Share Market HIGHLIGHTS: Sensex tanks 373 pts, below 59700, Nifty below 17800 on F&O expiry day; Paytm falls 27%

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Updated: November 18, 2021 3:44:55 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic benchmark indices Sensex and Nifty ended over half a per cent lower on Thursday

Share Market Today, Share Market LiveIn the losses were Mahindra & Mahindra, Tech Mahindra, HCL Technologies, Tata Steel and Maruti Suzuki India, among others. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices ended over half a per cent lower on Thursday, a day of weekly F&O expiry. Sensex tumbled 372 points or 0.62 per cent to end at 59,636 while NSE Nifty 50 lost 134 points or 0.75 per cent to settle at 17,765. Bank Nifty fell 0.17 per cent to finsih at 37,976. The broader markets underperformed the equity benchmarks on Thursday. India VIX was down 0.81 per cent to 14.86 levels. State Bank of India was the top Sensex gainer, up over 1%, followed by Power Grid Corporation of India, HDFC Bank, Reliance Industries Ltd (RIL), and ICICI Bank. In the losses were Mahindra & Mahindra, Tech Mahindra, HCL Technologies, Tata Steel and Maruti Suzuki India, among others.

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Highlights

    15:37 (IST)18 Nov 2021
    Don’t buy Paytm shares despite 27% discount, say analysts; price correction fails to convince street

    Strong correction in Paytm shares has failed to convince analysts, who remain reluctant to advise investors to buy the fintech firm after the stock hit 20% lower circuit on listing day. Valuations are still considered expensive and the loss-making tag on the fintech giant is repelling analysts on Dalal Street. “I don’t think it is a good buy, I believe it was overpriced,” Sanjiv Bhasin, Director, IIFL Securities told Financial Express Online. One 97 Communications, the parent company of Paytm, tanked as much as 25% on initial day of trade, erasing large chunks of investor wealth within hours of trade. Paytm shares hit in intra-day low of 1,586 per share, down from the IPO price of Rs 2,150 apiece.

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    14:32 (IST)18 Nov 2021
    Sensex support at 58900-59300

    Our research suggests that if the 58900-59300 levels may act as an important support in the market. If the market sustained above 58900, we can expect it to trade in the range of 58900-60200. Likhita Chepa, Senior Research Analyst, Capitalvia Global Research

    14:12 (IST)18 Nov 2021
    Nifty resistance placed at 17900; Bank Nifty support at 37500

    At the current juncture, 17900 levels hold as a resistance for the benchmark index Nifty 50. The index may likely witness downside towards 17300 levels in broader range. Technically, the index is having supports around 17500 - 17300. Most of the sectors like Auto, IT, FMCG, Realty, Pharma, Banks, Metals, Infra, Media, Small Caps and Mid Caps are in downside territory. Derivative data suggest, Banknifty may find resistance around 38500 levels while on the lower side, the index may find support around 37500  and 37300 levels. The index may witness some more correction towards 37300. On technical setup, Nifty and Banknifty on the daily chart showing weakness in most of the momentum indicators like RSI, MACD, William, MAs and Stochastic. Ravi Singh, VP & Head of Research, Share India Securities

    13:09 (IST)18 Nov 2021
    Nifty support at 17600; Bank Nifty resistance at 40200

    Indian benchmark indices are trading on weaker note tracking cues from their global peers. Volatility has been high this week with India VIX currently trading at 15.40. Nifty has immediate support placed at 17,600 followed by 17,250. It has immediate resistance at 18,250 and 18,500. Bank Nifty has its support at 38,350 and resistance at 40,200. If Nifty closes below 17,600 today, one can expect correction until the level of 17,250. Also, fresh long positions should be avoided until Nifty gives a strong closing above 18,250. Likhita Chepa, Senior Research Analyst at CapitalVia Global Research

    13:01 (IST)18 Nov 2021
    Bank Nifty to remain bearish in near-term

    Bank Nifty extended its weakness and broken its important support of 38000, if Bank Nifty continues to trade below 38000 then it may fall further towards 37500-37200, on derivative side PUT (PE) writers unwind their positions from 38000 strike which indicates more weakness ahead. However, on the higher side, Bank Nifty may face resistance around the 38200-38400 range for any kind of pullback in near term basis. Bank Nifty is trading below its 20 Day and 50 Day SMA which indicates near term trend is bearish. Sell on rise should be the strategy until Bank Nifty is not able to cross and sustain above 38600 levels. Rajesh Palviya VP - Research (Head Technical n Derivative), Axis Securities

