Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the negative territory for the sixth straight day on Wednesday, a day before monthly F&O expiry. Sensex closed 68 points or 0.12% lower at 57,232 while NSE Nifty 50 ended 29 points or 0.17% lower at 17,063. Bank Nifty ended flat with marginal gains. Kotak Mahindra Bank, Titan Company, IndusInd Bank, Maruti Suzuki India, Bajaj Finance, UltraTech Cement, and Infosys were among top Sensex gainers. On the flip side, NTPC was the top index laggard, followed by L&T, Bajaj Finserv, Nestle India, ICICI Bank, Housing Development Finance Corporation (HDFC), and HDFC Bank among others.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Sensex closed 68 points or 0.12% lower at 57,232 while NSE Nifty 50 ended 29 points or 0.17% lower at 17,063. Bank Nifty ended flat with marginal gains.
Nifty has broken the 17,100 support as headline indices give up gains. Next support for Nifty is placed at 17,025, said Rahul Sarma, Director & Head – Research, JM Financial.
Indian markets have been buoyant since April 2020 and are among the top performing indices in the globe. The prevailing pandemic has contributed to an increase in volatility with numerous lockdowns hampering economic activity. Steep rise in inflation supported by a rise in commodity prices has contributed to an increase in interest rates across geographies. With world markets trading close to the all-time highs across this macroeconomic background, we would tend to be a little vigilant as a correction over the short term cannot be ruled out.
Spices increased sharply due to huge export demand, lower acerage and lower acreage. Last year unseasonal rain damaged the spice crops showing size. Huge export demand and export demand almost increase by 30% to 40% were supported for the spices. Jeera increased by 37.83% in year 2022 till date and 28.35% increased in year 2021. currently it is trading at 22585 levels which is life time high. Tumeric is increased by 3.64% this year and touched 12 year high levels of 11148 levels. Last year it increased by 62.19%. Coriander is trading up by 27.62% higher at 11228 levels which is 7 year high levels. Last year it increased by 50.09%. We are expecting spices will rise further and advice to the traders to buy on a dips. Anuj Gupta, Vice President, IIFL Securities
BSE Sensex was trading 95 points or 0.2 per cent up at 57,396, while Nifty 50 index was up 0.3 per cent at 17,116.
HDFC share price rose marginally on Wednesday as Goldman Sachs upgraded Housing Development Finance Corporation stock to ‘buy’ from ‘neutral’, raising the target price to Rs 3,081 from Rs 2,907 earlier. The international brokerage firm believes that there has been a significant derating in terms of stock price for HDFC in the last few quarters, and with core mortgage business now trading at 16 times FY23 core EPS, it is trading below the long-term mean valuation. HDFC shares have declined nearly 3 per cent in the past one month, and over 6 per cent in the last one year. However, Goldman Sachs sees up to 25.5% upside in the stock, going forward.
The impact of high oil prices amid the worsening of tensions between Russia and Ukraine could hit Indian shores, raising fuel inflation and the country’s oil import bill. India could face higher inflation and for a long period, unless the government sharply cuts taxes on petrol and diesel. India, a net-importer of oil, buys very little oil and gas from Russia. However, it could be indirectly impacted if the West puts sanctions on Moscow, the second largest oil producer of the world.
The Stock Exchanges have informed of implementing T+1 settlement cycle in a phased manner, starting with bottom 100 stocks in terms of market value, from February 25, 2022. Thereafter, 500 more stocks will be added based on the same market value criteria from the last Friday of March 2022 and every following month. Those transacting in stocks falling under T+1 settlement cycle will get their money or shares delivered in less than 24 hours. T+1 settlement system will shorten the settlement cycle by a day reducing risk of pay-in/pay-out defaults, lower margin requirements and give investors more liquidity with availability of funds and securities. Anupam Agal, Head Operations & Legal, Motilal Oswal Financial Services
Settlement marks the official transfer of securities to the buyer's account and cash to the seller's account. Indian stock exchanges follow T+2 days settlement i.e. settlement of funds & securities happens on two business days after the day the order executes, or T+2 (trade date plus two days). For example, trade executed on Monday, would typically settle on Wednesday. Earlier in 2003, the regulator had shortened the settlement cycle from T+3 rolling settlement to T+2. Now regulator plans to reduce it further to T+1 settlement cycle for completion of share transactions to enhance market liquidity.T+1 should be a good move making settlement cycle shorter reducing margin requirement for clients with margin blocked for just 1 day, thereby increasing retail participation & investments coming to equity markets. Anupam Agal, Head Operations & Legal, Motilal Oswal Financial Services
FMCG company Bikaji Foods International, one of the largest manufacturers of ethnic savouries and sweets in the country, filed its draft red herring prospectus with capital markets regulator SEBI on Wednesday. The company said it will offer for sale 29,373,984 shares through which promoters Shiv Ratan Agarwal and Deepak Agarwal will be selling 2,500,000 shares each. Along with the promoters, IIFL, an investor in the company will also be selling shares. The IPO is entirely an OFS (offer for sale).
