India VIX surged higher and breached 22 levels again. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices highlights: Domestic equity benchmarks began with gains on Friday but erased all gains as the day neared the closing bell. S&P BSE Sensex ended 487 points lower at 50,792 while the 50-stock NSE Nifty closed at 15,030. Index heavyweights Reliance Industries and Banking stocks were the primary contributors to the fall. Bank Nifty closed 1.35% lower and the Nifty PSU Bank index ended 1.5% down. On Sensex, only Powergrid, ONGC, Titan, and Infosys closed with gains. The volatile index tanked during the early hours of trade to sit below 20 levels but at the end of the day closed 4% higher at 21 levels.
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Highlights
Sensex and Nifty opened with gains on Friday morning following strong global cues but failed to hold on to those gains and closed down in the red. S&P BSE Sensex ended 487 points lower at 50,792 while the 50-stock NSE Nifty closed at 15,030. Only four stocks on Sensex closed with gains, of which only Powergrid Corporation recorded more than 1% gains. Other gainers included ONGC, Titan, and Infosys. Reliance Industries and Banking stocks were the top drags. Bank Nifty ended 1.35% lower during the day while the Nifty PSU Bank index closed 1.5% lower.
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Dalal Street is abuzz with initial public offerings (IPO) this month. Investors have already rushed to invest in Easy Trip Planners and MTAR Technologies so far this month, and Anupam Rasayan’s IPO, which opened today, is looking to tread on the same path. But, that might not be all. At least five more IPOs are lined up for investors to try their luck in before the financial year ends. The massive interest in IPOs has been generated owing to the stellar listing performance so far. As many as 16 companies of 21, that made their stock market debut this fiscal year, have listed with a premium over the IPO price.
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Dalal Street witnessed a volatile day on Friday as Sensex and Nifty erased all gains to close in the red. Nifty held above 15,00 levels.
Sensex is down 500 points ahead of the closing bell while Nifty is hovering around 15,000 levels. Chartists believe Nifty needs to close above the 15,273-15,300 range to regain the bullish momentum.
Sensex trimmed some losses and was down 430 points, nearing 50,800 levels up from its intraday low of 50,538.
Bank Nifty index tanked 1.79% on Friday. Bank of Baroda, ICICI Bank, SBI, Kotak Mahindra Bank, and IndusInd Bank were among the worst performing index constituents.
On NSE, the Nifty Smallcap 100, Smallcap 50, and Smallcap 250 were all trading with gains on Friday even though the benchmarks was down more than 1%.
With IDBI bank' exit from PCA & hopes of the other 3 banks also probably moving out of PCA due to lower eligible NPAs, has triggered a gap up opening in IDBI bank. However, technically, this is a great opportunity for long term investors to exit this stock at current levels as a decent correction till 36.5-38 is possible. AR Ramachandran, Co-founder & Trainer, Tips2Trades
Gold prices fell in the Indian market on Friday as strength in the Indian rupee against the US dollar weighed on the yellow metal. On MCX, gold April futures were trading Rs 269 or 0.60 per cent down at Rs 44,610 per 10 gram as against the previous close of Rs 44,879. While silver May futures were ruling at Rs 66,791 per kg, down Rs 754 or 1.12 per cent, as compared to the previous close of Rs 67,545 per kg on the Multi Commodity Exchange.
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Petrol and Diesel Rate Today in Delhi, Chennai, Mumbai: Petrol and diesel prices in India remained unchanged for the 13th consecutive day on Friday, March 12, 2021. Last month, petrol price was raised by 24 paise and diesel price was hiked by 15 paise per litre, since then, there has not been any revision in auto fuel prices so far. In Delhi, petrol prices stand at Rs 91.17 per litre while diesel is available for Rs 81.47 per litre on Friday, as per the data from Indian Oil Corporation (IOL) website.
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Bank branches may remain closed for the next four days, including a two-day weekend holiday, and a two-day planned strike beginning Monday. The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, will go on a two-day strike on March 15 and 16, 2021, to protest against the proposed privatisation of two state-owned banks. Starting tomorrow, banks are scheduled to be closed on March 13, 2021 (second Saturday) and March 14, 2021 (Sunday).
