Share Market Highlights: Sensex ends 254 pts lower, Nifty closes just above 17700; finance stocks drag

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Updated: September 29, 2021 4:30:35 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices closed with losses on Wednesday. Midcap and smallcap indices outperformed.

Share Market Today, Share Market LiveIndia VIX closed with gains.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 closed with losses on Wednesday, a day ahead of the monthly futures and options expiry. S&P BSE Sensex recovered from intra-day lows and closed 254 points or 0.43% lower at 59,4113. NSE Nifty 50 turned positive during the day but failed to hold gains and closed 37 points or .21% lower at 17,711 points. Bank Nifty ended 0.53% lower as private bank stocks traded with losses. Midcap and smallcap indices outperformed the benchmark, closing with gains. India VIX was 1.62% higher at the end of the day’s trade. NTPC was up 6% as the top Sensex gainer, followed by PowerGrid, Sun Pharma, and SBI. HDFC, Ultratech Cement, and Asian Paints were the worst performing Sensex constituents.

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Highlights

    16:29 (IST)29 Sep 2021
    Sensex, Nifty end in red after recovering from lows; may remain range-bound on F&O expiry tomorrow

    Domestic equity markets continued to remain volatile for the second day in a row on Wednesday, ending with losses. S&P BSE Sensex recovered from intra-day lows and closed 254 points or 0.43% lower at 59,4113. NSE Nifty 50 turned positive during the day but failed to hold gains and closed 37 points or .21% lower at 17,711 points. Midcap and smallcap indices closed with gains while private bank stocks were among the top laggards. For the monthly expiry session, analysts believe Dalal Street could remain range-bound. However, technical analysts believe bulls could still come back into action if support in the range of 17500-17600 is respected.

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    15:32 (IST)29 Sep 2021
    CLOSING BELL

    Domestic benchmark indices closed with losses on Wednesday. Midcap and smallcap indices outperformed. Bank Nifty ended closed 0.53% lower. 

    15:25 (IST)29 Sep 2021
    India VIX jumps

    India VIX regained momentum and soared higher with minutes left before the closing bell. India VIX was up 1% at 18.74.

    15:19 (IST)29 Sep 2021
    Nifty gives up 17700

    Nifty gave up 17700 with minutes left before the closing bell. The benchmark index fell during the final minutes of trade after having turned positive earlier. 

    15:17 (IST)29 Sep 2021
    Worst performing Sensex stocks

    HDFC was down 2.15% as the worst-performing Sensex constituent on Wednesday. Asian Paints, Kotak Mahindra Bank, Ultratech Cement, HUL, and HDFC Bank were the other laggards.

    15:12 (IST)29 Sep 2021
    Housing sales surge 113% in top 7 cities even as prices rise

    Housing sales surged by 113% y-o-y in the top seven cities from approx 29,520 units in Q3 2020 to nearly 62,800 units in Q3 2021, according to a report by ANAROCK. Most sales (33%) was recorded in the Mumbai Metropolitan Region (MMR) followed by NCR (16%). Compared to Q3 2020, average property prices rose 3% y-o-y in Q3 2021 in the top seven cities due to increased development input costs – to Rs 5,760 per sqft in Q3 2021 from Rs 5,600 per sqft in Q3 2020. Bengaluru witnessed a 4% annual rise to Rs 5,150 per sqft from Rs 4975 per sqft in the same period last year.

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    15:08 (IST)29 Sep 2021
    Nifty just above 17700

    Nifty was just above 17700 as the benchmark indices gave up intra-day gains and moved into the red just ahead of the closing bell. 

    14:58 (IST)29 Sep 2021
    Nifty back in red

    Nifty slipped into the red again with half an hour left before the closing bell, however, the index was still holding 17700. Sensex was down 100 points. 

    14:51 (IST)29 Sep 2021
    Sectoral watch

    Nifty Auto, Nifty IT, Nifty Media, Nifty Metal, Nifty Pharma, Nifty PSU Bank, and Nifty Realty index were trading with gains on Wednesday, while other sectoral indices were down in the red. 

    14:37 (IST)29 Sep 2021
    Broader markets outperform

    Broader markets were outperforming the benchmark Nifty 50 on Wednesday. Smallcap and Midcap indices were comfortably in the green while Nifty 50 was trading flat with a positive bias. 

