Share Market News Today | Sensex, Nifty, Share Prices : Domestic equity market indices closed in red on Wednesday on the day of weekly F&O expiry. BSE Sensex closed 237 points lower at 58,338.93 level. Nifty 50 closed 54 points lower at 17,475 level. BSE Sensex opened at over 300 points higher however the markets reversed course in the second half of the day. The top performers on BSE Sensex were ITC, Sun Pharmaceutical Industries and State Bank of India. The top losers on the benchmark index were Housing Development Finance Corporation, HDFC Bank and Maruti Suzuki India. India VIX, the volatility gauge, fell 2.05 per cent to 17.79 points.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
“Traders must refrain from building a fresh buying position: CapitalviaTechnical indicator suggests, a volatile movement in the market. As such we retain our cautious stance and advise the traders to refrain from building a fresh buying position, until we see further decisive movement in the market.,” according to Vijay Dhanotiya, Lead of Technical Research, Capitalvia Global Research Ltd.
“We witnessed some correction after a positive start in the market and an attempt to sustain above the key support levels near 17400-17450. We expect the 17400-17450 level to act as a support zone from the short-term perspective,” according to Vijay Dhanotiya, Lead of Technical Research, Capitalvia Global Research Ltd.
Royal Orchid Hotels shares zoomed 10 per cent. Lemon Tree Hotels and Taj GVK soared nearly 5 per cent each. Others like, EIH, Chalet Hotels and, Asian Hotels and Indian Hotels were also in demand.
The board of directors at Hindustan Unilever Limited (HUL) is expected to meet on April 27 to consider the audited standalone and consolidated financial results for the quarter and year ended March 31, 2022, along with the Audit Report for the corresponding period.
Despite being down deep in red so far in 2022 ARK Investment’s Cathie Wood remains confident that her innovation-focused ETF ARKK will perform better going ahead, expecting a 50% compound annual rate of return over the next five years. Talking to CNBC, the much-debated stock picker said that her investors understand that the firm ARK Investment may be staring at “very big exponential growth opportunities”. Cathie Wood’s ETFs are down with losses so far in 2022, falling 8-25%. Cathie Wood enjoys a loyal fanbase despite the recent weak performance of her ETFs. The ARK CEO said that this year as well ARK Investment is seeing net inflows into its funds.
Infosys share price rose 1 per cent in the early trade on Wednesday (13 April) ahead of the company’s fourth quarter results scheduled to be announced later today. The IT major is expected to post a 15-20 per cent rise in consolidated profit after tax and a 24 per cent growth in consolidated revenue in the quarter ended March. Margins are likely to expand aided by higher off shoring and favourable currency mix, said experts. Additionally, new deal ramp up, employee addition and visibility will remain the key factors going ahead. The stock was last quoting at Rs 1,748, up 0.35 per cent on the National Stock Exchange (NSE). The share is currently trading 10.32 per cent below its 52-week high of Rs 1,953.70, touched on 17 January.
“US March inflation stood at a four decade high. In India too, March 2022 CPI inflation surged to 6.95%. Persistence of high commodity prices amid supply-chain disruptions and resurgence in Covid cases globally will likely weigh on the inflation trajectory. Factors like volatility in commodity prices, Q4FY22 results coupled with management commentary, persistent high inflation, rising bond yields and Central Bank measures on rate hikes will weigh on market sentiments in the near term,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd said.
“Domestic equity markets witnessed some profit booking in a curtailed trading week. The broader indices were down between 1-2% with most sectors giving negative return this week. Amongst sectoral index – the decline was relatively more in BSE IT, BSE Capital Goods and BSE Metals. Market participants are likely cautious given sustained high inflation and tightening monetary policy globally,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd said.
India's trade deficit widened to $9.91 billion in March this year, in comparison to trade deficit of $5.11 billion in March FY 2021. Merchandise exports rose nearly 20 percent while services exports rose over 4.5% in the month of March. In terms of imports, merchandise imports jumped over 21% while services imports rose over 7% in March.
