Barring Nifty PSU Bank index, all the sectoral indices were trading in the red. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading in the red on Wednesday. BSE Sensex gave up the crucial 52,000 level while the broader Nifty 50 index fell below the psychological 15,300. Nestle India, ONGC, Power Grid Corporation of India, Titan Company, ICICI Bank, HDFC were among top BSE Sensex laggards. Stocks of IndusInd Bank, UltraTech Cement, Bajaj-Auto, Reliance Industries Ltd (RIL), State Bank of India (SBI) were among Sensex gainers. Barring Nifty PSU Bank index, all the sectoral indices were trading in the red. Nifty Metal index was down 0.84 per cent, while Nifty Financial Services index slipped 0.64 per cent. On the flip side, Nifty PSU Bank index gained 1.75 per cent.
The Rs 100-crore IPO of Nureca Ltd was subscribed 15 times on the second of the bidding process. The issue will close for subscription today. The equity shares of Nureca are proposed to be listed on BSE and NSE. While the Rs 820-crore initial public offering (IPO) of RailTel Corporation of India (RailTel) was subscribed 2.6 times on the first day of the bidding process. The price band of the issue was fixed at Rs 93-94 per share with a face value of Rs 10. Minimum application size for the issue has to be 155 equity shares.
Highlights
After rising to a record high early yesterday morning, Nifty attracted selling pressure above 15400 and has further shed 0.5% today, particularly weighed by weakness among private banks and IT stocks. Meanwhile, the broader markets remain firm, especially the Midcap 100 index, which has risen to a fresh record. The up move in Nifty has halted right below 15470, which is the 161.8% fibonacci retracement of the fall from Jan 21st high to Jan 29th low. The index is now trying to fill the gap that was formed between Friday's closing and Monday's opening. The lower end of this gap comes at 15188. Sustainability below this could lead to a minor correction towards 15000-14940. Meanwhile, if the index fails to sustain below 15188 and instead crosses 15470, the upside is likely to extend towards 15910.: Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS
At the higher end of the price band, RailTel IPO is priced at a PE ratio of ~21.4 times FY20 earnings per share. This seems to be fairly priced. The company ranks better in terms of margins & return ratios as compared to competitors in the Information and Communication Tech space, as well as the telecom space. Further, it is debt-free and has paid dividends consistently. The management is also confident about steady growth in the coming years. Given steady margins and return ratios, debt-free status, consistent dividends, reasonable valuations, and limited concerns we remain positive on the prospects of the issue," INDMoney said in a report
Gold prices in India fell for the fifth straight day on Wednesday, tracking weak global market trends. The US dollar and Treasury yields surged. At current prices, gold is trading at the lowest levels in eight months. On MCX, gold April futures were trading Rs 147 or 0.31 per cent down at Rs 46,752 per 10 gram. While silver March futures were ruling at Rs 69,456 per kg, up Rs 84 or 0.12 per cent on Multi Commodity Exchange.
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IPOs (initial public offerings) have again picked up pace on Dalal Street. Brookfield REIT made its trading debut this week, while the ongoing Nureca and RailTel’s public issue have been fully subscribed. Nureca’s IPO closes for subscription today while RailTel’s IPO, entering the second day of bidding, has already been oversubscribed by investors. But that might not be the end of IPOs as agro-chem firm Heranba Industries has already announced the launch of its public issue, set for next week.
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Tesla boss Elon Musk’s six-week stint as the world’s richest person came to a halt as shares of his company slipped 2.6% on Tuesday. The throne was regained by Amazon chief Jeff Bezos. Tesla’s share price ended the day at $796 per share, erasing $4.58 billion from Elon Musk’s fortune, according to the Bloomberg Billionaires Index. Tesla’s shares have plummeted nearly 10% since the first week of January. On the other hand, Jeff Bezos’ Amazon has seen its stock price gain 5% during the same period.
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COMEX gold trades 0.4% lower near $1791/oz after a 1.3% decline yesterday. Gold is pressurized by recovery in US dollar index from 3-week low, surge in US 10-year bond yield to Feb.2020 high, continuing ETF outflows and sharp correction in platinum price. Gold may remain under pressure unless price rescales $1800/oz level or we see a sharp correction in US bond yields.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Barring Nifty PSU Bank index, all the sectoral indices were trading in the red. The nifty Metal index was down 0.84 per cent, while Nifty Financial Services index slipped 0.64 per cent. On the flip side, Nifty PSU Bank index gained 1.75 per cent.
Stocks of IndusInd Bank, UltraTech Cement, Bajaj-Auto, Reliance Industries Ltd (RIL), State Bank of India (SBI) were among Sensex gainers.
Nestle India, ONGC, Power Grid Corporation of India, Titan Company, ICICI Bank, HDFC were among top BSE Sensex laggards.
BSE Sensex was down 155 points or 0.30 per cent to 51,949, while the broader Nifty 50 index was ruling at 15,274, down 39 points or 0.25 per cent on Wednesday.
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This latest high for bitcoin is not the big news. The big news is why. It’s not just speculation. It’s smart value investing by institutions, individuals, and even governments in a breakthrough technology. Bitcoin is an inflation-proof, corruption-resistant store of value backed by more reliable and transparent accounting. That is real value. In the near future, we’ll see 60, 70, and $100,000. In between we’ll also see volatile dips and the usual reports about the bubble bursting. Bitcoin isn’t a bubble. It’s a part of our economy now.: Vikram Rangala, CMO, ZebPay
BSE Sensex was down 46 points to 52,057, while the broader Nifty 50 index was ruling in th negative territory in the pre-opening session on Wednesday.
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Adani Ports and SEZ: The company said that it has completed the acquisition of Dighi Port for Rs 705 crore and would invest over Rs 10,000 crore in developing it as an alternate gateway to JNPT.
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Tesla’s investors, whether direct through the company shares or indirect through active or passive funds, have now effectively become holders of cryptocurrency Bitcoin, without actually buying it. This happened as Tesla’s famed CEO Elon Musk invested a staggering $1.5 billion of the company’s money into buying Bitcoin. Elon Musk also said that Tesla will accept Bitcoin as a form of payment soon.
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Stock markets reached fresh all-time highs on Tuesday but failed to sustain at those levels. S&P BSE Sensex ended flat with a negative bias at 52,104 points while the 50-stock NSE Nifty closed the day at 15,313. Although the benchmarks slipped, broader markets were seen inching higher. Nifty Junior jumped 0.40%, followed by smallcap and midcap indices. Among sectoral indices, only Nifty Metal, Pharma, Realty, and PSU Bank index closed in the green. The fear gauge of domestic equity markets, India VIX, ended over 1% higher.
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On Tuesday, foreign institutional investors (FIIs) net bought shares worth Rs 1,144.09 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 1,559.53 crore in the Indian equity market
After a wild stretch in which Bitcoin repeatedly set new highs amid murmurs of its seemingly unstoppable ascendance, the digital currency crossed the $50,000 mark for the first time on Tuesday. Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a legitimate means of payment. Bitcoin has been mostly seen as a store of value, like gold, with few places accepting it in exchange for goods or services.
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