    14:26 (IST)29 Sep 2021
    Remain cautious

    “The market is facing downward pressure given the negative global cues. We had turned cautious after the indices moved up quite a bit recently with Sensex touching a high of 60,000. While the domestic story of economic recovery and reducing risks on the COVID-19 front remains intact, the unfolding debt crisis at China Evergrande Group and impending start of tapering by US Fed, have resulted in an unfavourable risk-reward scenario. Also, the valuations of Indian stocks have increased significantly with the P/E ratio of Nifty 50 Index crossing 27x, which is another critical factor to remain cautious in the markets right now," said Mohit Ralhan, Managing Partner & Chief Investment Officer of TIW Private Equity. 

    14:23 (IST)29 Sep 2021
    Bulls back in action?

    Sensex and Nifty resurfaced from their lows on Wednesday as Dalal Street neared its final hour of trade for the day. Sensex was down nearly 50 points while Nifty was positive, above 17760.

    14:21 (IST)29 Sep 2021
    Nifty turns positive

    Nifty touched 17750 on Wednesday, turning positive as benchmark indices trimmed losses. Sensex was still down 90 points. 

    14:18 (IST)29 Sep 2021
    Bank Nifty in red

    Bank Nifty was down 0.31% on Wednesday, sitting around 37,800 mark. Index heavyweights such as HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank were down in the red.

    14:13 (IST)29 Sep 2021
    Sensex, Nifty trim losses

    Sensex was down 215 points with less than an hour left before the closing bell. Nifty was above 17700.

    14:10 (IST)29 Sep 2021
    Aditya Birla Sun Life AMC IPI subscription update

    Aditya Birla Sun Life AMC IPO has been subscribed 0.35 times so far on the first day of sale. Retail investors have bid for 70% of the portion reserved for them. 

    14:04 (IST)29 Sep 2021
    SEBI bans Infosys employee from stock markets on insider trading charges, impounds Rs 2.6 crore

    Capital markets regulator SEBI (Securities and Exchange Board of India) has banned an Infosys employee along with an employee of Wipro, on charges of insider trading in the Infosys scrip. In the order earlier this week, SEBI noted that Ramit Chaudhri, Solution Design Head at Infosys and Keyur Maniar of Wipro earned Rs 2.6 crore from insider trading in the Infosys stock after the company announced a strategic partnership with Vanguard in July last year. Between July 10 and July 31 last year, Infosys share price soared nearly 20% higher.

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    13:26 (IST)29 Sep 2021
    Nifty regains 17700

    Nifty 50 regained 17,700 mark on Wednesday as the benchmark index trimmed losses. Sensex was down 250 points.

    13:08 (IST)29 Sep 2021
    India VIX soars

    India VIX, the volatility gauge of domestic stock markets, soared 2.37% to sit at 18.98 levels on Wednesday. The fear gauge has zoomed 19% in the last five trading sessions.

    12:53 (IST)29 Sep 2021
    Midcaps, Smallcaps outperform

    Nifty Midcap 50 index was up 1.14% on Wednesday afternoon while the Benchmark Nifty 50 was down with losses. Nifty Smallcap 100 was up 0.25%. 

    12:38 (IST)29 Sep 2021
    Aditya Birla Sun Life AMC IPO opens, check grey market premium; should you invest?

    Aditya Birla Sun Life AMC’s Rs 2,768-crore IPO has opened for subscription on Wednesday, 29 September 2021, at a price band of Rs 695-712 per share. So far on the first day of the bidding, the issue received 16 per cent applications. The issue will remain open for subscription till Friday this week. In the primary market, the shares of Aditya Birla Sun Life AMC were trading at a premium of Rs 25 per share over the issue price. This has fallen by half from a premium of Rs 50 per share at the end of last week in the unlisted space. Upon listing, Aditya Birla Sun Life AMC could join the listed industry peers such as HDFC Asset Management Company, Nippon Life India Asset Management and UTI Asset Management Company.

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    12:29 (IST)29 Sep 2021
    Infosys, TCS may gain over 20% each, says Goldman Sachs; cloud adoption, rising tech spend to aid growth

    In the aftermath of the Covid-19 pandemic, there has been a surge in cloud adoption fueling demand for IT service providers. With the prospects of higher revenue growth in mind, Goldman Sachs has reiterated its buy call for Infosys and TCS while downgrading Mindtree to sell. The rise in demand has benefited Indian IT companies so far and is likely to continue going forward, analysts said. “Looking at Gartner’s cloud forecasts pre and post-COVID, we see that Infrastructure-As-A-Service (IaaS) forecasts have been revised upwards to the tune of 33%, 30%, 39% and 48% respectively for 2021, 2022, 2023 and 2024, pointing to an acceleration of migration to cloud across industry verticals and geographies,” they added. 

