Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices closed mild in red as bulls and bears fought for dominance on Dalal Street. Nifty fell to a day’s low of 18,202 but staged a smart recovery of over 180 points to close mild in red at 18,385, down 0.19%. Sensex settled at 61,702, after paring losses to recoup almost 600 points from an intraday low of 61,102. The broader markets closed in red, with Nifty Smallcap 50 index losing 0.57%. The sectoral indices followed suit, however Nifty IT outperformed, ending 0.2% higher. Tata Motors and Hindustan Unilever were the day’s biggest losers.
“Nifty closed marginally in the negative after recovering sharply from the morning lows on Dec 20. Nifty recovered post noon after the negative effect of the unexpected hawkish move by Bank of Japan to widen the band of long term yields, withered off. Nifty closed 0.19% or 35.2 points lower at 18385.3.
Global markets fell after the Bank of Japan unexpectedly changed its ultra-dovish stance and tweaked its bond yield controls – a move that will allow long-term interest rates to rise more. Low market volumes have led to higher intra day volatility in the markets. Nifty could now remain in the 18269-18441 band in the near term and a breach of this band could result in accelerated move in that direction.”
– Deepak Jasani, Head of Retail Research, HDFC Securities
“The Indian rupee trimmed morning losses as Asian currencies recovered along with the yen which surged after an unexpected hawkish move from the Bank of Japan. Recovery in risk assets also supported the local unit in erasing the losses. However, the near-term trend for the rupee remains weak amid foreign fund outflows and a mismatch between dollar demand and supply on year-end adjustment.
Spot USDINR is expected to consolidate in the broad range of 82.10 to 82.95 with positive bias.”
– Dilip Parmar, Research Analyst, HDFC Securities
Adani Enterprises, TCS, Reliance Industries, Axis Bank and IndusInd Bank were the day's top gainers, with Adani Enterprises gaining 2.2%. SBI Life, Eicher Motors, UPL, Tata Motors and Hindustan Unilever are Nifty 50's top laggards, with SBI Life down 3.01%.
Nifty fell to a day's low of 18,202 but staged a smart recovery of over 180 points to close mild in red at 18,385, down 0.18%. Sensex settled at 61,702, after recovering almost 600 points from an intraday low of 61,102.
The Sensex was down 128.67 points or 0.21% at 61677.52, and the Nifty was down 42.30 points or 0.23% at 18378.20.
Nifty Bank index shed 0.5% dragged by IDFC First Bank, Punjab National Bank, Federal Bank
Benchmark indices trimmed intraday losses and were trading above day's low. While Sensex was down around 250 pts at 61,562.00, NSE Nifty 50 reclaimed 18300 level intraday.
The Indian share market tanked over 1% on Tuesday as investors shied away from equities fearing a recession in the wake of the central bank’s liquidity tightening. Markets have been volatile over the past few sessions and analysts see persistent volatility going forward as well. Analysts believe that the recent correction is a result of institutional investors being concerned about the premium valuations despite the robust fundamentals. Amid uncertainty, domestic brokerage firm JM Financial Services has released its top picks for the year 2023. Private Bank stocks such as ICICI Bank, Axis Bank, and PSU Bank stocks SBI are among the top bets.
Property technology firm Homesfy Realty SME IPO opens for subscription on 21 December. The company is selling 8,05,200 equity shares of face value Rs 10.00 each at a price of Rs 197.00 a piece. The issue is open for Retail & HNI subscription from 21 to 23 December 2022. The company is aiming to raise Rs 15.86 crore through its initial stake sale. Retail Investors can apply for a minimum & maximum of 600 shares (1 Lot) amounting to Rs 1,18,200.00 & HNI Investors can apply for a minimum 1200 shares (2 Lots) amounting to Rs 2,36,400.00. The shares of the company will be listed on NSE Emerge Platform.
BSE Midcap index declined 1 percent, dragged by Indian Overseas Bank, Godrej Properties, IDFC First Bank
Nifty FMCG index declined 1 percent, dragged by Hindustan Unilever (HUL), Godrej Consumer Products, Dabur India
The Securities and Exchange Board of India (SEBI) is likely discussing various market regulations, including share buyback norms at its board meeting today – Tuesday, December 20. A press conference will be held after the board meeting at 5 PM.
