Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the green on the last day of the week. BSE Sensex ended 139 points or 0.30 per cent up at 46,099, while the Nifty 50 index gained 35.55 points or 0.26 per cent to settle at 13,514. Out of 30 Sensex shares, 18 scrips settled in the green with ONGC as the top gainer. The oil giant was followed by NTPC, Tata Steel, Titan Company, ICICI Bank, ITC, Bajaj-Auto, Ultra Cement, State Bank of India (SBI) and Kotak Mahindra Bank were among top index gainers. On the flip side, Axis Bank, Mahindra & Mahindra, Tech Mahindra, Asian Paints, HDFC Bank, Maruti Suzuki, Reliance Industries Ltd (RIL) and TCS were the top Sensex laggards. The trend among Nifty sectoral indices was largely positive led by Nifty Metal index. Nifty PSU Bank index and Nifty Metal index were the top gainers.
Share Market HIGHLIGHTS: Sensex ends over 100 points up, Nifty above 13,500; ONGC, NTPC shares surge over 5%
Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the positive territory on Friday
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"A volatile trading session to end the week well over 46k as we witnessed a renewed interest in PSU names across sectors on hopes of divestment and dividend expectations from cash-rich PSU companies. Bouts of profit booking was seen in afternoon trade across sectors and stocks which seems healthy for the markets" S Ranganathan, Head of Research at LKP Securities
The index tested the lower end of the range again; 13400-13700 is the range for this market and this is also a stiff resistance zone. We will breakdown only if 13300-13350 is broken and we will see a renewed rally up only post a closing above 13700. Until then traders should trade cautiously with strict stop loss levels: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
BSE Sensex ended 139 points or 0.30 per cent up at 46,099, while the Nifty 50 index gained 35.55 points or 0.26 per cent to settle at 13,514.
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Due to coronavirus widespread, the dollar is losing its safe-haven properties and is keeping USDINR spot below the psychological level of 74. Also, next week is the Fed policy and we expect Powell to update the forecasts for growth and inflation along with dovish stance. However, the downside risks to 'no deal' Brexit will keep dollar bulls intact, so unless the spot doesn't consistently trade above 74, the trading range would continue to be 73.25-74. If 74 breaks then prices can surge towards 74.20 zone: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
The high-frequency indicators that track the movement of goods/raw materials (yoy change in railway freight volume, number of e-way bills, port volumes, import duty collection) show that the economy has almost fully recovered, however, the indicators that track the movement of people (road traffic, Google mobility report based indicators, aviation data) depict an economy which is still some distance from full potential. We expect this divide in recovery to continue till the count of daily new cases remains relatively high: Kotak Institutional Equities
Mrs Bectors Food Specialities’ Rs 540-crore initial public offering (IPO) is set to open for bidding next week. The shares of the supplier of buns to quick service restaurant (QSR) chains such as McDonald’s, KFC and Burger King, were seen trading with over 64 per cent premium in the grey market today. The shares were trading Rs 185 higher at Rs 473 apiece over the issue price of Rs 288 in the grey market. Analysts believe that the current market conditions may favour the company on listing.
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Knight Frank in its latest research report - Global House Price Index Q3 2020 cited that India moves down 7 spots in the global home price index to 54th rank in Q3 2020 against 47th rank in Q3 2019, with a decline of 2.4% year-on-year (YoY) in home prices. The performance of India compared to previous quarter Q2 2020, the ranking remains unchanged to 54thspot amongst the 56 countries and territories tracked in Q3 2020 index.
IRCTC share price fell 3.5 per cent to Rs 1,400 apiece today on BSE on the back of ongoing offer-for-sale (OFS). Through this OFS, the government is planning to sell up to 20 per cent stake in IRCTC at a floor price of Rs 1,367 apiece. IRCTC’s OFS received a good response from non-retail investors and was subscribed 198 per cent on the first day with an indicative price of Rs 1,391.42. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that retail investors will get a chance to bid for IRCTC offer-for-sale (OFS) on Friday.
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IRCTC stock down by 1.2% on back of ongoing OFS, earlier promoter fixed floor price of Rs 1367. On the First day of OFS it got oversubscribed by 1.98x times from the non-retail category. Now the company has fixed the cutoff rate of 1377.55 after the first day of bidding. The OFS is of 15% of paid up share capital with promoter having oversubscription option of 5%., as OFS got oversubscribed on day 1 and so now the promoter exercises their option and now OFS will be of 20% (3.2 Cr shares). We have given a Neutral rating to this OFS as there will be very limited upside left for retail investors also there is no retail discount in this OFS: Yash Gupta Equity Research Associate, Angel Broking Ltd
UPL Ltd share price surged 4 per cent to Rs 456.40 apiece today on BSE after the agrochemicals firm denied that whistleblower is a member of the board against what was reported in the news. UPL management also clarified that the allegations were disclosed and dealt with as far back as in the year 2018.