“Supply chain constraints have time and again hurt the production process across the sectors since COVID. Food which amounts to almost fifty per cent of the inflation basket has been one of the victims of the ongoing war, as global grain production got disrupted. Even the prices for edible oil prices and fertilizers contributed to rise in CPI figures for the month to 6.95%. RBI has already addressed the inflation fears and have prioritized tackling inflation over supporting economic growth going forward,” said Raghvendra Nath, Managing Director – Ladderup Wealth Management.
No stock hit fresh 52-week high or low so far in the trade on S&P BSE Sensex. In the noon deals, a total of 162 stocks rose to their new 52-week high levels on Wednesday on BSE Sensex such as Anand Rathi Wealth, HAL, Cantabil Retail and Veranda Learning Solutions.
In midday trading, BSE Sensex was hovering around 58,400 levels while Nifty 50 was below 17,500 levels once again. On BSE Sensex, stocks of Sun Pharmaceutical Industries, Infosys, Bajaj Finance and NTPC were among the top gainers, while HDFC Bank, Titan Company and Asian Paints were among the top losers on the benchmark index.
Indian equity markets started Wednesday’s session with nominal gains despite retail inflation jumping to a 17-month high of 6.95 per cent in March from 6.07 percent in February. After trading in green for a while, indices erased morning gains and were mostly trading flat.
High inflation could push the Reserve Bank of India to raise policy interest rates in the upcoming June meeting by as much as 50 basis points, economists said. Consumer Price Index inflation breached the RBI’s upper threshold of 6 per cent for the third time this year.
Sectoral indices such as Nifty Bank, Nifty FMCG, Nifty Realty, and Nifty Metal were up. While Nifty Pharma, Nifty IT, and Nifty Consumer Durables were down on Wednesday. Nifty Bank was up 0.14% at 37,798.70 points.
Mutual fund managers were on a shopping spree in the month of March, deploying Rs 222 billion, taking their total buying to Rs 1.6 trillion in the previous financial year. Top of their shopping list in March were banking and finance sector stocks such as Kotak Mahindra Bank, Housing Development Finance Corporation, along with ONGC, Reliance Industries, and Maruti Suzuki India. On the other hand, mutual funds were seen trimming their stake in FMCG major ITC accompanied by Hindalco Industries, Bharti Airtel, and TCS. During the month of March, Sensex and Nifty rebounded from lows, soaring nearly 4% each. Bank Nifty closed with marginal gains.
India Vix, the benchmark index to gauge volatility, is down over 3.5 per cent near 17.50 levels.
On BSE Sensex, Bharti Airtel, Mahindra & Mahindra and NTPC stocks were among the top gainers, while the stocks of Dr Reddy's Laboratories, and Asian Paints were among the top losers on the benchmark index.
Domestic equity market indices reversed course and were weak in early trading Wednesday after opening over 300 points up, as March inflation spiked to a 17-month high level. BSE Sensex was flat and was hovering around 58,600 levels while Nifty 50 was marginally up at 17,550 level.
Domestic benchmark indices Sensex, Nifty were flat in early trade on Wednesday. BSE Sensex was flat at 58,643.5 points in am trade, up 0.1% while Nifty 50 was up over 30 points at 17,560 levels.
“This is the third month in a row that inflation has remained beyond the upper limit of the Reserve Bank of India's intended range. Prices of veggies and a variety of other food items have skyrocketed in recent weeks. In the last month, the prices of petrol and diesel have both risen by roughly Rs 10 per litre. Agriculture, metals, and banks, particularly Kotak, ICICI, and Axis Bank, are all on the rise. NBFCs are moving up alongside private banks. Normally, as inflation rises, the RBI raises interest rates to contain it. However, on the micro level, there is a lot of liquidity in the economy and easy funds to do business which are sporting the equity market.”
