Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian equity markets opened lower with Nifty below 15,900 amid weak global cues. At open, the Sensex was down 1,326.62 points or 2.44% at 53,007.19, and the Nifty was down 357.40 points or 2.20% at 15,888. NSE price feed was facing intermittent issues with traders complaining that NSE exchange trades are being seen frozen and Nifty 50 levels are also stuck. NSE said that normalcy has returned as feeds started functioning normally. “This is to update you that broadcast has resumed normally in all indices,” it said. The exchange had earlier said that Nifty and Bank Nifty were indices were facing issues in feed while other segments were working fine. Meanwhile, BSE tweeted that it is working normally.
Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates March 7 Monday
Bharti Airtel was up 3.5% as the top Sensex gainer with less than an hour left before the closing bell. HCL Technologies, Tata Steel, Infosys, and Wipro were the other gainers.
Suraj Estate Developers has joined the long list of companies looking to raise money from Dalal Street investors. The real estate firm filed draft IPO (Initial Public Offering) papers with the capital markets regulator SEBI (Securities and Exchange Board of India) on Monday. Suraj Estate Developers is looking to raise Rs 500 crore through the public issue, which will entirely be a fresh issue of equity shares. The IPO pipeline remains strong despite concerns around LIC’s issue. Currently, 49 IPO applications have been issued observations by SEBI and could hit the primary market soon.
“Markets are very volatile and taking very wild moves nowadays due to war situations and upcoming election results. VIX is running very high which is an indication that the market is in a puzzling mood and can react aggressively to either side. For traders it is good opportunity to take advantage of high VIX in the market, on the other side, for long term investors, All defence sector stocks, Steel Stocks, IT stocks and FMCG stocks will be a good bet for long term once war situation resume and become normal, these industries will react positively faster than other industries.”
~Anuj Gaur, Director of IBBM (Money Maker India Securities)
“Today's fall is due to news that the US can ban crude supply from Russia. My view is the same as last time, it is not a time for new investment until this war situation is settled, but long term investors no need to worry about it. As Warren Buffett once said that he will not sell equity in case of war, even if the conflict escalated into World war III. One more thing, Ukraine is retaliating harder than anyone expected and Putin has also said that it can go longer. So it can take another 20-30 days to settle the situation.”
~Ravi Singhal, Vice Chairman, GCL Securities
The meeting of board of directors of Jindal Steel & Power is scheduled to be held on Thursday, March 10, 2022, to consider declaration of interim dividend on equity shares, for the financial year ending March 31, 2022. Jindal Steel & Power shares were trading at Rs 441.35, up Rs 5.85, or 1.34 per cent on the BSE.
BSE Sensex and NSE Nifty 50 nosedived, following global markets, amid rising crude oil prices, escalating geopolitical conflict, economic sanctions, and anticipated interest rate hikes. Although Sensex and Nifty are down sharply from all-time highs, analysts at Morgan Stanley believe Dalal Street appears to be relatively calm. “Historically, India's relative stock prices to EM have reacted poorly to oil price increases caused by supply outages,” Morgan Stanley’s Ridham Desai said in a note co-authored by Sheela Rathi and Nayant Parekh. They added that this time the trend seems to be different from the historic course. Sensex and Nifty fell more than 3% each on Monday morning but soon trimmed some losses.
Equity benchmarks extended their losing streak over the fourth consecutive week amid escalating geopolitical concerns that led to spike in crude oil prices. The Nifty settled the truncated week at 16245, down 2.5%. The broader market indices relatively outperformed as Nifty midcap and small cap lost 1.6% and 0.4%, respectively. Sectorally, Metal, Oil & Gas and IT remained in limelight while auto, financials, realty extended correction.
“Some technical pullback remains imminent; if that happens, we will see pockets like Autos, select financials, PSE stocks, select IT and consumption pockets giving good returns over the medium term.”
~ Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services
Bharti Airtel, Axis Bank on Monday announced strategic partnership for financial solutions. Both companies will offer co-branded credit cards, instant loans and 'buy now pay later' products. While Bharti Airtel shares were up 2.5 per cent, Axis Bank shares tumbled 5.8%.
“At present levels, the markets are giving excellent opportunities for investors to deploy their capital by modestly accumulating good quality stocks. Sectors that are beaten down the most like Autos, financials, etc. will bounce back equally fast.”
~ Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services.
“Nifty is being dragged by unending geopolitical tensions that are threatening to get worse with Europe's largest nuclear plan under Russia's siege. That being said, at current levels, Nifty is oversold on the short-term charts. Again, technicals tend to get defined when the sentiments are governed by external factors.”
~Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services.
Benchmark indices erases some of the intraday losses in noon deals but are still trading lower with Nifty above 15,900. The Sensex was down 1,163.36 points or 2.14% at 53170.45, and the Nifty was down 313.80 points or 1.93% at 15931.60.
