Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic indices NSE Nifty and BSE Sensex open lower amid negative global cues. NSE Nifty dropped to open at 18,084, giving up the 18,100 level while Sensex lost 100 points to trade at 60,825. The broader markets also trade with cuts barring Nifty Microcap 250, which outperforms to trade 0.1% higher. Sectorally, all indices trade flat to negative with Nifty IT falling 0.72% and Nifty PSU Bank trading lower by 0.5%. The market’s sentiment was dampened by the fall in US stocks overnight and the lackluster performance of Asia-Pacific markets.
“The good news is that inflation subsides as China reprises its role as a supplier of low-cost goods globally and supply chain bottlenecks ease. Still, the bad news is as growth accelerates through Q1, China’s insatiable demand for raw materials and all things energy will push up prices of those commodities, much of to the consternation of the Fed and ECB. The 10-year US Treasury yield rose to 3.857% on Tuesday, the highest level in over a month; while the yield on the 2-year Treasury advanced to 4.408%. Stocks in Asia fell Wednesday after US shares dropped and Treasury yields rose on concern that relaxing pandemic measures in China will add further inflation to the global economy,” Deepak Jasani, Head of Retail Research, HDFC Securities.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 28 December
Top emerging trends: Credit growth, capex, real estate
“Three major trends are emerging as the New Year approaches: One, the impressive credit growth is sustaining; two, capex is gaining momentum; three, real estate is picking up. Therefore, financials, capital goods and construction related stocks are well positioned to outperform in 2023. In financials, the leading private sector banks have potential to move up further and PSU banks are short-term trading plays. The leading two or three PSU banks look good for long-term investment. All the leading names in the capital goods space are poised for further up move and consolidation in 2023. The real estate recovery can be played with stocks in the cement, metals, paints and adhesives segments.”
– Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Nifty, Sensex drop in pre-open
Indian equity indices NSE Nifty and BSE Sensex wiped off some gains from yesterday's session during the pre-open. Nifty settled at 18084, down 0.26% while Sensex lost 0.19% to close the pre-open at 60,811.
Stocks in Asia fell after US shares dropped
“U.S. stocks finished mostly lower on Tuesday as investors returned from the three-day Christmas weekend, with bulls holding out for a seasonal “Santa Claus rally” after China’s decision to lift COVID-19 quarantine requirements for inbound travelers, raising hopes the world’s second largest economy may recover in 2023. Rising U.S. Treasury yields pressured interest rate sensitive megacap shares.
Friday marked the start of the so-called Santa Claus rally period — the final five trading days of the calendar year and the first two trading days of the new year. That stretch has, on average, produced gains for stocks, but failure to do so is often read as a negative indicator. Stocks in Asia fell Wednesday after US shares dropped and Treasury yields rose on concern that relaxing pandemic measures in China will add further inflation to the global economy.”
– Deepak Jasani, Head of Retail Research, HDFC Securities
Levels to watch
Volume profile indicates Nifty may find strong support around 17900-18000 zone. Coming to the OI Data, on the call side, the highest OI observed at 18200 followed by 18300 strike price while on the put side, the highest OI was at 18000 strike price. On the other hand, Bank Nifty has support at 42300-42400 while resistance is placed at 43500-43600 range,” said Ameya Ranadive, Equity Research Analyst, Choice Broking
Stocks under F&O ban on NSE
The National Stock Exchange has put Balrampur Chini Mills, Indiabulls Housing Finance, and Punjab National Bank stocks under its F&O ban list for 28 December. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
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FIIs net sellers
Foreign institutional investors (FIIs) sold shares worth Rs 867.65 crore, while domestic institutional investors (DIIs) purchased equities worth Rs 621.81 crore on Tuesday, 27 December, according to the provisional data available on the NSE.
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“A small positive candle was formed on the daily chart with long lower shadow. Technically this pattern signal continuation of upside momentum in the market with buy on dips opportunity. This is positive indication and signal more upside in the short term.
After a sharp downside breakout of crucial support like ascending trend line on Friday, Nifty witnessing decisive upside bounce in back to back two sessions indicates chances of false downside breakout of the said TL support. Hence, a sustainable move above 18150-18200 levels is likely to pull Nifty towards the next overhead resistance of 18500 levels in the near term. Immediate support is placed at 17960 levels.”
– Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Asian markets fall
Following the US share market’s cues, the Asia-Pacific markets are primarily in the negative territory. China’s Shanghai Composite and Shenzen Component indices traded with cuts, as South Korea’s KOSPI lost 1.97% and Taiwan’s FTSE TWSE Taiwan 50 Index gives up 1.31%. The sole outperformer is Hong Kong’s Hang Seng which gained 2.21%.
US markets overnight
Overnight, two major Wall Street indices, the Nasdaq Composite and S&P 500 closed with losses, ending 1.38% and 0.4% lower. However, Dow Jones gained in trade to settle marginally higher at 0.11%.