Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bulls extended their rally on Wednesday, forcing Dalal Street indices higher. S&P BSE Sensex added 611 points or 1.09% to close at 56,930 points while NSE Nifty 50 index rose 184 points or 16,955. Bank Nifty closed 1.22% higher, breaching the 35,000 mark. Broader markets outperformed while India VIX fell 5.47%. Bajaj Finance was the top gainer, up 2.94%, followed by Bharti Airtel, Sun Pharma, and Reliance Industries. Down in the red was ITC as the top laggard, falling 0.24%, accompanied by Nestle India and HDFC.
Domestic markets continued to move higher on Wednesday, extending their gaining streak to the second day straight. S&P BSE Sensex added 611 points or 1.09% to close at 56,930 points while NSE Nifty 50 index rose 184 points or 16,955. Bajaj Finance was the top gainer, up 2.94%, followed by Bharti Airtel, Sun Pharma, and Reliance Industries. Down in the red was ITC as the top laggard, falling 0.24%, accompanied by Nestle India and HDFC. The Bank Nifty index closed 1.22% higher, breaching the 35,000 mark. Broader markets outperformed benchmark indices while India VIX closed 5.47% lower.
iPhone maker Foxconn Technology’s India unit has filed draft IPO paper for a Rs 5,000 crore e public issue. Foxconn’s public issue would include a fresh issue of equity shares worth Rs 2,500 crore and an offer for sale (OFS) by existing shareholders worth Rs 2,500 crore, it said in the draft papers filed with market regulator SEBI today.
Domestic markets ended in the green for the second day straight on Wednesday. Bank Nifty jumped 1.22%, broader markets outperformed.
Sensex and Nifty were up 1% each on Wednesday morning. Sensex was near 56,900 while Nifty 50 was hovering around 16,950.
India VIX was down 5.5% on Wednesday afternoon, giving up 17 levels.
Bank Nifty index was up 1.1% on Wednesday afternoon just ahead of the closing bell. The banking gauge was just shy of the 35,000 mark.
Micro View: Sustenance has been good today. Momentum traders can see more action if we cross 16,950 in Nifty & 35,050 in Bank Nifty.
Possible targets at 17,100 & 35,500 if we cross these levels.
~ Rahul Sharma, Director & Head – Research, JM Financial
Nykaa shares are expected to rally 27 per cent from the current levels to Rs 2,480 per share. Research and brokerage firm JM Financial Services has initiated its coverage on the FSN E-Commerce Ventures, which runs Nykaa, with a 'buy' rating. It expects Nykaa to continue strengthening its market leadership in Beauty and Personal Care (BPC) with a sturdy ramp-up in Fashion. So far since listing, Nykaa shares have fallen nearly 2 per cent. While it has tumbled 27 per cent so far this month. The research and brokerage firm believes that Nykaa's superior consumer engagement metrics in BPC/Fashion and over 13 million social media followers position Nykaa as the partner of choice for these brands' advertising needs.
“Despite Tuesday’s positive traction index failed to sustain above previous sessions high on a closing basis, highlighting corrective bias. Thus, key monitorable from hereon would be sustainability above the psychological mark of 17000 which will be crucial for a meaningful pullback to materialize. Failure to do so would lead to prolongation of southward momentum. We believe 17000 would act as immediate hurdle as it is a confluence of the Monday’s gap area of (16985-16824) coincided with 50% retracement of ongoing corrective phase (17640-16410) is placed at 17025,” said ICICI Direct.
Finally, the much-awaited mega-merger is inked. There has been a lot of buzz around the outcome of this merger ever since this was initially announced as there were uncertainties surrounding the deal. The combined entity would be the largest player in terms of viewership and will also give them tremendous pricing power in terms of viewership as well as help in margin expansion for the combined entity. Further, the investments in content creation would increase as there is increased concentration on both the platforms (Sony Liv and ZEE5) and with the infusion of additonal capital in excess of $1bn, they could compete aggressively with Amazon & Netflix.
Overall, we only see a very positive impact for the combined entity as an outcome of this merger.
~ Vivek Menon, co-founder & managing partner, N V Capital
Nifty immediate support at 16500 then 16400 zone while resistance at 17000 then 17200 zones. Now till it holds below 17000 zones weakness could be seen towards 16500 then 16400 zones while on the upside hurdle is seen at 17000 zones.
