Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and Nifty 50 ended over one per cent higher on Wednesday, one day ahead of RBI MPC outcome. Sensex closed 657 points higher at 58,466 while the NSE Nifty 50 index ended 197 points or 1.14% higher at 17,463. Bank Nifty ended 1.53% higher. Maruti Suzuki, IndusInd Bank, HDFC Bank, Bajaj Finserv, Wipro, Titan Company, and Tech Mahindra were among top BSE Sensex gainers. The newly-listed Adani Wilmar share price rallied 20 per cent today. On the flip side, Sun Pharma, ITC, and Tata Steel were the only index losers. On the sectoral front, Nifty Auto index was the top gainer, followed by Nifty Metal, Nifty Bank, and Nifty Realty indices.
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S&P BSE Midcap index gained 1.23 per cent or 299 points to finish at 24,631, while S&P BSE Smallcap index gained over half a per cent or 165 points to settle at 29,233. India VIX, the volatility index, cooled off 5.74 per cent to close at 18.56 levels
Index heavyweights such as HDFC Bank, Reliance Industries Ltd (RIL), Infosys, ICICI Bank, Maruti Suzuki, and Housing Development Finance Corporation (HDFC) contributed the most to the indices’ gain.
BSE Sensex and Nifty 50 ended with over per cent gains for the second straight day on Wednesday, as bulls made a comeback on D-Street.
Sensex closed 657 points higher at 58,466 while the NSE Nifty 50 index ended 197 points or 1.14% higher at 17,463. Bank Nifty ended 1.53% higher.
“Clean move from 17,120 yesterday to 17,480 almost. Nifty target of 17,480 is almost done. Take Profits in Longs and go into RBI event with a fresh view tomorrow morning,” said Rahul Sharma, Director & Head – Research JM Financial.
IRCTC share price surged over 3.5 per cent to Rs 868.10 apiece on BSE, after the company posted a consolidated net profit of Rs 208 crore during the third quarter of FY22. Indian Railway Catering and Tourism Corporation stock is still 47 per cent down from its 52-week high touched in October last year. IRCTC's board has also declared an interim dividend of Rs 2 per share each for the financial year 2021-22. It has fixed Friday, 18 February, as record date for the purpose of payment of interim dividend for the same. “Despite strong Q3FY22 earnings, IRCTC stock price remains subdued due to weak global sentiment leading to significant pressure on mid & small cap stocks,” Pavitraa Shetty, Co-founder & Trainer, Tips2Trades, told Financial Express Online.
Bharti Airtel share price opened in the red on Wednesday morning but buying interest emerged soon, taking the stock more than 2% higher. The telecom major reported a net profit of Rs 830 crore in the October-December quarter, down 27% from the previous quarter. The drop in profit was owing to a one-time gain recorded in the previous quarter on account of spectrum sale to Reliance Jio. Bharti Airtel’s stock price has gained 4.2% so far this year, outperforming the benchmark Nifty 50, which is down more than 1% in 2022. Airtel shares were trading at Rs 723 per share on Wednesday.
Bharti Airtel share price opened in the red on Wednesday morning but buying interest emerged soon, taking the stock more than 2% higher. The telecom major reported a net profit of Rs 830 crore in the October-December quarter, down 27% from the previous quarter. The drop in profit was owing to a one-time gain recorded in the previous quarter on account of spectrum sale to Reliance Jio. Bharti Airtel’s stock price has gained 4.2% so far this year, outperforming the benchmark Nifty 50, which is down more than 1% in 2022. Airtel shares were trading at Rs 723 per share on Wednesday.
The overall market is in weak sentiments and not lower levels buying can be seen in the benchmark indices. Adani Wilmar is attractive for long term investment so buy on dips is recommended for the target of Rs. 350-380 in medium term. Ravi Singh, VP & Head of Research, Share India Securities
Bharti Airtel stock price opened with losses but has now turned the tables and is sitting in the green. Airtel share price rose nearly 1% to trade at Rs 715 per share.
Despite being a leader in terms of bridal wear and having a strong brand name, Vedant-Fashions IPO is significantly overpriced considering the strong competition from the unorganized players & poor growth in terms of profit growth over the last few years. Investing at this price would mean buying at very high PE levels which look impossible to sustain in the current economic environment & hence investors are advised to wait for a lower price post listing to consider buying. Pavitraa Shetty, Co-founder & Trainer, Tips2Trades
Manyavar owner-Vedant Fashions IPO share allotment is likely to be finalized on Friday (11 February 2022). The initiation of refunds or unblocking of funds from the ASBA account will take place on 14 February, and the equity shares will be credited to depository accounts of allottees on 15 February 2022. The equity shares of Vedant Fashions will make their stock market debut on 16th February 2022. The Rs 3,149 crore Vedant Fashions IPO received an overwhelming response by the investors as it got subscribed 2.57 times on the final day.
