Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets witnessed a volatile trading session on Tuesday before closing with losses. S&P BSE Sensex slipped 236 points or 0.43% to settle at 54,052 while NSE Nifty 50 index was down 89 points or 0.55% at 16,125. Bank Nifty outperformed and gained 0.12% to close at 34,290. India VIX was up 9.57% on the closing bell, ending above 25 levels. Dr Reddy’s Laboratories share price was up 1.93% as the top Sensex gainer, followed by HDFC, Power Grid, and Kotak Mahindra Bank. Tech Mahindra dropped 3.88% to finish the day as the worst-performing Sensex stock, accompanied by HUL, HCL Technologies, and Asian Paints.
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Domestic equity markets saw a tug-of-war between bulls and bears on Tuesday which was eventually won by the bears as benchmark indices closed with losses. S&P BSE Sensex slipped 236 points or 0.43% to settle at 54,052 while NSE Nifty 50 index was down 89 points or 0.55% at 16,125. Dr Reddy's Laboratories share price was up 1.93% as the top Sensex gainer, followed by HDFC, Power Grid, and Kotak Mahindra Bank. Tech Mahindra dropped 3.88% to finish the day as the worst-performing Sensex stock, accompanied by HUL, HCL Technologies, and Asian Paints. Bank Nifty outperformed the headline indices and gained 0.12% to close at 34,290. India VIX was up 9.57% on the closing bell, ending above 25 levels.
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Sensex ends 236 points or 0.43% lower at 54,052, Nifty closes at 16,125, shedding 89 points. Bank Nifty gains 0.12%.
Nifty IT index was down 2% on Tuesday, helped by a sharp fall in index heavyweights such as Tech Mahindra, TCS, HCL Technologies, Infosys, and others.
Sensex was seen trimming losses just ahead of the closing bell now, however, it was still in the red. Nifty 50 was above 16100.
Nifty Bank index was up with marginal gains, helped by a jump in Kotak Mahindra Bank, HDFC Bank, and State Bank of India.
India VIX, the volatility index, was up 10% on Tuesday ahead of the closing bell. The fear gauge of domestic markets, as it is often called, has breached 25 levels today.
Sensex and Nifty were down in the red with less than an hour left before the closing bell. Tech Mahindra was the worst performer, down 3.48%, followed by Asian Paints, and HUL.
Hospitality and travel-tech firm OYO is looking to launch its initial public offer after September and has written to stock market regulator Sebi, seeking to file updated and restated consolidated financial information. The company, which had filed preliminary papers with Sebi to raise Rs 8,430 crore through an initial share sale in October last year, is now prepared to settle for a lower valuation of around USD 7-8 billion against the USD 11 billion it was targeting initially, according to people in the know of the development.
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eMudhra IPO has been subscribed 1.47 times so far on the final day of sale with Retail Investors subscribing their portion of the issue 2.22 times. QIB portion has been subscribed 0.96 times while NIIs have bid for their portion 0.38 times.
“While we are still evaluating the implication of the circular; however we believe the ‘Circular on Development of Passive Funds’ by SEBI is big welcome step to the overall growth of passive funds. The norms on debt ETF / Index Fund will certainly help broaden the debt passive fund product offering. The number of steps with respect to market making, iNAV on stock exchange, or disclosure of tracking error and tracking difference would equip investors to make right choice of passive fund manager,” said Mahavir Kaswa, Head of Research, Passive Funds, Motilal Oswal AMC
HDFC was the top gainer on Sensex, up 1.63%, followed by Power Grid, Nestle, and Kotak Mahindra Bank.
Glenmark Pharmaceuticals on Tuesday said it has launched a Whatsapp based chatbot to help patients suffering from fungal infections to adhere to the recommended treatment duration. The Mumbai-based drugmaker has developed the digital patient education tool ‘Hello Skin’ in collaboration with the IADVL (Indian Association of Dermatologists, Venereologists and Leprologists) to help patients suffering from dermatophytosis (ringworm or tinea). Hello skin is the first Whatsapp based chatbot, which helps patients not only in improving adherence to topical/systemic recommended therapy with daily pill reminders but also in creating disease awareness and provides skincare tips to patients suffering from ringworm, it added.
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The newly listed LIC has informed the stock exchanges that its Board of Directors is scheduled to meet next week to consider and approve the audited Annual Financial Results of the company and payment of Dividends if any.
Domestic stock markets were moving between gains and losses on Tuesday as volatility zoomed past 25 levels. S&P BSE Sensex opened at 54,307 and soon slipped into the red, hitting a low of 54,021 only to soon bounce back into the positive territory. NSE Nifty 50 was up at 16,225 on the opening bell and was still hovering above the 16,200 levels. Nifty finds support at 16,000 currently while resistance is around 16,400, according to chartists. Amid the volatility in stock markets, 64 stocks on the BSE were at fresh 52-week highs while 56 stocks registered fresh lows.
