Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears returned to Dalal Street as benchmark indices ended lower amid weak global cues with Nifty settling below 15450. Selling was seen across the sectors. The BSE Sensex closed 709.54 points or 1.35% lower at 51,822.53, and the Nifty shut shop 225.50 points or 1.44% down at 15,413.30. All the sectoral indices ended in the red with metal index down 5 per cent. The BSE midcap index fell 1.5 per cent and smallcap index shed 1 per cent. Hindalco Industries, UPL, Tata Steel, JSW Steel and Wipro were among the top Nifty losers. The gainers were BPCL, Hero MotoCorp, TCS, Maruti Suzuki and Power Grid Corporation.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 22 June 2022 Wednesday
Benchmark indices ended lower with selling seen across the sectors. The Sensex closed 709.54 points or 1.35% lower at 51,822.53, and the Nifty settled 225.50 points or 1.44% down at 15,413.30.
Shares of Star Health and Allied Insurance Company (Star Health) hit a record low of Rs 595, slipping 2.5 per cent on the BSE in Wednesday’s trade. The stock has fallen below its previous low of Rs 603 touched on March 16, 2022. Star Health had made its stock market debut on December 10, 2021. In the past one week, the share has underperformed the market by falling 14 per cent, as compared to a 1 per cent decline in the S&P BSE Sensex. With the recent fall, it has corrected 34 per cent from its issue price of Rs 900 per share and 37 per cent from its record high level of Rs 940 touched on the day of listing.
GAIL (India) plans to enter into distributed Liquefied Natural Gas (LNG) production with the vision to cater the demand from off-grid locations and transport sector.
NIFTY has a weak support around 15400 which looks like is going to be breached. There is selling from institutional investors at levels never seen before. Risks of recession, global headwinds and a weak rupee means institutional investors exiting the Indian markets in droves. We’ll mostly see the NIFTY breaching these support level and going towards 14000. Suman Bannerjee, CIO, Hedonova
Benchmark indices were trading lower in the final hour of the trading with Nifty below 15500. The Sensex was down 581.42 points or 1.11% at 51950.65, and the Nifty was down 186.90 points or 1.20% at 15451.90.
US futures down up to 2 per cent, indicating a gap-down start for Dow Jones, S&P 500 and Nasdaq later tonight.
Oil prices tumbled by more than $6 a barrel on Wednesday amid a push by U.S. President Joe Biden to cut fuel costs for drivers in the latest episode to aggravate relations between the White House and the U.S. oil industry. Biden expected to speak at 1800 GMT. Reuters
Sensex is down 708.57 points or 1.35% at 51823.50, and the Nifty shed 231 points or 1.48% at 15407.80.
The Indian rupee reached a new record low of 78.29 against the US dollar on Wednesday as persistent foreign fund outflow from the financial markets, risk aversion in global equities, elevated crude prices put pressure on the native currency. The fall comes amid selling in emerging market equities and currencies ahead of the US Fed Chair Jerome Powell’s testimony to US Congress later in the day. According to foreign exchange analysts, the local unit has also been hampered by heightened concerns over India’s inflation and current account deficit and elevated crude oil prices.
Brent oil breaking a crucial support line at $110 per bbl. It may see 10-12% correction from here. Positive for Paint companies & negative for upstream oil companies. Rahul Sharma, Head Technical & Derivatives Research, JM Financial
UK inflation at a 40 year high has led to weak European markets and fears of a global recession have thereby increased with possibly more rate hikes by the central banks of the world. Nifty has strong support at 15200. Daily close below this level could mean 14980 & even 14700 possible. Strong resistance will be at 15670. AR Ramachandran, Co-founder & Trainer, Tips2Trades
Tata Consultancy Services (TCS), Hindustan Unilever Ltd (HUL), and Maruti Suzuki India were the only gainers on S&P BSE Sensex
LIC stock price has seen an extremely disappointing trend post listing falling almost 30% from its IPO price. The current correction has priced in the concerns with the company like low VNB margins, losing market share to private players, high reliance on agency channels, etc. Further, the valuation of 0.8 Price to Embedded Value discounts any volatility or reduction in embedded value due to stock market correction. We believe India's highly underserved life insurance market is still in its infancy and is well-positioned to capitalize on the enormous growth potential. LIC has several competitive advantages, including a strong brand value, a massive network of agents, and an enviable distribution network. In short, these levels are the best to accumulate this stock for the long term. Punit Patni, Equity Research Analyst, Swastika Investmart
We are cautious on markets despite the recent market correction (Fed hikes: Implications for India 14 February 2022). In addition to globally tightening monetary conditions and a slowing economic outlook, including fears of a recession in the US, we see other risks: (1) likely earnings cut for Nifty in 2Q/3Q FY23 as effects of cheaper inventory buffers fade; (2) headwinds from higher crude likely sustaining; (3) Nifty valuation, though corrected, still appears vulnerable close to its 10-yr average. We maintain a cautious stance with defensive sectoral skew & a revised year-end Nifty target of 14.5k. Potential clarity on macro & monetary policy outlook in the US/India could lead markets to bottom by Aug/Sept 2022.
