Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices BSE Sensex and NSE Nifty 50 hit fresh record highs intraday before paring some gains to end at record closing highs. While Sensex rallied 347.9 pts or 0.56% to touch a high of 62,686.84 before closing at 62,504, the Nifty 50 index climbed around 90 pts to hit fresh record high of 18,611.05 and closed at 18,562. Bank Nifty was trading marginally in green and ended at 43,020. Reliance Industries and BPCL shares were the top Sensex gainers. The broader market was trading in the green while Nifty’s sectoral indices shifted between gains to losses. Nifty Metal was the biggest loser, ending down 1.19% while Nifty Oil & Gas rose 1.36%. Volatility gauge, India VIX, ended up 1.2% at 13.49.
Reliance Industries, ICICI Bank, HDFC Bank, TCS and Axis Bank were the most active stocks of the day on the NSE Nifty 50 index.
Among the top gainers on the Nifty Fifty index today were BPCL, Reliance, Hero MotoCorp, Tata Consumer and HDFC Life. Hindalco, JSW Steel, Apollo Hospital, Tata Steel and HDFC Bank were the laggards of the index.
The domestic indices rallied to hit fresh record highs intraday before paring gains to end at record highs. Sensex closed at 62,504, up by over 200 points or 0.3%, while Nifty closed the session at 18,562. Bank Nifty was trading marginally in green and ended at 43,020.
The Nifty Metal index is the NSE's biggest sectoral loser of the day. The index is currently trading at 6,382.20, down 1.12%. Vedanta, Hindalco Industries and Jindal Steel are the biggest laggards of the index.
The index is facing pressure due to concerns regarding China's strict lockdown.
“Nifty on track for our target of 21,000. As the indices hit an all-time high, here are a few important things to keep in mind:
* Nifty on track to hit our target but it will not be a straight line & dips are to be bought into.
* If you have still missed this rally, the mid-cap & small-cap, PSE, and IT sectors can go even higher from current levels.
* Advise to book profits in PSU Banks & switch to Private Banks.”
– Rahul Sharma, Head Research, JM Financial Services
Reliance Industries was the top contributor as RIL shares surged over 3 per cent to hit five-month high of Rs 2,707.20 on NSE. Gains in other index heavyweights such as ICICI Bank, Infosys and Bajaj Finance pushed Nifty to new highs.
“Nifty today touched its all-time high after its recent rally of more than 10% over last two month. Strong domestic macros, robust earnings growth and sharp correction in oil prices is big positive for Indian equities. For Q2FY23, Nifty companies grew by 9% as compared to expectations of flattish growth. Excluding the global commodities, the growth stood out strong at 33%. Going ahead, we expect the momentum to remain strong with expectation of Nifty earnings CAGR of 17% over next 2 years.
The oil prices have corrected by ~15% and fallen to just above $80bbl which is positive for our oil import dependent economy. Even the wholesale and the retail inflation has cooled off and is showing signs of peaking out. Now with Fed’s commentary on slowing down the pace of rate hike has given boost to the global sentiments which along with strong domestic fundamentals is proving to be a boom for the Indian equities. Apart from this the bank credit continues to grow in late teens over last few months and is expected to continue this uptrend with the pickup in capex from H2. India is entering big capex upcycle which would provide leg-up to the overall economy.”
– Ajay Menon, MD & CEO, Broking & Distribution, Motilal Oswal Financial Services
NSE Nifty 50 hit fresh record high of 18,611.05 as Sensex shares rallied over 3 per cent intraday.
The BSE Sensex index hit a fresh life-time high intraday, rising over 300 points to touch 62,686.84.
“We expect Nifty challenging all-time high and gradually head towards 18900 in coming month. In the process, we expect broader market to relatively outperform as it approaches maturity of price/time wise correction. Also expect Bank Nifty to head towards 44600 levels in the coming month.”
– Dharmesh Shah, Head – Technical, ICICI Direct
The stock price for Bharat Petroleum Corporation have surged in trade today to gain 3.2% hitting an intraday high of Rs 336, as the Nifty Oil & Gas index rises 1.5%.
Gold rate was negative on Monday as a result of negative global trends, while silver rate was down 0.46%. On Multi Commodity Exchange, gold December futures were trading at Rs 52,448 per 10 grams, down Rs 96 or 0.18%. Silver December futures were trading Rs 286 down at Rs 61,390 per kg on MCX.
The chart pattern suggests that if Nifty crosses and sustains above 18600 level it would witness buying which would lead the index towards 18800-19000 levels. However, if the index breaks below 18300 level, it would witness selling which would take the index towards 18100-17900. For the week, we expect Nifty to trade in the range of 19000-17900 with mixed bias. The weekly strength indicator RSI is above its respective reference lines indicating positive bias.
After the RBI rejected Paytm's application for a payment aggregator license, asking them to reapply within 120 days, One 97 Communication's stock price fell 3% on open, however, it recovered some losses and was trading 1.5% lower at Rs 458 on BSE.
