Share Market Updates Today: Indian equity benchmarks fell sharply on Monday, extending their fall for the third straight session amid a decline in Asian equities due to fresh Covid-19 restrictions in China and fears of an extended US Federal Reserve tightening cycle. South Korea's KOSPI moved 1.02 per cent down, the Shanghai Composite index fell 0.39 per cent and Hong Kong's Hang Seng Index slipped 1.77 per cent, while Japan's Nikkei edged 0.16 per cent higher. US stock futures fell, indicating a lower opening for Wall Street later today. S&P futures fell 0.45 per cent, Nasdaq futures moved 0.69 per cent lower and Dow Futures slipped 0.23 per cent. Back home, foreign institutional investors sold Rs 751 crore worth of equities on Friday, while domestic investors bought Rs 890 crore of shares, as per provisional NSE data. PNB, Bank of Maharashtra, UCO Bank, Zomato, Central Bank of India, EaseMyTrip, IOB, IRFC, Yes Bank and HCC were among the most active stock today, in terms of volumes.
Here are the share market highlights:
The Bank Nifty continued to witness a tug-of-war between the bulls and the bears and the index formed a Doji candle on the daily chart. The index lower-end support stands at 42000 where the higher open interest is built up on the put side which will act as a line of defense for the bulls. The bears are forming a grip around the 42,500-42,600 zone and if breached on the upside will lead to a sharp short covering move towards 43,500-44,000 levels.
BSE 500 stocks such as Bandhan Bank, Delhivery, GlaxosmithKline Pharmaceuticals Ltd, IndiGo Paints, Motilal Oswal Financial Services, Quess Corp, Sanofi, SIS Ltd, Sona BLW Precision Forgings Ltd, Sudarshan Chemical and Voltas hit their 52-week lows today.
The sharp decline in crude prices is a huge positive for the domestic economy. However, the market did not respond favourably due to stronger headwinds from the global market. The prospect of a prolonged tightening cycle by the US Federal Reserve and the Chinese Covid restrictions affected the world market. Along with other major sectors, metal stocks traded with cuts despite the government's decision to remove export duty on iron and steel.
BSE 500 stocks such as Bank of India, Bharti Airtel, Central Bank of India, Escorts, Great Eastern Shipping Co, IIFL, Indian Bank, JB Chemicals & Pharma, Bank of Maharashtra, PNB, Punjab & Sind Bank, Timken, UCO Bank and Union Bank hit their 52-week highs today.
The trend looks a bit weak with a rounding top formation on the daily timeframe. The bearish crossover in RSI with a negative divergence suggests weak momentum. Going forward, 18,100 may provide immediate support below which the index may drift down towards 17,750. On the higher end, resistance is visible at 18,200/18,450.
The overall market breadth stood negative as 1,517 shares advanced while 2,077 declined on BSE. The market capitalization (m-cap) of BSE-listed companies stood at Rs 280.91 lakh crore.
12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty IT, Nifty Financial Services and Nifty Auto underperformed the NSE platform by falling as much as 1.55 per cent, 0.64 per cent and 0.62 per cent, respectively. In contrast, Nifty PSU Bank climbed 1.41 per cent.
Mid- and small-cap shares finished on a mixed note as Nifty Midcap 100 shed 0.05 per cent and small-cap rose 0.24 per cent.
On the stock-specific front, Adani Ports was the top Nifty loser as the stock cracked 2.13 per cent to close at Rs 870. Tech Mahindra, Hero MotoCorp, Hindalco, and Reliance Industries were also among the laggards. In contrast, BPCL, Airtel, Axis Bank, IndusInd Bank and Hindustan Unilever were among the top gainers.
Sensex tanks 519 points or 0.84 per cent to close at 61,145, Nifty moves 148 points or 0.81 per cent lower to trade at 18,160
Shares of Reliance Industries fell 1.83 per cent to trade at Rs 2,550. The stock hit a day low of Rs 2,543. A total of 91,000 shares changed hands today amounting to a turnover of Rs 23.21 crore on BSE. The company's market capitalisation (m-cap) stood at Rs 17,25,170.36 crore.
Sensex dives 564 points or 0.92 per cent to trade at 61,099, Nifty moves 164 points or 0.90 per cent lower to trade at 18,144; Bajaj Finance, Reliance, JSW Steel, Adani Ports, Hindalco among top drags
Shares of Computer Age Management Services Ltd inched 0.07 per cent higher to trade at Rs 2,296 after slipping in early deals. The stock hit a day high of Rs 2,311.15. A total of 7,979 shares changed hands today amounting to a turnover of Rs 1.83 crore. The company's market capitalisation (m-cap) stood at Rs 11,239.87 crore.
Shares of Star Health and Allied Insurance Company Ltd rose 2.28 per cent to trade at Rs 616.35. The stock hit a day high of Rs 619.85. A total of 12,000 shares changed hands today amounting to a turnover of Rs 72.88 crore on BSE. The company's market capitalisation (m-cap) stood at Rs 35,679.26 crore.
Shares of UCO Bank jumped 14.54 per cent to trade at Rs 18.04. The stock hit a day high of Rs 18.85. A total of 147.31 lakh shares changed hands today amounting to a turnover of Rs 25.83 crore on BSE. The company's market capitalisation (m-cap) stood at Rs 21,389.21 crore.
Shares of Indian Energy Exchange Ltd (IEX) jumped 5.60 per cent to trade at Rs 146.15. The stock hit a day high of Rs 146.15. A total of 5.46 lakh shares changed hands today amounting to a turnover of Rs 7.86 crore on BSE. The company's market capitalisation (m-cap) stood at Rs 13,021.72 crore. (Read more)
Shares of Mazagon Dock Shipbuilders Ltd slumped 5.17 per cent to trade at Rs 777.75. The stock hit a day low of Rs 772.50. A total of 2.12 lakh shares changed hands today amounting to a turnover of Rs 16.60 crore. The company's market capitalisation (m-cap) stood at Rs 15,686.44 crore.
The share price of HEG has generated a breakout above a falling channel containing last three months decline signalling end of corrective phase and resumption of the up move thus offers fresh entry opportunity. The breakout is supported by strong volume of more than five times its 50 days average volume of 2 lakhs share per day, highlighting larger participation at the breakout area. The stock may maintain positive bias and head towards Rs 1,138 level in the coming weeks, which is being the 50 per cent retracement of the August-November decline of Rs 1,378-956. Among the oscillators the daily 14-period RSI in seen rebounding from the oversold territory and is seen sustaining above its nine periods average, thus validates positive bias. The holding period is two weeks.
On the weekly time frame the stock has decisively broken out above multiple-year high from 2018, which is placed at Rs 418 level. The breakout is accompanied with an increase in volume, confirming participation at breakout level. The stock is well-placed above 20-, 50-, 100- and 200-day averages, indicating positive momentum. The weekly strength indicator RSI is holding above a reading of 50-mark and its reference line indicates positive momentum. The analysis indicates an upside of Rs 505-525 levels. The holding period is 3-4 weeks.
(Rajesh Palviya, head of technical & derivative research at Axis Securities)
Shares of Avanti Feeds Ltd dived 5.33 per cent to trade at Rs 402.20. The stock hit a day low of Rs 401.15. A total of 45,000 shares changed hands today amounting to a turnover of Rs 1.84 crore. The company's market capitalisation (m-cap) stood at Rs 5,477.07 crore.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today