Share Market Highlights: Sensex gives up 59,000 on closing bell, Nifty ends at 17,546; HDFC, ICICI Bank among drags

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Updated: September 22, 2021 4:26:11 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed flat after witnessing a volatile trading session. Midcap and smallcap indices outperformed benchmark indices.

Share Market Today, Share Market LiveSensex and Nifty witnessed a volatile trading session on Wednesday. (Image:REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity benchmarks BSE Sensex and Nifty 50 witnessed a volatile trading session on Wednesday and closed the day flat with negative bias. Sensex slipped 78 points or 0.13% to close at 58,927 while the NSE Nifty 50 index dropped 15 points or 0.09% to close at 17,546. Bank Nifty was down 0.78% on closing bell, while India VIX fell 0.18%. Midcap and Smallcap indices outperformed benchmarks. Tech Mahindra was the top Sensex gainer, up 3.63% followed by Mahindra & Mahindra, HCL Technologies, and Bajaj Auto. On the other end of the table, HDFC was the worst-performing Sensex constituent, falling 1.39%, followed by Nestle India, ICICI Bank, and HUL.

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Highlights

    16:24 (IST)22 Sep 2021
    Sensex closes volatile trading day in red, Nifty resistance at 17,600; eyes now on FOMC meet

    Benchmark indices Sensex and Nifty 50 witnessed a tug-of-war between bulls and bears on Wednesday before closing with marginal losses. On the closing bell, BSE Sensex settled at 58,927, down 78 points or 0.13% while the NSE Nifty 50 closed at 17,546, slipping 15 points or 0.09%. Bank Nifty slipped 0.78% giving up 37,000 mark. Zee Entertainment was among the top gainers, skyrocketing 32%. Among Sensex constituents, Tech Mahindra gained 3.7% as the top gainer while HDFC ended as the worst performer, falling 1.46%. Technical analysts believe Nifty 50 is likely to face resistance in the 17,600-17,660 range now, a break above which could propel indices to fresh highs.

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    15:42 (IST)22 Sep 2021
    Sensex, Nifty end in red

    Sensex closed Wednesday's trading session down 78 points or 0.13% at 58,927 while the NSE Nifty 50 index moved 15 points or 0.09% lower, ending at 17,546.

    15:33 (IST)22 Sep 2021
    CLOSING BELL

    Domestic equity markets closed flat after witnessing a volatile trading session. Midcap and smallcap indices outperformed benchmark indices.

    15:31 (IST)22 Sep 2021
    Paras Defence IPO subscribed 32 times so far on day 2; grey market premium rallies 130%; should you subscribe?

    Paras Defence and Space Technologies IPO was subscribed over 32 times so far on day two of the bidding, on the back of robust interest from retail investors. The IPO which was opened for subscription on 21 September, got fully subscribed during the initial hours. In the primary market, Paras Defence shares were seen trading at a premium of Rs 230, over the IPO price of Rs 175. Paras Defence and Space Technologies shares were ruling at Rs 405 apiece, a premium of 131.4 per cent, in the grey market, according to the people who deal in unlisted shares of the company. The issue will close for subscription on Thursday, 23 September 2021.

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    15:21 (IST)22 Sep 2021
    Sensex, Nifty continue volatile

    Sensex and Nifty continue to dance between gains and losses ahead of the closing bell. Nifty was below 17,600 while Sensex gave up 59,000.

    15:03 (IST)22 Sep 2021
    Nifty Realty up 8%

    Nifty Realty index was up 8% ahead of the closing bell on Monday. Godrej Properties and DLF were the top gainers, surging over 12% each. 

    15:00 (IST)22 Sep 2021
    Headline indices turn positive

    Sensex and Nifty continue to move between gains and losses ahead of the closing bell. Sensex was just above 59,000 while the NSE Nifty was still below 17,600.

