Share Market HIGHLIGHTS: Nifty ends just shy of 18000 as bears take over D-St, Sensex at 60322; RIL top drag – Financial Express


Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic stock markets ended deep in red on Tuesday as bears took over Dalal Street in the dying hour of trade. S&P BSE Sensex slipped 396 points or 0.65% to close at 60,322 points while Nifty 50 index dropped 0.61% to settle at 17,999. Bank Nifty fell 1%. Broader markets mirrored the fall, except smallcap indices as Nifty Smallcap 50 gained 0.58%. Reliance Industries Limited was the worst performing stock on Sensex, falling 3.17%, followed by State Bank of India, and Ultratech Cement. Maruti Suzuki India was up 7.32% as the top gainer on Sensex, followed by Mahindra & Mahindra, Tech Mahindra, and Infosys.
Bears took over Dalal Street in the dying hour of trade on Tuesday, forcing Sensex and Nifty to close with losses. S&P BSE Sensex slipped 396 points or 0.65% to close at 60,322 points while Nifty 50 index dropped 0.61% to settle at 17,999. Reliance Industries Limited was the worst performing stock on Sensex, falling 3.17%, followed by State Bank of India, and Ultratech Cement. Maruti Suzuki India was up 7.32% as the top gainer on Sensex, followed by Mahindra & Mahindra, Tech Mahindra, and Infosys. Bank Nifty index fell 1% to end at 38,300. Broader markets mirrored the fall, except smallcap indices as Nifty Smallcap 50 gained 0.58%. 
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Equity benchmark indices closed deep in red as bears forced stock markets lower in the dying hour of trade. Broader markets mirrored the fall. India VIX closed 1.75% lower.
Volatility gauge was down nearly 2% on Tuesday while benchmark indices were down in the red. India VIX, was sitting around 15.16 levels.
“The Indian equity market has outperformed major equity indices in 2021 so far. The spectacular gains have raised concerns over overstretched valuations with a number of global financial service firms turning cautious on Indian equities. Traditional valuation metrics like price-tobook value ratio, price-to-earnings ratio and market capitalisation to GDP ratio stayed above their historical averages. The yield gap (difference between 10-year G-sec yield and 12-month forward earnings yield of BSE Sensex) at 2.47% has far outstripped its historical long-term average of 1.65%,” said Reserve Bank of India.
Auto giant Maruti Suzuki’s share price zoomed 7.3% on Tuesday amid weak market momentum. The stock was trading at Rs 8,051 per share as the top Sensex gainer.
Sensex and Nifty were down deep in the red with an hour left before the closing bell. Nifty gave up 18,000 but was still above crucial support zone of 17,950.
 Bond markets opened the week with a positive bias aided by government’s surprise announcement of excise duty cuts in the previous week and benign global cues in the early part of the week. Mid-last week, the US 10-year yield inched lower by nearly 20bps from the previous week’s high of 1.60%. However, the higher than expected US CPI inflation along with the multi-decade high PPI inflation in China and Japan provided jitters to market sentiments. The US 10-year bonds completely erased the earlier gains with the yield inching higher towards 1.59% before easing marginally. Accordingly, the 10-year inched higher by ~8bps from the week’s low of 6.29% to end near 6.37%. We expect the 10-year paper to remain in the 6.30-6.40% in the near term.
Broader markets were outperforming benchmark indices on Tuesday. Nifty Midcap 50 was up 0.42% while Nifty Smallcap 50 was up 0.89%.
Newly listed internet giants such as Nykaa, Policybazaar, and Zomato could be among stocks that may be classified as large-caps in the next AMFI (Association of Mutual Funds in India) semi-annual rejig. Domestic brokerage and research firm Edelweiss believes these three stocks along with IRCTC, MindTree, Tata Power, and four others could become large caps soon while it believes Yes Bank, Punjab National Bank, Lupin, and 7 other stocks could be downgraded to midcaps. AMFI releases a semi-annual list of large caps, midcaps, and smallcap stocks, which is followed by mutual fund managers when rebalancing their portfolio.
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Paytm shares are expected to list on the stock exchanges this week after India’s largest IPO’s share allotment was finalised yesterday. Paytm’s Rs 18,300-crore IPO — the largest to date on Dalal Street — was subscribed a total of 1.89 times with Qualified Institutional Investors bidding in the largest numbers. However, falling grey market premium and weak demand from NIIs has left investors wondering if they should sell their shares on listing, or hold for long-term gains. Paytm stock is expected to list on Thursday, 18 November 2021.
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“Yesterday’s opening gains were too large to sustain, but the pull back thereof as well as the bounce of 18071, appear to have placed the trend in a better position to leap into the 18240-440 region, by end of this week. Until this region is seen we will continue to have 18000 as the downside marker.”
~ Geojit Financial Services
Maruti Suzuki India share price was up more than 5% on Tuesday as the top Sensex gainer. Maruti shares were trading at Rs 7,940 apiece, up 5.85%.
Long build up in the Nifty futures and Put writing at 18000 levels Indicates that Indicatesthat one should be optimistic for the markets.
Therefore, our advice is to hold longs with the strict stop loss of 18000 levels. On the higher side 18200-18300 levels will act as a strong resistance.
In the Bank Nifty, our advice is to hold long with strict stoploss of 38600 levels. On the higher side 39100-39400 level may act as resistance going forward.