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    12:16 (IST)29 Sep 2021
    Buy Federal Bank ~ Angel one

    Federal bank is one of India’s largest old generation private sector banks with total assets of Rs. 1.9 lakh cr. with deposits of Rs. 1.56 lakh cr. and a loan book of Rs.  1.2 lakh cr in F21. NPA’s have remained steady for the bank over the past few years with GNPA for Q3FY21 at 3.38% while NNPA ratio stood at 1.14%. PCR at the end of Q3FY21 stood at ~67% which we believe is adequate. Restructuring book is expected to be at Rs. 1,500-1,600 crore out of which Rs. 1,067 crore has already been restructured. This is  against earlier expectations of total restructuring of Rs. 3,000-3,500 crore

    Target price - Rs 110 per share | Upside - 36%

    ~ Angel One

    11:30 (IST)29 Sep 2021
    Long positions should be kept with stop loss below 17600

    Despite the sharp up move, the volatility index has remained high and ended the (previous) week near 17%. While closure among Call writers can be attributed to the up move seen in the volatility index, it has not subsided in line with the global markets suggesting caution at higher levels. Hence, long positions should be kept with stop loss below the major Put base of 17600

    ~ ICICI Direct

    10:40 (IST)29 Sep 2021
    Nifty, Bank Nifty adjustment today; RIL, HDFC Bank stocks to see fund outflows, SBI, HDFC Life to get inflows

    State Bank of India, Axis Bank, and HDFC Life Insurance are likely to witness the highest inflows today among Nifty and Bank Nifty constituents as the indices adjusted owing to the quarterly recapping and rebalancing done by NSE. According to Edelweiss Alternative Research, the weightage of State Bank of India, Axis Bank, IDFC First Bank, and ICICI Bank will be increased in the banking index while heavyweight HDFC Bank could see a reduction in weightage. There will be no addition or exclusion from the indices. Stock indices are rebalanced semi-annually and quarterly based on the performance of the constituents and other eligible listed stocks. Adjustments made today will come into effect from tomorrow.

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    10:38 (IST)29 Sep 2021
    Gold Price Today, 29 September 2021: Gold nears 7-week low; likely to trade in Rs 45700-46200 range

    Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat with some positive bias on Wednesday, as global rates languished near a seven-week low. On Multi Commodity Exchange, gold December futures were trading Rs 19 up at Rs 45,959 per 10 gram, as against the previous close of Rs 45,956. Silver December futures were trading Rs 112 down at Rs 60,351 per kg. Globally, yellow metal was pressured by a rise in the dollar and US Treasury yields on growing expectations of an earlier-than-anticipated interest rate liftoff. Spot gold was flat at $1,735.17 per ounce. On Tuesday prices fell to their lowest level since Aug. 11 to $1,726.19. US gold futures were little changed at $1,735.90, according to Reuters.

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    10:21 (IST)29 Sep 2021
    If Nifty gets past 17950, it will go up to 18050

    The index is facing resistance at higher levels and is unable to break lower levels. This is a trading opportunity in the making! If we get past 17950, the Nifty will scale up higher to 18050. If we break 17500 on a closing basis, we could see a correction that could take us closer to 17200. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:09 (IST)29 Sep 2021
    NTPC share price jumps 4%

    NTPC was the top Sensex gainer, rising nearly 4 per cent in the morning deals

    09:53 (IST)29 Sep 2021
    17,600 nearest support for Nifty 50

    'On domestic front, stock specific news shall drive momentum on select counters. Promoter of HDFC AMC plans to offer 1.06 percent of its holding at a price of Rs 2,870 apiece, Lupin launches a new medicine in US, NCLT allows Future group to hold meetings of shareholders and creditors for scheme of arrangement with RIL, Bharti Airtel’s long-term rating has been upgraded to AA /Stable from AA/Stable, Allcargo Logistics appoints Jefferies as investment banker to evaluate fund raising opportunities. On technical front, 17,600 could be seen as the nearest support for Nifty50 while near term resistance could be seen around 18,000 levels,' said Mohit Nigam, Head - PMS, Hem Securities.

