Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears ran riot on Dalal Street on Monday, forcing benchmark indices to close deep in the red.
S&P BSE Sensex tanked 1,170 points or 1.96% to end at 58,465 while the NSE Nifty 50 closed 348 points or 1.96% lower at 17,416.
India Bank was among the top laggards on S&P BSE 500, falling 9.98% to hit the lower circuit.
With RIL having shelved the 20% stake sale in the oil to the chemical unit , the stock came under selling pressure on Monday, falling more than 4% to hit an intra-day low of Rs 2,356 per share.
“Short build up in the Nifty futures, short build up in the Bank Nifty Futures, Call writing at 17900 – 18000 levels and Short build up by FII’s in the index future segment indicates that one should be cautious for the markets.
“Over past 18 months, Price-wise Nifty has maintained the rhythm of not correcting for more than 7-9% while holding its 50 days EMA and timewise intermediate corrections have got arrested within four to five weeks, barring one instance.
Only four Sensex stocks were trading with gains while the rest 26 shares were down with losses.
On the flipside, if Nifty manages to hold 17700 and move higher first, then 18000 – 18200 are to be considered as strong hurdles, which as of now we do not expect to get surpassed in the near future.
Technically, this looks like a correction and not a full-blown Bear Market,’ said Rahul Sharma, Director & Head – Research, JM Financial.
Sensex and Nifty were down deep in the red as bears ran riot on Dalal Street.
The management is making the right noise in terms of steady market share gains, premiumization, cross selling through digital initiatives, and healthy inroads in non-Mobile revenue streams like payments bank, Home, and Enterprise segments.
Digital payments and financial services firm Paytm on Sunday reported more than two-fold rise in gross merchandise value at Rs 1,95,600 crore in the second quarter that ended on September 30, according to the company’s first operating performance report for the month of October filed at the Bombay Stock Exchange .
The brokerage firm believes 80,000 is achievable for Sensex in a bull-case scenario, where India would see nearly $20 billion inflows on the back of inclusion in global bond indices.
But unlike last week, when we placed low bets on a break of 17650/600, we are now too close to the key level, to not factor in a vertical drop.
“The markets have seen some correction over the past week and giving a good opportunity for entry to quality stocks.
The index has a resistance at 18100-18200 and unless we do not get past that, the trend of the markets will remain sideways to negative,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
On Monday morning, Paytm share price was down more than 6%, erasing another Rs 100 per share in value.
Bharti Airtel will increase prepaid mobile tariffs by 20-25% starting 26 November 2021, the telecom company said in a statement on Monday morning.
Overall the bias in Nifty is negative and traders are suggested to avoid taking new long positions and maintaining strict stoploss in their existing long positions,’ said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.
“The overall negative chart pattern as per daily and weekly chart signal that the present key support of 17700 could be broken in the short term and that could open a larger downward correction down to 17200-17100 levels in the next few weeks,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.