Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian equity markets ended lower in a highly volatile trading session today. Sensex ended 145.37 points or 0.25% down at 57,996.68, and the Nifty was down 30.30 points or 0.17% at 17,322.20. Selling was seen in the auto, IT, power, metal, PSU bank, capital goods, while healthcare, oil & gas and realty indices ended in the green. In broader markets, the midcap index ended flat while smallcap index rose 0.42 per cent. Power Grid Corporation, UltraTech Cement, NTPC, ICICI Bank and SBI were the top Nifty losers, while gainers were Divis Labs, Adani Ports, ONGC, IOC and HDFC Life.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights 16 February
“Nifty resisted surpassing the 17500 mark and witnessed some correction, indicating it to be a sturdy wall. On the flip side, 17100 is expected to provide vital support to the index, and until the mentioned zone is not breached, a range-bound movement is expected to be seen. Going forward, looking at the technical structure and the sentiments among the market participants, indecisiveness could be sensed.”
“Meanwhile, we might witness some volatility due to weekly expiry and global scenarios in the near term. Hence, a stock selective approach should be taken in the market for the time being, and aggressive bets should be avoided.”
~Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Indian equity markets ended lower in a highly volatile trading session today. Sensex ended 145.37 points or 0.25% down at 57,996.68, and the Nifty was down 30.30 points or 0.17% at 17,322.20. Selling was seen in the auto, IT, power, metal, PSU bank, capital goods, while healthcare, oil & gas and realty indices ended in the green. In broader markets, the midcap index ended flat while smallcap index rose 0.42 per cent. Power Grid Corporation, UltraTech Cement, NTPC, ICICI Bank and SBI were the top Nifty losers, while gainers were Divis Labs, Adani Ports, ONGC, IOC and HDFC Life.
Key Themes: Core themes of Digital, Telecom, Banking, Rural, Staples, and Consumer Discretionary continue to remain relevant in 2022 as well.
Top Picks: ICICI Bank, Bajaj Auto, Tech Mahindra, Maruti Suzuki India, State Bank of India, Hindalco Industries, BhartiAirtel, Federal Bank, Varun Beverages, Ashok Leyland, Bata India, Krishna Institute of Medical Sciences, Equitas Small Finance Bank, Mold-Tek Packaging, Amber Enterprises India, CCL Products (India)
“The market witnessed a volatile session in a range of 17300-17500. market research suggests, trading above the support zone of 17200 is positive from a short-term perspective. If the market sustains above the support levels, we expect a recovery in the market till the level of 17800. Technical indicators suggests, a volatile movement in the market in the range of 17200-17800. As such we retain our cautious stance and advise the traders to refrain from building a fresh buying position, until we see further decisive movement in the market.”
~Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Ltd.
“Spinning top pattern on daily charts today which means there could be another down move on Thursday if today's low of 17,257 breaks. It is best to book profits in Nifty longs and wait for more confirmation, Rahul Sharma, Head – Research, JM Financial Services Ltd.
Moody’s changes Vedanta’s outlook to negative. The stock was trading at Rs 366.40, down Rs 5.35, or 1.44 percent. It has touched an intraday high of Rs 374.85 and an intraday low of Rs 364.40
Market investors remained cautious after the previous session's surge, keeping an eye on the Ukraine situation, as Indian indices bounced back after a drop in the market. Gaurav Garg, Head of Research, Capitalvia Global Research
Salaries in India are expected to grow at a rate of 9.9% in 2022, resulting in the highest increments for salaried-class in five years, according to a survey conducted by Aon India. This compares with a hike of 9.2% in salary that was reported last year. However, the survey also found that attrition rates in 2021 was the highest in over two decades signifying the impact of great resignation on India.
BSE Sensex and Nifty 50 were trading flat with a positive bias on Tuesday, on the back of positive global cues. Stocks of index heavyweights such as Housing Development Finance Corporation (HDFC), Infosys, Bharti Airtel, Reliance Industries Ltd, among others. So far in the trade, BSE Sensex hit a day’s high of 58,467, and a low of 57,780. While Nifty 50 rose to a day’s high of 17,450, and a low of 17,257.70. No stock hit a fresh 52-week high and 52-week low on the 30-stock Sensex so far in the trade.
