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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets started Monday’s trading session in red, mirroring global peers. S&P BSE Sensex fell more than 0.50% in the opening minutes to trade below 57,400 while NSE Nifty 50 was hovering around 17,100. Bank Nifty was below 36,000 mark, broader markets followed. IndusInd Bank and Maruti Suzuki India were the top laggards, down more than 2% each, followed by Bajaj Finance, Bajaj Finserv, and Infosys. Tata Steel, Larsen & Toubro, HDFC, HUL, and Ultratech Cement were the only gainers.
Anand Rathi Wealth IPO will close for subscription today. So far the public issue has been bid for 3.02 times by investors with all retail and Non-institutional Investors oversubscribing their portion of the IPO. Investors will have two more IPOs to invest in this week as Rategain Travel Technologies and Shriram Properties will open for subscription. Further market participants will keep a close eye on the Reserve Bank of India’s Monetary Policy Committee (MPC) which will begin its three-day bi-monthly deliberations today.
Infosys, Reliance Industries, TCS and Kotak Mahindra Bank were among the top laggards on Sensex, pulling the index lower.
DRRD long term story looks positive based on a) limited competition products pipeline for the US market, b) superior execution in DF and Europe/EM, c) superior profitability, and d) attractive valuation.
DRRD continues to grow its Domestic Formulation (DF) business through new launches, price hikes, and increased investments in branding and promotional activities. DRRD also expects the Pharma API (PSAI) business to grow in the long-term on the back of new product launches. It has a robust pipeline of 93 ANDAs/ NDAs that are pending approval and will support its long-term aspirations in US.
We estimate 24% earnings CAGR over FY21-23E, led by sales CAGR of 13% in US, 16% in DF, 21% in Europe, and 10% in PSAI. COVID-related opportunities like Sputnik V in other countries (Ex-India) and Molnupiravir could act as potential triggers over near-to-medium term.
(TP : INR5470, 20% Upside, Buy)
~ Motilal Oswal
“Traders can continue with a stock-specific approach and we may see trades on both sides if Nifty remains in a consolidation mode. But it would be a prudent strategy to keep booking timely profits and considering the volatile nature of global markets, carrying aggressive bets overnight should be strictly avoided. As far as levels are concerned, 17350 – 17500 – 17600 are to be considered as immediate hurdles; whereas on the flipside, 17000 – 16800 should be treated as a cluster of support,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
Sensex and Nifty were down in the red on Monday, extending losses suffered on the last trading session of the previous week. S&P BSE Sensex was down below 57,400 while NSE Nifty 50 was just shy of the 17,100 mark — both dropping more than 0.60% each. Bank Nifty was little changed on the day while broader markets mirrored the fall, except Nifty Midcap 50 and the Nifty Smallcap 150 index. Amid the weak market momentum, as many as 195 scrips on the BSE traded at 52-week high values while 29 stocks were down at 52-week lows. Zee Entertainment Enterprises, Vodafone Idea, and Bajaj Holdings and Investment were some of the stocks to hit a 52-week high on BSE.
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The recent correction in Sensex and Nifty is only improving the expected returns from Dalal Street to double digits, said domestic brokerage firm ICICI Securities. Analysts at the brokerage believe the fall recorded by headline indices is akin to the ones seen in April, August, and October of 2020 and the one seen in February earlier this year. “We believe the current phase of correction is another such pause or consolidation before the next surge begins,” they added. ICICI Securities has a one-year forward target price on Nifty set at 19,300, implying a 12.9% upside from today’s low.
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“NMDC Limited announced an interim dividend of Rs 9.01 per share i.e 6.20% on current market price of Rs 145. The company in its board meeting has fixed the record date of December 15, 2021, for the interim dividend of Rs 9.01 per share, so the company will get ex-dividend on December 14, 2021. This will be the first dividend by NMDC Limited in the current financial year,” said Yash Gupta, Equity Research Analyst, Angel One.
“Nifty support is seen at 17150,16970 while resistance continues to be at 17500 & 17800. Nifty smallcap and midcap indices showing relative outperformance along with reversal candle on weekly charts,” said Rahul Sharma, Director & Head – Research, JM Financial.
“The markets have opened on a tepid note. We have failed to keep above the 17400-17500 level which is a major hurdle for the Nifty. A bullish trend can emerge only post that. Until then a “sell on rallies” approach can be adopted. 16900 is a near-term support for the index and if we break that, the markets can crack further,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Commodity prices traded lower with most of the commodities in the non-agro segment continued downside for the week. Bullion prices traded weak with silver falling the most following selling in base metals. Base metals traded mixed on demand worries and lower inventories which capped downside. Crude oil prices extended loses on higher supply pressure and demand growth worries over omicron virus.
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Sensex extended opening losses, falling below 57,500 on Monday morning. Nifty 50 was below 17,200.
Sensex and Nifty opened in red, but minutes into the day’s trade were seen trimming losses. The headline indices were still in red.
Domestic markets started the day’s trade weak as Sensex, Nifty fell on opening bell
On the weekly chart the index has formed a “Doji” candlestick formation indicating indecisiveness amongst market participants regarding the direction. The index is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 17550 level it would witness buying which would lead the index towards 17700-17800 levels. However, if the index breaks below the 17100 level it would witness selling which would take the index towards 16900-16600.
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Sensex adds 500 points in pre-open, Nifty sits with marginal losses and benchmark indices move in separate directions.
In terms of candlestick, prices have formed a bullish harami pattern and prices have been able to close just near their 21-week exponential moving average on the weekly interval. The bullish harami candlestick pattern requires confirmation in the coming weeks with closing above the pattern. Nifty 50 on the daily chart continues to trade in a lower low lower high formation since 19 Oct and the current chart formation indicates bear favor trend. Even momentum oscillator RSI (14) is reading near 54 levels with bearish crossover and continues to read in a lower low formation.
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Amid high volatility, Sensex and Nifty gained nearly 1% each last week. On the fundamental side, analysts are watching the Reserve Bank of India’ Monetary Policy Committee (MPC) to guide them on what lies ahead for Dalal Street. Meanwhile, technical analysts believe the near-term downtrend is still intact. “The near term trend of Nifty continues to be down and the recent pullback rally of a downtrend seems to have completed,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “There is a possibility of further weakness down to 16800 levels by (this) week. Immediate resistance is placed at 17300-17350 levels,” he added.
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After a long time, volatility is in the front seat accompanied by India VIX at 18 plus. Sentiments were battered across global equity markets with the detection of a new covid-19 variant. In spite of this sell-off, India still remains the top performer in the current calendar year with Nifty up 21% v/s the flattish performance of the MSCI EM index. RSI oscillators on the daily and weekly charts are witnessing loss of momentum but at the same time slope of the indicator is not signalling immediate steep declines in the market.
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“The near term trend of Nifty continues to be down and the recent pullback rally of a down trend seems to have completed. There is a possibility of further weakness down to 16800 levels by next week. Immediate resistance is placed at 17300-17350 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Ahead of its proposed initial public offering (IPO), insurance behemoth LIC has improved its asset quality for the financial year ended March 2021. The non-performing assets (NPAs) as of March 31, 2021, are Rs 35,129.89 crore out of a total portfolio of Rs 4,51,303.30 crore, according to the latest Annual Report of Life Insurance Corporation of India (LIC).
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Volatility is likely to continue in the stock market this week amid Omicron uncertainty and the RBI monetary policy meeting will be a key driver for benchmark indices going ahead, say analysts. It will be an event-packed week for the markets, with RBI policy and several macroeconomic numbers scheduled to be announced, they added.
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