Domestic share market growth is mainly emerging from midcap and small-cap stocks after recovering from Covid, said ICICI Securities. The brokerage firm is bullish on small-cap and midcap stocks, even as Dalal Street equity indices struggle to continue the momentum seen in 2021. ICICI Securities added that low valuation discount on midcaps and small-caps over large caps and reducing risk appetite may act as headwinds. The risk of a faster than anticipated interest rate hike by global central banks, inflation, and escalating geopolitical tensions have been weighing on domestic equities so far in 2022.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower in India on Wednesday, after rising to a 13-month high in intraday deals in the previous session. On Multi Commodity Exchange, gold April futures were trading Rs 138 or 0.3 per cent down at Rs 30,328 per 10 gram. Silver March futures were ruling at Rs 64,242 per kg, down Rs 130 or 0.2 per cent. Globally, yellow metal was flat holding near a nine-month high hit in the last session, as safe-haven demand was offset by a rise in Treasury yields following the first wave of U.S. and European sanctions on Russia for sending troops into eastern Ukraine.
Nykaa share price surged over 3% on Wednesday, a day after the internet company informed that its litigation with L’Oreal S.A. has been settled. The share price jump comes after a steep correction in the stock over the past couple of days amid market sell-off. Nykaa stock hit a new low of Rs 1,218.80 after it slipped 8% on Tuesday. The stock has inched closer to its issue price of Rs 1,125 per share and has corrected 48% from its record high of Rs 2,574 per share, touched on 26 November 26 2021. However, going forward, the stock may rally nearly 60% as “data trends and Nykaa’s strategic choices indicate that the company is positioned perfectly to sustain its profitable growth trajectory”, said JM Financial in its report.
Gold and Silver soared as Russia broke the international rule by recognizing two breakaway regions of Ukraine. European countries have started to impose sanctions on Russia which may further appeal for safe-haven demand. However, precious metals gave away all the gain after US data stood stronger than estimated. The day trend in bullion still looks upside and buying is likely to be seen from lower levels. Gold has support at 49700 and resistance at 50300. Nirpendra Yadav, Senior Commodity Research Analyst, Swastika Investmart
The major impact of the Ukraine crisis in India is the implications of crude at $97. If crude sustains at around these high levels, inflation in India is sure to go up, forcing the RBI to revise its FY 23 inflation target upwards and signal withdrawal from the accommodative monetary stance. This would be negative from the growth and earnings perspective. Higher crude prices are negative for tyre, paints and FMCG segments. Financials, particularly high quality banks, have valuation comfort. IT is likely to exhibit resilience thanks to good earnings visibility. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Bank Nifty was up nearly 1%, and Nifty PSU Bank gained 1.6 per cent.
Kotak Mahindra Bank, Mahindra & Mahindra (M&M), Maruti Suzuki, ITC, Bajaj Finance, State Bank of India, ITC, Tata Steel, Reliance Industries Ltd (RIL), Asian Paints were among top index leaders.
BSE Sensex rose 364 pts or 0.64 per cent to trade at 57665, while NSE Nifty 50 gained 110 pts or 0.65 per cent to rule at 17203
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices remain steady on February 23 with oil marketing companies (OMC) keeping prices unchanged once again. 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.
