Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bulls staged a comeback on Dalal Street in a highly volatile session. After swinging between gains and losses, benchmark indices ended higher with Nifty above 17,300, led by auto, bank, IT, oil & gas stocks. BSE Sensex ended 696.81 points or 1.22% higher at 57,989.30, and the Nifty 50 was up 197.90 points or 1.16% at 17,315.50. Bank Nifty settled 330 points or 0.92% up at 36,348. Among sectors IT, Auto, Bank and Oil & Gas indices rose 1 percent each, while Realty index was down 1 percent. The BSE midcap and smallcap indices ended on flat note. Tech Mahindra, BPCL, Tata Motors, Reliance Industries and IOC were among the top Nifty gainers, while losers were HUL, Nestle India, Britannia Industries, Cipla and Divis Lab.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 22 March Tuesday
After trading in the red for the better part of the day, domestic equity markets zoomed higher in the last hour of trade amid solid buying in index heavyweights like Reliance Industries, and IT, auto pack. The frontline S&P BSE Sensex bounced back 1,059 points from the day's low of 56,930 to settle at 57,989, up 697 points or 1.22 per cent, while the Nifty50 closed at 17,315.5, up 198 points or 1.16 per cent.
After opening lower, Indian markets rebounded and gained nearly 0.5 percent, led by gains in Reliance Industries Ltd and IT stocks. Benchmark Sensex rose 1 percent to 57,825 points, while the Nifty advanced 0.86 percent to 17,264 points. The revival in the Indian indices mirrored the recovery in overseas markets. Asian and European markets traded higher, offering positive cues for the Indian indices.
Nykaa is a rare new age platform company which has achieved profitability and is also management controlled and driven (promoter share: 53%) giving visibility on execution, said Edelweiss.
“Given the opportunity size and Nykaa’s moats, we bake-in a 4x/14x increase in GMV in BPC/Fashion, respectively over FY21-26. This translates into a 37%/48% revenue/EBITDA CAGR with RoCE improving from 14% to 37%, a reflection of the asset-light scalability of the business,” it added.
“We value the business on a two stage DCF (explicit forecast till FY41 and achieving gradual maturity by FY50), which gives us a TP of INR1,859 at a WACC of 10.8%. Initiate with ‘BUY/SN’,” Edelweiss said.
Benchmark indices are trading near the day's high level. The Sensex was up 611.75 points or 1.07% at 57904.24, and the Nifty was up 179.20 points or 1.05% at 17296.80.
“It was a volatile day for the equity market and nervousness was seen in the morning session while investors' sentiments turned positive in the second half with more buying seen in IT stocks. US 10 year bond yields have crossed 2.3% after the more hawkish commentary from the US FED to control the inflation. We believe that volatility will likely continue before we conclude the equilibrium. Investors should focus on the quality names where the earnings expectations are intact, and raw material inflation pressure is limited. Adding to that, we are seeing inflation as a big theme. Value focussed sectors are more inflation proxies and tend to do well in rising inflationary scenarios, and we are likely to see a good amount of allocation happening in the next one to two years in value focussed sectors,” said Neeraj Chadawar, Head – Quantitative Equity Research, Axis Securities.
India VIX, the volatility index, was down 1.85% on Tuesday as the headline indices rallied.
Bengaluru-based Maini Precision Products Limited (MPPL), an end-to-end solution provider for precision instruments had filed preliminary IPO papers with Sebi in December 2021, obtained its observations letter on March 22 2022, an update with the market regulator showed on Tuesday. The IPO is a combination of fresh issue of shares and offer for sale by promoters and other selling shareholders. Proceeds from the fresh issue will be used to repay/prepay – Rs 112.5 crore of its borrowings and will be used for general corporate purposes.
NSE’s Nifty 50 has been trading volatile in recent weeks as bulls and bears play tug of war on Dalal Street. Amid rate hikes by global central banks, rising inflation, and escalating geopolitical worries, domestic markets are on the edge. While volatility spoils market momentum, analysts at ICICI Direct have used their stock filtration model to pick two shares that they believe have the potential to deliver 16-18% returns in the next three months. The brokerage firm has filtered stocks from the F&O space based on the delivery pick up, historic trends and volatility. The stocks picked are IndusInd Bank and Navin Fluorine.
