Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets ended lower for the second consecutive day amid weak global cues and selling seen in the auto, bank and IT names. BSE Sensex closed 566.09 points or 0.94% lower at 59,610.41, and NSE Nifty 50 shut shop 149.70 points or 0.83% lower at 17,807.70. HDFC Bank, HDFC, HDFC Life, HCL Technologies and Tech Mahindra were among the top Nifty losers. Coal India, IOC, NTPC, Tata Steel and Power Grid Corp were the top gainers. Oil & gas, power and metal indices gained 1 percent each, while bank and IT indices fell 1 percent each. In broader markers, BSE midcap and smallcap indices ended with marginal gains.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights
Adani Wilmar share price has been marching higher since the middle of last month, as investors look to benefit from geo-political tensions giving a push to commodity prices. Since March 15, Adani Wilmar share price has galloped 79%, extending its total returns since listing in February to a stellar 164%. As edible oil prices soar, analysts believe that Adani Wilmar could be in for further gains, taking advantage of its unsold inventory of goods. Today, Adani Wilmar shares ended at Rs 609 per share, after hitting the 5% upper circuit during the day’s trade.
Domestic equity markets ended lower for the second consecutive day amid weak global cues and selling seen in the auto, bank and IT names. BSE Sensex closed 566.09 points or 0.94% lower at 59,610.41, and NSE Nifty 50 shut shop 149.70 points or 0.83% lower at 17,807.70. Oil & gas, power and metal indices gained 1 percent each, while bank and IT indices fell 1 percent each. In broader markers, BSE midcap and smallcap indices ended with marginal gains.
India VIX, the volatility gauge, rose another 3% on Wednesday to cross the 19 level mark.
RBI policy meet: Investors avoiding taking long positions ahead of the key Reserve Bank of India bi-monthly policy where it is widely expected to hold key rates on hold. Market participants will be keeping an eye on the RBI policy statement and the expectation is that the central bank could keep rates unchanged.
Hawkish Fed: Global markets fell overnight after federal reserve governor Lael Brainard said the US central bank will shrink its balance sheet rapidly as soon as May. The FOMC “will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting,” Brainard said. Policy makers next meet May 3-4.
“Since the pandemic, the RBI has continued to maintain an accommodative stance prioritising a sustained economic growth recovery. Currently, India’s key growth indicators are at a nascent stage of recovery and there is still a slack in the economy. The escalating inflation in the economy arising from global commodity price rise and its transmission to the consumer prices would further add downward pressure to domestic growth trajectory. Thus, amidst the inflationary pressure and growth uncertainty, in our view, the RBI is likely to keep the key policy rate unchanged in its April 2022 review. We reckon that the real estate industry has seen a remarkable improvement mainly on account of low-interest rates and hence hope that any policy change action is nuanced and gradual allowing prospective buyers to recalibrate their property purchase decisions without much disruption,” said Shishir Baijal, Chairman & Managing Director at Knight Frank India.
HDFC Bank and Housing Development Finance Corporation (HDFC) stocks were contributing the most to the indices fall.
Since the pandemic, the RBI has continued to maintain an accommodative stance prioritising a sustained economic growth recovery. Currently, India’s key growth indicators are at a nascent stage of recovery and there is still a slack in the economy. The escalating inflation in the economy arising from global commodity price rise and its transmission to the consumer prices would further add downward pressure to domestic growth trajectory. Thus, amidst the inflationary pressure and growth uncertainty, in our view the RBI is likely to keep the key policy rate unchanged in its April 2022 review. We reckon that the real estate industry has seen a remarkable improvement mainly on account of low interest rates and hence hope that any policy change action is nuanced and gradual allowing prospective buyers to recalibrate their property purchase decisions without much disruption. Shishir Baijal, Chairman & Managing Director at Knight Frank India
Benchmark indices continue to remain in the red. Sensex is down 511.94 points or 0.85% at 59664.56, and the Nifty fell 133.40 points or 0.74% at 17824.00.