    14:49 (IST)22 Sep 2021
    Midcap, smallcap indices outperform

    Nifty Midcap 50 was up 3% while BSE Midcap index was up 1.6%. Meanwhile, Nifty Smallcap 50 and BSE Smallcap index were up 1.3% each. On the other hand Sensex and Nifty were trading flat, dancing between gains and losses.

    14:41 (IST)22 Sep 2021
    Bank stocks in red

    Banking and finance sector stocks were trading with losses on Wednesday afternoon. HDFC was the worst-performing stock on Sensex, down 1.17%. Kotak Mahindra Bank and HDFC Bank were the other top drags. 

    14:38 (IST)22 Sep 2021
    Nifty Media index up 15%

    Nifty Media index was up 15.77% on Wednesday with less than an hour to go before the closing bell. Zee Entertainment Enterprises was up 34% as the top gainer, followed by 14% rally in Inox Leisure.

    14:33 (IST)22 Sep 2021
    L&T commissions expansion project of Utkal alumina refinery

    Larsen & Toubro on Wednesday said its metallurgical and material handling business has commissioned the 0.5 million tonnes per annum (MTPA) expansion project of Utkal Alumina International, a wholly-owned arm of Hindalco. The plant is located at a remote location at Kucheipadar, near Tikiri in Odisha’s Rayagada district. With this expansion, the alumina production capacity of the refinery has been upgraded from 1.5 MTPA to 2 MTPA, Larsen & Toubro said in a statement.

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    14:16 (IST)22 Sep 2021
    Florintree backed Data Patterns files IPO papers with SEBI

    Chennai-based supplier of electronic systems to defence and aerospace sector, Data Patterns (India) Ltd. has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India to raise finance through an initial public offering (IPO). As per market sources, it is expected to raise Rs 600-700 crore.

    13:59 (IST)22 Sep 2021
    Zee Entertainment stock hits upper circuits, rallies 25%; makes Rakesh Jhunjhunwala Rs 50 cr richer in 1 week

    Rakesh Jhunjhunwala has earned a mark-to-market profit of Rs 50 crore in eight days on his share purchase of Zee Entertainment Enterprises Ltd. Last week, amid Zee Entertainment Enterprises boardroom tussle, Rakesh Jhunjhunwala’s Rare Enterprises bought 50 lakh shares of ZEEL at Rs 220.44 per share in bulk deals. Today, ZEEL stock surged to a fresh high of Rs 321 apiece, rallying over 25 per cent from the previous close, after the company’s Board of Directors approved a merger with Sony Pictures Networks India. With today’s gain in the share price, Jhunjhunwala has earned a profit of over Rs 100 per share, totalling Rs 50 crore.

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    13:39 (IST)22 Sep 2021
    S&P BSE Realty up by 6.3%

    S&P BSE Realty up by 6.3% at 3551 at 52 weeks high and breaking 10 years long consolidation. We have a buy rating on Sobha Limited with target price of Rs 870 and have neutral rating on Godrej property. Company operates in Residential & Commercial real-estate along with Contractual business. Companies 70% of residential pre-sales come from the Bangalore market which is one of the IT hubs in India, we expect new hiring by the IT industry will increase residential demand in the South India market. We have seen a strong consolidation among listed players in India, post Demon, RERA, IL&FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue in coming quarters. Ready to move inventory and under construction inventory levels have moved down to its lowest levels. Customers are now having preference towards the branded players like Sobha Developers. Company expected to launch 17 new projects/phases spread over 12.56mn sqft across various geographies. Majority of launches will be coming from existing land banks. Company having land bank of approx. 200mn Sqft of salable area. We continue with our buy rating on Sobha Limited and Neutral outlook on Godrej Properties. ~Yash Gupta, Equity Research Analyst, Angel Broking

    13:10 (IST)22 Sep 2021
    Reliance Industries stock may extend stellar rally; analysts upbeat, check target price

    Mukesh Ambani’s Reliance Industries may extend its current rally and surge another 14% from today’s opening price, analysts say. The stock price has already jumped 7% so far this month, adding to its strong upward momentum that began in July this year. Analysts are still upbeat on the prospects of RIL’s share price, expecting the stock to cross Rs 2,700 per share. Fundamental levers such as value unlocking in retail and digital business, with a possible IPO ahead are seen as key drivers for Reliance Industries stock price. Currently, RIL’s share price is quoting a price of Rs 2,420 apiece.

