Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Benchmark indices BSE Sensex and Nifty 50 ended higher for the third consecutive session on weekly F&O expiry day, helped by buying across the sectors. BSE Sensex ended 817.06 points or 1.50% higher at 55,464.39, and the Nifty 50 settled 249.50 points or 1.53% up at 16,594.90. HUL, Tata Steel, Grasim Industries, JSW Steel and SBI were among the top Nifty gainers. On the other hand, Coal India, Tech Mahindra, Dr Reddy’s Labs, ONGC and TCS were the biggest losers. All the sectoral indices ended in the green with auto, metal, FMCG, power, capital goods, PSU Bank and realty indices added 1-2 per cent. In broader markets, BSE Smallcap and Midcap indices rose 1 per cent each.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Nifty 50 has seen sectors such as industrials, discretionary, cement, metals, and IT outperform the index in every recovery cycle seen since October 2021, said analysts at Bank of America. Analysing nine correction and recovery cycles since October last year, BofA analysts earmarked sectors that outperformed the market during the recovery phase and those that underperformed during the correction phase. Based on their analysis, BofA analysts have picked Bharat Electronics, Tech Mahindra, HCL Technologies, Shree Cement, and Hindalco as stocks to buy for investors during a recovery phase such as the current one.
The market is trading well above the resistance level of 16400 which is a positive sign. However, we would need to review the closing values for a couple of trading sessions to conclude on the direction of the Nifty. If we can sustain the current levels, the index should scale higher towards 17100. 16100-16200 is the support on the downside. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The market is trading well above the resistance level of 16400 which is a positive sign. However, we would need to review the closing values for a couple of trading sessions to conclude on the direction of the Nifty. If we can sustain the current levels, the index should scale higher towards 17100. 16100-16200 is the support on the downside. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The probability of the BJP forming a government in 3–4 states out of 5 is high, and the BJP will form a stable government again in the upcoming centre elections in 2024, confirming to investors that the reforms initiated by the BJP and policies implemented by the current government will continue. market is taking this on a positive note and the market has shown a positive recovery. Furthermore, do not consider the markets to be very bullish; rather, consider them steady. Maintaining a strict stop loss of closure below 15000 in the nifty as a support, investors should hold onto their current positions. Investors should refrain from taking new positions. Sectors that should be focused on in the near future should be EVs, aviation, and food and water resources. Sudhanshu Singh – Director IBBM (MoneyMakers India Securities)
Domestic markets have already responded to the outcome of the state elections, far in advance of the official results. The BJP-led Yogi administration is on the verge of gaining a clear majority in one of the most politically crucial states in India, Uttar Pradesh, and other states, with the exception of Punjab, are also indicating favourable advances for the BJP. However, the market's resurgence is attributed not just to state elections, but also to good developments in the Ukraine situation. The election effect appears to be transient, but if the Ukraine crisis continues to improve, we may witness a market reversal. To indicate a definite trend reversal, the Nifty must remain above 16800 for a few days. Ravi Singh, Vice President & Head of Research, Share India Securities
Reliance Retail has sent notices to Future Group to terminate the lease of an additional 835 Future Retail stores and 112 Future Lifestyle stores amid the ongoing tussle between the three retail giants – Amazon, Future and Reliance. This comes weeks after Reliance had taken over 200 Future Group stores to rebrand and open those as Reliance stores.
DLF share price has had a stellar run so far this week, soaring close to 12% while the benchmark indices BSE Sensex and NSE Nifty 50 have gained just over 5%. The up-move in DLF stock is backed by robust sales, new product launches, and strong leasing in commercial real estate. With this, analysts at Kotak Securities and ICICI Securities have upgraded the scrip to a ‘Buy’ rating, expecting more upside potential for the real estate company. On Thursday morning, as benchmark indices rallied, DLF stock price was up 3.48% to trade at Rs 350 per share.
Today being the weekly options expiry, the nifty is likely to say influenced with this; the highest PUT writing at 16600. It is unlikely to slip below this point. On the higher side, it may have its upsides capped near 16800 levels. Bank Nifty has maximum Call OI accumulation at 35500; this level will act as resistance at least as of today given the weekly options expiry. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.
There are more than one things that are pushing the Sensex and nifty higher today. There are multiple reasons for this – apart from Ukraine saying it no longer wants to be a part of NATO, the more tangible reasons are that of crude cooling off nearly 15% from its high point. Apart from this, the reason of the markets bouncing off is the relief that it sees from these developments and also the extent to which it was oversold with heavy shorts in the system which are now fueling the massive short squeeze. Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder, Gemstone Equity Research & Advisory Services, told Financial Express Online.
