17 Oct , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices opened lower amid weak global cues. The BSE Sensex was down 119.13 points or 0.21% at 57800.84, and the NSE Nifty 50 index fell 34.40 points or 0.20% to 17151.30. Weakness ensued in the broader markets as well with Nifty MidCap 100 and Nifty SmallCap 100 indices dropping up to 0.2 per cent. Meanwhile, the India VIX, Volatility gauge, climbed over 4 per cent. Barring Nifty Bank that started trade in green zone, all other sectors were trading in red at open. Nifty Metal index declined the most, over 1 per cent in trade. Axis Bank, Bajaj Auto, IndusInd Bank, Infosys and Adani Ports were among major Nifty gainers on the Nifty, while Tata Steel, ONGC, Reliance Industries, JSW Steel and Apollo Hospitals were the laggards.
Electronics Mart India Ltd shares witnessed bumped listing on the both BSE and NSE as the stock listed at Rs 90, up 52.5 per cent from the IPO price of Rs 59 per share. The IPO of the Hyderabad-based consumer durables retail chain was subscribed 72 times as on the final day of the offer.
Going forward, we expect Nifty to gradually surpass the upper band of consolidation placed at 17500 levels in a non-linear fashion and eventually head towards 18000 in coming weeks, amid onset of Q2FY23 earnings and festive season. Key point to highlight is that, over the past six weeks, on numerous occasions index witnessed buying demand in the vicinity of 200 days EMA placed at 16900, thereby rewarding buying on dips strategy amid global volatility. We maintain our stance of buying dips as we expect 16700 to be held.
“Domestic equity markets are likely to see a gap-down opening, much in sync with the downtrend seen in other Asian peers after US markets slumped last Friday owing to hotter-than-expected inflation September inflation reading. Hence, volatility is likely to be the hallmark as Nifty bulls brace for rough sessions in the near term as things do not look pretty good right now at Dalal Street. Technically, the immediate downside support for Nifty is now seen at 16747 and below the same, expect a waterfall of selling. Invalidation of a bearish trend only if the Nifty moves above its biggest hurdle of 17429 mark,”
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