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"The overall undertone has been bullish, but the momentum is clearly lacking in all key indices. As far as levels are concerned, 15,220-15,275 are to be seen as immediate hurdles. If the index has to gain any momentum in the upward direction, it is possible only after surpassing the above-mentioned resistance zone. On the flipside, 15,100-14,925 are the levels to watch out for," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
On the BSE and NSE midcap and smallcap indices were outperforming the benchmark indices that were trading deep in red.
On Sensex, all banking and finance stocks were trading with losses, except Bajaj Finance. Kotak Bank was the worst performer, followed by IndusInd Bank, ICICI Bank, and SBI.
All NSE Sectoral indices were trading with losses on Friday. Bank Nifty tanked 0.93% while the Nifty PSU Bank index was down 0.95%. Nifty auto fell more than 1%.
Sensex fell as much as 500 points on Friday as bears seemed to be in control on Dalal Street. Nifty was hovering around 15,100 levels.
Technical analysts believe Nifty needs to sustain above 15,273-15,300 to mount a march towards its life-time highs. Nifty has however given up 15,200 levels at this hour.
Benchmark indices gave up all gains and turned red on Friday afternoon. Index heavyweight Reliance Industries was among the top drags. Small and Midcap indices were still up in green.
Sensex was up 100 points at 12:50 PM while the 50-stock NSE Nifty was hovering around 15,200 as the benchmark indices trimmed their gains.
Dalal Street companies are on track to approve and pay their interim or final dividend to investors in the coming weeks. Regulatory filings show that a number of firms have fixed the record date for their dividend payments. In the current low-interest-rate scenario where liquidity is abundant, analysts have said that the possibility of higher dividend payouts in the coming quarters by India Inc can not be ruled out. ICICI Direct had earlier said that improving cash flows with companies could leave more space for dividends and buybacks in the near future. Here are the companies that have recently announced dividends with record dates fast approaching.
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Powergrid Corporation, Titan Company, and Larsen & Toubro are the top three gainers on Sensex at this hour. Powergrid shares were trading with more than 2% gains at Rs 220 apiece.
"Nifty has rallied to a near one-month high today, boosted by strong overnight cues from Wall Street. The passage of the $1.9 trillion US fiscal relief package has caused risk appetite to return, lifting the S&P 500 and Dow Industrials to life-time highs and cooling off the rally in US yields and dollar. Domestically, IT and financials have underpinned the up move in Nifty. Technically, since hitting its life-time high on Feb 16th, Nifty has been undergoing a consolidation within a 1,000 point range. Also, for each of the last six sessions, the candle bodies have been very small, indicating indecisiveness. Today, Nifty has managed to surpass its previous minor high of 15,273. To resume the uptrend and advance towards its life-time high, it is crucial that the index stays above 15,273 today. If not, the short-term consolidation is likely to continue," said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS.
IDBI Bank share price surged as much as 17.12 per cent to Rs 44.80 apiece on BSE on Friday, after the Reserve Bank of India (RBI) removed the bank from the prompt corrective action (PCA) framework, subject to specific conditions. Last year in March, IDBI Bank stock price hit a 52-week low of Rs 17.50 apiece, since then it has soared a massive 156 per cent. So far in the session, a total of 70.11 lakh shares have traded on BSE, while 6.97 crore shares have exchanged hands on National Stock Exchange (NSE).
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Suryoday Small Finance Bank’s Rs 582.33-crore IPO will open for subscription next week, Wednesday, March 17, 2021. The company has fixed a price band at Rs 303-305 per share of face value of Rs 10 each. The issue will close for subscription on March 19, 2021. Suryoday Small Finance Bank initial public offer comprises fresh issue of 81.50 lakh shares, and an offer-for-sale (OFS) of up to 1.09 crore equity shares.
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'Upon opening, the Index has crossed the resistance of 15,300 which was crucial. We need to sustain above this level for the day. If we keep above this zone, the Nifty should be headed higher to levels closer to 15,600. The support for the market is now at 14,900 and any dip or correction can be used to initiate fresh long positions,' said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Rakesh Jhunjhunwala-backed Nazara Technologies’ much-awaited IPO is set to open next week. Nazara Technologies, a gaming and sports media platform, looks to raise Rs 582.91 crore in the upcoming public issue. The initial public offering will entirely be an offer for sale (OFS) by existing shareholders, and will have no fresh issue of equity shares. Promoters of the company Mitter Infotech LLP will also trim their stake through the IPO. Ace investors Rakesh Jhunjhunwala, who owns a 10.82% stake in the company, doesn’t look to sell his stake.