Shares of fast moving consumer goods (FMCG) companies were under pressure with most of the frontline stocks down up to 4 per cent on growth concerns. Hindustan Unilever (HUL), Godrej Consumer Products, Marico, Nestle India, Britannia Industries and Dabur India slipped between 2 per cent and 4 per cent on the BSE.
“Investors keep making the same mistakes and it was no different during the recent IPO wave but now they have realized that chasing hot themes generally does not work. Thus investors are punishing stocks that are richly valued, lack clarity about their business model and future outlook and don’t have any solid competitive advantages. Inflation and tight supply chain conditions are forcing the hands of central banks to end an era of ultra-low interest rates and thus investors throughout the globe are losing interest towards non profitable tech stocks.”
~ Santosh Meena, Head of Research, Swastika Investmart
“Most of the new businesses listed entities have fallen sharply from their 52 weeks high as well as from their listing price. Riding on the euphoria of bull market run, these companies had come up with their IPO’s in 2021 at an exorbitant valuation of 30 to 50 times revenues. As stock prices tend to track the fundamentals of the underlying business, these new-age companies have got a reality check in the market because sooner or later these companies have to report profits.”
~Santosh Meena, Head of Research, Swastika Investmart
Benchmark indices erased all the intraday losses and are trading near day's high with Nifty above 17200. The Sensex was up 455 points or 0.79% at 57743.37, and the Nifty was up 129 points or 0.76% at 17246.40.
The Rs 18,000-crore share buyback programme of Tata Consultancy Services has attracted a large number of shareholders. So far, 180 million shares have got tendered, 4.5 times the company intends to repurchase. The Tata group flagship firm will buyback 40 million shares, 1.08 per cent of its equity. The buyback is being done at Rs 4,500 per share—nearly 24 per cent premium to current market price. Shares of TCS last traded at Rs 3,633. The tender route buyback, which commenced on March 9, ends tomorrow.
Sensex rebounds into positive zone, trading 150 points higher. IL, IT Stocks lead recovery. Nifty reclaims 17,150.
Tata Motors has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 2-2.5%, will come into effect from April 1, 2022 across the range, depending upon individual model and variant. Tata Motors was quoting at Rs 424.20, down Rs 3.75, or 0.88 per cent on the BSE.
Select IT stocks bucked the broader market trend. Infosys was up 1 per cent. Birla Soft, Firstsource Solutions, KPIT Tech were the other prominent gainers
Bandhan Bank shares fall as much as 4.9 per cent to Rs 280.4. Macquarie maintained a 'neutral' call on the stock with a target price of Rs 320. The brokerage says the state's move reduces the recoverability of the company's Assam portfolio significantly. Assam accounts for 10 percent of Bandhan Bank's microloan portfolio.
Adani Wilmar stock has rallied sharply, up 65% since listing and is trading at a 46x/39x FY23/24E P/E. “We believe current valuations for AWL fairly price in the franchise strength and potential earnings growth. We rate the stock Neutral, given that we see limited room for absolute upside following the recent share price rally,” said JP Morgan.
Benchmark indices are trading near the day's low level. The Sensex is down 293.11 points or 0.51% at 56999.38, and the Nifty is down 94.30 points or 0.55% at 17023.30.
Hindustan Unilever (HUL) share price fell nearly 4 per cent to Rs 1,971.45 apiece on BSE on Tuesday, extending the year-to-date fall to 16.3 per cent. In an end of quarter update (4QFY22), the company said sharp inflation was affecting consumption. Cumulative growth, for categories in which HUL is present, was flat with a high single-digit volume decline in Jan-Feb’21, said Motilal Oswal Financial Services in a report. The stock has been on a losing spree, falling 16 per cent in one year, 29 per cent in the last six months, and 13 per cent in the past one month. Analysts say that rising oil prices created by the volatile Russia-Ukraine stalemate has led to a heavy sell-off in the FMCG stocks, especially HUL. “However, even though margins remain impacted due to a higher inflationary environment, stock price levels close to 1860-1900 are an excellent support base. 2110 remains a massive resistance,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told FinancialExpress.com. Ramachandran advised long-term investors to start accumulating in small quantities from support levels.
