Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock indices continued their upward march on Tuesday. S&P BSE Sensex zoomed 672 points or 1.14% to close at 59,855 while NSE Nifty 50 index jumped 179 points tr 1.02% to end at 17,805. Bank Nifty was up 1.15% on the closing bell, settling at 36,840. Broader markets closed with gains but underperformed the benchmark while India VIX ended 2% lower. NTPC was the top Sensex gainer, up 5.56%, followed by State Bank of India, Power Grid, Titan, and Reliance Industries. Sun Pharma was the worst-performing Sensex constituent, sinking 1.09%, accompanied by Ultratech Cement, IndusInd Bank, and Dr. Reddy’s.
Bulls remained in control for the second consecutive trading session of 2022 on Tuesday. S&P BSE Sensex zoomed 672 points or 1.14% to close at 59,855 while NSE Nifty 50 index jumped 179 points or 1.02% to end at 17,805. Bank Nifty was up 1.15% on the closing bell, settling at 36,840. NTPC was the top Sensex gainer, up 5.56%, followed by State Bank of India, Power Grid, Titan, and Reliance Industries. Sun Pharma was the worst-performing Sensex constituent, sinking 1.09%, accompanied by Ultratech Cement, IndusInd Bank, and Dr. Reddy's. Broader markets closed with gains but underperformed the benchmark while India VIX ended 2% lower.
Domestic stock markets closed in the green on Tuesday. S&P BSE Sensex rose 672 points to settle at 59,855, while NSE Nifty 50 closed at 17,805, gaining 179 points.
Paytm stock may rally 40% from Tuesday’s intraday low, according to global brokerage and research firm JP Morgan. The brokerage firm has initiated coverage of Paytm (One 97 Communications) with an ‘overweight’ rating, the second bullish outlook that the stock has garnered since listing. Analysts at JP Morgan expect Paytm stock to reach the target price of Rs 1,850 per share by March 2023. However, the set target would still not take the stock above the IPO price of Rs 2,150 per share. Earlier in December, Morgan Stanley had published a bullish outlook on Paytm. Both JP Morgan and Morgan Stanley were the Book Running Lead Managers of the Paytm initial public offering. On Tuesday, Paytm shares were down in the red trading at Rs 1,320 per share.
“We estimate UTCEM to record an 11.6%/18.6% CAGR in consolidated EBITDA/adjusted PAT over FY21-24E, driven by higher sales volume/realization. The company’s RoE is expected to improve further to 15% by FY24E (13.2% in FY21) on higher asset turnover, led by an enhancement in capacity utilization, continued debt reduction, and improvement in EBIT margin.”
Target price – Rs 8700 per share (13% Upside)
NTPC continued to lead the Sensex pack on Tuesday afternoon, up 3.9%, followed by Power Grid, State Bank of India, Hindustan Unilever, and TCS.
NSE Nifty 50 index is set to hit 19,500 levels by December 2022, on the back of ample liquidity in the system, said analysts at ICICI Securities. The domestic brokerage firm’s 2022 Nifty target implies an up move of 10.6 per cent from the last close and a 5% rise from the current all-time high of 18,604.45. “Our December 2022 target for the Nifty 50 is 19,500 and is based on a 5% one-year forward earnings yield or 20x PE,” the brokerage firm said. As for the stocks and sectors, the brokerage firm noted that stocks with robust growth visibility and relatively attractive earnings yield related to economic activities may outperform.
The Nifty 50 index may take a pause in 2022 after having posted a strong 23% rally in 2021, said global brokerage and research firm UBS AG. Analysts are of the view that valuations of domestic markets are still lofty and do not fully reflect the upcoming headwinds. Domestic markets have outperformed emerging markets and developed markets in 2021, extending a bull run that started 22 months ago. Nifty is currently hovering around 17,700 while Sensex is above 59,400, both down nearly 5% from their all-time highs, achieved in the previous calendar year.
Bank Nifty soared more than 1% on Tuesday to near 36,800 levels. The banking gauge was inching higher as bulls dominated Dalal Street.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices gained in India on Tuesday, following the international prices. On the Multi Commodity Exchange, gold February futures were trading Rs 77 up at Rs 47,793 per 10 gram, as against the previous close of Rs 47,716. Silver March futures were ruling weak at Rs 61,650, down Rs 91, as against the last close of Rs 61,741 per kg. MCX gold prices delivered a negative return of over 4 per cent, and MCX silver fell over 8 per cent in CY2021. Even on the first trading day of CY22, gold and silver traded lower on the back of sharp rise in US Dollar and US Treasury yields.
We believe, sustainability above 17600 over next couple of sessions would open the door for extension of ongoing up move towards 18200 in coming weeks. Our constructive stance on the market is based on: A) The current up move in Nifty (1230 points) is larger in magnitude compared to past two pullbacks (600 points, 850 points respectively) B) Bank Nifty logged a resolute breakout from falling channel. The revived traction in Bank Nifty would drive Nifty higher as it carries 35% weightage in Nifty C) The across sector participation backed by improving market breadth signifies broad based participation that augurs well for durability of ongoing up trend.
