Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bears continued to dominate Dalal Street on Thursday morning with Sensex and Nifty falling more than 1.5% in minutes. S&P BSE Sensex tanked more than 800 points or 1.52% at 53,275 while NSE Nifty 50 was down 245 points or 1.5%, falling below 16,000 levels. Bank Nifty was down 1.7% while India VIX was up 3.86%, breaching 23 levels. Power Grid Corporation was the top gainer on Sensex, up 0.40?companied by Bajaj Auto. All other Sensex stocks were down in red with Mahindra & Mahindra falling 2.44%, followed by Bajaj Finance, Tata Steel, and HDFC Bank.

The Rs 21,000 crore LIC IPO, which garnered a strong response from investors, is now moving close to listing on the bourses. The share allotment of the public issue is expected to be finalised today. The initiation of refunds or unblocking of funds from ASBA account will take place on 13 May, and the equity shares will get credited to the depository accounts of allottees on 16 May. The IPO investors can check the IPO allotment status via BSE and the registrar’s websites. The registrar of the issue is KFin Technologies, a SEBI-registered entity, responsible for the IPO allotment and refund processing. LIC shares are expected to list on BSE and NSE on 17 May 2022. 

“Despite the drama staged by bulls, the bearish continuation pattern discussed yesterday remained intact which should force yet another leg down today. However, the hammer formed in daily chart suggests that the entry into the much awaited 16000-15800 band may not culminate in a panic driven long liquidation spree, with low probability attached to a breach of March low of 15671. Upside reversal marker may be kept at 16125, but the proximity of 16250 and 16400 barriers call for more consolidation before an upside break,” said Anand James

“On 11th May’22, USDINR made a gap down opening at 77.20 levels from its previous closing of 77.33 levels. Thereafter it traded in a range-bound manner with a slight bearish bias towards 77.15 levels. In the upcoming session, USDINR is likely to trade in a range-bound manner between 76.80 to 77.50 levels. Global equities are trading in red which is affecting local equities as well. Continuous outflows have kept the local unit under pressure. However, RBI is suspected to have intervened in the currency markets via exchange and offshore non-deliverable forwards. This is evident from the decreasing FX reserves which are currently at $597 billion.”

“Inflation continues to be a major headwind for markets. Consumer inflation in the US in April coming at 8.3% reinforces market's concern about aggressive rate hikes by the Fed and the possibility of a US recession in 2023. With dollar index at 104 and expected to strengthen further FIIs are likely to continue selling till Indian valuation becomes attractive. Even though DII buying is more than FII selling now, that is not enough to lift sentiments in the market since the macro headwinds are strong. Market's preference for value over growth is reflected in the strength of high quality banking stocks which are even now at buyable valuations.”