Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian markets opened on a negative note tracking weak global cues. Benchmark indices recovered early morning losses led by renewed buying interest in IT, metals, pharma and financial shares. The BSE Sensex touched a low of 57,139, down 546 points in the opening trades, and was up 100 points around 57,780 level. The NSE Nifty 50 was inching towards the 17,300-level. Dr Reddy’s was up nearly 4 per cent and was the top Sensex gainer. Tata Steel, UltraTech Cement, NTPC, Sun Pharma, TCS, Tech Mahindra, ITC and Infosys were up over a per cent each. On the flip side, Kotak Bank, Titan, HDFC Bank and ICICI Bank were the major laggards.
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The Board of Directors of the IIFL Finance approved the appointment of Nirmal Jain as Managing Director of the company w.e.f. April 1, 2022 for a period of 5 years and approved change in designation of R. Venkataraman to Joint Managing Director upto the remaining tenure i.e. April 22, 2025. IIFL Finance was trading at Rs 283.00, down Rs 3.50, or 1.22 per cent.
Lupin gained 3% after the company got US FDA nod for its abbreviated new drug application for Sildenafil, a generic equivalent of Revatio.
Benchmark indices were lower amid volatility with buying seen in the metal and pharma, while banks are witnessing selling pressure. The Sensex was down 133 points at 57551.42, and the Nifty was down 35.15 points at 17210.50.
The Board of Maruti Suzuki approved the appointment of Kenichi Ayukawa as a whole-time director designated as executive vice-chairman for a period of six months with effect from April 1, 2022 till September 30, 2022 and appointment and re-designation Hisashi Takeuchi as managing director and chief executive officer for a period of three years. Maruti Suzuki stock was trading at Rs 7,587.50, down Rs 56.30, or 0.74 percent. It touched an intraday high of Rs 7,651.55 and an intraday low of Rs 7,529.15.
After having plunged to a fresh 52-week low, Paytm share price soared more than 10% to hit an intra-day high of Rs 592 per share. On the same day, Dolat Capital has given a 'Buy' call on the stock estimating a near 200% upside potential. The brokerage firm said that at current EV of sub-$4Bn, Paytm is trading at a modest 3.6x on FY23E Revenues. “We firmly believe that Paytm will emerge as the best internet play in Indian market given its wide variety utilities that service both ‘Needs and Wants’ of consumers and maintain our Buy rating on the stock with DCF based TP of Rs 1,620 implying 9x/7x on its EV/Rev in FY24/FY25E,” they added.
Private banks like Kotak Bank, HDFC Bank and ICICI Bank were the major losers in trade so far
The follow-on public offer of Patanjali-backed Ruchi Soya Industries was subscribed 6 per cent, with investors putting in bids for 32.81 lakh equity shares against an offer size of 4.89 crore equity shares by noon on March 24, the first day of bidding. The price band for the offer has been fixed at Rs 615-650 a share. The portion set aside for retail investors was subscribed 13 per cent.
GR Infraprojects stock price has had a stellar run on the stock exchanges since its listing last year. The construction and engineering firm has rallied 72% from the upper end of the IPO price band so far and is expected to rally more. Initiating the coverage of GR Infraprojects, domestic brokerage and research firm Axis Securities has pinned a target price of Rs 1,775 per share, implying a 23% up-move from today’s opening price of Rs 1,440 per share. The brokerage firm said that GR Infraprojects is well-placed to capitalise on the opportunities emerging in the construction space.
Paytm share price surged 12% on heavy volume. Around 12.84 million shares have changed hands on the counter on the NSE and BSE so far.
Veranda Learning Solutions’ Rs 200-crore IPO is scheduled to open for subscription on 29 March and close on 31 March 2022. The company has fixed a price band at Rs 130-137 per share. Before filing the red herring prospectus, Veranda Learning raised Rs 40 crore by issuing 30.8 lakh equity through a private placement to the public category. The book running lead manager to the offer is Systematix Corporate Services, and the registrar to the issue is KFin Technologies.
Shares of Suven Pharmaceuticals hit a record high of Rs 617 on rallying 5 per cent on the BSE in Thursday’s intra-day trade. In comparison, the S&P BSE Sensex was down 0.13 per cent at 57,608 points. The shares of the company have surged 18 per cent in the last three days on expectations of strong earnings.
“USD-INR pair has risen as oil rises due to disruption in pipeline. RBI may be present at higher levels protecting the upside but unless oil comes down it looks difficult for rupee to appreciate. Heavy fighting continues as no compromise is reached between Russia and Ukraine. US President Biden in Europe may aggravate the situation more. Exporters are likely to continue selling while importers need to wait for any cash buying also.”
~Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
Both benchmark indices were trading flat in a highly volatile session. Sensex was up 11 points at 57696, and the Nifty was up 6.40 points at 17252. India VIX, the volatility gauge, was down 1.15% at 24.46.
“Stock like Adani Port have shown resilience in the current sell-off and largely remained in a range. In the current leg of consolidation, marginal pick-up in delivery volumes were seen. The stock OI remains at elevated levels but last week it managed to close marginally above its highest Call base, which is a positive sign. On the back of short covering, we feel the stock should head towards Rs 800 levels.”
~ICICI Direct
Russia will restart trading in some local equities, ending the nation’s record long shutdown that was meant to shield domestic investors from the impact of tough sanctions over its invasion of Ukraine. The Moscow Exchange will resume trading in 33 Russian equities, including some of the biggest companies such as Gazprom PJSC and Sberbank PJSC, on March 24 between 9:50 a.m. and 2 p.m. local time, the Bank of Russia said in a statement.
Indian rupee opened marginally lower at 76.35 per dollar against Wednesday's close of 76.30. “We expect that the breaking of 76.70 levels in the USDINR pair will take it to its recent high near 77 before moving towards 77.50-78.00 levels in the medium term,” said Amit Pabari, MD, CR Forex Advisors.
Rakesh Jhunjhunwala-owned Tata Motors' share price has fallen 13% so far this year with the most recent fall coming as foreign investors book profits. Analysts at ICICI Direct believe that after the recent correction, auto sector stocks may now witness renewed momentum amid a sustained broader market recovery where Tata Motors is set to benefit. Analysing the derivative data for Tata Motors, ICICI Direct said there has been fresh long accumulation at lower levels in the stock. The brokerage firm has a target of Rs 515 per share, translating to around 20% upside from today’s opening at Rs 430 apiece.
Indraprastha Gas Ltd (IGL) has hiked the price of domestic piped natural gas in Delhi by Re 1 per standard cubic metre (SCM) to Rs 36.61 per unit. In Noida, Greater Noida, and Ghaziabad domestic PNG will now cost Rs 35.86 per SCM. In Gurugram, it will be Rs 34.42 per SCM, as per the new rates. IGL shares were trading at Rs 376, up 0.84% on BSE.
Patanjali-backed Ruchi Soya Industries has raised Rs 1,290 crore from anchor investors ahead of its further public offering (FPO), which opens for public subscription today, 24 March 2022. The FPO consists of fresh issuance of equity shares for an amount aggregating to Rs 4,300 crore. The firm has allocated 1.98 crore equity shares at the upper price band at Rs 650 per equity share to anchor investors such as Societe Generale, BNP Paribas, The Sultanate of Oman – Ministry of Defence Pension Fund, among others.
Zee Entertainment surged around 20 per cent after its largest shareholder Invesco said it will not pursue an EGM to add six independent directors to Zee’s Board as it backed the merger between the company and Sony Pictures.
Kotak Bank was the top loser on bourses, down over 3 per cent. Canada Pension Plan Investment Board (CPPIB) plans to offload up to 2.02 per cent stake in the private lender. In a large trade, around 4.36 crore shares (2.3% equity) of Kotak Mahindra Bank worth Rs 7,431 crore change the hands.
In broader markets, BSE MidCap and SmallCap indices were also in the negative territory, down up to 0.19 per cent.
Among sectors, Nifty Bank, Financials and Auto indices suffered sharp losses, trading around 1 per cent lower. On the other hand, Metal, and Energy pack were the top outperformers.
ZEE share price hit 10% upper circuit on Thursday morning to trade at Rs 281.65 per share. The stock rallied after, Invesco — a shareholder of the company, withdrew its request for EGM. Invesco had earlier asked for the ouster of Punit Goenka.
ONGC, Coal India, Hindalco Industries, JSW Steel and Tata Steel were among major gainers on the Nifty, while losers were Kotak Mahindra Bank, ICICI Bank, Hero MotoCorp, Bajaj Finance and Asian Paints.
Indian markets opened on a negative note tracking weak global cues. While BSE Sensex was down 399.34 points or 0.69% at 57285.48, MSE Nifty 50 was down 117.00 points or 0.68% at 17128.70. Bank Nifty declined 1.53% or 552 points to 35,595.
