Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices Nifty and Sensex gave up their intraday gains to close in the negative territory. Nifty lost 0.5% to close at 18,116, dropping 150 points from the intraday high. Sensex shed 0.48% and settled at 60,840, giving up 552 points from the day’s high. Bank Nifty closed 0.5% but retained the 43,000 level. The broader markets and sectoral indices performed better, Nifty Smallcap 100 closed up 0.75% and Nifty Midcap 100 gained 0.5%. Nifty PSU outperformed and added 1.51% while Nifty Auto and Nifty IT lost 0.2% respectively. SBI Life and Eicher Motors are the top laggards of the Nifty 50 index today.
Over the calendar year 2022, Nifty gained 4.3%, while for the month of December, it closed 3.5% in the negative.
“2022 was a year of polarisation – be it geographically for India standing tall, or equities. 2023 would be a year to watch of for 4 Cs – CPI globally – are we seeing a trend reversal or just a lull before the storm, China – will the dominance return and how soon , and Currency – will USD continue its to display its indomitable spirit. An overlay of these factors, coupled with geopolitical events could well mean possibility of convergence (4th C) in returns in equities and fixed income as an asset class. Central banks’ actions to hike rates may see a plateau in 2023, but maybe too soon to pivot towards rate cuts.”
Lakshmi Iyer, CEO-Investment Advisory, Kotak Investment Advisors
“The Bank Nifty index witnessed selling pressure at higher levels and failed to surpass the level of 43,500 on a closing basis. The index undertone remains bullish and one should keep a buy-on-dip approach with immediate support visible at the 42,500 level. The momentum indicators are in the strong buy zone which confirms the strength of the index.”
Kunal Shah, Senior Technical Analyst at LKP Securities
Domestic indices Nifty and Sensex gave up their intraday gains to close in the negative territory. Nifty lost 0.5% to close at 18,116, dropping 150 points from the intraday high. Sensex shed 0.48% and settled at 60,840, giving up 552 points from the day's high.
After opening in the positive territory and trading higher, Sensex and Nifty gave up their gains to trade lower. Nifty lost 12 points to trade at 18,178, while Sensex shed 25 points to trade at 61,108.
As Nifty 50 trades flat, the broader markets outperform. Nifty Smallcap 100 and Nifty Midcap 100 are up 1.18% and 0.88% respectively.
Bajaj Finserv gains 3.47% to trade at Rs 1567.45. Promoter of the NBFC Jamnalal Sons increased its stake on Tuesday in a block deal.
All broader market indices are trading in green with Nifty Midcap 50 rising 0.63%, Nifty LargeMidcap 250 up 0.46%, Nifty Total Market up 0.40% and Nifty Microcap 250 up 1.30%.
Elin Electronics shares had a tepid listing on the bourses on Thursday after the IPO closed last week. The shares opened at a discount amid a positive domestic market, listing at Rs 243 on the BSE, as compared to the public issue price of Rs 247.
“The 82.84/88 region has continued to be a supply zone, but downside momentum has failed to kick in. This is to be expected, as the expectation is only towards a consolidation with a negative bias rather than a collapse. The 83.25 view appears doubtful now, but we would consider it once above 82.88, and until then, expect slippages to 82.75-82.59.”
– Anand James – Chief Market Strategist, Geojit Financial Services.
Bajaj Finance, Bajaj Finserv, SBI, Tata Steel and Hindalco are the top gainers on Nifty, while Eicher Motors, SBI Life, Asian Paints, M&M and Bharti Airtel are the top losers.
Domestic indices NSE Nifty and BSE Sensex open higher on Friday. Nifty reclaimed the 18,200 level, up by 0.15%. Sensex rose 138 points to trade at 61,272.
Morgan Stanley Asia (Singapore) PTE sold 10,00,000 shares of Kfin Technologies Ltd (KFINTECH) at Rs 365.04 per share on Thursday.
