Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices extended gains to end higher for the third straight session on monthly F&O expiry. BSE Sensex surged 800 pts to hit a fresh record high of 62412 before paring gains to end below the 62300 level. The NSE Nifty 50 index topped the 14500 level intraday before closing at 18484. The NSE Nifty Bank index also touched a fresh life-time high of 43070 during the session. Broader markets followed a similar trend as Nifty SmallCap 100 and Nifty MidCap 100 surged up to 0.4%. All sectors, barring Nifty Consumer Durables, ended on a positive note with Nifty Media, Nifty Auto, and Nifty PSU Bank indices leading the charge.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News 24 November, Thursday
Apollo Hospitals, HDFC Life, BPCL, Infosys and Tata Consumer Products were the biggest gainers of the day on the NSE Nifty 50 index, with Apollo Hospitals and HDFC Life up 4.5%. Cipla, Coal India, Bajaj Finserv, Kotak Bank and Tata Motors were the day's losers; Cipla ended down 0.98%.
Bandhan Bank, Tata Chem, Aurobindo Pharma were the laggards, while Amara Raja, Adani Enterprises, GSPL and Punjab National Bank were the top gainers this F&O series. Nifty Metal was the top sectoral gainer, up over 8%, and Nifty Pharma index was the worst performing sector this series, down 2.5%.
Benchmark indices extended gains in the last hour of trading. BSE Sensex surged over 800 pts to hit fresh record high of 62,319.78, and NSE Nifty 50 soared to above 18500 level on monthly F&O expiry. Bank Nifty also surpassed 43000 level.
The NSE Nifty Bank index extended gains to touch a fresh life-time of 43070 intraday. Up to 2% gains in AU Small Finance Bank, HDFC Bank, Punjab National Bank and ICICI Bank pushed the index above the 43000 resistance level.
“It is advisable to book profits in PSU Banks & switch to Private Banks. PSU Bank Index is overheated on all time frames – Even Decadal! On a relative scale, Private Bank Index is much better placed for 15-20% upside potential. Banks & Financials comprise around 35% of the Nifty & this sector is witnessing an intra-sectoral shift. PSU Banks have done their bit, time for Private Banks to flare up. Stay Long on Private Banks.” Rahul Sharma, Head-Research, JM Financial Services.
Shares of Orient Beverages, the company doing manufacturing and marketing of packaged drinking water under Bisleri brand, jumped 10% to hit upper circuit after news surfaced that Bisleri International is in talks to sell itself to salt-to-software conglomerate Tata Group for up to Rs 7000 crore.
The Sensex was up 427.24 points or 0.69% at 61937.82, and the Nifty was up 129.20 points or 0.71% at 18396.50.
Bikaji Foods share price hit a new high as the shares surged 10% for the second straight day. On November 16, Goldman Sachs India Equity Portfolio purchased 1.74 million equity shares of Bikaji Foods at Rs 324.50 per share via open market deals.
The IRDAI has proposed another set of draft guidelines for the expenses of management and commissions for both life and non-life companies. For general insurance and health insurance companies, the revised draft proposes a 30-35% expense cap. The big change in the revised draft commission guidelines is the proposal to remove commission caps for both life and non-life insurers. A report from CLSA suggests this to be positive for PB Fintech as it substantially reduces regulatory risk for commission rates. For life insurers, it says that HDFC Life and Max Life have been paying more to their bank partners while in the case of SBI and ICICI Pru Life, the brokerage would like to watch if the parent bank ask for more commissions from their insurance partners. PB Fintech stock was quoting at Rs 425.90, up Rs 25.25, or 6.3% on the BSE.
On Daily chart, we observe that Nifty has broken out of a downward-sloping trend line that has held down the highs of 2021 and 2022. In the process, the index is now comfortably trading above the 20 and 50-day SMA. While the near-term trend remains up, the fact that the 18327 levels are acting as a resistance could limit the upsides in near term. Nifty could therefore consolidate in a range for the next few sessions before trying to find direction. A move below the 20-day SMA at 18138 would negate our bullish view.
