Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Wednesday’s trading session in the negative territory. The NSE Nifty 50 tanked 159.60 points or 0.83% to settle at 19,122.15, while the BSE Sensex shed as much as 522.82 points or 0.81% to 64,049.06. The broader indices settled in the red. The Bank Nifty index tumbled 319.20 points or 0.74% to 42,382. Among the other sectoral indices, Media, Financial Services and IT led the losses while, PSU Bank and Metal stocks added gains. The volatility index (India Vix) ended up 3.73%.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
The NSE Nifty 50 tanked 159.60 points or 0.83% to settle at 19,122.15, while the BSE Sensex shed as much as 522.82 points or 0.81% to 64,049.06.
(Source: NSE)
“The Indian market is currently undergoing a notable correction, and even the previously outperforming broader market segments are now witnessing profit-taking, which many had anticipated. This correction is considered a routine occurrence within the framework of a structural bull market, characterized by a significant retreat following a period of exuberance in midcap, smallcap, and SME sectors. This adjustment can be attributed, in part, to fluctuations in US bond yields and concerns surrounding the situation in Iraq, though these factors are largely seen as convenient excuses for the market’s pullback. In terms of market behavior, further correction could be expected, with the Nifty potentially testing its 200-day moving average (DMA) at around 18,800. This could present an attractive buying opportunity for investors looking to participate in the anticipated pre-election rally. It’s important for investors to remain composed and avoid panicking during these market fluctuations. Instead, they should be prepared with a list of high-quality stocks to capitalize on this dip.”
– Santosh Meena, Head of Research, Swastika Investmart.
Jefferies sees 26% upside potential in KFin Technologies shares and maintained ‘Buy’ rating with a target price of Rs 570 following the strong second quarter performance of the company. KFin Tech posted a 28% growth in its profit after tax (PAT) at Rs 61.4 crore for the second-quarter of FY24. “We see 18% Cagr in profit for K-Fin over next three years. K-Fin also generates high surplus and has been pragmatic with acquisitions. Hence, K-Fin may be a higher-growth EM peer for Indian and global platforms like CAMS, SS&C, JTC Group, Vistra, CITCO, CSC and Apex Group. We maintain our ‘Buy’ call with revised price target of Rs 570 (560 earlier) based on 33x Sep-25 PE, said Jefferies in its report.
HDFC Bank, Reliance Industries, ICICI Bank, Infosys and State Bank of India are among the most active stocks on the NSE.
“Despite Nifty and Nifty Bank opening in the green and remaining afloat, theta in CE is aggressively decaying. While both the indices defending their green territories, all PE buying has remained strong in the early hours of the session. We are one day away from monthly expiry, and theta deterioration in CE is not painting a bright picture. To make a comeback, Nifty and Nifty Bank must cross 19,350 and 43430, respectively, to hold a reversal for tomorrow’s session. Conservative option traders must exercise caution, while aggressive behaviour may consider longs once successive intraday highs are exceeded,” said Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox.
Pune-based IT major Tech Mahindra is expected to report subdued numbers in the second quarter of FY24 due to the lacklustre demand environment, weak performance across communications and enterprise segment, delayed telecom revenue and weak discretionary spends. Tech Mahindra will post its Q2 earnings on October 25, 2023. Analysts from brokerage firms said that Tech Mahindra is expected to post revenue at around Rs 13,000 crore during the quarter in review. The company’s net profit may decline by around 37% on-year and the quarter is expected to witness certain one-time costs, said analysts.
The Nifty Metal index surged 1.37% during the intra-day trade on Wednesday. Jindal Steel led the gains with a surge of 3.24%, while National Aluminium Company, Hindalco Industries, Vedanta, and Tata Steel added over 2% each.