Broader indices fell in-line with benchmark indices. Nifty Midcap 100 was down 1.1% at 31.829, while Nifty Smallcap 100 also fell 1.1% to 9,953.
“Investors can keep investing in large-cap stocks, particularly in FMCG stocks. PSU banks has performed very well in recent time and that can continue the positive movement after some profit booking. So Investor should continue their holdings in this in this specific area.” -Naveen Mishra, Senior Research Analyst – Equity Research, CapitalVia Global Research
This December series started on an optimistic tone for both the Nifty and Bank Nifty and then eventually the Index witnessed profit booking. The positioning in the Nifty futures peaked at around 1.25 crore Open interest and now with profit-booking, it has dipped to around 1 crore. Generally, a lower positioning brings in range-bound movement. We expect Nifty to be in the 18200 – 18600 range for the major part of the contract.
“The second round of selling in the global markets is occurring in response to the hawkish US Fed policy, which is also exerting pressure on Indian equity markets. Institutional investors are concerned about the premium valuations despite the robust fundamentals of the Indian equity markets. While a recession is a fresh fear for international equity markets, higher interest rates are a major concern in the near term. In China, a rise in COVID instances is also creating some issues. –Santosh Meena, Head of Research, Swastika Investmart Ltd
“Major equity indices tanked over 1% on Tuesday's trading session due to global concerns. Major Wall Street indices continued their losing streak for a fourth straight day as investors stayed conservative in response to the Fed's continued aggressive posture and growing concerns that its fight to control inflation could send the economy into recession. –Naveen Mishra, Senior Research Analyst – Equity Research, CapitalVia Global Research.
“Markets could tumble in the near term on the back of a raise in policy rates globally to bring down inflation. This morning, we blame it on the Japanese government as it modified its yield curve control tolerance range while holding interest rates steady lifting yen followed by US stock futures too tumbling with Dow futures trading down”. –Prashanth Tapse – Research Analyst, Sr VP Research, Mehta Equities
Benchmark indices were deep in red with BSE Sensex down 640 pts at 61,163.21. All 30 index constituents were in red.
Domestic indices Nifty and Sensex continue their downward trend, losing over 1% intraday. Nifty sheds almost 200 points to trade at 18,225, while Sensex loses 629 points, at 61,176.
Elin Electronics IPO opened for public subscription today, 20 December, and it will remain open for bidding till 22 December 2022. The company has fixed the IPO price band at Rs 234-247 per equity share and the company aims to raise Rs 475 crore from this public offer A bidder will be able to apply for the IPO in lots. One lot of the public issue will comprise 60 company shares and a retail investor can apply for a minimum of one lot and maximum of 13 lots. Elin Electronics IPO shares were commanding a grey market premium (GMP) of Rs 43 on Monday, according to people dealing in unlisted securities.
Nifty PSU Bank index declined over 1 percent, dragged by UCO Bank, Punjab and Sind Bank, Indian Overseas Bank
The Adani Group on December 19 launched its Adani One app as “a step forward” in the company’s digital journey. For now, the app has begun services for Adani’s airports vertical, but the aim is to create a digital twin to the traditional business, according to Nitin Sethi, senior vice president and chief digital officer for consumer businesses at Adani Group.
The Sensex was down 651.58 points or 1.05% at 61154.61, and the Nifty was down 202.70 points or 1.10% at 18217.80.
BSE Information Technology (IT) index fell 1%, dragged by Cerebra Integrated Technologies, Sonata Software, Tech Mahindra
“The overarching theme impacting global equity markets now is the possibility of a US recession in 2023. While a slowdown in the US economy is a given, opinion is divided on whether the US can manage a soft landing of the economy. Economic data indicate a slowing economy and declining inflation which implies that the Fed is close to pausing on rate hikes. Confirmation of this trend can lead to revival in equity markets. Economic and market indicators suggest that India’s outperformance can continue in 2023 too. Since valuations are on the higher side, a multi-asset allocation strategy would be appropriate for 2023. Besides equity, fixed income assets and gold should be an integral part of the portfolio in 2023,” -VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Two promoters of Sterling & Wilson Renewable Energy Limited, Khurshed Yazdi Daruvala and Shapoorji Pallonji and Company Private Limited, announced on December 19 that they will sell part of their stake in the company through an offer for sale (OFS). The OFS will take place on a separate window of the stock exchanges on December 20 and 21. The floor price for the OFS is set at Rs 270 per share. The two promoters will collectively sell 5.7% stake in Sterling & Wilson. Sterling and Wilson Renewable Energy was quoting at Rs 278.85, down Rs 4.55, or 1.61% on the BSE.
