Sensex Today | Share Market Live updates: Indices down at open amid mixed cues;

“Even when the market is scaling new highs and the undercurrent is positive, there are strong views that the current high valuations cannot be sustained for long. It is important to understand that the DIIs are not bullish about the market at the current elevated valuations. They were sellers in 12 out of the last 13 trading sessions and have cumulatively sold for ₹16321 crores and may sell more at higher levels. In January and February when the FIIs were selling DIIs were consistent buyers. The 3000 point rally in Nifty from the March lows has given DIIs huge profits and, therefore, profit booking would be a rational response. Selling and profit booking at high levels are easy decisions while buying at high prices can be risky.

The demerger of Jio Financial Services from RIL and the Q1 results of Infosys, HUL and a host of mid-cap IT companies can cause a lot of price action in the market today.”

In the lead-up to the demerger of Reliance Industries and Reliance Strategic Investments Limited, the RIL board has confirmed the acquisition costs of both Reliance and Jio Financial Services Ltd. It has been communicated to the Indian stock market exchanges that post-demerger, the acquisition cost for Reliance Industries Ltd will constitute 95.32% of the total, leaving the remaining 4.68% to Reliance Strategic Investments Limited.

Shares of Acknit Industries Ltd, John Cockerill India Ltd, Duncan Engineering Ltd, Fortis Healthcare Ltd, GPT Infraprojects Ltd, Graphite India Ltd, HCL Technologies Ltd, Kanco Tea & Industries Ltd, MRF Ltd, Natural Capsules Ltd, Novartis India Ltd, Oriental Carbon & Chemicals Ltd, Rossell India Ltd, Tata Consultancy Services Ltd, and Weizmann Ltd, among others will be on investors’ radar as they trade ex-dividend today.

Billionaire Anil Agarwal’s Vedanta Ltd is seeking to sell ESL Steel Ltd, formerly known as Electrosteel Steels Ltd, after acquiring the asset for ₹5,320 crore through a bankruptcy resolution process five years ago, two people familiar with the development told Mint. (Full report)

Nifty Outlook: Nifty extended the gains further ahead with the strong run continuing making new highs each day closing above the 19,800 zone with bias maintained strong and as said earlier, further rise anticipated for our next target of 20,000 in the coming sessions. The overall sentiment has turned optimistic with majority of the frontline stocks along with the broader indices participating actively to pull the index to new heights. Immediate support for Nifty today is placed at 19,700 levels while the resistance is seen at 20,000 levels.

Bank Nifty: After the gap-up opening, witnessed sideways movement throughout the session resisting near 45,700 zone and would need a decisive breach above 45,900 levels with majority of the frontline banking stocks well placed and can pull the index to new heights with next target of 47,000 to 47,500 levels wide open. Bank Nifty would have the daily range of 45,300 to 46,000 levels.

Hindustan Unilever, Infosys, Havells India, MphasiS, Dalmia Bharat, Persistent Systems, Coforge, Reliance Industrial Infrastructure, Goa…