Share Market HIGHLIGHTS: Sensex ends above 60,050, Nifty just shy of 17,900; Reliance share top gainer

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Updated: October 8, 2021 4:28:30 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic benchmark indices BSE Sensex and Nifty 50 ended over half a per cent higher on Friday

Share Market Today, Share Market LiveIndia VIX was inching higher on Friday. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over half a per cent higher on Friday, cheering the RBI MPC outcome. BSE Sensex ended 380 points or 0.64 per cent up at 60,059, while the NSE Nifty 50 settled at 17,895, up 105 points or 0.59 per cent. Reliance Industries Ltd was the biggest gainer among the BSE 30-share frontline companies pack, surging 3.8 per cent, followed by Infosys, Tech Mahindra, HCL Tech, Tata Consultancy Services (TCS), L&T, Tata Steel, among others. On the flip side, NTPC, Hindustan Unilever Ltd (HUL), Maruti Suzuki, Dr Reddy’s, Titan Company, Kotak Mahindra Bank were among index laggards. On the sectoral front, Bank Nifty gained 0.6 per cent, Nifty Auto was up 0.4 per cent while Nifty IT soared 2 per cent and Nifty PSU Bank index 1.65 per cent

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Highlights

    15:37 (IST)08 Oct 2021
    Closing bell: Sensex ends above 60,000 after 8 trading sessions

    BSE Sensex ended 380 points or 0.64 per cent up at 60,059, while the NSE Nifty 50 settled at 17,895, up 105 points or 0.59 per cent

    14:15 (IST)08 Oct 2021
    Gold trend remains bearish, buy MCX silver only if it moves near Rs 60,000; US employment data eyed

    Gold has been trading in the range of $1450-$1477 this week as traders are awaiting for US employment data on Friday. A soft countdown of the initiation of tapering the Federal Reserve’s $120 billion monthly expenditure has already begun. This month’s report for September jobs is critical because it will give the Federal Reserve the necessary information to make a concrete decision as to the timeline to begin to taper and when to raise interest rate next year. Gold market was also on back foot yesterday because of a rally in global equity markets.

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    13:18 (IST)08 Oct 2021
    Equity markets relieved after RBI meet

    “The MPC meet outcome on Oct 08 was largely on expected lines, though sounding a bit dovish. The RBI seems to be following the other central banks by first trying to reduce liquidity (by abandoning GSAPs and announcing VRRR calendar). It also cut inflation projection for FY22 by more than the street expectations to 5.3%.  Though it has not hinted at hike in rates, reverse repo rates could be hiked in December meet, signaling the start of policy normalization. The equity markets are relieved temporarily by the dovish tone but will be aware of the rate hike possibilities going ahead," said Deepak Jasani, Head of Retail Research, HDFC Securities. 

    12:08 (IST)08 Oct 2021
    No curveballs in MPC decision

    "The RBI has been a juggler of many balls in the past year and till now, never have they once faltered on any front. In fact they have managed to hold fort despite the pandemic. For the eighth consecutive time, the MPC has stuck to its accommodative stance and maintained a balanced policy with no change in repo or reverse repo rate. The Committee has derived comfort from the declining inflationary tendencies and have lowered the inflation forecast for FY22 from 5.7% earlier to 5.3% now. It seems their strategy going forward is a classic textbook one with liquidity management, the first check on their agenda, followed by a hike in reverse repo. The liquidity VRRR auction calendar till December is a welcome move which definitely gives further clarity on the liquidity tapering front. If the Fed’s stance in Nov goes as expected, then December could be the time the RBI finally begins to reduce the gap between the repo and reverse repo rates. In sum and substance, this time's policy didn’t throw any curveballs, hence was well received by the market," said Jimeet Modi, Founder and CEO Samco Group 