BSE Sensex rises 420 pts to trade at 57720, while NSE Nifty 50 gained 25 pts to rule at 17120 in pre-open
On technical front, today 16,830 level and 17,300 level may act as immediate support and resistance for Nifty 50 and in case of Bank Nifty 36,850 and 37,850 levels may act as immediate support and resistance. Mohit Nigam, Head – PMS, Hem Securities
NYMEX crude trades mixed near $92/bbl after a 1.9% gain in previous session when near month contract hit a fresh 2014 high. Crude is off the highs as sanctions by UK and other western countries in response to Russia’s aggression did not directly target energy sector. Also weighing on price is prospect of higher supply from Iran as talks to revive nuclear deal continued. Expectations of another increase in US crude oil stocks is also weighing on price. Crude may remain choppy as market players shift focus from Russia situation to US inventory report however supply risks may keep prices supported. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
COMEX gold trades marginally lower near $1900/oz after a modest 0.4% gain in previous session when it tested fresh June 2021 highs. Gold eased back from recent high as market reaction to Russia-Ukraine tensions subsided as western reaction to Russia’s troop movement was not seen as severe. US bond yields bounced back from lows while US dollar index shed some of recent gains. ETF investors also moved to sidelines. Gold has retreated after failing to break past the $1920/oz level and we may see volatile trade as market players react to development relating to Russia however the general bias remains positive as geopolitical tensions are unlikely to subside soon. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
Crude oil showed very high volatility on Tuesday as WTI prices crossed $94 a barrel and Brent prices also crossed $99 a barrel mark, first time since 2014. The United States and Britain announced sanctions targeting Russian banks, while the European Union blacklisted more politicians and Germany put the brakes on the $11 billion Nord Stream 2 gas pipeline project. Tight global supply conditions and escalating geo-political tensions could support oil prices in the international markets. We expect crude oil prices to remain positive in today’s session and WTI prices continue to hold its support level of $88 a barrel while Brent prices could hold $90 a barrel on a weekly closing basis. Crude oil is having support at $90.40–88.00 and resistance is at $93.40–94.50 in today’s session. In INR terms Crude oil has support at Rs6,669-6,421; while resistance is at Rs 7,145–7,373. Rahul Kalantri, VP Commodities, Mehta Equities
With India VIX flaring up to 26.66 levels, we suspect volatility is likely to remain elevated in the near term given the Ukraine-Russia tensions and is also likely to be the hallmark of this week’s trading as February F&O series expires on February 24th. A massive sell-off is quite likely as inflation, interest-rate jitters, and Putin are brewing a fierce storm for investors. Hence, Nifty hurdle is seen at 17421 mark. Expect waterfall of selling below Nifty 16811 mark. Prashanth Tapse, Vice President (Research), Mehta Equities
Rising geopolitical tensions continue to keep Dalal Street on the edge. Headline indices on the street have closed with losses for five consecutive sessions now with the S&P BSE Sensex sitting at 57,300 and the NSE Nifty 50 at 17,092. However, SGX Nifty was suggesting a breather might be in the offing today. Nifty futures were trading with gains ahead of the opening bell. Global cues were, however, mixed. Volatility has spiked sharply in recent trading sessions with India VIX zooming 16.41% on Tuesday to settle at 26.66 levels.
The volatility index has seen a huge surge from the past couple of trading sessions, which is to be seen as a matter of concern for the market participants. On technical aspects, the index has managed to sustain above the previous swing low and is also hovering just above the 200 SMA & DEMA. At present, the 16800 odd levels tend to provide strong support to the index and till the level is sustained, we might expect some retaliation from the domestic participants at lower levels (if there is no aberration on the global front). In contrast, 17200 – 17250 could be seen as the immediate resistance zone followed by the sturdy wall of 17500 for the near future. Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“On the daily chart, Nifty has been trading within a ‘Descending Triangle’ with support of the pattern around 16800 and resistance around 17400. A move beyond this broad range will now lead to next leg of the directional move and hence, traders should be watchful on the mentioned range. We remain hopeful till 16800 is intact but below this, one should then look to lighten up trading longs. India VIX has seen a sharp surge and has ended around 27. It’s the global news flows which are dictating the market movement as of now, and hence one should avoid aggressive positions and trade with proper risk management,” said Ruchit Jain, Lead Research, 5paisa.com.
Geo-political tensions are weighing on the market across the world. A sharp rise in volatility has further dampened the investor’s sentiments. Indian equity markets stared at flat to positive start on Wednesday as Singapore-traded SGX Nifty, an early indicator of India’s Nifty 50 Index’s performance, rose 0.27% to 17,148.50. “Markets are witnessing increased volatility as there is no immediate relief from the Russia-Ukraine conflict that has rapidly worsened. Further, rising oil prices have added to the negativity in the markets. Also F&O monthly expiry on Thursday would keep the markets volatile,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd. Here's a list of stocks in focus on 23 February.
“Geo-political tensions are weighing on the market across the world. A sharp rise in volatility has further dampened the investor’s sentiments. Yesterday, India VIX rose by more than 15% and crossed the mark of 26, which is higher than the long-term average of 22 and is a short-term negative for the market. Going forward, any sharp increase in the VIX could create further downward pressure on the benchmark indices. Investors need to avoid riskier bets for some time till we conclude in a concrete direction. The increase in volatility should be bought at regular investment in quality large-cap and midcap stocks, as the earning expectations for Indian corporates remain strong.”
~Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities.
SGX Nifty was up 100 points ahead of the day's trade. Nifty futures trading in the green hint at a positive start for domestic markets.
Finance Minister Nirmala Sitharaman on Tuesday said that the government would go ahead with the initial public offering (IPO) of Life Insurance Corporation of India (LIC), despite volatility in the market amid geopolitical concerns. Refusing to comment on if there can be any delay in the IPO, Sitharaman said, “There is a buzz in the market and there is interest for LIC IPO. We are going ahead with it.” However, she added, “…we are equally worried if the market situation is conducive.”
