Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 snapped their 2-day gaining streak and ended in the negative territory on Wednesday. BSE Sensex fell 0.34 per cent or 207 points to end at 61,143, while the Nifty 50 index gave up 18250, falling 57 points or 0.3 per cent to settle at 18,210. Axis Bank was the top dragger, down 6.5 per cent. It was followed by Bajaj Finance, Bajaj Finserv, Hindustan Unilever Ltd (HUL), Tata Steel, NTPC were among other Sensex losers. On the flip side, Asian Paints, Infosys, State Bank of India (SBI), Sun Pharma, ITC, HCL Tech were top index gainers. Sectorally, Bank Nifty fell over one per cent, and settled at 40,874.
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Stock Market Highlights: Markets end rangebound! Nifty above 22,300, Sensex below 73,500; auto and energy stocks gained
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BSE Sensex fell 0.34 per cent or 207 points to end at 61,143, while the Nifty 50 index gave up 18250, falling 57 points or 0.3 per cent to settle at 18,210
Sensex and Nifty 50 were up with gains on Wednesday, nearing all-time highs. S&P BSE Sensex was above 61,450 while the broader Nifty 50 index was above 18,300. Broader markets were also in the green, mostly outperforming the headline indices. Midcap and smallcap indices were also extending their gains. India VIX, however, was slipping lower as it gave up 17 levels. Amid the positive market momentum, Yes Bank was the top volume gainer with more than 9.88 crore shares exchanging hands on NSE. Among value toppers, Axis Bank was ahead of the pack, as shares worth Rs 2,435 crore traded on the exchange.
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SJS Enterprises on Wednesday said it has fixed a price band of Rs 531-542 a share for its Rs 800-crore initial public offering, which will open on November 1. The initial public offering (IPO) will conclude on November 3. The bidding for anchor investors will open on October 29, the company announced in a virtual press conference.
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At the upper end of the price band, Nykaa is valued at 21.8x its FY21 revenues While valuations may appear to be expensive Nykaa is one of the very few profitable Unicorns in India and we believe that the company is well-positioned to benefit from the exponential growth in the online beauty and fashion retailing business over the next decade. Hence we believe that that the valuations are justified and hence we recommend to subscribe to the issue. Jyoti Roy – DVP- Equity Strategist, Angel One
India VIX, the volatility gauge, has slipped below 17 levels now. The fear gauge of domestic markets fell more than 1% on Wednesday as benchmark indices and broader markets zoomed ahead.
BSE Sensex and Nifty 50 were trading range-bound on Wednesday, a day before weekly options expiry, and monthly derivative expiry. The 30-stock index Sensex was up 185 points to 61,535, while NSE Nifty gained 62 points to hold above 18,300, at 18,330. So far in the trade on Wednesday, just three stocks — Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, and State Bank of India.
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Mukesh Ambani’s Reliance New Energy Solar has submitted an open offer to acquire 25.9% stake in Sterling and Wilson Solar at a 12% discount to the current share price. The energy venture of Reliance Industries Limited (RIL) has offered Rs 375 per share of Sterling and Wilson Solar, a draft offer letter showed. The open offer will see Mukesh Ambani firm shell out Rs 1,840 crore for a 25.9% stake in the company.
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The company is loss-making and being a fintech, valuations also make no sense. At the upper band of Rs 980, the company is demanding a market cap of 44041 Cr post listing. As per FY22A sales, the company is demanding 44x Price to sales, which is very expensive. Yes, the insurance penetration is low in India, online is even very less and the scope for such aggregators/online brokers is HUGE! But many are entering the space and creating their own ecosystem of financial services. Brokerages are creating platform companies with all services inside, fintechs too are entering and insurance creators i.e life and general insurance companies are taking the tech route themselves and they are no rush as agents are accounting for a good share of the business. HDFC Ergo and ICICI Lombard have already logged out of PolicyBazaar. Keeping in mind all of this, we have an avoid on the IPO. We would like to monitor this space for more time before taking up any action. Aditya Kondawar, COO, JST Investments
18350 continues to remain the short-term resistance level for the Nifty. It is imperative we keep above this level for a couple of days. That would trigger the next leg of this rally. 18000 is good support for the markets and until we do not break this on a closing basis, dips can be utilized to accumulate long positions. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Paytm has decided to increase its IPO size to Rs 18,300 crore from Rs 16,600 earlier, according to a PTI report citing unidentified sources. The entire increase is to come from existing shareholders including Alibaba’s Ant Financial and Softbank selling more stakes. The fresh issue of equity shares worth Rs 8,300 crore remains the same, as in the original offer. The company had planned to raise a total of Rs 16,600 crore by issuing fresh equity worth Rs 8,300 crore and another Rs 8,300 crore through an offer-for-sale.
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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Wednesday, mirroring the international rates. On Multi Commodity Exchange, gold December futures were ruling at Rs 47,780 per 10 gram, down Rs 33. While silver December futures were trading flat at Rs 65,005 per kg. Globally, yellow metal prices eased, retreating from the key $1,800 mark, as a stronger U.S. dollar and elevated bond yields dented bullion’s safe-haven appeal ahead of key central bank meetings, according to Reuters. Spot gold was down 0.2% at $1,788.66 per ounce. US gold futures dropped 0.2% to $1,790.60.