~Rohit Gadia, Founder at CapitalVia Global Research
Hariom Pipe Industries shares listed at a stellar premium to the IPO price on Wednesday while domestic markets soared higher. Shares of the company began trading at Rs 220 per share on the NSE, up 43.79% from the upper end of the IPO price of Rs 153 per share. Hariom Pipe had a market capitalisation of Rs 545 crore on its market debut. The IPO of the company was oversubscribed by all pockets of investors earlier this month. Retail investors subscribed to the issue in the largest numbers. Sensex and Nifty were trading with gains, up more than 0.50% each, attempting to reverse their bearish momentum.
The domestic equities are trading slightly under pressure as FIIs have sold almost Rs. 7,800 crore worth of stocks and bonds over the last 3 sessions. As today is the last working day of the week for the Indian traders, they would surely carry a lesser risk for their exposures and hence importers could rush to cover their short-term payables. On another side, exporters are advised to convert their inward remittances on a 'Spot basis' to avoid higher Cash/Spot charges. The risk over the next 4 days could be heightening war tension as Russia is suspected to test chemical weapons, ECB policy, wild move in US yields & DXY, and reversal in oil prices. Overall, the bias for the pair remains slightly bullish upto 76.40-50 levels in the near term. The immediate support lies at 75.80 and further at 75.30 levels. Amit Pabari, managing director, CR Forex Advisors
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat on Wednesday, mirroring the global developments. On Multi Commodity Exchange, gold June futures were ruling Rs 18 down at 52,860 per 10 gram, as against the previous close of Rs 52,878. Silver May futures were trading Rs 147 up at Rs 68,937 per kg on MCX. Globally, yellow metal prices were flat after gaining as much as 1% in the last session, as Treasury yields eased after U.S. inflation data and concerns over Ukraine conflict supported safe-haven bids, while a firm dollar capped bullion’s gains. Read full story
All major sectoral indices such as Nifty Bank, Nifty FMCG, Nifty Metal and Nifty Realty were up in early trading on Wednesday. Nifty Bank was up 0.40 per cent at 37,898 level while Nifty FMCG was up 0.92 per cent at 38,280.05.
The gauge of volatility is market, India Vix was at 17.30 levels, down 4.7 per cent in early trading Wednesday.
The Indian rupee is expected to depreciate on Wednesday on the back of firm dollar and weak global market sentiments. “Market sentiments are hurt as elevated inflation in US kept aggressive monetary tightening bets alive. Additionally, disappointing economic data from India and surge in crude oil prices will hurt the rupee. US$INR (April) is expected to trade in a range of 76.00-76.45,” said ICICI Direct. The local unit fell 23 paise to close at 76.14 (provisional) against the US dollar on Tuesday, tracking a strong American currency in the overseas market and a negative trend in domestic equities.
On BSE Sensex, Tata Steel, Bajaj Finance and Bharti Airtel were among the top gainer stocks, while the stocks of Dr Reddy's Laboratories, Titan Company and Asian Paints were among top losers on the benchmark index.
Domestic equity market indices opened in green on Wednesday despite March inflation spiking to a 17-month high level. BSE Sensex opened at 58,910.74 points, up over 300 points from last session, while Nifty 50 opened at 17,599.90 points, up nearly 70 points.
This F&O expiry week is a holiday-shortened week, as markets would remain closed on 14 April on account of Ambedkar Jayanti and Mahavir Jayanti. Hence, weekly futures and options will expire on Wednesday, 13th April 2022, instead of Thursday. Weekly futures and options contracts expire every week on Thursday, as a fixed standard expiry day for the stock markets. However, if any Thursday is a trading holiday, where the stock market remains closed, then the previous day or the Wednesday is considered the expiry day. Stock markets usually witness high volatility as the expiry day marks the closure of F&O contracts. Read full story
Asian shares rose on Wednesday boosted by US inflation figures that fared better than markets’ worst expectations – and caused U.S. yields to pause their march higher – though Chinese shares remained pressured by COVID-19.
