Share Market Highlights: Sensex tanks 889 pts to close at 57,011, Nifty dives below 17,000

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices closed deep in red after bears ran riot on Dalal Street.

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India VIX closed 3% higher. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears forced domestic markets to close in red on Friday. S&P BSE Sensex ended 889 points or 1.54% lower at 57,011 while NSE Nifty 50 closed 263 points or 1.53% lower at 16,985. Bank Nifty closed 2.54% in red at 35,618. Broader markets fared worse closing more than 2% in red. IndusInd Bank was the top laggard of Sensex, down 4.7%, Kotak Mahindra Bank followed close along with Hindustan Unilever and Titan. Infosys was the top gainer, up 2.91%, accompanied by HCL Technologies, Power Grid, and Sun Pharma.

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4:37 (IST) 17 Dec 2021
Bloodbath on Dalal Street as Sensex closes deep in red, Nifty support now in 16800-16900 range

Domestic markets witnessed a bear attack on Friday amid weak global cues while adapting to the hawkish stance taken by global central banks. S&P BSE Sensex dived 889 points or 1.54% lower to at 57,011 while NSE Nifty 50 closed 263 points or 1.53% to settle at 16,985. Broader markets fared worse than headline indices as smallcap and midcap indices ended more than 3% lower. IndusInd Bank was the top laggard of Sensex, down 4.7%, Kotak Mahindra Bank followed close along with Hindustan Unilever and Titan. Infosys was the top gainer, up 2.91%, accompanied by HCL Technologies, Power Grid, and Sun Pharma.

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3:29 (IST) 17 Dec 2021
Nifty cuts losses, still in red

Nifty cut losses with minutes left to the closing bell but failed to regain 17000 mark.

3:20 (IST) 17 Dec 2021
India VIX up 3%

Minutes before the closing bell, India VIX was up 3% sitting near 16.4 levels. The index was up while benchmark indices traded deep in red.

3:19 (IST) 17 Dec 2021
Sensex, Nifty deep in red ahead of the closing bell

Sensex and Nifty were deep in red ahead of the closing bell. Sensex tanked over 900 points while Nifty fell more than 250 points — both down 1.6%.

3:08 (IST) 17 Dec 2021
Markets in confusion mode

“Domestic markets are in a confusion mode,” said Vishal Wagh, Head of Research, Bonanza Portfolio. “Market is not giving a clear cut sign but remains in oversold territory. A bounce-back can be expected at any given point of time in the next one month, which may pull indices 2-3% higher,” he added.

2:54 (IST) 17 Dec 2021
Why are FIIs selling?

FIIs have been selling domestic stocks for nearly three months now. So far in December FIIs have been net sellers of Rs 19,328 crore in the cash market, this in an addition to Rs 33,281 crore sold in the last month and Rs 18,201 crore in October. “FIIs are selling because of the Fed and of course they are cautious seeing the elevated valuations of domestic markets,” said Vinod Nair, Head of Research, Geojit Financial Services.

2:50 (IST) 17 Dec 2021
FIIs and retail selling subsiding

Selling from Foreign Institutional Investors (FII) has been weighting down on the domestic stock markets, said Vinod Nair, Head of Research Geojit Financial Services. He added that along with FIIs, retail participation has also come down from its highs, forcing domestic markets to trade weak.

2:25 (IST) 17 Dec 2021
Airtel prepays Rs 15,519 cr to DoT

Telecom operator Bharti Airtel on Friday said it has paid Rs 15,519 crore to the government towards prepayment of its entire deferred liability pertaining to spectrum acquired in the 2014 auction. The company had acquired 128.4 MHz spectrum (including Telenor spectrum) for a consideration of Rs 19,051 crore in the 2014 auction, Airtel said in a statement.

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2:17 (IST) 17 Dec 2021
Deeper cuts in the offing?

The (Nifty) Index continues to make fresh lows, as it remains below 17,500-17,400 zone. An extended period of consolidation below the resistance zone would add weakness, while violation of 17,150-17,050 zone might result in deeper price cuts.

~ Ashika Institutional Equities

2:12 (IST) 17 Dec 2021
Airtel pre-pays Rs 15,519 crores to clear deferred liabilities

Bharti Airtel today said that it has paid Rs 15,519 crores to the Department of Telecom of the Government of India, towards prepayment of the entire deferred liabilities pertaining to the spectrum acquired in the 2014 auction. The stock was down 1.5% on Friday afternoon.

2:09 (IST) 17 Dec 2021
Bank Nifty down 1.5%

Bank Nifty was deep in red on Friday afternoon. The banking index hit a low of 35,734 points, giving up support at 36,300.