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Policybazaar parent company PB Fintech’s IPO is set to open next week. Online insurance aggregator and fintech platform Policybazaar is looking to raise Rs 3,750 crore from a fresh issue of equity shares and more than Rs 1,900 crore from an offer for sale (OFS) by existing shareholders of the company. PB Fintech also runs fintech platform Paisabazzar, along with Policybazaar. The company had received SEBI’s green light for the public issue earlier this month. So far this financial year, 25 companies have successfully raised funds from the primary market.
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Five-companies worth Rs 8,800 crore are about to launch their IPO over the next week. So far, in 2021, a total of 43 companies have raised a record Rs 78,520 crore. Broadly, the secondary market could see an outflow, but the primary market could restore up to some extent. RBI is expected to stay away from the Forex market as given factors are driving the Rupee as per their requirement. Thus, the USDINR pair is expected to remain in a tight range of 74.50-75.20 over the medium term. Amit Pabari, managing director, CR Forex Advisors
Bank Nifty falls 0.2 per cent, but was still trading 41100 level. Nifty Financial Services, Nifty Media, Nifty Metal, Nifty Private Bank indices were trading in red
Axis Bank, Bajaj Finance, Tech Mahindra, Power Grid Corporation of India, IndusInd Bank, Tata Steel were among top Sensex draggers
Asian Paints was the top Sensex gainer, up over 4 per cent, followed by Sun Pharma, ITC, Dr. Reddy’s Laboratories, TCS, State Bank of India were top Sensex gainers
At the current juncture, Index is trading above its 9-day exponential moving average on the daily chart, which is near 40,035 level. If prices continue to sustain above 40000-39950 then a bullish trend may resume soon towards 42000 followed by 42500. But in case the index closes below the 9-day exponential moving average it may slide towards 39880- 39750 levels. The first sign of real weakness would come only if we start trading below the lower range of 39680- 36500. Aprajita Saxena, Research Analyst, Trustline Securities
BSE Sensex surged 450 points to 61750, while NSE Nifty was ruling at 18250 in pre-opening session on Wednesday
The index has not been able to close above 18350 which is a crucial level. If we can achieve that for a couple of sessions, the markets would resume its current uptrend and then march ahead to achieve higher targets. 18000 is a good base and it has been supported by the Nifty on multiple occasions. If this level is disrespected, it would result in a psychological and technical breach of confidence. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
BSE-listed companies such Larsen & Toubro, ITC, IndusInd Bank, Bajaj Auto, Titan Company, Lupin, Maruti Suzuki India, Punjab National Bank, SBI Life Insurance Company, Zee Entertainment Enterprises, Aarti Drugs, Adani Enterprises, Adani Ports and Special Economic Zone, Happiest Minds Technologies, IIFL Finance, IIFL Wealth Management, India Grid Trust, Indian Overseas Bank, JK Paper, Poonawalla Fincorp, PSP Projects, Ramco Systems, Raymond, Reliance Power, Shriram City Union Finance, SKF India, Sona BLW Precision Forgings, Tata Chemicals, Tube Investments of India, Torrent Power, TTK Prestige, United Breweries, United Spirits, and Welspun India will release September quarter earnings today.
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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of petrol and diesel were increased by oil marketing companies today, after a two-day pause. Petrol in the national capital today costs Rs 107.94 per litre, hiked by 35 paise since yesterday. Meanwhile, diesel in the capital city was retailing at Rs 96.67 per litre, up 35 paise. Petrol and diesel rates have increased 19 times so far in October. 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.
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Nifty is expected to open negative around 18220, down by 50 points. Nifty has support at 18050 -18100 levels and resistance at 18280-18300 range. Traders are suggested to avoid taking long positions till we get closing above 18350 levels. Gaurav Udani, CEO & Founder, ThincRedBlu Securities
On Tuesday, the benchmark indices witnessed positive momentum. After a volatile trading session in the morning, the Nifty 50/ BSE Sensex took supports near 18100/60800 and reversed sharply. Among sectors, strong buying interest was seen in reality and metal stocks while selective private banks witnessed technical sell-off at higher levels. Technically, the index has formed a promising reversal formation near the 20 day SMA which is broadly positive. In addition, on intraday charts, it has formed a higher bottom formation that also supports further uptrend.
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Bulls asserted control on Dalal Street on Tuesday, pushing benchmark indices and the broader markets higher. S&P BSE Sensex gained 383 points or 0.63% to end at 61,350 while NSE Nifty 50 added 143 points or 0.79% to settle at 18,268. Midcap and smallcap indices closed 1-2% higher each. On Wednesday morning, SGX Nifty was down 45 points, hinting at negative momentum building up ahead of the day’s trade. Global cues were mixed during the early hours of the day as Wall Street indices gained but Asian stock markets failed to mirror the up-move.
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In overnight trade, US stock indices closed higher with the Dow Industrials and S&P 500 hitting fresh records. The Dow Jones Industrial Average rose 15.73 points, or 0.04%, to 35,756.88; the S&P 500 gained 8.31 points, or 0.18%, at 4,574.79; and the Nasdaq Composite added 9.01 points, or 0.06%, at 15,235.72.
Asian stock markets were trading mixed even as major indices on Wall Street posted record closing highs. Japanese stocks led gains regionally as the Nikkei 225 jumped 1.77% to close at 29,106.01 while the Topix index gained 1.15% to 2,018.40.
In the early trade Nifty futures were ruling at 18299.50, down 34 points or 0.19 per cent on Singaporean Exchange.