Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets saw the return of bulls on Wednesday after five days of consecutive selling as headline indices zoomed. Sensex added 574 points or 1.02% to close the day at 57,037 while the NSE Nifty 50 index jumped 177 points or 1.05% to end at 17,136. Bank Nifty ended with marginal losses while broader markets were mixed as smallcap indices closed in the red. Ultratech Cement was the top Sensex gainer, up 3.39%, followed by Maruti Suzuki India and Reliance Industries. Bajaj Finance was the worst-performing Sensex stock, down 3.11%. ICICI Bank, Bajaj Finserv, and ITC followed.
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Domestic equity markets snapped their losing streak and jumped higher on Wednesday. S&P BSE Sensex added 574 points or 1.02% to close the day at 57,037 while the NSE Nifty 50 index jumped 177 points or 1.05% to end at 17,136. Ultratech Cement was the top Sensex gainer, up 3.39%, followed by Maruti Suzuki India and Reliance Industries. Bajaj Finance was the worst-performing Sensex stock, down 3.11%. ICICI Bank, Bajaj Finserv, and ITC followed. Bank Nifty ended with marginal losses while broader markets were mixed as smallcap indices closed in the red.
Sensex added 574 points or 1.02% to close the day at 57,037 while the NSE Nifty 50 index jumped 177 points or 1.05% to end at 17,136. Bank Nifty ended with marginal losses.
Mukesh Ambani’s Reliance Industries Ltd’s (RIL) share price has charted a sharp up-move in recent trading sessions, gaining nearly 7% and closing in on its all-time high. After having risen more than 3% on Tuesday, while benchmark indices tanked, the stock continued its upward trend, rising another 3% on Wednesday to hit a high of Rs 2,730 per share. Analysts believe that Reliance could now take the lead once again and help the benchmark move higher, after having remained largely range-bound since October last year.
Volatility cooled down as domestic markets neared the end of the day's trade. India VIX was down 5.7%, sitting just above the 18 levels.
Bank Nifty index was trading flat with a negative bias on Wednesday afternoon. The Banking index was down as ICICI Bank, SBI, and Axis Bank traded with losses. HDFC Bank was up in the green.
Domestic markets soared higher on Wednesday, attempting to recoup losses suffered yesterday. S&P BSE Sensex was up more than 500 points during the afternoon trade, hovering around 57,000 while Nifty 50 was up 150 points, sitting just above 17,100. Dalal Street has been in a downtrend so far this month as geopolitical worries along with rising inflation concerns weigh on investor sentiment. With earnings season underway, analysts have been advising stock-specific action. Domestic brokerage and research firm Anand Rathi has picked two stocks based on their technical analysis, forecasting a 25-36% upside in the next 3 to 6 months time frame. These include The Ramco Cements and Tata Power.
Mortgage firm HDFC Ltd on Wednesday announced sale of a 10 per cent stake in its private equity arm HDFC Capital Advisors to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for about Rs 184 crore. ADIA is also the primary investor in the alternative investment funds managed by USD 3 billion-HDFC Capital.
Rakesh Jhunjhunwala has trimmed his stake in Steel Authority of India (SAIL) during the January-March quarter to below one per cent, data available with the company’s website showed. Earlier, Rakesh Jhunjhunwala had cut down his stake in the company from 1.76 per cent (7.25 crore equity shares) to 1.09 per cent (4.50 crore equity shares) at the end of December 2021. However, Rakesh Jhunjhunwala’s name didn’t appear in the list released by the company for January-March quarter, per the latest filing for shareholding. Companies don’t need to report the names of shareholders holding less than one per cent stake in the company. Read full story
Ultratech Cement was the top Sensex gainer, up 3.6%, followed by Asian Paints, Bharti Airtel, and Reliance Industries.
