Share Market News Today | Sensex, Nifty, Share Prices LIVE: BSE Sensex and Nifty 50 were trading over half a per cent higher on Wednesday, a day before weekly F&O expiry. BSE Sensex was hovering around 53800, while NSE Nifty 50 was ruling above 16100 levels. Dr Reddy’s, Infosys, Sun Pharma, Tech Mahindra, Titan Company, Reliance Industries Ltd, HCL Tech, TCS were among top Sensex gainers. Kotak Mahindra Bank, Asian Paints, Nestle India, Tata Steel, Power Grid Corporation of India, ICICI Bank, Axis Bank were top index losers. Nifty sectoral indices were trading mixed. Bank Nifty was down 0.2 per cent, and Nifty Metal index declined over half a per cent. Nifty IT gained1.5 per cent.
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After having corrected sharply Nifty 50 has now entered oversold territory and needs to hold above 15400 support zone, which would force a technical pullback for the index, said chartists at ICICI Direct. In a note, analysts said the combination of oversold conditions and price trading in the vicinity of 52 weeks EMA provides the platform for a technical pullback in the coming month for Nifty 50. “In (the) coming weeks, a dip from hereon should be used for accumulating quality stocks at a staggered manner,” they added. Nifty 50 came under the firm grip of bears amid a global sell-off as geopolitical issues led to a surge in crude oil prices and volatility.
Gold extended its rally towards a record high, after investors took shelter under the traditional safe-haven metal on mounting fears around the Russia-Ukraine crisis. Soaring oil prices and the Ukraine war have not only increased the inflaitonary concerns but also have slammed appetite for riskier assets in recent weeks. U.S. President Joe Biden announced a ban on Russian oil and other energy imports, while Britain said it will phase out the import of Russian oil and oil products by 2022. Market participants are now keeping an eye on the FOMC policy meet scheduled next week and any comments from fed officials prior to that which could give some trigger to the market. Broader trend on COMEX could be in the range of $2030- 2095 and on domestic front prices could hover in the range of Rs 54,700- 55,550. Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
After having correctly sharply Nifty 50 has now entered oversold territory and holding above 15400 support zone, which would force a technical pullback for the index, said chartists at ICICI Direct.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices jumped over 1.5 per cent in India on Wednesday, despite weak global trends. On Multi Commodity Exchange, gold April futures were ruling at Rs 55,190 per 10 gram, up Rs 842 or 1.5 per cent. Silver May futures were trading at Rs 73,046 per kg, up Rs 1,315 or 1.8 per cent on MCX. MCX gold hit an all-time high of Rs 56,191 per 10 gram, in August 2020, and silver rose to fresh high of Rs 77,949 per kg. Globally, gold prices fell, weighed down by a stronger dollar and U.S. Treasury yields, while palladium gained on supply worries as Western countries ramped up sanctions against Russia over its invasion of Ukraine, according to Reuters. Spot gold was down 0.6% at $2,040.07 per ounce, after rising to $2,069.89 in the previous session, a whisker away from a record $2,072.49 touched in August 2020. US gold futures were up 0.2% at $2,046.40.
The index continues to face resistance at higher levels. A closing above 16400 would be the first indication that a bottom has been formed. Until then any rally up would be an opportunity to strategically sell the index. 15600-15700 is the current support level for the Nifty and if we break that, the next level should be 15300. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Market has responded to the emerging scenario with a Nifty correction of above 14%. But IT, metals, energy and pharma stocks have done well since they stand to benefit from the price and demand trends. For investors who are prepared to take another 5% hit in prices in the short run, quality financials present a buying opportunity. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nifty sectoral indices were trading mixed. Bank Nifty was down 0.2 per cent, and Nifty Metal index declined over half a per cent. Nifty IT gained 1.5 per cent.
Kotak Mahindra Bank, Asian Paints, Nestle India, Tata Steel, Power Grid Corporation of India, ICICI Bank, Axis Bank were top index losers
Dr Reddy's, Infosys, Sun Pharma, Tech Mahindra, Titan Company, Reliance Industries Ltd, HCL Tech, TCS were among top Sensex gainers
Sensex gained 96 points to trade at 53,520, Nifty 50 was ruling above 16,050, up 30 points
Life Insurance Corporation of India (LIC) has received SEBI’s approval to float its mega public issue, CNBC-TV18 and ET NOW reported citing sources. State-owned LIC had filed the Draft Red Herring Prospectus (DRHP) for its IPO with the capital markets regulator earlier in February to sell a 5% stake in the firm.
