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November 23, 2021 / 04:27 PM IST

Closing Bell: Nifty ends above 17,500, Sensex gains 198 pts led by metal, PSU bank, power stocks

Except IT, all other sectoral indices ended in the green, with power, metal, realty, pharma, capital goods, oil & gas, PSU bank indices up 1-3 percent. BSE midcap and smallcap indices rose over 1 percent each.

  • IndexPricesChangeChange%
    Sensex59,037.18-427.44 -0.72%
    Nifty 5017,617.15-139.85 -0.79%
    Nifty Bank37,574.30-276.55 -0.73%
    Nifty 50 17,617.15 -139.85 (-0.79%)
    Fri, Jan 21, 2022
    Biggest GainerPricesChangeChange%
    Bajaj Auto3,419.80111.05 +3.36%
    Biggest LoserPricesChangeChange%
    Bajaj Finserv16,335.20-923.75 -5.35%
    Best SectorPricesChangeChange%
    Nifty FMCG36812.90131.50 +0.36%
    Worst SectorPricesChangeChange%
    Nifty PSU Bank2709.60-85.35 -3.05%


  • November 23, 2021 / 04:22 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets took a breather and gained over half a percent, after four days of continuous decline. Initially, participants reacted to the news of the rise in Covid-19 cases in various parts of the globe which led the benchmark indices to open gap down. However, healthy buying in select sectors such as metals, PSU banks, and realty stocks triggered gradual recovery as the day progressed. 

    Finally, the Nifty settled above the 17,500 mark; up by 0.5%. The broader indices also participated in the recovery and gained nearly two percent each.
     
    Participants shouldn’t read much into this rebound and wait for further clarity. Apart from the global cues, the scheduled monthly expiry would keep the volatility high in the coming sessions. We thus recommend continuing with a cautious stance and maintaining a hedged approach. 

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  • November 23, 2021 / 04:19 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    While we closed in the green, it cannot be summarized that we are out of the bearish woods. The Nifty would need to get past the 17800-17900 levels to restart the upward trajectory. 

    Until then the markets are sensitive to price and volume and a little shift in the sentiment can result in a downward spiral which can take the index to 16900-17000. Extreme caution is advised as we are in volatile times.

  • November 23, 2021 / 04:08 PM IST

    Palak Kothari, Research Associate at Choice Broking:

    After four days losing streak, the index finally ended in a green note. After a negative opening, Nifty made an intraday low at 17216.10 level but bounced and showed strength in the intraday and closed the session at 17503.35 levels with a gain of 86.80 points. 

    On the technical front, the index has taken support from 89-DMA, which suggests a bounce back in the counter. On an hourly chart, the index has confirmed a Hammer kind of candle which further adds strength to the upside. 

    Moreover, an Hourly Momentum indicator MACD & Stochastic were trading with a positive crossover which suggests bullish movement is intact. 

    At present, the Nifty has immediate support at 17200 while resistance comes at 17600 levels, crossing above the same can show 17800-17900 levels. On the other hand, Bank Nifty has support at 36300 levels, while resistance at 38000 levels.

  • November 23, 2021 / 04:02 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:

    Buying in late trades helped the market to recover from intraday volatile session. Nifty found support near 17200 and reversed sharply. The short term formation is still on the weaker side, but due to the extremely oversold situation the market registered a technical bounce back. 

    It has also formed a bullish candle, indicating further upside from current levels. 

    For day traders, 17400 would be the key level to watch out for. Above the same, a pullback rally can continue up to 17600-17650 levels. On the flip side, below 17400, there is a strong possibility of one more leg of correction till 17330-17280.

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  • November 23, 2021 / 03:45 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Domestic equities clawed its way out of the recent downslide boosted by metal, PSU bank and pharma stocks with mid and small caps outperforming the benchmark indices. 