Indian benchmark indices were trading lower in the afternoon session with Nifty around 15400. The Sensex was down 677.90 points or 1.29% at 51854.17, and the Nifty was down 222.00 points or 1.42% at 15416.80.
UK inflation rose to a fresh four-decade high in May after broad increases in the cost of everything from fuel and electricity to food and beverages. The rate accelerated to 9.1%, from 9% a month earlier, the Office for National Statistics said Wednesday. (Bloomberg)
Asian stocks slipped across the board on Wednesday, failing to extend Wall Street's rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar. Reuters
Markets are mispricing the LIC stock, international research firm JP Morgan said in a report, after the counter witnessed a steep fall since listing. The brokerage firm initiated coverage on the stock with an overweight rating. The brokerage firm has pegged a target price of Rs 840 apiece, which is 30 per cent upside from today’s low. However, the target price is still far below the listing and issue price. Earlier this week, the insurance stock hit an all-time low of Rs 650, as against the IPO price of Rs 949 apiece. Read full story
Benchmark indices continued to trade lower with Nifty below 15500. The Sensex was down 516.77 points or 0.98% at 52015.30, and the Nifty was down 172.40 points or 1.10% at 15466.40.
Nifty Pharma Index fell 1 per cent dragged by Granules India, Biocon, Strides Pharma Science
Research house Jefferies has maintained buy rating on Reliance Industries with a target at Rs 2,950 per share, with likely earnings upgrade. The correction offers the opportunity, while there are tailwinds to refining margin in CY22. The company could deliver 60% sequential growth in O2C EBITDA in Q1FY23. Reliance Industries was quoting at Rs 2,537.75, down Rs 46.80, or 1.81 per cent on the BSE.
Shares of food delivery firm Zomato rallied 4 per cent to Rs 68.60 on the BSE, thus gaining 5.5 per cent in last two trading days after the company said its board will meet on Friday, June 24, to consider a proposed acquisition. “The meeting of the board of directors of the company is scheduled on June 24 to consider a potential acquisition transaction by the company, the consideration for the same may be discharged through issuance of equity shares on preferential basis,” Zomato said in an exchange filing on Tuesday after market hours.
The metal index was down over 3 percent dragged by NALCO, JSPL, Hindalco and SAIL.
BSE Midcap index shed 1 per cent dragged by the Jindal Steel, Sun TV Network, IDFC First Bank
BSE Sensex and NSE Nifty 50 plunged 1 per cent, each on Wednesday, one day ahead of weekly F&O expiry. Benchmarks indices snapped two-day gains tracking weakness in US futures. So far in the day, the 30-share index hit a day’s low of 51,880, while Nifty 50 fell to 15,427. On S&P BSE Sensex, out of 30 stocks, Axis Bank fell to a fresh 52-week low of Rs 621.20, falling from the previous low of Rs 622.05 apiece, touched earlier this week. While no stock made a new 52-week high on S&P BSE Sensex so far in the day. Read full story
Rakesh Jhunjhunwala portfolio stock Jubilant Ingrevia (JIL) has tanked 25% so far this year amid steep market correction. Despite the plunge in share price, analysts remain bullish on the stock and see up to 128% potential rally in the next 12 months. “We believe Jubilant Ingrevia is on the cusp of a transformation with specialty chemicals catalysing overall growth while commodity-led business would keep churning strong cash. At an attractive ~15x FY24E EPS, downside is protected in our view,” Edelweiss Securities said in its latest report. The brokerage firm retains buy rating on the stock with a target price of Rs 1,006, implying 128% potential rally going forward.