    12:58 (IST)18 Nov 2021
    Nifty resistance at 17800-17860

    Nifty extended its down move and slipped below its 50 Day SMA. Nifty is trading near to its crucial support level of 17700 any close below will attract more selling towards 17620-17500 in near term, however on the higher side 17800-17860 are likely to act as stiff resistance in near-term. Weekly strength indicators are in the negative zone which indicate sustained weakness in the market. As we have extended weekend and weekly expiry so participants are going light in the market and not taking aggressive bet in market. Rajesh Palviya VP - Research (Head Technical n Derivative), Axis Securities

    12:37 (IST)18 Nov 2021
    Runaway up move in Nifty unlikely as long as it is below 18150

    Nifty has finally broken down from a bearish Head & Shoulders formation. The breakdown has occurred with the Nifty violating the neckline and slipping below it. The neckline also coincided with the 50-DMA which stood at 17840. So, by slipping below and breaking down, the Nifty has dragged its resistance lower at 17850. However, despite this breakdown, the Nifty is presently oversold with Nifty PCR below 0.72 and this can invite a technical pullback. However, even if a pullback occurs, runaway up move in Nifty is unlikely so long as it is below 18150. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

    12:17 (IST)18 Nov 2021
    PM Modi to address meet on seamless credit flow

    Prime Minister Narendra Modi will be addressing the concluding session of the conference on 'Creating Synergies for Seamless Credit Flow and Economic Growth'. 

    12:06 (IST)18 Nov 2021
    Nifty's close below 17700 may take it to 17450

    High global inflationary environment, rising dollar & resurgence of high Covid cases in Europe and USA have led to a bearish trend in both Nifty and Nifty Bank. Technically, 17700 is very strong support for Nifty. A daily & weekly close below these levels could trigger a fall till 17450. Nifty Bank has strong support at 37723. Till Nifty Bank doesn't close above key resistance levels of 38635, the trend could remain sideways to bearish. AR Ramachandran, Co-founder & Trainer, Tips2Trades

    11:53 (IST)18 Nov 2021
    Sensex tanks over 500pts; Nifty below 17750

    BSE Sensex tumbled over 500 points to 59500, while the NSE Nifty was below 17750

    11:38 (IST)18 Nov 2021
    Paytm’s future growth a key to watch out for long term investors

    We advice the investors after looking the overall valuations and earlier losses of Paytm, to book their positions and wait for 1700-1600 levels for fresh investment. Retail investors may remain cautious as the overall market is in profit booking zone pushing maximum stocks in downside territory. Paytm’s future growth is a key to watch for long term investors. Ravi Singh, Head of Research & Vice President, Share India Securities

    11:36 (IST)18 Nov 2021
    Paytm tumbles over 23% on listing day; what should investors do now?

    Paytm's weak listing was incidental from the weak response received from the public as the retail portion was subscribed only 1.66 times & NII 0.24 times. Also, It's a loss-making company as it declared a net loss of 4230 cr, 2942 cr & 1701 cr, respectively, for FY19, FY 20 & FY21. Short-term investors might remain in this counter as we might see some pullback but we don`t expect any momentum in long-term so long-term investors may take the exit and wait for declines and to check the roadmap of development in the coming days before adding to the portfolios. Rahul Sharma, Co-Founder, Equity99

    11:32 (IST)18 Nov 2021
    Paytm stock tanks 23%; Zomato, Nykaa shares rise

    Paytm stock tumbled over 23 per cent on listing day, while other internet stocks such as Zomato, and Nykaa were up nearly 1%

    11:29 (IST)18 Nov 2021
    Gold Price Today, 18 Nov 2021: Gold prices fall, resistance at Rs 49500; may remain choppy in coming sessions

    Gold prices in India were trading in the negative territory on Thursday, even as yellow metal edged up globally. On Multi Commodity Exchange, gold December futures were trading Rs 71 or 0.14 per cent down at Rs 49221 per 10 gram. Silver December futures were ruling at Rs 66342 per kg, down Rs 283 or 0.42 per cent. 

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    10:55 (IST)18 Nov 2021
    Paytm stock may fall 44% from IPO price, says Macquarie, questions valuation; check target price

    International brokerage firm Macquarie has initiated coverage on Paytm stock with ‘underperform’ rating, and a target price of Rs 1,200 per share.

