Market LIVE: Sensex tanks over 600 pts, Nifty falls below 15,800 support level; HDFC Bank, ICICI Bank drag – The Financial Express

Share Market Today, Share Market LiveCues from global peers were negative after Wall Street indices closed in red on Friday.
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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices BSE Sensex and Nifty 50 were trading deep in red on Monday amid negative global cues. S&P BSE Sensex was down 600 points or 1.2% while Nifty 50 gave up 15,800 support level. NTPC, HCL Technologies, Titan, and Nestle India were the only stocks on Sensex to be trading with gains. HDFC Bank and HDFC were down more than 2% each as the top laggards, followed by ICICI Bank, IndusInd Bank, Axis Bank, and SBI. Bank Nifty was down 1.5%, just above 35,200. India VIX surged 5.85%.

Sensex still down 532 points or 1 per cent down at 52,606, while Nifty 50 tumbled 155 points or 1 per cent to 15,769

Clean Science and Technology Ltd (CSTL) has a stellar listing on the exchanges today with 78% premium at Rs1,600/share against its issue price of Rs900/share. It had seen an overwhelming subscription of 93x, given its leadership in niche green chemicals. CSTL is one of the leading global specialty chemical manufacturer, focused on developing green chemicals. Green chemicals demand is expected to grow at 10.5% CAGR (F&S report) globally over CY19-25E and CSTL has built well diversified product portfolio in this space to capitalize on this opportunity. We like Clean Science given its global leadership in green chemicals, diversified product portfolio, robust financials with industry leading margins/return ratios and strong focus on ESG front. We expect the stock to do well post listing given the huge response in IPO, robust financials and strong demand for cos in clean chemistry. Siddhartha Khemka, Head – Retail Research, Broking & distribution, Motilal Oswal Financial Services

Reliance Industries Ltd (RIL) share price gained half a per cent at Rs 2,124 apiece on BSE, while shares of Just Dial tumbled over 5 per cent to Rs 1,016.86 apiece on Monday. Last week, Reliance Retail Ventures (RRVL) said that it will acquire a majority stake of 66.95 per cent in Just Dial. JP Morgan Equity Research has given a neutral rating to RIL, following the acquisition announcement. The brokerage firm sees just 6.5 per cent upside in the RIL stock by March 2022. It has pegged a target price of Rs 2,250 per share

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We witnessed some lackluster movement in the market and an attempt to hold the support level around the Nifty 50 Index level of 15800 While sustaining above 15800 is the key factor from a short-term perspective, our research suggests maintaining above this level is important for the market to gain momentum and extend the rally until 15920-15950. On the sectoral front, there is no clear indication of the market direction as few of the major sectors have shown weakness in the market. BPCL and LT are the top gainers while HDFC Bank and HDFC are the top losers on Nifty. Gaurav Garg, Head of  Research, CapitalVia Global Research

Infrastructure company Larsen & Toubro (L&T) on Monday said its construction arm has received orders in the overseas and domestic market. The company did not provide the value of the contracts, but said the orders fall under the ”significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore, according to the classification of contracts. L&T Construction has won a slew of orders in India and abroad for its various businesses, L&T said in a regulatory filing.

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Lenskart, an omni-channel eyewear retailer in India, on Monday said it has completed a USD 220 million (about Rs 1,644.2 crore) transaction, led by Temasek and Falcon Edge Capital. The current round also saw participation from Bay Capital and Chiratae, a statement said. This round of funding comes a month after it raised USD 95 million from global investment fund KKR, taking the total transaction size to USD 315 million, it added.

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G R Infraprojects continued to surge higher on Monday after listing on the stock exchanges 100% above the IPO price. On the other hand, Clean Science and Technology shares were 10% down from their opening price but still 79% above the IPO price. 

Ace investor Rakesh Jhunjhunwala is not looking to jump on the new-age technology IPO bandwagon but believes there is more opportunity in metal stocks and domestic banks. Speaking at Motilal Oswal AMC’s Global Partner Summit, the big bull said that he is bullish on every aspect of the Indian economy and domestic markets except the new-age internet companies that have begun their journey towards Dalal Street with Zomato’s IPO last week. Apart from Zomato, the financial services behemoth Paytm has also started mapping its stock market journey, filing the draft IPO papers last week.

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Larsen & Toubro was the top Sensex gainer on Monday, jumping 0.98%, followed by NTPC, up 0.84%, Nestle India, and Bharti Airtel.

Smallcap indices on NSE were outperforming benchmark indices on Monday morning. Nifty Smallcap 50 index was up 0.32% while Smallcap 250 gained 0.43% while the Nifty 50 dropped 0.63%.

Zomato IPO share allotment is likely to be finalised on Thursday, 22 July 2021. The online restaurant discovery and food delivery platform IPO, which was launched last week, saw strong demand from investors, subscribing 38.25 times on the final day. The IPO investors can check the IPO allotment status via BSE and the registrar’s websites. The registrar of the issue is Link Intime India, a SEBI-registered entity that processes all applications electronically and takes care of the allotment and refund process.

