Share Market Highlights: Sensex soars 619 pts to end at 57,684, Nifty 50 index closes at 17,166; Banks, RIL surge

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed Wednesday’s trade with gains. Bank Nifty jumped 1.88%.

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India VIX ended more than 8% in red. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices witnessed a much-awaited pull-back on Dalal Street on Wednesday. S&P BSE Sensex added 619 points to close at 57,684 while NSE Nifty 50 was up 183 points to finish the day at 17,166. Both the benchmarks zoomed more than 1%. Bank Nifty was up 1.88% while broader markets mirrored the up-move. India VIX ended a staggering 8% lower. IndusInd Bank was up 5.73% higher as the top gainer on Sensex, followed by Axis Bank, State Bank of India, and Tech Mahindra. Dr Reddy’s closed 1.58% lower as the top loser on Sensex, accompanied by Ultratech Cement, Sun Pharma, Bharti Airtel, and Titan.

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16:30 (IST)01 Dec 2021
Sensex closes with gains, Nifty downtrend still active, bulls to return above 17300-17500

Bulls forced the domestic benchmarks higher on Wednesday, helped by positive economic data. S&P BSE Sensex jumped 619 points to close at 57,684 while NSE Nifty 50 was up 183 points to settle at 17,166. Both the benchmarks zoomed more than 1% each. IndusInd Bank was up 5.73% higher as the top gainer on Sensex, followed by Axis Bank, State Bank of India, and Tech Mahindra. Dr Reddy’s closed 1.58% lower as the top loser on Sensex, accompanied by Ultratech Cement, Sun Pharma, Bharti Airtel, and Titan. Bank Nifty was up 1.88% while broader markets mirrored the up-move. 

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15:33 (IST)01 Dec 2021

Domestic equity markets closed Wednesday’s trade with gains. Bank Nifty jumped 1.88%. 

15:22 (IST)01 Dec 2021
Why there is need for enterprise-wide risk management in post-pandemic India

The government and regulatory authorities have the magic wand to solve all our problems. For India and India Inc. to succeed, public policy and legislation must facilitate this path to success. Macroeconomic transformation is the only way to microeconomic well-being. These are commonly held notions. However, that may no longer be the only route to address complex socio-economic challenges that India, Indian industry, and Indian citizens are facing. Let us analyse the scenario.

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14:52 (IST)01 Dec 2021
Companies raise record Rs 36,720 cr in Nov via IPOs

Nine companies have raised a record Rs 36,720 crore via initial public offerings (IPOs) in November, which is the highest single month fundraise seen in a decade. The largest IPO to hit the market during the month was Paytm.

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14:49 (IST)01 Dec 2021
Top Sensex gainers

IndusInd Bank was the top Sensex gainer, up more than 5%, followed by Axis Bank, Tech Mahindra, and SBI.

14:36 (IST)01 Dec 2021
Don’t get carried away by bounce-backs

“17150 – 17300 has now become a sturdy wall for the coming session. We reiterate, markets are likely to give multiple intraday bounce backs but it’s advisable not to get carried away with this. A lot of stocks seem to have entered an oversold territory but mind you, market never obliges such conditions when it’s in a strong downtrend. Traders are advised to stay light as we expect the volatility to remain on the higher side,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

14:29 (IST)01 Dec 2021
Nifty Auto up nearly 1%

The Nifty Auto index was up nearly 1% on Wednesday afternoon helped by Eicher Motors, Tata motors, and Maruti Suzuki, all up more than 2% each.

14:17 (IST)01 Dec 2021
Smallcaps in red

While Sensex and Nifty were inching higher, small-cap indices on NSE were down in red. Nifty Smallcap 50 was 0.14% in red while the Smallcap 100 was down 0.28%.

13:26 (IST)01 Dec 2021
Paytm expects revenue, monetisation methods to expand in next few quarters: CEO Vijay Shekhar Sharma

Paytm Chairman and CEO Vijay Shekhar Sharma during an earnings call with analysts in the US said the company is seeing scale in system deployment and non-UPI revenue, where merchant gives revenue charges, MDR (merchants discount rate) for payments and credit led financial service, and provides the company with the next level of monetisation.

