence after a gap down opening use intraday pullback towards 17465-17495 for creating short position for target of 17378,” said ICICI Direct.
Bank Nifty index was down more than 2.5% on Friday, nearing 36,400 mark as bears dominate Dalal Street.
Tarsons Products shares rallied sharply on Friday, minutes after having made a tepid debut on the stock exchanges. The stock price rose 20% from the IPO price within minutes to trade at Rs 795 per share, after having listed at a lukewarm Rs 700 apiece.
A new coronavirus variant has been detected in South Africa that scientists say is a concern because of its high number of mutations and rapid spread among young people in Gauteng, the country’s most populous province, Health Minister Joe Phaahla has announced.
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“The index has opened with a gap down this morning. If we sustain the gap and break the lows, we can slide further to 17100 which is the next level of support. However, it is well established now that the current trend is down and all up moves are opportunities to short the Nifty. The upside is capped by multiple levels of resistance, the most important one being 17600,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Tarsons Products shares made a tepid listing on the stock exchanges today amid bearish market momentum. The stock began trading at Rs 700 per share, up Rs 38 or 5.74% from the upper end of the IPO price band of Rs 662 apiece. Tarsons Products, a life sciences company, garnered a strong response from investors earlier this month, with all pockets of investors oversubscribing their portion by a strong margin. Overall the IPO of Tarsons Products was subscribed a massive 77.49 times. On listing the stock had a market capitalization of Rs 3,724 crore.
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Looking at option data, the Bank Nifty’s immediate hurdle on the higher side is 37500 as that Call strike holds meaningful OI. On the downside, 37000 Put option witnessed substantia OI addition, which should act as support.
~ ICICI Direct
All 30 Sensex constituents were down with losses on Friday morning. HDFC, Kotak Mahindra Bank, and IndusInd Bank were the top laggards, falling more than 2% each.
Domestic benchmark indices started the day in the firm grip of bears as Sensex, Nifty dived in the opening bell.
Sensex was down more than 300 points in the pre-open session while the Nifty 50 index was nearing 17300.
On November 25, 2021, Foreign institutional investors have done net selling worth Rs 2,300.65 crore, while domestic institutional investors have done net buying worth Rs 1,367.80 crore in the Indian equity market. On the technical front, the key resistance levels for Nifty50 are 17620 followed by 17,700 and on the downside 17,400 followed by 17,270 can act as strong support. Key resistance and support for Bank Nifty are 37540 and 37150 respectively.
~ Mohit Nigam, Head – PMS, Hem Securities
Sensex trades flat with marginal gains in the pre-open session, while the Nifty 50 was down below 17300 during the initial minutes of pre-open.
Asian stocks suffered their sharpest drop in two months on Friday after the detection of a new and possibly vaccine-resistant coronavirus variant sent investors scurrying toward the safety of bonds, the yen and the dollar. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3%, its sharpest drop since September. Casino and beverage shares sold off in Hong Kong, and travel stocks dropped in Sydney. Japan’s Nikkei skidded 2.5% and U.S. crude oil futures fell nearly 2% as well amid fresh demand fears.
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“Nifty finds support around 17216 while 17800 will act as resistance. Bank Nifty finds support around 37000 while 37891 will act as resistance on the upside.”
~ IIFL Securities
“A close (today) in the green should bode well for the bulls as it would indicate reversal on the weekly charts. Small resistance is placed at 17670 but in all probability, we should head towards 17800,” said Rahul Sharma, Director & Head – Research, JM Financial.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of petrol and diesel have now been left unchanged for the 22nd consecutive day now. 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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