Benchmark indices firmed-up in mid noon deals amid reports of easing Russia-Ukraine tensions. The BSE benchmark index, the Sensex, which slid to a low of 57,780 in morning trades, rebounded into the positive zone and was up 381 points at 58,523 The NSE Nifty gained 111 points, and was at 17,464.
Bank Nifty slipped in red in a highly volatile session today. The index was down 10.25 points or 0.03% down at 38,159 level, while Nifty was up 59 points at 17,411.
Benchmark indices were trading higher in the volatile session with Nifty hovering around 17400. The Sensex was up 119.39 points or 0.21% at 58261.44, and the Nifty was up 47.60 points or 0.27% at 17400.10.
IDBI Bank share price was up 4 per cent on the BSE as the government announced that it will start roadshows with investors for the strategic disinvestment of IDBI Bank from 25 February as the Centre and Life Insurance Corporation of India (LIC) look to sell their stake in the lender to a private buyer.
“Market investors remained cautious after the previous session's surge, keeping an eye on the Ukraine situation, as Indian indices bounced back after a drop in the market. Traders were concerned after official statistics revealed that during the first eight months of the current fiscal year, exports from special economic zones (SEZs) expanded at a slower rate than overall outbound shipments from the country. On the international level, all Asian markets were trading steady amid prospects of no more escalation in the Russia-Ukraine spat after Moscow withdrew some of its troops from the country's borders.”
~Gaurav Garg, Head of Research, Capitalvia Global Research Ltd
Benchmark indices were seen recouping day's losses and edging higher after reports said that Russia has announced end of its military drills near the Ukraine border and the troops are pulling back. The BSE Sensex rose 190 points at 58,332, while the NSE Nifty50 was 63 points higher at 17,415. The two indices were up to 0.36 per cent up.
Selling is seen in the auto, bank and capital goods stocks, while realty, oil & gas and power indices are trading in the green. The midcap and smallcap indices up with marginal gains.
NSE Nifty 50 bounced back sharply on Tuesday, ending 509 points higher while the Sensex rallied by 1,736 points. Technically, after a sharp fall, the Nifty 50 index took the support near 200 days SMA and reversed sharply. On daily charts, the 50-stock index formed a long bullish candle indicating continuation of a pullback rally in the near term. However, in a short-term time frame, the market is still holding lower top formation and trading below the 50 day SMA which is largely negative for the index.
Devyani International: Buy
Target price: INR210, 22% Upside
“We remain bullish on DEVYANI’s prospects due to: KFC’s strong brand equity, turnaround in Pizza Hut (led by the focus on delivery), sharp network expansion across the portfolio and healthy mid-teen operating profitability,” said Motilal Oswal Financial Services.
Shares of Zomato surged over 4%, a day after the stock plummeted over 8% to an all time low. The scrip hit an intraday high of Rs 86.85 today on the Bombay Stock Exchange (BSE).
Shares of Punjab and Sind Bank gained 13 per cent in early trade on Wednesday after some media reports quoted a Finance Ministry official saying that the government will likely infuse Rs 4,100 crore in the bank this fiscal. Following this development, the stock surged 12.85 per cent to Rs 18 on BSE.
The headline indices extended losses in morning deals in a volatile market. The BSE Sensex was down 343 points at 57,798, while the NSE Nifty was at 17,267, lower by 85 points. In the Sensex pack, 25 stocks were in the red zone, with losses in ICICI Bank, RIL, HDFC Bank, L&T, SBI and Infosys, trading 0.5-1.5 per cent.
Shares of non-bank finance companies gained on February 16 after the central bank gave more time to NBFCs to comply with its new rules for upgrade of non-performing assets (NPAs) to standard ones. The Reserve Bank of India (RBI) on Tuesday extended the deadline for adhering to the rules from 31 March to 30 September.
Tata Power share price gained more than 2 per cent intraday after foreign research house Morgan Stanley raised the target price. The research firm has maintained an equal-weight rating on Tata Power and raised the target price to Rs 228 per share. The key catalyst to watch is the valuation ascribed to green businesses and terms being agreed upon for Mundra resolution, said the research firm.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Wednesday after hitting 1-year high in the previous session. On Multi Commodity Exchange, gold April futures were trading Rs 27 down at Rs 49,358 per 10 gram, as against the previous close of Rs 49,385. Silver March futures were ruling at Rs 63,019 per kg, marginally up by Rs 30. Globally, yellow metal prices slipped, pulling further away from an eight-month peak scaled in the previous session.
