Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets started the day’s trade with losses amid weak global cues. S&P BSE Sensex was down more than 300 points or 0.50% to give up 59,300 in the initial minutes before recovering some losses. NSE Nifty 50 index was down close to 100 points or 0.48% to hover just above 17,650. Bank Nifty was down more than 1% while India VIX gained 3% and closed in on 19 levels. Kotak Mahindra bank was the top laggard, down 2.5%, followed by Axis Bank, and Tech Mahindra. Power grid was the top gainer, up 1%, accompanied by Hindustan Unilever, and Dr Reddy’s.

Days after the Reserve Bank of India (RBI) released a discussion paper on payment charges, the Ministry of Finance clarified that UPI service will not be charged. It was clarified that the concerns of UPI service providers for cost recovery would have to be met through other means. “UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means,” the finance ministry said in a tweet. Earlier last week the RBI had sought feedback from the stakeholders and the public on charges levied on payment services including debit and credit cards.

After opening in red, Sensex and Nifty extended losses on Monday morning as Sensex fell more than 400 points while Nifty was down 130 points.

“Nifty gained for the fifth week in a row (up 0.34%) despite the losses on Friday. The high low bar of Friday has engulfed the previous three candles forming a bearish engulfing pattern. As expected, Nifty has turned down after making a high on Friday. Until Nifty manages to cross the high of Friday (17992), the trend will be bearish or sell on rises. On falls, the first support can come in at 17566,” 

Sensex dived more than 350 points on Monday morning while Nifty was down more than 100 points to give up 17650. India VIX was up 2%.

The outlook for the Indian rupee remains bleak, particularly in light of the recent announcement on foreign exchange reserves, which showed a decline in reserves to US$570.7 billion a decrease of US$2.2 billion over the previous week. If the US dollar index keeps rising, capital inflows into the Indian market could be hindered. It recorded its highest weekly rise since April 2020 on Friday, when it hit a five-week high. One of the key factors in the market's recent surge has been the FIIs' purchasing frenzy. This trend will be closely monitored by the market. On the technical front, immediate support and resistance in Nifty 50 are 17400 and 17850 respectively. Bank Nifty immediate support and resistance are 38450 and 39300 respectively.