Share Market Highlights: Sensex ends 621 pts lower at 59,601, Nifty dives 1% to end at 17,745 – The Financial Express

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The Financial Express

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic markets ended their four-day gaining streak on Thursday amid a global sell-off. Sensex dived 621 points of 1.03% to settle at 59,601 while NSE Nifty 50 tanked 179 points or 1% to close at 17,745. Bank Nifty was down 0.55% on the closing bell while broader markets closed mixed. India VIX soared 4.34%. Bajaj Auto was the top gainer, up 1.77%, followed by IndusInd Bank, Bharti Airtel, and Maruti Suzuki India. Ultratech Cement was the worst Sensex performer, falling 2.58%, accompanied by Tech Mahindra, Reliance Industries, and HCL Technologies.
Dalal Street snapped its four-day winning streak on the weekly Futures & Options expiry session on Thursday amid a global market sell-off. Sensex tanked 621 points of 1.03% to end at 59,601 while NSE Nifty 50 sunk 179 points or 1% to close at 17,745. Bajaj Auto was the top gainer, up 1.77%, followed by IndusInd Bank, Bharti Airtel, and Maruti Suzuki India. Ultratech Cement was the worst Sensex performer, falling 2.58%, accompanied by Tech Mahindra, Reliance Industries, and HCL Technologies. Bank Nifty was down 0.55% on the closing bell while broader markets closed mixed. India VIX soared 4.34% and closed just shy of 18 levels. 
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IndusInd Bank was up 1.83% on Thursday with minutes left before the closing bell. It was followed by Bharti Airtel, Maruti Suzuki, Bajaj Finance, and Titan.
Stock markets across the globe are keeping a close eye on monetary policy tightening by central banks as we enter the new year. Amid policy tightening and an expected deceleration in growth, analysts at Morgan Stanley said that large-cap stocks are still turning out to be the best play to help investors pocket healthy gains. The brokerage firm has been recommending US-listed large-cap stocks since mid-November last year. “…we think growth will decelerate this year as most of our leading indicators point to that outcome. Furthermore, this dynamic should be supportive of defensives outperforming cyclicals amid large-cap quality leadership,” they added.
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Sensex and Nifty were seen trimming losses with less than an hour left before the closing bell. Sensex was still down over 450 points while Nifty 50 was nearing 17800.
Jefferies India remains bullish on the Indian pharma companies, as it believes that Indian contract development and manufacturing companies are seeing significant order flow improvement with strong growth visibility. The research firm has initiated coverage with a ‘buy’ rating on two pharma stocks — Gland Pharma and Laurus Labs, and sees a rally of up to 20 per cent. With the initiation of Gland and Laurus, Jefferies has also expanded its India Pharma CRO/CDMO coverage to five, including Divi’s, Syngene, and Piramal.
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The market has been facing downward pressure post touching its all-time high in October. While, the economy has been recovering on expected lines, the global cues indicating the unwinding of balance sheet expansion by central banks around the world have been a major factor. In this context, the US Fed’s hawkish stance has not been a surprise, but the negative market reaction today is primarily due to the indication of balance sheet reduction in the Fed minutes released yesterday. Almost all members showed concern on rising inflation and the possibility of accelerating rate hikes followed by a reduction in the balance sheet. Although the timing remains uncertain, market participants are now expecting this to happen sooner than later. In addition, the rising cases of COVID-19 around the globe has also increased the risk levels. Overall, we remain cautious in the markets right now. Mohit Ralhan, Managing Partner & Chief Investment Officer of TIW Private Equity
Rakesh Jhunjhunwala-owned Escorts Ltd was trading flat with a negative bias on Thursday morning, amid bearish market momentum. The stock currently trades at Rs 1,879 per share, after having surged 48.2% during 2021. Escorts, earlier last quarter, said that Japanese agricultural machinery manufacturer — Kobuta, will take over as the co-promoter of the company, subject to a preferential issue of equity shares and an open offer. Big Bull Rakesh Jhunjhunwala currently holds a 5.22% stake in the company.
