Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets were trading with losses on Wednesday. Sensex was down more than 800 points or 1.5% after two hours of trade, sitting around 55,350. NSE Nifty 50 gave up 16,600, tanking more than 1%. Bank Nifty was down more than 2.5%, giving up 35,300. Broader markets were largely in the green, outperforming benchmarks. India VIX was up close to 5%. Tata Steel gained 5% as the top Sensex gainer, followed by Reliance Industries, Power Grid, and Mahindra & Mahindra. Bajaj Auto was down 5%, accompanied by ICICI Bank, Asian Paints, and HDFC Bank.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
“Oil prices exploded higher in New York overnight, and have continued higher in Asia today as well, with Brent crude topping $110.00,” said Jeffrey Halley Senior Market Analyst, Asia Pacific OANDA. ” Asia’s rally was assisted by comments coming from the OPEC+ meeting that the grouping would not be increasing supplies by more than the 400,000 bpd previously agreed. The Iran nuclear deal has also gone quiet, and that is about the only thing that could give temporary relief to oil prices now,” he added while sticking with his view that Brent crude will top $120.00 a barrel and could trade near to $130.00 a barrel.
After muted sales by leading two-wheeler manufacturers in February month as HeroMoto Corp sales lower by 29.12% on YOY basis, Bajaj-Auto witnessed a decline of 16% on YOY basis other major two-wheelers witnessed major set-back due to lower productions and supply chain disruptions due to Russia-Ukrain war. In my opinion, we might see similar pressure in next few months and we might see some recovery in first quarter of next FY. Heromoto Corp which is world’s largest two-wheeler is my preferred bet in this space and investors should try to add in portfolio in any significant dip.
~ Harsh Patidar, Senior Research Analyst at CapitalVia Global Research
Tata Steel extended its rally and rose more than 5% on Wednesday while Titan was up 1.86%, followed by M&M and Reliance Industries.
Rakesh Jhunjhunwala portfolio stock Escorts has received SEBI’s approval for an open offer, through which, Japanese agricultural machinery manufacturer — Kubota is looking to buy shares to increase its stake and become a co-promoter. “We expect the open offer to commence anytime in the next two to three weeks and the tendering period to close after 2 weeks from the start date,” Edelweiss said in a note. Escorts is expected to inform the stock exchanges about SEBI’s approval in a few days along with an offer letter. Shares of Escorts rose 1% on Wednesday morning to trade at Rs 1,874 per share.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was at 54.9 in February, up from 54.0 in January and signalling a stronger improvement in the health of the sector. Growth has now been seen in each of the latest eight months, with the headline figure remaining above its long-run average of 53.6.
Both 16420 and 16720, the range extremities lined up for Monday were broken, albeit briefly. A pull back again towards 16580, on either side of which we anticipated Nifty to swing on Monday as well, will confirm our consolidation bias. However, we feel, upside attempts could eventually win, allowing a free run to 17500, but not before 17000-17200-17350 poses significant challenges. Bearish bets will get the first look once inside the 17000-200 region, or on a breakdown below 16340.
~ Anand James – Chief Market Strategist at Geojit Financial Services
As per change of polarity concept earlier support of 16800 is now acting as an immediate resistance for the Nifty over past three sessions. Going ahead, only a decisive close above 16800 along with cool off in VIX and crude oil prices 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. Meanwhile, breach below Monday’s low of 16356 on a closing basis would lead to extended correction towards 16200.
~ ICICI Direct
“Crude skyrocketing to $110 is a major shock to the economy. After the elections in March petroleum product prices will rise sharply even if the govt goes for an excise cut. Q3 GDP growth at 5.4% came lower than expected. This slowdown is likely to be extended, going forward. As things stand now, India's GDP growth for FY 23 will be lower and inflation higher than estimates. This is negative for the stock market. In this highly volatile and uncertain scenario, investors should remain in a wait and watch mode. There is relative safety in IT stocks and valuation comfort in high quality financials.”
~ V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
India VIX, the fear gauge of domestic markets, was seen moving higher on Wednesday, regaining 29 levels.
Sensex was deep in red on Wednesday's opening bell, falling nearly 700 points moving below 55,600. Nifty 50 was hovering around 16,600.