We are of the view that, the broader market texture is still on the weak side and fresh uptrend rally is possible only after 17620/58800 breakout. Below the same we could see further weakness till 17400-17350/58200-58000. On the flip side, if the index succeeds to trade 17620/58800 then it will move up to 17700/59100 and 17800/59400. The market texture is volatile hence level based trading would be the ideal strategy for the traders. Read full story
“Stock selection is likely to become more important as investors need to distinguish which companies are most impacted by rising costs, and which have the pricing power to pass those higher costs through to consumers and maintain their profit margins. Focus will also be on Infosys' Q4 results which will be the biggest catalyst for the day. The street will spy with one big eye on the management commentary —— primarily on future outlook, attrition rates, and deal momentum,” Prashanth Tapse, Vice President (Research), Mehta Equities Ltd said.
“Key domestic benchmark indices may log gains in early trades, tracking upmove in other Asian gauges but volatility would continue amid uncertainty due to rising inflation levels, US bond yields and fresh surge in oil prices. Market turbulence may be a theme in today’s trading session as Dalal Street heads for a long weekend,” Prashanth Tapse, Vice President (Research), Mehta Equities Ltd said.
Wall Street turned rally to sell-off on Tuesday, reversing earlier gains as impending monetary tightening from the Federal Reserve once again pulled growth stocks back into red territory. On Tuesday, stock market indices were down – Dow 0.26%, S&P 0.34%, and Nasdaq 0.30%.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices remained unchanged by oil marketing companies (OMC) on 13 April, for seventh straight day. Both petrol and diesel rates were hiked by 80 paise a litre each, taking the total increase in rates in the last two weeks to Rs 10 per litre last Wednesday. Petrol in the National Capital of Delhi currently retails at Rs 105.41 per litre, after last hike of 80 paise that came last Wednesday. Diesel in the city is priced at Rs 96.67. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.77, respectively.
Brokerage Credit Suisse has cut target price for the stock of IT consultancy TCS to Rs 4,350 apiece from Rs 4,600 a piece earlier. It has however maintained an Outperform rating. “We cut FY23E/FY24E EPS by 3-4% and introduce FY25E EPS of Rs 155. and we cut our TP to Rs 4,350 (from Rs 4,600) as we reduce TCS’ 12M forward P/E multiple to 30x from 33x earlier and roll forward our valuation to June-24 end. We reiterate our positive view on TCS,” the brokerage said.
Hariom Pipe Industries: Hariom Pipe Industries is all set to make it stock market debut on bourses on Wednesday. The company raised Rs 130 crore through IPO, which opened between March 30-April 5, at a price band of Rs 144-153 apiece.
Infosys: BSE-listed companies such as Infosys, Den Networks, and Lesha Industries will release their Q4 quarterly earnings today. Read full story
“With the MPC having signalled an imminent stance change, the rate hike cycle may begin as early as June 2022, if the next CPI inflation print doesn’t significantly cool off from the March 2022 level. We now expect to see 50-75 bps of rate hikes by the end of Q2 FY2023, followed by a pause in H2 FY2023, and perhaps another 50 bps of hikes in FY2024,” ICRA's Aditi Nayar said.
Indian equity markets are likely to open gap-down on Wednesday as as early trends on the SGX Nifty indicate a negative opening for Indian benchmark Indices BSE Sensex and NSE Nifty 50. “Today, markets will react to CPI inflation data which released in India and US post market hours yesterday. Also, the ECB’s policy outcome would have a bearing on the global market. The earning season has kicked in and we expect overall good performance from the companies. Given government reforms and strong economic recovery, the long term trend of the equity market remains positive though there might be hiccups in between,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. Here are key things to know before today’s market opening bell,
“Nifty after falling gap down has formed a hammer like pattern after a fall, suggesting possibility of an upward reversal. Advance decline ratio fell to much below 1:1 suggesting broad based profit taking in the markets. Nifty could remain in the 17405-17651 band in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
SGX Nifty was trading flat on Wednesday morning, suggesting a tepid opening for Dalal Street.
Costlier food items pushed the retail inflation to a 17-month high of 6.95% in March, much above the upper tolerance level of the Reserve Bank of India (RBI) and well beyond analysts’ expectations, according to government data released on Tuesday.
