The Financial Express
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices ended lower amid mixed global cues and softened crude oil prices. NSE Nifty 50 lost over 30 points to end trade below 18,350 levels at 18,307, whereas BSE Sensex ended 86 points down, at 61,663 levels. Broader markets indices also closed the trading session in red. India VIX, the volatility gauge, slipped over 1%. All sectors shifted between gains and losses. While Nifty Realty and Nifty PSU Bank were the only sectoral indices that ended in the green, the other sectors traded with losses, as Nifty Auto ended 1.18% lower. Among individual stocks, Nykaa shares jumped 3 per cent intraday to end at Rs 192 on NSE. The rise in shares price came despite the reports of TPG Capital looking to sell Rs 1,000 crore shares of Nykaa operator FSN E-Commerce Ventures via a block deal.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 18 November, Friday
HCL Tech, Asian Paints, Hindustan Unilever, SBI and Infosys were among the top Nifty gainers, while M&M, Bajaj Auto, NTPC, Bajaj Finance and IndusInd Bank were the laggards.
The domestics indices ended in the red after a volatile trading session. The NSE Nifty index closed below 18,350, at 18,304, while the BSE Sensex closed down by 87 points or 0.1%, at 61,663.
“Heavyweights in the index like HDFC bank, and Kotak have not moved in tandem with other Banks due to specific issues. Good Q3 results will ensure momentum sustains & we see further upside until budget,”-Sushant Bhansali, CEO, Ambit Asset Management
“The banking sector has done reasonably well this year led by factors such as a revival in credit growth, margin expansion & strong asset quality. With the recent increase in interest rates, we believe margins may moderate as funding costs go up. However, credit growth should continue driven by higher corporate & stable retail demand.”-Sushant Bhansali, CEO, Ambit Asset Management
Union Bank of India m-cap crossed Rs 50,000 crore. The stock has surged 61% in a month. In the July-September quarter (Q2FY23), Union Bank of India's net profit rose by 21.07% on-year to Rs 1,848 crore from Rs 1,526 crore in Q2FY22, on the back of an improvement in its net interest margin (NIM).
BSE Midcap index fell 0.5%, dragged by the Glenmark Pharma, Delhivery, CG Power
“Spot gold is currently trading with a minor gain of nearly 0.25% as the counter tries to recoup three straight days of losses. Yesterday, in a crucial development for the financial markets, St Louis Fed President Bullard called for rates to be hiked to 5%-5.25% as he doesn’t deem interest rates to be in restrictive territory yet. He highlighted the fact that the St Louis Fed’s financial conditions index doesn’t portray tight conditions despite sharp rate hikes done this year. The US yields recovered and the US Dollar Index regained its shine top some extent after his comments, which weighed on commodities. As per the World Gold Council, India’s gold demand in October held strong on festive demand, lower prices and weddings. The monthly ETF flows stretched to second straight month of inflows. As Mr Bullard is one of the main architects of the Fed’s monetary policy, it is quite likely that the Fed is going to stick to its hawkish strict of rate hikes and quantitative tightening of $95 billion per month. It essentially means much higher yields and much stronger Dollar going ahead, which doesn’t bode well for commodities including billions. Gold is vulnerable unless some new positive development crops up. Bears may aim for $1730 as they sell into rallies with stoploss above $1788.”-Praveen Singh – AVP, Fundamental currencies and Commodities analyst at Sharekhan by BNP Paribas
NSE Bank Nifty index is close to touching a new peak of 43,000. The banking index has rallied over 14 per cent so far this year, outperforming benchmark NSE Nifty 50, which has risen around 3.4 per cent. Analysts see further upside in the Bank Nifty in the run up to the Union Budget 2023. They believe that the banking index may touch 45000 in the coming months. On the downside, the index may see a correction towards 38000 if it falls below 41500. Investors can continue to use dips as buying opportunities, keeping the stop loss at 41500.