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The Nifty is in a rangebound phase between 13400 and 13700. This is also a profit booking resistance zone. Traders should maintain caution at these levels and book profits at regular intervals. Timely upgrading of stop losses should also happen as the markets can get volatile. We have a good support at the 13300-1350 levels: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Despite the global sentiments remaining mixed and flipping sides yet rupee seemed to remained resilient as the pair is playing in the tune of RBI, thereby keeping markets puzzled. Well, robust inflows on one side and RBI’s buying regime on the other side has tugged the pair in a narrow range between 73.40-74.00 levels off late. Now that the range has been ruled out for quite a more sessions, for near term exposures on can target to buy between 73.40-73.60 range and sell close to 73.80-74.00 levels: Amit Pabari, managing director, CR Forex Advisors
COMEX gold trades marginally higher near $1842/oz after a 0.1% decline yesterday. Gold is supported by weaker US dollar, disappointing US economic data, ECB’s monetary easing, rising virus cases, Brexit uncertainty and increased US-China tensions. However, weighing on price is vaccine progress and lack of ETF buying. Gold may struggle for direction amid mixed cues however vaccine optimism and US stimulus delay may keep pressure on prices: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
UPL Ltd share price gained 2.29 per cent to Rs 448.50 apiece on BSE after the company denied that whistle blower is a member of the board as reported in the news as these allegations were discussed and investigated by the Audit Committee and the Board in 2017/2018
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All the Nifty sectoral indices were trading in the green today. Nifty PSU Bank index was top sectoral gainer with Canara Bank, Union Bank and Punjab National Bank as top gainers.
The gains were led by buying in ONGC, State Bank of India (SBI), NTPC, Tata Steel, Reliance Industries Ltd (RIL) and Hindustan Unilever Ltd (HUL).
BSE Sensex gained 200 points or 0.43 per cent to trade at 46,180, while Nifty 50 was trading at 13,540 levels today.
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With rising consumption of petroleum products, state-run refiner Indian Oil Corporation (IOCL) ramped up the utilisation of its refineries to 100% of their design capacities in November. In the beginning of the lockdown to contain the coronavirus outbreak in March, IOCL had regulated crude oil through put at most of its refineries by 25% to 30%.
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Indications are in the favour of some consolidation in the index and it would be healthy for the markets. Nifty has critical support at 13,350 and its breakdown may result in further correction ahead. In the case of a rebound, the 13,550-13,600 zone would act as a hurdle. Defensive viz. FMCG, IT and pharma tend to do well during the corrective phase but traders should maintain caution in the selection of the stocks as we’re seeing selective participation: Ajit Mishra, VP - Research, Religare Broking Ltd
BSE Sensex gained 86 points to trade at 46,046 in the pre-opening session on Friday.
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Technically, MCX Gold February holds a resistance near its 21-Daily Moving Average which is at 49510 levels below which will continue its downside momentum. Support is at 48900-48600 levels. Resistance holds at 49300-49650 levels. MCX Silver March traded in a range of 62900-64400 levels where it is expected to consolidate within this range where breakout above 64500 could continue its bullish rally. However below 63000 levels could see some sideways to marginal downside momentum. MCXBULLDEX December gave a sharp correction from 15450 levels where it traded on a negative note. It could trade in a range of 15050-15350 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities
The chart indicates a reversal formation in the Nifty 50 index that has been formed after hitting the lows of 13400. However, if the Nifty 50 index has to scale new highs it needs to sustain a move above 13530 levels. Meanwhile on an immediate basis, 13600 and 13660 would be barriers for the index. A break of 13380 would be negative for the market, which could see the Nifty 50 index revisit the 13250 levels. For the market to scale higher, Bank Nifty need to move above the 31000 levels and move beyond to 32613 levels, which is also its all-time high: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Nifty futures were trading 15 points up at 13,534 on Singaporean Exchange, indicating a gap-up start for BSE Sensex and Nifty 50 on Friday. In the previous session, the markets took a pause as investors decided to book profits. The Nifty declined 50.8 points or 0.38 per cent to close at 13,478.3 while the Sensex declined by 143.62 points or 0.31 per cent to close at 45,959.88.
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The market’s rally is not just restricted to the benchmark indices. The Nifty Midcap 100 index is just 6.5% away from the all-time highs (21,731) that it witnessed in January 2018. The rally in the Nifty Midcap 100 stocks is mainly on the back of increased liquidity and retail participation in the market. In this backdrop, experts say that the Nifty Midcap 100 index could touch its all-time high by January 2021.
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Muthoot Finance on Thursday announced its plans to raise Rs 1,000 crore for lending activities by issuing secured redeemable non-convertible debentures (NCDs). The issue is with a base issue size of Rs 100 crore with an option to retain over-subscription of up to Rs 900 crore, aggregating the tranche limit of Rs 1,000 crore, the company said.
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Offer for Sale of Govt shares in IRCTC got great response on day one. Issue subscribed 1.98 times of base size at a clearing price above the floor price by non-retail investors. Govt has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said.
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