“Vedant Fashions is debuting the secondary market on a positive note despite poor subscription figures. The company has strong brand value with good fundamentals however valuation is a major concern, therefore, investors should approach it from the long-term perspective where any dip of 15-20% from current levels will be a good buying opportunity. Those who applied for listing gain should maintain a stop loss of 890.”
~Santosh Meena, Head of Research, Swastika Investmart Ltd.
“As the news of Russian Forces withdrawal came yesterday, rupee appreciated by about 40 paise as exporters rushed to hedge their Recievables and closed at 75.33. Today the opening may be slightly lower due to rally in Dow jones and Asian equity markets as market now dvelves back to the FED rate hike theme with speculations on for a 50 bps or a 25 bps rate hike. Today we have the FED meeting minutes and GBP inflation figures. March will be a busy month for IPOS with LIC, SBI mutual Fund, McLeod Pharma already in the pipeline. That is when importers will get a chance to hedge their payables.”
“For the day exporters may wait for better levels to hedge their near term receivables say upto April and importers to pay their near term payables and wait for hedging.”
~Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
Vedant Fashions shares made a modest listing on stock exchanges on 16 February 2022, as stocks opened 8.08% up at Rs 938 apiece from IPO price of Rs 866 apiece. At listing, the market capitalisation of the company stood at Rs 22,716.23 crore, according to BSE data. This is the third company to list on bourses in calendar year 2022, after the AGS Transact Technologies, and Adani Wilmar. The Rs 3,149 crore Vedant Fashions IPO was subscribed 2.57 times on the final day.
“The rupee is expected to appreciate today due to optimistic sentiments in the domestic markets and weakness in the dollar. Further, easing crude oil prices may continue to provide support to the rupee. However, continuous FII outflows from domestic markets may cap further upside in the rupee. US$INR (February) is expected to correct further towards 75.0 levels for the day,” said ICIC Direct.
M&M, HDFC Life, Grasim Industries, HCL Technologies and HDFC were among major gainers on the Nifty, while losers were Power Grid Corp, Dr Reddy’s Lab, Shree Cements, Eicher Motors and Tata Motors.
Indian equity markets opened higher with Nifty above 17400 on the back of positive global cues. The Sensex was up 301.55 points or 0.52% at 58443.60, and the Nifty was up 91 points or 0.52% at 17443.50.
Intraday dip to attract strong buying demand as Nifty has key support at 17200, said ICICI Direct.
“Indian markets are expected to open flat to positive tracking mixed global cues, led by a mix of upbeat earnings and easing of Ukraine tension. US markets ended higher amid easing geopolitical concerns and release of macroeconomic data.”
~ICICI Direct
Benchmark indices traded higher in pre-opening session. Sensex was trading over 200 points higher at 58,384.05, while Nifty 50 was past 17,400, up 66 points.
“Given the fact, India Vix index sustaining above levels of 20; Nifty will continue its volatile ride, marking huge swings on both side. Multiple low ensures immediate support near 16800, while a decisive breakthrough above prior week’s high (i.e. 17639) is essential to end recent series of lower highs. Bank Nifty recovered from lower levels, however it failed to fill the downward gap. In the recent past, BankNifty formed multiple peaks between 38850-39400 zone, the same needs to be taken out to regain required momentum on upside. Selected Auto and IT stocks saw positive traction, stocks specific rally within these sectors is possible.”
~Yes Securities
Petrol and diesel prices remained steady for over 100 days straight on Wednesday, 16 February 2022 with oil marketing companies (OMC) keeping prices unchanged. Today, petrol in Delhi 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 2021.
