Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic headline indices closed deep in red on Tuesday after bears took control of Dalal Street. S&P BSE Sensex ended 554 points or 0.90% lower at 60,754 while the Nifty 50 index closed 195 points or 1.07% at 18,113. Bank Nifty ended flat with negative bias while Broader markets fared worse than benchmarks. Indi VIX zoomed 6% to regain 17 levels. Axis Bank was the top Sensex gainer, up 1.83%, followed by HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. Maruti Suzuki was the worst-performing Sensex stock, down 4%, accompanied by Ultratech Cement, Tech Mahindra, and HCL Technologies.
Bears took over Dalal Street on Tuesday afternoon, forcing benchmark indices along with broader markets to close deep in red. S&P BSE Sensex ended 554 points or 0.90% lower at 60,754 while the Nifty 50 index closed 195 points or 1.07% at 18,113. Axis Bank was the top Sensex gainer, up 1.83%, followed by HDFC Bank, ICICI Bank, and Kotak Mahindra Bank. Maruti Suzuki was the worst-performing Sensex stock, down 4%, accompanied by Ultratech Cement, Tech Mahindra, and HCL Technologies. Bank Nifty ended flat with negative bias while Broader markets fared worse than benchmarks. India VIX zoomed 6% to regain 17 levels.
Bank Nifty was trading flat with marginal gains ahead of the closing bell on Tuesday. The Banking index was outperforming headline indices, helped by gains in heavyweight bank stocks.
Sensex and Nifty trimmed losses with minutes left before the closing bell but were still deep in the red. Sensex was down 500 points hovering around 60,800 while Nifty was down 180 points at 18,130.
Only six of the thirty Sensex stocks were in the green on Tuesday afternoon. Axis Bank was the top gainer, up 1.75%, followed by HDFC Bank, Dr Reddy's, Nestle India, Kotak Mahindra Bank, and ICICI Bank.
Sensex and Nifty were deep in red on Tuesday afternoon as bears took over Dalal Street. Both the headline indices were down more than 1% each.
The Union Budget for FY23 will be presented at a crucial time. Covid and its variants have still not disappeared and keep impacting the normalization of economic activities. Despite this, the revenue collections have been good this year helped by buoyant direct tax collections and higher imports/fuel taxes. The imminent withdrawal of liquidity and increase in global interest rates could impact FPI flows into India for some time.
“Finally we see some correction as Nifty completed its first target of 18,340. Nifty is forming a Bearish Engulfing Candle on daily charts which means we can see some more correction down to 18,080 (Gap filling) & 18,000. Best to Stay stock specific in such market,” said Rahul Sharma, Director & head – Research, JM Financial.
Midcap stocks had a stellar 2021 in terms of returns as the Midcaps index soared 44%. Heading into 2022, some of the underperforming midcap stocks are now expected to shine. Analysts at global brokerage and research firm UBS have picked three stocks that they believe are inexpensive in terms of valuations and could deliver strong returns with visible earning drivers and re-rating catalysts. These include Just Dial, PVR, and Aegis Logistics. The three stocks have continued to surge higher so far in 2022, zooming between 3-15% during the first 18 days of the new year.
The stock price started its up move from 624 (May 2020) to 2647 (Oct 21), making series of higher bottoms. Super Trend is in Positive mode since Sept 2020. From July to Dec 21 the stock traded in range of 2100 to 2600 Price Zone. Recently the stock made a new Weekly high at 2759 giving Range breakouts accompanied by supportive volumes.
The possible targets are 3200-3700-4200. If the stock price corrects downwards the buy levels are (2615-2525)-2450-(2380- 2338). Stop Loss to be observed in the trade is 2200.
~ Bharat Gala, President – Technical Research, Ventura Securities
Devyani International, the operator of quick-service restaurants (QSR) such as KFC, Pizza, Hut, and Costa Coffee, has seen its stock price more than double from its IPO price in 5 months. Initiating the coverage of Devyani International, analysts at CLSA have predicted another 8% upside with a target price of Rs 207 per share. The company is Yum! Brands’ largest franchises in India, operating 56% of all Yum Brands’ stores in India and is the biggest operator of KFC and Pizza Hut stores in India. On Tuesday morning, Devyani International was up 3% at Rs 192 per share.
“The markets are taking a bit of a breather this morning. While it is facing some resistance at 18350, the trend continues to remain positive and the Nifty should be able to achieve 18600. A strong support lies at 18100 and hence any market drop can be used to accumulate long positions,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Sensex and Nifty were down from the opening highs but were still trading in the green. Sensex gave up 61,400 while Nifty 50 was still holding above 18,300.
“Patterns continue to point towards 18600 and beyond, while the vulnerability that has been on discussion lately does not seem potent to lead to collapse. At least not yet. Oscillators are near the upper bound but are less likely to force a pullback beyond 18150/119, which is required to fancy that the dips could extend as far as 17600,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Sensex opened above 61,400 on Tuesday's trade in the green, rising more than 100 points. Nifty 50 was holding above 18,300. Bank Nifty was up 0.40%.
Sensex gains in pre-open session, crosses 61,400. Nifty 50 above 18,400.
Market might be volatile as Bajaj Finance, L&T Technology Services, ICICI Securities, Den Networks, EKI Energy Services, Just Dial, Jyoti Structures, Network18 Media & Investments, Shakti Pumps (India),TV18 Broadcast and some others will release quarterly earnings on January 18.On the technical front, the key resistance levels for Nifty50 are 18340 followed by 18380 and on the downside 18250 followed by 18190 can act as strong support. Key resistance and support levels for Bank Nifty are 38500 and 38140 respectively.
~ Mohit Nigam, Head – PMS, Hem Securities
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices were left untouched on January 18 across the country. Petrol in the National Capital of Delhi currently retails at Rs 95.41 per litre while diesel in the city is priced at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel cost Rs 109.98 and Rs 94.14, respectively. Fuel prices have been stable since the central government cut excise duty to bring down retail rates from record highs. Public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
The government has received about Rs 6,600 crore as dividend tranches from a dozen Central Public Sector Enterprises (CPSEs), including GAIL, NMDC and Power Grid. “Government has received about Rs 972 crore and Rs 2506 crore from Nuclear Power Corporation of India Limited (NPCIL) and Power Grid Corporation of India Limited as Dividend tranches,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet on Monday.
Nifty should open the way for its all-time high above our immediate target of 18,340. Quarterly results and Budget expectations to continue supporting the market regardless of global cues.
~ Rahul Sharma, Director & Head – Research, JM Financial.
“For the trend following traders, 18225 would be the key level to watch out for and above the same the uptrend formation may continue up to 18375-18400 levels. However, a quick intraday correction is not ruled out if the index trades below 18225 and below the same it could hit 18150-18100,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
“The short term trend of Nifty continues to be positive with range bound action. The present sideways movement below resistance is expected to witness an upside breakout in the next 1-2 sessions. The upside targets to be watched around 18600 levels and higher and immediate support is placed at 18120 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, and KOSDAQ were up with gains on Tuesday morning while KOSPI was down in the red.
Hiring activity in December 2021 showed a marginal growth of two per cent compared to the previous month, mainly n positive demand in retail and agro-based industries, according to a report.December 2021 saw a monthly rise of 2 per cent in hiring activity compared to the previous month as retail and agro-based industries witnessed a positive incline of 12 per cent on account of multi-channel approaches, technological adoption and government initiatives, according to the Monster Employment Index, a report by Monster.com, a Quess company.