Share Market News Today | Sensex, Nifty, Share Prices LIVE: Bulls dominated Dalal Street as equities firmed up amid strong sentiments overseas. Benchmark Frontline indices NSE Nifty 50 surged over 300 points to trade above 17,200 levels and the S&P BSE Sensex climbed over 1000 points to trade at 57,915 levels. The positive sentiments was visible in broader markets too, as Nifty MidCap 100 and Nifty SmallCap 100 rose over 1 per cent each. India VIX, the Volatility gauge, meanwhile slipped over 6 per cent. All sectors opened up in the green. Nifty Metal and Nifty PSU Bank indices led the charge as they advanced 2 to 3 per cent. All the 30-constituents in the S&P BSE Sensex started trade in a positive territory. IndusInd Bank, L&T, Bajaj Twins, Tata Steel, contributed to sharp gains in the benchmark.

Easy Trip shares rose 2.5 per cent as the company is going to consider bonus shares, stock split this month. A meeting of the Board of Directors of the company is scheduled to be held on October 10, 2022, for considering the proposal for increase in Authorised Share Capital, issue of Bonus Shares and/or SubDivision/Split of Share.

In the past one month, the stock price of the footwear company more-than-doubled or zoomed 104 per cent, compared to 1.7 per cent decline in the S&P BSE Sensex. The stock traded close to its record high of Rs 351 apiece, which it had hit on July 22, 2014.

“While the medium to long-term outlook for the overall market remains positive, we could see volatility in the short run with the market responding in either direction. In this context, the current setup is a ‘Buy on Dips’ market. We recommend investors maintain good liquidity (10%) to use such dips in a phased manner to build a position in quality companies (where the earnings visibility is very high) and with an investment horizon of 12-18 months.”

“We continue to maintain a positive long-term outlook on the market, supported by the favourable structure emerging with increasing Capex enabling banks to improve credit growth. Moreover, the overall expenditure boost in the Union Budget 2022-23 will help deliver broad based growth in FY23. We foresee FY23/24 NIFTY EPS at 820/929 and maintain our NIFTY Mar’23 target of 18,400 unchanged as we value it at 20X FY24 earnings vs. 22X earlier. Though aggressive policy tightening will help in curbing inflationary pressure, persistently elevated Oil and Commodity prices would continue to pose challenges to the market multiple in the next few quarters. The current level of India VIX is below the long-term average, indicating that the market is in a neutral zone.” 

Benchmark indices were trading at day's high level with Nifty above 17200. The Sensex was up 1,236.32 points or 2.18% at 58025.13, and the Nifty was up 358.40 points or 2.12% at 17245.70.