Market HIGHLIGHTS: Sensex down 420 points, Nifty manages 18000 closing as Tata Motors drag indices
Stock Market HIGHLIGHTS: Domestic equity markets ended off days lows with Nifty50 managing to regain 18,000. The benchmark index ended at 18,028.20, down by 128.80 points or 0.71 per cent
Stock Market HIGHLIGHTS: Domestic equity markets ended off day's lows with Nifty50 managing to regain 18,000. The benchmark index ended at 18,028.20, down by 128.80 points or 0.71 per cent. Meanwhile, BSE Sensex settled at 60,613.70, down by 419.85 points or 0.69 per cent. The intraday decline was over 600 points for Sensex and around 190 points for the broader index. While auto was the biggest laggard led by Tata Motors, stocks like HDFC Bank and Kotak Bank led the fightback.
Highlights:
1) Markets fell today on account of negative global cues from major markets including US, Japan, China. Frontline indices Dow 30 Futures, S&P 500 and Nasdaq Composite closed in deep red on Wednesday after the US midterm election outcomes did not show expected outcomes. The Street was expecting a decisive Republican victory over the Democrats.
2) Selling pessure was seen as it was a weekly expiry day. Sectors like auto, banks and consumer durables witnessed profit booking.
3) The top gainers were Hero MotoCorp, HDFC Bank, Kotak Bank, ONGC and Bharti Airtel. The top losers were Tata Motors, Axis Bank, Mahindra & Mahindra, Bajaj Finserv and Titan.
4) All 15 Nifty sectoral indices ended in the negative with Nifty Auto (-2 per cent), Nifty PSU Bank (-1.3 per cent) and Nifty Consumer Durables (-1.2 per cent) becoming the worst losers.
5) India VIX, a measure for Nifty's volatility ended at 15.57, down 2.18 per cent from the Wednesday closing.
6) The rupee depreciated by 30 paise to close at 81.77 (provisional) against the US dollar on Thursday, as participants remained cautious ahead of the release of the US inflation data. Forex traders said a weak trend domestic equities also weighed on investor sentiments. At the interbank foreign exchange market, the local unit opened at 81.61 and witnessed a high of 81.54 and a low of 81.92. (PTI)
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Latest Updates
Stock Market Live: Aurobindo Pharma shares CRASH over 12 per cent on the NSE and were trading at 473.50.
In a major development, the Executive Director of the company P Sarath Chandra Reddy was arrested in Delhi Liquor Scam. The investigating agency was probing Reddy since Wednesday morning and arrested him lat night. The Enforcement Directorate searched Reddy's house in September. The investigating agency is probing Reddy for allegedly indulging in hawala transactions .
Market trades under pressure, Team India is galloping against England
While Indian markets are trading under pressure with frontline indices Sensex and Nifty50 trading in the red, Team India starts on a solid footing in its T20 World Cup Match against England.
Sensex was trading at 60,450.76, down by 582.79 points or nearly 1 per cent, Nifty50 clawed back to 18000 levels and was trading at 18,001.50, down nearly 150 points or 0.90 per cent
You can catch full updates LIVE here:
Stock Market Live: IPO Watch
Archean Chemical Industries IPO Subscription Status: The issue was subscribed 0.30 times on the NSE with retail investors subscribing the issue 1.11 times.
Source: NSE Stock Market Live: IPO Watch:
Fivestar Business FInance IPO: The issue has received a lacklustre response to it with overall subscription on Day 2 standing at 0.02 times. The retail investors subscribed it just 0.03 times.
Source: NSE Stock Market Live: IPO Watch
Kaynes Technology India IPO was subscribed 0.03 times on the NSE. The retail individual investors subscribed the issue 0.05 times. Out of the 52,63,667 shares available for subscription, the number of bid received received from this category was 2,54,250.
Source: NSE Stocks Market LIVE:
- Piramal Enteprises stock fell over 9 per cent on NSE and was trading at Rs 805.80.
- Teamlease shares were down over 15 per cent and was trading at Rs 2,415.
- Aurobindo Pharma was down 12 per cent and was trading at Rs 476.65.
Stock Market LIVE: Why markets are falling?