“Overcrowded markets won’t let anyone make big money. Derivatives is a zero sum game & you need someone to go wrong to make money. Retail & FIIs are longs, DIIs are hedging as they were buying on the way down to 15,200 & 16,800. Institutional cash selling has become negligible. Low volatility & sideways scenario lasted for about 2 months in 2021 when directional traders struggled but it was option writers who were merrier. The remaining 5 weeks of 2022 could just turn out to be similar until we see any of the variables changing.” – Rahul Sharma, Head – Research, JM Financial Services
Keystone Realtors made a positive debut on the domestic indices today, listing at Rs 555 on the BSE and Rs 555 on the NSE. The Keystone Realtors IPO price band was set between Rs 514 to Rs 541. The company’s shares were available on the grey market for a discount of Rs 4, which had hinted at a subdued listing, however, the shares were listed at a premium.
“Gold and silver prices rose and closed above key levels on Thursday, benefited from a weaker dollar as the minutes of the Federal Reserve’s latest meeting showed that a growing number of members supported a slower pace of interest rate hikes.
Precious metals prices jumped into positive territory as flash manufacturing and service-sector PMI data falls into contraction territory. Gold has support at $1744-1734 while resistance at $1764-1774. Silver has support at $21.35-21.22, while resistance is at $21.78-21.95. In INR terms gold has support at Rs 52,370-52,240, while resistance is at Rs52,680, 52,850. Silver has support at Rs61,050-60,580, while resistance is at Rs62,050–62,480.”-Rahul Kalantri, VP Commodities, Mehta Equities
Nifty PSU Bank index added over 1%, supported by the UCO Bank, Bank of India, Bank of Maharashtra
Investor General Atlantic Singapore Fund Pte Ltd sold 15.12% stake in IIFL Wealth Management via off market transactions on November 22. With this, General Atlantic's shareholding in the company reduced to 5.84%, from 20.96% earlier.
Nifty has to hold above 18200 zones, for an up move towards 18350 then 18442 zones whereas supports are placed at 18088 and 17950 zones. Traders are advised to be with positive stock-specific action in PNB, IndiGo, Syngene, Apollo Hospital, AB Capital, MCX, Torrent Power, Canara Bank, Cummins India, JSW Steel, L&T Finance Holdings, Dalmia Bharat, NMDC, Dabur, State Bank of India (SBI) and Sun Pharma, while weakness in ICICI Prudential, Mphasis, Powergrid, Siemens, ABFRL, Oberoi Realty, Tata Chemicals, Hero MotoCorp, PEL and RBL Bank.
Nifty Futures – Resistances 18350-18420; Supports 18200-18130
Banknifty Futures – Resistances 42860-43100; Supports 42550-42300
Tata Consumer Products, UPL, HDFC Life, M&M and BPCL were among the major gainers on the Nifty, while ONGC, Adani Enterprises, JSW Steel, SBI Life Insurance and Bharti Airtel were the laggards.
“Nifty weekly contract has highest open interest at 18300 for Calls and 18000 for Puts while monthly contracts have highest open interest at 18300 for Calls and 18000 for Puts. Highest new OI addition was seen at 18300 for Calls and 18300 for Puts in weekly and at 18300 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by 9.96%, increased future index shorts by 15.83% and index options by 15.92% in Call longs, 12.72% in Call short, 10.97% in Put longs and 0.07% in Put shorts.”-Anand James – Chief Market Strategist at Geojit Financial Services
“The 18310-350 region reined in upside attempts yesterday, but the consolidation there of having managed to float above 18200/260, expect a 18430-600 dash. As is, this is still a sideways market though, but even as runaway moves are less expected, recent range extremities are likely to be challenged, if not broken.”-Anand James – Chief Market Strategist at Geojit Financial Services
Benchmark indices are trading flat in the pre-opening session. The Sensex was up 25.18 points or 0.04% at 61535.76, and the Nifty was up 80 points or 0.44% at 18347.30.