Investors' wealth tumbled over 5.91 lakh crore in morning trade on Monday tracking heavy decline in domestic equities amid intensifying conflict between Russia and Ukraine.
Shares of JK Cement slipped 9 per cent on Monday to Rs 2,395, fresh 52-week low, on the BSE after the company said its board approved an investment of Rs 600 crore into the paint venture, which will be infused over a five-year period.
We expect gold prices to trade up in the coming week with COMEX spot gold resistance at $2050 per ounce and support at $1970 per ounce. At MCX, Gold April prices have near term resistance at Rs 54600 per 10 grams and support at Rs 52800 per 10 gram. COMEX Spot silver has near term resistance at $26.50 per ounce with support at $25.20 per ounce. MCX Silver May has important resistance at Rs 72800 per KG and support at Rs 68000 per KG.
Rakesh Jhunjhunwala-backed Nazara Technologies board has approved issuance of equity shares worth Rs 25 crore to existing shareholders of Datawrkz Business Solutions. These shares will be issued on a preferential basis, at a price of Rs 2,260 per share. Nazara Technologies shares were trading at Rs 1,769.25, up Rs 21.50, or 1.23 per cent on the BSE.
Nifty Bank, Smallcap indices entered bear zone on Monday. A stock or index is said to be in the bear zone when it falls at least 20 per cent from its all-time high.
Cryptocurrency prices fell on Monday amid the raging war between Russia and Ukraine. The world's largest cryptocurrency, Bitcoin, slid below $38,000.
The Indian rupee has been hit amid the global economic turmoil caused by the Russia-Ukraine war. The Indian currency opened at a record low of 76.93 against the US dollar. It has depreciated 3.5 per cent against the US greenback in 2022 and the main reason behind this is the persistent foreign fund outflows and a weak trend in domestic equities weighing on it, according to forex traders.
“This is to update you that broadcast has resumed normally in all indices, NSE said. The exchange had earlier said that Nifty and Bank Nifty indices were facing issues while other segments were working fine.
JMFS Technical Cash Pick: BUY ZEEL at Rs 224.30. Stop Loss Rs 190 and target of Rs 300 per share. Time Frame : 6 Months
~ Rahul Sharma, Director & Head – Research, JM Financial.
Only four Sensex stocks were trading in the green on Monday morning. Infosys was up 0.55%, followed by Bharti Airtel, Tata Steel, and HCL Technologies.
Bucking market trend, shares of Oil and Natural Gas Corporation (ONGC) rallied 5 per cent to Rs 172.65 on the BSE in Monday’s intra-day trade amid market sell-off on the back of rising crude oil prices.
The Nifty Auto index plunged 4.38 per cent in the early trade. Maruti Suzuki India was the top Nifty loser, with the share price plunging 6 per cent to Rs 6,825.
Following traders' complaints of NSE price feed showing irregularities, NSE tweeted, “Trading in all segments is functioning normally. However, NIFTY and BANKNIFTY indices are intermittently not getting broadcasted. The Exchange is working on resolving the issue and shall keep the members informed.”
“There is an issue with NSE due to which live price of the index is not ticking across brokers,” new-age investment platform Groww told investors on Twitter. Groww said it was working with the exchange to resolve the issue same on priority while adding that order placement remains unaffected.
“We have started receiving live data from NSE except for indices. To confirm, you can check the last trade time (LTT) in the market watch before placing orders,” said Zerodha in a tweet. The brokerage firm removed the earlier tweet and has clarified that it is receiving data except for indices.
Benchmark indices extended the early losses and were trading near the day's low with Nifty below 15800. The Sensex was down 1,476.07 points or 2.72% at 52,857.74, and the Nifty was down 460 points or 2.83% at 15,785.40.
“Take Profits in Nifty Bearish positions and wait on sidelines. Bank Nifty short view to continue for 32,200 with trailing SL at 33,500.”
~Rahul Sharma, Head – Research, JM Financial Services
Stock brokers such as ICICI Direct and Zerodha have now started receiving data feed from the NSE. However, some investors were still complaining of glitches on Twitter.
“We have started receiving live data from NSE. To confirm, you can check the Last Trade time (LTT) in the market watch before placing orders,” said Zerodha in a tweet.
After National Stock Exchange (NSE) price feed froze for a couple of minutes, Zerodha tweeted, “There is an issue with data feeds for NSE stocks from the exchange across all members. Please check 20 market depth before placing orders or place orders on BSE.” Following NSE's intermittent issues, BSE tweeted, “BSE is working normally today.”
NSE feeds are working fine now. Orders are getting executed in both the exchanges. You may look at order book depth and last traded time at the exchange before placing orders.
