Share Market News Today | Sensex, Nifty, Share Prices Highlights: Dalal Street benchmark indices started this week’s trade deep in the red. S&P BSE Sensex closed 1,189 points or 2.09% lower at 55,822 while NSE Nifty 50 index fell 371 points or 2.18% to settle at 16,614. Both Sensex and Nifty jumped from their intraday lows in the dying hour of trade but still ended deep in the red. Bank Nifty closed 3.3% lower while broader markets mirrored the weakness. India VIX closed 16% higher, regaining 18.97. Hindustan Unilever was the top Sensex gainer, up 1.7%, followed by Dr Reddy’s Laboratories, making them the only two Sensex stocks to close with gains. Tata Steel ended 5.2% in red as the worst Sensex performer, followed by State Bank of India, IndusInd Bank, and Bajaj Finance.
Bears ran riot on Dalal Street on Monday, forcing domestic markets to close deep in the red amid negative global cues. S&P BSE Sensex closed 1,189 points or 2.09% lower at 55,822 while NSE Nifty 50 index fell 371 points or 2.18% to settle at 16,614. Both the headline indices recouped some losses in the dying hour of trade but failed to emerge out of the negative territory. Hindustan Unilever was the top Sensex gainer, up 1.7%, followed by Dr Reddy's Laboratories, making them the only two Sensex stocks to close with gains. Tata Steel ended 5.2% in red as the worst Sensex performer, followed by State Bank of India, IndusInd Bank, and Bajaj Finance. Bank Nifty closed 3.3% lower while broader markets mirrored the weakness. India VIX closed 16% higher, regaining 18.97 levels.
S&P 500 could move downward from its current levels in the next year and hit a target of 4,400, said Mike Wilson, Chief Investment Officer and Chief U.S. Equity Strategist for Morgan Stanley. In their 2022 US equity outlook, analysts at Morgan Stanley have narrowed down three potential outcomes for Wall Street in the coming year. Of these, their base case, with a 60% probability of happening, expects inflation to remain hot and an aggressive response from the US Federal Reserve. Currently, the S&P 500 sits at 4,620 after having gained close to 25% year-to-date.
Bears ran riot on Dalal Street on Monday, forcing indices to end deep in red, albeit up from intraday lows. Bank Nifty nosedived 3.3% while India VIX closed 16% higher.
Zerodha CEO Nithin Kamath has voiced his opinion on the sharp drop seen in the share price of listed new-age technology companies around the globe, terming it ‘quite scary’. Nithin Kamath who is known for posting his observations on the stock market and business trends on Twitter added that only some of the fallen tech stocks may recover. “The sharp drops in stock prices of listed new-age tech companies across the world is quite scary. If history is a guide, only a small per cent of them will maybe bounce back,” the Zerodha CEO said on Twitter on Saturday.
Hindustan Unilever and Dr Reddy's Laboratories were the only two Sensex stocks sitting in the green on Monday afternoon. While HUL was up nearly 0.80%, Dr Reddy's gained 0.47%. All other Sensex constituents were down in red.
Sensex and Nifty were up from the day's low but still deep in the negative territory. Sensex was down 1500 points, hovering around 55,500 while Nifty 50 was just above 16,500.
Indian stock markets mirrored the weak global trends as BSE Sensex and Nifty 50 slumped over 3 per cent on Monday. From the record high levels, both the headline indices have now tumbled over 10 per cent. Analysts say that sell-off by FIIs, rising COVID-19 cases caused by new variant Omicron, and hawkish global central banks, were among top factors spooking the markets. Amid this market crash, equity investors were left poorer by Rs 9.21 lakh crore as the total market cap of BSE listed companies tanked to Rs 250.15 lakh crore from Rs 259.37 lakh crore in the previous session.
India VIX shot up 20% on Monday, reclaiming 19 levels as bears took over Dalal Street, The fear gauge of domestic markets was sitting near 19.74.
The sell-off in today’s trade is one of the most significant selling pressures witnessed recently on Dalal Street. As long as headline inflation+omricon risks remain elevated, investors need to remain nimble-footed as the economic recovery will probably be in a zig-zag mode. The ongoing pessimism indicates that the recent dramatic crash is nowhere near over. The Nifty’s biggest support is seen only at 15871-16000 zone with an interweek-perspective. For the day, there are some minor supports at 15359 mark. Caution will continue to be the buzzword and any intraday/interweek strength near 16900-17000 zone will be an opportunity to lighten leveraged long positions.