The Supreme Court on Wednesday ordered resumption of arbitral proceedings before the SIAC tribunal over Future Retail's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd. A bench comprising Chief Justice N V Ramana and Justices Krishna Murari and Hima Kohli took note of the consent of US e-commerce major Amazon and Future group over the resumption of arbitral proceedings before the Singapore International Arbitration Centre (SIAC). Future Retails shares were quoting Rs 32.40, down 1.67 per cent on BSE.
After a fall in stock prices, insurance sector shares are now offering a better risk-reward setup, according to analysts at global brokerage and research firm Morgan Stanley. “The VNB CAGR for our covered life insurers is likely to be 12-28% for FY20-22, marked by the pandemic and retail protection slowdown. Thus, life insurers have shown the ability to adapt and grow through a tough phase. Economy is likely to improve,” said Morgan Stanley in a note. The brokerage firm has upgraded HDFC Life shares to overweight and PB Fintech too while reiterating their bullish bias for SBI Life.
Nifty Bank index fell 0.5 per cent dragged by the HDFC Bank, Kotak Mahindra Bank, Axis Bank.
“Paytm breached its resistance level of 600 to 620 zone and now trading above it… now we can revised our target towards 720 to 750 levels in a short run. Hold Paytm with the stoploss of 575 for the target of 720 to 750 levels. Currently it is trading higher by 4% at 633 levels.”
~Anuj Gupta, VP, IIFL Securities
NSE Nifty 50 looks set to hit the 20200 target this year by December, as its positive long-term outlook remains intact, Axis Securities said in a report. The brokerage firm also noted that the overall boost in the Union Budget 2022-23 expenditure will help deliver a broad-based growth in FY23. “The Indian market has entered into an upcycle of earnings with the expectation of a 20% Nifty EPS CAGR over FY21-24 against a single digit 7% growth it reported over FY09-21,” it added.
Nykaa, India's leading on line lifestyle retail destination has recently launched “Superstore by Nykaa”- a tech-forward, direct-to-retail distribution business for the Indian retailer ecosystem. An intuitive and easy to use app, Superstore is available for retailers across India, company said in its release. With Nykaa Superstore, retailers in Gujarat can access the entire range of beauty, personal care & wellness products on one single platform, at distributor prices, it added. FSN E-Commerce Ventures Nykaa was quoting at Rs 1,802.45, up Rs 5.70, or 0.32 percent on the BSE.
Adani Group stocks continued their rally on Dalal Street despite benchmark indices in the red. Shares of Adani Wilmar have spiked 165 per cent so far in calendar year 2022, while those of Adani Power have soared 144 per cent, Adani Green Energy 67 per cent, and Adani Total Gas and Adani Enterprises 48 per cent and 28 per cent, respectively.
Shares of sugar companies were on a roll as frontline stocks traded higher by up to 10 per cent on the BSE in Wednesday’s trade in an otherwise weak market. Stocks like Dwarikesh Sugar, Dalmia Bharat Sugar and Industries and Triveni Engineering rallied between 5 per cent to 10 per cent. Among others in the pack, Magadh Sugar & Energy, Rana Sugar, Uttam Sugar Mills, KM Sugar, Andhra Sugar, Mawana Sugar and Shree Renuka Sugar surged 10 per cent to 15 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.88 per cent at 59,644 points.
Patanjali-backed Ruchi Soya’s share price fell as much as 19.3% on Wednesday morning, a day after the company announced that it has finalised the FPO (Follow-on Public Offer) share allotment. Shares of Ruchi Soya had closed Tuesday’s trading session at Rs 874.45 per share. On Wednesday morning, the stock opened for trade at Rs 706 per share, down 19.3%. However, the stock did recoup a large part of its losses and nearly two hours after the opening bell, it was trading at Rs 791 per share, down just 9.6%.