~ ICICI Direct
Maruti Suzuki, Bajaj Finance, ICICI Bank, Eicher, M&M were the top blue-chip laggards on Monday. As many as 46 stocks in the Nifty50 pack in the red. The only gainers on Nifty50: Hindalco, Coal India, ONGC and Tata Steel.
The National Stock Exchange (NSE) in a circular earlier last week had said that it will be conducting trading sessions from its disaster recovery site today. NSE conducted a mock session on the site on March 5.
“There is an issue with data feeds for NSE stocks from the exchange across all members,” said Zerodha on Monday morning.
Data feeds from NSE to stock brokers were facing issues on Monday morning.
The International Monetary Fund said the war in Ukraine was already driving energy and grain prices higher, and had sent a wave of more than 1 million refugees to neighboring countries, while triggering unprecedented sanctions on Russia. “While the situation remains highly fluid and the outlook is subject to extraordinary uncertainty, the economic consequences are already very serious,” said IMF in a statement after a board meeting chaired by Managing Director Kristalina Georgieva.
Maruti Suzuki India share price plunged 6% to Rs 6,825 after the automaker shared its plans to bolster its presence in fast-growing SUV segment.
Nifty Bank, Auto and Realty indices cracked 4 per cent each. Nifty IT was down 1.6 per cent, while Nifty Metals was the only outlier in green, holding marginal gains.
“Bank Nifty down nearly 2,000 points after initiating Bearish view on Thursday last week at 35,000. Small support placed at 33,000. Heading for our target of 32,200.”
~Rahul Sharma, Head – Research, JM Financial Services
Oil prices surged more than 10 per cent as the risk of a US and European ban on Russian product and delays in Iranian talks triggered a major inflationary shock for world markets. Brent crude traded $12.73 higher at $130.84, while US crude surged $9.92 to $125.60. Having climbed 21 percent last week, Brent crude was further energised by the risk of a ban of Russian oil by the US and Europe. MCX oil March contract hits 6 percent upper circuit at Rs 9,094.
Except Tata Steel, all other stocks on the BSE Sensex in red in the early trade
Indian indices opened lower with Nifty below 15,900 amid weak global cues. The Sensex was down 1,326.62 points or 2.44% at 53007.19, and the Nifty was down 357.40 points or 2.20% at 15888.
Crude oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil. Brent rose $11.67, or 9.9%, to $129.78 a barrel by 6:50 p.m. EST (2350 GMT), while U.S. West Texas Intermediate (WTI) crude rose $10.83, or 9.4%, to $126.51, putting both contracts on track for their highest daily percentage gains since May 2020.
Benchmark indices are trading lower in the pre-opening session amid weak global cues. The Sensex was down 369.79 points or 0.68% at 53964.02, and the Nifty was down 208.90 points or 1.29% at 16036.50.
“Markets are expected to remain tricky in the short term so caution is warranted. Over the weekend, the main focus will be on news related to the Russia-Ukraine war as further escalation would result in continued pressure in the coming week. Moreover, rising crude oil is a headache for our economy and related sectors are already under tremendous pressure. We feel it’s time to remain selective and look for pockets that are fundamentally sound and likely to rebound quickly with stability in markets.”
~Ajit Mishra, VP – Research, Religare Broking
“Aside from foreign issues, the domestic market will be watching the Bank of England and the Federal Reserve of the United States for policy announcements. Investors should be cautious in the short term because the outlook appears to be uncertain, but we have a long-term optimistic outlook on Indian equities and believe that one should invest gradually in every dip. On the technical front, Immediate support and resistance in Nifty 50 are 15700 and 16500 respectively. Bank Nifty immediate support and resistance are 33500 and 35100 respectively.”
~ Mohit Nigam, Head – PMS, Hem Securities
“Benchmark indices may open on a bearish tone today, according to SGX Nifty trends. This week's focus will be on the Russia-Ukraine conflict and its impact on oil prices. On the home front, investors will be watching the outcome of the state elections in five states on March 10: Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur. Investors all throughout the world are weighing the economic risks of this protracted conflict along with this macroeconomic industrial output data, as well as the direction of foreign fund flows and global commodity price variations, will influence investor mood.”
~Mohit Nigam, Head – PMS, Hem Securities
“Nifty continued to trend lower for the consecutive week, losing more than 10% from the record peak. Recoveries in the prior week remained short lived finding stiff resistance near 16800. Shifting range lower, levels of 16600 could turn out as immediate hurdle, whereas inability to sustain at current levels is likely to extend recent decline. Sectoral trend turned mixed due to sectors rotation. Sectors specific action is likely theme this week. Stability in the Auto index could provide
buying opportunity in selected stocks, while stocks specific correction within midcap space is expected to continue.”
~YES Securities