NBCC India shares were trading 2.91% higher as the company has received the contract for the construction of a new multi-storied quarter complex from Odisha Power Transmission Corporation. The company will construct 100 numbers of quarters by demolishing the existing 224 numbers quarters at Bhoinager, Bhubaneswar. The order value is Rs 69.3 crore.
Maruti Suzuki, Hindalco Industries, HCL Technologies, SBI Life Insurance, and Dr Reddys Laboratories were among major losers on the Nifty, while Adani Enterprises, Hero MotoCorp, Axis Bank, SBI and Bajaj Finance were the gainers.
Benchmark indices opened with losses amid weak global cues. While BSE Sensex fell over 350 pts to 61,437.39, NSE Nifty50 was down 104 pts at 18,317.
Indian rupee opened marginally higher at 82.64 per dollar on Tuesday against the previous close of 82.70.
Indian benchmark indices fell marginally in the pre-open session, While BSE Sensex was down 38.78 pts or 0.06% at 61,767.41, NSE Nifty 50 fell 20.00 or 0.11% to 18,400.45.
“Markets may continue to witness choppy trend in intra-day trades and are likely to drift lower in early Tuesday trades amid weakness in SGX Nifty and overnight fall in the key US indices. Investors continue to fret over the Federal Reserve’s hawkish stance that could tip the world’s largest economy into recession next year. However, the major catalyst for investors would be the recent RBI monetary policy meeting's minutes which are expected to be wired on Wednesday. This would provide some indication to traders on what holds for the markets in the medium term with regards to interest rates, inflation & economy. Also, the US GDP numbers, which will trickle in on Thursday, would also be keenly followed, providing some indication of where the world's largest economy is headed.” – Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd
Promoters of Dabur India may sell a small stake valued at Rs 820 crore in the packaged goods company through a block deal. The transaction is expected to take place at a 4% discount to the stock’s Monday closing price of Rs 588.65, which implies a price of Rs 565 apiece. The transaction will see the Burman family offload around 0.78 percent of their stake in the company, which is valued at Rs 1.04 lakh crore. They own 67.24 percent of Dabur and the rest is with the public, including 20.24 percent held by overseas investors.
Just Dial on Monday said that its promoter Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries, is planning to sell 2% stake in the company through open market transactions for achieving minimum public shareholding. “RRVL intends to complete the sale of the Sale Shares within a period of eight trading days beginning 21 December 2022,” the company said in a regulatory filing.
“For the time being, the trend may continue to be optimistic, but profit taking from higher levels is also anticipated. Coming to the OI Data, on the call side, highest OI witnessed at 18600, followed by 18700 strike price. While on the put side, the highest OI remained at 18300, followed by 18200 strike price. On the other hand, Bank Nifty has support around 42800 levels while resistance is placed at 44100. Long-term investors may find it the right time to stay invested in blue chip companies while short term traders should employ hedge positions,” said Om Mehra, Equity Research Analyst, Choice Broking.
The National Stock Exchange has put Balrampur Chini Mills, IRCTC, Punjab National Bank, Indiabulls Housing Finance, BHEL, Delta Corp, and GNFC under its F&O ban list for Tuesday, 20 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
Foreign institutional investors (FIIs) net offloaded shares worth Rs 538.10 crore, while domestic institutional investors (DIIs) net purchased equities worth Rs 687.38 crore on 19 December, according to the provisional data available on the NSE.