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    12:50 (IST)22 Sep 2021
    6 money moves for self-employed to achieve financial freedom

    The income and cash flow dynamics of self-employed individuals are different from those of salaried individuals. Self-employed individuals have lower income certainty than salaried employees. In addition to this, they also have to make arrangements for social, health and retirement security on their own.

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    12:31 (IST)22 Sep 2021
    17600-17650 hurdles for Nifty

    "17600 – 17650 are to be seen as immediate hurdles; whereas on the flipside, the weakness will resume once we start staying below 17450. We advise traders not to get carried away by this bounce back and one should still continue with a cautious stance. In order to regain the confidence, another couple of days’ strength is quite crucial for the market. Also, all eyes on global market as the next path of action is still to be dictated by them only," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

    11:53 (IST)22 Sep 2021
    Zomato share price may fall 9%, JP Morgan initiates with underweight rating; premium valuations not justified

    JP Morgan has initiated coverage of Zomato with an underweight rating, pinning a target price of Rs 112 per share, implying a 9% downside from the current price. Zomato’s premium valuation may not be justified with no significant levers ahead for the stock, said global brokerage and research firm JP Morgan while initiating the coverage of the food delivery behemoth’s stock. “Zomato trades at 21x CY22 EV/Sales which is 4x higher than the average valuation of global food tech companies. We believe the premium is not justified as we don’t see significant levers - either market share gains or AOV expansion”, analysts at JP Morgan said in a note. The brokerage firm has initiated the coverage of Zomato with an ‘underweight’ rating and a target price of Rs 112 per share, citing four key reasons behind the negative outlook.

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    11:09 (IST)22 Sep 2021
    HDFC twins among laggards

    HDFC was down 1.25% on Wednesday as the worst-performing stock on Sensex, followed by HDFC Bank, which was down 0.87%.

    10:55 (IST)22 Sep 2021
    Zee, Sony merger value accretive

    This is a positive and welcome move. After the merger talks of Sony Entertainment with Viacom18 dropping, this consolidation will add synergies to the existing portfolio of both the entities, especially in the verticals of Sports & OTT. Further ZEE would also have access to Sony's international catalogue to exploit and monetise. The corporate governance overhang of ZEE Entertainment should also fade away with this merger and enhance investor confidence. To add, the combined entity will be in a superior position to compete with Disney more effectively both on the distribution & advertising side. Overall the consolidation looks value accretive," said Vivek Menon, co-founder of NV Capital.

    10:22 (IST)22 Sep 2021

    The Nifty has taken support at the 17300 level. The direction in the short term is still not clear; we need to keep above 17600 on a closing basis in order to resume the current uptrend. On the flip side, if we break 17300 on a closing basis, we will endeavor a further slip to 17100-17150. It is a wait and watch situation,'said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    09:52 (IST)22 Sep 2021
    Fed comments to drive market movement

    "A bullish market will witness short coverings causing sudden sharp upturns. There are reasons to believe that this happened yesterday when shorts created in anticipation of negative fallout from the Evergrande crisis were forced to cover. The sharp surge in Nifty by 235 points from lows yesterday is indicative of this. Even though the jury is still out on the final outcome of the woes of the Chinese realty major, the possibility is that the issue will be confined to China with no contagion on global markets. Today the market is likely to focus on the Fed message which is likely to give a timeline for taper. It is unlikely to be a market-moving message since markets have already discounted taper," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

