Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic markets began Monday’s trade deep in red but bulls overpowered bears during the day. S&P BSE Sensex closed 388 points or 0.70% higher at 56,247 while the NSE Nifty 50 index added 135 points or 0.81% to end the day at 16,793. Bank Nifty ended in the red while broader markets gained. Volatility continued to remain high as India VIX ended 6.8% higher at 28.57. Tata Steel was the top Sensex gainer, up 6.45%, followed by Power Grid, Titan, and Reliance Industries. Dr Reddy’s was the worst performer, down 2.8%, accompanied by Axis Bank, M&M, and HDFC Bank.
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After a tug of war between bulls and bears on Dalal Street today, the former emerged victorious as benchmark indices ended in the green. S&P BSE Sensex closed 388 points or 0.70% higher at 56,247 while the NSE Nifty 50 index added 135 points or 0.81% to end the day at 16,793. Tata Steel was the top Sensex gainer, up 6.45%, followed by Power Grid, Titan, and Reliance Industries. Dr Reddy's was the worst performer, down 2.8%, accompanied by Axis Bank, M&M, and HDFC Bank. Bank Nifty ended in the red while broader markets gained. Volatility continued to remain high with the India VIX zooming 6.8% to settle at 28.57.
Sensex zoomed 388 points or 0.7% on Monday to close at 56,247 while the broader NSE Nifty 50 gained 135 points or 0.8% to settle at 16,793. Bank Nifty closed 0.6% lower.
State Bank of India, Mindtree, India Energy Exchange, and Ambuja Cement are among the 8 stocks that analysts at ICICI Direct believe could beat the current market volatility. Domestic markets have been nervous recently with geopolitical tensions escalating, sending the India VIX index 41% higher in February alone. Analysts at ICICI Direct have now singled out 8 stocks that they believe have enough technical and fundamental backing to cruise through this high volatility period and help investors pocket returns over the next three months.
The current geopolitical developments are likely to be at center stage for some more time before we conclude a concrete market direction. Oil prices have already crossed 100$/bbl, posing a downside risk to global economic growth. March will be an eventful month marked by the FED meeting, state election result, LIC IPO. Furthermore, the direction of the oil prices, bond yields, dollar index, and development on the current geopolitical event will drive the market fundamentals. Commodities will be the biggest gainers, given the Russia-Ukraine crisis. Energy prices are likely to go up in the near term, and oil could see a major rise in the short run. As long as the Russia-Ukraine heat continues, the commodity will be a dominating theme versus the consumption theme.
~ Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities
Madhabi Puri Buch has been appointed the new chairperson of the market regulator SEBI, the first woman to head the market regulatory watchdog, the Indian Express reported on Monday. Puri Buch was earlier a whole-time member (WTM) at the Securities and Exchange Board of India. She replaces the current chief Ajay Tyagi, whose appointment was expected to end on February 28.
Madhabi Puri Buch has been appointed as SEBI Chairperson, succeeding Ajay Tyagi, whose five year term comes to an end this month.
BSE Sensex and Nifty 50 were trading volatile on Monday, amid rising oil prices and Russia-Ukraine crisis. The 30-share index Sensex turned positive, to reclaim 56000-mark, on the back of buying in Reliance Industries Ltd (RIL), Infosys, Tata Steel, and ICICI Bank among others. NSE’s Nifty 50 index gained 60 points or 0.4 per cent to hit a day’s high of 16,734.
While benchmarks Sensex and Nifty were in the green, sectoral indices on the NSE were struggling to turn positive. Apart from nifty IT, Nifty Metal, Nifty oil & gas, and Nifty consumer durables indices all the others were in red.
