Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices closed the session in deep red, extending losses for the fourth straight day. BSE Sensex fell over 980 pts to end at 59,845.29, while NSE Nifty 50 plunged 300 pts to end just above 17800. Adani Ports, Adani Enterprises, Hindalco Industries, Tata Steel and Tata Motors were among the biggest Nifty losers. All the sectoral indices ended in the red. The BSE midcap index lost 3.3% and smallcap index slipped nearly 4%. Volatility gauge, India VIX, meanwhile, climbed 6.40% intraday. PSU Bank stocks crashed to close 6.06% lower, while Nifty Media and Nifty Metal settled down by over 4% each.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 23 December, Friday
“Technically, after a long time the index closed below the 50 day SMA (Simple Moving Average) and also formed a long bearish candle on weekly charts which is broadly negative. For traders, as long as the index is trading below 18000, the correction wave is likely to continue and below the same, the index could slip till 17600-17500. On the flip side, 18000 could act as a sacrosanct resistance zone. The dismissal of 18000 could push the index till the 50 day SMA or 18150-18200.” - Amol Athawale, Deputy Vice President - Technical Research, Kotak Securities
The Nifty 50 index saw only three gainers in trade today which were Cipla, Divis Lab and Titan. On the other hand, 47 stocks closed in the red, with the day's top loser, Adani Ports ending lower by 7%. Adani Enterprises, Hindalco, Tata Steel and Tata Motors were the day's biggest losers.
Indian rupee closed 10 paise lower at 82.86 per dollar on Friday against previous close of 82.76 per dollar.
Benchmark indices ended lower for the fourth consecutive session. BSE Sensex fell over 980 pts to end at 59,845.29, while NSE Nifty 50 plunged 300 pts to end just above 17800. Adani Ports, Adani Enterprises, Hindalco Industries, Tata Steel and Tata Motors were among the biggest Nifty losers. All the sectoral indices ended in the red. The BSE midcap index lost 3.3% and smallcap index slipped nearly 4%.
BSE Sensex plunges 1000 pts to trade below 60000. All 30 index constituents are trading in red.
BSE Smallcap index down, nearly 4% dragged by Goodluck India, Lancer Container Lines, EKI Energy Services
The Sensex was down 908.04 points or 1.49% at 59918.18, and the Nifty was down 299.30 points or 1.65% at 17828.
Benchmark indices extend losses in the last hour of trading. BSE Sensex tanks more than 900 pts, Nifty falls 300 to trade near 17800.
-Buy call, target at Rs 2,850 per share
-Metro cash & carry a good deal at a reasonable valuation
-Metro cash & carry at close to breakeven, will contribute 15 percent to topline
Reliance Industries was quoting at Rs 2,510.90, down Rs 67.00, or 2.60%.
-Motilal Oswal Financial Services
Nifty Information Technology (IT) index, shed 1 percent dragged by L&T Technology Services, Mphasis, Coforge
The Government of India is proposing to offer up to 40 lakh equity shares of Indian Railway Catering and Tourism Corporation to the eligible employees at a price of Rs 680 per equity share. The offer for sale for employees will remain open from December 23 to December 26. Indian Railway Catering & Tourism Corp was quoting at Rs 613.15, down Rs 27.90, or 4.35%.
1.47 crore shares (0.2% equity) worth Rs 83 crore change hands at an average of Rs 55.4 per share
"Chaos will end by Monday, time to buy your favorite stocks looking for strong end to New Year next week, BUY REC best play on electricity receivables with SEB in best position ever, stock will surprise on upside, target 135-140 by budget, see you on Monday," said Sanjiv Bhasin, Director of IIFL Securities in a tweet.
Public sector undertaking (PSU) bank shares came under pressure on profit booking. Indian Overseas Bank (IOB), UCO Bank, and Central Bank of India dipped 10%, while Indian Bank, Bank of Maharashtra, Union Bank of India, Bank of India, and Canara Bank slipped in the range of 5.5% to 9% on NSE. The Nifty PSU Bank index was the top loser among sectoral indices and was down around 5%, compared to 1.4% decline in the Nifty 50. With today's fall, the Nifty PSU Bank index has corrected 15% from its 52-week high level of 4,617.40 touched earlier this month on 15 December.
Investors' wealth has been eroded by more than Rs 16 lakh crore of investors' wealth in the last seven sessions in a row. The BSE Sensex has broken its psychological 60,000 mark intraday and traded down more than 800 points. The Nifty50 also dipped below the crucial 18,000 mark, trading more than 240 pts lower. The BSE Midcap index fell more more than 2.5% and Smallcap index corrected nearly 3%. Hawkish statements by central banks indicating continuity in rate hikes, growing global recession worries, and now surging Covid cases in several countries spooked market participants.
Sensex is down 840.47 points or 1.38% at 59985.75, and the Nifty shed 276.10 points or 1.52% at 17851.20.
Nifty Midcap 100 is trading down 3%; Union Bank, Adani Wilmar tank 8%
Promoter entities have offloaded Rs 637.2 crore shares or 4.28% stake of Ajanta Pharma via open market transactions, with Aayush Agrawal Trust selling 38.53 lakh shares and Ravi Agrawal Trust offloading 16.38 lakh shares at an average price of Rs 1,160.1 per share. Promoters informed exchanges that they have sold total 4.38% stake in the company and are proposed to utilise these funds for financing their respective private businesses, including repayment of loans taken against pledge of shares of the company. However, ICICI Prudential Mutual Fund acquired 10.86 lakh shares in the pharma company and Nippon India Mutual Fund purchased 7.15 lakh shares at an average price of Rs 1,160.1 per share. Ajanta Pharma was quoting at Rs 1,237.80, down Rs 6.45, or 0.52%.