With the US Federal Reserve announcing a faster than expected rate hike cycle and domestic bond yields soaring, the Reserve Bank of India will be under pressure to fast-track monetary policy normalisation in the ongoing MPC meeting. In the monetary policy committee meeting, which was postponed by a day to start from February 8, the six-member team will likely discuss hiking the reverse repo rates even though the timing of hikes remain unclear. RBI, like other central banks across the globe, has taken an accommodative monetary and credit policy during the pandemic and its aftermath, to keep liquidity flowing and support economic growth. That may have to come to an end now.
Rakesh Jhunjhunwala-owned Escorts’ stock price was down in red on Wednesday morning, a day after the company announced its quarterly results. Escorts reported a 28% drop in net profit in the October-December quarter when compared to the year-ago period. Analysts largely have negative views on the stock, at least for the near term with most expecting the scrip to fall. Year-to-date Escorts share price is down more than 3%. On Wednesday morning the stock fell 0.36% to trade at Rs 1,834 per share. Rakesh Jhunjhunwala owned a 5.2% stake in Escorts at the end of December last year, up from 4.8% at the end of the July-September quarter.
“As long as the Nifty trades above the significant short-term support at 17000, the uptrend will remain in place. The major option concentration in the weekly options chain remains at 17000 Put and 17500 Call suggesting some range bound bias in the short term. In such a scenario, decline remains a buying opportunity. For the coming session, the trading spot band is between 17340 and 17000, which means further upsides are likely once the immediate resistances of 17340 are taken out and weakness could emerge if the supports of 17000 are broken,” said Raushan Kumar, Derivative Analyst, IIFL Securities.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat with a negatve bias on Wednesday, even as global rates remained steady. On Multi Commodity Exchange, gold April futures were trading Rs 18 down at Rs 48,411 per 10 gram. Silver March futures were ruling at Rs 62,571 per kg, gaining Rs 204 or 0.33 per cent. Internationally, gold prices were steady near a two-week high scaled in the previous session, as inflationary risks and Russia-Ukraine tensions underpinned the safe-haven metal, despite the prospect of an aggressive rate hike by the U.S. central bank, according to Reuters.
After facing an outage, the ICICI Direct Markets app, website, and mobile application were back online and accessible to users, the company's spokesperson said. Users of ICICI Direct website and mobile app were unable to log in to their accounts earlier.
ICICI Direct still not accessible. Message on website login shows it will not be available till 10.00 am today. Meanwhile, users continued to vent anger on Twitter.
The local equities are trading on a negative foot over the last few days, following a weakness over wall street and other Asian markets. The pressure mounts over stocks as FIIs are heavily withdrawing their investment flows. Whether it is Fed’s rate hike or RBI’s upcoming hawkish tone, both are not a good sign for the foreign investors as higher domestic rates will suppress the growth. It will be watchful whether RBI in tomorrow’s monetary policy decision turns aggressively hawkish or remain calm as per the market expectation of a 20-bps hike in Reverse repo. Surely, RBI policy along with other fundamentals suggests depreciation is there on the cards. Overall, we may see the USDINR pair bottoming out near 74.30-40 levels and regain the ground to test 75-75.30 levels in the near term. Amit Pabari, managing director, CR Forex Advisors
“We are facing a network issue; some customers are facing difficulties logging in; we are working on war footing to resolve the issue,” ICICI Securities spokesperson told FE Online. The company has over 2.19 million active clients, according to its website.
ICICI Direct users were not able to log in to the mobile application and website of the domestic brokerage firm on Wednesday morning. The brokerage firm said that is issue was owing to an unprecedented network issue. “We are working to resolve this as soon as possible. We sincerely regret the inconvenience caused,” they added.
Nifty sectoral indices were trading with gains. Bank Nifty was up nearly 1%. Nifty Auto, Nifty IT, Nifty Media, Nifty Realty indices gained up to 1.5 per cent
Sun Pharma, Bharti Airtel, NTPC, were among top index losers
Tech Mahindra, Bajaj Finserv, Infosys, Wipro, Maruti Suzuki, Bajaj Finance, Titan Company, IndusInd Bank were among top Sensex gainers.