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    10:29 (IST)18 Nov 2021
    Nifty trades in 17600-18100 range

    The markets are in a definite range which is between 17600 and 18100. Even though this might be a wide range, the movements are volatile and traders should abstain from trading until we do not get past either levels. A breakout on the upside or a breakdown on the downside will result in a 400-500 point move. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:24 (IST)18 Nov 2021
    Sapphire Foods shares now up 14%

    Sapphire Foods India share price surged in trade, rising nearly 14% to Rs 1383.60 apiece on the debut day

    10:21 (IST)18 Nov 2021
    Aggressive investors can hold Paytm stock

    Aggressive investors who got the allotment can hold the stock with a long-term view however the investors who applied for listing gain can exit on the bounceback. New investors are advised to look for other opportunities where other new edge companies can perform much better than Paytm. We feel due to the brand the company sought high valuation and it might see a correction in the near term. Parth Nyati, Founder, Tradingo

    10:19 (IST)18 Nov 2021
    What should Paytm investors do now?

    I would suggest only aggressive investors hold this stock for the long term amid uncertainty where I believe Bajaj Finserv is a much better option to play on Fintech businesses because Bajaj Finserv has a proven track record with great comfort of valuations compared to Paytm. Those who played for listing gain should keep a stop loss below 1720 which is 20% lower than the issue price. Santosh Meena, Head of Research, Swastika Investmart

    10:17 (IST)18 Nov 2021
    Paytm shares make weak stock market debut

    Paytm debuted the secondary market on a weaker note as compared to our expectations of a flat listing. The company has a huge customer base with strong brand positioning and it has an early mover advantage in digital payment services however it is still a loss-making company and very aggressively priced therefore we saw a tepid response in terms of subscriptions. It is difficult to value such kind companies for time being but by the time market will understand the way to value such kinds of businesses where the market will focus on how fast it will become profitable and how well it will use its strength to explore new businesses like Credit card and Payment banking. Santosh Meena, Head of Research, Swastika Investmart

    10:09 (IST)18 Nov 2021
    Paytm listing disappoints investors; shares fall 16% from IPO price amid muted market sentiment

    Paytm shares began trading on the stock exchanges at a discount to the IPO price amid muted market sentiment. The shares of the fintech giant opened for trading at Rs 1,955 per share, down Rs 195 or 9.07% from the issue price of Rs 2,150 per share. Minutes into the trade, Paytm extended losses, falling more than 16% from the IPO price to trade around Rs 1,790 per share. Paytm’s Rs 18,300 crore IPO is the largest IPO ever to hit Dalal Street. The issue witnessed a mixed response from investors as institutional buyers and retail investors oversubscribed their portion while NIIs failed to fully subscribe their portion.

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    09:54 (IST)18 Nov 2021
    Sapphire Foods shares make strong stock market debut; KFC, Pizza Hut operator lists at 11% premium

    KFC and Pizza Hut operator Sapphire Foods India shares made a strong listing on the stock exchanges on Thursday, despite the overall weak market momentum. Shares of Sapphire Foods opened for trading at Rs 1,311 apiece, up 11.10% or Rs 131 per share from the issue price of Rs 1,180 per share. At the time of listing, the company had a market capitalisation of Rs 8,330.43 crore. The IPO (initial public offering) of Sapphire Foods was concluded earlier this month. During the three-day bidding process, Sapphire Foods India IPO was subscribed 6.62 times.

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    09:25 (IST)18 Nov 2021
    Support for Nifty at 17,800

    "On the technical front, Indian markets can witness this short-term trend to be range bound with a weak bias. Immediate support and resistance in the markets are 17,800 and 18,000 respectively," said Mohit Nigam, Head - PMS, Hem Securities.

    09:17 (IST)18 Nov 2021
    OPENING BELL

    Domestic markets started Thursday’s trading session flat amid weak global cues. India VIX was down 2.8% on the opening bell.

    09:05 (IST)18 Nov 2021
    Nifty set to open flat

    “Nifty is expected to open flat around yesterday’s close at 17900. Nifty has support at 17800 and 17650 levels and resistance in 18100-18200 zones.  Traders are suggested to avoid taking new long positions and maintaining strict stoploss in their existing long positions," Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

    09:01 (IST)18 Nov 2021
    Pre-Open

    Sensex regains 60,100 in pre-open session, rises more than 150 points while Nifty 50 was trading with losses, just shy of 17,900.