Read full story
“We remain OW on the stock and believe continued indirect cost control (marketing, sales and cloud costs) remains key to achieve Adj Ebitda breakeven by Sep-23.” the brokerage said. It has set target price at Rs 1,100, implying 104% upside from Thursday's closing price.
“ARCHEAN CHEMICAL: It is a formidable player in the bromine, industrial salt, and sulphate potash industry. It was India's leading and largest industrial salt producer, with 2.7 million metric tonnes exported in fiscal 2021. They have 18 global customers in 13 countries and 24 domestic customers. Investors responded positively to the issue, particularly the institutional side, which was subscribed 48.91 times while the retail side was subscribed 9.96 times, and the current GMP is 90, or 22% above the issue price. The issue was priced at a P/E of 22.82 based on annualized FY22 numbers. However, the company deserves this premium multiple due to its phenomenal growth prospects. Nevertheless, the high debt-to-equity ratio (3.25 based on March, FY 22 consolidated numbers), high product, key customer concentration, and restructuring of loans during FY 17–18 make us averse to the issue. Furthermore, the three years of data are insufficient to conclude the sustainability of high growth and margins. Therefore, we advise investors to lock in listing gains due to the company’s reasonable valuations and presence in the specialty chemical industry.”-Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd
On the BSE Sensex, 102 stocks rose to hit fresh 52 week highs. Godfrey Phillips, Honda India Power Products, Union Bank Of India and many others were among those to hit these highs. On the flip side, 56 stocks fell to their 52 week lows. Infobean, Sudarshan Chemicals, Rupa and Co, Relaxo Footwears, Ramco Industries, Quess Corp, Nureca, Jet Airways, Piramal Enterprises were among these scrips.
Read more here.
Gold rate was flat to positive on Friday despite negative global trends, whereas silver rate was up 0.5 per cent. On Multi Commodity Exchange, gold December futures were trading at Rs 52,902 per 10 grams, up Rs 59 or 0.11 per cent. Silver December futures were trading Rs 357 or 0.58 per cent up at Rs 61,335 per kg on MCX.
Read more here.
Bank Nifty erased gains to trade in red. The index is down 120 pts or 0.3% at 42350 level
Nifty PSU Bank is the only sector trading in green. PSU Banks' whole-time directors & managing directors can now have a maximum tenure of 10 years. Directors & MDs will initially be appointed for 5 years & can be extended for another 5 years: Government of India
Nifty Information Technology (IT) index shed 0.5%, dragged by Persistent Systems, Coforge, Mpahsis
“The market is not very far from an all-time high. Quarterly results have largely been in line with expectations. In the last year, the Indian market had a 92% correlation with the global market. Thus, a new market high cannot be ruled out if global markets are supporting it. Investors need to be patient in this market and invest in a staggered manner. Also, investing in dips will work well in this market. We recommend investors build a position in quality companies (where the earnings visibility is very high) with an investment horizon of 12-18 months,”-Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS
Blue Dart shares gained 2% as the board announced expansion plan. Board announced the opening of 19 plus retail outlets in tier I & II towns as part of its expansion plans.
“Nifty weekly contract has highest open interest at 18400 for Calls and 18300 for Puts while monthly contracts have highest open interest at 19000 for Calls and 18000 for Puts. Highest new OI addition was seen at 18350 for Calls and 17400 for Puts in weekly and at 19000 for Calls and 18300 for Puts in monthly contracts. FIIs increased their future index long position holdings by -2.45%, increased future index shorts by 1.64% and in index options by -30.27% in Call longs, -23.91% in Call short, -29.80% in Put longs and -43.19% in Put shorts.”-Anand James – Chief Market Strategist at Geojit Financial Services
“There are no major global or domestic triggers that can move the markets decisively as of now. Therefore, the market is likely to meander around the current levels. 18400 Nifty is acting as a resistance level. For the Nifty to move up to and beyond record highs some strong triggers are necessary and that is not happening. Also, there is no trigger to push the market decisively into sharp correction territory. The texture of the market continues to be Buy on Dips. A significant trend in the market now is the bloodbath in the new-age digital companies triggered by the end of the lock-in period for initial institutional investors. Some of these stocks may turn out to be big wealth creators in the long run. Long-term investors with high risk appetite may consider nibbling at some of these stocks now available at huge discounts to their IPO price.”- VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Asian Paints, UltraTech Cement, Tata Consumer Products, HDFC Life and Adani Enterprises were among major gainers on the Nifty, while M&M, Hero MotoCorp, Titan Company, ONGC, and Nestle India were the laggards.