Paytm share price rose over 4 per cent to Rs 635 apiece on BSE in Wednesday’s trade after the company’s CEO said that his stock grants will be vested to him only when Paytm’s market cap surpasses and maintains above the IPO price. The stock has been mapping a downward trajectory since listing, crashing 60 per cent from the listing price. Paytm CEO Vijay Shekhar Sharma, in the company’s update on operating performance, said that even as shares are down significantly from the IPO price, the Paytm team is committed to build a large, profitable company and to create long-term shareholder value. Read full story
“Paytm, one of the biggest wealth destroyers is attracting some buying interest in the 500-600 zone amid lots of negativity. Some investors are finding it attractive at current levels due to its brand value however there are still uncertainties about the timing of its profitability whereas there is no leadership in any particular business. We are expecting some recovery in this counter due to bargain buying where we can expect 770/870 levels in the coming days however conservative investors should completely avoid this stock.”
~Santosh Meena, Head of Research, Swastika Investmart
Shares of Tata Power hit a fresh record high of Rs 287.90, up 5 per cent on the BSE in intra-day trade, in an otherwise weak market, on the back of heavy volume on improved business outlook. In comparison, the S&P BSE Sensex was down 0.7 per cent at 59,742. The stock of Tata Group electric utilities company has rallied 21 per cent in the past four trading days. On Tuesday, it surpassed its previous high of Rs 269.70 touched on October 19, 2021. The trading volume at the counter nearly doubled with a combined around 69 million equity shares changing hands on the NSE and BSE till 09:50 am.
Paytm shares surged over 4% after founder and CEO Vijay Shekhar Sharma said Paytm is looking to be operating EBITDA breakeven (Ebitda before Esop cost) by end of September 2023, in a filing with the exchanges on Wednesday morning. This comes as Paytm’s stock has been under intense pressures from since it debuted on the Indian public markets. “Paytm committed to build large, profitable company, to create long-term shareholder value. My stock grants will be vested to me only when our market cap crosses IPO level on sustained basis. Pledge not to vest stock option till market cap surpasses IPO level,” said Sharma.
The Buildings & Factories business of Larsen & Toubro has secured various orders from prestigious clients. The Health segment of the Business has secured an order from the Govt. of Telangana to construct a super specialty hospital at Warangal on Design and Build turnkey basis with stringent timelines. The scope of work includes constructing a 1750 bed super specialty hospital that is part of the Warangal Health City, Telangana. Upon completion, this will be one of the biggest hospitals with modern facilities in the state and the tallest hospital structure in the country. The stock was trading at Rs 1,850, up Rs 16.30, or 0.89 percent. It has touched an intraday high of Rs 1,855.50 and an intraday low of Rs 1,827.10.
Domestic benchmark indices opened Wednesday’s trade with losses while broader markets soared higher. After having soared higher from their March lows, Dalal Street equity indices have now entered a profit booking phase, according to analysts. However, the medium-term trend remains positive. “Key point to highlight is that over the past six sessions Nifty has rallied 1100 points. Thus, a couple of days breather from hereon can not be ruled out which would help index to cool off the overbought conditions and make the market healthy,” ICICI Direct said in a note. The brokerage firm has picked two stocks, amid this market structure that it believes will do well in the next three months.
Shares of Tata Motors will stay in focus as the company plans to unveil a new electric vehicle concept this afternoon. The car maker released a tease of the upcoming model on its website, which is expected to be an electric SUV, joining the ranks of Tigor and Nexon EV.
Ruchi Soya Industries Ltd on April 5 approved the allotment of around 66.1 million shares to raise an amount of Rs 4,300 crore. The approval comes days after the Patanjali-backed company launched the follow-on public offer (FPO), which was subscribed 3.6 times.
