Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets ended Monday’s trade in the firm grip of bears amid weak global cues, high inflation worries and underperformance of bank stocks. S&P BSE Sensex tanked 1,172 points or 2.01% to settle at 57,166 while the NSE Nifty 50 index dived 302 points or 1.73% to end at 17,173. Bears forced Bank Nifty to close 1.96% lower along with broader markets. India VIX ended 8% higher, breaching 19 levels. NTPC shares price rose 6.5% as the top Sensex gainer, accompanied by Tata Steel, Maruti Suzuki India, and Titan. Infosys was down 7%, HDFC, HDFC Bank, Tech Mahindra, and TCS followed.
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Domestic stock markets started the week with losses, ending Monday’s trade in the firm grip of bears amid weak global cues, high inflation worries and underperformance of bank stocks. S&P BSE Sensex tanked 1,172 points or 2.01% to settle at 57,166 while the NSE Nifty 50 index dived 302 points or 1.73% to end at 17,173. NTPC shares price rose 6.5% as the top Sensex gainer, accompanied by Tata Steel, Maruti Suzuki India, and Titan. Infosys was down 7%, HDFC, HDFC Bank, Tech Mahindra, and TCS followed. Bears forced Bank Nifty to close 1.96% lower along with broader markets. India VIX ended 8% higher, breaching 19 levels.
Sensex dives 2% or 1,172 points to close the day's trade at 57,166 points. NSE Nifty 50 index fell 302 points or 1.73% to settle at 17,173. Bank Nifty closed at 36,729.
India VIX, the volatility gauge of domestic markets, was up 9% on Monday afternoon ahead of the closing bell. The volatility index has breached 19 levels.
Mukesh Ambani’s Reliance Industries Ltd (RIL) forayed into the new-energy business over a year ago now. Since then the company has been working to set up Giga factories, acquire technology, and partner with industry players. RIL has so far put in (or committed) a total of Rs 109 billion into the new energy vertical for various investments. The new-age business of Reliance Industries is seen as a positive by brokerage firms. Motilal Oswal and Goldman Sachs have recently discussed the new-age energy transition with the former adding the initiative may replicate the success of Jio and Reliance Retail. Analysts have reiterated their bullish views on Reliance Industries' stock price.
State-owned NTPC was the top gaining stock on Sensex. NTPC share price has rallied more than 6% on Monday.
“WPI worsened further to 14.55% in March, being the 12th straight month where the inflation has stayed in double digits. This was the highest month on month WPI increase experienced by the economy since the WPI series began in 2004. The margins of companies across sectors may further face headwinds for at least next 2 quarters, owing to the Russia-Ukraine war as it continues to affect commodity and food prices, fresh set of restrictions if implemented due to the rising COVID cases can again be troublesome for the economy.”
~ Raghvendra Nath, Managing Director – Ladderup Wealth Management Private Limited
Bank Nifty was down 2.5% on Monday as banking stocks took a beating on Dalal Street after HDFC Bank's results. All constituent of the Bank Nifty index were in red with Bank of Baroda, HDFC Bank, and State Bank of India falling the most.
Bears were in control on Dalal Street on Monday as Sensex and Nifty extended their losses. Sensex was down more than 2.5% or 1,400 points while Nifty 50 was down 400 points, nearing the crucial support levels of 17,000.
The wholesale price-based inflation rose to a four-month high of 14.55 per cent in March, mainly due to the hardening of crude oil and commodity prices, even though vegetables witnessed easing of price pressures. As per the government data released on Monday, WPI inflation has remained in double digits for the 12th consecutive month beginning April 2021. The last time such a level of WPI was recorded was in November 2021, when inflation was 14.87 per cent. WPI Inflation in February was at 13.11 per cent, while in March last year, it was 7.89 per cent.
HDFC Bank’s share price tumbled 3.7% on Monday morning as investors reacted to the company’s January-March quarter earnings that were released on Saturday. The stock hit an intraday low of Rs 1,409 per share on the BSE. HDFC Bank, the second-largest lender in the country, reported a 23% year-on-year jump in net profits but the net-interest income was lower than anticipated. Although analysts remain bullish on the bank stock, many have cut target price estimates. HDFC Bank's share price has fallen more than 7% so far this year.
Shares of Infosys tanked 9 per cent in early trade on Monday, wiping out Rs 47,907.7 crore from its market valuation, after the company’s March quarter earnings came in below expectations.The stock tumbled 8.95 per cent to Rs 1,592.05 on the BSE.