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13:11 (IST)01 Dec 2021
Nifty may not break 16700-16500 support zone, buy now for next up-move; Bank stocks could outperform

After having corrected 10% from all-time highs, the Nifty 50 index could now be preparing for its next leg of up-move, said analysts at ICICI Direct. The brokerage firm highlighted that since April 2020, the Nifty 50 has recorded new highs after undergoing 9-11% correction while sustaining above five months’ average. “Currently, the Nifty has already corrected 10% from lifetime highs of 18,600. Thus, any extended correction form here on would offer an incremental buying opportunity,” they added. The brokerage firm is also bullish on Bank Nifty and believes the index could bounce back from support at 34,500.

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12:32 (IST)01 Dec 2021
Bank Nifty up 1.5%

Bank Nifty was up 1.5% on Wednesday as bulls attempted another comeback on Dalal Street.

11:46 (IST)01 Dec 2021
Relief Rally

“Yesterday, Nifty turned lower after briefly penetrating our 17280 marker, and plunged to a fresh intraday low towards yesterday’s close. Though this appears to have added momentum to the 16500 trajectory, many Nifty components ended up with either fully or half formed morning star candlestick patterns. This suggest that the, should Nifty manage to float above 17050-100 region, a relief rally aiming 17385-450 could be on the cards. Alternatively, inability to float above 17050 could negate this view, but a collapse is less likely.”

~ Geojit Financial Services

11:03 (IST)01 Dec 2021
Tega Industries IPO opens today; Check issue price, GMP, analyst recommendation, other details here

Tega Industries Rs 620 crore IPO opened for subscription today. The company is looking to raise funds in a fixed price band of Rs 443-453 per share through the public issue which is entirely an Offer for Sale (OFS) by existing shareholders of the firm. Tega Industries is a manufacturer and distributor of specialized ‘critical to operate’ and recurring consumable products for the global mineral beneficiation, mining and bulk solids handling industry. The IPO of Tega Industries will close for subscription on Friday, December 3.

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10:44 (IST)01 Dec 2021
November factory output at 10-month high

Increasing from 55.9 in October to 57.6 in November, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index® (PMI®) signalled the strongest improvement in the health of the sector for ten months. Moreover, the headline figure was well above its long-run average of 53.6.

10:03 (IST)01 Dec 2021
Nifty may drop to 16500 if it gives up 16900

“While the index has opened with a gap, traders should not be hasty to jump on the long side. The markets have stiff resistance levels on the upside. On the contrary short positions can be strategically timed with strict stops. Since the market has opened with a gap, the risk-reward ratio would be favorable. If the Nifty does not hold 16900, we could drop to 16500,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

09:21 (IST)01 Dec 2021
Nifty may not fall below 16900-16700

“We expect index to undergo a base formation around key support zone of 16900-16700 wherein stock-specific action will prevail. However, for a meaningful pullback to materialise the index needs to decisively close above previous sessions high. Else continuance of lacklustre move amid stock specific action. Thus, dips should be capitalised on to accumulate quality stocks as we do not expect Nifty to breach key support threshold of 16900-16700. Meanwhile, 17600 would continue to act as immediate hurdle being 50 days EMA,” said ICICI Direct.

09:19 (IST)01 Dec 2021
All Sensex constituents in green

All 30 Sensex stocks were in the green on Wednesday morning as the headline index soared more than 600 points.

09:17 (IST)01 Dec 2021

Domestic equity markets opened with gains on Wednesday morning. Bank Nifty jumped 1%. India VIX was down 8%.

09:08 (IST)01 Dec 2021
Wait for volatility to settle

“Whipsaw movement continues as SGX is again showing a positive start for Nifty in spite of negative global cues. It is best to let the volatility settle before taking any significant trade. Bear grip below 16,950, Bull grip above 17,325,” said Rahul Sharma, Director & Head – Research, JM Financial.

09:05 (IST)01 Dec 2021
Sensex, Nifty extend gains

Sensex and Nifty extended gains in pre-open session as Sensex moved 250 points higher while Nifty touched 17100.