    11:58 (IST)08 Oct 2021
    RBI musters courage to continue monetary support

    "Emphasizing that 'we don't want to rock the boat as we approach the shores' RBI Governor Shaktikanda Das declared continuation of the accommodative monetary stance "as long as necessary." The logic for the continuation of the accommodative stance is that while growth is reviving, 'it is uneven and depends on continued monetary support.' The RBI has mustered the courage to continue with monetary support since it sees CPI inflation moderating to 5.3% for FY 22, down from the 5.7% projection in the previous policy announcement. Some initiatives to absorb the surplus liquidity in the system have been well received by the money market which has pushed up the 10-year yield to 6.3%. In brief, no hawkish message from the central bank: Policy will support growth; inflation will be under control," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    11:46 (IST)08 Oct 2021
    Titan, Tata Motors, IRCTC among 264 stocks to hit 52-week highs on BSE today; 6 stocks hit 52-week lows

    BSE Sensex and NSE Nifty 50 soared 0.80% on Friday, helped by global cues and RBI’s monetary policy decision to keep rates unchanged for the eighth consecutive time. Benchmark indices have added to yesterday’s gains and are now sitting close to all-time highs. On the 30-stock Sensex, Titan Company Ltd was the only stock to hit its 52-week high. The stock soared 2% on Friday to reach a high of Rs 2,429 per share. Its previous 52-week high was Rs 2,365 apiece. Titan has added to its yesterday’s massive 11% rally.

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    11:05 (IST)08 Oct 2021
    Bank Nifty showing bullish bias

    "Bank Nifty is showing bullish momentum post the policy but it has a critical supply zone in the 38000-38300 area and if it manages to take out this zone then we can expect a short-covering rally towards the 39000 level otherwise it may see selling pressure where 20-DMA of 37500 will be immediate support," said Santosh Meena, Head of Research, Swastika Investmart.

    10:41 (IST)08 Oct 2021
    Bank Nifty claims 38,000

    Bank Nifty crossed 38,000 on Friday as domestic markets cheered RBI's decision to maintain its accommodative stance while retaining the repo rate. 

    10:34 (IST)08 Oct 2021
    Nifty needs to close above 17,950

    "The markets have opened with a gap this morning too but we are still range-bound. The index needs to get past 17950 on a closing basis. Unless it is unable to do so, we will not break out on the upside with momentum. The next target would then be 18200. The support on the downside is at 17400," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    10:06 (IST)08 Oct 2021
    MPC keeps repo rates unchanged

    RBI Governor Shaktikanta Das today announced that the MPC has decided, unanimously, to maintain the status quo and keep repo rates unchanged at 4%.

    09:55 (IST)08 Oct 2021
    Nifty touches 17,900, Sensex above 60,000

    Sensex was above 60000 while Nifty breached 17900 as benchmark indices soared ahead of RBI's policy announcement.

    09:38 (IST)08 Oct 2021
    Sensex, Nifty trims gains, still in green

    Sensex and Nifty were down from highs but still comfortably in the green. Nifty was above 17,800 while Sensex was closing in on 59,900.

    09:33 (IST)08 Oct 2021
    Further upside likely if Nifty breaks 17,890

    The Nifty could immediately trade in a 1.50% range on either side from 17800 with a bias on the upside to rebound, weekly options data show. The range for the market based on the combined value of the 17800 call and put expiring on October 14 is 18050-17550. The bias, going by the open interest put call ratio of 1, is on the upside to range-bound,indicating traders have sold equal call and put options on the Nifty, expecting the market to move in the range of 18000-18600 and gobbling up the premiums received by selling calls and puts to the option buyers.

    In the coming session, the trading spot band is between 17730 and 17890,which means further upsides are likely once the immediate resistances of 17890 are taken out and weakness could emerge if the supports of 17730 are broken.

    ~ Raushan Kumar, Derivative Analyst

    09:28 (IST)08 Oct 2021
    Short covering in both Nifty and Bank Nifty

    "Short covering seen in both Nifty and Bank Nifty futures as the gap up opening (yesterday) took bears by surprise. Put writing seen at 17700 and 178-- strikes while calls witnessed buildup at 18000 strike price. Similar activity is seen in Bank Nifty options. Long buildup was seen in Realty, Textile and cement stocks," said Rahul Sharma, Director & Head - Research, JM Financial.