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“The markets have opened with a gap down, but the index still managed to keep above the 15700 level. Due to the commencement of the new week, the support is now upgraded from 15400 to 15600. As long as we do not break this on a closing basis, intraday dips or corrections can be utilized to accumulate long positions for a target of 16000-16100,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

On the forex front, the USDINR pair failed to break the 74.40 mark despite inflows on account of IPOs. Further, RBI was seen standing tall via nationalized banks to absorb inflows by buying dollars on every dip. The recent rise in FX reserves above the $611 billion mark proves their clear vision for higher dollar reserves in their kitty. Broadly, the outlook on Rupee remains gloomy as a stronger dollar on Fed’s tightening and weaker domestic crux could allow it to weaken further beyond 75-75.20 zone. On the flip side, 74.40 could act as immediate support over the short term and 74.00 would be a key support level over the medium term, which seems unlikely to test. Amit Pabari, managing director, CR Forex Advisors

GR Infraprojects shares made a strong listing on the stock exchanges on Monday, doubling over the IPO price, in an otherwise weak market. Shares of the debutant company began trading at Rs 1715.85 per share on NSE, up Rs 878.85 or 105 per cent from the issue price of Rs 837 apiece. GR Infraprojects had a market capitalization of Rs 16,437.13 crore on the listing. While, on BSE, GR Infraprojects shares got listed at Rs 1,700 apiece, rising Rs 863 or 103.11 per cent over the IPO price. Soon after listing, it hit a high of 1,734.60 apiece, surging 107.2 per cent from the issue price.

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The downside marker of 15885 held to perfection on Friday, but the slippage having occurred in the second half of the day, the inference is that there is still a quest for bargain hunting, rather than an eagerness to look beyond 16000. This is a failure move, forcing us to stare at the disappointing range of 15600-900 again until VIX rises substantially enough. Yet, within this construct, Nifty is likely to attempt to close above 15800, success of which could set the tone for the week.

~ Geojit Financial Services

Clean Science and Technology shares made a bumper listing on the stock exchanges today even as bears marred the overall market sentiment. Clean Science and Technology stocks began trading on the bourses at Rs 1,784 per share, up 98.27% or Rs 884.40 per share from the IPO price of Rs 900 apiece. A specialty chemical manufacturer, Clean Science has a global presence with a focus on developing green chemicals. The company manufactures specialty chemicals such as Performance Chemicals, Pharmaceutical Intermediates, and FMCG Chemicals. On listing, Clean Science and Technology had a market capitalization of Rs 18,953 crore. 

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Sensex and Nifty, after having opened deep in red, were seen trimming losses. Nifty had regained 15,800 while Sensex was above 52,700 once again.

“All the major US indices ended lower (~1%) on Friday due to concerns regarding elevated inflation and rise in Covid 19 cases in various parts. European markets also closed lower on Friday. Most of the Asian markets slipped again in the early Monday trade with Nikkei trading 1.5% down and Hang Seng trading -2% down. Some stock specific actions can be witnessed in stocks such as Tata Power & HPCL (both partnered to provide end-to-end EV charging stations), Rossari Biotech (To buy Tristar Intermediates for Rs 120 crore), Sundaram Finance (Plans up to Rs 500 crore two-part bond sale). Earnings to watch today include HCL Tech, Alok Industries, Mastek, Swaraj Engines, HDFC Life Insurance etc. GR Infraprojects and Clean Science & Technology will debut on stock markets today. Immediate support and resistance for Nifty 50 are 15,600 and 15,900 respectively,” said Mohit Nigam, Head, PMS – Hem Securities.

Domestic benchmark indices began trading deep in red on Monday morning, amid negative global cues. Sensex and Nifty were both more than 1% each. Bank stocks were among the top laggards.

Last week Nifty closed at 15923 above its key resistance level of 15900. Today Nifty is expected to open with a gap down of over 200 points at 15700. As long as Nifty holds above 15600 traders can look at buying on breakouts. Below 15600 there is a high possibility Nifty will test 15400 and 15200 in the coming days. Markets are near all-time high levels and it is advisable to be cautious than greedy. Gaurav Udani, CEO & Founder, ThincRedBlu Securities

Sensex and Nifty ended the pre-open session down 1% each. Sensex slipped 533 points while Nifty 50 was down 159 points.

The chart pattern suggests that if Nifty crosses and sustains above 15950 level it would witness buying which would lead the index towards 16100-16300 levels. However if the index breaks below 15800 level it would witness selling which would take the index towards 15700-15600.

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On expected lines, Nifty regained upward momentum after approaching maturity of price/time wise correction. The buying demand emerged from an elevated support base of 15600 that helped index to resolve out of past five weeks consolidation (15900-1500). As a result, our buy on dips strategy worked well. The weekly price action formed a bull candle with small lower shadow, indicating resumption of primary up trend.

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Sensex and Nifty were down in the red during the pre-open session on Monday. Sensex began 900 points lower but recouped some losses, Nifty was below 15,800. 