    08:45 (IST)18 Nov 2021
    Petrol and diesel price today November 18: Rates steady for 14th day; Check price in Delhi, Mumbai here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The prices of petrol and diesel have been left unchanged for two consecutive weeks now. Last reduction in fuel price came on Diwali as center and state governments decided to cut taxes. Petrol in the national capital today costs Rs 103.97 per litre, while diesel in the capital city was retailing at Rs 86.67 per litre. Rates were reduced as center government cut excise duty on fuel and state governments trimmed VAT. 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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    08:29 (IST)18 Nov 2021
    Sterlite Copper plant: Chronology of agitation, appeals, court rulings; 5 steps to tackle the situation

    Very much like the Sensex, the price of copper has seen a steady rise. Investors cheer when the index peaks. Nation sheds forex tears when a precious metal has to be sourced from overseas. Self-sufficiency to net importer, challenger to laggard, proud producer to frenzied buyer is the long and short of India’s copper story. Yes, we have smelters, of course we produce copper, but all this came a cropper when the biggest of them all shut shop, which some say is for ever while others hope for a revival.

    08:17 (IST)18 Nov 2021
    Buy these 2 shares for gains; Nifty in down-trend, may fall to 17613 if it breaks 17820-17798

    Over the last few weeks, the Nifty has been stuck in a range between the 50-day SMA and 20-day SMA. On the 15 min chart, we observe that Nifty is now in a short-term downtrend as evidenced by lower tops and lower bottoms made over the last 3 sessions. The 20 period MA also continues to trade below the 50 period MA, which is again a negative signal for very near term.

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    08:09 (IST)18 Nov 2021
    Nifty indicating near-term weakness

    "Nifty has breached the short term up trend line, indicating some more near-term weakness. 17999 is the resistance now for the Nifty while 17697-17757 is the support band. Volumes and advance decline ratio continue to disappoint," said Deepak Jasani, Head of Retail Research, HDFC Securities.

    08:04 (IST)18 Nov 2021
    Markets may remain under pressure

    Overall market is in consolidation mode as valuations are rich despite good quarterly performance. Overall 2QFY22 earnings came in above our expectations, led by a) cyclical sectors (such asO&G and Metals), b) improved asset quality in the BFSI sector, and c) strong topline growth in the Technology sector. The quarter brought to the fore two important trends: an improving demand environment and the impact of rising input costs on operating margins. However, global cues are keeping markets volatile – as inflation concerns have dominated headlines and the Fed also announced tapering by USD15b/month. We expect the long term fundamentals of the market to remain positive and hence advice investors to keep accumulating quality stocks on declines. In the near term however, market may remain under pressure until fresh positive triggers appears. 

    ~ Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

    08:04 (IST)18 Nov 2021
    SGX Nifty flat

    SGX Nifty was down 6 points ahead of the opening bell on Thursday. Nifty futures trading flat, hint at a tepid opening for domestic indices.

    08:03 (IST)18 Nov 2021
    Paytm IPO overpriced, stock may correct; muted listing expected, book gain or loss and exit | Interview

    Paytm stock is staring at a muted listing today after India’s largest IPO to date. Paytm’s Rs 18,300-crore public issue got a decent 1.89 times subscription, but grey market premium has vanished since then, amid concerns of overvaluation. At about 45x sales, and a market capitalisation of Rs 1.4 lakh crore, Paytm stock is not cheap, especially considering that the company has never turned a net profit, and is not likely to do so soon, hedge fund manager Anurag Singh, Founder, Ansid Capital Partners tells Financial Express Online’s Shaleen Agrawal. Anurag Singh advises IPO allottees to book listing gains, or losses, and exit the stock. Here are edited excerpts from the interview.

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    08:02 (IST)18 Nov 2021
    Paytm shares list today; analysts expect muted listing as grey market premium dries up, should you buy, sell?

    Paytm shares will list on the stock exchanges today in a few hours, marking a successful end to the largest IPO ever to enter Dalal Street. However, diminishing grey market premium and weak market sentiment over the last few days has led analysts to believe that Paytm stocks might list flat or at a marginal premium to the issue price of Rs 2,150 per share. Paytm, a fintech giant, backed by Ant Group, raised Rs 18,300 crore from the primary market which saw marquee investors such as BlackRock and Government of Singapore participate as anchor investors. The IPO was subscribed 1.89 times at the end of the three-day share sale.

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