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The Nifty 50 Index, which was launched on April 22, 1996 has completed 25 years of trading. The Index, which represents the 50 large capitalized and liquid stocks across 13 sectors, has grown 15 times in 25 years, delivering annualized returns over 25 years of 11.2%. NSE is ranked 4th in the world in the cash equities by number of trades as per the statistics maintained by the World Federation of Exchanges (WFE) for calendar year 2020. NSE was the first exchange in India to implement electronic or screen-based trading.
“Details of the Fed minutes indicating earlier-than-expected policy normalization led to sharp spike in the 10-year yield to 1.69% and sell off in equity markets with S&P 500 and Nasdaq losing 1.9% and 3.3% respectively. Now the market feels that the first rate hike may come in March itself. The sharp moves in the bond and stock markets is an indication of the volatility in store in 2022. The sharp cut in the US is unlikely to lead to similar cuts in India. Here Q3 results, budget expectations and macro data are likely to influence the market in the coming days. Sectoral rotation in favour of financials, particularly leading banks, is a likely scenario in 2022. There are market signals and macro triggers favouring financials. So, market corrections may be used to buy high-quality financials and large-cap IT. Cement prices and demand are firm indicating better prospects for the sector,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“There has been a reaction from the resistance zone of 17800-17950. This would not mean the end of the current trend. The trajectory will continue to be positive until 17200 is not broken on a closing basis. Bottom picking or accumulation is always a strategy that can be adopted. However, I am of the opinion that unless we do not close above 17950, the next leg of this rally will not commence.”
~ Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India tumbled over half a per cent on Thursday, on the back of weak global cues. On the Multi Commodity Exchange, gold February futures were down 0.53 per cent or Rs 256 to Rs 47,765 per 10 gram, as against the previous close of Rs 48,021. Silver March futures crashed 1.42 per cent or Rs 881 to Rs 61,357 per kg, slipping below the Rs 62,000-mark.
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Shares of Jet Airways surged 4.7% to 92.50 on open today (6 January). The surge comes after the airline denied reports of Sudhir Gaur stepping down as the Interim CEO of the grounded airline. Jet Airways clarified that the airline has not yet appointed its CEO and shall disclose details of the same to stock exchanges in future in compliance with the applicable disclosure regulations. Not Interim CEO, Captain Gaur who recently resigned from the Company, was actually employed in July 2021 as VP – Operations and designated as the Accountable Manager of the Company, Jet Airways said.
“After four consecutive days of positive close, Nifty has stepped into the overbought territory. But, neither this nor oscillator divergences seem potent enough to suggest a collapse yet. Towards this end, the day’s dips would initially aim to penetrate 17800, but 17725-680 region is favoured to prompt a swing higher, again, putting the 18100s back in the radar. We will wait for a close below 17530 to fully abandon upside hopes,” said Geojit Financial Services.
BSE Sensex and NSE Nifty 50 tumbled nearly one per cent on opening on the weekly options expiry day today, amid a global-selloff. Analysts expect high volatility in domestic markets on the back of weekly futures and options contracts expiry. On Thursday, 17700 may act as immediate support on the Nifty, while 18000-18100 as immediate resistance, analysts said. As for the Bank Nifty, 37000 level is likely to act as support level, and 38000-38200 as immediate resistance. Both Nifty 50 index and Bank Nifty fell over a per cent on Thursday. India VIX, the volatility index, jumped 2.64 per cent to 17.68 levels.

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Sensex nose-dived 800 points or 1.32% on Thursday while the Nifty 50 index was below 17700.
Sensex opened in the red on Thursday morning. The index tanked over 500 points to give up 59,700 while Nifty 50 was below 17800 levels — both down nearly 1% each. Bank NIfty fell more than 1%.
