Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices soared higher on Wednesday as bulls remained in control. Sensex zoomed 695 points or 1.18% on Wednesday to close at 59,558 while the NSE Nifty 50 added 203 points or 1.16% to settle at 17,780. Bank Nifty added 825 points to end the day above 39,300, broader markets mirrored the up-move. Bajaj Finserv was the top Sensex gainer, up 4.96% followed by IndusInd Bank, HCL Technologies, and Bajaj Finance. Tech Mahindra was the top laggard on Sensex, down 1.4%, accompanied by Nestle India, Ultratech Cement, and Larsen & Toubro.
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Sensex, Nifty propelled higher once again on Wednesday as bulls dominated D-Street movement. Sensex zoomed 695 points or 1.18% on Wednesday to close at 59,558 while the NSE Nifty 50 added 203 points or 1.16% to settle at 17,780. Bajaj Finserv was the top Sensex gainer, up 4.96% followed by IndusInd Bank, HCL Technologies, and Bajaj Finance. Tech Mahindra was the top laggard on Sensex, down 1.4%, accompanied by Nestle India, Ultratech Cement, and Larsen & Toubro. Bank Nifty added 825 points to end the day above 39,300, broader markets mirrored the up-move. India VIX was up 6.64%.
Zomato and IRCTC are among the six stocks that are likely to be included in the Nifty Next 50 index in the upcoming rebalancing of NSE indices, IIFL Securities said in a note. The brokerage firm said that the Nifty Next 50 rebalancing will see six inclusions while benchmark NSE Nifty 50 will see the inclusion of one scrip — Apollo Hospitals. NSE’s semi-annual index review will be announced later this month and the changes to various NSE indices will come into effect from March 31. NSE indices are rebalanced according to NSE’s own methodology twice every year.
Sensex zoomed 695 points or 1.18% on Wednesday to close at 59,558 while the NSE Nifty 50 added 203 points or 1.16% to settle at 17,780. Bank Nifty added 825 points to end the day above 39,300.
Sensex was up 650 points ahead of the closing bell, sitting above 59,500 while the Nifty 50 index was up nearly 200 points at 17,770.
Manyavar-owner Vedant Fashions IPO will open for subscription on 4th February, Friday. The issue will remain open for bidding till Tuesday, 8th February. The Rs 3,150-crore public issue will be entirely an offer for sale (OFS) of 3.63 crore equity shares by existing shareholders of the company. The price band of the issue has been fixed at Rs 824-866 per share. In the primary market, shares were seen quoting at Rs 44 per share premium, against the IPO price. In the grey market, Vedant Fashions shares were trading at Rs 890 apiece, upside of nearly 3 per cent, according to people who deal in shares of unlisted companies.
India VIX, the volatility gauge, was down 6.7% below 18 levels on Wedensday. Sensex and Nifty were up with gains.
Zerodha founder Nithin Kamath has cautioned against the prospects of crypto assets, sharing how Finance Minister Nirmala Sitharaman’s Budget 2022 proposals may erode the value of such digital assets. Kamath said crypto at best will be treated as an asset and not a currency by the government, subduing the enthusiasm of crypto investors who lauded the Finance Minister’s announcement as a green flag for legalising crypto.
Union Finance Minister Nirmala Sitharaman on Tuesday cleared doubts and removed uncertainty over the future of cryptocurrency in India when she announced in her Budget speech that the Reserve Bank of India (RBI) will launch its digital currency in the year starting April 1.
Shares of Adani Ports and Special Economic Zone (APSEZ) on Wednesday slipped over 2 per cent after the company reported a 6.20 per cent decline in consolidated profit for the third quarter ended December 2021. The stock declined 2.41 per cent to Rs 721.50 on the BSE. At the NSE, it dipped 2.33 per cent to Rs 721.50.
Rakesh Jhunjhunwala-owned Jubilant Ingrevia stock rallied more than 5% on Wednesday, a day after the company declared its October-December quarter results. Jubilant Ingrevia, a specialty chemicals manufacturer, saw its share price soar to hit an intraday high of Rs 612 per share. The company reported a 41.9% on-year growth in net profit and a 44% growth in earnings from the previous year. The board of the company also declared an interim dividend of Rs 2.5 per share for investors. Big bull Rakesh Jhunjhunwala owns a 4.72% stake in the company.