~ ICICI Direct
The Nifty continues its upward trajectory. It has crossed its intermediate high of 17639; this should allow the index to achieve 17800-17850 as the next target. This zone might prove to be a resistance patch as well. Traders can consider booking profits on their long positions when the Nifty hits 17800-17850. 17200 is a good support for the markets and intra day dips can be utilized to accumulate long positions.
~Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The January series has started with relatively low open interest with the Nifty January series OI close to just 1 crore shares. Till we do not see fresh accumulation in OI, major directional move seems unlikely. From a data perspective, the Nifty holds highest Put concentration at 17500 strike for the coming weekly settlement while no major Call base is visible with highest Call concentration placed at the 17700 strike. Hence, positive bias can be maintained till the Nifty holds above 17350 for upside targets of 17800-17850. Move below 17350 may put the Nifty in the consolation mode once again.
For the coming session, the trading spot band is between 17350 and 17680,which means further upsides are likely once the immediate resistances of 17680 are taken out and weakness could emerge if the supports of 17350 are broken.
~ Raushan Kumar, Derivative Analyst, IIFL Securities
“US markets setting record highs on the first trading day of 2022 is auspicious for global stock markets. The spectacular 271 point rally in Nifty and FIIs turning buyers with net purchases worth Rs 703 cr are bullish signals. If the FII buying yesterday is an indication of their renewed interest in India, financials particularly the leading banks, are likely to continue the momentum witnessed yesterday. However, the 3rd wave of the pandemic is an area of concern even though the market's view is that it is unlikely to impact economic activity. The big headwind for markets globally is the rising inflation which may be further aggravated by the dislocations caused by the Omicron variant,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex and Nifty opened with gains on Tuesday. Sensex started the day above 59300 while the NSE Nifty 50 index was closing in on 17700.
Sense and Nifty were both moving higher on Tuesday morning. Nifty 50 was above 17700.
Sensex was trading flat with positive during Tuesday's pre-open session while NSE Nifty 50 index was down in the red.
“On the technical front, Nifty managed to sustain above 17600 levels. Immediate support and resistance in Nifty 50 are 17400 and 18000 respectively. Bank Nifty immediate support and resistance are 36000 and 37000 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
“Both FIIs and DIIs turning buyers in the cash segment was such a big relief. Both Nifty and Bank Nifty futures added long positions with good market internals. Nifty weekly PCROI has risen to 1.25 which is a positive sign. Puts witnessed aggressive writing at 17500 and 17600 while calls saw max writing at 17900 strike price. Bank Nifty has run into call writers at 36500 and may witness some resistance here,” said Rahul Sharma, Director & Head – Research, JM Financial.
“Nifty has opened the gates of 17830 as we closed highest since November 22. Momentum expected to remain high and one can use intraday dips to add longs,” said Rahul Sharma, Director & Head – Research, JM Financial
Nifty futures were trading 16.50 points down at 17,681 on Singaporean Exchange on Tuesday, hinting at a gap-down start for BSE Sensex and Nifty 50. In the previous session, headline indices ended 1.6 per cent higher, starting the new calendar year 2022 on a strong note. Equity investors added nearly Rs 3.52 lakh crore to their wealth in the previous session, as the overall market capitalisation of BSE-listed companies soared to Rs 269.52 lakh crore. Asian peers were also seen trading with gains in early trade on Tuesday.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol, diesel prices continue to remain the same today (January 4) across the country. Petrol rate in Delhi stands at Rs 95.41 per litre while diesel in he capital is priced at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel is retailing at Rs 109.98 and Rs 94.14, respectively. Fuel prices have been stable since the central government cut excise duty to bring down retail rates from record highs. Public sector oil marketing companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
BSE Sensex and Nifty 50 were likely to open on a tepid note on Tuesday, after the benchmark indices ushered in the new year with stellar gains in the previous session. Nifty futires were trading 7.50 points down at 17,690 on Singaporean Exchange in the early trade. On Monday, S&P BSE Sensex soared 929 points or 1.6% to settle at 59,183 while the NSE Nifty 50 closed 271 points or 1.57% higher at 17,625. Technical analysts say that Nifty 50 index shows positive indication and further upside in the short term can be expected.
“The index has marched forward gallantly and is all set to move up higher. As expected on Friday, we have achieved the target of 17600. We should now be headed to 17850 as the next level of resistance. Post that 18050 would be the next possible target for the Nifty. Since we are in positive terrain, any drop or intra day dip can be utilized to accumulate buy positions for higher targets.”
~ Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
“We remain optimistic and expect Nifty to deliver around 12-15% returns in 2022, supported by the continuation of economic recovery and strong earnings growth. After the recent correction, Nifty is now trading at ~20x 12 month forward PE which is no longer in the expensive zone. While the market trend might be volatile in the near term on account of potential risk from Omicron variant and fragile global cues, in the long run, strong earnings delivery along with positive macro-economic data would hold the key to drive markets upwards.”
~ Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
SGX Nifty was trading flat with a negative bias on Tuesday morning. Nifty futures trading flat hint at a muted start to the day's trade in Dalal Street.
Even before the third Covid wave, potentially to be dominated by the Omicron variant of the virus, began, the country’s unemployment rate spiked, mirroring the inability of a slowly recovering economy to address the increasing demand for jobs.