Upstox (a.k.a. RKSV Securities Pvt Ltd), announces its continued association with Tamil Nadu Premier League 2022 for the second year in a row as an Associate Sponsor. The Tamil Nadu Premier League will begin on 23 June 2022.
Delhivery has announced plans to expand its infrastructure in two key cities of Bhiwandi (Greater Mumbai) and Bangalore. Delhivery was quoting at Rs 502.10, down Rs 11.90, or 2.32 per cent on the BSE.
Vodafone Idea, SAIL, ONGC, Mangalore Refinery and Petrochemicals, IDFC First Bank, Trident, PNB among most active stocks on NSE
Biocon strongly denied the allegations of bribery against the company and its officials associated with the approval process of one of our products in India.
The board of directors of Matrimony.com approved the final buy back price of Rs 1, 150 per equity share and the aggregate amount of buy back up to Rs 750 million. The total number of shares to be bought back in the buy back shall be up to 6,52,173 equity shares representing 2.85 % of the total number of equity shares in the total paid up equity share capital of the Company.
Index heavyweights such as Reliance Industries Ltd (RIL), HDFC Bank, Housing Development Finance Corporation (HDFC), Larsen & Toubro (L&T), and Bajaj Finance, among others, contributed the most to the indices' fall
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Wednesday, in line with a fall in global markets. On Multi Commodity Exchange, gold August futures were trading Rs 150 or 0.3 per cent down at Rs 50,610 per 10 gram, as against the previous close of Rs 50,760. Silver July futures were ruling at Rs 60,480 per kg, down Rs 791 or 1.3 per cent on MCX. Globally, yellow metal prices eased as the dollar and Treasury yields firmed, but prices were range-bound as investors awaited fresh cues on top central banks’ monetary policy plans. Read full story
Astral has subscribed to Optionally Convertible Debentures of Rs 194 crore issued and allotted by Gem Paints. Further, the Company has appointed majority directors on the Board of Gem Paints Private Limited and Esha Paints Private Limited and control is established in terms of the aforesaid Debenture Subscription Agreement. Accordingly, Gem Paints Pvt Ltd and Esha Paints Pvt Ltd have become subsidiary and step down subsidiary of the company.
Tata Steel, NTPC, Wipro, Tech M, HCL Tech, IndusInd Bank, Titan and Reliance led losses on the Sensex. Dr Reddy's, HUL, and Asian Paints, meanwhile, were the handful of gainers.
Hindalco Industries, ONGC, Tata Steel, JSW Steel and Coal India were among major losers on the Nifty, while gainers were Dr Reddys Laboratories, Asian Paints, HUL, Bajaj Auto and HDFC.
Sensex falls over 350 points
Nifty 50 opens below 15,550 levels
“Even as US markets ended firm in overnight trades, weakness in most of the Asian indices could weigh on domestic benchmarks in early trades. On the other hand, Nifty’s technical charts suggest ‘Bullish Morning Star Candlestick Pattern’. Nifty’s make-or break support for the day is seen at 15453 and then good support at the recent low of 15181 mark. We suspect Bank Nifty too is aiming for a significant rebound with the biggest support seen at 32155 mark. Upside, however, may be capped on reports of fears that the global economy will slow dramatically amidst an aggressive tightening from major central banks across the globe to rein in record inflation that has rattled the sentiment.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
“Benchmark Indices are expected to open on negative note as suggested by trends on SGX Nifty. US stock markets ended 2% higher on Tuesday. Asian markets are trading on a mix note as investors are reacting to the bounce in the US market. Oil prices skidded in early trade on Wednesday amid a push by US President Joe Biden to bring down soaring fuel costs, including pressure on major US firms to help ease the pain for drivers during the country's peak summer demand. On the technical front 15400 and 15800 are immediate support and resistance in Nifty 50. For Bank Nifty 32700 and 33700 are immediate support and resistance respectively.”