Russia is the world's largest exporter of gas. The majority of its gas exports stay in Europe, with Germany, Italy, Turkey, Austria and France the largest recipients. Nevertheless, Asia’s largest economies—China, Japan, South Korea and India—all source some of their gas needs from Russia. If a material and sustained escalation in the conflict between Russia and Ukraine were to constrain Russia’s gas exports, global gas prices would rise. And although there are other large global producers that could reroute supplies, it would take time to build infrastructure and increase liquefied natural gas processing capacity. In the meantime, global supplies would stay tight. Moody's Analytics
Reliance Industries share price fell over 1.5 per cent to Rs 2,245 apiece on Monday, after RIL’s retail arm Reliance Retail took over the operations of at least 200 stores of Future Retail. On the other hand, Future Retail share price soared 8.4 per cent to Rs 46.95 apiece on BSE. In comparison, BSE Sensex was down half a per cent or 290 points to 55,569. Analysts say that RIL stock price is testing a multi-month extended support trend line. “Even though the stock is below all the three key moving averages, it is very much likely that this support that exists in the range of 2210-2260 is defended,” Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told FinancialExpress.com.
Sensex and Nifty started the day deep in red but were now seen trimming losses and recovering. Both the headline indices were down around 0.4%.
Bank Nifty was up from intraday lows. The banking index was down 1.2% sitting just shy of the 36,000 mark.
“Friday’s & today’s trading action suggests markets are lacking weakness in spite of global volatility. Technically, bias remains positive as long as we are above 16,490 (intraday & closing basis),” said Rahul Sharma, Director & Head – Research, JM Financial.
Rakesh Jhunjhunwala has increased his stake in commercial vehicle manufacturer Escorts. According to the latest shareholding data available on the stock exchanges, as of February 18 this year, Rakesh Jhunjhunwala owned 75 lakh equity shares of the company. The ace investor has had a stake in Escorts since at least 2015. Shares of Escorts were up in the green on Monday morning, outperforming benchmark indices that were deep in the red. Escorts shares were trading at an intraday high of Rs 1,846 per share on Monday morning.
“The 'short war' scenario has changed a bit. Putin's threat of putting the nuclear deterrent on high alert has caused some nervousness. The uncertainty is way too high and depending on the outcome, markets can move down or up. Commodities – metals, crude/ gas, agri-commodities- are all on uptrend. Inflation is going to be a major headwind for the Indian economy and interest rates will go up. This is market negative. Trading in this market is extremely risky. Investors may wait and watch the situation before taking some calls on market direction. Increasing the cash levels in portfolios may be considered,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Commodity prices traded mixed with most of the commodities in the non-agro segment kept volatile trading for the week. Bullion prices continued to soar on geopolitical risk while crude oil prices extended gains on tight supplies over geopolitical tensions. Base metals kept firm trading on strong demand and lower inventory levels with Nickel and Aluminium soared on supply disruption fear from Russia.
“We underestimated the upside potential of the relief rally on Friday, which saw Nifty breaching our upper bound by 138 points. But at 16720, Nifty is still held at the 38% fibo of the down move since 16 Feb. This prompts to continue playing a consolidation, but on either side of 16580, with 16420 and 16720 as the breakout points,” said Anand James – Chief Market Strategist at Geojit Financial Services.
The volatility index, India VIX, was up 7% on Monday morning, regaining 28 levels.
“Data was positive on Friday, however, geopolitical tensions remain at elevated levels. India VIX below 25 levels should help soothe the nerves. Nifty support is seen at 16490. Resistance at 16800,” said Rahul Sharma, Director & Head – Research, JM Financial.
The geopolitical jitters dominated the previous week that triggered a spike in crude oil. As a result, the Nifty 50 index breached key support of 16800, contrary to our expectation. The weekly price action formed a bear candle in NSE’s Nifty 50 index in carrying lower high-low, indicating extended correction. Meanwhile, lower shadow signifies supportive efforts in the vicinity of 52 weeks EMA.
Sensex and Nifty were down in the red on Monday's opening bell. Sensex tanked more than 700 points to hover around 55,100 levels while Nifty 50 index was well below 16,500.
Sensex was trading with marginal gains in the pre-open session while Nifty 50 was down in the red.