    09:45 (IST)29 Sep 2021
    Sensex, Nifty likely to remain in sync with weaker Asian peers

    On the domestic front, equity indices are likely to remain in sync with their weaker Asian peers, following an overnight tumble on Wall Street. Nikkei, Topix, and Kospi are down by more than 1.8% in the early Asian market today. The sentiment can be seen moving towards risk-off mode and could be supportive for the dollar bulls. The hawkish comments from the Fed members and rising crude oil prices continued to support the US 10 year yield to jump above 1.55% and hence real rates too rose to the highest level since the June Fed meeting. The flow stories are likely to remain with us as month-end MSCI rebalancing and Aditya Birla IPO, Bank of India bond sale, HDFC borrowing through secured NCD could invite flows in the market. It would be interesting to watch how things for the USDINR pair unfold in the near term. The pair has given the breakout from its immediate resistance levels and is now expected to steadily move higher towards the 74.50 mark. If that is taken out then July high near 75 could be targeted. On the contrary front, the 73.90-74.10 zone is likely to act as a key support level. Amit Pabari, managing director, CR Forex Advisors

    09:32 (IST)29 Sep 2021
    Bank Nifty falls 1.3%

    Nifty Bank index fell 1.3 per cent to 37,450. Nifty Auto, Nifty Financial Services indices fell up to 1.4 per cent

    09:28 (IST)29 Sep 2021
    Power Grid, HUL, HCL Tech, Sun Pharma top Sensex gainers

    Power Grid Corporation of India, Hindustan Unilever Ltd (HUL), HCL Tech, Sun Pharma, Tata Consultancy Services (TCS) were top BSE Sensex gainers

    09:25 (IST)29 Sep 2021
    ICICI Bank, HDFC Bank, Bajaj Auto top Sensex losers

    ICICI Bank, HDFC Bank, Bajaj-Auto, IndusInd Bank, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC) were top BSE Sensex laggards

    09:22 (IST)29 Sep 2021
    Sensex, Nifty join global bout of correction

    BSE Sensex fell 338 points to 59329, while Nifty 50 index plunged over 100 points to trade at 17630 on Wednesday

    09:10 (IST)29 Sep 2021
    Stocks to buy: Nifty resistance at 17800-17850; charts show Sun Pharma, Britannia, others may rally

    Before expiration, we should focus on 10 days SMA and 20 days SMA. On Wednesday, if the market falls below 20 days SMA, which is around 17500, we should be a contra buyer for a short period. On the higher side of the view, there will be major resistance levels for the 17800 and 17850 Nifty. Till the market is not crossing 17950, traders should reduce weak long positions at resistance levels. The Pharmaceutical stocks should do well in the medium term.

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    09:09 (IST)29 Sep 2021
    Sensex falls to 59,100, Nifty at 17,600 in pre-open

    BSE Sensex tumbled 600 points to 59100, while the Nifty 50 index plunged 140 points to trade at 17600 in pre-open on Wednesday

    08:48 (IST)29 Sep 2021
    Bharti Airtel, SAIL, Madras Fertilizers, Adani Gas, RIL, National Fertilizers, Future group stocks in focus

    Nifty futures tumbled 84 points or 0.47 per cent to 17640.50 on Singaporean Exchange, hinting at a heavy sell-off in BSE Sensex and Nifty 50. Technical analysts say daily charts show that the key support level for the Nifty is 17,580. It managed to close above its 15-day exponential moving average of around 17, 541 on the daily chart which will act as strong support followed by 17,510. 

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    08:28 (IST)29 Sep 2021
    Petrol and diesel price today September 29: Fuel rates unchanged today; Check price in Delhi, Mumbai here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol were left unchanged on Wednesday by oil marketing companies, a day after increasing the rate of both the fuels. Petrol in the national capital today costs Rs 101.39 per litre, while diesel in the capital city is retailing at Rs 89.57 per litre. Diesel price has been increased by nearly 70 paise in the preceding five days. 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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    08:24 (IST)29 Sep 2021
    Benchmark yield rises for three straight days on global cues

    Yields on benchmark bonds have risen almost 9 basis points in the last three days, tracking a sharp rise in US Treasury yields after the Federal Reserve indicated sooner-than-expected tapering of its bond purchases, and with crude oil prices hitting $80/barrel. On Tuesday, the benchmark 6.10%-2031 bond yield ended at 6.2281%, as against the 6.2087% close on the previous trading session. The yield on the benchmark bond on September 23 was hovering around 6.1397%.

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    08:19 (IST)29 Sep 2021
    Asian stocks fall, follow Wall Street losses

    Asian stock markets were trading lower, mirroring an overnight tumble on Wall Street. Japan’s Nikkei slipped 2.41 per cent while the Topix index dropped 2.5 per cent. South Korea’s Kospi declined 1.85 per cent.

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