BSE Sensex jumped 400 points to trade above 58229, while Nifty 50 index reclaimed 17350
BSE Sensex jumped 400 points to trade above 58200, while Nifty 50 index gained 130 points at 17396 in the pre-opening session
17,045 and 17350 are immediate support and resistance in Nifty 50. For Bank Nifty 37,300 and 38,500 are immediate support and resistance respectively. Mohit Nigam, Head – PMS, Hem Securities
Power Grid Corporation of India, Tata Power, ACC, Bosch, FSN E-Commerce Ventures (Nykaa), Aurobindo Pharma, Berger Paints, 3i Infotech, Abbott India, Aries Agro, BASF India, Bharat Bijlee, DCB Bank, Engineers India, Entertainment Network (India), Finolex Cables, GMR Infrastructure, HEG, Indiabulls Housing Finance, Jindal Stainless (Hisar), Lumax Auto Technologies, Nuvoco Vistas Corporation, Paras Defence and Space Technologies, Patel Engineering, Petronet LNG, Procter & Gamble Health, Hitachi Energy India, Prestige Estates Projects, Pricol, SAIL etc.
Three sessions of sharp decline seems to have halted and the overall chart indicate another minor upside bounce from here or from the lows of around 17K mark. The expected upside bounce could be short lived and one may expect another lower top formation below 17800 levels. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Nifty made a bullish hammer like pattern suggesting formation of a short term bottom. Nifty could now face resistance at 17462 while 17044 could provide support in the near term. Deepak Jasani, Head of Retail Research, HDFC Securities
“Positive for 17480 on Nifty and 38600 for Bank Nifty. Supports are placed at 17195 and 17130 and at 37650 for Bank Nifty,” said Rahul Sharma, Director & Head – Research, JM Financial.
The benchmark indices BSE Sensex and Nifty 50 witnessed a short recovery on Tuesday. Technically, after the morning selloff the market witnessed a sharp intraday recovery from the level of 17050/57050. On daily charts, the index has formed Hammer formation which suggests indecisiveness between bulls and bears. We are of the view that the short-term trend is still on the weak side but due to a temporary oversold situation, the market may consolidate. For the trades, a large trading range would be 17100/57200 to 17400/58300. For the day traders, 17150/57350 would be the important support level, above which the index could move up to 17350-17400/58150-58300. On the other side, below 17150/57350 the chances of hitting 17100-17075/5720057100 would turn bright.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices continue to remain unchanged on February 9 with oil marketing companies (OMC) keeping prices steady. 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.
The company is both a growth and yield play, in our view. ITC is aggressively building its e-commerce capabilities and making its own D2C foray along with a plethora of innovations and product launches. Cigarettes (85% of earnings) is largely a yield play, as structural high earnings growth prospects have weakened over the years. It is subject to adverse ESG considerations and an uncertain taxation guidance path, which implicitly raises hurdle rates for investors.
Dalal Street benchmark indices ended their three-day losing streak on Tuesday as indices emerged from the red and closed with gains in the dying minutes of trade. BSE Sensex ended 187 points or 0.33% higher at 57,808 while NSE Nifty 50 closed 53 points or 0.31% higher at 17,266. Bank Nifty managed to close above the 38,000 mark. Ahead of Wednesday’s trade, SGX Nifty was up in the green, hinting at a positive start to the day’s trade. Global cues were largely positive after Dow Jones, S&P 500, and the NASDAQ ended the previous session in green. Among Asian stock markets Hang Seng, TOPIX, Nikkei 225, KOSPI, and KOSDAQ were all inthe green. Shanghai Composite was down with losses.
Treasury income of banks took a hit in the October-December (Q3) quarter, due to a sharp rise in yields on government securities, which has impacted investment portfolios of banks. The yields on government securities rose over 50 basis points (bps) in Q3 due to various factors such as an uptick in US Treasury yields, volatile Brent crude oil prices and discontinuation of government securities acquisition programme (G-SAP), among others.
Big Tech gave major U.S. stock indexes a boost on Tuesday and European shares ended largely unchanged as a sharp fall in oil prices took the shine off bumper profits from oil company BP. The euro retreated as the European Central Bank tried to cool interest rate hike expectations.
Life Insurance Corporation (LIC) will file a draft red herring prospectus (DRHP) as early as Thursday for its mega initial public offer (IPO), department of investment and public asset management secretary Tuhin Kanta Pandey told FE on Tuesday.
