Share Market News Today | Sensex, Nifty, Share Prices LIVE: In a choppy session on Dalal Street, Sensex closed over 300 points lower at 57,684.82 while NSE Nifty closed at 17,245.65 was below the 17,300 levels. Infosys and Housing Development Finance Corp were the top drags on Sensex. Reliance Industries, ITC and Dr Reddy’s Laboratories were among the top gainers on BSE Sensex. Among the broader market indices, S&P BSE MidCap and S&P BSE SmallCap were up 0.55% and 0.10% respectively. India Vix was up nearly 2.5% hovering around 24.6 levels. Sectoral indices including Nifty Auto, and Nifty IT were in red. While Bank, pharmaceuticals, and metal stocks were up.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Sectoral indices on the NSE Nifty such as Nifty Bank, Nifty Auto and Nifty Realty were among the laggards on the benchmark index in afternoon trading. Nifty Bank was down 0.13% while Nifty Auto was down 0.66%. While, IT, metals and pharma stocks were up.
S&P BSE Sensex gave up 58000 levels and was down 0.30% and hovering around 57,800 levels. Here are top drags and top gainers on the benchmark index:
Top gainers on BSE Sensex: Dr Reddy's Laboratories , Tata Steel, ITC, Reliance Industries Ltd and NTPC.
Top losers on BSE Sensex: Bharti Airtel, Housing Development Finance Corp, Maruti Suzuki India and Kotak Bank.
“Nifty witnessed strong recovery in recent times. Currently we see strong resistance at 17650 levels for the Nifty50; failure to cross the same can invite selling pressure. For the short term expect range bound movement at 17000-17500. Fmcg, IT remain in momentum while the high beta space is expected to remain volatile,” according to Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
Bharat Petroleum Corporation (BPCL) stock is expected to rally over 15 per cent on the back of fuel price hikes, reduction in LPG under-recoveries going ahead. Share price has plunged around 5 per cent so far this year.
Domestic brokerage firm HDFC Securities is bullish on the stock, given it has corrected around 30% from its peak over the last six months, owing to pressure on auto-fuel marketing margins and an increase in LPG under-recoveries.
Sensex and Nifty 50 were down in the red on Wednesday as benchmark indices failed to hold on to the marginal opening gains. S&P BSE Sensex shed 270 points or 0.50% to hover around 57,700 while the NSE Nifty 50 was down 80 points at 17,230. As indices traded volatile 110 scrips on the BSE hit their respective 52-week high values while a total of 43 trades at their highs on the NSE. On the other hand, 19 stocks on the BSE traded at their respective 52-week lows and 10 did so on the NSE. None of the stocks on S&P BSE touched either their 52-week highs or lows.
In a choppy session on Wednesday, the shares of One97 Communications, the parent of Paytm, fell to fresh lows. Stock was down 1.4% at Rs 536.20 apiece in intraday trading.
Rakesh Jhunjhunwala-promoted Star Health and Allied Insurance Company stock price has crashed more than 28 per cent in over 3 months. The stock has not been able to top Rs 900 level (IPO price) since listing day. However, ICICI direct has initiated coverage on Star Health, recommending to buy the stock at a price target of Rs 800 apiece, a 23 per cent upside potential.
In a choppy session on Dalal Street, Sensex was down 0.21% below the 58,000 levels, after hitting 58,416.56 earlier in the day, while NSE Nifty was hovering around 17,300 levels, after hitting 17,442.40 points in early trading.
Stocks such as Hershey, Coke, ADM, and Bunge are best positioned for an up-move given the recent spikes in energy, grains, and vegetable oil costs said analysts at Credit Suisse in a note. The brokerage firm has changed estimates for consumer stocks in its coverage, expecting a more profound and immediate impact on their results. While some US consumer staple stocks could see a negative impact of the rise in commodity prices there are also opportunities in the market. Commodity prices have skyrocketed across the globe owing to Russia’s invasion of Ukraine and resulting sanctions on the former. Crude oil prices hit a multi-year high earlier this month. Inflation in the US is near a 40-year high.
Market veteran Ramesh Damani said he will invest in new age tech firms like Zomato and Nykaa but only when the price is right. In an interview to ET Now, Damani said Zomato is a great business and that its business expansion is underway but the valuations are unattractive.
Bitcoin is down 1.17% at $42,031 while Ethereum is down 1.30% at $2,950, according to CoinMarketcap.
Shares of Colgate-Palmolive (India) rose 1.8 per cent to Rs 1533.55 apiece in intraday trading on Wednesday. At 11:40 am, stock was up 1.8 per cent at Rs 1532.55 apiece. The stock had closed at Rs 1505.3 apiece in the previous session.
Tata Consultancy Services’ Rs 18,000-crore share buyback program, one of the largest equity buybacks offered in the country, is scheduled to end on Wednesday. Till Tuesday, 22 crore shares were tendered, 5.5 times what company intends to repurchase. TCS shares were up 0.6% at Rs 3,725 on the Bombay Stock Exchange.
Gold prices in India were trading in the negative territory on Wednesday, taking cues from the weak global markets. Gold futures on MCX for April delivery were trading Rs 60 down at Rs 51.320 per 10 grams, while silver futures for May delivery were ruling at Rs 67,553 per kg, down Rs 139.