“From a data perspective, the Nifty holds the highest Put concentration at 17800 strike for the coming weekly settlement while no major Call base is visible with highest Call concentration placed at the 18000 strike. Hence, positive bias can be maintained till the Nifty holds above 17720 for upside targets of 18000. For the coming session, the trading spot band is between 17720 and 17980,which means further upsides are likely once the immediate resistances of 17980 are taken out and weakness could emerge if the supports of 17720 are broken,” said Raushan Kumar, Derivative Analyst, IIFL Securities.
The Reserve Bank of India may defer plans to increase policy rates to the next financial year starting April to avoid a potential hit on the economy, as the rapid spread of the Omicron variant has already led to pandemic curbs in several states that will crimp economic activity. On the technical front, Nifty's immediate support and resistance can be 17,600 and 18,200 respectively. While for Bank Nifty 37300 and 38200 may act as immediate support and resistance.
~ Mohit Nigam, Head – PMS, Hem Securities
Sensex trades 400 points lower in pre-open session, Nifty holds 17900.
“Expect Nifty to open gap-down but supports are placed at 17800 and 17600. A pullback of 200-300 points after nearly 750 points rally in Nifty in last 4 days should help us test the strength of the rally,” said Rahul Sharma, Director & Head – Research, JM Financial.
Nifty index opened positive and headed towards 17950 zones on Wednesday. It continued its winning streak of the last fourth straight sessions led by buying interest at every key level. It gave the highest daily close of the last 35 sessions and ended with gains of around 120 points, forming a Bullish candle on the daily scale and has been forming higher highs – higher lows from the last four sessions.
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A reasonable long bull candle was formed on the daily chart with minor upper and lower shadow. Technically this pattern indicates a continuation of an uptrend in the market and the formation of upper and lower shadow's signal emergence of volatility at the highs. At the same time, the formation of lower shadows of the last two session’s bull candle indicates a buy on intraday dips action in the market. However, having moved up sharply in the last four sessions, there is a possibility of consolidation or minor downward correction from the highs. The overall market breadth seems to have tired on Wednesday after a sharp run up of the last few sessions. The broad market indices have started to consolidate at higher levels. The nullifying of a bearish pattern recently could mean sharp trend reversal on the upside and any dips from here could be a buying opportunity.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 were set to open on negative note on Thursday, a day of weekly F&O expiry. Nifty futures were trading 138 points or 0.77 per cent down at 17,835 on Singaporean Exchange. In the previous session, S&P BSE Sensex gained 367 points or 0.61% to settle at 60,223 while NSE Nifty 50 added 120 points or 0.67% to end the day’s trade at 17,925. “Nifty’s immediate support and resistance can be 17,600 and 18,200 respectively. While for Bank Nifty 37300 and 38200 may act as immediate support and resistance,” Mohit Nigam, Head – PMS, Hem Securities, said.
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“For the near term, 17970 followed by 18050 are the immediate term hurdles and we could see either some price-wise or a time-wise correction to relieve the overbought momentum setups. Hence, short-term traders can look to take some money off the table around the resistance and look for buying opportunities again on declines. The Bank Nifty index is on a roll and most of the shorts which were rolled from the December series are now out of the system. The trend continues to be positive and we continue with our positive bias and advise to keep a buy-on-decline approach for this sector.
After a long time, the IT index witnessed some profit booking. On the daily chart, the Nifty IT index had formed a ‘Hanging Man’ candlestick pattern and has breached its short term support today. So in the near term, we expect some profit booking in this space.”
~ Ruchit Jain, Lead Research, 5paisa.com
What the markets and market-makers have achieved in the past two years is more than what they could do during the past two decades, as the number demat accounts have more than doubled to 7.7 crore as of November 2021 from 3.6 crore in March 2019, Sebi Chairman Ajay Tyagi said on Wednesday.
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SGX Nifty was down deep in red on Thursday morning. Nifty futures were down 150 points, hinting at a negative start for domestic equities.
U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.
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