Gold prices were trading lower in India on Wednesday, on the back of weakness in global markets. On Multi Commodity Exchange, gold June futures were down Rs 21 to Rs 51,350 per 10 grams. Silver May futures were ruling at Rs 66,125 per kg, down Rs 73. Globally, yellow metal prices eased as hawkish comments from U.S. Federal Reserve officials boosted the dollar and Treasury yields to multi-year highs, denting the safe-haven metal’s appeal, according to Reuters. Read full story
Bank Nifty fell 326 points or 0.86% to 37,741. “The Bank Nifty which rallied more than 2,000 points in the previous two sessions saw a correction on Tuesday and closed with a loss of 1.47%. According to option data, 38500 Call strike witnessed healthy OI addition, which should act as resistance while on the downside 38000 followed by 37500 Put strike should act as support,” said ICICI Direct.
In the Sensex pack, Tata Steel, Larsen and Toubro, Ultratech Cement, Bharti Airtel, Titan, Bajaj Finance and NTPC were the top gainers. Meanwhile, HDFC Bank, HDFC, Kotak Mahindra Bank, M&M, ICICI Bank, Axis Bank and Maruti Suzuki were the laggards.
Coal India, Tata Steel, UPL, Bharti Airtel and JSW Steel were among major gainers on the Nifty, while losers were HDFC Bank, HDFC, Kotak Mahindra Bank, ICICI Bank and Tech Mahindra.
Indian benchmark indices opened on negative note on the back of weak global cues. The Sensex was down 461.44 points or 0.77% at 59715.06, and the Nifty was down 128.60 points or 0.72% at 17828.80.
Benchmark indices are trading lower in the pre-opening session amid weak global cues. The BSE Sensex was down 66.18 points or 0.11% at 60110.32, and the Nifty was down 46.70 points or 0.26% at 17910.70.
The Indian rupee is expected to depreciate on Wednesday amid strong dollar and pessimistic global market sentiments. Further, investors fear that new sanctions on Russia will add fuel to rising inflation and hurt economic growth. “The market is carefully watching the Fed to see if it can tighten policy just enough to tame inflation and not damage the economy. Furthermore, market participants will remain vigilant ahead of FOMC meeting minutes,” said ICICI Direct. In the previous session, the local unit climbed 24 paise to close at 75.29 against the US dollar amid persistent foreign fund inflows and weakening of the American currency overseas.
The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia's invasion of Ukraine, warning the region could lose further momentum if conditions worsen. The Washington-based lender said in a report on Tuesday it expected 2022 growth in the developing East Asia and Pacific region, which includes China, to expand 5 per cent, lower than its 5.4 per cent forecast in October.
The index also formed a bearish candle on daily charts which is broadly negative. However, the medium term texture of the market is still on the positive side. We are of the view that, as long as the index is trading below the level of 18050/60500 the correction formation is likely to continue till 17850-17750/59800-59500. On the flip side, fresh uptrend possible only after 18050/60500 range breakout. Read full story
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices continued to march higher on April 6 as oil marketing companies (OMC) hiked prices. So far prices have increased by roughly Rs 10 per litre across major cities in 16 days. Petrol in the National Capital of Delhi currently retails at Rs 105.41 per litre, up 80 paise. Diesel in the city is priced at Rs 96.67, an increase of 80 paise. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.77, respectively. Pieces were hiked for the first time in 4 months, 15 days ago. 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 prices and foreign exchange rates.
“On intraday charts, the Nifty has formed a double top kind of formation which indicates further weakness from the current levels. The index has also formed a bearish candle on daily charts which is broadly negative. However, the medium term texture of the market is still on the positive side. We are of the view that as long as the index is trading below the level of 18050, the correction could continue up to 17850-17750. A fresh uptrend is possible only after the 18050 range breakout and could move up to 18130-18200.”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Reliance Industries, TVS Motor Company: Jio-bp and TVS Motor Company announced that they have agreed to explore the creation of a robust public EV charging infrastructure for electric two-wheelers and three-wheelers in the country.