The froth that was built up in gold came undone as geopolitical concerns between Russia and Ukraine has been not escalating. The precious metal was reacting to a rebound in risk-on sentiment on Wall Street, where WTI crude crashed from $127 to $110 after Ukraine president said he is no longer willing to join NATO. Gold, like other commodities, will likely remain a very volatile trade as markets continue to digest developments in Ukraine and potential new supply shocks. Read full story
“Gold prices witnessed its biggest fall this week as the Ukraine president said he is open to “compromise” on the status of two breakaway pro-Russian territories that Putin recognized as independent. However, the underlying trend is still upwards and gold may again move towards 55000 levels anytime soon,”.
Buy Zone Above – 53000 for the target of 53500
Sell Zone Below – 52500 for the target of 52300
~ Ravi Singh-Vice President and Head of Research-ShareIndia
Gold price witnessed a sharp fall after hovering almost near record highs in the earlier session. Gold prices were getting a boost from the escalating geo-political tensions between Russia and Ukraine. Although, news regarding some de-escalation weighed on the market. Ukraine showed less willingness to join the NATO, while Russian foreign ministry said that it would be better if their goals in Ukraine are achieved through talks. This easing signs lead to profit booking from the highs. Market participants today will keep an eye on the U.S. weekly jobless claims and CPI data. Focus will also be on the ECB policy meet scheduled later in the day. Broader trend on COMEX could be in the range of $1950-2015 and on domestic front prices could hover in the range of Rs 52,150- 53,050. Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Barring Nifty Metal, all the Nifty sectoral indices were trading in the positive territory, led by Bank Nifty which was up by 3.6 per cent. Nifty Auto gained 3.15 per cent, Nifty FMCG added 2 per cent, and Nifty IT index was up over half a per cent.
Tata Steel was the only loser on S&P BSE Sensex pack, down 0.3%
Axis Bank, State Bank of India (SBI), ICICI Bank, IndusInd Bank, Bajaj Finserv, Asian Paints, Hindustan Unilever Ltd (HUL), Bajaj Finance were among top Sensex leaders
BSE Sensex rallied over 1100 points or 2.04 per cent to trade at 55,800, while NSE Nifty 50 index jumped over 500 points to 16757 levels
In yesterday’s trading session we saw gold correcting by almost $ 70 and falling below the critical $2,000 an ounce mark. This correction coincided with a more than 10% sell off witnessed in crude oil prices, which eroded some of the inflationary risk premium that was built into the Gold prices . Further, returned interest in risk assets like equity and crypto largely due to bargain hunting at lower levels and higher treasury Yields, took some of the sheen off gold prices. That said , there are no major changes in the factors that facilitated gold rally in the first place, with the geopolitical situation and inflationary trend remaining intact , so one should not take this pullback as a start of a corrective phase. The only real risk is the diplomatic developments taking place in Ukraine as commodity supply bottlenecks don’t have any quick solutions. So buying of dips below Rs. 52000 is suggested. Pritam Patnaik, Head – Commodities, HNI & NRI Acquisitions, Axis Securities
Gold prices traded down with spot gold prices at COMEX fell by nearly 0.77% to $1977 per ounce on Thursday. MCX Gold April futures opened half a percent lower near Rs. 52470 per 10 gram in line with weak global gold prices. prices witnessed selling from Wednesday on easing worries over Russia-Ukraine conflict with signs of possible diplomatic solution. All safe haven assets pared risk premium including dollar and crude oil after Russia said the Ukraine operation is not meant to overthrow the government. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1950 and resistance at $2000 per ounce. MCX Gold April support lies at Rs. 51200 and resistance at Rs. 52900 per 10 gram. Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Market may remain volatile due to the Russia-Ukraine crisis. Trend in global equities, the movement of rupee against the dollar and crude oil prices will dictate trend in the near term. Mitul Shah, Head of Research, Reliance Securities
BSE Sensex rallied 1,700 points to trade at 56,436, while NSE Nifty 50 index jumped 500 points to 16,846 levels in pre-open
Petrol and diesel prices have been left unchanged once again by Oil Marketing Companies (OMC) keeping prices steady for more than 100 days now even as crude oil prices soar. 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.