On the weekly chart, Nifty 50 index formed a long bearish candle forming lower High-Low compared to previous week indicating weakness at current levels. The index is moving in a Lower Top and Lower Bottom formation on the weekly chart indicating negative bias. The chart pattern suggests that if Nifty crosses and sustains above 16800 level it would witness buying which would lead the index towards 17000-17400 levels. However if the index breaks below 16400 level it would witness selling which would take the index towards 16200-16000.
Key point to highlight is that the wise index has maintained the rhythm of not correcting for more than three consecutive weeks, since April 2020. In the current scenario, as the index has already corrected over the past three weeks, we believe Nifty is poised for a technical pullback from the oversold territory.
In the upcoming days, volatility is expected to remain high tracking ongoing geopolitical concerns. Consequently, global cues will dictate the future trend. A decisive close above 16800-16850 along with cool off in VIX and crude oil will add fuel to the ongoing pullback rally towards 17200 as it is the 61.8% retracement of February decline (17795-16203), placed at 17186.
~ Raushan Kumar, Derivative Analyst, IIFL Securities
The Sensex has fallen nearly 2000 points in the previous week close on account of geopolitical tensions, as Russia begins military operations in Ukraine. The geopolitical event has been causing a rout across equity markets, as the world can ill-afford further disruption in trade and commodities when Covid has already weakened sovereign balance sheets. The Russia-Ukraine issue added a negative trigger to the existing overhang of the US Fed likely raising rates in March 2022. Russian Index fell over 50% from the recent peak.
“Benchmark Nifty is likely to open above dotted lines joining the conga-line of rising stock markets across globe. For today’s trade, Nifty’s resistance is at 17057 mark, while the technical landscape will deteriorate considerably only if Nifty closes below 15901 mark. Amidst geopolitical tensions, the black swan continues to be the higher commodity prices, especially spiking crude oil prices and others including aluminium and nickel where Russia has market share. The street suspects earnings could be at risk as there could be margin pressure due to higher commodity prices,” said Prashanth Tapse, Vice President (Research), Mehta Equities
BSE Sensex and Nifty 50 were staring at a positive start on Monday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 42.50 points or 0.26 per cent up at 16,702 on the Singaporean Exchange. In the previous session, Sensex rallied 1328.61 points or 2.4 per cent to 55,858.52, while Nifty 50 settled at 16658.40, up 410 points or 2.5 per cent. Asian stock markets were seen trading mixed, while oil futures gained over 4 per cent as investors keenly watch the Russia-Ukraine war and related sanctions.
Volatility was at its peak for last week where Nifty 50 witnessed carnage selling on February 24, witnessing its highest intraday loss due to the geopolitical crises between Russia and Ukraine. On the weekly chart, the benchmark index close below 3.50 per cent and formed a tall red candle which indicates a seller-dominated week. Due to a sharp recovery on February 25, prices were successfully able to protect their 50-week exponential moving average on the weekly chart which is placed at 16430 levels.
“The formation of bullish ABCD pattern helped a recovery in Nifty as the benchmark index ended at 410 points high over the previous closing. However, Friday’s recovery has found initial resistance at the resistance zone 16700-16750. Going forward, the recovery may continue as long as 16550 is held decisively.”
~ Rupak De, Senior Technical Analyst at LKP Securities
“The sharp comeback of market on Friday could be a cheering factor for bulls to make a comeback. But, the crucial overhead resistance of around 16700-16800 levels could be a tough task to sustain the highs. Further upside from here is likely to encounter the resistance in the short term and one may expect weakness emerging from the lower highs. Immediate support is placed at 16500 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Most people are horrified and saddened by Putin’s invasion of Ukraine, which has already led to too many deaths and injuries, and created oceans of fear, displacement and uncertainty. For Ukrainians, whether working overseas or stuck in the middle of the war at home, the trauma is that much more painful and real.
Automobile and FMCG firms facing the prospect of escalating input prices in the aftermath of the Ukraine crisis are likely to hold on to any price hike, at least till the first quarter of FY23, to gauge how the geopolitical situation pans out. Even air carriers, who are reeling under high aviation turbine fuel prices but have recently witnessed an uptick in traffic, are unlikely to raise fares anytime soon.