(Source: NSE)
“The uncertainties associated with the Israel-Hamas conflict will continue to weigh on markets in the near-term. Positive news like decline in the US bond yields and weakening crude can help the market to revive but it may not sustain given the uncertainty surrounding the West Asian conflict. Investors may opt for a cautious approach to the market till some clarity emerges on the geopolitical situation. An important feature of the near-term market is the weakness of the broader market. Since the valuations in mid and small cap space is higher than that of large caps, this weakness is likely to persist. Safety is now in large caps particularly in banking majors which are fairly valued,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Nifty weekly contract has highest open interest at 19600 for Calls and 19000 for Puts while monthly contracts have highest open interest at 19600 for Calls and 19000 for Puts. Highest new OI addition was seen at 19400 for Calls and 19200 for Puts in weekly and at 19400 for Calls and 19200 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.88%, increased future index shorts by 1.73% and in index options by 29.20% in Call longs, 6.90% decrease in Call short, 39.19% increase in Put longs and 4.24% increase in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.
The NSE Nifty 50 opened at 19286.45 up marginally 0.02%, the BSE Sensex opened at 64,619.27 up 47.39 points.
Axis Bank, Reliance Industries, Tech Mahindra, ONGC and Lupin are among the top stocks to watch during Wednesday’s trading session.
“Gold prices traded steady after some volatility in past few sessions on the back of firm Dollar Index, slight ease off in US Yields, and escalating dispute between Israel and Hamas. Dollar index inched higher against its major crosses in the yesterday’s session, trading around 106.30; while US Yields have slightly ease off from its recent peak of 5% amid concerns regarding the economic impact of higher borrowing costs. Investors are keeping a close watch on dispute in Middle East as world leaders pushed for either a pause or ceasefire in the fight between Israel and Hamas, so that humanitarian aid could be delivered to besieged Palestinian civilians weighing on safe haven assets. There still are sounds of siren with Iran and other neighboring countries also getting in the headlines however, it will be important to see how other major economies react to this dispute. US business activity ticked higher in October while output in the euro zone took a surprise turn for the worse. Investors this week will keep their eyes on the advance Q3 US GDP, Core PCE price index, Core durables goods orders and a few housing numbers,” said Manav Modi, Analyst Commodity and Currency, Motilal Oswal Financial Services.
“The bears in the Bank Nifty decisively broke through the critical support level of 43,500, confirmed by a closing basis breach. The index continues to maintain a “sell on rise” approach, with formidable resistance observed at the 44,000 level, which coincides with the highest open interest on the call side. The next support on the downside is situated within the range of 42,800 to 42,600. If this level fails to hold, it may trigger further declines towards the 42,000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
“Nifty made a modest 47-point gain, closing at 19,310, but market sentiment remained largely pessimistic on Dalal Street due to ongoing concerns about lackluster corporate earnings in India, compounded by the looming threats of inflation, economic downturn, and rising interest rates. The recommended trading approach for Nifty and Bank Nifty involved cautious buying on specific dips with predefined stop levels and varied target points. The short-term direction of Nifty hinged on updates from the Middle East and US inflation data. Some relief was found in sluggish oil prices and steady US yields, although market volatility was expected to persist, driven by the expiration of F&O October derivative contracts and substantial foreign institutional investor (FII) selling in excess of Rs. 15,000 crores this October. From a technical perspective, Nifty remained below the rising trendline since March 2023, with downside risks seen around 19,221,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
The NSE has added RBL Bank to its F&O ban list for October 25, 2023.
Foreign institutional investors (FII) added shares worth net Rs 252.25 crore, while domestic institutional investors (DII) added shares worth net Rs 1,111.84 crore on October 23, 2023, according to the provisional data available on the NSE.
WTI crude prices are trading at $83.49, down 0.30%, while Brent crude prices are trading at $87.92, down 0.17%, on Wednesday morning.
Wall Street ended higher on Tuesday as a spate of solid corporate earnings and upbeat forecasts stoked investor risk appetite and sparked a broad rally, reported Reuters.
The tech-heavy Nasdaq Composite gained 121.55 points, or 0.93%, to 13,139.88. The S&P rose 30.64 points, or 0.73%, to 4,247.68, while the Dow Jones Industrial Average added 204.97 points, or 0.62%, to 33,141.38.
