Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equities opened in the green on Tuesday morning, attempting to extend their gaining streak. Sensex soared more than 200 points on opening before cooling down to trade flat with marginal gains, the index was sitting above 56,500. Nifty 50 was flat, just below 16,900. Bank Nifty was up 0.25%. India VIX soared higher, closing in on 26 levels. Broader markets were outperforming benchmarks. Mahindra & Mahindra was the top Sensex gainer on Sensex, up 1.5%, followed by Maruti Suzuki India, and Asian Paints. Tata Steel fared worst on Sensex, down 2.6%, accompanied by Kotak Mahindra Bank, and Infosys.
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“There are positives and negatives for the market today. The big positive is the sharp decline in FPI selling to a mere Rs 176 cr yesterday. Interestingly, the two segments which saw sustained FPI selling – financials and IT – are witnessing improving prospects. IT has bounced back smartly; financials have more room to go up. The drop in crude from $140 to $103 is a big relief and will turn out to be a tailwind for the market if the decline sustains. The negative is the sharp upmove in US 10-year bond yield to 2.16 %. If the Fed turns more hawkish than expectations on Wednesday, that can be a headwind for equity markets globally,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex and Nifty started the day's trade with gains. Sensex was up more than 200 points, breaching 56,700 while the Nifty 50 index was above 16,900. India VIX was above 25 levels but in the red.
Sensex and Nifty were trading with gains in the pre-open session despite weak global cues and a nervy SGX Nifty.
“Nifty futures witnessed long addition while Bank Nifty futures saw mix of short covering and long buildup. Nifty PCROI improved to 1.13 on the back of Put writing,” said Rahul Sharma, Director & Head – Research, JM Financial.
Sensex and Nifty started Tuesday's pre-open session with gains. Nifty was above 16,900 while Sensex was above 56,800.
The 16975-17030 is the resistance zone for the Nifty 50. Crossing and trading above 17030 on a sustainable basis rally can extend towards 17490 odd levels where the next set of resistances are seen. On the downside, support is seen at 16450-16400 levels. On holding above this index remains positive in the short term. Breaking below the 16400 index is likely to retest of recent low. Read full story
The short term trend of Nifty continues to be positive. The market is now showing an early signs of decisive upside breakout of cluster resistance of around 16800-17000 levels. A strong upside breakout could bring upper levels of 17500 in a quick period of time.
Benchmark indices is expected to open on a negative note as suggested by early trends on SGX nifty. On Monday benchmark indices closed in positive terrain for the fifth consecutive session. Investor sentiments were boosted on the back of falling crude oil prices and easing of tension between Russia and Ukraine as both countries look for diplomatic route to end the incessant tussle. The euphoria was magnified after the statements of Chief economic advisor Mr V Anantha Nageswaran stating that India is well placed to counter the effects of war due to strong assumption in the budget for FY23. The reduced selling pressure from FII selling also sent positive signals to the market.
~ Mohit Nigam, Head – PMS, Hem Securities
“Technically we remain positive for 17000+ with supports placed at 16800 and 16760. Dips, if any, can be utilised as buying opportunities,” said Rahul Sharma, Director & Head – Research, JM Financial.
NSE said that 31,161 equity shares of Reliance Industries Ltd will list on the exchange today as partly paid-up equity shares are converted to fully paid-up equity shares.
BSE Sensex and Nifty 50 were staring at a negative start on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 97.50 points or 0.58 per cent down at 16,785.50 on Singaporean Exchange. In the previous session, S&P BSE Sensex rallied 935 points or 1.68% to end at 56,486 while the NSE Nifty 50 index zoomed 240.85 points to settle at 16,871. Read full story
Since we have seen a V-shaped recovery in last few sessions, the momentum readings on lower time-frame charts are approaching the overbought zone and thus, the index may see some hurdle around 17000 mark. This psychological level is the 50% retracement level of the recent correction and also option writers have decent open interest concentrated at this strike. However, given that the index has managed to reverse the trend, any correction going ahead could witness buying interest. Unless there’s some catastrophic effect on the global equities due to news flows now, our markets could see a gradual up move and hence, traders should look for stock specific buying opportunities. The immediate support for Nifty is now placed around 16650 while 17000-17050 is the immediate hurdle.
~ Ruchit Jain, Lead Research, 5paisa.com
Petrol and diesel prices have been left unchanged once again by Oil Marketing Companies (OMC) keeping prices steady for well over 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.
“Nifty rose smartly on Monday even with a negative advance-decline ratio. This suggest that the selling pressure from FPIs is waning and the largecaps have started to outperform. This upward momentum can continue for a few sessions. 16757-17027 could be the band for the Nifty in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty finds support around 16450 while 17000 will act as resistance on the upside. Bank Nifty finds support around 34600 while 35750 will act as resistance.
~ IIFL Securities
SGX Nifty was deep in red on Tuesday morning. Nifty futures dived more than 100 points ahead of the day's trade.
The biggest challenge for the government is to rein in inflation, especially prices of food, oil and commodities that threaten to erode living standards of vast sections of the population. Rising prices are a “tax on the poor” as food consumption accounts for a large share of their meagre budgets and dearer food—the food index registered a 14-month high at 5.43% in January and 5.85% in February—hit them the hardest. This forces them to substitute expensive cereals with inferior ones and spend less on nourishing food, among other painful adjustments, as has been observed by professor Raghav Gaiha of the Population Aging Research Centre, University of Pennsylvania. This happened during the pandemic and is likely to intensify in the coming months.
Retail inflation scaled an eight-month peak of 6.07% in February, having hit the upper band of the Reserve Bank of India’s (RBI’s) medium-term target of 2-6% for a second straight month, as food inflation hit its highest since November 2020 and price pressure in the fuel segment continued to remain sticky.