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COMEX gold trades little changed near $1722/oz after flat close yesterday. Gold has eased back from recent highs as upbeat US economic data and approval of US stimulus package brought a halt to recent correction in US dollar and bond yields. ETF outflows also show weaker investor interest. Gold may continue to sway along with US dollar however general bias may be on the upside on US stimulus deal.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
"The 'risk on' in global equity markets got another push with the passage of the US $1.9 trillion fiscal stimulus. Nifty is again likely to reach record highs since SGX Nifty is indicating 15,400 levels. IT has been leading this leg of the rally. Now financials may catch up. 'Buy on dips' has been a successful strategy so far. Now, since markets have run too much, at around 15,400 Nifty, it is better to take a pause rather than buy. Partial profit booking also may be considered. The market has high resilience and the momentum is favourable but valuations and risks are high," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The Volatility index slipped below 20 levels for the first time in at least two months as India VIX fell 3.78% on Friday morning. The index is down 28% since the end of February.
Sensex opened with gains on Friday morning, breaching 51,700 levels. Nifty was seen trading above 15,300.
Sensex and Nifty were up in the green during Friday's pre-open session. Nifty breached 15,200 and sustained above it but Sensex slipped after crossing 51,500.
On Wednesday, foreign institutional investors (FIIs) offloaded shares worth Rs 15.69 crore, while domestic institutional investors (DIIs) lapped shares worth Rs 447.67 crore in the Indian equity market, according to the provisional data available on the NSE.
Market particpants will closely watch foreign fund inflows, upcoming IPOs, crude oil prices, movement in rupee against dollar, other global developments. On Thursday, equity markets were closed on account of Mahashivratri.
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US stocks see gains for the third day running as Dow Jones scales fresh new all-time highs with Nasdaq also seeing gains as equities regain momentum. Bond yields fall for the third day to trade near 1.53% as most European markets see a fall in yields. Oil prices see strength as OPEC continue with output cut. ~ IIFL Securities
"Nifty50 larger trend remains positive; in the market near term expect resistance of 15,600 and support/buying zone seen at 14,950-15,000. Any correction is expected to provide meaningful buying opportunity. Remain positive on IT and FMCG; select NBFC stocks are showing strong momentum," said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
Nifty futures were trading 4 points down at 15,415 on Singaporean Exchange in early trade, indicating a tepid start for BSE Sensex and Nifty 50 on Friday. Bond yields and the dollar index will determine the market trend in the coming days. In the previous session, Nifty rose 76.4 points (0.51%) to close at 15,174.8 while the Sensex gained 254.03 points (0.50%) to 51,279.51
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Stock market indices might have broadly priced in a lot of the upside at the index level with earnings expectations now sitting well above prior highs, but there could still be an upside surprise in select sectors, said a US equity strategist. Adam Virgadamo, US Equity and Thematic Strategist, said in a conversation with Ellen Zentner, Morgan Stanley’s Chief US Economist, that he sees the potential for positive surprises in sectors like Banks and consumer finance, personnel services, advertising, food distribution, and enterprise technology.
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SGX Nifty was trading flat with a negative bias on Friday morning. However, Asian peers were looking up during the early hours of trade on Friday.
The Rs 760-crore Anupam Rasayan initial public offering (IPO) is set to open for subscription on Friday, 12 March 2021, at a price band of Rs 553-555 per share. Ahead of the IPO, the speciality chemical company raised Rs 225 crore from anchor investors. According to the BSE circular, it has allocated 40.48 lakh shares to 15 anchor investors at Rs 555 per share. Among the 18 anchor investors are Aditya Birla Sunlife Mutual Fund (MF), Nomura Funds Ireland Public Ltd Company, Fidelity International, Sundaram MF, SBI Life Insurance Co, IIFL Special Opportunities Fund, Malabar Select Fund and Max Life Insurance.
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