“The 16800 downside objective that has been in discussion since last week, finally arrived yesterday, with conditions still conducive for an extension in downtrend aiming at 16370. The swift swing back from 16826 in the closing minutes could encourage a higher opening today, may not be enough to inspire a vertical rise though. With VIX on the rise, expect the 17050-180 congestion region to stall the first advance,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Wednesday, following global trends. On MCX, gold June futures were trading Rs 304 or 0.6 per cent down at Rs 52,445 per 10 gram as against the previous close of Rs 52,749. Silver May futures were down by Rs 545 or 0.8 per cent to Rs 68,225 per kg on Multi Commodity Exchange. Globally, yellow metal prices eased following a sharp drop in the previous session, as elevated U.S. Treasury yields continued to pull investors away from zero-yield bullion. Read full story
On the domestic front, corporate flows and RBI selling had mainly contended the momentum for the rupee in the past two days despite eroding global factors. However, the sell-off in domestic equities had bought the pressure on the rupee to close to 76.50. Today, the Indian rupee is likely to open near 76.45 and trade in the range of 76.25 – 76.70. Overall, the fundamental factors continue to be against the rupee, with the global growth concerns, rising inflation, hawkish Fed, ongoing political woes, FII outflows etc. On the flip side, we only have RBI acting as a saviour and intervening whenever necessary. Today, the RBI intervention above 76.50 will be closely watched to understand the central bank's comfort on the upside. On the downside, we expect 76.10 to be the critical level for the USDINR pair. We expect the USDINR pair to trade in the range of 76.0- 77.00 in the short term.
~ Amit Pabari, CR Forex Advisors, MD
On the domestic front, corporate flows and RBI selling had mainly contended the momentum for the rupee in the past two days despite eroding global factors. However, the sell-off in domestic equities had bought the pressure on the rupee to close to 76.50. Today, the Indian rupee is likely to open near 76.45 and trade in the range of 76.25 – 76.70. Overall, the fundamental factors continue to be against the rupee, with the global growth concerns, rising inflation, hawkish Fed, ongoing political woes, FII outflows etc. On the flip side, we only have RBI acting as a saviour and intervening whenever necessary. Today, the RBI intervention above 76.50 will be closely watched to understand the central bank's comfort on the upside. On the downside, we expect 76.10 to be the critical level for the USDINR pair. We expect the USDINR pair to trade in the range of 76.0- 77.00 in the short term.
~ Amit Pabari, CR Forex Advisors, MD
Larsen & Toubro Infotech share price fell 4% on Wednesday morning, a day after the company reported a weak set of quarterly earnings that disappointed investors. L&T Infotech reported a net profit of Rs 637.5 crore, up 16.8% from the same period last year. The company also announced a dividend of Rs 30 per equity share of face value Re 1. Analysts have downgraded the share, trimmed target prices, and are advising investors to sell L&T Infotech shares after the company’s dismal quarterly earnings. The stock price was trading at Rs 5,230 per share on Wednesday. It is down 23% so far in 2022.
Larsen & Toubro Infotech share price fell 4% on Wednesday morning, a day after the company reported a weak set of quarterly earnings that disappointed investors. L&T Infotech reported a net profit of Rs 637.5 crore, up 16.8% from the same period last year. The company also announced a dividend of Rs 30 per equity share of face value Re 1. Analysts have downgraded the share, trimmed target prices, and are advising investors to sell L&T Infotech shares after the company’s dismal quarterly earnings. The stock price was trading at Rs 5,230 per share on Wednesday. It is down 23% so far in 2022.
Campus Activewear’s initial public offering will open next week on 26 April and close on 28 April. The public issue of sports and athleisure footwear company comprises an entire offer for sale of up to 4.79 crore shares by its existing shareholders and promoters. The OFS comprises up to 80 lakh shares by Hari Krishna Agarwal, up to 45 lakh shares by Nikhil Aggarwal, 2.91 crore shares by TPG Growth III SF Pte Ltd, 60.5 lakh shares by QRG Enterprises Ltd, 1 lakh equity shares by Rajiv Goel, and 2 lakh shares by Rajesh Kumar Gupta. Read full story
“The dominant near-term feature of this market is the massive FII selling. In a context devoid of positive news, this massive delivery based selling, particularly in bluechips, is dragging the market down. An important point to note is that yesterday the market collapse happened in the last hour. This indicates ETF selling. There is a clear see-saw battle between the pessimistic FIIs and the optimistic DIIs. Who will ultimately win this battle only time can tell,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The US markets ended higher on Tuesday on the back of stronger-than-expected corporate earnings. Asian markets are trading mostly in green on Wednesday as China defied expectations by keeping its benchmark lending rate unchanged.
Key companies announcing their quarterly results are angel one, ICICI securities, Tata elxsi etc. Crucial support for Nifty 50 is 16,900 while Nifty may face some resistance at 17,200.
