Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bull run continued on Dalal Street as benchmark indices extended gains. While BSE Sensex ended over 650 points or 1.10% up at 60,395, Nifty50 reclaimed 18,000 and ended 196.80 points or 1.1% up at 18,009, led by the PSU Bank, IT, Auto, Capital Goods, Power stocks. All sectoral indices ended in the green with PSU Bank, IT, Auto, Capital Goods, Power, Bank, Realty indices up 1-3 percent. BSE midcap and smallcap indices were up 0.7-1 percent. UPL, Hero MotoCorp, Titan Company, SBI and Maruti Suzuki were the Nifty gainers. Meanwhile, Wipro, Nestle, Divis Labs, Asian Paints and Power Grid Corp were the laggards.
Shares of Reliance Industries remained in focus as Mukesh Ambani-led RIL announced late on January 8 that it had entered a pact to acquire New York-based premium luxury hotel the Mandarin Oriental. The acquisition is a part of RIL’s strategy to expand its consumer and hospitality footprint. “RIIHL (Reliance Industrial Investments and Holdings) would acquire the remaining 26.63 percent, based on the same valuation used for the acquisition of the indirect 73.37 percent stake,” RIL said in its regulatory filing. The pact to acquire New York-based premium luxury hotel the Mandarin Oriental is for an equity consideration of around $98.15 million.
Benchmark indices ended higher on Monday with Nifty reclaiming 18000, led by PSU Bank, IT, Auto, Capital Goods, Power stocks. At close, the Sensex was up 650.98 points or 1.09% at 60,395.63, while Nifty was up 190.60 points or 1.07% at 18,003.30. UPL, Hero MotoCorp, Titan Company, SBI and Maruti Suzuki were among the top Nifty gainers. On the other hand, Wipro, Nestle, Divis Labs, Asian Paints and Power Grid Corp.
“Indian markets opened on a positive note following mixed to marginally positive Asian market peers as investors await more U.S. inflation data. During the afternoon session markets were trading in fine fettle as sentiments’ were upbeat after three months of selling spree, foreign investors have turned net buyers in the first week of January by infusing Rs 3,202 crore in Indian equities. Additional support came as total employment generated by nine select sectors stood at 3.10 crore in the July-September 2021 quarter, which is 2 lakh more than that of the April-June period, according to a quarterly employment survey by the labour ministry. Traders also took solace as India has begun administering booster doses of the COVID-19 vaccine to frontline workers and vulnerable elderly people,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers.
Benchmark indices extended gains on Monday, and were trading near the day's high with Nifty inching towards 18000 level. The Sensex was up 646.25 points or 1.08% at 60,390.90, while the Nifty was up 192 points or 1.08% at 18004.70.
Shares of state-owned banks were selling after some media reports claimed that the government is mulling an increase in foreign investment limit in such lenders to 74 percent from current 20 percent. The move, if implemented, is likely to help government’s efforts to privatise some PSBs in the next fiscal year. Last year, the government had announced its intention to bring its stake in some state-owned banks to below 50 percent. The Nifty PSU Bank index rose 3.3% with Indian Overseas Bank, Bank of Baroda, and Central Bank of India leading gains.
Benchmark indices edged higher with steady gains backed by buying support in financials and select heavyweights like Infosys and ITC. Sensex is up 518.06 points 0.87% at 60,261.27, and the Nifty jumped 158.25 points or 0.89% at 17,970.95. Maruti, Infosys and Titan were the biggest per centage gainers among the Sensex 30 shares, up around 2.5 per cent each. Infy solely contributed one-third of the gains for the BSE benchmark. Kotak Bank, Mahindra & Mahindra, ITC, ICICI Bank, HDFC, SBI, Larsen & Toubro, Tech Mahindra and Axis Bank were the other top Sensex gainers.