1:33 (IST) 17 Dec 2021
Supriya Lifescience Limited IPO subscribed 3.07 times

“Supriya Lifescience Limited IPO received good response from retail investors, overall IPO subscribed 3.07 times and retail portion subscribed more than 15 times. Non institutional investors (NII) and Qualified institutional buyer (QIB) have not shown much response as of now, we have seen in earlier IPOs that both investors apply on the 3rd day or the last day of the IPO. We have a Subscribe rating on Supriya Lifescience Limited IPO, IPO has been priced at an EV/EBITDA of 11.2 times and price to earnings of 16.2 times at the upper price band of the IPO. . Supriya Lifescience Limited focuses on research & development and having a diversified niche product portfolio of API’s. Companies 77.5% of revenue comes from the Export market, companies’ key markets are USA, Europe, China and India. We believe that the company's new manufacturing unit and product launch will be growth drivers for the company in future,” said Yash Gupta, Equity Research Analyst, Angel One.

1:06 (IST) 17 Dec 2021
Mutual Fund managers poured over Rs 4,000 crore in IPOs in November, PolicyBazaar, Paytm top bets

Mutual fund managers continued to invest heavily in IPOs (Initial Public Offering) in the month of November. Fund houses poured in a total of Rs 4,050 crore in major offerings such as PB Fintech, Paytm, and Go Fashion among others, data sourced by Edelweiss Alternative Research showed. In the month of November, nine companies entered the primary market with their IPO. These included Paytm’s Rs 18,300 crore issue — the largest ever for domestic markets — along with Star Health Insurance, PB Fintech, Sapphire Foods and more.

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12:25 (IST) 17 Dec 2021
India VIX up 5%

India VIX was up 5.33% on Friday, regaining 16 levels as domestic markets traded deep in red.

12:07 (IST) 17 Dec 2021
Nifty gives up 17000

Nifty 50 index gave up 17000 levels on Friday as bears ran riot on Dalal Street. Sensex was down more than 800 points.

12:03 (IST) 17 Dec 2021
Earning to provide downside protection, upside capped by liquidity withdrawal

“US Fed’s pivot towards an hawkish stance and an aggressive timeline for tapering of asset purchases as well as rate hikes will in the near term shape the trajectory of markets, rupee and global flows. With liquidity normalising in US and expected normalisation of India’s monetary policy in due course, we expect equity prices to remain under pressure. However, earnings trajectory so far has been strong with 5 out of last 6 quarters reporting an earnings beat leading upward revision in earnings. While strength in earnings will provide downside protection, upside will be capped in light of liquidity withdrawal, keeping markets range bound in near term.”

~ Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance

11:40 (IST) 17 Dec 2021
Nifty below crucial support levels

Although we are witnessing some weakness, overall market is trapped in a range which is getting contracted day by day. Whenever the trading range keeps shrinking, the breakout becomes imminent but direction cannot be pre-empted. Due to last couple of days’ price development, 17200 has now become a key support and the moment we see market sustaining below it, the recent downtrend will certainly get resumed to see sub-17000 territory again. On the flipside, 17350 – 17400 would be seen as immediate hurdles. Let’s see how things pan out going ahead and banking becomes the key component here, which is likely to dictate the immediate trend.

~ Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.

11:24 (IST) 17 Dec 2021
Nifty IT in green

The Nifty IT index was up in the green while all the sectoral indices were down in the red. Nifty IT index up 1.5%, helped by a 3% jump in Infosys, followed by Mphasis and Wipro.

11:14 (IST) 17 Dec 2021
Deep in red

Domestic markets were deep in red on Friday. Nifty was threatening to give up 17,000.

10:40 (IST) 17 Dec 2021
Rakesh Jhunjhunwala-backed Star Health gets 1st Buy rating after poor IPO, may gain 36%; check target price

Star Health and Allied Insurance Company share price could soar as much as 36% from current levels, said analysts at brokerage firm Emkay Global, initiating coverage on the stock with ‘buy’ rating. Rakesh Jhunjhunwala-backed Star Health can leverage its dominant position in the retail health insurance segment and grow stronger, Emkay said in the note. Star Health and Allied Insurance shares began trading on stock exchanges last week at a discount to the IPO price of Rs 900 apiece. In its short journey on Dalal Street, the stock has continued to fall, extending losses from issue price to nearly 8%. Currently, the stock trades at Rs 832 per share.