BSE Sensex and NSE Nifty both opened mild in the red on Monday. A few minutes after the open, both the indices were fluctuating between gains and losses.
Technically Nifty has formed a Doji sort of candle on the daily frame and has been making higher lows from the last four sessions. It formed a Bullish Engulfing candle on the weekly frame and has been forming higher highs from the last six weeks. Now, it has to hold above 18500 zones, for an up move towards 18600 then 18881 zones whereas supports are placed at 18442 and 18250 zones.
Domestic indices BSE Sensex and NSE Nifty fall in the pre-open session. Sensex falls by over 150 points to trade at 62,116, while Nifty 50 is down over 60 points, trading at 18447.
“There are two positives which can impart resilience to the ongoing rally in the market: One, the steady decline in crude which has taken Brent crude to below $82. Two, the steady FPI buying (Rs 31630 crores so far in November) particularly in fundamentally strong segments like financials, IT, autos and capital goods.
These positives notwithstanding markets are likely to be in wait and watch mode for the Fed chief’s speech on Wednesday. Any hawkish statements from Powel will be negative since markets have factored in slower rate hikes taking the terminal rate around 5%. The high futures premium is indicative of the underlying bullishness in the market.”
– V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
“Nifty could continue its up-move and challenge the all time high of 18604 soon while 18325-18403 band could provide support in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Technical support for the Bank Nifty is located around 42550, with resistance at 43300, according to Ameya Ranadive, Equity Research Analyst, Choice Broking.
The decline in VIX continues with Friday witnessing a close of 13.3, the lowest close since July. While this has meant that trading ranges are excruciatingly low traders have appeared quite comfortable with such lofty prices for extended periods. Vertical rise in Nifty in the last 45 minutes of the expiry has brought in cheers as 68% of the stocks in the F&O segment ended the day within 1% of the day’s high. For the November expiry, while there was a good amount of long buildup in IT stocks, there was an equal distribution of long and short build-up in the healthcare sector.
As it is the beginning of the December F&O series, the National Stock Exchange has not added a single stock under the NSE F&O ban list for 28 November.
Indian share markets have recovered from every fall and made new highs after the Covid crash which has brought some complacency among both local and foreign investors. Now, investors are worried about selling aggressively even in the face of apparent negatives as they are afraid of losing the next upside. Nifty is likely to hit a new high soon, said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities in an interview with Harshita Tyagi of FinancialExpress.com. BFSI, Pharma, Capital Goods, and PSU stocks look good to accumulate on dips, while Metals, Oil & Gas may be avoided for a few more quarters, he added.
Foreign institutional investors (FIIs) net bought equities worth Rs 369.08 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 295.92 crore on Friday (25 November), according to the provisional data available on the NSE.
“A small negative candle was formed on the daily chart with a minor lower shadow. Technically, this pattern signals a breather movement in the market post the sharp up move of last session and this could be considered as an uptrend continuation pattern. Nifty on the weekly chart formed a long bull candle with lower shadow.
After surpassing the hurdle of 18100 levels few weeks back, the market has witnessed a decisive upside breakout of another resistance of 18400 levels last week and closed higher. The underlying trend of Nifty continues to be positive. Having surpassed the crucial upper resistance in the previous week.”
– Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Dharmaj Crop Guard IPO will open for subscription on 28 November, and close on 30 November. The agrochemical company on Friday mobilised Rs 74.95 crore via anchor book ahead of the IPO. The company finalised allocation of 31.62 lakh equity shares to anchor investors at Rs 237 per share. Three investors – Elara India Opportunities Fund, Rajasthan Global Securities, and Resonance Opportunities Fund – invested in the company via anchor book.
“FPI investment is showing a distinctly positive trend in November. FPIs have been buyers in financial services, IT, autos and capital goods. As per NSDL data FPIs have bought equity worth Rs 31630 crores till November 25th. FPIs are unlikely to be major sellers, going forward since their earlier policy of continuous selling in banking has cost them heavily.
When FPIs were sellers earlier, DIIs were buyers and they gained from the FPI policy of sustained selling. FPIs were selling earlier (total selling in equity in 2022 is Rs 137166 crores till November 25th) since dollar was continuously rising. Now the market construct in the US has changed to “rising equity, falling yields and falling dollar”. This is favourable for the continuation of FPI flows, going forward.”
– Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
In the US, the Dow Jones Industrial Average on Friday closed up 153 points or 0.45%, while the S&P 500 ended down flat, and the NASDAQ Composite fell 0.5%.
Global cues were weak as Asian markets traded in red today. Hong Kong’s Hang Seng index fell 4% at open. In Mainland China, the Shanghai Composite fell 1.55%. Japan’s Nikkei 225 shed 0.51% in early trade, and South Korea’s Kospi declined 1.08%.
SGX Nifty was mildly red with Nifty futures trading 49 points or 0.27% lower at the Singapore Exchange, hinting at a flat to negative start for the Indian share market.