~ Prashant Tapse, Vice President (Research) at Mehta Equities
Volatility spikes to a 9-day high. FIIs are selling from 23 days & have sold shares more than Rs 61,500 crore while DIIs continue acquiring. Traders stay cautious as rise in volatility may give roller coaster ride with selling. Investors be ready with more money for buying at a discount sale.
~ Shivangi Sarda, Quantitative Analyst, Derivatives and Technical Research, Motilal Oswal Financial Services.
Banking and finance sector stocks were in the grip of bears on Monday. Bajaj Finance was the top Sensex drag, falling more than 5.5%, followed by the State Bank of India. Of the top six, Sensex drags, four were from the banking and finance space.
Nifty next major support at 16,300 (200 Day EMA @ 16,290)
Minor support at 16,500
If we don’t break 16,500 today expect some short covering today in second half.
Bigger View: December belongs to the Bears but January can see the Bulls back in action on the back of strong Quarterly earnings. As a trader, trade small until market settles down. As an investor, look to add around major support level of 16,300.
~ Rahul Sharma, Director & Head – Research, JM Financial
Sensex and Nifty slipped back to trade near day's low as bears refuse to give up. Sensex was below 55,700 while Nifty 50 index was below 16600.
Nifty longer-term support is 15500-15600 zone. It may or may not test it the month of Dec. But if broken then the longer-term trend will change. The mid-term and short-term trend has already changed to bearish. Levels are watched for 15854 on the downside and 17639 on the higher side.
~ Vishal Wagh, Head of Research, Bonanza Portfolio
India VIX was up 12% on Monday morning as volatility skyrocketed on Dalal Street. Bears were in firm control, forcing indices deep in red.
NSE NIfty 50 index regained 16600 levels on Monday but was still deep in red. Sensex was down more than 1100 points.
Kishore Biyani Future group companies were dodging the bears on Dalal Street on Monday. Future Retail was up 20% while Future Consumer was up 17%.
The ongoing downtrend aims for 16500. However, oversold conditions do present a window for a pullback today. For this to unfold, 16890 should not be breached by much margin, and the pullback thereof should be able to clear 17040.
~ Geojit Financial Services
Bears were running riot on Dalal Street on Monday morning as Sensex nosedived more than 1300 points while NSE Nifty 50 tanked 400 points, giving up 16600.
“The lows of Friday was a ray of hope but the index has opened with a gap down this morning which cements the validity of a downtrend. The upside for the index is capped for the time being and every rally up can be used to short this market for a target of 16400” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Almost all newly listed stocks were down in red on Monday morning as bears ran riot on Dalal Street. Latent View Analytics was down 8%, Macrotech Developers fell 6%, while Tega Industries was down 5.6%. The BSE IPO index fell 3.11%. Only Gland Pharma was in green.
HDFC Bank was down 2.8%; Reliance Industries fell 2.3%; ICICI Bank 2.1% in red on Monday morning as index heavyweights struggled.
“The index has approached the maturity of price-time wise correction. Price wise, index has maintained the rhythm of not correcting for more than 11% since May 2020. Time-wise, the index has arrested secondary correction within nine weeks. Thus, any dips from here on should be capitalized as incremental buying opportunity,” said Dharmesh Shah, Head Technical, ICICI Securities.
Shriram Properties shares made a weak debut on the stock exchanges on Monday, 20 December 2021 amid bloodbath on D-Street. Shriram Properties stocks started trading at Rs 94 per share, down Rs 24 or 20.34% from the IPO price of Rs 118 per share. Shriram Properties had a market capitalisation of Rs 1,594.47 crore on listing. The Rs 600-crore initial public offering, which was launched earlier this month, received 4.6 times subscription. The public issue comprised fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore. Shriram Properties has a major presence in south India. It has completed various real estate projects and many are under construction.
All sectoral indices were down in red on Monday morning on NSE. Nifty Metal index fared the worst, falling more than 3%. Bank Nifty was down 2.66%, while Nifty PSU Bank was down 2.9%.