“As shared in our Nifty Pathfinder note on Saturday, Nifty approaching target two of 17,780 (CMP 17,765+). Look to book 50% profits here in all longs taken last week. There may be some dip from these levels due to weekly expiry post which we should aim for 18,000. Bank Nifty remains positive for 40,000 and should outperform,” said Rahul Sharma, Director & Head – Research – JM Financial.
We continue to witness government’s mega push towards digitalisation across all key sectors including health, education, fintech, startup, payments among others in this budget announcement. The proposal to launch Central Bank Digital Currency and introducing 75 Digital Banking Units that will be set up in 75 districts of the country by Scheduled Commercial Banks will bring more users under the digital ambit, especially in the rural pockets. The continuation of financial support announced in the previous budget for digital payments is a big positive as it will continue to deepen the adoption of digital payments across the country and promote use of economical and user-friendly platform. Deepak Chandnani, Executive Chairman Designate, Worldline South Asia & Middle East
Sensex was up more than 600 points to 1.08% to regain 59,500 levels while the NSE Nifty 50 zoomed 180 points or 1.03% to breach 17,750. Bank Nifty was above 39,200.
Jubilant Ingrevia's share price soared 3.5% on Wednesday morning to trade at Rs 602 per share. Big Bull Rakesh Jhunjhunwala-owned Jubilant Ingrevia also declared an interim dividend of Rs 2.5 per share.
NSE Nifty 50 index saw sharp volatility during December and January forcing the index to plummet close to important support levels of 16,400. With a strong start to February, analysts at ICICI Direct believe Nifty is offering a good buying opportunity for investors, and expect the index to head towards 18,300. “… investors should use the current volatility in the markets to accumulate quality stocks as we expect the Nifty to surpass the immediate hurdle of 17,600 and eventually head towards 18,300 in coming months,” they said. Nifty 50 is hovering around 17,700 on Wednesday morning.
“Nifty has retraced half of what it lost during the plunge from the record peak, and with this, we are encouraged to lift our target from 17700 to 17870. Downside reversal level is placed at 17500 for now, but will have to be re-adjusted on the fly, in the event of rapid ascent to 18300,” said Anand James – Chief Market Strategist at Geojit Financial Services.
The volatility index, India VIX, was down 4% on Wednesday as benchmark indices soared higher. India VIX was just above 19 levels.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Wednesday, tracking international markets. On the Multi Commodity Exchange, gold April futures fell Rs 87 to Rs 47,825 per 10 gram, as against the previous close of Rs 47,912. Silver March futures were ruling at Rs 61,425 per kg, up Rs 67 on MCX. Globally, yellow metal was steady above the $1,800 psychological level as concerns surrounding Ukraine supported the safe-haven metal, while investors awaited U.S. jobs data that is considered key for the Federal Reserve’s tapering timeline, according to Reuters.
“The Index has opened with a gap and is maintaining above 17600 which is a resistance patch. We would need to keep above this for a couple of sessions. This would allow the Nifty to achieve a target of 18000. 17100-17200 is a good support for the market and until that does not break on a closing basis, the short term direction of the index is bullish,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
“On the technical front, the key resistance levels for Nifty 50 are 17850 followed by 18000 and on the downside 15000 followed by 17350 can act as strong support. Key resistance and support levels for Bank Nifty are 39000 and 38000 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
Shares of Tech Mahindra fell over 3% today after the software services exporter on Tuesday saw its net profit increase 2.2% sequentially in the quarter ended December 2021, but missed estimates. Its revenue and operating income also rose over the previous three months.
We believe the risk/reward has turned favourable for long term investment as major part of the price wise correction (8%) is already over. Therefore, investors should use the current volatility in the markets to accumulate quality stocks as we expect the Nifty to surpass the immediate hurdle of 17600 and eventually head towards 18300 in coming months.
~ ICICI Direct
On daily charts, the market maintained an uptrend continuation formation and after a long time it succeeded to close above the 50 day SMA which is broadly positive. For the day, short term traders, now 17400/58300 and 17250/57750 would be the key support levels to watch out. Above which the index would touch the level of 17750-17850/59100-59500.
The rupee is likely to continue its depreciation today on the back of elevated crude oil prices. Further, investors will anxiously wait for the outcome of an Opec meeting. However, downsides may be cushioned on weakness in the dollar index. US$INR (February) is expected to rise further towards 75.50 for the day, according to ICICI Direct.
