Close

Share Market LIVE: Sensex trims losses further, Nifty regains 15,600; M&M, ICICI Bank among top drags – The Financial Express

Asian stock markets were trading deep in the red on Monday morning.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets opened in the red, mirroring the global rout in equities after US Fed, last week, signalled a rate hike faster than most expected. S&P BSE Sensex opened 500 points lower but soon recouped some losses but was still in the red. Nifty 50 neared 15,500 but bounced back up from the lows. M&M, ICICI Bank, Ultatech Cement, State Bank of India, and IndusInd Bank were some of the worst-performing Sensex constituents. NTPC, HUL, Asian Paints, and Sun Pharma were the top performers. Bank Nifty was down 1.7%. The volatility index, zoomed 9.22% to sit at 16.16 on Monday morning.

Bulls may continue to dominate India’s share markets for the next 12 months, albeit at a slower pace of gains, said global brokerage and research firm Morgan Stanley. The current bull market, which started since the bottom made in the last week of March 2020, is believed to have more legs when compared to previous such rallies. “There is return dispersion across bull markets making the average return less meaningful. This one is up 106% — the historical average is 284%. While we see further upside in the immediate 12 months, the pace of gain may slow,” Morgan Stanley said in a report. Sensex and Nifty have doubled since the March 2020 fall and have set fresh all-time highs.

Read full story

Dodla Dairy’s Rs 520-crore IPO, which was subscribed 45.61 times, is likely to announce IPO share allotment on Wednesday, June 23, 2021. In the grey market on Monday, Dodla Dairy shares were quoting at a premium of Rs 85 over the issue price of Rs 428 per share. The shares were trading at Rs 513 apiece, implying a premium of 20 per cent over the IPO price, according to the people who deal in shares of unlisted companies. Dodla Dairy will make its stock market debut on June 28, 2021.

Read full story

Sensex and Nifty continue to trim losses after opening deep in the red on Monday morning. Nifty has regained 15,600.

“The Fed’s latest statement, though only mildly hawkish, appears to be impacting global stock markets more seriously than thought earlier. Market volatility has spiked and more volatility is in the offing. When valuations are high, corrections can be sharp. The strengthening dollar ( Dollar Index has spiked to 92.29) is a clear emerging market negative. A lot will depend on what FIIs will do in the coming days. Also, retail investment activity has to be watched. If there is a sharp correction in the market, the mid-small caps are likely to be impacted more. There is safety in strong performing large-caps. This is the time for safety and caution,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

With global stocks pulling back from a record high, weaker opening in domestic equities shall be seen as well. However, with many upcoming IPO’s and QIP’s due in the current month, the USDINR pair shall remain under pressure to witness any reversal on account of foreign equity inflows that India has seen since the past months. Technically, for rupee 74.50 levels will act as an important resistance to watch for. On flip side, the pair shall find its near term support near 73.80 levels. If the pair breaks and consistently trades above 74.50 levels, then rupee is most likely to move near 75.20-75.50 levels in the near to medium term. However, any aggressive selling pressure can push rupee back to 73.50-73.80 zone. As the primary trend for rupee is on a weaker side, it is good to remain buyer on every dips and one can go slow in selling. Amit Pabari, managing director, CR Forex Advisors

“Nifty finds support around 15,450 while 15,850 will act as resistance on the upside. Bank Nifty finds support around 34,250 while 35,000 will act as resistance,” said IIFL Securities.

“Fed’s Bullard has become more hawkish than Fed itself and that has resulted in the risk aversion that is seen in the markets. The rupee may open at 74.25 where RBI sold on Friday and brought the dollar down to 73.82 before settling at 73.90. Today’s range could be 73.80 to 74.40 with exporters selling at 74.40 and importers buying near 73.80/90 if they get it or else they may wait for better levels to buy,” said  Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

COMEX gold trades modestly higher near $1775/oz after a 0.3% decline on Friday. Gold inched up amid choppiness in the US dollar and drop in US bond yields to March lows. ETF inflows also show buying interest in the metal. However, weighing on price is the Fed’s projection of early rate hikes. Gold has turned choppy after the recent sell-off however general bias may be on the downside unless the US dollar corrects sharply. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Sensex and Nifty were recovering some early losses after the initial minutes of trade. Sensex was now down more than 450 points while Nifty neared 15,550.

Bank Nifty was down 1.7% on Monday morning. SBI, IndusInd Bank, RBL Bank, and Axis Bank were the worst performers on the index. Nifty PSU Bank and NIfty Private Bank index were also in the red.

State Bank of India, IndusInd Bank were the top laggards on Sensex on the opening bell. ICICI Bank, Kotak Mahindra Bank, Axis Bank, and HDFC Bank were all in the red.

Sensex began the day’s trade down 500 points at 51,887 with only one of the thirty index constituents trading in the green. Nifty 50 was nearing 15,500.