Paytm (One 97 Communications) share price may extend its losses further and erase more than half of IPO investor’s wealth, said foreign brokerage firm Macquarie in a note. The brokerage firm has cut its target price for the fintech giant to merely Rs 900 per share, 25% lower from its previous target of Rs 1,200 and 58% below the public issue price of Rs 2,150 per share. Shares of Paytm have had an abysmal journey on Dalal Street so far since listing in November last year. The stock is down 45% from the IPO price. On Monday the scrip was down 4.76% to hit an intraday low of Rs 1,173 per share.
Oil marketing companies like IOCL, BPCL and HPCL are expected to report strong earnings growth in Q3FY22 led by a robust improvement in core GRM, sequentially higher marketing margin and overall volume recovery. Upstream PSUs would also benefit from higher oil & gas realisations and are likely to post strong EBITDA. However, margin of CGDs to remain under pressure on higher spot LNG price and rise in share of LNG in the gas sourcing mix. Reliance Industries’ (RIL) earnings expected to grow by 10% QoQ led by strong recovery in GRMs, 4.5% QoQ rise in ARPUs and a solid recovery in retail business, said Sharekhan.
After the sharp rebound, the Nifty now trades at a 12-month forward P/E of 21x, ~9% above its historical average of 19.2x. Given the rich valuations, the corporate earnings delivery therefore becomes even more crucial. We remain optimistic and expect Nifty to deliver around 12-15% returns in 2022, supported by continuation of economic recovery and strong earnings growth, said Motilal Oswal Financial Services Ltd.
The key technical indicators are positively poised on short-term timeframe chart, while near-term indicators turned neutral. Fresh market participation increased, while overall market breadth remained positive. Though overall set-up is bullish, near-term volatility cannot be ruled. On the higher side, the index will continue to face hurdle around 18,000-level. However 17,600-17,500 zone will act as a strong support zone, said Reliance Securities.
TCS share price soared over 3 per cent to Rs 3,979.90 apiece on BSE on Monday, after the company informed that its board of directors will consider a proposal for buyback of equity shares at its meeting to be held on January 12. This will be the fourth buyback by the company in at least six years. The last buyback of the company, worth Rs 16,000 crore, had opened on December 18, 2020, and closed on January 1, 2021. Over 5.33 crore equity shares were bought back under the offer for Rs 3,000 apiece.
Pine Labs Pvt, an Asian digital payments provider backed by Sequoia India and Mastercard Inc., is moving ahead with preparations for a U.S. listing and seeks to raise about $500 million. The company has filed confidentially with the U.S. Securities and Exchange Commission for an initial public offering in New York as soon as in the first half of this year. The listing could give Pine Labs a valuation of about $5.5 billion to $7 billion.
Benchmark indices erased some of the intraday gains by noon but were still trading higher with Nifty around 17950. The Sensex was up 471.31 points or 0.79% at 60,215, and the Nifty was up 140 points or 0.79% at 17,953.05.
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Currently, gold prices are trading near a 2-month low. Gold prices are almost Rs 9000/10 gm down from their peak witnessed in 2020. The weakness is mainly due to the minutes of the US Fed that indicated a faster rate hike and also a reduction in bond buying than earlier estimated. Going forward, the pace at which the global central banks will unwind their monetary position, movement of the US dollar will guide gold prices in the year 2022, said Nish Bhatt, Founder & CEO, Millwood Kane International.
Bank Nifty index has continued its stellar performance, rising 0.65% on Monday morning. The index was hovering around 38,000 mark.
Radhakishan Damani's Avenue Supermarts (DMart) slipped more than 1% on Monday morning to hit an intraday low of Rs 4,650 per share as investors reacted to the company’s quarterly results. The hypermart chain reported a 23.62% on-year rise in net profit during the October-December quarter, however, margins were lower due to mix deterioration. Analysts have mixed views on DMart share price after its quarterly results. While some advice selling the stock, predicting a fall in share price, others remain confident of the long-term growth story and suggest accumulating the stock.