On Wednesday, crude oil showed highest single day fall in last two years after OPEC+ member the United Arab Emirate said it supporting pumping more oils into the markets which in supply crunch due to sanctions on Russian oil by the United States. If OPEC+ nations agreed to increase production could restrict gains of crude oil in upcoming session. We expect WTI crude oil prices to remain volatile and expected to be traded in the range of $94-117 a barrel. Crude oil is having support at $100–95.60 and resistance is at $111.00–114.00. In INR terms, Crude oil has support at Rs 7,964-7,614; while resistance is at R s8,872–9112. Rahul Kalantri, VP Commodities, Mehta Equities
Indian equity benchmarks are projected to follow suit and open higher, owing to generally favourable global markets and SGX Nifty inclinations. The escalation of the Russia-Ukraine conflict, as well as the harsh sanctions imposed by Western countries on Russia, may cause trepidation. The outcome of the Uttar Pradesh election will be widely watched by markets because it will set the tone for how the ruling Bharatiya Janata Party approaches and prepares for the general elections in 2024. The market is showing signs of vigour, with buyers snapping up stocks at bargain prices. Mohit Nigam, Head – PMS, Hem Securities
Equity markets may see a strong opening tracking overnight buoyancy in US markets and positive trend in SGX Nifty on indications that foreign ministers from Ukraine and Russia will meet in Turkey today to find a solution to end the war. Tumbling oil prices are likely to lit a fire, while gold prices gave away recent gains to slip below $2000 levels. Nifty’s biggest support for the day is placed at 15921 mark. Buying on dips should be the preferred strategy as long as Nifty stays above 15921 mark with targets at 16695 mark and then aggressive targets at 16953 mark. From a chartist standpoint, the technical landscape will improve considerably only if Nifty closes above 16953 mark. Prashanth Tapse, Vice President (Research), Mehta Equities
In Nifty current series there has been a Long Build Up witnessed with increase in price of 0.57% and increase in OI by 16.52% as of Wednesday wherein there was addition of 18.24 lakh shares in OI, increasing from 110.40 lakh to 128.63 lakh shares till Tuesday. Nifty current month rollover stands at 26% as of Wednesday, while. Nifty Put Call Ratio, a sentiment indicator used by traders to gauge the market sentiment and mood, is currently at 0.92 compared to 1.07 of last week, indicating flat-to-negative bias.
Even though state election results have no direct impact, a clear mandate to the present central government would be perceived as a strong indication that 2024 Lok Sabha elections would also be a clear mandate in terms of economic policy framework. However, a defeat in a big state like UP for the BJP might slightly dent sentiment and make the 2024 elections a more open & indecisive contest leading to volatility. AR Ramachandran, Co-founder & Trainer, Tips2Trades
A year-long frenzy in the primary markets has paused since the beginning of this year, mainly due to volatility in the markets following negative global cues and the outbreak of the war between Russia and Ukraine. Several companies have delayed their plans to launch their initial public offerings (IPOs) ahead of the mega LIC public offer that was scheduled for March. So far this year, only three companies — Adani Wilmar, Vedant Fashions, and AGS Transact — have raised Rs 7,249 crore from the public markets.
Stocks in focus on March 10, Thursday
Reliance Industries (RIL): Reliance Industries Ltd.’s Jamnagar facility is reportedly lifting crude processing and deferring planned maintenance to take advantage of surging demand for diesel.
Hindustan Unilever (HUL): The FMCG major appointed Madhusudhan Rao as the executive director, beauty and wellbeing and personal care segment, and Deepak Subramanian as the executive director for the home care segment. Read full story
Bulls remained in control on Dalal Street on Wednesday as domestic indices rallied despite soaring crude oil prices as investors went bottom shopping. S&P BSE Sensex zoomed 1,223 points or 2.29% to settle at 54,647 while the NSE Nifty 50 index added 331 points or 2.07% to close at 16,345. India VIX, the fear gauge of domestic markets slipped 3.9%. Entering the weekly Futures & Options expiry session, SGX Nifty was up a whopping 250 points, suggesting a positive start to the day’s trade, continuing yesterday’s momentum. Global cues were positive after Wall Street indices soared higher. Read full story
In overnight trade, US stock indices ended in green, as oil prices cooled off while Russia-Ukraine war continued, dragging Dow Jones out of correction territory and the tech-heavy Nasdaq out of bear market territory. The Dow Jones Industrial Average climbed 653.61 points, or 2%, the S&P 500 gained 2.57% and the tech-heavy Nasdaq Composite jumped 3.6%.
Asian stock markets were seen trading higher in morning trade mirroring the overnight gains on Wall Street amid fall in oil prices. The Nikkei 225 in Japan jumped 3.34% while the Topix index climbed 3.46%.
Nifty futures were ruling at 16,606, up 261 points or 1.6 per cent on Singaporean Exchange, suggesting that NSE Nifty 50 index may also start above 16600 levels today.
