Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets were witnessing a pullback at the start of the day’s trade on Dalal Street. S&P BSE Sensex opened just shy of 56,000 mark, rising more than 400 points or 0.6%. NSE Nifty 50 was above 16,700. Bank Nifty zoomed half a per cent to regain 35,500. India VIX was down 6%. Tech Mahindra was up 2% as the top Sensex gainer, followed by Power Grid, NTPC, and IndusInd Bank. In the red, Asian Paints was the top laggard, accompanied by Ultratech Cement, Maruti Suzuki, and Nestle India.
Making fighting inflation his primary task, US Federal Reserve Chair Jerome Powell, on Wednesday, signalled the central bank would start raising rates this month despite uncertainties stemming from the Russia-Ukraine crisis. Powell, in his remarks to the U.S. House of Representatives Financial Services Committee, reiterated the core Fed narrative that high inflation and an “extremely tight” labour market warrant higher interest rates. The US Fed Chair said that he is inclined to propose a 25 basis point rate hike later this month. The rate of inflation in the US has scaled a 40-year high.
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“Global markets got a relief from Fed Chief Powel's endorsement of a 25bp rate cut in March. Powel's remark that “we are not going to add to uncertainty” is an affirmation that rate hikes will not be market unsettling. Morgan Stanley removing “uninvestable Russia” from the MSCI Index is a long-term positive to stable markets like India which will attract more FPI funds. But in the short run India will continue to face headwinds coming from expensive crude. The scenario will change only when the war ends and crude comes down sharply. Meanwhile, commodities like metals will continue to outperform and IT will be resilient. Financials present attractive long-term bets.”
~ V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Continue with a positive bias above 16500 for targets of 16780 and 16950. Bank Nifty crucial support at 34900
~ Rahul Sharma, Director & Head – Research, JM Financial.
Sensex opened the day in the green, rising more than 450 points to nearing 56,000 mark. Nifty 50 index was above 16,700. India VIX was down 5.5%
“MSCI and FTSE Russell have announced that they will be removing univestable Russian equities at zero value from all the global and regional indices. Thus no flow benefit to India or other EM countries,” said Abhilash Pagaria- Head , Edelweiss Alternative Research. “MSCI will now call Russia as a Standalone Market. MSCI Standalone Market Indexes are not included in any of the widely followed passive indices like the MSCI Emerging Markets Index or the MSCI Frontier Markets Index, missing out on foreign passive flows. Currently, other countries in the Standalone category are Botswana, Lebanon, Palestine, Panama and Zimbabwe.”
Sanmina Corporation, a integrated manufacturing solutions company and Reliance Strategic Business Ventures Limited, today announced that they have entered into an agreement to create a joint venture through investment in Sanmina’s existing Indian entity. The joint venture will create a world-class electronic manufacturing hub in India. The JV will prioritize high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale datacenters), medical and healthcare systems, industrial and cleantech, and defense and aerospace.
Sensex rose over 700 points at the start of the pre-open session while Nifty 50 was above 16650.
SGX Nifty was up nearly 60 points with minutes left before the pre-open session.
Among some stock-specific actions, Sterlite tech has launched an industry-first end-to-end 5G enterprise solutions. And UPL has approved the buyback of Rs. 1,100 crores at Rs. 875. With SGX Nifty giving flattish signals for the opening. The Markets are expected to stay in the range for today, Support and Resistance for Nifty 16,500 and 16,800, and for the Bank Nifty it's expected to be around 35,000 to 35,700.
~ Mohit Nigam, Head – PMS, Hem Securities
Nifty index opened negative on Wednesday but managed to trade in a range of 200 points throughout the session. It witnessed selling pressure in the first half but seen a quick pullback move in the last hour of the session. It formed a Harami Cross and an Inside Bar sort of formation on daily scale and closed with losses of around 187 points.
Domestic equity benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Thursday, a day of weekly F&O expiry. Nifty futures were trading 41 points or 0.25 per cent up at 16,658 on the Singaporean Exchange. In the previous session, S&P BSE Sensex managed to cut some intraday losses, but still closed 778 points or 1.38% in the red at 55,468 while NSE Nifty 50 ended 187 points or 1.12% lower at 16,605. Asian peers were trading in green as oil prices continued to move higher with Brent crude oil topping $117 per barrel.
After showing massive upside recovery from the lows on Monday, Nifty slipped into weakness amidst a range movement on Wednesday and closed the day lower by 187 points. A small body of positive candle was formed at the lows with upper and lower shadow, which indicate a formation of Doji or high wave-type candle pattern. Technically, this market action displays high volatility in the market. Normally, a formation of such candles after a reasonable up-move or down move could signal impending trend reversals.
Asian shares were trying to rally on Thursday after reassuring comments from the Federal Reserve helped Wall Street bounce, even as the war in Ukraine sent oil and commodity prices spiralling ever higher in a grim omen for global inflation.
“India VIX continues to be at a higher level around 30 which indicates that volatility could continue to remain high in the short term. On the flipside, 16400 and 16200 are the immediate supports for the index to watch out for. Wednesday's correction in the index was mainly led by the banking space which has seen underperformance in last couple of sessions. On the flipside, the Metal space outperformed on back of rising international commodity prices. Day traders are advised to look for such a thematic approach which is outperforming the market and trade in such pockets with proper risk management,” said Ruchit Jain, Lead Research, 5paisa.com
SGX Nifty was in the green on Thursday morning. Nifty futures along with global cues were suggesting a positive start to the day's trade.
Ajay Tyagi, the outgoing chairman of the Securities and Exchange Board of India (Sebi), had a piece of advice for his successor Madhabi Puri Buch, who took charge on Wednesday. “No day is a dull day here. I was telling Madhabi whosoever is the new chairperson will feel the challenges and that is the way the capital markets are.”