“Benchmark Indices are expected to open on a negative note as trends on SGX nifty indicates a gap down opening with 102 points loss. Asian shares fall as Ukraine war stokes inflation fears while the sell off in US Treasuries paused and oil prices rose. Commodities whipsawed in a market beset with concerns about inflation and the impact of Russia's invasion of Ukraine. Also, Japan Nikkei fell by more than 1% on Thursday morning, after touching a two month high in the previous session. The dollar held gains, while commodity-linked currencies firmed. Oil resumed its advance to trade above $115 a barrel as the U.S. readies more sanctions on Russia as soon as Thursday. Gold extended gains as investors sought safe havens. Crucial support for Nifty 50 is 16,800 while Nifty may face some resistance at 17,400.”
~Mohit Nigam, Head – PMS, Hem Securities
Benchmark indices are trading lower in the pre-opening session amid weak global cues. The Sensex was down 324.80 points or 0.56% at 57360.02, and the Nifty was down 160.20 points or 0.93% at 17085.50.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices were left unchanged on March 24, 2022, after two days of consecutive hikes. In the last two days, prices have increased by as much as Rs 1.60 per litre after Oil Marketing Companies (OMC) hiked prices. Petrol in the National Capital of Delhi currently retails at Rs 97.01 per litre, while diesel in the city is priced at Rs 88.27 per litre. In Mumbai, a litre of petrol and diesel cost Rs 111.58 and Rs 95.74, respectively. OMCs hiked prices on Tuesday for the first time in 4 months. 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.
“The bullish momentum seen in early trades suddenly lacked conviction on the buy side as the bears took control of day’s session. The street will spy with one big eye if Nifty is able to weather overbought technical conditions on the daily charts, hawkish tunes from the Federal Reserve and the spike in oil prices. Technically, the make-or-break of Nifty’s support is seen at its 200 DMA at 17021 mark, while expect a waterfall of selling below 17021 mark.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
“Nifty finds support around 17000 while 17500 will act as resistance. Bank Nifty finds support around 35600 while 36600 will act as resistance on the upside.”
~IIFL Securities
After showing an excellent upside recovery from the important support of 17000 mark, Nifty failed to continue with follow-through upmove on Wednesday and closed the day lower by 69 points. After opening on a positive note on Wednesday, the market moved up in the early part and formed a new swing high at 17442 levels. It failed to sustain the highs and started to show weakness gradually. The decline amidst range movement continued from mid to later part of the session and intraday upside bounces in between have been sold into.
“Nifty expected to trade with a negative bias below 17,200. If VIX sustains above 25, even positional shorts can be created. Bearish in Bank Nifty below 36,000. With Brent Oil at $123 plus, traders can expect any intraday rise to be sold into.”
~Rahul Sharma, Head-Research, JM Financial Services
“For the coming session, 17350 followed by 17450 are to be seen as immediate hurdles; whereas on the flip side, we can see a cluster of strong supports around 17100 – 17000. We reiterate that the low-hanging fruit is gone for index-specific trades, but stocks are still providing good trading opportunities. Hence, one should keep focusing on individual themes and try to identify the potential movers within the same.”
~Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
“Nifty and Bank Nifty both are still holding above their 5 days EMA placed at 17,138 and 35,971 respectively. Traders should continue to hold long positions with 17,100 as stop loss.”
~Devarsh Vakil – Deputy Head Retail Research, HDFC Securities
Baba Ramdev’s Patanjali-backed Ruchi Soya follow on public offering (FPO) will open today and conclude on March 28. The Patanjali group subsidiary has fixed a price band of Rs 615-650 per equity share for this FPO. The promoters, who hold 99% stake in the FMCG company, aims to dilute a minimum 9 percent stake in this round of the FPO. On Wednesday, the FMCG company raised a little more than Rs 1,289 crore from 46 anchor investors ahead of the FPO.
All three major U.S. stock indexes ended more than 1% lower on Wednesday as oil prices jumped and Western leaders began gathering in Brussels to plan more measures to pressure Russia to halt its conflict in Ukraine. The Dow Jones Industrial Average fell 448.96 points, or 1.29%, to 34,358.5, the S&P 500 lost 55.37 points, or 1.23%, to 4,456.24 and the Nasdaq Composite dropped 186.21 points, or 1.32%, to 13,922.60.
Markets in Asia slipped in early trade. Hong Kong’s Hang Seng index fell 1.08% in early trade. In mainland China, the Shanghai composite declined 0.78% while the Shenzhen component shed 1.166%. Japan’s Nikkei 225 declined 1.4%, while the Topix index fell 1.21%. South Korea’s Kospi slipped 1.06%.
Trends on SGX Nifty indicated a flat to negative start for the broader index in India, with a loss of 46 points. The Nifty futures were trading around 17,210 level on the Singaporean Exchange.