Sensex has given up 56,000 level. The index is down more than 1,000 points or 1.8%. The index has now fell 10% from its all-time high.
Nifty finds support around 16782 while 17200 will act as resistance. Bank Nifty finds support around 35300 while 36500 will act as resistance on the upside. Asian markets opened in the red led by the Japanese 'Nikkei' as a fresh wave of rising Covid cases in Europe due to the new 'Omicron' variant seeing markets react negatively. Chinese Central bank cut the prime lending rates by 0.05% to give a fillip to the economy & also counter the 'hawkish' US central bank which could bode well for Chinese financial stocks.
~ IIFL Securities
“The broader markets too took it on the chin and hence, traders are advised to stay light on positions and even if market attempts to recover, one should avoid aggressive longs till the time 17700 is not surpassed. Before this, 17100 – 17200 are to be considered as immediate hurdles,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
Only two of the thirty Sensex constituents were in the green on Monday morning as the index tanked 1000 points. Newly entered Wipro and Power grip were up with marginal gains.
“Expect Nifty to see further weakness if we break 16,900 as it will distort the higher high / higher low setup on Nifty. Downside targets would then open for 16,780 and 16,500 with 17,192 as major resistance for the down move. Either the selling has to subside or DIIs have to play a monumental role if any type of respite is expected from these levels,” said Rahul Sharma, Director & Head – Research, JM Financial.
Domestic market benchmarks opened deep in red on Monday morning amid weak global cues. Bank Nifty dives 2% lower while India VIX was up 7%.
Equity benchmarks snapped two weeks winning streak and concluded the week on a subdued note amid global volatility. Nifty ended the week at 16985, down 3%. Meanwhile, the broader market relatively underperformed the benchmark as Nifty midcap, small-cap skidded over 4%, each. Barring IT, all other indices ended in red weighed by FMCG, financials, realty
Sensex dives 400 points in pre-open session, Nifty hovers around 16,700 as bears look to tighten grip on Dalal Street.
The index 17500-17600 resistance region itself has held very well. This keeps the border bearish view intact. If immediate support of 16750-16800 does not hold, the Nifty can test 16300-16550. Resistance for the week will be in the 17400-17500 levels.
For the coming session, the trading spot band is between 17300 and 16930, which means further upsides are likely once the immediate resistances of 17300 are taken out and weakness could emerge if the supports of 16930 are broken.
~ Raushan Kumar, Derivative Analyst, IIFL Securities
Following a bear attack in the previous session, domestic equity market benchmarks BSE Sensex and Nifty 50 were once again eyeing a negative start on Monday. Nifty futures tanked 83.50 points or half a per cent to 16,935.50 on Singaporean Exchange suggesting a gap-down opening. In the previous session, BSE Sensex dived 889 points or 1.54 per cent lower to 57,011 while NSE Nifty 50 closed 263 points or 1.53 per cent to settle at 16,985. Technical analysts said that an attempt of bulls to make a comeback from the lows went into toss and the market followed the downtrend continuation pattern as per the long term charts. “One may expect further weakness down to 16,750 and lower by next week. Immediate resistance is placed at 17180 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
Bears are getting aggressive on Dalal Street and have closed forcefully below its 21-week exponential moving average on the weekly time frame. Benchmark index has closed three per cent lower on the weekly basis and has engulfed its previous week's green candle and formed a bearish engulfing candlestick pattern.
“An attempt of bulls to make a comeback from the lows went into a toss and the market followed the downtrend continuation pattern as per the long term charts. One may expect further weakness down to 16750 and lower by next week. Immediate resistance is placed at 17180 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Friday’s price correction in both Nifty and Bank Nifty saw rise in open interest in the futures segment which indicates short formations. In options segment, 17100-17300 call options saw additions of open interest indicating call writing. Technically, the swing lows of 16890 and 16780 would be the next support levels for the index while 17200-17300 will be seen an immediate resistance zone,” said Ruchit Jain, Trading Strategist, 5paisa.com.
SGX Nifty was deep in red on Monday morning ahead of the week's first trading session. Nifty futures on Singapore exchange were down 70 points, hinting at a weak start to the day's trade.