Benchmark Indian indices opened on positive note. The Sensex was up 80.38 points or 0.13% at 61830.98, and the Nifty was up 24.40 points or 0.13% at 18368.30.
Nifty Futures – Resistances 18430-18500; Supports 18300-18200
Banknifty Futures – Resistances 42700-43000; Supports 42350-42100
–Globe Capital
Yesterday, both Nifty and Banknifty futures remained almost unchanged on the price front whereas on open interest front Nifty futures added around 1% of open interest whereas Banknifty futures shed around 5% of open interest. On the sectoral front, short buildup was seen among Chemicals, Power and Media stocks. On options front, Nifty will start the final week of November series with maximum positions at 19000 CE and 18000 PE.-Globe Capital
Benchmark indices are trading flat in the pre-opening session. The Sensex was down 5.22 points or 0.01% at 61745.38, and the Nifty was up 56.30 points or 0.31% at 18400.20.
“Indian markets could open flat to mildly higher, in line with mixed and range bound Asian markets today and despite lower US markets on Thursday. Nifty closed lower on Nov 17 (down 0.36% or 65.8 points at 18343.9) after two day gains due to mixed global cues. It remained in a 105 point band through the day, suggesting limited intra day volatility once again. Triggers for market-wide movement are missing even as the new age stocks kept coming under selling pressure on expiry of lock-in period and some bargain hunters came in to buy at lower levels. As expected, Nifty fell and could fall some more in the near term and remain in the 18259-18442 band.”- Deepak Jasani, Head of Retail Research, HDFC Securities
INDHOTEL (PREVIOUS CLOSE: 316) BUY
For today’s trade, long position can be initiated in the range of Rs 314-311 for the target of Rs 327 with a strict stop loss of Rs 303.
DABUR (PREVIOUS CLOSE: 552) BUY
For today’s trade, long position can be initiated in the range of Rs 548- 545 for the target of Rs 562 with a strict stop loss of Rs 541.
TRENT (PREVIOUS CLOSE: 1,397) BUY
For today’s trade, long position can be initiated in the range of Rs 1,387- 1,377 for the target of Rs 1,435 with a strict stop loss of Rs 1,349.
Although the midcaps have been participating, the index heavyweights have been in driver’s seat and led the benchmark higher. It would be crucial to see whether the call options writers of 18400-18500 strikes unwind their positions and if such unwinding is seen, then the Nifty could register a new record soon. Hence, traders are advised to keep a buy-on-dip approach till the trend is intact and also keep a tab on the existing open interest.
Read full story
Aditya Birla Fashion and Retail: The company entered into a strategic partnership with Galeries Lafayette to open luxury department stores and a dedicated e-commerce platform in India.
Nykaa: Citigroup has launched a block deal to sell shares in cosmetics-to-fashion retailer Nykaa, worth $125 million or Rs 1,000 crore.
Blue Dart Express: The company announced opening of 25 retail outlets in Tier I and II cities as part of its expansion plan.
See all stocks in focus here
Balrampur Chini Mills, BHEL, Delta Corp, Gujarat Narmada Valley Fertilizers and Chemicals, Indiabulls Housing Finance, and Sun TV Network are the six stocks under the NSE F&O ban list for today. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
Foreign institutional investors (FIIs) net bought shares worth Rs 618.37 crore, while domestic institutional investors (DIIs) net purchased equities worth Rs 449.22 crore on Thursday (17 November), according to the provisional data available on the NSE.
