Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets started with gains but failed to hold on to them as bears wreaked havoc on Dalal Street. Sensex tanked 1,045 points or 1.99% to end at 51,495 points while the NSE Nifty 50 index fell 331 points or 2.11% to settle at 15,360. Nestle India was the only Sensex stock to end with gains, up 0.36%. Among the other 29 stocks that were in red, the worst performer was Tata Steel, down 6.32%. Tech Mahindra, IndusInd Bank, Bharti Airtel, and Bajaj Finance followed. Bank Nifty was down 2.17% while India VIX zoomed 3.25% to regain 22 levels.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Bears continued to tighten their grip on Dalal Street on the weekly futures & options (F&O) expiry session today. Domestic stock markets started with gains but failed to hold on to them as bears wreaked havoc and forced Sensex and Nifty to hit fresh 52-week lows. Sensex tanked 1,045 points or 1.99% to end at 51,495 points while the NSE Nifty 50 index fell 331 points or 2.11% to settle at 15,360. Nestle India was the only Sensex stock to end with gains, up 0.36%. Among the other 29 stocks that were in red, the worst performer was Tata Steel, down 6.32%. Tech Mahindra, IndusInd Bank, Bharti Airtel, and Bajaj Finance followed. Bank Nifty was down 2.17% while India VIX zoomed 3.25% to regain 22 levels.
Tops and Bottoms are for fools and liars. We do not attempt to predict the exact levels. For investors who are not fully invested or who have raised cash in the recent past by booking profits, these times provide an opportunity to gradually raise equity portion of their portfolio. While shortlisting investable stocks one will have to be careful of not having exposure to sectors or stocks that have been derated due to very high valuations or very high profit forecasts that seem difficult to achieve. Also stocks need to be examined closely for sustainability of earnings. Nobody can catch a bottom and hence it is necessary to begin this process and achieve an attractive entry point by averaging on the downside. Devarsh Vakil, Deputy Head, Retail Research, HDFC Securities
Sensex tanked 1,045 points or 1.99% to end at 51,495 points while the NSE Nifty 50 index fell 331 points or 2.11% to settle at 15,360. Bank Nifty was down 2.17% while India VIX zoomed 3.25% to regain 22 levels.
All sectoral indices on the NSE were down with losses. Nifty Metal index was down 5%, followed by the Nifty Media index, down 2.9%. Bank Nifty was down 2.1% and Nifty IT, down 2.2%.
Tata Steel shares were down 5.3% as the worst-performing Sensex stock on Thursday. Bharti Airtel followed, down 4.2%, and Tech Mahindra Down 3.9%.
Analysts say that weaker global cues following the steepest interest rate hike by the US Federal Reserve has caused jitters in all global equity markets. “Below 15,650 market to remain in strong bear grip. We seem to be headed for 15,000-14,800 on the downside,” said Rahul Sharma, Director & Head – Research, JM Financial. “Technically, if NSE Nifty 50 closes below 15660, then in the coming days markets could witness 15240 and 14890 levels as well,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, said.
India VIX , the volatility gauge, was above 22 levels once again as Nifty and Sensex dived down deeper. India VIX gained 2%.
“Today, we are witnessing long built up in stocks like Maruti, ICICI Bank, UBL, Crompton and Deepak Nitarte etc. while short build-up is visible in counters like Coalindia, Navin fluorine, AuBank, Polycab, Ramcocem etc. Nifty is expected to trade with a negative bias and can utilise any bounce as a selling opportunity till it holds below 15735 zone. At current juncture, we are advising to be with selective stocks and one can look for selling opportunity in Ultratech, Voltas, JSW Steel, Laurus Labs etc.
~ Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Service
Nifty is expected to trade in a broader range of 16250-16442. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in stocks like HDFC Bank, Trent, Reliance and JK paper. Motilal Oswal Financial Services
The Cabinet approved 5G spectrum auctions, paving the way for auctions to commence from July 26, 2022. We see two key issues for the telcos in DoT’s NIA—(1) reserve prices being higher than that requested by telcos and (2) enterprises being permitted to directly obtain spectrum to set up CNPNs. The latter a more concerning situation given that the 5G opportunity is a play on enterprise solutions rather than retail consumers; albeit the provision requires DoT to complete demand studies and seek recommendations from TRAI for the same. Kotak Institutional Equities
The central banks across the globe are playing catch up with inflation and making efforts to race ahead of the curve. The 75-basis point increase by the Fed and more importantly the upward revision of 1.5% in the expected year-end rate indicates that the inflation is winning the battle as of now. Fed also significantly cut its outlook for 2022 economic growth to 1.7% down from 2.8% in March. The risk of a recession in the USA has increased and the next two quarters will be extremely crucial. Although Fed expects the inflation to move lower in 2023, the effect of the Fed’s actions on the broader economy remains uncertain. The markets are expected to remain quite volatile as it tries to find the balance between economic growth and high inflation. Mohit Ralhan, Managing Partner at TIW Capital Group
“The latest FED action clearly establishes the primacy of fighting inflation. Rate hikes are expected to continue given the well-entrenched nature of inflationary impulses. A combination of rate hikes and quantitative tightening will keep presenting challenges for equities in our view. Stock selection and valuation thus acquire even greater importance to navigate this treacherous terrain,” said Gautam Duggad, Head of Research, Motilal Oswal Financial Services.
Domestic markets seemed to be extending losses with Sensex down 1000 points or 1.9% while Nifty 50 tanked nearly 300 points.
Sensex was down more than 700 points on Thursday, giving up 52,000 while the NSE Nifty 50 was below 15,500 as bears wreaked havoc on Dalal Street.
“Bounceback failed sooner than expected. Bearish breakdown seen today. Below 15,650 market to remain in strong bear grip. We seem to be headed for 15,000/14,800 on the downside,” said Rahul Sharma, Director & Head – Research, JM Financial.
Bharti Airtel was down 3.27% as the worst-performing Sensex stock, followed by Tata Steel, and NTPC.
“More than the 75bp hike in Fed funds rate, which was expected, it was the Fed chief comments and guidance that have calmed the markets, temporarily. Jay Powel's remark that “we have the tools and resolve to achieve price stability” reflects confidence in containing inflation. His guidance of 3.4 percent rate by end of 2022 and 3.8 percent terminal rate in 2023 refect the determination to fight inflation. However, the presently unknown factor is whether the rising rates will tip the US economy into recession,” VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Domestic stock markets opened with gains on Thursday morning, mirroring global cues but failed to hold the up-move and witnessed volatility. S&P BSE Sensex, after opening 500 points higher, was down 200 points around noon. NSE Nifty 50 breached 15,800 earlier in the day but was now below 15700. While indices traded volatile 50 stocks on the BSE were seen hitting fresh 52-week highs while 79 stocks were down at fresh lows. These include marquee names such as Tech Mahindra, Wipro, and Tata Steel. Domestic markets remain volatile after US Federal Reserve hiked interest rates by 75 basis points yesterday, the highest in three decades.
Sensex and Nifty gave up all gains and turned red on Thursday. Sensex was down 150 points while Nifty 50 was below 15,700.
JP Morgan India has upgraded its rating on Reliance Industries Ltd (RIL) to ‘overweight’ from ‘neutral’ earlier, and has pegged a price target of Rs 3,170 apiece, implying a potential upside of over 22 per cent over the next 12 months. On Thursday, RIL share price was trading at Rs 2,658.60 apiece, up 2.4 per cent. It also expects RIL’s outperformance to the NSE Nifty 50 to continue given the upside risk to consensus earnings estimates. On a year-to-date (YTD) basis, Reliance Industries has outgunned the Nifty 50 index by 21 per cent. Read full story
ITC shares have jumped 20 per cent so far this year, outperforming Nifty 50 which has plunged 10 per cent so far in 2022 amid severe market volatility. ITC shares were up 1.4 per cent to Rs 264 apiece on the BSE intraday after the domestic brokerage firm Motilal Oswal Financial Services (MOSL) upgraded its rating on the stock and stated that shares may rally up to 27 per cent more, going forward. A better than expected demand recovery and a healthy margin outlook in Cigarettes, healthy sales momentum in the FMCG business, lower drag from the Hotels business, and better capital allocation in recent years led Motilal Oswal to turn constructive on the stock.
Global fund managers are underweight on equities, the monthly Bank of America (BofA) survey showed. The underweight positioning of fund managers is the highest since May 2020 – a net 15% underweight in June 2022, as opposed to net 13% overweight in the previous month. Global stock markets have been nervous in recent months with multiple headwinds ahead including rate hikes, inflation, and supply chain bottlenecks. The fund manager's survey showed that cash levels have dropped to 5.6% from 6.1% but still remain high. It is important to note that the BofA survey was held before last week’s inflation figures were released.