Zee Entertainment Enterprises Ltd (ZEEL) shares fell as much as 4.8 per cent to Rs 244.5 after the Bombay High Court sets aside single judge’s order granting injunction to Zee Entertainment. A division bench of Bombay HC granted Zee Entertainment 3 weeks to challenge its order before SC.
The India VIX shot up 1.3 per cent to 25 mark, having risen as much as 2.2 per cent earlier on Tuesday. In February, Russia's move to invade Ukraine had sent the VIX soaring to a 20-month high of almost 34.
Nifty is trading near 17,050, holding 200 DMA. The index is still about 180 points below its 50-day moving average and more than 300 points below the 100-day one,
Shares of Reliance Industries (RIL) hit an over two-month high of Rs 2,513.50 after the shares gained 2 per cent on the BSE in Tuesday’s intra-day trade. The stock was among the top gainers on the S&P BSE Sensex. In the last two week, RIL has gained over 12%.
Shares of Ratnamani Metals & Tubes hit a record high of Rs 2,449, on rallying 7 per cent on the BSE after the company won an on order worth Rs 591 crore.
Reliance Industries was up 1.8% as the top Sensex gainer, followed by Power Grid, Tata Steel, TCS, and Tech Mahindra.
India VIX was up 1.99% on Tuesday morning to breach 25 levels. The volatility index was in the green while Sensex and Nifty were down more than half a per cent each.
Vedanta share price soared nearly 3% on Tuesday morning to hit a fresh 52-week high as the mining major extended its year-to-date gains to more than 13%. In a recent analyst meeting, the company’s management shed light on its debt reduction plans at the parent level and said that they remain upbeat on demand for metals and minerals on the back of a surge in demand for EVs and renewable energy. Analysts see further upside in Vedanta’s share price while advising investors to buy more shares of the company. Vedanta shares were trading 2.9% higher at Rs 412.75 per share on Tuesday morning.
Nifty Bank index fell 1 percent dragged by the Bandhan Bank, IDFC First Bank, Axis Bank.
Paint stocks are under pressure as Brent crude rose to $188 per barrel. Asian Paints shares fell 1.83%, Berger paints 1.70%, Kansai Nerolac 2.12%, Shalimar Paints 0.67%, Indigo Paints 1.23% and Akzo Nobel 1%.
Hindustan Unilever (HUL) shares slid as much as three per cent to Rs 1,990, coming within Rs 90 of a 52-week low of Rs 1,901.8, hit two weeks ago.
Benchmark indices extended the initial losses and trading at day’s low level. The Sensex was down 216.82 points or 0.38% at 57075.67, and the Nifty was down 59.60 points or 0.35% at 17058.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading in the positive territory on Tuesday, despite weaker global trends. On Multi Commodity Exchange, gold April futures were trading Rs 151 or 0.3 per cent up at Rs 51,806 per 10 grams. Silver May futures were ruling at Rs 68,811 per kg, up Rs 462 or 0.7 per cent on MCX. Globally, yellow metal prices fell as U.S. Treasury yields hit fresh multi-year highs following Federal Reserve chair Jerome Powell’s aggressive inflation stance.
Oil and Natural Gas Corporation (ONGC) share price rose 5 per cent in the early trade on the back of rising crude oil prices in the international markets. Oil surged for a fourth day, heading for the best run in a month, on signs the European Union may be edging closer to a ban on Russian crude imports to punish Moscow for its invasion of Ukraine, reported Reuters.
Nifty Bank, Private Bank, PSU Bank indices were down 1%, Nifty Realty declined 1.5% while Nifty FMCG was down, 1.3%.
“We expect profit booking in near term with focus on stock specific activity, and immediate support seen around three-digit Gann number of 169(00). Even Bank Nifty, retraced from its golden ratio which coincides with point of polarity and a flattening 200-DMA. It is yet to close its downward gap, formed on 24th February. Immediate trading band is seen between 35,500-3,7500. Relative strength set-up of Metals vs Nifty on P&F chart shows a low pole pattern & reversal of 10-column average, suggesting outperformance of metals space.”