Patanjali-backed Ruchi Soya Industries’ follow-on public offering (FPO) will open on Thursday, 24 March 2022 for subscription to raise Rs 4,300 crore and will close on 28 March 2022.
The FPO price is at a 29 per cent discount against the last close, from the upper price band. The FPO consists of fresh issuance of equity shares for an amount aggregating to Rs 4,300 crore.
“Nifty support placed at 17,200 spot. We will look to re-initiate longs around this support. Sitting on side-lines until then.” – Rahul Sharma, Head Research, JM Financial Services
One97 Communications, the parent company of Paytm, said its business fundamentals remain robust and the company has no information on what may have been bearing on the price/ volume behaviour of its stock, it said in a stock exchange filing. The company was responding to BSE's letter seeking clarification on stock movement. Paytm's shares hit fresh 52-week lows on Tuesday. The stock as since recovered and is up 3.3% from yesterday's close.
India Vix, India's volatility gauge, cooled off by 0.15% to 24.03 levels on Wednesday.
Nifty Bank, Nifty Consumer durables, Nifty FMCG, and Nifty Realty were up, while Nifty Auto and Nifty Media were the two sectoral indices in red. Nifty Bank was up 0.44% above 36,500 levels.
MSCI semi-annual review could take a breather in the upcoming May deliberations, after three eventful index rejigs, said Abhilash Pagaria, Head – Edelweiss Alternative & Quantitative Research. The May 2022 review of the global indices is likely to see no new addition from India as no listed security currently makes the cut to be added. However, Edelweiss believes Reliance Industries could see an increase in its weightage which will not have a major impact on the scrip. While no stock fits the bill as of now, Edelweiss has highlighted Jindal Steel & Power, Tata Elxsi, Voltas, among other stocks that could enter the index, provided the shares rise sharply till the cut-off date.
Hindalco Industries, IOC, Axis Bank, HDFC Bank and Tata Steel were among major gainers on the Nifty, while Bharti Airtel, Britannia Industries, Coal India, Cipla and Hero MotoCorp were the top losers.
Indian benchmark indices opened on a positive note amid mixed global cues.
The Sensex was up 418.72 points or 0.72% at 58408.02, and the Nifty 50 was up 123.70 points or 0.71% at 17439.20.
Technically, the indices took the support near the 200 day SMA or 17000/56900 and reversed quickly. It also formed a long bullish candle on daily charts which is broadly positive. For the trend following traders, now the 50 day SMA or 17200/57600 would act as a trend decider level. Above the same, the uptrend wave will continue till 17380-17435/58300-58500. On the flip side, below 17200/57600 uptrend would be vulnerable.
“Benchmark Indices are expected to open on a Positive note as suggested by trends on SGX Nifty. US stock markets ended positive on Tuesday after Treasury yields marched higher on Tuesday, as investors digested the increased likelihood of swift interest rate hikes following hawkish comments from the US Federal Reserve. On the technical front 17,200 and 17500 are immediate support and resistance in Nifty 50. For Bank Nifty 36000 and 37,000 are immediate support and resistance respectively”
~Mohit Nigam, Head – PMS, Hem Securities
“Only below Nifty 17000 zone, expect a waterfall of selling which could take Nifty down to 16691 mark with inter-week perspective. We suspect the technicals are aggressively bullish which should take Nifty above its biggest hurdles at 17807 mark,” Prashant Tapse, Vice President (Research) at Mehta Equities said.
“The street is actually buoyant after Reserve Bank of India Governor Shaktikanta Das has said that there is no prospect of the economy falling into a stagflation vortex and retail inflation is expected to moderate going forward,” Prashant Tapse, Vice President (Research) at Mehta Equities said.
“Benchmark Nifty to trade on optimistic note on the back of firm global cues as it aims to reclaim 17500 mark, with investors looking beyond Fed Chair Jay Powell's hawkish comments. Helping sentiments are also the FIIs cues as they had bought shares worth RS 384 Crores in yesterday’s volatile session,” Prashant Tapse, Vice President (Research) at Mehta Equities said.
One 97 Communications Ltd, Paytm's parent firm, on Tuesday said that the company has been complying with the regulation of the Securities Exchange Board of India (SEBI) and there is no information to share related to the price movement of Paytm, the company said in a BSE filing on Tuesday. The company's response comes after the Bombay Stock Exchange sought to know about steep fall in the Paytm share price, which has corrected nearly 75% from its issue price.
Petrol and diesel prices were hiked on Wednesday for second day in a row. Consumers will have to shell out as much as 80 paise per litre more from today as compared to Tuesday after the Oil Marketing Companies (OMC) hiked prices.
US markets closed in green as Nasdaq led Wall Street's main indexes higher, as investors bought the dip in technology stocks such as Apple and Amazon, according to Reuters report. Nasdaq rose nearly 2% while Dow was up 0.74%. S&P 500 gained 40.63 points or 1.13%.
Tata Consultancy Services: The Rs 18, 000 crore share buyback by TCS, witnessed 5.5 times more demand than the proposed offer with one more day left for its closure.
Ruchi Soya: Ruchi Soya Industries will launch its follow-on public offering (FPO) on March 24 to raise Rs 4,300 crore.
Dalal Street is expected to open in green on Wednesday, according to SGX Nifty. SGX Nifty was hovering around 17,441.20 about 0.35%.