At the NSE, it plunged 9.06 per cent to Rs 1,590.The company’s market valuation eroded by Rs 47,907.7 crore to Rs 6,85,277.72 crore on the BSE. “Infosys results came worse-than-expected with rising attrition and weakening margins even though growth prospects appear bright. IT valuations may come under pressure dragging the index down,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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“Having found rejection from 17850 initially, and from the 17600-700 region during the subsequent pullback attempt, the 17350-16800 objectives that we had laid out for the downtrend last week would be in play today. Though conditions are not yet ripe for a vertical bounce back, the 17300-17158 region is likely to bring about consolidation, if not force a brief upswing,” said Anand James – Chief Market Strategist at Geojit Financial Servicess
Only four of the thirty stocks that make up the BSE Sensex were in the green on Monday morning. NTPC was the top gainer up 4.6%, followed by Tata Steel, Mahindra & Mahindra, and Power Grid.
“Nifty sustaining below 17,300 with no major signs of short-covering yet. Next support at 17,000,” said Rahul Sharma, Director & Head – Research, JM Financial.
With the US Federal Reserve now hinting at a faster-than-expected rate hike cycle to tame inflation, global fund managers see risks ahead for stock markets, the latest Bank of America Securities (BofA) survey showed. The April fund manager survey is bearish again with global growth optimism at an all-time low since the survey was started. US inflation hit a staggering 8.5% earlier this week, the highest since 1981, propelling fears of a more hawkish US Federal Reserve. Fund managers expect 7 rate hikes by the US Fed, as compared to 4 that were expected till last month.
“Key companies announcing their quarterly results are Mindtree, Star Housing, Earum Pharmaceuticals, DRC Systems India, Mishtann Foods etc. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500,” said Mohit Nigam, Head – PMS, Hem Securities.
Nifty started last week on a flat note however selling pressure throughout the week led the index to end on a weak note. Nifty closed at 17476 with a loss of 309 points on a weekly basis. On the weekly chart the index has formed a long bearish candle forming lower High-Low compared to the previous week indicating weakness at current levels. The chart pattern suggests that if Nifty crosses and sustains above the 17700 level it would witness buying which would lead the index towards 17900-18100 levels. However, if the index breaks below the 17400 level it would witness selling which would take the index towards 17100-17000. For the week, we expect Nifty to trade in the range of 17800-17200 with mixed bias. The weekly strength indicator RSI is moving upwards and is quoting above its reference line indicating positive bias.
Sensex and Nifty tanked in the pre-open session on Monday morning. Sensex was down 1000 points while Nifty 50 dropped nearly 300 points.
Sensex nose-dived 700 points at the start of the pre-open session on Monday morning. Nifty 50 index was down a mammoth 500 points, nearing 17000.
“Nifty support area is seen at 17300-17350 on closing basis. Higher oil prices to keep Bank Nifty under pressure. Market breadth and Nifty PCROI to remain key for any signs of reversal from current levels,” said Rahul Sharma, Director & Head – Research, JM Financial.
SGX Nifty extended losses ahead of the opening bell to now trade 69 points lower. Global cues and SGX Nifty were suggesting a negative start.
Indiabulls Real Estate Limited, announced that it has successfully completed a capital raise of Rs 8.65 billion (US$ 114 million) at Rs 101.10 per equity share through Qualified Institutional Placement. Trading of these shares will commence today ie April 18, 2022, on NSE and BSE.
“Tracking weakness in other Asian indices, market turbulence may be a theme in today’s trading session as investors at Dalal Street brace to react to the multi-decade print of US CPI which has bolstered the odds of a jumbo rate hike by the Federal Reserve. The street will first react to Infosys earnings announced after market hours on April 13 and HDFC Bank numbers, which were released on April 16. Technically speaking, Nifty’s intraday support is seen only at 17427 mark. The make-or-break for Nifty’s medium term support is seen at the 200-DMA at 17160 mark. Only below 17160 zone, expect a waterfall of selling which could take Nifty down to 16691 mark with inter-month perspective. From a chartist standpoint, the technical landscape will improve considerably only if the index closes above its biggest hurdles at 17927 mark.”
~ Prashanth Tapse, Vice President (Research), Mehta Equities
The broader market indices have taken a breather after five weeks rally. We believe, temporary breather from hereon would make broader market healthy by cooling off overbought conditions. Hence, focus should be on accumulating quality stocks on dip.
Nifty 50, the benchmark index, on the weekly chart has formed a bearish evening star candlestick pattern and has drifted below 17500 levels with a loss of more than one and a half per cent. From the second week of October 21, momentum oscillator RSI (14) is reading in a lower low lower high formation on the weekly time frame indicating a lack of momentum in the current trend.
HDFC Bank: The private sector lender reported a 23% on-year jump in net profit in the January-March quarter. HDFC Bank's loans grew by 20% during the quarter.
Tata Steel: The company has informed the bourses that it will consider a stock split on May 3.
Typically, the fourth quarter is the strongest quarter for the cap goods sector as companies — both public and private — try to finalise orders before the year ends. However, this year, the January-March period was somewhat dull even though the first half of the year saw good traction in fresh orders.