Shares of Tata Consultancy Services Ltd (TCS) on Monday jumped nearly 3.5% after the company said its board will consider buyback of shares (fourth buyback) on Wednesday (12 January). TCS stock touched a high of Rs 3979.90 on BSE, up 3.47% from its previous close. At 10:30 am, the scrip was trading at Rs 3897.75, up 1.11% from its previous close. In earlier three buybacks, Tata Sons was the biggest beneficiary.
Benchmark indices extended the early gains, and were trading higher with Nifty around 17970 at 11:00. The Sensex was up 552.02 points or 0.92% at 60296.67, and the Nifty was up 158.95 points or 0.89% at 17971.65. Bank Nifty was up 431.75 points or 1.14% up at 38,171.35.
“17950 is a stiff resistance for the Nifty and if we can close above this level, the index can go up to 18500. The overall market trend is positive and intraday corrections can be utilized to accumulate long positions. 17700 is the revised support for this week,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Shares of Reliance Industries gained nearly 1% in early trade as the Mukesh Ambani-led oil-to-telecom giant announced the acquisition of New York's premium luxury hotel Mandarin Oriental for $98.15 million. Set up in 2003, Mandarin Oriental New York is a luxury hotel located at 80 Columbus Circle, directly adjacent to the Central Park and Columbus Circle. RIL’s scrip rose to a high of Rs 2,457 against previous close of Rs 2,436.
Gold prices are still holding the strong support range of $1780 per ounce while capping upside at $1830 per ounce on mixed global cues on virus worries and FED speculation. Silver prices may eye for support at $21.40 per ounce with weaker base metals. The precious metals may add a risk premium on geopolitical factors and rising energy costs in Europe.
The rupee is expected to depreciate on muted Asian market and elevated crude oil prices. Further, the market expects the US Federal Reserve to remain intact on its path of monetary tightening as recent economic data was seen supportive. US$INR (January) is expected to trade in a range of 74.30-74.60
RBL Bank and Google on Monday announced a strategic collaboration to fuel the private lender's customer experience strategy and expand its value proposition to serve its customer base through its digital platform, Abacus 2.0. This collaboration will enable better customer data management, and analytics, enabling effective cross-selling within the Bank’s large customer base and subsequently reducing the cost of customer acquisition, significantly, the company said in its release. RBL Bank stock was trading at Rs 136.10, up 0.85 percent on the BSE.
Sensex regained 60,100 levels on Monday's opening bell while the Nifty 50 index was above 17,900. Both the headline indices soared close to 0.70% during the initial minutes of trade.
Markets cheered the New Year as equity benchmarks logged the best week in four months to start 2022 led the rally with the Nifty Bank, NBFC, and Nifty PSU Bank. Strong quarterly earning updates by corporates, hopes of good quarterly results, and FIIs switching to net buyers are some signs that are pumping in optimism into the market. Sensex added 1491 points or 2.5% to close at 59,744 while the NSE Nifty 50 index closed 351 points or 2% higher at 17,812.
The benchmark indices were positive in the pre-open session on Monday. Sensex climbed 600 points to 60,157, while Nifty50 topped 17,800. At 09:13 IST, the Sensex was up 325.74.54 points or 0.49% at 60070.39, and the Nifty was up 66.8 points or 0.38% at 17812.70.
Benchmark Indices are expected to open on flat note as suggested by trends on SGX Nifty. Both European and US markets closed in red. Asian markets are giving mixed cues. The market is likely to be in consolidation zone in this week after a good rally from December lows. Investor sentiments remains strong but the rapid rise in covid cases followed by increasing speculations regarding US interest rate hikes has created uncertainty regarding the sustainability of markets at current levels. Good Q3 results from market leaders and strong sentiment regarding the forthcoming budget can act as good triggers for the market, said Mohit Nigam, Head – PMS, Hem Securities.
