Share Market News Today Updates, 17 November 2022: Sensex and Nifty settled on a lower note today.Share Market Updates Today: Indian equity benchmarks traded lower on Thursday amid weak global cues. On the stock-specific front, Paytm, ICICI Bank, HDFC Bank, Nykaa, Adani Enterprises, Reliance Industries, L&T, Timken India, HDFC and Tata Motors were among the most active shares, in terms of value, today. Globally, strong US retail sales data dampened the investor sentiment that the central bank would soften its pace of interest rate hikes. Asian shares declined today, in sync with an overnight fall on Wall Street. All three major US stock indexes settled lower. Japan's Nikkei index fell 0.35 per cent, South Korea's KOSPI moved 1.39 per cent down, the Shanghai Composite index slipped 0.15 per cent and Hong Kong's Hang Seng Index plunged 1.15 per cent. US stock futures slipped, indicating a lower opening for Wall Street later today. S&P futures fell 0.17 per cent, Nasdaq futures edged 0.07 per cent lower and Dow Futures shed 0.27 per cent. Back home, foreign institutional investors (FIIs) continued to sell stock in a second consecutive session. FIIs offloaded net of Rs 386 crore equities, while domestic investors purchased Rs 1,437 crore of shares, according to provisional data available with the National Stock Exchange.
Here are the share market highlights:
Nifty traded dull in a narrow range for most of the session, however, decline in the last half an hour pushed the index lower. The recent market structure is pointing towards the possibility of some profit-taking or consolidation ahead. However, we expect Nifty to hold the 17,800-18,100 zone. The prevailing underperformance on the broader front is already hurting sentiment and it might deteriorate further during the corrective phase. We thus reiterate our view to remain selective and focus on position sizing.
Data showed Nifty as a pack reported 9 per cent rise in profit against an expectation of flat profit, led by banking, financials and insurance companies. (Read more)
BSE 500 stocks such as Airtel, Cummins India, Engineers India, Exide, Godfrey Phillips, HAL, HUDCO, IRFC, JB Chemical & Pharma, Mazdoc, Timken India and Union Bank of India hit their 52-week highs today.
BSE 500 stocks such as IndiGo Paints, Mastek, Max Financial Services, PB Fintech (Policybazaar), Quess Corp, Sanofi India, Shilpa Medicare, SIS, Sona BLW Precision Forgings, Sudarshan Chemical Industries and Voltas hit their 52-week lows today.
Global markets have recently surged on expectations that the Fed may scale back its aggressive rate hike schedule in reaction to easing US inflation statistics. The euphoria was, however, dashed by better U.S. retail sales in October and aggressive remarks from Fed officials. The domestic market moved in tandem with the trend, with most sectors in red. As the domestic market got more expensive, FIIs were seen being cautious.
Nifty started lower and remained volatile throughout the day. On a closing basis, Nifty bulls were able to hold the crucial support of 18,300. The RSI (14) on the daily chart has entered a bearish correction. Going forward, a fall below 18,300 may trigger a correction towards 18,100-18,000. On the other hand, resistance is visible at 18,450.
The overall market breadth stood negative as 1,518 shares advanced while 1,991 declined on BSE. The market capitalization (m-cap) of BSE-listed companies stood at Rs 283.14 lakh crore.
13 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Consumer Durables, Nifty Auto and Nifty IT underperformed the NSE platform by falling as much as 1.36 per cent, 1.36 per cent and 0.90 per cent, respectively.
Mid- and small-cap shares finished lower as Nifty Midcap 100 fell 0.40 per cent and small-cap declined 0.34 per cent.
On the stock-specific front, Titan was the top Nifty loser as the stock cracked 2.28 per cent to close at Rs 2,583.95. M&M, Tata Motors, Eicher Motors and Apollo Hospitals were also among the laggards. In contrast, Tata Consumer Products, Adani Enterprises, L&T, PowerGrid and HDFC Life were among the top gainers.
Sensex falls 230 points or 0.37 per cent to close at 61,751, Nifty moves 66 points or 0.36 per cent lower to settle at 18,344
Sensex falls 251 points or 0.41 per cent to trade at 61,729, Nifty moves 80 points or 0.43 per cent lower to trade at 18,330; Titan, M&M, Eicher Motors, Apollo Hospitals, Tata Motors among top drags
Geojit Financial Services recommended 'Sell' rating on the stock with a target price of Rs Rs 1,783, which suggested 12 per cent potential downside. "Considering the margin pressure and lower volume for H2, we downgrade our estimate and recommend 'Sell' rating," the brokerage said.
Shares of Nava Ltd fell 3.66 per cent to trade at Rs 180.50. The stock hit a day low of Rs 180.20. A total of 47,000 shares changed hands today amounting to a turnover of Rs 85.38 lakh. The company's market capitalisation (m-cap) stood at Rs 2,822.91 crore.
Shares of Confidence Petroleum India Ltd surged 6.05 per cent to trade at Rs 79.70. The stock hit a day high of Rs 81.05. A total of 2.44 lakh shares changed hands today amounting to a turnover of Rs 1.89 crore. The company's market capitalisation (m-cap) stood at Rs 2,255.05 crore.
Shares of NLC India Ltd surged 4.81 per cent to trade at Rs 79.55. The stock hit a day high of Rs 80.40. A total of 5.08 lakh shares changed hands today amounting to a turnover of Rs 3.96 crore. The company's market capitalisation (m-cap) stood at Rs 11,037.63 crore.
Shares of Himatsingka Seide Ltd fell 2.85 per cent to trade at Rs 92. The stock hit a day low of Rs 91.35. A total of 54,000 shares changed hands today amounting to a turnover of Rs 50.15 lakh. The company's market capitalisation (m-cap) stood at Rs 905.31 crore.
Shares of Praj Industries Ltd declined 3.15 per cent to trade at Rs 407. The stock hit a day low of Rs 405. A total of 73,000 shares changed hands today amounting to a turnover of Rs 2.98 crore. The company's market capitalisation (m-cap) stood at Rs 7,474.12 crore.
Shares of Supreme Industries Ltd slipped 3.45 per cent to trade at Rs 2,288.95. The stock hit a day low of Rs 2,269.10. A total of 3,274 shares changed hands today amounting to a turnover of Rs 75.71 lakh. The company's market capitalisation (m-cap) stood at Rs 29,075.82 crore.
Medi Assist today announced its acquisition of a majority stake in UK-based global benefits administrator Mayfair We Care.
