Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices NSE Nifty and BSE Sensex opened lower as a result of negative global cues to shift between gains and losses amid volatility. The equity markets closed flat with Nifty settling at 18,122 while Sensex closed 0.03% lower at 60,910. Bank Nifty shed 0.07% to end at 42,827. The broader markets closed primarily in green, with Nifty Microcap 250 gaining 0.6%. Sectorally, the Nifty Auto index rose by 0.66% with constituents TVS Motors, M&M and Maruti leading the gains.
“Market wavered between gains and losses with investors taking their position around the flatline as mixed global cues troubled them to take a firm one-sided move. US stocks were weak as the trade deficit data suggested strength in the economy, raising concerns about the Fed's tightening stance. However, steps toward reopening the Chinese economy increased the prospect of demand recovery.” – Vinod Nair, Head of Research, Geojit Financial
The domestic equity markets closed flat, with Nifty settling down 0.05% at 18,122 while Sensex closed 0.03% lower at 60,910 amid volatility.
Nifty PSU Bank rises 1.63% in trade today, with constituents Punjab & Sind Bank, Canara Bank, Bank of Baroda and Punjab National Bank.
IDBI Bank shares rose 1.04% to Rs 53.45 on BSE after the bank’s board on Wednesday approved reducing the authorized share capital from Rs 250 billion divided into 250 billion equity shares of Rs 10 each to Rs 210 billion divided into 210 billion equity shares of Rs 10 each by cancelling share.
“In December '22, PV volumes are likely to be higher YoY, though volumes would be lower MoM due to production constraints. Further, tractor volumes are likely to be better on a YoY basis but decline MoM due to seasonality. In addition, 2W volume growth should be positive YoY, supported by marriage season demand and favorable base effect. Lastly, CVs are likely to maintain their double-digit growth momentum. We remain constructive on the auto sector. Our preferred picks in the OEM space include MSIL, EIM, ESC, AL, and TVSL.”
– Emkay Group
Lemon Tree Hotels shares rose 3.70% to Rs 82.70 on BSE after the company signed a Franchise Agreement for a 32-room property in Dehradun under the Company’s brand ‘Keys Lite by Lemon Tree Hotels, Dehradun’. The hotel is expected to be operational by December 2023.
Strides Pharma Science shares rose 1.46% to Rs 354.20 on BSE after the company announced that its biologics arm Stelis Biopharma Ltd received approval for a key ANDA from the United States Food & Drug Administration (USFDA).
Nifty Bank rose 0.10%, Nifty Auto rose 0.73%, Nifty PSU Bank jumped 1.54% and Nifty Consumer durables rose 1.42% while Nifty FMCG fell 0.13%, Nifty IT dropped 0.10% and Nifty Pharma slipped 0.36%
Nifty Midcap 50 rose 0.24%, Nifty Midcap 100 increased 0.25%, Nifty Total Market rose 0.17% and Nifty Microcap 250 rose 0.78%.
Bank Nifty opened gap up on Tuesday at 42828 and closed on a positive note at 42859 levels. For the day, support for Bank Nifty exists at 42500 and 42000 levels, whereas resistance for Bank Nifty stands at 43500 and 43800 levels.
– ACM Group
“In last couple of sessions, our markets have managed to recover fair bit of lost ground. Importantly, a close above 18050 – 18100 is a sign of relief and the early indication of completing the recent price correction. However, if the immediate corrective trend has to negate, Nifty will have to go past the key level of 18300 on a sustainable basis. Until then we are still not completely out of the woods yet. For the coming session, 18200 followed by 18300 would be seen as immediate hurdles, whereas on the flipside, 18000 – 17900 now becomes a sacrosanct support zone. Traders are advised to stay positive but at the same time, it’s advisable not get too complacent and should continue to keep a regular tab on global developments.”
– Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
Yesterday’s pull back stopped just short of testing our downside marker of 17,940 before bouncing back swiftly. The day closed without fully achieving the 17,200 objective but the 17,800-18,200 that had been in play so far, appears to be fully done. Consolidation is expected today, initially in the 18,096-18,040 region which may extend further downwards. If 17,940 fails to hold, we may have to re-consider 17,670 or deeper, though collapse is less likely today. Alternatively, successful bounce back above 18,096 could encourage us to look for 18,400.
– Anand James, Chief Market Strategist, Geojit Financial Services.
