Share Market Highlights: Sensex tanks 949 points to close at 56,747, Nifty nosedives to end at 16,912

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears asserted control on Dalal Street on Monday, forcing headline indices to close deep in red.

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Bank Nifty closed deep in red. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets witnessed a bear attack on Monday that forced headline indices to close deep in red. S&P BSE Sensex ended 949 points or 1.65% lower at 56,747 while NSE Nifty 50 dived 284 points or 1.65% to close at 16,912. Bank Nifty traded weak, falling 1.27%. Broader markets mirrored the fall. India VIX zoomed 8.78% higher to finish at 20.08 levels. All Sensex constituents closed in red with IndusInd Bank as the worst performer, falling 3.66%, followed by Bajaj Finserv, Bharti Airtel, TCS.

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16:19 (IST)06 Dec 2021
Sensex ends deep in red for second day straight, Nifty trend weak, expect more weakness ahead

For the second straight session, domestic equity markets witnessed bears take control, forcing benchmark equity indices to close in red amid rising cases of the new Omicron covid-19 variant. S&P BSE Sensex ended 949 points or 1.65% lower at 56,747 while NSE Nifty 50 dived 284 points or 1.65% to close at 16,912. All Sensex constituents closed in red with IndusInd Bank as the worst performer, falling 3.66%, followed by Bajaj Finserv, Bharti Airtel, TCS. Bank Nifty traded weak, falling 1.27%. Broader markets mirrored the fall. India VIX zoomed 8.78% to finish at 20.08 levels. 

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15:33 (IST)06 Dec 2021
Closing bell

Bears asserted control on Dalal Street on Monday, forcing headline indices to close deep in red. Bank Nifty closed 1.27% lower while India VIX zoomed 8.78%.

15:19 (IST)06 Dec 2021
Gold price update

Gold prices were moderately higher in early U.S. trading Friday and got a boost after the key component of the monthly U.S. employment report did not meet market expectations. A rally in the crude oil market this morning is also supportive for the metals markets. February gold was last up $11.60 at $1,774.50 and March Comex silver was last up $0.194 at $22.505 an ounce. 

Gold and Silver showed positive movement on the 3rd December trading session, On the Multi-Commodity Exchange (MCX), February gold contracts closed up by 1.06% at Rs 47,903 for 10 grams. While March contract Silver futures closed at Rs 61,516 a kilogram, 0.64% up. Yesterday February Gold made a low of 47501 then made a high of 47930, And Silver made a low of 60610 then made a high of 61725. Now a days we are seeing huge volatility in Bullions and this may continue for full month of december, As per technical chart Gold and Silver both are trading at oversold zone, Momentum indicator RSI also indicating the same in hourly as well as daily chart, The current levels are the best prices for short term investors, So short term investors are advised to create fresh longs for in small dips near given support levels, traders should focus important technical levels given below for the day :


February Gold closing price 47903, Support 1 – 47750, Support 2 – 47500,  Resistance 1 – 48150, Resistance 2 – 48500.

March Silver closing price 61516, Support 1 – 60900, Support 2 – 60500, Resistance 1 – 62130, Resistance 2 – 63000.

~ Amit khare, AVP- Research Commodities, Ganganagar Commodity Limited 

15:17 (IST)06 Dec 2021
Bear attack

Sensex and Nifty continue to extend losses just ahead of the closing bell. Sensex is down 939 points while NSE Nifty 50 fell 282 points. 

15:09 (IST)06 Dec 2021
Sensex, Nifty nose-dive 1.5%

Sensex and Nifty tanked more than 1.5% each on Monday, giving up crucial levels. Nifty was below 17,000 while Sensex gave up 57,000.

15:06 (IST)06 Dec 2021
Sensex at lowest since August 31

Sensex has erased all gains made since August 31 this year. The 30-stock index fell more than 900 points on Monday giving up 57,000 levels for the first time since the last trading day of August.