09:01 (IST)01 Dec 2021
Nifty regains 17000

Nifty surged higher during the pre-open session and regained 17,000 mark. Sensex was above 57,100.

08:58 (IST)01 Dec 2021
Buy these 4 stocks for gains while Sensex, Nifty may extend losses; market texture extremely volatile

The Nifty ends 71 points lower while the Sensex down by 195 points, Metals, Energy and Auto stocks witnessed sharp profit booking at higher levels.  On Tuesday, after a positive opening the index quickly surpassed the yesterday high and rallied over 200/900 points but once again bears took the charge at higher levels and due to profit booking at higher levels the index corrected sharply. The nifty corrected over 375/1300 points from the day highest level. After a volatile trading session finally it closed below 17000/57150 mark which is broadly negative for the market. 

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08:46 (IST)01 Dec 2021
16840 followed by 16680 can act as strong support for Nifty

In the month of November 2021, Foreign institutional investors have done net selling of worth Rs-39,901.92 crores.  while domestic institutional investors have done net buying of worth Rs 30,560.27 crore in the Indian equity market. On the technical front, the key resistance levels for Nifty50 are 17230 followed by 17480 and on the downside 16840 followed by 16680 can act as strong support. Key resistance and support levels for Bank Nifty are 36470 and 35230 respectively.

~ Mohit Nigam, Head – PMS, Hem Securities

08:40 (IST)01 Dec 2021
Nifty in short-term downtrend

“Nifty is expected to open with a gap up of 120 points at 17100. Nifty has resistance in 17200-17300 range and support in 16800-16900 range. Nifty is currently in a short term downtrend and traders are suggested to avoid taking new long positions,” Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

08:35 (IST)01 Dec 2021
Upward reversal possible if Nifty holds 16931

“Nifty could not capitalize on the gained made on the previous (Monday) session. It formed an inverted hammer like pattern on daily charts after a fall, suggesting possibility of an upward reversal as long as the lows of 16931 are protected. On the upside 17352 remains a resistance,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

08:34 (IST)01 Dec 2021
Valuations more reasonable now

Going ahead, we expect the market to witness higher volatility in the near term given the uncertainty around the new Omicron variant. As the clarity would emerge over the next few weeks with regards to its transmission, impact on hospitalization, mortality, etc, the market direction would be decided in due course. Till then Travel, Tourism, Hospitality, and Retail are some of the segments which are likely to underperform. Even sectors/stocks exposed to markets with rising COVID-19 cases/greater prevalence of the Omicron variant may underperform. We expect sector rotation to defensives like Pharma, IT, and Consumer till sentiments improve. However, Nifty valuations post-correction at ~20x FY23E EPS is relatively more reasonable now and thus would advise investors to buy in this pullback in a staggered fashion.

~ Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services

08:31 (IST)01 Dec 2021
ICICI Bank, Yes Bank, Zomato, Shriram Group, and Auto firms among stocks in focus today

A short-lived attempt by bulls to regain control of Dalal Street was quashed on Wednesday as headline indices gave up intraday gains to close with losses. On the charts, a small negative candle was formed on the daily chart with a long upper shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The display of lack of strength during upside bounce could hint at a possibility of further weakness down to 16700 levels in the next few sessions. The immediate downside target could be around 16500-16300 levels and this is likely to be achieved in the next 1-2 weeks,” he added.

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08:00 (IST)01 Dec 2021
SGX Nifty in green

SGX Nifty was up in the green on Wednesday morning. Nifty Futures soaring higher ahead of the opening bell hints at a positive start for domestic equities.

07:59 (IST)01 Dec 2021
Modest recovery: India GDP grows at 8.4% in Q2

India’s gross domestic product (GDP) expanded at 8.4% on year in the September quarter, as value addition across sectors picked up moderately and help came from a favourable base (-7.4%), according to data released by the National Statistical Office (NSO) on Tuesday. Unless the new coronavirus variant Omicron plays havoc, the economy may remain on the path of recovery through the second half, and the GDP could reach the pre-pandemic (FY20) level in the current fiscal itself.

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