1) Domestic equity markets witnessed massive corrections with Sensex dropping by 500 points while Nifty slipping below the 18000 mark. The weakness was on account of rout in majot Global markets. Dow 30, S&P 500 fell nearly 2 per cent while Nasdaq Composite fell 2.5 per cent. Asian frontline index NIKKEI 225 also closed with 270 points or 0.98 per cent loss. Shanghai Composite closed ayt 3,036.13, 0.39 per cent lower.
2) Weekly expiry also triggered profit booking leading to correction.
Tradeswift Director Sandeep Jain said that auto stocks are witnessing profit booking as they have had a strong run rejecting any major cause of concerns. He said that Hero MotoCorp looks strong.
Rupee Vs Dollar: Rupee opened with weakness and was down 22 paise against the USD. It was trading at 81.60 against the greenback. The Rupee has witnessed gains over the two previous trading sessions.
Currency expert Anuj Gupta recomends a BUY on USDINR futures at 81.40 with a stop loss of 81.20 and price target of 82.00.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Stock Market Live: In term of volume toppers Axis Bank topped the list on the BSE, followed by Tata Steel, SBI, Bajaj Finance and ITC.
Source: BSE Reliance Industries stock was the major drag in terms of index contribution on the Sensex. It was followed by Axis Bank, HDFC Bank, ITC. Meanwhile, Dr Reddy's Laboratories and Hindustan Unilever contributed positively, though the gains were not big.
Stock Market Live: In the 50-stock index, 13 stocks advanced while 37 declined.
Benchmark indices BSE Sensex and Nifty50 widened their losses with the former losing over 450 points and the latter lower by over 120 points.
BSE Sensex Top gainers and Losers
Archean Chemical Industries IPO Preview: Anil Singvi's recommendations
HIGH RISK TAKING INVESTORS STRICTLY APPLY FOR LISTING GAINS
Positives:
High demand high margin product
Impressive financial track record
Reasonable valuations
Negatives:
High interest on debt
40% revenue from China
Question mark on transparency and governance
Anil Singhvi Strategy
Rupee to open around 81.50 after making a high of 81.23 yesterday evening and remain in a range of 81.20 to 81.80 for the day. Equity markets were slightly down with sgx nifty indicating a 60 points lower open, Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said.
The US dollar index rose to 110.36 levels as election results from US poured in and there was no red wave a relief for the current president, he said. The US 10-year fell to 4.51% while brent oil fell to USD 92.50 per barrel as demand from China due to covid was a,matter of concern. There was s US inventory build up also.
Asian currencies were weaker as Chinese Yuan fell to 7.27 levels and KRW to 1370 levels, Bhansali said.
"Exporters to continue waiting for 82.20 levels to sell USD while importers to continue buying dips. A break of 81.20 levels could however take it down to 80.50 levels and therefore a close watch is necessary on the market. RBI seems to be absent from the market in the last few days as oil companies take advantage of lower levels and buy dollars," he further said.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Intraday Trading Calls by Anuj Gupta of IIFL Securities
BUY MCX GOLD December Futures AT 51300 STOP LOSS 51000 TARGET 51800
BUY MCX SILVER December Futures AT 61000 STOP LOSS 60400 TARGET 62000
Sell MCX CRUDEOIL November Futures AT 7100 STOP LOSS 7220 TARGET 6950
Buy MCX COPPER AT 672 STOP LOSS 666 TARGET 682
Buy NIFTY AT 18050 STOP LOSS 17900 TARGET 18300
BUY BANK NIFTY AT 41550 STOP LOSS 41200 TARGET 42200
BUY USDINR AT 81.40 STOP LOSS 81.20 TARGET 82.00
BUY NCDEX TURMERIC DECEMBER AT 7450 STOP LOSS 7300 TARGET 7800
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Stock Market Today
Anil Singhvi Strategy: Key support and resistance levels on Nifty, Bank Nifty
Stock Market LIVE: Today is the day of weekly expiry, and that can play out when markets reopen for tradng today. Anil Singhvi gives his strategy on Nifty and Bank Nifty and spells out key support and resistance levels.
Bears ruled Dalal Street on Wednesday as frontline indices managed a negative closing after a one-day break on account of Guru Nanak Jayanti holiday. Domestic equity markets pared their opening gains dragged by auto, metal and pharma stocks. BSE Sensex ended at 61,033.55, down 151.60 points or 0.25 per cent while Nifty50 closed with a loss of 45 points at 18,157. It was down by 0.25 per cent from the Monday closing level.
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