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10:37 (IST) 17 Dec 2021
Rakesh Jhunjhunwala-backed Star Health gets 1st Buy rating after poor IPO, may gain 36%; check target price

Star Health and Allied Insurance Company share price could soar as much as 36% from current levels, said analysts at brokerage firm Emkay Global, initiating coverage on the stock with ‘buy’ rating. Rakesh Jhunjhunwala-backed Star Health can leverage its dominant position in the retail health insurance segment and grow stronger, Emkay said in the note. Star Health and Allied Insurance shares began trading on stock exchanges last week at a discount to the IPO price of Rs 900 apiece. In its short journey on Dalal Street, the stock has continued to fall, extending losses from issue price to nearly 8%. Currently, the stock trades at Rs 832 per share.

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10:28 (IST) 17 Dec 2021
Bank Nifty finds support around 36300

Nifty finds support around 17150 while 17639 will act as resistance on the upside. Bank Nifty finds support around 36300 while 37600 will act as resistance.

~ IIFL Securities

9:53 (IST) 17 Dec 2021
RateGain Travel Technologies shares list at discount to IPO price; stocks fall 14% on debut

RateGain Travel Technologies shares listed on the stock exchanges today at a discount to IPO price amid weak market sentiment. Stocks opened for trade at Rs 364.8 per share, down Rs 60 or 14% from the IPO price of 425 per share.

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9:24 (IST) 17 Dec 2021
Nifty resistance at 17400

Oil prices dipped on Friday, putting the market on track to end the week roughly unchanged, as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand, while a weaker dollar supported commodity markets abroad. Also, The Bank of Japan on Friday decided to taper its corporate debt purchases to pre-pandemic levels and scale back some of its emergency funding scheme upon reaching the March 2022 deadline. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,400.

~ Mohit Nigam, Head – PMS, Hem Securities

9:20 (IST) 17 Dec 2021
17185 and 17375 crucial levels to watch out for

“17,185 remains a crucial level to defend for bulls while bears need to defend 17,375. Directional traders can look at 17,300 straddles as a breach of any these levels can easily give 250-300 points move by next week,” said Rahul Sharma, Director & Head – Research, JM Financial.

9:18 (IST) 17 Dec 2021
OPENING BELL

Sensex and Nifty started the day's trade flat with a negative bias. Sensex was down 70 points while NSE Nifty 50 index was just above 17,200. Bank Nifty was down 0.70% while India VIX was 0.5% in red.

9:01 (IST) 17 Dec 2021
Pre-open

Sensex trades flat in pre-open session, Nifty tanks, gives up 17200 amid weak global cues.

8:56 (IST) 17 Dec 2021
Use dips to create long positions for target of 17347

“In the coming session, the index is likely to open on a subdued note tracking muted global cues. We expect, index to trade with a positive bias while sustaining above the past two sessions an identical low of 17190. Hence use dip towards 17235- 17265 for creating long position for target of 17347,” said ICICI Direct in a note.

8:55 (IST) 17 Dec 2021
Weakness could emerge if the supports of 17150 are broken

The higher premium of Nifty future vis a vis spot has also led to this consolidation in the index. Historically it is seen that the Nifty finds it difficult to move up sharply when it's Future premium increases. So more consolidation is expected till this premium doesn't start getting lower.The Call writer's positions are still lower than Put writer's which means the declines in the index should be arrested and it should be more stock specific market.

For the coming session, the trading spot band is between 17410 and 17150,which means further upsides are likely once the immediate resistances of 17410 are taken out and weakness could emerge if the supports of 17150 are broken.

~ Raushan Kumar, Derivative Analyst, IIFL Securities

8:29 (IST) 17 Dec 2021
Profit-taking takes center stage

“Nifty keeps facing selling pressure from 17370-17400 band over the last three days. Despite other markets sustaining most of their gains, Nifty failed to hold on to the opening gains. The advance-decline ratio has again gone negative suggesting broad-based profit-taking amidst thin overall volumes. 17380-17185 is the band for the Nifty in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

8:08 (IST) 17 Dec 2021
17200 key support for Nifty

Whenever the trading range keeps shrinking, the breakout becomes imminent but direction cannot be pre-empted. Due to last couple of days’ price development, 17200 has now become a key support and the moment we see market sustaining below it, the recent downtrend will certainly get resumed to see sub-17000 territory again. On the flipside, 17350 – 17400 would be seen as immediate hurdles. Let’s see how things pan out going ahead and banking becomes the key component here, which is likely to dictate the immediate trend.

~ Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

8:03 (IST) 17 Dec 2021
SGX Nifty sits in red

SGX Nifty was down in the red on Friday morning. Nifty futures were down 14 points, hinting at a flat to negative start for domestic indices.

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