~ Mohit Nigam, Head – PMS, Hem Securities
Sensex and Nifty rose on Wednesday's opening bell. Sensex was up 250 points while NSE Nifty 50 jumped to regain 17000. Bank Nifty was down with losses.
We are of the view that the short term formation is weak but oversold. For the traders now, 17050/56800 would be the immediate hurdle, below the same correction wave will persist till 16800-16700. On the flip side, a fresh pullback rally is possible only after 17050/56800. Above the same it could retest the level of 17100-17150/57000-57200. Short-term traders should remain cautious and be very selective as there is a risk of getting trapped at lower levels. Read full story
Sensex was sitting in the green in the pre-open session on Wednesday. Nifty was still shy of 17000.
“Taking hint from a sharp upsurge in SGX Nifty and overnight rally in US indices, domestic markets may lap up gains in today's early trades. However, the biggest negative catalyst is that the IMF has slashed India's FY23 GDP growth forecast to 8.2%. Also, if the last 5-days bearish trading action at Dalal Street is any indication then market turbulence may again be a theme in today’s trading session on backdrop of headwinds like surging inflation, recession fears, growth concerns, FIIs selling, subdued start to fourth-quarter earnings, and the 10-year U.S Treasury yield touching 2.93%,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
Domestic equity benchmarks BSE Sensex and Nifty 50 were staring at a negative start on Wednesday, one day before weekly F&O expiry. Nifty futures were trading 87.50 points or 0.52 per cent up at 17,017.50 on Singaporean Exchange. Analysts say that intensifying war between Ukraine and Russia has once dampened the sentiments which coupled with rising inflation, bond yield and dollar index, has put investors on edge. “With Nifty breaking below an important 17000 mark, weakness could continue towards 16600 zones, while hurdle exists at 17150 and 17250 levels. Till the global situation does not stabilize we recommend selective approach in the market,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
“If we defend 16825 today/tomorrow we should most likely see a decent bounce back in Nifty. For the day, don’t chase the gap-up, look to buy on dips. Positive US Markets and pull back in oil should help,” said Rahul Sharma, Director & Head – Research, JM Financial.
For the fourteenth day running, petrol and diesel prices were left untouched by oil marketing companies (OMC) on April 20. Prices have been steady for two weeks now after OMCs hiked prices by nearly Rs 10 per litre across major cities. Petrol in the National Capital of Delhi currently retails at Rs 105.41 per litre, after the last hike of 80 paise that came more than a week ago. 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. 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.
“However, sudden sell-off perplexed market participants at the end as Nifty made a low of 16825 in a flash. Now, whether it was a panic selling towards the end this sell-off will lead to more nervousness needs to be seen in the follow-up move in the coming session. Today’s low of 16840 coincides with the ‘200 EMA’ on the daily chart and 50% retracement level of the previous up move. If the index breaches this support, then we could see the index extend its correction towards 61.8% retracement level which is placed around 16600. On the flipside, 17250-17300 will now be seen as an immediate hurdle that needs to be surpassed for any strength to regain. Looking at the near term volatility, traders should avoid aggressive positions and look for stock-specific opportunities on both the sides of the trade,” said Ruchit Jain, Lead Research, 5paisa.com.
“Intensifying war between Ukraine and Russia has once dampened the sentiments which coupled with rising inflation, Bond yield and Dollar index, has put investors on edge. Weak earnings season so far too led to selling pressure in the market. With Nifty breaking below an important 17000 mark, weakness could continue towards 16600 zones, while hurdle exists at 17150 and 17250 levels. Till the global situation does not stabilize we recommend selective approach in the market,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
SGX Nifty was in the green ahead of Wednesday's trade. Global cues were, however, mixed with Japanese stock markets gaining, while Chinese and South Korean stocks fell.
Describing the Indian economy’s recovery from the COVID-19 pandemic as ‘distinct’ and ‘pronounced’, Finance Minister Nirmala Sitharaman on Monday exuded confidence about India posting robust economic growth this decade.Read full story
The International Monetary Fund (IMF) on Tuesday scaled down its FY23 growth forecast for India by 80 basis points (bps) from its January projection to 8.2%, as it underscored the ripple effect of the Russia-Ukraine crisis on net oil importers and their aggregate demand.