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Zomato share price rallied over 18 per cent to Rs 67.60 apiece on BSE on Tuesday, a day after the company posted a 75 per cent jump in revenue in fourth quarter of FY22. The total market capitalisation of Zomato crossed Rs 50,000 crore-mark. The company, in a stock exchange filing, said that the average monthly transacting customers were at an all-time high of 15.7 million in Q4FY22, growing from 15.3 million in the December quarter. Read full story
Aided by continued selling by Foreign Institutional Investors (FII), domestic markets have fallen nearly 10% since April this year. Now, after a strong correction, analysts at ICICI Direct believe that the indices could reverse the downtrend. “We feel current recovery for the Nifty may extend towards 17000. However, on the downside, early low of March levels of 15600 are expected to remain very crucial,” ICICI Direct said in a note. It added that the index is expected to see positive sentiments re-emerge once it crosses 16400. Currently, Nifty 50 is placed between 16100-16200.
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Sensex trimmed losses and turned green with marginal gains on Tuesday morning while Nifty 50 was just above 16200, still in the red.
Dr Reddy's Laboratories was the top Sensex gainer, up 1.9% on Tuesday, followed by Power Grid, M&M, Kotak Mahindra Bank, HDFC, and Reliance Industries.
India VIX, the volatility gauge, was up 8% on Tuesday morning. The index has breached 25 levels.
Yesterday’s drama on the approach of 16400 was not surprising given the number of times rejection trades have been successful in this region. But the pull back thereof having settled above16170, a run up into the 16500-700 is still favoured. Alternatively, the inability to float above 16170, could call for consolidation or dips to 16025, but an outright collapse is among the least favoured outcomes today.
~ Anand James – Chief Market Strategist at Geojit Financial Services
Specialty chemical manufacturer Aether Industries’ initial public offering (IPO) opens for subscription today (24 May), and will close on Thursday. With a price band fixed at Rs 610-642 per share, the company plans to raise Rs 808.04 crore via the IPO. The IPO consists of a fresh issue of equity shares aggregating to Rs 627 crore and an offer for sale (OFS) of up to 2,820,000 equity shares. Ahead of the initial share sale, the company raised around Rs 240 crore from anchor investors. It has allocated a total of 37,42,495 equity shares to anchor investors at Rs 642 per share, taking the transaction size to Rs 240.26 crore.
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Minutes into the debut day trade, Venus Pipes & Tubes' share price rose 5% from the listing price or 7.9% from the issue price to hit a high of Rs 351.75 per share.
Delhivery shares made a tepid debut on the stock exchanges on Tuesday. Shares of the supply chain company started trading on BSE at Rs 493 per share, up 1.2% from its IPO price of Rs 487 per share. While at NSE, it began trading at Rs 495.2 apiece, up 1.7 per cent. At listing, Delhivery market capitalisation stood at Rs 35,718.01 crore. Benchmark indices BSE Sensex and Nifty 50 were trading flat to negative in today’s session. Delhivery’s Rs 5,235-crore public issue was subscribed 1.63 times. On successful listing on stock exchanges, Delhivery has joined the likes of already listed companies Blue Dart Express, TCI Express, and Mahindra Logistics. Read full story
Venus Pipes & Tubes Ltd shares marked a tepid listing on the stock exchanges today while the benchmark indices were seen dancing between gains and losses. Venus Pipes shares began trading at Rs 337 per share on NSE, up 3.53% from the upper end of the IPO price band of Rs 310-326 per share. On BSE, the shares were trading at Rs 335 apiece. Venus Pipes IPO was offered to investors in the primary market earlier this month where the public issue garnered a strong response. The issue was entirely a fresh issue of equity shares.
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Sensex and Nifty started the day flat, dancing between marginal gains and losses. India VIX skyrocketed 6% to breach 24 levels.
“Technically, the key support level for the Nifty is placed at 16,100, followed by 15,850. If the index moves up, the key resistance levels to watch out for are 16,365 and 16,465. For bank nifty support and resistance stands at 34,000 and 34,500,” said Mohit Nigam, Head – PMS, Hem Securities.
Sensex and Nifty were both down in the red during the pre-open session on Tuesday morning.
Sensex was up in the green at the start of the pre-open session on Tuesday morning while NSE Nifty 50 index was seen trading with losses.
The black gold marked its fourth weekly gain in a row, with WTI Crude oil July futures rising above $110 per barrel in the previous week, as the products market remained tight amid strong demand, trumping concerns about an economic slowdown that have roiled financial markets. Rising demand for motor fuels and shrinking inventories ahead of the summer driving season underscored a fundamentally tight supply situation even as broader economic fears shook equity markets. However, upside was capped amid reports that the US will allow European companies still operating in Venezuela to divert more oil to the continent immediately. Read full story
Tracking overnight recovery in US markets and SGX Nifty flirting above the dotted lines, domestic indices are set to open on a firm note. Some constructive buying is quite likely on media reports that President Joe Biden has suggested that he might lift tariffs on Chinese goods. All eyes will be on the speech by Fed Chair Jerome Powell scheduled for Tuesday. The FOMC minutes later on Wednesday will provide cues on the central bank’s rate-hike path. The second reading of 1st -quarter U.S GDP will trickle out on Thursday. Last 2-days technical indicators do suggest directional strength as Nifty could aim to move higher and consolidate near the 16411-16657 hurdle zone. We believe, Nifty has hit the market bottom, and it makes sense to buy at current levels.
~ Prashanth Tapse, Vice President (Research), Mehta Equities Ltd