“As we advance, many stock-specific adjustments are likely to continue and provide substantial trading opportunities as the Midcap index is interestingly poised. Hence one should continue to identify such potential movers and trade accordingly. Meanwhile, traders should also stay abreast with global and domestic developments and keep a close tab on the mentioned levels.” –Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
“The undertone is expected to remain upbeat till Nifty sustains above the support of 18200, followed by its sacrosanct demand zone of 18100-18000. Looking at the technical setup, until the index decisively surpasses 18600, a range-bound movement could be continued in the comparable period. Simultaneously, the strategy of ‘buying near the support and staying light near the resistance’ would be suitable in the current situation, and participants are advised to keep a one step at a time approach for a while.”- Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
“The Bank Nifty bulls managed to hold the support of 43,000 on the downside and the index witnessed buying momentum throughout the day. The index is stuck in a broad range between the 43,000-44,000 zone and a break on either side will provide a trending move. The undertone within the range remains bullish and one should keep a buy-on dip approach around the mentioned support level”-Kunal Shah, Senior Technical Analyst at LKP Securities
Oil prices rose on Monday, as optimism around China relaxing its COVID-19 restrictions outweighed fears of a global recession that would weigh on energy demand. Brent crude gained 76 cents to settle at $79.80 a barrel, while US West Texas Intermediate crude rose 90 cents to $75.19.
“Post a minor degree dip in the last week, the Nifty reached the junction of the 40 DEMA & the daily lower Bollinger Band. These two parameters together form a key support zone & the same is being witnessed this time as well. Also, the channel study shows that the index touched lower end of the downward sloping channel that encompasses the recent decline from 18887. From these multiple technical parameters, the Nifty took a leap on December 19. Going ahead, the Nifty is expected to test the upper channel line near 18600. On the downside, 18250-18200 will act as a key short-term support zone.”-Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
“Optimism in European markets and short covering helped local benchmarks stage a smart bounce back even as other Asian market peers languished in negative territory. Despite the recovery, investors are lacking confidence after the recent US Federal Reserve's indication of more rate hikes in the coming year. While markets may stay volatile in the coming sessions, selective buying will continue to be the mantra of investors till the worries of interest rates subside. Technically, the Nifty found support near 18250 and reversed sharply thereafter. However, the short-term formation is still in the negative side. As long as the index holds 18300, a pullback rally could be seen and above the same, the index could move up to 18550-18575 levels or 20 day SMA. On the flip side, below 18300, any uptrend would be vulnerable and below the same the index could slip till 18200-18150.”-Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
“An unexpected bullish day seen at Dalal Street where short covering r value buying ruled the roost. Barring IT, all the other sectoral indices ended in green, with maximum gains seen in Auto & FMCG Indices. All eyes will be on RBI MPC meeting minutes to trickle on Wednesday, 21st December. The street will look for clues with regards to the inflation scenario and RBI's plan of action in the months to come. Technically, the biggest hurdle for the Nifty is seen only in 18888.”-Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd
Nifty could now rise in this corrective move to 18496, while 18319 could offer support. Volumes could remain low as more and more participants are on year-end holiday-Deepak Jasani, Head of Retail Research, HDFC Securities
Indian benchmark indices are likely to open in red amid weak global cues, hinted SGX Nifty as Nifty futures traded mildly lower at 18449 level. In the previous session, BSE Sensex rallied 468 points to 61,806, while NSE Nifty 50 rose 151 points to 18,420. “In the absence of any major trigger, we expect markets to move sideways with support base buying at lower levels. Capital goods, construction and infra sector should be in focus with improvement in project ordering activity and also interest in the space ahead of upcoming union budget. Also, Oil & Gas and sugar sectors are likely to stay in focus after the positive news flow,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Markets in the Asia-Pacific traded mostly lower as the People’s Bank of China kept its key lending rates steady. Hong Kong’s Hang Seng index fell 1.5 percent, with technology and property stocks leading losses in the region. In mainland China, the Shanghai Composite fell 0.26 percent and Shenzhen Component fell 0.5 percent. The Nikkei 225 in Japan rose 0.3 percent, and the Topix gained 0.38 percent as investors await the Bank of Japan (BOJ)’s monetary policy announcement.
Wall Street closed lower on Monday for a fourth straight session with Nasdaq leading declines as investors shied away from riskier bets, worried the Federal Reserve's tightening campaign could push the US economy into a recession. The Dow Jones Industrial Average fell 162.92 points, or 0.49 percent, to 32,757.54, the S&P 500 lost 34.7 points, or 0.90 percent, to 3,817.66 and the Nasdaq Composite dropped 159.38 points, or 1.49 percent, to 10,546.03.
SGX Nifty hints at a negative start for domestic equity indices BSE Sensex and NSE Nifty as Nifty futures trade mildly lower at 18449 level.