Tata Steel: Tata Steel India achieved its highest ever annual crude steel production of 19 million tonne, with 13% growth in the financial year ended March 2022 over last year, despite the Covid second wave-related disruption early in the year, the company said on Tuesday.
“Nifty finds support around 17800 while 18400 will act as resistance on the upside. Bank Nifty finds support around 37600 while 38700 will act as resistance.”
~IIFL Securities
“Markets may consolidate after the recent surge and it would be healthy. However, there’ll be no shortage of trading opportunities, thanks to scheduled events like MPC’s monetary policy review meet and the beginning of the earnings season. Participants should focus on the sectors/themes which are playing out well and utilise the pause to accumulate quality stocks on dips.”
~Ajit Mishra, VP – Research, Religare Broking
“Nifty has taken the support from the previous horizontal line and closed above the same which indicates buyers are quite active. However, the momentum indicator MACD in trading with positive crossover on daily charts which indicates upside movement can be seen. Moreover, the index has managed to close above 21& 50-HMA sustained above the same can show northward direction. The Nifty may find support around 17800 levels while on the upside 18150 may act as an immediate hurdle for the index. On the other hand, Bank nifty has support at 37700 levels while resistance at 38700 levels.”
~Palak Kothari, Research Associate, Choice Broking
“Nifty formed a bearish counter attack line on April 5 but the advance decline ratio remained very positive suggesting that the broader market continues to do well. The Nifty also did not breach the highs of the previous day. 18115-17791 could be the band for the Nifty in the near term, but the highs of the current upmove are yet to be registered.”
~Deepak Jasani, Head of Retail Research, HDFC Securities
Oil futures slid on Wednesday, extending losses from the previous day, as a stronger US dollar prompted fresh selling while data showing a build in US crude stocks and Shanghai's extended lockdown fuelled fears of slower demand. Brent crude futures fell 97 cents, or 0.9 percent, to $105.67 a barrel, while US West Texas Intermediate futures were down 98 cents, or 1 per cent, to $100.98 a barrel at. Brent fell 0.8 percent on Tuesday and WTI lost 1.3 per cent.
Asian share markets slipped on Wednesday as investors faced up to the possibility of aggressive monetary tightening by the US Federal Reserve to fight inflation, while focus was also on new Western sanctions against Russia over its invasion of Ukraine. In early trade in Asia, Japan's Nikkei shed 1.5%, while South Korean shares fell 0.8% and Australian shares lost 1.2%. Markets in mainland China were set to reopen after two days of public holidays.
Wall Street's main indexes fell on Tuesday, dragged by weakness in tech and other growth stocks, after comments from US Federal Reserve Governor Lael Brainard spooked investors about potential aggressive actions by the central bank to control inflation. The Dow Jones Industrial Average fell 280.7 points, or 0.8 percent, to 34,641.18, the S&P 500 lost 57.52 points, or 1.26 percent, to 4,525.12 and the Nasdaq Composite dropped 328.39 points, or 2.26 percent, to 14,204.17.
Trends on SGX Nifty indicated a negative start for benchmark indices BSE Sensex and NSE Nifty 50, with a loss of 140.50 points or 0.78 percent. The Nifty futures were trading around 17,880.50 level on the Singaporean Exchange.
Domestic headline indices witnessed profit-booking on Tuesday as Sensex and Nifty closed the day in the red. S&P BSE Sensex was down 435 points or 0.72% at 60,176 while the NSE Nifty 50 was down 96 points or 0.53% at 17,957. India VIX surged higher to finish above 18 levels. Entering Wednesday’s trade, SGX Nifty was down more than 100 points, hinting at a continuation of Yesterday’s downward march. Global cues were also weak after Wall Street indices closed in the red. Investors reacted to the US Treasury yields hitting a multi-year high as US Fed Governor hinted at more hawkish moves.