The total number of outstanding open interest (OI) of Nifty stood at nearly 115 lakh contracts on Friday compared to 111 lakh contracts a week ago. The increase in OI along with a weekly gain indicate long build-up on Nifty future. For the coming session, the trading spot band is between 17670 and 17930,which means further upsides are likely once the immediate resistances of 17930 are taken out and weakness could emerge if the supports of 17670 are broken.
~ Raushan Kumar, Derivative Analyst, IIFL Securities
On the technical front, Nifty has been trading with higher high & higher low formation on a weekly chart as well as formed open marubozu candlestick which suggests an upside rally in the counter. On a four hourly chart index has formed a hammer kind of candlestick pattern which adds bullish momentum for upcoming sessions. Moreover, the index has been trading above 21&50-HMA which suggests strength in the counter. However, A momentum indicator MACD trading with a positive crossover on the daily time-frame, said Palak Kothari, Research Associate, Choice Broking.
We have again witnessed a sharp trend reversal rally in the benchmark index from 16410.20 levels to 17944 levels with a return of 9 percent in just eleven trading days. Previously on a couple of occasions, we have seen the same sharp ‘V’ shape reversal rally in the index and post that prices have registered a new lifetime high. The Nifty 50 on the daily chart has given a falling wedge pattern breakout and prices have successfully closed above its trend line support. The previous week's prices were under a bit of pressure and were trading below its 21 & 50-day exponential moving average but a strong breakout in the current week has forced the prices to close above the said averages on the daily time frame.
Nifty formed a decisive green candle on the weekly charts and closed the week at highest level since 15 November. Bank Nifty was even better as it rallied more than 2,000 points in a single week. IT stocks witnessed short buildup in last week, while Oil & Gas witnessed longs. Nifty supports are placed at 17,650 and 17,705. Resistance is placed at 17,950 and 18,000. Expect Nifty to open higher today but sustenance at higher levels may be questionable. We should continue to be rangebound, said Rahul Sharma, Director & Head – Research, JM Financial Services Ltd.
“Nifty finds support around 17450 while 18100 will act as resistance. Bank Nifty finds support around 36850 while 37850 will act as resistance on the upside,” said IIFL Securities.
Last week was tremendous for the bulls as Nifty started rallying right from the word go on the first day of the New Year. The index kept the momentum intact throughout the week and is now very close to the 18000 mark again. Post completing the recent corrective phase, the markets have resumed its broader degree uptrend and in just three weeks, the index is back to almost 18000. The short term trend continues to be positive. This week, we could see Nifty testing 18000-18050 which would be the immediate short term hurdle to watch for, said Ruchit Jain, Lead Research, 5paisa.com.
Domestic equity markets have started the new year on a strong footing, gaining nearly 2% each. S&P BSE Sensex closed the last week at 59,744 while NSE Nifty 50 settled at 17,812. Bank Nifty zoomed ahead. This week will mark the beginning of the earnings season for Dalal Street heavyweights with the IT behemoths gearing up to unveil their quarterly performance. Investors will also closely watch inflation figures not just for India but the United States as well. Analysts expect volatility to remain on the higher side and hence suggest a positive yet cautious view.
Nifty logged the best week in 4 months rising 2.6%. Nifty on daily charts however has formed a long legged doji with slightly upward bias. Volume pickup and positive advance decline ratio portend well for the near term. 17944-17655 could be the range for the Nifty in the near term, according to Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty on the weekly chart formed a long bull candle as per week's close and registered gains for third consecutive weeks. The present weekly market action indicate a negation of bearish weekly pattern of lower highs and lower lows. This is positive indication. The underlying short term trend of Nifty remains positive with high volatility. The uptrend strength remains intact and we are unlikely to see any sharp trended decline from here. Any weakness from here could be a buying opportunity around the crucial support of 17600 levels and we expect further upside from the lower levels. Immediate resistance is placed at 17900. – Nagaraj Shetti, Technical Research Analyst, HDFC Securities.