    09:23 (IST)08 Oct 2021
    Nifty support placed at 17600-17700

    Nifty Open Interest Put Call Ratio rose to 1.12 levels from 0.84 levels. Amongst the Nifty options (14-Oct Expiry), Put writing was seen at 17600-17700 levels, Indicating Nifty is likely to find support in the vicinity of 17600 - 17700 levels. On the higher side, immediate resistance is seen in the vicinity of 17900 - 18000 levels where we have seen Call writing.

    ~ ICICI Direct

    09:17 (IST)08 Oct 2021
    OPENING BELL

    Domestic benchmark indices began the day’s trade in the green. Broader markets mirrored the up-move while India VIX slipped.

    09:10 (IST)08 Oct 2021
    Buy any dip in Nifty

    "In the coming session, index is likely to open on a positive note tracking buoyant global cues. We expect Nifty to trade with a positive bias while sustaining above 17750. Hence, use intraday dips towards 17785-17815 for creating long position for target of 17897," said ICICI Direct.

    09:06 (IST)08 Oct 2021
    Nifty needs to break above 17,920

    Tata Consultancy Services will announce its Q2FY22 results today and we are quite optimistic that this result season is going to be good. On technical front, 17,920 level is a good resistance at the moment but any move above 17,920 can push Nifty to the level of 18,100. On the downside, 17,620 is a strong support for Nifty today.

    ~ Mohit Nigam, Head - PMS, Hem Securities

    09:05 (IST)08 Oct 2021
    Sensex, Nifty gain

    Sensex reclaimed 60,000 during the pre-open session on Friday while Nifty was comfortably above 17,900.

    08:50 (IST)08 Oct 2021
    More upside if Nifty crosses 17,855-17,885 zone

    "More upside is expected if Nifty crosses the 17,855-17,885 zone which has been a stiff resistance area. Above this, we can expect 17,945 and 18,000. Bank Nifty may see tables turn in favour of bulls above 38,100," said Rahul Sharma, Director & Head - Research, JM Financial. 

    08:43 (IST)08 Oct 2021
    Nifty set to open with gains

    "Nifty is expected to open positive at 17870, up by 40 points.  Since the last few trading sessions Nifty has been taking resistance in 17750-17900 range and support in 17580-17620 range. Traders can consider fresh buying with strict stoploss either on dips or when Nifty closes above 17950 levels," Gaurav Udani, CEO & Founder, ThincRedBlu Securities. 

    08:38 (IST)08 Oct 2021
    Petrol and diesel price Today: Fourth successive price hike sends fuel rates in Delhi, Mumbai to record highs

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Price of petrol and diesel were hiked by oil marketing companies for the fourth consecutive day on Thursday, taking fuel rates to record highs as crude oil prices jump. Petrol in the national capital today costs Rs 103.54 per litre, up 30 paise since yesterday while diesel in the capital city is retailing at Rs 92.12 per litre, an increase of 35 paise. Petrol and diesel rates have increased 6 times so far in October. 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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    08:07 (IST)08 Oct 2021
    Nifty needs to breach 17858 for further upside

    "Nifty formed a doji which is appearing within the high low range of the previous day. Hence this pattern does not have any predictive ability. A breach of Thursday's high i.e.17858 could lead to further upward move in the markets. 17641 happens to be the support for the Nifty in the near term," said Deepak Jasani, Head of Retail Research, HDFC Securities.

    08:02 (IST)08 Oct 2021
    SGX Nifty in green

    SGX Nifty was sitting in the green ahead of the day's trade. Nifty futures soaring higher hints at a positive start to the day's trade. 

    08:01 (IST)08 Oct 2021
    RBI Monetary Policy: MPC may keep repo rate unchanged for 8th straight meet; stance accommodative

    The Reserve Bank of India’s Monetary Policy Committee is expected to keep a status quo on key policy interest rates and accommodative stance in its upcoming policy review. The RBI will present its third bi-monthly monetary policy for FY22 on Friday, 8 October 2021. Since March 2020, RBI has reduced repo rates to a record low of 4 per cent through two rate cuts of 75 bps in March 2020 and 40 bps in May 2020. Since then, the RBI has refrained from taking any action on interest rates. This policy comes in the backdrop of a gradual improvement in the domestic economic conditions and increased pace of vaccination that is boosting consumer sentiments and confidence, analysts said.

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