Mobit Nigam, Head – PMS, Hem Securities
“Pull back rallies can be sharp and it was sharp yesterday. The important question is: will this continue? There is no economic news, except the softness in crude, to sustain the rally. There is no reason for FIIs to change their selling strategy since the dollar continues to be strong and US bond yields are attractive and expected to rise further. The large-caps which bounced back sharply yesterday are fundamentally strong stocks. Therefore, the best investment strategy now should be to buy these high-quality names in small quantities, on dips.”
~V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Rupee opened 6 paise weaker at record low of 78.13 against US dollar.
Benchmark indices are trading lower in the pre-opening session. At 09:02 IST, the Sensex was down 79.46 points or 0.15% at 52452.61, and the Nifty was down 169.60 points or 1.08% at 15469.20.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel continue to remain unchanged on Wednesday as OMCs kept prices steady for the thirty first day straight. Prices have remained undisturbed since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel earlier on 21 May 2022. Read full story
For the traders, the support for Nifty/Sensex has shifted to 15500/52000 from 15250/51300. As long as indices are trading above 15500/52000 the chances of hitting 15750/52900 would turn bright. Further upside may also continue, which could lift the index up to 15850/53200. On the flip side, below 15500/52000 uptrend would be vulnerable. Read full story
PVR, Inox Leisure: The multiplex operators said that they have received clearances for their merger from bourses NSE and BSE.
Future Retail: Future Retail (FRL), against which Bank of India has filed insolvency proceedings. Read full story
Asian stocks slipped in volatile trade on Wednesday, failing to extend Wall Street's rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar.
The Indian Rupee is expected to depreciate on Wednesday amid elevated crude prices. Investors’ focus will be on US Fed Chairman Jerome Powell’s appearance before the Senate; and CPI number from the UK. Over the near term, USDINR pair is likely to trade within a range of 77.80 and 78.40 with an upward bias. Snapping its three-day rising streak, the rupee declined against the US dollar in the previous session as persistent foreign fund outflows and a jump in crude oil prices weighed on investor sentiment. At the interbank foreign exchange market, the local unit opened at 78.00 and traded in a narrow range before it finally ended at 78.13, down 15 paise over its previous close.
“With no negative clues in the market, benchmark indices gained for the second straight day on Tuesday. Metal, state-owned banks and technology stocks witnessed bargain hunting after suffering heavy losses last week on fears that aggressive rate hikes. On daily charts, the Nifty has formed a promising bullish candle which supports a further uptrend from the current levels. However, the medium-term trend is still on the weak side. For the traders, the support has shifted to 15500 from 15250 on the Nifty (and from 51,300 to 52000 on BSE). As long as, the Nifty is trading above 15500. (BSE below 52000) the chances of hitting 15750 (BSE 52900) would turn bright. Further upside may also continue, which could lift the Nifty up to 15850 (BSE to 53200 level).”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
“A long bull candle was formed on the daily chart and the Nifty seems to have confirmed a short term bottom reversal at the swing low of 15183 levels. The formation couple of doji and high wave pattern at the lows of the last two sessions have finally resulted in a decisive reversal on Tuesday. This is positive indication. Nifty is currently facing a crucial overhead resistance around 15700-15800 levels (previous swing lows, as per the concept of change in polarity). Considering the significance of this value area (evident of long bear candle formation during recent downside breakout), there is a possibility of weakness emerging from the hurdle. However, any consolidation or minor weakness in the next few sessions at the resistance could hint possibility of sharp upside breakout of 15800 levels.”
~Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Markets extended rebound for the second consecutive session and gained nearly 2%, tracking firm global cues. After the upbeat start, the benchmark moved from strength to strength for most of the day however marginal selling in the last hour trimmed some gains. Consequently, the Nifty ended with gains of 1.9% at 15,638 levels. This move has certainly eased some pressure but sustainability is the key. Participants are keenly eyeing the US Fed chair’s speech for cues and the progress of the monsoon is also on the radar. A decisive move above 15,700 in Nifty can further fuel the rebound to the 16,000 zone else the decline would resume. Stocks, on the other hand, are offering opportunities on both sides so traders should plan accordingly.”
~Ajit Mishra, VP – Research, Religare Broking