Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bulls defied global cues as Indian benchmark indices were trading with marginal gains on the week’s last trading day. NSE Nifty 50 opened nearly 50 points higher to trade above 18,100 levels, while BSE Sensex advanced over 100 points to trade at 60,968 levels. Broader markets also jumped in tandem as Nifty MidCap 100 and Nifty SmallCap 100 indices rose up to 0.5%. Barring Nifty IT and Nifty Pharma indices, all other sectors traded green. Nifty Metal index surged the most, over 1% in morning trade. Bank Nifty index was up fractionally at around 41300 level.

Sensex is down 148.97 points or 0.24 percent at 60,687.44. Nifty is down 32.20 points or 0.18 percent at 18,020.50.

The Indian equity market started the session on a sluggish note amid the weakness in the global bourses post the Fed policy outcome, wherein the benchmark index witnessed a gap-down opening. Though the dip augured well for the bulls as they retaliated as soon as the market opened and made a modest recovery to pare down the initial loss. However, the hustle continued for the entire session and post an intense tug of war between bulls and bears, the Nifty managed to settle well above the 18000 mark with a mere cut of 0.17 percent.

In the options segment, the coming week data hints that open interest is scattered in call options in 18100-18500 strikes, but on the put side, there’s decent open interest build up at 18000 strike. Going by the data, it seems that 17900-18000 would be seen as key support range for the near term and if this support is breached, then we could see unwinding of positions which could then lead to a short-term corrective phase in index up to 17600-17500. Thus, traders should watch out for this support and place stoploss on existing long positions below the same. On the flipside, 18200 is the immediate resistance which if surpassed, could then result in a continuation of the momentum towards 18400-18500.

“There are two broad trends, one negative and the other positive, in the market now. The negative trend is the rising interest rates globally. The Fed’s message that the terminal rate in this rate hiking cycle would be higher than expected earlier is a negative for equity markets.  Bond yields (10-year US bond yield is at 4.15%) and the dollar index (112.8) are moving up dragging equity markets down. But even in this unfavourable environment, FII flows into India are rising. FIIs have been buyers in the cash market for the sixth straight trading day. This vote of confidence in India is a clear positive. 
For the near-term the influence of these negative and positive factors will keep the Nifty in a range with no breakouts or breakdowns. However, individual stocks will witness sharp movements responding to the Q2 results. In the present context of high valuations for growth stocks there is value in certain pockets like PSU banks.”