LTS Investment Fund Ltd sold 9,09,500 shares of New Delhi Television Ltd (NDTV) at Rs 339.03 per share on Thursday.
Biren P Gandhi bought 99,200 shares of Arihant Academy Ltd (AAL) at Rs 120.18 per share on Thursday.
“India's current account deficit (CAD) surged to an all-time high of $36.4 billion in July-September. The latest CAD figure is double the $18.2 billion posted in April-June and nearly four times of what it was in the second quarter of FY22. Underlying the current account deficit in Q2:2022-23 was the widening of the merchandise trade deficit to $83.5 billion from $63.0 billion in Q1:2022-23 and an increase in net outgo under investment income.”
– Deepak Jasani, Head of Retail Research, HDFC Securities
Indian benchmark indices NSE Nifty and BSE Sensex traded in the positive territory during the morning's pre-open session. Nifty gained 0.37% to settle at 18,259, while Sensex added 195 points to end at 61,329.
“In view of a sharp rally in the overnight US markets, local benchmark indices are expected to commence on a firm note on the last trading day of 2022. Amidst intra-day volatility, markets may see select bouts of rally on hopes the lifting of restrictions in China could revive demand going ahead, although concerns over rising interest rates and recession fears continue to weigh on investors' minds. A weaker US dollar and WTI crude oil prices remaining under pressure should bode well for domestic markets.”
– Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“The most significant feature of 2022 is the outperformance of the Indian market. In a year in which S&P 500 is down by 20% and most markets are down between 10 to 20 %, Nifty is up by 4.8%. This outperformance is the result of mainly two factors: One, India’s superior economic growth; two, domestic investors support the market by buying every dip caused by FII selling. These two factors are expected to continue in 2023 too. Dollar index dipping below 104 is a positive for the market. This trend is likely to sustain forcing FIIs to turn buyers in India in 2023.”
– Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
“The Bank Nifty index remains in a buy mode and any dip should be an ideal opportunity to initiate long positions with immediate support at the 42,700-42,400 zone. The momentum indicators are in the strong buying zone and the index is likely to head higher toward 44,000-45,000 zone levels.”
– Kunal Shah, Senior Technical Analyst, LKP Securities
No stock/security has been placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Friday.
Foreign institutional investors (FII) sold shares worth a net Rs 572.78 crore while domestic institutional investors (DII) purchased shares worth a net Rs 515.83 crore on Thursday, December 29, 2022, according to the data available on NSE.
The index could reclaim the 50 EMA on the daily timeframe, suggesting a rise in optimism among investors. The momentum indicator RSI (14) is in bullish crossover. Over the near term, the index is likely to remain positive as long as it remains above 17,950. Therefore, buying on dips would be a good strategy until 17,950 is held. On the higher end, resistance is placed at 18,350.
– Rupak De, Senior Technical Analyst, LKP Securities
“A long positive candle was formed on the daily chart, which confirm the important bottom reversal pattern that was formed few sessions back at 17774 levels. Presently, Nifty is placed at the edge of upside breakout of the crucial hurdle at 18200 levels.
Hence, a sustainable move above 18200 levels could be considered as a false downside breakout of the support recently and such pattern is likely to have a positive impact on the market ahead. So, a decisive move above the said hurdle could pull Nifty towards upside target of 18500 levels in the near term. Immediate support is placed at 18080.”
– Nagaraj Shetti, Technical Research Analyst, HDFC Securities
The Asia-Pacific markets followed Wall Street's cues as most indices are trading up. Hong Kong’s Hang Seng index added 1.07%. In mainland China, the Shanghai Composite gained 0.6% while South Korea’s Kospi fell 1.93%, and Japan’s Nikkei 225 was up 0.23%.
Overnight, key Wall Street indices closed higher, as the Nasdaq Composite and Dow Jones Industrial Average added 2.6% and 1.03% respectively. All 11 of S&P 500’s sectoral indices gained, as the index settled 1.75% up.