On Friday, despite downward oscillation, NIFTY-50 managed to hold 15,900 zone. Its momentum indicator-RSI declined gradually and is negatively poised. Overall market breadth turned positive, while sectoral trend remained mixed. As per the current set-up, the index will either keep oscillating in the narrow range or it will rebound after a minor decline. In case of decline, the index will find supports at around 15,840-level initially and 15,765-level subsequently, which coincides with its 38.2% and 61.8% Fibonacci Retracement levels of prior up-move (15,645-15,962), respectively. However a stable move above 15,900 level could take the index towards 16,000-16,100- 16,350 levels. As for the day, support is placed at around 15,883 and then at 15,843 levels, while resistance is observed at 15,963 and then at 16,002 levels.

~ Reliance Securities

SGX Nifty is still down more than 200 points. Nifty futures trading deep in red ahead of opening bell hints at a negative start for domestic equity markets. 

In the F&O space, FII activity remained subdued since the inception of July series and FIIs were seen primarily as buyers in the index futures and stock futures segment. While they were net buyers in index futures worth Rs. 3825 crore, they also brought to the tune of Rs 1037 crore in stock futures. At the same time, FIIs bought index options worth Rs 793 crore during the week. 

The Nifty maximum concentration among weekly Nifty put options has shifted higher to 15,900 from 15,800 on Friday, while among call options high call OI at 16,000 strike. This broadly suggests traders expect the Nifty to rise above 16,000 and do not expect the index to fall below 15,900. But a move below 15850-15800 may keep the ongoing range bound between 15,500-16,000 movement intact.

In the coming session, the trading spot band is between 15,860 and 15,980, which means further upsides are likely once the immediate resistances of 15,980 are taken out and weakness could emerge if the supports of 15,860 are broken.

~ Raushan Kumar, Derivative analyst, IIFL Securities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: The price of Petrol and Diesel were left unchanged at record highs on Monday by oil marketing companies. While petrol prices were increased over the weekend Diesel prices have remained largely steady. Petrol in the national capital now costs Rs 101.84 per litre, while Diesel in the capital city is retailing at Rs 89.87 per litre. Fuel prices have increased 41 times since May 4 and ten times this month. The price of petrol in Delhi has increased by Rs 11.15, while diesel price has surged Rs 10.80 per litre since the rates started increasing. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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BSE Sensex and Nifty 50 were staring at a negative opening on the first day of the week, as suggested by trends on SGX Nifty in early trade. Nifty futures tanked 223 points or 1.40 per cent to 15,713 on Singaporean Exchange. In the holiday-shortened week, first-quarter earnings, oil prices, rupee movement and other global developments will guide the markets today. Moreover, COVID-related updates and progress of monsoon will remain in focus.

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“Nifty 50 index closed positive for the (previous) week, however, the market is now constrained within a small range of 400 points and is struggling to take a decisive direction. Markets are trading overbought in the short term and majority of this rally has come on a slowed-down momentum as compared to the major uptrend. 15600 zone has been established as a strong support and until that breaks we suggest traders to maintain a cautiously bullish outlook. A decisive close above 15950 may trigger a test of 16200 on the higher side,” said Nirali Shah, Head of Equity Research, Samco Securities.

Nifty is expected to challenge psychological mark of 16000 in coming truncated week and eventually head towards 16300 in coming months. Index has resolved out of five weeks consolidation signaling resumption of the uptrend, on expected lines, after maturity of price/time correction. We expect BFSI, IT, Infra, Realty and Metals to lead the rally while Auto and Consumption space provides margin of safety at current levels. Our preferred large-cap picks are Axis Bank, Bajaj Finance, Infosys, Asian Paints, Hindalco, Ultratech Cement, M&M while, in midcaps we like Havells, Birla soft, Vardhaman Special steel, Mahindra life, Indocount industries, Glenmark Pharma, PNC Infra, Sandhar Technologies, Interglobe aviation.

~Dharmesh Shah, Head – Technical, ICICI Direct

Commodity prices traded mixed with gold prices ending in green while the rest of the commodities in the non-agro segment witnessed selling during the previous week. Crude oil prices reported the worst week in months on expectations of OPEC deal and weaker demand while base metals hovered in range with mixed fundamentals.

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BSE-listed companies such as HCL Technologies, HDFC Life Insurance Company, ACC, Indian Bank, Mastek, Alok Industries, GTPL Hathway, Nippon Life India Asset Management, Ponni Sugars (Erode), PSP Projects, Supreme Petrochem, and Swaraj Engines, will announce April-June quarter results on July 19.

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SGX Nifty was down 239 points ahead of the opening bell on Monday morning. Sensex and Nifty had scaled fresh highs during the previous week but ended Friday’s session in the red with marginal losses.

The initial public offering of Tatva Chintan Pharma was oversubscribed within two hours of Friday. The IPO continued to attract investors throughout the day with retail investors and HNIs oversubscribing their portion of the issue. 

The monsoon session of Parliament will kick off on Monday with a rather heavy legislative agenda, even as the Opposition is determined to put the government in the dock over a clutch of issues ranging from price rise to alleged mishandling of the second Covid wave. In the session scheduled to have just 19 sittings, as many as 26 Bills are listed for consideration and passing, while more could be tabled including key amendments to the relevant laws to facilitate privatisation of a couple of public sector banks and one general insurers in the current financial year, according to sources.

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