~ HDFC Securities
“Since Nifty remained in a slender range, levels are more or less unchanged. For the coming session (today), 18200 would be seen as immediate hurdle; whereas on the lower side, 18000 followed by 17850 are to be considered as key supports. Because any violation of these levels would lead to some weakness in our benchmark index.” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
India VIX was down from highs to sit 2.7% in the red on Tuesday morning. The volatility guage was sitting at 15.11 levels. 
“When there is a fight between the DM and EM currencies $-rupee remains in a range and that is what we are seeing at the moment. When EM currencies break the range then we should see the breaking out mostly to the upside. For the day opening around 74.45 with a biddish bias. Flows of corporates could Hit but outflows will also be there so a range of 74.20 to 74.60 seems appropriate. Exporters may sell near term at 74.60 levels snd importers to buy any dips towards 74.20/30,” said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.
“In the ongoing truncated week, we expect index (Bank Nifty) to continue with its healthy consolidation in the broad range of 38200 – 40000. We believe the current breather should not be seen as negative instead it should be capitalized to accumulate quality banking stocks for the next leg of up move. Buying on dips strategy has worked well on multiple occasions in the last 18 months,” said ICICI Direct.
“The absence of faster pace of retracement on either side indicates extended consolidation in the range of 18200-17700 range which would offer incremental buying opportunity as index approaches price/time wise maturity of correction,” said ICICI Direct.
Dalal Street benchmark indices moved between gains and losses on the opening bell. Broader markets were trading mixed. Bank Nifty was down in the red. 
“Nifty finds support around 17908 while 18250 will act as resistance. Bank Nifty finds support around 38500 while 39200 will act as resistance on the upside,” said IIFL Securities.
Sensex gained 36 points in the pre-open session while Nifty 50 added 17 points.
In the coming session, the index is likely to open on a positive note tracking positive Asian cues. We expect index to trade with a positive bias while sustaining above intraday support of 18050. Hence, use dip towards 18110-18145 for creating long position for target of 18227.
~ ICICI Direct 
“Nifty range now stands at 18,000 – 18,200 and any attempt to breach either of the levels should bring a good directional move. Bank Nifty range seen at 38,650-39,100,” said Rahul Sharma, Director & Head – Research JM Financial.
Sensex gains in pre-open session, nears 60,900 while Nifty 50 was in the red, giving up 18,000 levels.
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets may look to continue their positive momentum on Tuesday, after having inched higher during the previous trading session. Midcap and smallcap indices outperformed benchmark indices while Bank Nifty closed with losses. India VIX surged higher. On Tuesday morning, SGX Nifty was up 34 points, hinting at a flat to positive start to the day’s trade. Meanwhile, cues from global peers were mixed after Wall Street equity indices closed in the red, with marginal losses but Asian stock markets were up with gains. Shanghai Composite, Hang Seng, Kospi, KOSDAQ, TOPIX, and Nikkei 225 were all in the green.
From an options perspective, significant Put addition was observed at 18000 Put strike for the coming weekly settlement. A move below these levels may trigger another round of downside in the coming week. However, if the Nifty sustains above 18100, it may continue its positive trend towards 18400 in the coming sessions.
For the coming session, the trading spot band is between 18240 and 18040, which means further upsides are likely once the immediate resistances of 18240 are taken out and weakness could emerge if the supports of 18040 are broken.
~ Raushan Kumar, Derivative Analyst, IIFL Securities
‘Nifty is expected to open around 18160, up by 50 points.  Nifty has resistance in 18200 and 18250 range and support in 18050 and 17950 range. Aggressive traders can consider buy on dips with strict stoploss loss,’ said Gaurav Udani, CEO & Founder, ThincRedBlu Securities. 
SGX Nifty was sitting comfortably in the green on Tuesday morning, hinting at a positive start to the day’s trade. SGX Nifty was up 50 points or 0.28% sitting at 18,187 points. On the charts, Nifty formed a small negative candle with upper shadow, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “This indicates a presence of crucial overhead resistance at 18150-18200 levels, as per the concept of change in polarity. This also signal a range bound action in the market at the crucial overhead resistance,” he added while suggesting that Nifty may be in for range-bound activity in the coming trading sessions.
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PB Fintech, which runs the online insurance marketplace Policybazaar, made a strong debut on the exchanges on Monday to find a place among the country’s most-valued companies. With a market capitalisation of Rs 54,070.33 crore, the fintech player is now the 94th biggest company in the listed space, ahead of JSW EnergyHero MotocorpBosch, Cholamandalam Investment and several others, Bloomberg data showed.
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SGX Nifty was up 50 points ahead of the day’s trade, hinting at a positive start to the day’s trade.
We observe a smaller degree of higher highs and higher lows on the daily chart. Monday’s swing high of 18210 seems to be at the new higher high of the sequence. The current chart pattern needs to be confirmed with minor reversal to expect downward correction in the short term. A sustainable move above 18200 levels could pull Nifty towards the next hurdle of 18350 levels. Conclusion: The short term uptrend of Nifty remains intact and the present range bound action is not confirming any reversal from the highs as of now. There is a possibility of 1-2 day’s of range movement before showing any upside breakout of 18200 levels. Immediate support is placed at 18020 levels.
~ Nagaraj Shetti, Technical Research Analyst, HDFC Securities



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