    09:45 (IST)22 Sep 2021
    Rupee to trade in the range of 73.30-73.90 zone in the near term

    Domestically, inflows could continue to pour in on account of HDFC Bank raising Rs 5,000crs via infra bonds. So far dollar weakness and a breakdown in China markets had led to a flurry of flows diverted to India. However, with the two key risk events today it will be watchful whether FII would hold back or take the flight of capital back to safe heaven US. Developments in policy meetings are likely to drive the further movement for the USDINR pair. Till then, the rupee to trade in the range of 73.30-73.90 zone in the near term before any big market triggers takes it towards 74.20-74.40 levels in the upcoming time. Amit Pabari, managing director, CR Forex Advisors

    09:32 (IST)22 Sep 2021
    Petrol and diesel price today September 22: Fuel rates steady for 17th day; Check price in Delhi, Mumbai, here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol and diesel were left unchanged for the sixteenth consecutive day on Tuesday by oil marketing companies. Petrol in the national capital today costs Rs 101.19 per litre, while diesel in the capital city is retailing at Rs 88.62 per litre. The previous cut in Petrol and diesel prices came on September 5 when prices were reduced by 15 paise. So far this month, prices have been decreased twice, trimming the rate by 30 paise. 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.

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    09:32 (IST)22 Sep 2021
    HDFC, Tata Steel, Axis Bank top Sensex losers

    Housing Development Finance Corporation (HDFC), Axis Bank, Tata Steel, Nestle India were among top Sensex laggards

    09:26 (IST)22 Sep 2021
    Tech Mahindra, HCL Tech, NTPC top Sensex gainers

    Tech Mahindra, NTPC, HCL Technologies, Titan Company, IndusInd Bank, Sun Pharma, Mahindra & Mahindra, Maruti were top BSE Sensex gainers

    09:24 (IST)22 Sep 2021
    ZEEL share price hits 10% upper circuit

    Zee Entertainment Enterprises shares were locked in 10 per cent upper circuit at Rs 281.20 apiece, after the company announced to merge with Sony Pictures

    09:22 (IST)22 Sep 2021
    Sensex dances between gains and losses on opening, Nifty above 17,600

    BSE Sensex gained 61 points to trade at 59,066, while the Nifty 50 index jumped to reclaim 17600 on opening

    09:14 (IST)22 Sep 2021
    Indian stock market likely to focus on Fed message

    A bullish market will witness short coverings causing sudden sharp upturns. There  are reasons to believe that this happened yesterday when shorts created in anticipation of negative fallout from the Evergrande crisis were forced to cover. The sharp surge in Nifty by 235 points from lows yesterday is indicative of this. Even though the jury is still out on the final outcome of the woes of the Chinese realty major, the possibility is that the issue will be confined to China with no contagion on global markets. Today the market is likely to focus on the Fed message which is likely to give a timeline for taper. It is unlikely to be a market-moving message since markets have already discounted taper. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    09:09 (IST)22 Sep 2021
    Trend bullish while Nifty stays above 17,250

    "Nifty is expected to open flat to negative, down by 20 points at 17540. Yesterday Nifty traded as an inside bar i.e. within the previous day's range. Now it is important for Nifty to break 17650 on the up side to continue to upside movement. On the downside, traders need to watch 17250 below which we may see 17100 level. Overall the trend in Nifty will remain bullish as long as it trades above 17250," said 
    Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

    09:05 (IST)22 Sep 2021
    Sitting in green

    Sensex and Nifty were down from initial highs in the pre-open session but were still trading with gains, looking set to start the day on a positive note.

    09:02 (IST)22 Sep 2021
    Sensex, Nifty surge

    Sensex and Nifty zoomed higher during the pre-open session on Wednesday morning despite weak global cues. Nifty was above 17,600.

