Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading over 2 per cent higher, on the back of positive global cues on a day of weekly F&O expiry. 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. 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. 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.
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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.
