Share Market LIVE: Sensex tanks 586 pts on closing, Nifty ends at 15,752; HDFC Bank, IndusInd Bank top drags – The Financial Express

Share Market Today, Share Market LiveBroader markets closed with losses. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices BSE Sensex and Nifty 50 closed deep in red on Monday amid bearish market sentiment. S&P BSE Sensex tanked 586 points or 1.10% while the NSE Nifty 50 index fell 1.07% to end at 15,752. Bank stocks were in the firm grip of bears as Bank Nifty closed 1.88% lower helped by a 3.18% drop in HDFC Bank, followed by IndusInd Bank, and Axis Bank. NTPC gained 2.14% to end as the top Sensex gainer, followed by Nestle India, Dr Reddy’s, Sun Pharma, ITC, and Ultratech Cement. Broader markets mirrored the fall, except Nifty Smallcap 100, up 0.03%. India VIX closed 8% higher.

HDFC bank’s Q1FY22 results being below street expectations along with a fear of further rise in bank’s NPAs & an impending 3rd wave of Covid 19 have resulted in a good correction in the major indices today. Technically, Nifty has immediate strong support at 15744. A close below this level today should lead it lower to 15611 in the coming days. Whereas Nifty Bank has immediate support at 34930. A close below this level could lead us to the next support at 34590-630 in the coming days. AR Ramachandran, Co-founder & Trainer, Tips2Trades

Domestic benchmark indices BSE Sensex and Nifty 50 closed deep in red on Monday as bears returned to haunt Dalal Street. Broader markets mirrored the fall. Bank Nifty fared worse than benchmark indices. 

The initial public offer (IPO) of Tatava Chintan Pharma continued to attract investors on Monday. The public issue was subscribed more than 10 times on the second day of sale with retail investors having oversubscribed their portion 17.91 times. 

While bears forced Sensex, Nifty lower on Monday, as many as 17 stocks on BSE 200 index hit fresh 52 week highs. These include ACC, Apollo Hospitals, L&T, DIVIS Lab’s, Tata Steel, Mindtree, JSW Energy, DLF, among others.

Burger King India share price gained 5 per cent to Rs 177 apiece in intraday on BSE, even as BSE Sensex and Nifty 50 dive deep in red. Burger King was listed at Rs 108.40 apiece, last year in December. Since then, the stock has soared over 63 per cent, while it has zoomed a massive 195 per cent from IPO price of Rs 60 apiece. Research and brokerage firm Motilal Oswal Financial Services has initiated coverage on this quick-service restaurant’s (QSR) stock, with a buy rating and sees over 26 per cent rally in the stock.

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India VIX, the volatility index, was seen trimming gains ahead of the closing bell. Often called the fear gauge of domestic markets, India VIX was up 8.9% on Monday, sitting at 12.75 levels.

Just Dial share price tanked 5% on Monday as investors reacted to Reliance Retail acquiring a majority stake in the company. The stock has dives 8% in three trading sessions. 

“A level of 15700 is very strong support for Nifty and that can be utilized to create fresh long positions with a stop-loss of 15500. Upside targets for Nifty could be in the range of 16200-16300,” said HDFC Securities.

India’s 450GW Renewable Energy (RE) capacity target by FY30 implies annual additions of c. 25GW in solar and c.10 GW in wind over FY22-FY30. This had led to companies also announcing aggressive RE addition targets over the next decade; some of this is already getting priced in. On one hand, we find the valuations of Tata Power (TPCL) at 18x FY23 P/E and JSW Energy (JSWEL) at 28x FY23 P/E already factoring their targeted RE capex vs. NTPC’s CMP at 6x FY23 P/E factors Nil RE additions – despite both buckets having aggressive RE capex targets.

~ JM Financial

Among sectoral indices on NSE, Nifty Pharma was up 0.19% as the only sectoral gauge to be trading with gains. Bank Nifty was down 2%, Nifty Private Bank index was down 2.05%.

Nifty is trading in a broad range of 15950 and 15600, till the time either of them is broken they will act as key resistance and support respectively. Traders are advised to book profits on any jump till the time Nifty closes above 16,000 levels. Bank Nifty has key support on 34800 and 34600 levels. If these levels are broken we may see 34,000 on Bank Nifty. Gaurav Udani, Founder & CEO, Thincredblu Securities

Bank Nifty also saw large call writing at 35300, 35200 followed by 35000 levels. Bank Nifty will see stiff resistance between 35000-35200 levels. With max Put OI at 34400, the index can see and expect supports between 34400-34600 levels as per the present options data: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

Following massive call writing at 15800 of over 5.6 million shares today, the resistance for NIFTY has been dragged lower to 15800 from 16000 levels. It has max Put OI at 15700-15600 which can be expected to act as supports. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services

Nifty can test 15,450 levels whereas Bank Nifty may revisit 34,400 levels. On the higher side, 15,920 will work as resistance for Nifty and 35,600 for Bank Nifty. Major support for Nifty is at 15,050 and 33,800 for Bank Nifty. Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

Goldman Sachs said its new office here will hire over 2,000 employees by 2023, a press release from the investment banker said on Monday. The company on Monday announced the opening of its new office here as part of its commitment to expand its global centre for engineering and business innovation and in India, a press release from Goldman Sachs said.

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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

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