~ Motilal Oswal Financial Services
Paytm stock has received its first bullish rating, coming from global brokerage Morgan Stanley, with as much as 43% upside. Morgan Stanley analysts have initiated coverage of Paytm parent company One97 Communications with an ‘Overweight’ rating, and a target price of Rs 1,875 per share. The target price set by Morgan Stanley is still below the price at which Paytm shares were offered in the IPO. Paytm stock price has tanked 40% from its IPO price since listing in November. Morgan Stanley was one of the Book Running Lead Managers of the Paytm initial public offering. Paytm stock was up 2.45% on Wednesday, trading at Rs 1,342 per share.
Bank Nifty index was up with gains on Wednesday. The banking gauge was up 0.7% hovering around 35,850 levels. SBI, IndusInd Bank, ICICI Bank, and Kotak Mahindra Bank were up with gains.
Chana: Chana prices expected to trade range bound with weak bias in the near term. Read More Cotton: Cotton prices expected to trade range bound with firm bias in the near term.
Maize: Maize prices expected to trade range bound for next few days, meanwhile the outlook remain bullish for medium to long term.
Palm Oil: CPO prices expected to trade range bound with weak bias in the near term.
Rice: The price is expected to trade in the range bound with weak bias in coming days.
Wheat: Wheat price is expected to trade sideways with firm bias supported by continuous export demand. Around 3.2 mmt wheat exported from Apr to Oct 2021.
~ Origo Commodities
Yesterday when it appeared as if we are going to challenge the 17000 mark, this gap area proved its significance as we witnessed a sudden decline after nearing the higher end of the gap. We reiterate that if market has to confirm its near term bottom, Nifty needs to surpass 17000 – 17200 with some authority. Till then we are not completely out of the woods. For the coming session, 16840 – 16966 remains to be a strong resistance zone; whereas on the lower side, 16680 followed by 16500 are to be seen as intraday supports.
We advise traders not to be in a hurry to make any kind of bottom fishing; rather keep focusing on stock-specific moves on both sides. But for investors with a slightly longer horizon, one can now start accumulating quality propositions in a staggered manner.
~ Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
Ace investor Radhakishan Damani has increased his stake in India Cements to 22.76%, a regulatory filing by the company revealed. With this, the stock price rallied as much as 8.9% on Wednesday morning, to trade at an intra-day high of Rs 192.35 per share. Radhakishan Damani, along with his family, has been increasing his stake in the cement manufacturing company for the last one year. The billionaire investor, who is often dubbed as Rakesh Jhunjhunwala’s mentor, is the promoter of Avenue Supermarts, a hypermarket giant, and is known for being a value investor.
Short covering was seen in the Nifty & Bank Nifty futures, Short covering by FII’s in the Index Futures and Put writing at 16700 levels Indicates that one should be optimistic for the markets. Therefore, our advise is to accumulate longs on dips with the stop loss of 16700 levels. On the higher side 16800 – 16900 levels will act as a strong resistance. In the Bank Nifty, our advice is to go long on dips with trailing SL of 34300 levels. On the higher side 35000 – 35500 level may act as resistance going forward.
~ HDFC Securities
The index has opened in the green but we are still not out of the bearish quarters. Until we do not get past 17150-17200 on a closing basis, the market trend is negative. If the markets break 16600-16650, the Nifty will retest 16400.
-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Rakesh Jhunjhunwala-backed footwear retailer Metro Brands shares made a tepid debut on stock exchanges on Wednesday, 22 December 2021. Metro Brands stocks commenced trading at 436 per share, down Rs 64 or 12.8 per cent from the IPO price of Rs 500 per share. Metro Brands had a market capitalisation of Rs 11,837.72 crore on listing. The total size of the Metro Brands IPO was Rs 1,368 crore, of which Rs 1,073 crore was an offer for sale and Rs 295 crore was a fresh issue. The public issue received 3.6 times subscription. It saw applications for 6.96 crore shares against the issue size of 1.91 crore. Currently, Metro Brands has 598 stores in 136 cities spread across India. Of these, 211 stores were opened in the last three years. Metro Brands had the third highest number of exclusive retail outlets in India, in fiscal 2021.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Wednesday, taking cues from the international market. On the Multi Commodity Exchange, gold February futures were ruling Rs 141 or 0.3 per cent down at Rs 48,099 per 10 gram, as against the previous close of Rs 48,240. Silver March futures were trading at Rs 61,906 per kg, up Rs 101 or 0.16 per cent. In the previous session, silver futures ended at Rs 61,805 per kg. Globally, the yellow metal traded within a tight range as higher US Treasury yields and improved risk appetite countered concerns about the rapidly spreading Omicron coronavirus variant, according to Reuters. Spot gold was little changed at $1,789.12 per ounce while US gold futures also remained unchanged, at $1,789.50.