“Nifty will aim to preserve its strength on reports of a pullback of Russian troops from the Ukraine border. That said, volatility could be the hallmark until investors are certain that Russia will not invade Ukraine. Focus shifts to the 10-year US Treasury bond yield that has moved up to 2.03%. For the day, support is seen at 17208 and then at 17057. Expect waterfall of selling now only below 16811 mark.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
Four stocks – BHEL, Escorts, Indiabulls Housing Finance, and SAIL – are under the F&O ban for February 16. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
“Nifty 50 formed a bullish candle on daily chart with index managed to close a day below good resistance zone of 17,300 and if index holds above 17300 mark then we may see more surge towards 17,600-17,800 mark which are another resistance zone on the upside. Volatility gauge Index tanks by 10.31% to 20.61. Also broader market confirms an upward move and in turn market breadth was skewed in the favour of bulls. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500.”
~Mohit Nigam, Head – PMS, Hem Securities
BSE Sensex and Nifty 50 were staring at a flat start on Wednesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling at 17371, up 23 points or 0.13 per cent. In the previous session, Sensex ended 1,736.21 points or 3.08% higher at 58,142.05, and the Nifty 50 settled 509.70 points or 3.03% up at 17,352.50. Markets have been witnessing a roller-coaster ride and analysts expect the same to continue in near future. “In absence of any major domestic event, updates related to Russia-Ukraine tension and its impact on global markets will be on the radar. We suggest limiting leveraged positions and waiting for the markets to stabilise,” Ajit Mishra, VP – Research, Religare Broking, said.
“Nifty finds support around 17000 while 17600 will act as resistance on the upside. Bank Nifty finds support around 37850 while 38850 will act as resistance.”
~IIFL Securities
Gold prices slipped on Wednesday, pulling further away from the eight-month peak scaled in the previous session, as signs of a slight de-escalation in the Russia-Ukraine standoff diminished the appeal of safe havens. Spot gold was down 0.1% at $1,850.91 per ounce, as of 0110 GMT. U.S. gold futures dropped 0.2% to $1,852.40.
“Reduction in tensions on Russia-Ukraine front has led to buying interest/short covering in the markets. Nifty filled the downgap made on Feb 14 and nullified the bearish implications thereof. Advance decline ratio closed much above 1:1. Nifty could now face resistance at 17455 while 17214 could be a support.”
~Deepak Jasani, Head of Retail Research, HDFC Securities
“On Tuesday, 30 out of 50 stocks in Nifty saw short covering while 10 out of 12 Bank Nifty stocks witnessed short covering. Nifty should aim for 17,450 and 17,600 in this up-move. Supports placed at 17,100 and 17,000.”
~Rahul Sharma, Head- Research, JM Financial Services
Shares of Vedant Fashions will be listed on on exchanges today. The Vedant Fashions IPO had received a tepid response, being subscribed 2.57 times during February 4-8, largely supported by qualified institutional buyers whose reserved portion saw 7.49 times subscription. But demand at non-institutional investors and retail investors’ desk was muted, as their allotted quotas were subscribed 1.07 times and 39 per cent, respectively.
Wall Street ended sharply higher on Tuesday, as signs of de-escalating tensions along the Russia-Ukraine border sparked a risk-on session. All three major indexes notched solid advances on the day. The Dow Jones Industrial Average rose 422.67 points, or 1.22%, to 34,988.84, the S&P 500 gained 69.4 points, or 1.58%, to 4,471.07 and the Nasdaq Composite added 348.84 points, or 2.53%, to 14,139.76.
Asian shares rallied on Wednesday as fears of a Russian invasion of the Ukraine dissipated after Moscow indicated it was returning some troops to base from exercises, delivering investors a measure of relief. Japan's Nikkei soared 1.9% to rebound from two days of falls, while Australia's S&P/ASX200 gained half a percent. Hong Kong's Hang Seng Index jumped 1.1% early in the session, and China's CSI300 Index was up 0.4%.
“Nifty recovered its entire loss of Monday’s fall in today’s session on the back of short covering as well as change in sentiments post Russia pulling back some of its armies from the Ukrainian border. There was strong buying interest in Auto, banking and financials, IT & Real Estate counters. For now, Nifty seems to have taken support near the 16,800-17,000 zones which is forming a crucial base for the market to resume its upward movement. However volatility cannot be ruled out as several global factors continue to drive investor’s sentiments.”
~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Trends on SGX Nifty indicate a flat start for Indian benchmark indices Sensex and Nifty 50, with a gain of 24 points or 0.14 percent. The Nifty futures were trading around 17,372 level on the Singaporean Exchange.
