24 Jun , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian benchmark indices opened higher with Nifty above 15,700 on the back of positive global cues. The Sensex was up 526.66 points or 1.01% at 52792.38, and the Nifty was up 163.50 points or 1.05% at 15720.20. IndusInd Bank, Axis Bank, SBI, ICICI, Bajaj Finance, Wipro, Tata Steel and Ultratech Cement led gains on the Sensex, while Nestle and HDFC were the only losers. In the broader markets, the BSE MidCap and SmallCap indices were also in the positive territory, rising up to 1%. Sectorally, all pockets sat firmly in green. Gains were led by Nifty bank, financials, private bank and media. Realty, auto, IT, FMCG, pharma were other notable gainers.
Broking house initiate coverage on Tube Investments of India with a buy rating and a target price of Rs 1,900 (premised on Mar'24E SOTP, based on 30x for the standalone business and valuing listed subsidiaries at 20% HoldCo discount).
Key risks: a) ‘Lean’ program execution for margin improvement, b) TI-2 strategy execution in new business areas, c) sustained turnaround of acquisition under TI-3 strategy, and d) upside risk to CG Power estimates.
In F&O space, we observed open interest reduction in Nifty as well as Bank Nifty. Stronger hand continues with their relentless selling in equities but preferred buying in index and stock futures segment. This has resulted in their index futures Long short Ratio surging to 24%. Interestingly, the Nifty futures are now trading at premium and the PCR-OI has also come close to 1, which is a positive development. For the coming monthly series, 15500 put and 16000 call strikes are attracting traders’ attention. Hence, we believe 15400 – 15500 shall act as an immediate demand zone, whereas any sustainable move on the closing basis above 15700 shall open doors for the psychological mark of 16000.
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