A delayed re-opening owing to a fresh jump in coronavirus cases across the globe is worrying markets at this juncture.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Benchmark indices were in the negative on Wednesday amid weak global cues. S&P BSE Sensex was down 500 points slipping below 49,500 levels. The 50-stock NSE Nifty was nearing 14,600. Asian Paints, Dr Reddy’s, and Sun Pharma were the top gainers. The index was dragged lower by heavyweights such as Reliance Industries and ICICI Bank. ONGC and State Bank of India were the top drags. India VIX was above 21 levels as volatility moved higher. Amogn sectoral indices, Nifty Pharma and Nifty PSU Bank index were trading with gains. Broader markets mirrored the weakness in headline indices.
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Highlights
Broader markets were mirroring the fall in benchmark indices and were seen tanking deep into the red on Wednesday. Volatility index was up almost 8%.
Post 8/11 (demonetisation), Fintech revolution in the country gained speed as Digital Payments and Digital Lending were seeing the ideal Goldilock’s conditions of regulatory, consumer and market innovations. However, one industry on the cusp of Lending and Payment – i.e. the Credit Cards – was still languishing with 5% market penetration and no meaningful digital innovations in the past 30 years. The Oligopoly of Master-Visa dictated all banks – big and small – on how they operated credit cards. This market inefficiency was the opportunity for vCard – to break the Master-Visa construct and innovate on the entire Business Model, says Hyderabad-based vCard founder and CEO Vishan Ranjan.
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Only 6 stocks were trading with gains on Sensex at this hour. These were led by Power Grid, up 1.6%. Asian Paints, Sun Pharma, Dr Reddy's, Titan, and Hindustan Unilever were the other top gainers.
Laxmi Organic Industries shares will make the stock market debut on Thursday, March 25, 2021. Earlier this week, a specialty chemicals manufacturer finalised the basis of share allotment. The Rs 660 crore IPO was subscribed 107 times and was sold in a price band of Rs 129-130 per share. The grey market premium has further fallen to Rs 50-52 on Wednesday, from Rs 65-70 on the previous day. The shares of speciality chemicals manufacturer were trading at Rs 182, up 21 per cent from the IPO price, according to data provided by UnlistedArena.com, which tracks the grey market.
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Anil Agarwal’s Vedanta Resources has increased the open offer price to raise its stake in Vedanta Ltd by another 17.5%. The open offer price now stands at Rs 235 per share, which is at a premium over the current market price of Rs 223. Earlier in January, Vedanta Resources had offered shareholders Rs 160 per share, looking to buy a 10% stake in the company. However, institutions such as LIC and foreign funds are still likely to steer clear of the offer. Since the beginning of February, Vedanta Ltd’s stock price has soared 39%.
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For Nifty, 14,875 followed 15,000 remain to be the strong hurdles, according to Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking. He added that on the lower side, the way daily chart is shaped up, a sustainable move below yesterday’s low of 14,707 may result in weakness extending in the market.
India VIX, the fear gauge of domestic markets was up 7% on Wednesday hinting at heightened volatility. India VIX breached 22 levels today.
Rakesh Jhunjhunwala-backed Nazara Technologies IPO, which was subscribed 176 times, will finalise the share allotment on Wednesday, March 24, 2021. The issue was in the range of Rs 1,100-1,101 between March 17 and 19. The mobile gaming leader is popularly known for its games on the World Cricket Championship, Chhota Bheem and Motu Patlu series. In the grey market on Wednesday, Nazara Technologies shares were trading at Rs 1,891 apiece, implying a premium of Rs 790 or 72 per cent over the IPO price.
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Sensex, Nifty are deep in the red on Wednesday. SBI, ONGC, and Axis Bank were the top drags on the 30-stock BSE Sensex.
Gold prices were trading higher on Wednesday, tracking the international spot prices as US Treasury yields held close to a one-week low, with bullion shrugging off strength in the dollar on Powell’s reassurance that inflation would not spiral out of control. On MCX, gold April futures were trading Rs 158 or 0.35 per cent up at Rs 44,804 per 10 grams as against the previous close of Rs 44,646. Silver May futures were ruling at Rs 65,225 per kg, up Rs 253 or 0.39 per cent, as compared to a previous close of Rs 64,972 on the Multi Commodity Exchange.