Sensex and Nifty 50 were trading with losses during Wednesday's pre-open session. Both the benchmark indices had started the session in green.
Sensex was trading flat with marginal gains as the pre-open session began on Dalal Street on Wednesday morning. Nifty 50 was sitting with gains.
The benchmark indices recovered sharply from the day’s lowest levels in the previous trading session. The Nifty 50 index ended 120 points higher while the BSE Sensex gained 350 points. Among sectors, metal stocks outperformed as a result metal index rallied over 4 per cent whereas Bank Nifty and Auto indices remained under pressure. Earlier this week, the market opened with a gap down but after the initial sell-off, the index took the support near 16400 and reversed sharply. Technically, the Nifty/ Sensex formed a long bullish candle which was broadly positive.
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,the 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.
For the coming session, the trading spot band is between 16850 and 17320,which means further upsides are likely once the immediate resistances of 17850 are taken out and weakness could emerge if the supports of 17320 are broken.
~Raushan Kumar, Derivative Analyst, IIFL Securities
The harsh sanctions imposed on Russia and the resulting crash of the ruble have the Kremlin scrambling to keep the country’s economy running. For Vladimir Putin, that means finding workarounds to the Western economic blockade even as his forces continue to invade Ukraine. Former Treasury Department officials and sanctions experts expect Russia to try to mitigate the impact of the financial penalties by relying on energy sales and leaning on the country’s reserves in gold and Chinese currency. Putin also is expected to move funds through smaller banks and accounts of elite families not covered by the sanctions, deal in cryptocurrency and rely on Russia’s relationship with China.
Indian equity markets are headed for a tepid start on Wednesday after a day’s break. Ahead of the trading session, SGX Nifty was deep in red, hinting at a negative open for domestic equities. Global cues were weak during the early hours of trade with most Asian stock markets trading with losses.
Indian equity market on Wednesday stared at a tepid start as SGX Nifty hinted a negative opening for BSE Sensex and NSE Nifty 50 indices. Nifty futures on the Singapore Exchange were trading 141.5 points, or 0.85 per cent, lower at 16,566.50. “While markets have seen a pullback – volatility is expected to remain high over the next few days. Investors are uncertain over how the war would progress. Now, markets will keep an eye on the outcome of talks between Ukrainian officials and their Russian counter parts.
“Some of the stock specific actions can be witnessed in stocks such as Route Mobile (successfully completed the acquisition of MR Messaging FZE), Panacea Biotec (selling the pharmaceutical formulations brands of its subsidiary to Mankind Pharma), Vipul Organics (will issue one bonus share for every four shares held by shareholders). On the technical front, Immediate support and resistance in Nifty 50 are 16200 and 17000 respectively. Bank Nifty immediate support and resistance are 35800 and 36800 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.
Support for the Nifty 50 is placed at 16497 and 16202. Resistance for the index is at 16956 and 17120.
~ Rahul Sharma, Director & Head – Research, JM Financial.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices were left untouched on March 2 by oil marketing companies (OMC) even as crude oil prices skyrocket. 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.
Corporate profits are booming both globally and in India, and it is the foundation of markets. Currently, even if the Nifty-50 index hits 15,000 amid the volatility, it will set the stage for a 20% upside for the next year, says Raamdeo Agrawal, chairman & co-founder, Motilal Oswal Financial Services
The short term trend of Nifty remains positive with range bound action. Any decisive upside breakout of 17000 levels is likely to pull Nifty towards 17500 levels in a quick period of time. However, an inability of bulls to sustain above 16800 levels could trigger another round of downward correction to 16300 levels in the near term.
~ Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
SGX Nifty was sitting 140 points lower on Wednesday morning. Nifty futures deep in red suggest a weak start for Sensex and Nifty.
The mega initial public offering (IPO) of Life insurance Corporation (LIC) is likely to be postponed given the deteriorating geopolitical situation and the consequent choppy state of the markets. The government is re-looking the timeline to ensure the state insurer’s debut is a successful one. “We would like to conclude the process by March-end but given the market conditions we could consider a fresh date,” a senior government official explained.
