Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 tumbled over 2.6 per cent on Monday, following weak global cues. Sensex tanked 1,546 points or 2.6 per cent to end at 57,492, while NSE Nifty declined 468 points or 2.7 per cent to settle at 17,149. All the 30 S&P BSE Sensex stocks ended in the deep sea of red, with Tata Steel, Bajaj Finance, Tech Mahindra, Wipro, RIL, Titan Company leading the pack of losers, down up to 6 per cent. On the sectoral front, all the Nifty sectoral indices ended in the negative territory, falling up to 5.23 per cent. Nifty Realty was the top sectoral loser, followed by Nifty Metal, Nifty Media, Nifty Consumer Durables, and Nifty IT. Bank Nifty fell nearly 2 per cent to finish trade at 36,948.
There are no expectations from the budget as far as Foreign Portfolio Investment is concerned. But some announcements regarding the inclusion of India in the global bond index is expected. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Indian stock markets will react to the earnings of two index heavyweights- Reliance Industries and ICICI Bank. Currently, the uncertainty around the quantum of a rate hike by the US Fed is spooking markets the world over and participants expect clarity in the scheduled FOMC meeting outcome on January 26. Amid all, the monthly expiry of the January month derivatives contract would keep the traders on their toes. In the run-up to the budget, sector-specific expectations would further add to the choppiness.
Ajit Mishra, VP Research, Religare Broking
Markets are facing global headwinds and expect choppiness to remain high this week as well. On the index front, the 17600-17350 zone would be critical to hold for any meaningful recovery. Since the selling pressure is widespread and volatility is further adding to the difficulties, it’s prudent to restrict naked leveraged positions and prefer hedged trades.
Ajit Mishra, VP Research. Religare Broking
Retail investors increased their stake in One97 Communications, the parent company of Paytm, in the December 2021 quarter from 2.79% to 3.49%, according to the latest shareholding pattern. Also, a new set of investors has come in. While the holding of foreign portfolio investors fell slightly to 9.36% in the December 2021 quarter, mutual funds increased their holding to 1.06% from 0.81% earlier. Canada Pension Plan Investment Board also hiked its stake by about half a percentage point to 1.57%.
Sensex and Nifty enter Monday’s trading session after witnessing one of the worst trading week’s in recent memory. S&P BSE Sensex settled at 59,037 on Friday while NSE Nifty 50 closed at 17,617 — both falling more than 3.5%. Selling by foreign investors and weak global cues have been aiding the bearish sentiment on Dalal Street. Technical analysts believe there could be heightened volatility further. “The short term trend of Nifty continues to be weak with high volatility. Placement of support around 17600-17500 levels and a formation of doji at the swing lows on Friday pointing towards a possibility of an upside bounce from here or slightly lows,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The Indian economy has “some bright spots and a number of very dark stains” and the government should target its spending “carefully” so that there are no huge deficits, noted economist and former RBI Governor Raghuram Rajan said on Sunday.
Nifty futures were trading 144.50 points or 0.82 per cent down at 17,492.50 on Singaporean Exchange.
Asian share markets slipped on Monday with the Federal Reserve expected to confirm it will soon start draining the massive liquidity that has fuelled the huge gains in growth stocks in recent years. Adding to the caution was concerns about a possible Russian attack on Ukraine with the U.S. State Department pulling out family members of its embassy staff in Kyiv.