Share Market Highlights: Sensex regains 60,200 on closing bell, Nifty ends above 17,900

Dalal Street continued to march higher on Wednesday after bulls fought off bears in the early hour of trade. S&P BSE Sensex gained 367 points or 0.61% to settle at 60,223 while NSE Nifty 50 added 120 points or 0.67% to end the day's trade at 17,925. Bajaj Finserv was the top Sensex gainer, up 5%, followed Bajaj Finance, Kotak Mahindra Bank, Axis Bank, and Tata Steel. Tech Mahindra was the top laggard, down 2.7%, accompanied by Infosys, HCL Technologies, and Power Grid. Bank Nifty outperformed, rising 2.32% to close at 37,695 while India VIX shot up 6.9% to regain 17 levels. Broader markets traded mixed.

Read full story

Sensex rallied 367 points or 0.61% on Wednesday to end at 60,223 while NSE Nifty 50 jumped 120 points or 0.67% to settle at 17,925. Bank Nifty rallied 2.32%.

Nifty IT was down 1.98% on Wednesday with minutes ahead of the closing bell. Infosys, Tech Mahindra, and HCL Technologies were among the top drags on Sensex.

Axis Mutual Fund on Wednesday said it is looking to collect at least Rs 50 crore from its new fund — the Nifty Next 50 index fund. The open-ended index fund, which tracks the Nifty Next 50 index, opens for subscription on January 7 and closes on 21, the fund house said, adding that the new fund will be managed by Jinesh Gopani, who heads equity at the Asset Management Company (AMC).

Read full story

Bank Nifty index was up 2.5% on Wednesday afternoon, gaining 931 points to breach 37,750 mark.

Bulls maintained control on Dalal street on Wednesday as benchmark indices continued to trade in green amid mixed global cues. While S&P BSE Sensex reclaimed 60,000 and was up 144 points, the NSE Nifty 50 was up 45 points, hovering around 17,850. The Bank Nifty index was up 1.67% while broader markets traded mixed. A total of 369 stocks hit 52-week highs on the Bombay Stock Exchange (BSE), while six scrips were at fresh lows at noon.

Read full story

NSE Nifty 50 surged 24 per cent in CY21, significantly better than the returns it posted in the previous three years, said analysts at Axis Securities. The domestic brokerage firm also maintained its Nifty 50 target for December 2022 at 20,200, valuing it at 22x FY24E earnings. The target implies about 15% upside from current levels. Last year’s bull run was led by outperformance in the broader market.

Read full story

Anand Rathi Wealth, Shriram Properties, and Rakesh Jhunjhunwala-backed Star Health and Allied Insurance are among the 12 stocks that will see their anchor lock-in period end this month after recent IPOs, said Edelweiss Alternative Research. With the anchor investor lock-in period ending, investors will be watching closely if these newly listed companies witness selling pressure or will institutional investors hold on to their stakes. In December, 12 IPOs raised Rs 168 billion from primary market investors. Of these, 9 listed at a premium to the issue price while three began trading at a discount to the IPO price.

Read full story

Residential sales continued to grow strong in the October-December quarter across India, with the help of low mortgage rates, stable residential prices, and continued Work-from-Home trend among various other factors, said analysts at ICICI Securities. This continued demand has led to market share gains for listed real estate sector players who are emerging from a decade of underperformance now, while smaller unlisted players lose ground. “We estimate the pan-Indian residential market share for our coverage universe to grow from 25% in last fiscal year to 31% in the financial year ending March 2024,” the brokerage firm said.

Read full story

On Sensex, Bajaj Finserv was the top gainer on Wednesday morning, up 4.84%, followed by Bajaj Finance, Kotak Mahindra Bank, Axis Bank, Asian Paints, and ICICI Bank.

While 17745 held on anticipated lines, it required only half a day to breach the same and resume the upside trajectory. While we had lined up 18100s as the objective, the favored view expects the next few days’ moves to be large and the bulk of such moves to materialize overnight. We are heading into the upper bound in several of the oscillator readings, but it may take a few sessions for negative divergences to become potent enough to force a turn lower. For the day, consolidation band is expected be in the 17875-700 region.