“Benchmark Indices are expected to open on a positive note today as suggested by trends on SGX Nifty. We believe that IT stocks can be a good buy for both small and medium-term gains led by good corporate earnings and expectations of slowing pace of interest rate hike by FED. Investors can also accumulate auto shares as good demand and RM prices cooling off may lead to rise in these stocks. Some stock-specific actions can be witnessed in stocks such as Inox Green Energy, Voltam Transformers, Keystone Realtors. On the technical front, immediate support and resistance in Nifty 50 are 18200 and 18400 respectively. Bank Nifty immediate support and resistance are 42000 and 43250 respectively.”-Mohit Nigam, Fund Manager and Head – PMS, Hem Securities
Domestic indices BSE Sensex and NSE Nifty trade in the green during the morning's pre-open session. Nifty reclaims the 18,300 level while Sensex is up over 150 points at 61,661.
“The US market construct of ‘ rising equity-falling bond yields-falling dollar’ continues favouring the bulls. In addition to this favourable global cues, in India, the steadily falling crude is another positive. The FOMC minutes indicate slowing of the rate hikes, going forward. Consequently, the 10-year yield fell to 3.69% and the dollar index slipped to 106. So long as this trend continues, bears will be on the back foot. In India macro news confirms the resilience of the Indian economy. Investment is gaining momentum. The latest RBI data shows credit growth at an impressive 17% YoY. This is good news for the banking and capital goods stocks.”-VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
“Nifty closed almost flat on Nov 23 giving up the opening gains after a 74 point small range day. It closed 0.13% or 23 points higher at 18268.3. Global markets were in the positive or recovered from early losses even as investors digested the new COVID curbs in China ahead of key Eurozone business activity data as well as the minutes from the last Federal Reserve meeting. Broad market indices did better than the Nifty even as the advance decline ratio improved to 1.25:1. Nifty could trade in the 18179-18344 band for the near term with dip buying seen to be prevalent.”-Deepak Jasani, Head of Retail Research, HDFC Securities
BEL (PREVIOUS CLOSE: 107) SELL
For today’s trade, short position can be initiated in the range of Rs 109- 110 for the target of Rs.106 with a strict stop loss of Rs 111.
BSOFT (PREVIOUS CLOSE: 278) BUY
For today’s trade, long position can be initiated in the range of Rs 273- 276 for the target of Rs.284 with a strict stop loss of Rs 271.
MARICO (PREVIOUS CLOSE: 491) BUY
For today’s trade, long position can be initiated in the range of Rs 486- 489 for the target of Rs.503 with a strict stop loss of Rs 482.
“Continuing its prior daily rising trend, Bank Nifty recorded new life-time-high. The index outperformed benchmark Nifty on the back of strength across private as well as PSU banks. The key technical indicators are positively poised on the daily timeframe chart. Due to monthly expiry, the index may witness high volatility, wherein a stable move above 43,000-level could take it towards 43,500-level. On the lower side, now the index will found support at around 42,600-42,500 zone. f As for the day, support is placed at around 42,570 and then at 42,411 levels, while resistance is observed at 42,874 and then at 43,020 levels.”-Reliance Securities
“Nifty twice tested its near-term hurdle of 18,300-level during the day, but failed to surpass that mark. The key technical indicators are negatively poised on the short-term timeframe chart, while its near-term indicators turned neutral. The index may witness high volatility amidst monthly expiry, wherein a stable move above 18,300-level could take it towards 18,440-level. In case of any decline, the index will respect its Double Bottom level-18,140. As for the day, support is placed at around 18,234 and then at 18,200 levels, while resistance is observed at 18,313 and then at 18,359 levels.”-Reliance Securities