The chart pattern suggests that if Nifty crosses and sustains above 15750 level it would witness buying which would lead the index towards 15900-16100 levels. However if index breaks below 15600 level it would witness selling which would take the index towards 15500-15400. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

Read full story

In the expiry week, we expect index to consolidate in the broader range of 15900-15400 amid stock specific action. The ongoing healthy consolidation would help index to cool off the overbought conditions and form a higher base. The broader structure remain bullish thereby we reiterate our positive stance of Nifty heading towards earmarked target of 16100. However, bouts of volatility from here on cannot be ruled out which would offers incremental buying opportunity in the range of 15300-15500.

Read full story

Sensex dived 400 points during the pre-open session while the 50-stock NSE Nifty was down nearly 150 points.

Sensex and Nifty were down in the red on Monday morning, ahead of the opening bell. The pre-open session saw Sensex fall more than 200 points while Nifty slipped over 100 points.

“Markets are likely to spend some more time in a range and we expect volatility to remain high due to the scheduled derivatives expiry of June month contracts. With no major event, participants will be closely eyeing the global markets for cues. Besides, the progress of the monsoon and updates on the vaccination drive will also be in focus. On the benchmark front, Nifty has critical support at 15,400, followed by 15,200. In case of a rebound, it would find resistance around 15,850-16,000 zone. Among the sectors, defensive viz. FMCG and IT are likely to maintain their prevailing positive bias while metals and PSU banks may continue to trade lackluster and drift further lower. We advise traders to align their positions accordingly,” said Ajit Mishra, VP Research. Religare Broking.

The Nifty lost less than 1% last week after gains of four consecutive weeks amid some profit booking in the midcap and small cap space. The midcap and small cap indices lost 2% and 3%, respectively, during the week. Apart from FMCG and technology stocks, rest of the sectors ended the week in the red where high beta stocks from metals and realty space witnessed significant pressure. On the options front, the highest option concentration is placed at 15800 Call and 15500 Put strikes. The Call OI base is close to 48 lakh shares, which should act as immediate hurdle for the Nifty during the week. Similarly, Put base at 15500 and 15600 strike is almost equal. We believe a fresh move below 15600 may result in extended profit booking towards 15200 in the settlement week.

~ ICICI Direct

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were left unchanged on Monday by oil marketing companies. Petrol price in Delhi today stands at Rs 97.22 per litre, and diesel in the capital city is retailing at Rs 87.97 per litre today. Rates have been hiked 27 times since May 4. The price of petrol in Delhi has increased by Rs 6.53, while diesel price has surged Rs 6.92 per litre since the rate revision began. 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.

Read full story

Nifty futures on Singapore Exchange were down more than 200 points before the opening bell.

BSE Sensex and Nifty 50 snapped a four-day gaining streak last week, ending up to a per cent lower. SGX Nifty tanked 191.50 points or 1.22 per cent to 15,558 on Singaporean Exchange. Investor sentiment was hit after the US Federal Reserve monetary policy meeting hinted at interest rate hikes by 2023. With no major event, global cues are likely to continue to dictate the market trend

Read full story

Commodity prices traded lower with most of the commodities in the non-agro segment witnessed selling except crude oil.  Bullion prices traded lower on stringer dollar on US Fed tapering signals while base metals traded weak on China crackdown and weak demand. Crude oil prices extended rally on strong fuel demand recovery form US and Europe.

Read full story

“Although Nifty bounced back after breaking the support zone of 15,565-15605 on Friday, long trades are advised to stay cautious below 15,600. Bullish Zone: above 15,800 and Bearish Zone: below 15,600. Neutral Zone: 15,600 – 15,800,” said Rahul Sharma, Head, Technical and Derivatives Research, JM Financial Services.

Domestic stock market indices, BSE Sensex and Nifty were staring at a negative start on Monday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 175.50 points or 1.11 per cent lower at 15,574.50 on Singaporean Exchange. In the previous session, BSE Sensex ended flat at 52,344.45, while the Nifty 50 index settled down at 15,683. Chart patterns suggest indecisiveness between bulls and bears. However, technical analysts believe that in the medium term the texture of the benchmark indices is still bullish and likely to continue in the short run. “The texture of the chart suggests 15400/51800 should be the sacrosanct level for the bulls and as long as its trading above the same, uptrend is likely to continue up to 15800-15900/52600-52850 levels,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

Read full story 

TV Narendran, MD & CEO Tata Steel takes over as CII president at a time when the economy is in a trough but India Inc has turned in stunning results for FY21. Narendran tells FE’s Shubhra Tandon and Shobhana Subramanian the jobs will come once there is more construction, manufacturing and more economic activity in remote parts of the country. 

Excerpts

SGX Nifty was down nearly 200 points during the early hours of trade on Monday. Bears were in control on stock markets across Asia.

Citing the ‘rarest of rare’ economic problems being faced by his state over the past four-five years due to natural calamities including the severe floods of 2018 and pandemics, Balagopal said Kerala, with a creditable track record in “developing human capital”, was being virtually thwarted in its efforts to address ‘second-generation’ issues concerning healthcare, education and employment by assorted national policies and a tilt away from federalism.

Read full story

scroll to top