Share Market Today, Share Market Highlights: The benchmark equity indices ended Wednesday’s trading session in the negative territory. The NSE Nifty 50 plunged 302 points or 1.41% to settle at 21,150.15, while the BSE Sensex dropped 930.88 points or 1.30% to 70,506.14. The broader indices ended in red, with fall led by Midcap and Smallcap stocks. Bank Nifty index ended lower by 425.60 points or 0.89% to settle at 47,445.30. Media and PSU banks falls more than 4%, whereas Energy, Realty, and Auto dropped more than 2%. ONGC, Tata Consumer Products, Britannia Industries, and Cipla were the top gainers on the NSE Nifty 50, while the laggards includes Adani Ports and SEZ, Adani Enterprises, Tata Steel, UPL and Coal India. The Indian Volatility Index (India VIX) closed up by 4.20 %.
ONGC, Tata Consumer Products, Britannia Industries, and Cipla were the top gainers on the NSE Nifty 50, while the laggards includes Adani Ports and SEZ, Adani Enterprises, Tata Steel, UPL and Coal India.
The NSE Nifty 50 plunged 1.41% to settle at 21,150.15, while the BSE Sensex dropped 1.30% to 70,506.14.
“Indian Rupee appreciated on Wednesday on positive domestic equities and positive Asian currencies. A soft US Dollar in early trades also supported Rupee. However, surge in crude oil prices and FII outflows over the past two sessions capped sharp gains. US Dollar declined on Tuesday on expectations of rate cut by Fed in 2024. We expect Rupee to trade with a slight positive bias on rise in risk appetite in global markets. However, positive US Dollar amid weak Euro and Pound may cap sharp upside in rupee. Dollar recovered in the European session as UK’s CPI was lower than forecast. Traders may take cues from current account, CB consumer confidence and existing home sales data from US. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.50,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.
Adani Ports and SEZ, Adani Enterprises, UPL, Tata Steel, and Tata Motors are the top losers on Nifty 50 index.
The shares of Nazara Technologies gains 2.55% to Rs 897.50 in the intra-day trade on Wednesday on the following news that the company announces partnership to publish five innovative games in India.
ONGC, Tata Consumers, Hero MotoCorp, LTI Mindtree, Wipro are the top gainers on NSE Nify 50 index.
Reliance share gains over 1.06% to Rs 2585.30 in the intra-day trade on the following news that Jio nearly added 3.84 million mobile subscribers in the month of September.
“India Shelter Limited also made its stock market debut today. The stock witnessed an attractive listing at 618 a premium of around 25% on its listing price.
India Shelter boasts strong fundamentals built on years of experience in the affordable housing market. The company has a diverse portfolio and strong distribution network, catering to the growing demand for quality and affordable homes,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Nyati also said that, Additionally, India Shelter has demonstrated consistent financial performance with a track record of revenue and profit growth.Investors are advised to book this listing gain; however, those who still want to hold it may keep a stop loss at 558.
Also Read: India Shelter Finance makes strong market debut with over 25% premium; Should you invest now ?
“DOMS Industries has debuted at Rs. 1405 i.e. 77% above its issue price. Its strong brand, diverse product portfolio, and robust manufacturing position it well for continued growth. Multi-channel distribution and strategic partnerships expand its reach. Doms has demonstrated impressive financial growth in recent years, solidifying its market position and future potential,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.
Also read: DOMS Industries marks stellar debut on D-street; Lists over 77%, what should you do now?
India Shelter Finance lists with over 25% premium at Rs 620 on NSE
DOMS Industries share price opens with 77.2% premium at Rs 1,400 on NSE
“The Bank Nifty index maintained its consolidation phase within a range but needs to close above the crucial level of 48000 to sustain the upward momentum. The lower-end support is positioned at 47800, and a decisive break below this level on a closing basis may trigger additional selling pressure in the market,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
The share of Varun Beverages gains over 17% to its new 53-week high of Rs 1,380 in intra-day trade on the following news that the company has acquired South Africa’s Bevco for Rs 1,320 crore.
Voltas, Deepak Nitrite, L&T Technology, Birlasoft, and Persistent Systems are the top early gainers on F&O basket.
Commenting on the Technical outlook of Rupak De, Senior Technical analyst at LKP Securities, said, Nifty found support just above the 21EMA on the hourly chart, prompting a strong recovery in the latter part of the session. The momentum indicator maintains a positive crossover, suggesting ongoing strength. The bullish trend is expected to persist as long as it stays above 21350 consistently. On the upper side, Nifty is likely to encounter resistance from call writers at 21500. A definitive breakthrough above 21500 could potentially initiate a substantial market rally; until then, consolidation appears probable.
The NSE Nifty 50 opens up by 0.42% to settle at 21,543.50, while the BSE Sensex gains 0.29% to 71,647.66
Foreign institutional investors (FII) offloaded shares worth net Rs 601.5 crore, while domestic institutional investors (DII) bought shares worth net Rs 294.3 crore on December 19, 2023, according to the provisional data available on the NSE.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.03% at 102.20.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.03% at 102.20.
U.S. equities maintained their upward momentum as bond yields declined following unexpected housing data. Traders are speculating that the Federal Reserve is likely to pursue a gradual economic slowdown strategy, leading to anticipation of rate cuts, reported Bloomberg. The tech-heavy Nasdaq Composite gaied 84.32 points or 0.57% at 14,989.13. The S&P 500 jumped 22 points or 0.46% at 4,762.56, while the Dow Jones Industrial Average ended higher by 197.37 points or 0.53% to 37,503.39.