We remain sanguine as, on a technical aspect, Nifty is firmly placed above all the major exponential moving averages on the daily chart and is in a cycle of higher highs – higher lows, construing a positive setup. However, ahead of the monthly expiry, Nifty has seen some tentativeness at higher levels; but we do not construe this as any sign of worry. Traders are just opting to take some money off the table ahead of the expiry event. As far as levels are concerned, 18100-18200 is likely to cushion any fall in the index, followed by the sacrosanct support of the 18000 mark. Whereas on the flip side, the 18400-18450 is likely to remain the sturdy wall for the index in a comparable period. There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the PSU Banking space. Looking at the recent developments, it is advisable to avoid aggressive bets as the market might act volatile on the expiry day. Meanwhile, we advocate to keep Identifying apt themes and potential movers within the same that are likely to provide better trading opportunities and stay abreast with global developments.”-Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“Markets moved in a narrow range with strong bouts of intra-day volatility ahead of the monthly F&O expiry. Traders mostly preferred to stay cautious before the FOMC minutes release and the Fed's comments which would determine the trend in the near term. Global factors like China imposing lockdowns in several of its cities and its impact on the global economy would continue to hurt the market sentiment. Technically, post reversal formation, the Nifty has formed a small bearish candle indicating indecisiveness between the bulls and bears. For the traders, 18200 would be the immediate support level and above the same, the index could retest the level of 18350-18400. On the flip side, dismissal of 18200 could accelerate the selling pressure up to 18100-18070 levels”-Shrikant Chouhan, Head of Equity Research ( Retail), Kotak Securities Ltd
“Markets held on to modest gains in a volatile session ahead of the key FOMC minutes. Investors preferred to stay on the sidelines despite tomorrow being a November F&O series expiry day. As long as Nifty holds the support level of 18157, the immediate goalpost for the index is seen at its all-time-high at 18605 mark and then aggressive targets at the psychological 19000 mark.”-Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd
Bulls are expected to maintain control on Thursday, and Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to open higher on monthly F&O expiry. SGX Nifty hinted at a positive start for Dalal Street as Nifty futures traded 84 pts or 0.47% higher at 18340 level. “US market will remain closed on Thursday and remain open for only half day on Friday due to Thanksgiving. Thus, expect global bourses to remain lacklustre. Back home, domestic markets might see some action on back of F&O monthly expiry and macro data to be released globally,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
“The Bank Nifty index continued its outperformance and the index managed to hold the critical support zone 42,500-42,400. The index on the upside faces a hurdle at 43,000 where the highest open interest is built up on the call side. The index remains in a buy-on-dip mode as long as the mentioned support levels are held. The momentum oscillators are in the buy zone which will confirm the strength of the index.”-Kunal Shah, Senior Technical Analyst at LKP Securities
“The bears continued to hold their grip and the index saw selling pressure around the resistance zone of 18,300-18,350. The options data indicates a hurdle at 18,300 where the highest open interest is built up a day before the monthly expiry. The index lower-end support is visible at 18,200-18,150 which will act as a cushion for the bulls. The bulls need to cross the level of 18,350 decisively to continue the momentum on the upside toward the 18500 level.”-Kunal Shah, Senior Technical Analyst at LKP Securities
Foreign institutional investors (FIIs) net sold shares worth Rs 789.86 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 413.75 crore on 23 November, according to the provisional data available on the NSE.
Markets in the Asia-Pacific traded higher as the US Federal Reserve said they expect to switch to smaller rate hikes “soon”, according to minutes released on Wednesday.
The Bank of Korea opted for a smaller 25 basis point hike, widely in line with expectations. The Kospi rose 0.56%. The S&P/ASX 200 in Australia rose 0.35% after stocks on Wall Street rose mildly following the Fed minutes release. The Nikkei 225 rose 1.34% and the Topix also traded 1.29% higher.
Wall Street's main indexes ended Wednesday with solid gains after the Federal Reserve's November meeting minutes showed interest rate hikes may slow soon.
The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06, the S&P 500 gained 23.68 points, or 0.59%, at 4,027.26 and the Nasdaq Composite added 110.91 points, or 0.99%, at 11,285.32.
Benchmark indices BSE Sensex and NSE Nifty 50 are likely to open higher on monthly F&O expiry. SGX Nifty hinted at a positive start for Dalal Street as Nifty futures traded 84 pts or 0.47% higher at 18340 levels.