Sensex was up 450 points on Wednesday morning sitting above 56,700 levels. Nifty 450 regained 16,900.
Zee Entertainment Enterprises share price was moving between gains and losses on Wednesday morning as investors reacted to the company's merger with Sony Pictures.
“Nifty finds support around 16610 while 17000 will act as resistance. Bank Nifty finds support around 34300 while 35500 will act as resistance on the upside”
~ IIFL Securities
Sensex trimmed losses during the pre-open session on Wednesday morning to trade flat with a negative bias. Nifty was still holding above 16700.
Sensex dives deep into the red in pre-open, Nifty holds above 16700 amid mixed global cues.
“Classic Doji candle formed by Nifty. Bank Nifty formed inside body. Nifty Futures and Bank Nifty futures both witnessed short covering however, volumes were lower by 20% on a bounce-back day,” said Rahul Sharma, Director & Head – Research, JM Financial.
The benchmark indices witnessed a sharp pullback rally as the Nifty 50 ended 156 points higher while the BSE Sensex was up by 497 points. Among sectors, all major sectoral Indices traded in the green but the metal index gained the most, rallying over 3 per cent. Technically, on daily charts, the Nifty formed a Doji kind of candlestick formation which indicates indecisiveness between bulls and bears. On intraday charts, it also completed one leg of the pullback rally. We are of the view that after a modest pullback rally the market may consolidate within the range of 16600- 16950 and 55800-57000 price ranges.
Technically, a reiteration of negative bias below 17400 has benefited as Nifty intraday low was 16410 on Monday. The underlying trend remaining down as the index formed lower lows along with fall in index PCR OI, indicating trader sentiment is bearish and fresh call writing was seen at strike price 17000 with 7 lakh shares ( total 26 lakh shares in last three trading days), Combined with a fall in the option price and IV, it indicates that call writing has happened at these strikes implying immediate resistance at these levels for the near term. Further downsides are likely once the immediate support of 16650 is taken out .
~ Raushan Kumar, Derivative Analyst, IIFL Securities
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of Petrol, diesel continued to remain unchanged on Wednesday (22 December) across various cities in the country. Currently, petrol rate in Delhi is retailing at Rs 95.41 per litre while diesel in the national capital is priced at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel costs Rs 109.98 and Rs 94.14, respectively. Fuel prices have been stable since the Centre cut excise duty to bring down retail rates from record highs. It has been more than a month and a half now since the price of petrol and diesel saw any changes, except in Delhi where petrol prices fell on December 1 after the local government reduced the Value-Added Tax (VAT) on petrol from 30% to 19.40%.
Nifty structure still remains 'sell on rise' with multiple resistances seen from 17,000 to 17,200. Expect more weakness if 16,690 is broken. A consolidation is a must before we start calling a bottom in any way.
~ Rahul Sharma, Director & Head – Research, JM Financial
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a gap-up opening on Wednesday, a day before weekly F&O expiry. Nifty futures were trading 53.50 points or 0.32 per cent up at 16,881.50 on Singaporean Exchange in the early trade. In the previous session, BSE Sensex added 497 points or 0.89 per cent to close at 56,319 while NSE Nifty 50 index gained 156 points or 0.94 per cent to end at 16,770. Analysts say that after more than 10 per cent correction, Nifty is now trading at 19.2x FY23 P/E and is no longer in the expensive zone. “While the market trend might be volatile in the near term on account of potential risk from Omicron variant and fragile global cues, we suggest long term investors to take benefit of such volatility in the market and add on to their portfolios gradually at lower levels,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said.
“The negative trend set up in Nifty is still intact and Tuesday's upside bounce has not changed the sentiment so far. There is a possibility of minor upside bounce towards 17000-17100 levels in the next few sessions and the market is expected to reverse down from the higher levels. Immediate support is placed at 16630 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Foreign portfolio investors (FPIs) have remained net sellers of debt worth $587.01 million so far in December, on weak sentiments due to rising cases of the Omicron variant of Covid-19, ahead of the Federal Reserve’s tapering and rate hikes.
SGX Nifty was up 50 points ahead of the opening bell on Dalal Street on Wednesday morning. Nifty futures trading with gains hints at a positive start to the day's trade.