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"The Nifty is currently in a zone of resistance where a trend is expected to emerge. The zone is between 14750-14900. If we are unable to get past this patch we could turn from here and resume the current downtrend. That could lead us to levels closer to 14400. If the market can sustain above 14900, the index could endeavour a move to 15300," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Anupam Rasayan shares made a faint listing on the stock exchanges today, falling prey to the weakness on Dalal Street. Anupam Rasayan stocks opened at Rs 534.7 per share, down Rs 20 apiece or 3.66% from the IPO price of Rs 555 per share. On listing, Anupam Rasayan had a market capitalization of Rs 5,342 crore. The Rs 760-crore IPO of Anupam Rasayan, a Specialty Chemicals firm, was subscribed 44 times by investors earlier this month. Upon listing Anupam Rasayn became the eleventh stock to debut on the bourses in 2021.
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"The sudden surge in Covid cases, globally, is a cause for concern. Markets had discounted sharp recovery in global GDP growth in 2021. But now, with parts of Germany, France & Italy going through the third wave and regional lockdowns, global GDP growth is likely to be below estimates. The recent crash in crude is a reflection of reduced demand emanating from declining economic activity. In India, the second wave in some prominent cities is adding to the concern. FII & DII buying are down. Investors may wait & watch. Declines may be used to buy quality large-caps in IT, pharma & financials where there is good earnings visibility," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On Tuesday, Indian equity benchmark index turned volatile after the specific announcement on the Loan Moratorium from the Supreme Court. It has helped the Bank Nifty to recover from the lower levels. The formation of a double bottom at 33350 in the Bank Nifty worked positively. Most stocks are at their large support area. Some stocks have formed a bullish reversal pattern today.
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Sensex and Nifty began trading in the red on Wednesday morning. Sensex was below 49,800 while Nifty was nearing 14,700 levels. Index heavyweights such as ICICI Bank, Reliance Industries were down in the red.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel fell for the first time in three weeks on March 24. The price of petrol and diesel fell across major cities after having remained the same for three consecutive weeks. Nation Capital Delhi was quoting a petrol price of Rs 90.99 per litre while Diesel in the city was priced at Rs 81.30 per litre, down 18 paise and 17 paise, respectfully. Fuel prices were highest in Mumbai a Rs 97.40 per litre for Petrol. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.
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Sensex gave up 50,000 while Nifty was below 14,800 in the pre-open session. Asian markets were down in the red.
Nifty gave up 14,800 levels during the pre-open session while Sensex was still holding above 50,000 mark.
Headline indices BSE Sensex and Nifty 50 were eyeing a negative opening on Wednesday, as suggested by trends on SGX Nifty. Markets may remain volatile ahead of F&O expiry scheduled on Thursday. Besides, weak global cues, rising COVID-19 cases, on-going vaccination drive, stock-specific development, crude oil prices, rupee may set the market direction today.
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"The short term trend of Nifty remains positive, but market's inability to sustain above the hurdle of 14850 could be cause of concern. A sustainable move above 14850-14900 levels could pull Nifty towards the next hurdle of 15050 levels in the near term. Any failure could open weakness from the highs. Immediate support is placed at 14700," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were looking to open in the negative territory on Wednesday, after ending over half a per cent higher in the previous session. The market may remain volatile in the near term given weak global cues, high bond yields, rising commodity prices and risk of increase in inflation. Moreover, the second wave of COVID-19 continues to worry the market and it may continue with its roller-coaster ride.
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SGX Nifty was down 60 points on Wednesday morning. Asian stock markets were weak owing to the fall recorded by Wall Street.
Barbeque Nation’s much-awaited IPO could help its rival Domino’s parent firm Jubilant FoodWorks double its money in nearly two months time. Jubilant FoodWorks, the owner of Domino’s Pizza in India, had invested Rs 92 crore in Barbeque Nation, picking up shares for Rs 252 apiece in January this year. Now, with the IPO price band fixed at Rs 498-500 apiece, Jubilant’s investment could multiply. Barbeque Nation’s Rs 453-crore public issue opens for subscription tomorrow.
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Anupam Rasayan India shares will list on stock exchanges on Wednesday, March 24, 2021. The Rs 760-crore IPO was subscribed 44 times. The issue was sold in the price band of Rs Rs 553-555 per share. In the grey market on Tuesday, Anupam Rasayan India shares were trading at Rs 625, implying a grey market premium of 12.6 per cent, over the issue price. Amid share market volatility, the grey market premium in Anupam Rasayan has fallen to Rs 70 from Rs 100, last week. Upon successful listing on Dalal Street, Anupam Rasayan will join its peers such as Navin Fluorine International Ltd, PI Industries, SRF Ltd and Astec Lifesciences Ltd.
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