    US markets witnessed a late sell-off yesterday despite the re-nomination of Jerome Powell as the Fed chair. Oil and gas indices remained under pressure amid reports of the US releasing its emergency oil reserves to keep the rising crude oil prices under control. 
    The telecom sector was in focus today as the sector majors initiated rate hike which will enhance profitability.

  • November 23, 2021 / 03:35 PM IST

    Market Close: Benchmark indices ended on positive note in the highly volatile session on November 23 with Nifty closing above 17500.

    At Close, the Sensex was up 198.44 points or 0.34% at 58,664.33, and the Nifty was up 86.80 points or 0.50% at 17,503.30. About 2346 shares have advanced, 829 shares declined, and 153 shares are unchanged.

    JSW Steel, Coal India, Power Grid Corp, NTPC and Tata Steel were among major gainers on the Nifty. Losers included IndusInd Bank,
    Asian Paints, Infosys, Bajaj Auto and Wipro.

    Except IT, all other sectoral indices ended in the green, with power, metal, realty, pharma, capital goods, oil & gas, PSU bank indices up 1-3 percent. BSE midcap and smallcap indices rose over 1 percent each.

  • November 23, 2021 / 03:26 PM IST

    India to release 5 mn barrels of crude oil from strategic reserve

    India plans to release about 5 million barrels of crude oil from its emergency stockpile in tandem with the US, Japan and other major economies to cool prices, a top government official said on Tuesday. 

    India stores about 38 million barrels of crude oil in underground caverns at three locations on the east and west coast.

  • November 23, 2021 / 03:23 PM IST

    Mahesh Kumar, EVP & Head Capital & Commodities Market at Abans Group:
     
    WTI Crude oil fell dramatically ahead of the United States' expected announcement of a coordinated release of reserves. After hitting a low of $74.76 per barrel, WTI crude oil is now trading near $75.91 per barrel, continuing its downward trend from a recent high of $85.41 per barrel in October.

    Crude oil prices are projected to remain in a downward trend due to concerns about increased supplies and weaker demand as a result of a new covid-related worldwide lockdown. 

    WTI oil prices are likely to confront severe resistance around the 50-day and 20-day exponential moving averages (EMAs) of 78.40 and 79.30, respectively, while immediate support could be found around $72.80 and 68.30.

  • November 23, 2021 / 03:20 PM IST

    TVS Motor signs MOU with Tamil Nadu Government

    TVS Motor Company signed a Memorandum of Understanding (MOU) with the Government of Tamil Nadu for investment in Future Technologies and Electric Vehicle, as per the company press release. 

    Under the MOU, TVS Motor Company will invest Rs. 1200 crores in Future Technologies and Electric Vehicles (EV) in the next four years. 
    The investment will be mainly for the design, development and manufacturing of new products and capacity expansion in the EV space, it added.

    TVS Motor Company was quoting at Rs 712.20, up Rs 2.25, or 0.32 percent.

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  • November 23, 2021 / 03:14 PM IST

    Fitch affirms Punjab National Bank at BBB‐:

    Fitch Ratings has affirmed Punjab National Bank's (PNB) Long‐Term Issuer Default Rating (IDR) at 'BBB‐'. The outlook is negative. 

    This reflects the outlook on India's sovereign rating (BBB‐/Negative). 

    The agency has also affirmed PNB's Viability Rating (VR) at 'b'. 

    Punjab National Bank was quoting at Rs 40.60, up Rs 0.70, or 1.75 percent.

  • November 23, 2021 / 03:10 PM IST

    Jefferies view on SRF:

    Foreign research house Jefferies has maintained underperform rating on the SRF with a target price of Rs 1,890 per share.

    See strong demand & alleviating margin pressure in specialty chemical segment in H2, however packaging film margin could see continued weakness.

    It sees a slowdown in earnings growth over FY21-24.

    SRF was quoting at Rs 2,189.15, up Rs 94.05, or 4.49 percent on the BSE.

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