"Laggards or the lower expectation sectors from the pack will be Construction, especially Residential Property and developers segment due to the rapid increase in mortgage loan interest rates passed on by banks & housing finance companies. Similarly, NBFC’s will also be struggling to drive business growth for some time while banks re-calibrate credit rating checks and consumers start accepting the higher interest rate loan offers out of necessity. Another sector that may remain affected for another 3-6 months before any good expectation is the Specialty Chemicals sector. Metals and Steel industry may find actual prices remaining lower for 2023, thereby benefitting downstream businesses."-Anmol Das, Head of Research, Teji Mandi
"For the benchmark indices, we are expecting that the attrition rate fever of Indian IT Companies wears away soon now as most of the offices resume and moonlighting is left behind as nostalgia of 2022. Hence, we are expecting the next rally to be led by IT sector with marginal upgrades on sequential basis first on improving attrition rates followed by demand revival from European geographies as winters pass through. Other sectors which will see good fortunes include FMCG, Capital Goods, Auto and auto-ancillary companies, tyre and battery companies on replacement demand backed by good new sales in domestic market, Infrastructure and Power segment."- Anmol Das, Head of Research, Teji Mandi
"We believe the ongoing re-rating of PSU Banks will keep on going for the next 1-2 years before peaking as increased interest rates start tumbling asset qualities for some banks as high Credit Growth Rate leads to them to grant some below BBB grade of Credit underwriting out of just keeping up the pace of Credit Underwriting."-Anmol Das, Head of Research, Teji Mandi
"2023 is expected to normalise the current trend of global consumption and supply lines gradually as an existing and accepted order, e.g. the purchase of Oil & Gas by India and China from Russia while European Union nations shun Russian fossil fuel and shift supply sources to Middle Eastern nations, shifting of energy-intensive industries away from Europe, further delay in adoption of renewable energy, etc. With no hopes yet of either side bogging down in Ukraine, we just wish it doesn’t spread or open another theatre of war elsewhere."-Anmol Das, Head of Research, Teji Mandi
"We believe defence sector has just started as of now, and looking at India’s geographic position in Asia, nuclear rivals at borders and immensely high cost of importing advanced weapons, e.g. just for reference, the price per unit of Rafale Fighter Jets for India was more than Rs 1,000+ Cr, thereby limiting the overall purchasing capability of a developing nation, then we had 5 units of S400 Air Defense System for Rs 35,000 Crs to be acquired from Russia, and so on. Hence, we believe that the pressure of maintaining ability to defend against a two pronged war and the minimum credible deterrence to avoid it altogether with the required strong posturing, India’s defense sector has a long way to develop and will remain attractive as ultra long term stock picks."-Anmol Das, Head of Research, Teji Mandi
Technically, the index has retraced about 38.2 percent of the recent upmove from 16750 to 18888, and swing low support is around 17970. Below this level, next support would be directly around 17800 mark. Hence, although the data is not optimistic, a pullback move could be seen in the near term from the support zone of 18070-17970. On pullback moves, resistances will be seen around 18300 and 18450-18500 range. Unless we see a change in data, traders are advised to avoid aggressive positions and look to lighten up longs on pullback moves.
The Indian share market, which has been defying trends in global peers until recently to outperform, saw a sharp correction on Friday. Benchmark indices were trading deep in red with BSE Sensex falling over 800 points to trade below the 60,000 level and NSE Nifty 50 tanking 200 pts to give up 17,900 level. Except Nifty Pharma index, which held marginal gains, all sectors were trading in red with Nifty Media, Nifty Metal, Nifty Realty, and Nifty PSU Bank indices falling up to 4%. While weak global markets put a pause on Indian equities’ Santa Claus rally, renewed Covid-19 fears and recession threats in the near term spooked Dalal Street bulls ahead of Christmas.
With the core inflation remaining sticky in most economies around the world, central banks fof many countries are likely to continue with monetary tightening in 2023 as well. This is increasing the probability of large global economies like China, the US falling into a recession and the experts are seeing diminishing chances of a soft landing. This is expected to aggravate the problems of financial markets further, fuelling recession concerns, leading to investors running away from risky assets.
Nifty is feeling pressure on rises as investors rush to take profits and raise cash ahead of the month, quarter and calendar year-end, according to Deepak Jasani of HDFC Securities.
Weak Wall Street cues: Amid fears related to Fed rate hikes, the Dow Jones ended with a downside of over 1% while the cut was sharper in the Nasdaq at 2.18%. The benchmark S&P 500 is on track for a 19.8% annual drop, which would be its biggest since the 2008 financial crisis.
US Data: Data from the US on consumer confidence, jobless claims, and Q3 GDP numbers surprised on the upside but it also means that it also increases the risks of more Fed rate hikes. US Q3 GDP recorded a growth of 3.2%, above the estimate of 2.9%. Initial jobless claims rose slightly to 216,000, a beat of the 222,000 estimate.
Covid fears: Fears related to Covid have also started troubling investors once again as the infection rages through China. Bloomberg had yesterday reported that China is likely seeing 1 million Covid cases and 5,000 deaths a day. There is an element of overreaction in the market to the Covid news, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Barring Nifty Pharma index, which held marginal gains in a weak market, all sectors were trading in red. Nifty Media, Nifty Metal, Nifty Realty and Nifty PSU Bank indices were the top laggards, falling up to 4%.