“Nifty weekly contract has highest open interest at 18,200 for Calls and 18,000 for Puts while monthly contracts have highest open interest at 18,200 for Calls and 18,000 for Puts. Highest new OI addition was seen at 18,600 for Calls and 18000 for Puts in weekly and at 18600 for Calls and 18,000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -6.58%, increased future index shorts by -7.54% and in index options by -0.33% in Call longs, -0.43% in Call short, 2.43% in Put longs and 5.09% in Put shorts.”
– Anand James, Chief Market Strategist, Geojit Financial Services.
The Indian rupee opened marginally higher at 82.78 per dollar on Wednesday against the previous close of 82.85. The local unit is expected to depreciate, mainly on the back of a surge in crude oil prices and risk aversion in equity markets.
Domestic indices NSE Nifty and BSE Sensex open lower amid negative global cues. NSE Nifty dropped to open at 18,084, giving up the 18,100 level while Sensex lost 100 points to trade at 60,825.
“Three major trends are emerging as the New Year approaches: One, the impressive credit growth is sustaining; two, capex is gaining momentum; three, real estate is picking up. Therefore, financials, capital goods and construction related stocks are well positioned to outperform in 2023. In financials, the leading private sector banks have potential to move up further and PSU banks are short-term trading plays. The leading two or three PSU banks look good for long-term investment. All the leading names in the capital goods space are poised for further up move and consolidation in 2023. The real estate recovery can be played with stocks in the cement, metals, paints and adhesives segments.”
– Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Indian equity indices NSE Nifty and BSE Sensex wiped off some gains from yesterday's session during the pre-open. Nifty settled at 18084, down 0.26% while Sensex lost 0.19% to close the pre-open at 60,811.
“U.S. stocks finished mostly lower on Tuesday as investors returned from the three-day Christmas weekend, with bulls holding out for a seasonal “Santa Claus rally” after China’s decision to lift COVID-19 quarantine requirements for inbound travelers, raising hopes the world’s second largest economy may recover in 2023. Rising U.S. Treasury yields pressured interest rate sensitive megacap shares.
Friday marked the start of the so-called Santa Claus rally period — the final five trading days of the calendar year and the first two trading days of the new year. That stretch has, on average, produced gains for stocks, but failure to do so is often read as a negative indicator. Stocks in Asia fell Wednesday after US shares dropped and Treasury yields rose on concern that relaxing pandemic measures in China will add further inflation to the global economy.”
– Deepak Jasani, Head of Retail Research, HDFC Securities
Volume profile indicates Nifty may find strong support around 17900-18000 zone. Coming to the OI Data, on the call side, the highest OI observed at 18200 followed by 18300 strike price while on the put side, the highest OI was at 18000 strike price. On the other hand, Bank Nifty has support at 42300-42400 while resistance is placed at 43500-43600 range,” said Ameya Ranadive, Equity Research Analyst, Choice Broking
The National Stock Exchange has put Balrampur Chini Mills, Indiabulls Housing Finance, and Punjab National Bank stocks under its F&O ban list for 28 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
Foreign institutional investors (FIIs) sold shares worth Rs 867.65 crore, while domestic institutional investors (DIIs) purchased equities worth Rs 621.81 crore on Tuesday, 27 December, according to the provisional data available on the NSE.
“A small positive candle was formed on the daily chart with long lower shadow. Technically this pattern signal continuation of upside momentum in the market with buy on dips opportunity. This is positive indication and signal more upside in the short term.
After a sharp downside breakout of crucial support like ascending trend line on Friday, Nifty witnessing decisive upside bounce in back to back two sessions indicates chances of false downside breakout of the said TL support. Hence, a sustainable move above 18150-18200 levels is likely to pull Nifty towards the next overhead resistance of 18500 levels in the near term. Immediate support is placed at 17960 levels.”
– Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Following the US share market’s cues, the Asia-Pacific markets are primarily in the negative territory. China’s Shanghai Composite and Shenzen Component indices traded with cuts, as South Korea’s KOSPI lost 1.97% and Taiwan’s FTSE TWSE Taiwan 50 Index gives up 1.31%. The sole outperformer is Hong Kong’s Hang Seng which gained 2.21%.
Overnight, two major Wall Street indices, the Nasdaq Composite and S&P 500 closed with losses, ending 1.38% and 0.4% lower. However, Dow Jones gained in trade to settle marginally higher at 0.11%.