“Nifty has lost its momentum in the past few days after witnessing a sharp rise of more than 7% in the last one month. It is consolidating above the 18000 mark and marginally below its all-time high of 18604. With the result season now over, we expect the market to track global developments in the near term.”-Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
“Bank Nifty lost 200 points in the last half hour of trading and finished with a loss of 77 points. On the technical perspective, Bank Nifty has support at 42100 and resistance at 42650. On an OI basis, Bank Nifty is seen in a band of 43000 to 42000, where maximum Call OI and Put OI are seen. On a broader scale, the Nifty 500 saw 165 advances and 334 declines, indicating a negative market breadth. Our benchmark indices are trading in a range, indicating market makers' uncertainty. We would advise being stock-specific because the overall market is sluggish.”-Ameya Ranadive, Equity Research Analyst, Choice Broking
“On the daily chart, the Nifty traded in a narrow range throughout the day before losing momentum in the last hour as it attempted to break through important resistance at 18400. The Nifty opened with a 51-point loss, but due to supply pressure, it was able to conclude with a 65-point loss. According to the option chain, the maximum open interest for calls is 18500, which will operate as immediate resistance, while the maximum open interest for puts is 18300, which will work as support. Indicators such as MACD and RSI still remain bullish.”-Ameya Ranadive, Equity Research Analyst, Choice Broking
“Nifty started lower and remained volatile throughout the day. On a closing basis, Nifty bulls were able to hold the crucial support of 18300. The RSI (14) on the daily chart has entered a bearish correction. Going forward, a fall below 18300 may trigger a correction towards 18100-18000. On the other hand, resistance is visible at 18450.”- Rupak De, Senior Technical Analyst at LKP Securities
“The BANK NIFTY bulls continued to witness sideways movement on the day of the weekly expiry. The index to resume on the upside must trade decisively above the level of 42700, confirming the continuation of the uptrend towards 43,000-43,500 levels. The immediate support on the lower end is placed at 42400 and if it fails to sustain above it can lead to a further decline towards 42,000 where the maximum put open interest is built up.”-Kunal Shah, Senior Technical Analyst at LKP Securities.
“There was no substance in selling yesterday from institutional side or from retail side which means Nifty should be back on track to achieve a new life time high. US markets also seem to have completed their consolidation.”
Position Sizing Guide: Large
Support: 18310 and 18282
Resistance: 18440 and 18500
-Rahul Sharma, Head-Research, JM Financial Services
COI Nifty: Up 0.7% | No significant change, low volume
COI Bank Nifty: Down 4.9% | Long Unwinding, low volumes
Nifty Options: Mildly bearish| PCR: 1.07
Bank Nifty Options: Mildly bearish | PCR: 1.03
FII bought: Cash, SF, IO and SO
FII sold: IF
The overbought stats in Bank Nifty have cooled down and above 42,500 we can see more positive traction in the same. Also, risk reward has improved for Nifty longs with multiple supports around 18300.
-Rahul Sharma, Head-Research, JM Financial Services
Shares in the Asia-Pacific inched higher as Japan’s core consumer price index for October rose 3.6% compared to a year ago, higher than expected and at the fastest pace in 40 years. The nation last saw the same level in February 1982, Refinitiv data showed. The Nikkei 225 was fractionally higher and the Topix inched up 0.22%. South Korea’s Kospi was up 0.75%. The S&P/ASX 200 in Australia gained 0.32%. The Hang Seng Index rose 0.7%, with the Hang Seng Tech index up 2.23% as China issued a number of gaming licenses. In mainland China, the Shanghai Composite and the Shenzhen Component was about flat.
Wall Street's main indices ended modestly lower on Thursday in a choppy session as hawkish comments from a US Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes. The Dow Jones Industrial Average fell 7.51 points, or 0.02 percent, to 33,546.32, the S&P 500 lost 12.23 points, or 0.31 percent, to 3,946.56 and the Nasdaq Composite dropped 38.70 points, or 0.35 percent, to 11,144.96.
SGX Nifty was up in green as Nifty futures traded 42 pts higher around 18,417 levels on the Singaporean exchange hinting that domestic equities are likely to open on a positive note.