~ Geojit Financial Services

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading on Wednesday, mirroring global trends. On Multi Commodity Exchange, gold February futures were trading flat with positive bias at Rs 47959 per 10 gram, as against the previous close of Rs 47,949. Silver March futures were ruling lower at Rs 62,107 per kg, down Rs 119 or 0.19 per cent on MCX. In the previous session, silver futures closed at Rs 62,226 per kg.

“17800-17950 is a resistance patch for the Nifty. One should not add fresh positions here, in fact traders holding long positions on the index can lighten up a bit and buy lower if there is a dip or intra day correction. If we get past this zone, the next target for the Nifty would be 18200,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Bank Nifty was up 1.13% on Wednesday morning, regaining 37,200 levels. Nifty and Sensex were moving between marginal gains and losses.

Sensex started the day flat, moving between gains and losses. Nifty was holding just above 17800.

Sensex started trading in the pre-open session with gains, nearing the 60,000 mark. Nifty was below 17,700.

The bulls continued the positive momentum for the third day in a row, the Nifty 50 index ended 179 points higher while the Sensex was up by 672 points. Among sectors, buying was seen in energy and financial stocks whereas some profit booking was witnessed in selective Pharma and Metal stocks. On Tuesday, the Nifty and BSE Sensex opened with a positive note and successfully cleared the 17700 and 59500 important resistance marks. Post intraday breakout, both rallied over 100 and 300 points, respectively. Technically, on intraday charts, the index has formed promising breakout continuation formation which is broadly positive.

Read full story

Nifty has shown great strength in its recent up-move. Even with traders beginning to return, the upward momentum has not eased. Now Nifty could face resistance in the 17868-17918 band while 17640 could offer support.

~ Deepak Jasani, Head of Retail Research, HDFC Securities

“Nifty finds support around 17450 while 17900 will act as resistance. Bank Nifty finds support around 36500 while 37500 will act as resistance on the upside,” said IIFL Securities.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel price remained unchanged on January 5 across the country. Petrol rate in Delhi stands at Rs 95.41 per litre while diesel in the capital is priced at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel is retailing at 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. 

Read full story

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative start on Wednesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 63.50 points or 0.36 per cent down at 17,811.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex zoomed 672 points or 1.14% to close at 59,855 while NSE Nifty 50 index jumped 179 points or 1.02% to end at 17,805. Chartists say that the short term trend of Nifty 50 index is sharply up and this upside momentum is likely to continue for the short term.

Read full story

“Advisable to book profits in long and re-enter on dips or if Nifty closes above 17830 which will then open the way for 18000. Bank Nifty remains positive for 37,450 with small resistance at 37150. Support at 17700 and 36600,” said Rahul Sharma, Director & Head – Research, JM Financial.

“Cash-based buying by both FIIs and DIIs + short-covering in Nifty components are both positive for Nifty. Bank Nifty saw short-covering as it saw the closure of around 9.6%in OI while NIfty OI remained flat. Options data indicated more upside for Nifty along with Nifty weekly PCR moving closing above 1.5 levels,” said Rahul Sharma, Director & Head – Research, JM Financial.

“We continue with our positive bias and expect Nifty to continue the up move towards 17900-17970. Some confluences of retracements are placed in the range of 17900-17970, followed by 18050. The short term trend continues to remain up and hence, short term traders are advised to continue to trade with a positive bias. However, in the above mentioned range one can look to book profits and take some money off the table.”

~ Ruchit Jain, Lead Research, 5paisa.com.

SGX Nifty was down 69 points ahead of Wednesday's trading session. Nifty futures trading with losses hint at a weak start to the day's trade.

In a major setback for Future group companies, the Delhi High Court on Tuesday dismissed their plea seeking to quash the ongoing arbitration proceedings in Singapore with Amazon relating to the Rs 24,500-crore merger deal with Reliance Retail. With this order, the arbitration proceedings initiated by Amazon against Future Retail over the merger deal will proceed as per schedule on January 5.

Read full story