14:59 (IST)06 Dec 2021
India VIX

India VIX, the volatility index, regained 20 levels again on Monday. The fear gauge of domestic markets was up 8.37%.

14:46 (IST)06 Dec 2021
Immediate support for Nifty around 16900 – 17000

Minor Long build up in the Nifty Futures, Short covering in the Bank Nifty Futures and Long build up by the FIIs In Index Future Segment, Net long positions in the Index Future segment-Long to short ratio at 2.1(70% of the positions long side in the Index Futures) Indicates that one should be optimistic for the markets. Therefore our advise is to remain bullish and use any decline to accumulate long positions with the trailing stop loss of 16900 levels.

On the higher side, Nifty is likely to find an immediate resistance in the vicinity of 17400 – 17500 levels where Calls have been written. Any close above 17500 level would result into further short covering which might push Nifty to even 18000 level.

~ HDFC Securities

14:39 (IST)06 Dec 2021
Bank Nifty tanks 1%

Bank Nifty was down 1.01% on Monday with less than an hour left before the closing bell. Among the top drags on the index are IndusInd Bank, Kotak Mahindra Bank, and Bandhan Bank.

14:30 (IST)06 Dec 2021
Sensex below 57000

Sensex slipped below 57000 on Monday as the index extended losses to more than 700 points or 1.2%.

14:22 (IST)06 Dec 2021
Industry heavyweights in red

Infosys, Reliance Industries, TCS and Kotak Mahindra Bank were among the top laggards on Sensex, pulling the index lower. 

14:21 (IST)06 Dec 2021
Buy Dr Reddy’s Labs – Motilal Oswal

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

14:19 (IST)06 Dec 2021
Maintain stock-specific approach

“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.

13:35 (IST)06 Dec 2021
52-week high, 52-week low: ZEEL, Vodafone among 195 stocks to hit fresh highs on BSE; 29 scrips at fresh lows

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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12:13 (IST)06 Dec 2021
Better returns expected after recent market correction, says ICICI Securities; check top stock picks

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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11:53 (IST)06 Dec 2021
NMDC dividend alert

“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.

11:01 (IST)06 Dec 2021
Nifty smallcap, midcap indices showing outperformance

“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. 

10:18 (IST)06 Dec 2021
Bulls can emerge only if Nifty keeps above 17400-17500

“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.

09:54 (IST)06 Dec 2021
Gold rate falls as FED speculation keeps pressure on metals, expect prices to move sideways to down

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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09:37 (IST)06 Dec 2021
Bears in control?

Sensex extended opening losses, falling below 57,500 on Monday morning. Nifty 50 was below 17,200.

09:25 (IST)06 Dec 2021
Trimming losses

Sensex and Nifty opened in red, but minutes into the day’s trade were seen trimming losses. The headline indices were still in red. 

09:19 (IST)06 Dec 2021
OPENING BELL

Domestic markets started the day’s trade weak as Sensex, Nifty fell on opening bell

09:10 (IST)06 Dec 2021
Nifty needs to move above 17550 for more upside, Bank Nifty may see buying above 36900

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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09:02 (IST)06 Dec 2021
Pre-open

Sensex adds 500 points in pre-open, Nifty sits with marginal losses and benchmark indices move in separate directions. 

08:54 (IST)06 Dec 2021
Buy Bajaj Holdings and Zee stocks for gains while Nifty 50 faces resistance near 17521 and 17563

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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08:44 (IST)06 Dec 2021
State Bank of India, Tech Mahindra, Jubilant Ingrevia, DishTV among stocks in focus today

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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08:18 (IST)06 Dec 2021
Nifty to face resistance at 17500 and 18000 levels; TCS, Bharti Airtel among stocks to buy this week

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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07:58 (IST)06 Dec 2021
Near term trend of Nifty continues to be down

“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.

07:56 (IST)06 Dec 2021
LIC improves asset quality ahead of IPO; lowers net NPA to 0.05%

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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07:56 (IST)06 Dec 2021
RBI rate decision, Omicron worries to drive stocks this week: Analysts

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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