Global cues were mixed with NASDAQ having closed in the red while S&P 500 and Dow Jones zoomed ahead.
(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Equity benchmark indices surged yesterday, helped by RBI’s first Monetary Policy Committee for the current fiscal year. S&P BSE Sensex now sits at 49,661 while Nifty 50 settled at 14,819. On Thursday morning, SGX Nifty was sitting in the green, hinting at a gap-up start for domestic equities. Global cues were mixed with NASDAQ having closed in the red while S&P 500 and Dow Jones zoomed ahead. Similarly, Asain peers were moving in different directions during the early hours of trade. Hang Seng was up in green while Shanghai Composite and TOPIX slipped.
The IPO of Macrotech Developers Limited was subscribed 26% on the first day of the bidding process. So far Retail investors have bid for 15% of their quota while Non-Institutional investors have placed bids for only 11% of their portion. Qualified Institutional Buyers were the most active for the IPO, bidding for 58% of the portion reserved for them. While employees of the firm remained distant with only 4% bids. Marctotech Developers is looking to raise Rs 2,500 crore from the market through the issue which is prices at Rs 483-486 apiece. Macrotech Developers, formerly known as Lodha Developers is one of the largest real estate developers in India.
Highlights
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged for the ninth consecutive day. The price of petrol and diesel has been the same across major cities since prices fell on March 30, 2021. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre. Fuel prices remain the highest in Mumbai at Rs 96.98 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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BSE Sensex and Nifty were set to open on a positive note on Thursday, a day after the Reserve Bank of India announced Monetary Policy Committee decision. In the previous session, markets cheered the RBI policy as the investor sentiment remained upbeat. The Sensex rose 460.37 points (0.94 per cent) to close at 49,661.76 while the Nifty jumped 135.55 points (0.92 per cent) to close at 14,819.05.
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"On Wednesday, Nifty closed the day positive but Nifty continues to trade below the resistance at 14900. After yesterday’s inside we see a green candle that has closed at the top end of the range. The market breadth saw a great improvement as after a long time we see a ratio of 4:1 on advances to declines. A long green candle closing at the highs of the day suggests that buying interest in emerging back," said Manish Shah, Founder, Niftytriggers. "Nifty needs to break above the resistance at 14900 and once this happens we should see a rally towards 15300 and beyond that to 15450. Nifty faces resistance also due to both the moving averages; the 20 SMA and 50 SMA are very close to each other," he added.
After showing consolidation movement on Tuesday, Nifty witnessed a sustainable upmove on Wednesday and closed the day higher by 135 points. A sustainable upmove has emerged in the market till afternoon, before showing another round of consolidation movement at the highs. A long positive candle was formed on Wednesday on the daily chart with lower and minor upper shadow. Technically, this pattern indicate an upside bounce in the market after one session of sharp weakness on Monday. The crucial overhead resistance of 14,880 levels (resistance as per change in polarity) came into the scene on Wednesday, as Nifty retested the hurdle by forming a day's high of 14,879, before showing minor weakness from the highs.
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Domestic equity benchmarks BSE Sensex and Nifty 50 were likely to open in the positive territory on Thursday. Trends on SGX Nifty indicated a gap-up start for the benchmarks, as Nifty futures were trading 65.50 points or 0.44 per cent up at 14,929. Indian stock markets will take cues from global peers along with corporate earnings which would start from next week and keep the markets volatile.
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The Cabinet on Wednesday approved production-linked incentive (PLI) schemes for white goods and solar modules, which would together cost the government Rs 10,738 crore over five years. Under the scheme for white goods, eligible investors in air conditioners, LED lights and such components will be granted a total incentive of Rs 6,238 crore. The scheme for solar modules promises benefits of Rs 4,500 crore.
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SGX Nifty was up 45 points during the early hours of trade on Thursday, hinting at a gap up start for domestic indices that are on a two-day gaining spree.
The first Monetary Policy Committee (MPC) meeting of the new fiscal year was in line with expectations on all key parameters. The MPC members voted unanimously to keep rates on hold, in line with the market and our expectations. It also reiterated its accommodative stance and moved from time-based guidance to more state-based guidance – this is a welcome move. The Committee noted that it will “continue with the accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward”.