On the technical front, immediate support and resistance in Nifty 50 are 15700 and 16200 respectively. Bank Nifty immediate support and resistance are 32400 and 33800 respectively. Mohit Nigam, Head – PMS, Hem Securities
Sensex gained 374 points to trade at 53,798, Nifty 50 was ruling at 16,078, up 64 points in pre-open
Nifty bounced up smartly after forming a doji after a fall and has formed an engulfing bullish pattern at the lows. Market breadth has also improved. This bounce/rally could last for a few days unless the geopolitical situation takes a turn for the worse, 16134-16203 could be the next resistance for the Nifty while 15863 could be a support for the near term. Deepak Jasani, Head of Retail Research, HDFC Securities
Markets may witness further rebound however sustainability would be difficult. We reiterate our cautious stance and suggest focusing more on sector/stock selection. Global cues viz. geopolitical tension and movement in crude would remain in focus. On the index front, Nifty would face resistance around 16,200-16,400 zone. Ajit Mishra, VP – Research, Religare Broking
After correcting by almost 15% from its Jan peak, Nifty 1-year forward valuation is now below its 10 year average of 19x. Even several large cap blue chip stocks are down 20-30% and are available at reasonable valuations making them attractive for long term investors. However, the near term market direction would continue to be driven by factors like the assembly election outcome, ECB and US Fed meeting – apart from the ongoing Russia-Ukraine conflict. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
For the coming session, we would keep a close watch on 16100 – 16200. On the flipside, 15850 and 15700 are to be seen as immediate supports. We reiterate, in a worst-case scenario, Nifty is unlikely to go below 15500 – 15200 and since we are very close to it, we would continue to follow the ‘One step at a time’ strategy. We advise traders to keep focusing on individual themes and within this, one needs to identify apt counters which can perform well in the extended recovery. By saying all this, we cannot completely eliminate the uncertainty with respect to Russia and Ukraine. It continues to loom over and hence one needs to avoid aggressive bets overnight till the time it settles down completely. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
Petrol and diesel prices continue to remain steady for more than 100 days now 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 91.09, 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.
Finance minister Nirmala Sitharaman on Tuesday expressed concern over rising global crude oil prices and indicated that the government is weighing the option of tapping alternative oil sources to keep domestic supplies steady. Brent crude oil prices on Tuesday exceeded $127 a barrel in intraday trade, as the possibility of American sanctions against Russian oil supplies stoked fresh concerns over supply.
Russia’s aggression in Ukraine has cost investors dearly and there is some more pain in store, market experts believe. But there is some good news as well: an FE poll of market strategists and experts shows that the losses may be more than recouped by the end of the year. Even though markets have come off 12.5% from their highs in January, experts believe markets could well end the year 21.8% higher from current levels.
State-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum are planning to hike retail prices of auto fuels — petrol, diesel — in phases starting late this week or early next week as crude price nudged $140 per barrel in international trade and is hovering around $130 per barrel. The under- recoveries on petrol and diesel have increased to Rs 10-12 per litre in the last 15 days and have become unsustainable, sources from these companies said.
In the overnight trade on Wall Street, the Dow Jones Industrial Average shed 10.56%, the S&P 500 declined 0.72%, while the Nasdaq Composite dipped 0.28%.
Asian stock market peers were also seen trading higher in the early trade. Japan’s Nikkei gained 1% while the Topix index advanced 1.15%. The S&P/ASX 200 in Australia jumped 1.16%. Markets in South Korea are closed on Wednesday due to the country’s presidential election.
Nifty futures were ruling at 16,023, up 81.50 points or 0.51 per cent, on Singaporean Exchange.
LIC IPO has received capital markets regulator SEBI’s nod for its mega public issue, CNBC TV18 reported citing sources. The state-owned insurance behemoth had filed for its IPO earlier last month. The issue will entirely be an offer for sale (OFS) by the government that is attempting to garner somewhere around Rs 63,000 crore to meet its divestment target. The government will sell a 5% stake in the company. While the IPO has received SEBI’s green light, investors may have to wait for it to hit primary markets. Seeing the current geopolitical situation and the lack of appetite among FIIs, the government may delay the LIC IPO.