~Yes Securities
Oil companies held strong gains as crude oil is hovering around highs of $120 a barrel, while state oil retailers have also hiked petrol and diesel prices, which is supporting the upmove. ONGC, Oil India, Hind Petroleum, BPCL, Indian Oil, Adani Total Gas were up between 1-4 per cent.
Nifty Bank, Auto FMCG, financials, Realty were all in red with losses between 0.5-1 per cent. On the other hand, Oil & Gas, IT and Metal indices were in the green, trading up to 1.5 per cent.
BSE MidCap and SmallCap indices were mixed with the former down by 0.2 per cent, and the latter in green with equal gains.
ONGC, Hindalco Industries, Tata Steel, Wipro and Coal India were among major gainers on the Nifty, while losers were HUL, Asian Paints, UltraTech Cement, Nestle and Britannia Industries.
Indian benchmark indices opened on flat note amid mixed global cues. While BSE Sensex was down 135.42 points or 0.24% at 57157.07, the Nifty 50 was down 29.10 points or 0.17% at 17088.50.
“We now see inflation strengthening further, peaking above 7% in 3Q22, before gradually easing. We expect inflation to remain elevated throughout the forecast horizon, at 6.1% annual average in 2021 and 5% in 2022,” Fitch said.
Indian markets are likely to open on a muted note tracking mixed global cues as nervousness persisted over the Russia-Ukraine war. US markets ended higher tracking gains in technology stocks post the Fed hiking interest rates.
~ICICI Direct
Fitch Ratings said it has cut India's growth forecast for fiscal year 2023 by 1.8% to 8.5% amid rising oil prices. The rating agency has however increased GDP forecast for the current fiscal to 8.7% from 8.1%.
“Markets are likely to consolidate in today’s trade as the positive momentum is seen fading, and Nifty may most probably waver. The bulls are likely to struggle for traction on the buy side. Also denting sentiments are the 10-year US Treasury bond yield which hit a 33-month high at 2.25%. Nifty faces its biggest hurdle at 17807 mark, with crude oil prices rising above $115 a barrel could once again make investors jittery.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
Benchmark indices are trading mixed in the pre-opening session. The Sensex was up 128.28 points or 0.22% at 57420.77, and the Nifty was down 112.70 points or 0.66% at 17004.90.
US Fed Chair Jerome Powell on Monday delivered a strong message on battle with too-high inflation, saying the central bank must move “expeditiously” to raise rates and possibly “more aggressively” to keep an upward price spiral from getting entrenched.
In remarks that sent financial markets scrambling to recalibrate for a higher probability of the Fed lifting interest rates by a half-percentage point at one or more of its remaining meetings this year, Powell signaled an urgency to the central bank's inflation challenge that was less visible than just a week ago, when the Fed delivered its first rate hike in three years.
Ruchi Soya Industries will launch its follow-on public offering (FPO) on March 24 to raise Rs 4,300 crore and the offer will close on March 28.
Piramal Capital and Housing Finance (PCHFL) has initiated bankruptcy proceedings against Anil Ambani-controlled Reliance Power.
“50-days SMA or 17250 on the Nifty would act as an immediate hurdle for the bulls. Below which the correction wave is likely to continue till 17000-16975. Fresh uptrend possible only after 17250 breakout. Above which the chances of hitting 17350-17400 would turn bright. Contra traders can take a long bet near 16975 with 16950 support stop loss.”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices were hiked on March 22, 2022, for the first time since November last year. Consumers will have spend as much as 80 paise per litre more from today as compared to Oil Marketing Companies (OMC) hike prices. Petrol in the National Capital of Delhi currently retails at Rs 96.21 per litre up from Rs 95.41 per litre yesterday, while diesel in the city is priced at Rs 87.47 pet litre up from Rs 86.67 per litre — both up 80 paise per litre. In Mumbai, a litre of petrol and diesel cost Rs 110.82 and Rs 95, respectively. 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.