Nifty OI remained high while Bank Nifty saw short-covering as OI was down by 3% (on Wednesday). Call writing was seen at 15900 and 16000 Calls while Put writing was seen at 15550 strike.
~ Rahul Sharma, Director & Head – Research, JM Financial.
Gold prices in India were trading half a per cent up on Thursday, even as globally yellow metal rates remained steady. On Multi Commodity Exchange, gold August futures were trading Rs 231 or 0.5 per cent up at Rs 50,669 per 10 gram, as against the previous close of Rs 50,438. Silver July futures were up at Rs 61,139 per kg, gaining Rs 442 or 0.7 per cent on MCX. Read full story
Going ahead, holding 15700 and sustainability above 15850 needed for technical pullback. Hence, use intraday dip towards 15720-15752 for creating long position for the target of 15837
~ ICICI Direct
Nifty is up 160 points. Look to book 50% profits at R1 of 15,900,” said Rahul Sharma, Director & Head – Research, JM Financial.
Sensex zoomed more than 500 points or 1% on the opening bell to regain 53,000 while the NSE Nifty 50 index was above 15,800.
Sensex and Nifty rose as the pre-open session began. Sensex was up 350 points while Nifty 50 regained 15,700.
Nifty Call Options OI distribution shows that 15,800 has highest OI concentration followed by 15,900 & 16,000 which may act as resistance for current expiry and on the Put front 15,500 followed by 15,600 & 15,700 witnessed significant OI concentration and may act as support for current expiry. Read full story
“Benchmark Indices are expected to open on a positive note as trends on SGX nifty indicates a gap up opening with 131 points gain. The US Federal Reserve on June 15 announced a three-quarter of a percentage point or a 75 bps hike in its target interest rate, in what is being seen as a move to curb the spiralling inflation. Also, India's cabinet has approved a proposal to auction high speed fifth generation, or 5G, telecom spectrum for 20 years starting July 26. Bitcoin falls to fresh 18-month low.Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300,” said Mohit Nigam, Head – PMS, Hem Securities.
The prices of petrol and diesel continue to remain unchanged on Thursday as OMCs kept prices steady for the twenty-fifth 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 May 21. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre prior to the cut in excise duty, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.
“As expected, bounceback should begin today. The immediate target is seen at 15900 followed by 16172 where Monday’s gap can be filled. Similarly, Bank Nifty can test 33,775 and 34,350,” said Rahul Sharma, Director & Head – Research, JM Financial.
Asian stock markets were seen trading higher on Thursday, tracking U.S. stocks after the Federal Reserve raised benchmark interest rates by 75 basis points. Japan’s Nikkei 225 rose nearly 2%, South Korea’s Kospi index also went up by 1.61%. In overnight trade on Wall Street, the Dow Jones Industrial Average jumped 303.70 points, or 1%, to close at 30,668.53. The S&P 500 rose 1.46% to 3,789.99 while, the Nasdaq Composite gained 2.5% to end the day at 11,099.15. Read full story
After showing consolidation movement on Tuesday, Nifty continued with choppy movement on Wednesday and closed the day lower by 39 points. After opening on a positive note, the market has shifted into a narrow range movement for the entire session. The attempt of upside bounce from the lows has failed to sustain and the market showed minor weakness from the highs towards the end.
Yes Bank: The bank plans to raise debt capital of Rs 10,000 crore through different modes of private placement methods, based on shareholders’ approval. That apart, it plans to borrow funds through debt securities like NCDs, bonds, and medium-term notes.
RIL, Network18: As Reliance Industries controlled Viacom18 bagged digital media rights for the Indian Premier League from 2023 to 2027; they plan to take the sporting event to every nook of India. The company eyes strategic tie-ups for wider reach and a slice in India’s leadership position among digital platforms.
“Crucial support for Nifty 50 is 15,500 while Nifty may face some resistance at 16,300,” said Mohit Nigam, Head – PMS, Hem Securities.
SGX Nifty was up in the green on Thursday morning, zooming 125 points. The up-move charted by SGX Nifty suggests a gap-up start for Sensex and Nifty.
Federal Reserve officials raised their main interest rate by three-quarters of a percentage point — the biggest increase since 1994 — and signaled they will keep hiking aggressively this year, resorting to drastic measures to restrain the rampant inflation they failed to forecast.