    08:58 (IST)22 Sep 2021
    RIL, Titan among top technical stocks to buy; Nifty may trade in 17650-17450 range amid uncertain global cues

    After two days of sharp price correction, on Tuesday, the benchmark indices witnessed a sharp pullback rally from 17350/58300 support level. Post intraday correction, the Nifty took the support at 17326/58232 and reversed sharply. The intraday rally was largely supported by the Metal, Oil, and Gas and selective financial stocks. Whereas, despite strong momentum, Auto stocks witnessed selling pressure. Technically, the texture of the sharp reversal formation near 10 days SMA suggests a further uptrend from the current level. 

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    08:44 (IST)22 Sep 2021
    Zee Entertainment to merge with Sony Pictures; Punit Goenka to remain MD, fends off ouster attempts

    Zee Entertainment Enterprises Ltd’s (ZEE) Board of Directors on Tuesday approved a merger with Sony Pictures Networks India, the company said in a regulatory filing on Wednesday morning. The move paves the way for Punit Goenka to retain his position as MD and CEO of ZEE group, fending off Invesco’s attempt to get him off the chair. The Board of Directors of ZEE Entertainment Enterprises Ltd present and voting in its board meeting held on 21st September 2021, unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEE,” the filing said.

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    08:43 (IST)22 Sep 2021
    Sensex, Nifty stare at cautious start on Wednesday; key things to know before market opens

    Nifty futures were trading 9.50 points up at 17,571 on Singaporean Exchange, suggesting a cautious start for BSE Sensex and Nifty 50 on Wednesday. In the previous session, S&P BSE Sensex surged 514 points or 0.88 per cent to end at 59,005 while the Nifty 50 index jumped 165 points or 0.95 per cent to close at 17,562. Asian stocks were trading mixed in early trade. Anlaysts say global cues would continue to influence market this week as all eyes are set on ECB and US Fed MPC outcome.

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    08:42 (IST)22 Sep 2021
    Zee Entertainment, SBI Cards, Reliance Industries, Torrent Power, Infosys, Nucleus stocks in focus

    Nifty futures turned negative in trade, falling 34.50 points to 17,527 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Wednesday. After two days of sharp correction, benchmark indices witnessed a sharp pull back rally while Nifty found support at 17326 to reverse the falling trend. Investors will continue to watch stock specific development, the ongoing Evergrande crisis, crude oil prices, rupee movement against dollar and other global cues. "Technically, the texture of the sharp reversal formation near the 10 day SMA suggests further uptrend from the current level. We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17650-17450 levels. For day traders, as long as the index is trading above 17450, pullback rally is likely to continue up to 17600-17650 -17680 levels. On the flip side, index below 17430, the uptrend would be vulnerable," Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

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    08:33 (IST)22 Sep 2021
    Zee to merge with Sony Pictures

    Zee Entertainment Enterprises has announced it will merge with Sony Pictures, while Punit Goenka will retail is position as MD and CEo of the merged company.

    08:05 (IST)22 Sep 2021
    SGX Nifty in red

    SGX Nifty was down more than 20 points on Wednesday morning, hinting at a muted start to the day's trade.

    08:05 (IST)22 Sep 2021
    Paras Defence IPO oversubscribed in 1st hour of Day 1; GMP strong, retail investors flock

    Paras Defence and Space Technologies IPO sailed through during the initial hour of the first day of bidding, getting oversubscribed on the back of strong interest from retail investors. The Rs 171-crore initial public offering of the company, which is a mix of an offer for sale (OFS) by existing shareholders and a fresh issue of equity shares, opened today for subscription. Paras Defence and Space Technologies is an indigenously designed, developed and manufactured (IDDM) category private sector company in India, catering to four major segments of the Indian defence sector.  At the end of the first day, the public issue was subscribed 16.57 times with retail investors subscribing their portion 31.36 times. Non-Institutional investors also oversubscribed their portion by 2.77 times while bids from qualified institutional buyers were largely muted.

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