“Triple top Breakout in Bank Nifty placed at 38,800-38,850 — Expect good momentum above this level. Private Banks have started participating,” said Rahul Sharma, Director & Head – Research, JM Financial. Nifty Private Bank index was up 1.26% on Wednesday morning.
Sensex zoomed nearly 500 points minutes into the day's trade, regaining 59,300 levels. Nifty 50 was up 140 points to breach the 17,700 levels.
“Benchmark Indices are expected to open on a positive note as suggested by trends on SGX nifty. US markets closed in green yesterday. On the other side European markets are also giving positive signals. Majority of the Asian markets are also trading in green. Back home, Indian equity benchmarks gave a thumbs up to the Union Budget on Tuesday, ending the session on a positive note for the second straight session. There will be some reaction in power stocks as the power ministry data showed that India’s power consumption grew marginally at 2.6 percent year-on-year in January to 112.67 billion units (BU), showing the impact of local restrictions imposed by states amid the third wave of COVID-19. Power consumption in the entire January last year was 109.76 BU, which was 4.4 percent higher than 105.15 BU in January 2020,” said Mohit Nigam, Head – PMS, Hem Securities.
Sensex regained the 59,000 mark as the pre-open session began, gaining more than 300 points. Nifty 50 was down in the red, hovering around 17,500.
BSE-listed companies such as Housing Development Finance Corporation, Adani Green Energy, Adani Total Gas, Dabur India, Tata Consumer Products, Jubilant Foodworks, Indian Overseas Bank, Zee Entertainment, M&M Financial Services, Alkyl Amines Chemicals, Gillette India, Sheela Foam and Timken India are among the companies that will announce their December quarter results today.
“Nifty finds support around 17300 while 17900 will act as resistance on the upside. Bank Nifty finds support around 37750 while 39250 will act as resistance.”
~ IIFL Securities
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices were left unchanged by Oil Marketing Companies (OMC) on February 2 across the country. Petrol in the National Capital of Delhi currently retails at Rs 95.41 per litre while diesel in the city is priced at Rs 86.67 per litre. In Mumbai, a litre of petrol and diesel cost Rs 109.98 and Rs 94.14, respectively. Fuel prices have been stable since the central government cut excise duty to bring down retail rates from record highs in November last year. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.
“Our target two of 17,780 expected today. Look to book partial profits around this level. Long view initiated on Tuesday which was panic low day of 16,837. Breakout in Bank Nifty placed at 38,850 which can push the index upto 40,000. Private Banks back in action,” said Rahul Sharma, Director & Head – Research, JM Financial.
Given that we are on the cusp of election season, the Union Budget for FY23 doesn’t seem to pander to any instinctual populism or tactical dole-outs to any target audience. Instead, we have a solid workman-like budget announcement with a singular focus seemingly on government spending to boost the supply side of the economy namely an investment and capital expenditure push. Growth has been prioritized with realistic fiscal deficit targets. The last one year has been a demonstration of the fact that buoyancy in growth and hence tax collections are a better solution to get a hold on fiscal deficit rather than to target the deficit itself for what it is. From that perspective prioritizing growth and recalibrating the glide path of fiscal deficit is not only likely to energize some so-called “old economy” sectors engendering tag-along private sector Capex but also likely to find favor with the equity markets; even as bond markets might witness some uptick in yields.
“The short term trend of Nifty continues to be positive with high volatility. The upside momentum seems to have strengthened in the last few sessions and this could be continued in coming sessions. The next upside levels to be watched around 17800-17900 levels in the near term. Immediate support is placed at 17460 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The public issue of the LIC is expected shortly,” Finance Minister Nirmala Sitharaman said in her Union Budget speech on Tuesday. The government has cut down the divestment target for the current fiscal year to Rs 78,000 crore — largely dependent on the IPO of LIC.
SGX Nifty was up in the green on Wednesday morning. Nifty futures soared more than 100 points, hinting at a positive start to the day's trade.
Adhering to fiscal restraint and openness, finance minister Nirmala Sitharaman on Tuesday used the Budget for 2022-23 to reassert the view held by the Narendra Modi government in the face of the ongoing pandemic that elevated public capex would herald a virtuous cycle of investment and income generation. She voted against a consumption booster, defying many an expert opinion. The Budget acknowledged that the seemingly spectacular growth in tax revenue in the current fiscal – up nearly a quarter on year – is an exception rather than a continuum, since it is greatly aided by a shrunk base and a rapid, one-time shift of business from small to big industries.
