Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bears returned to Dalal Street on Friday amid weak global cues, forcing headline indices to close with losses. Sensex nosedived 714 or 1.23% to close at 57,197 while the NSE Nifty 50 index tanked 1.27% to settle at 17,171. Bank Nifty was down 2% at the end of the day’s trade while India VIX rose 2.8% to close above 18 levels. Mahindra & Mahindra was the top gainer on Sensex, up 0.84%, followed by Bharti Airtel, ITC, and HCL Technologies. State Bank of India was the worst-performing stock, falling 3.2%, accompanied by HUL, and IndusInd Bank.
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Bears returned to Dalal Street on Friday amid weak global cues, forcing headline indices to close with losses. Sensex nosedived 714 or 1.23% to close at 57,197 while the NSE Nifty 50 index tanked 1.27% to settle at 17,171. Mahindra & Mahindra was the top gainer on Sensex, up 0.84%, followed by Bharti Airtel, ITC, and HCL Technologies. State Bank of India was the worst-performing stock, falling 3.2%, accompanied by HUL, and IndusInd Bank. Bank Nifty was down 2% at the end of the day's trade while India VIX rose 2.8% to close above 18 levels.
Sensex tanked 714 or 1.23% to close at 57,197 on Friday. Nifty fell 1.27% to settle at 17,171. Bank Nifty dived 2%.
State Bank of India's share price was down more than 3% to trade as the worst-perfomring Sensex stock on Friday.
Adani Ports and Special Economic Zones (APSEZ) on Friday said its subsidiary Adani Harbour Services has entered into a definitive agreement to acquire leading third-party marine services provider Ocean Sparkle Ltd (OSL). Commenting on the development, APSEZ CEO and Whole-time Director Karan Adani said given the synergies of OSL and the Adani Harbour Services Ltd (TAHSL), the consolidated business is likely to double in five years with improved margins, thereby creating significant value for APSEZ’s shareholders.
“Bank Nifty is witnessing continued selling pressure today. With ICICI BANK results tomorrow advise going light or hedge for any possible downside risk. Bias remains bearish below 36,500,” said Rahul Sharma, Director & Head – Research, JM Financial.
Sensex was down more than 700 points with less than an hour left before the day's closing bell. The index was down 1.2%, hovering around 57,200. Nifty gave up 17200.
Sensex and Nifty were down with losses on Friday. Benchmark indices trimmed their losses earlier in the day but nearing the closing hour of trade, Sensex and Nifty were close to intraday lows.
YES Securities, the wholly-owned Investment Banking, Merchant Banking, Wealth Broking & Investment Advisory subsidiary of Yes Bank, has been assigned a short-term 'A1' rating by Care Ratings for its Rs 100 crore commercial paper programme. The CARE A1 rating signifies the issuer offers adequate degree of safety regarding timely servicing of financial obligations and carries low credit risk.
The proposed rupee-rouble trade arrangement, which will be a shift away from US dollar dominated trade, may open the door for the Reserve Bank of India to seize the opportunity and establish dominance in the changing world order as an alternate payment and settlement mechanism system. Following the footsteps of Russia and China, India’s central bank may also look at improving its indigenous payment system and offer an alternative to its trading partners, SBI Research said in a note.
Finance Minister Nirmala Sitharaman on Thursday met CEOs of large American firms like FedEx and Mastercard and discussed various opportunities for investment in India as the country is poised to be the fastest-growing large economy in the world.
We expect near term margin pressure to sustain given inflation in Coffee, Palm oil, Milk and SMP. We factor in EBIDTA margin decline of 140bps in CY22 (40bps over CY21-23) as scale efficiencies, mix and pricing actions won’t be able to neutralize 10-year high inflation. We estimate 12.4% PAT CAGR over CY21-23. We expect back ended returns given near term margin pressures and rich valuations of 62.3x CY23 EPS. We maintain Accumulate with a TP of Rs 19,426 on DCF basis (Rs19,626 earlier).
~ Prabhudas Lilladher
HCL Technologies was the top Sensex gainer on Friday, up 2.2%, followed by Maruti Suzuki India, Bajaj Finance, and Bharti Airtel.
Domestic stock markets were down in the red on Friday, pushed lower amid weak global cues. S&P BSE Sensex opened more than 500 points lower but a few hours in, the index was seen trimming losses. Sensex was sitting above 57,600 while the NSE Nifty 50 was comfortably near the 17,300 mark. Bank Nifty was down with losses, falling more than 1% on Friday while India VIX was up, regaining 17 levels once again. Amid this, as many as 138 stocks on the BSE hit fresh 52-week highs while only 9 stocks hit new lows. On the other hand, 57 stocks on the NSE were seen trading at fresh 52-week high values.
Gold prices are consolidating and has so far ignored hawkish comments from Federal Reserve Chair Jerome Powell. Market came back into its tight trading range after touching $2000 at the start of the week. But strong US Treasury yield which is inching towards 3% is creating headwinds for gold. Powell said that a half-point interest rate increase will be “on the table” when the Fed meets in May, adding it would be appropriate to “be moving a little more quickly”. This is negative for gold but the market remains unfazed by the comment as participants have already factored 50 bps rate hike in May. Read full story
We expect, 17500 to act as stiff resistance in the coming sessions. Hence, use pullback towards 17330-17366 for creating short position for the target of 17243 Going ahead 17500 remains a crucial hurdle for Nifty. Meanwhile, a base formation in the 16800-17500 range with positive bias, is expected to continue amid stock specific action as markets price in Q4FY22 earnings. Thus, dips should be considered to accumulate quality companies in a staggered manner.
~ ICICI Direct
“Nifty sustaining above support of 17,190 is good for the setup however call writing witnessed at 17,300 & 17,400 means upside will be capped. Range bound movement expected,” said Rahul Sharma, Director & Head – Research, JM Financial.
HCL Technologies share price jumped nearly 3 per cent to Rs 1,135 apiece on BSE in Friday’s trade, after the IT major posted a 226 per cent growth in its consolidated profit after tax (PAT) at Rs 3,593 crore in Q4. The company posted a net profit of Rs 1,102 crore in the corresponding quarter of previous year. HCL Technologies has also declared an interim dividend of Rs 18 per equity share of Rs 2 each with a record date of 29 April 2022. The said dividend will be paid on 11 May 2022. At least four research and brokerage firms see up to 27 per cent potential upside in HCL Tech stock price. Read full story
“This excessively volatile market without any clear direction is being influenced on a daily basis by two factors- one, external and two, internal. The external factor is the erratic movement in the mother market US where the S&P 500 and Nasdaq go up by around 2 % one day and go down by around 2 % the next day. The internal factor influencing the market is the see-saw tussle between FIIs and DIIs. Both these external and internal factors are erratic now and that's why the market is volatile without any direction. Yesterday's comment by the Fed chief that a 50 bp rate hike is possible in May' and that ' control of inflation has become absolutely essential' has pushed the 10-year bond yield above 2.9% and consequently impacted equity markets. But this impact, too, is likely to be temporary since the market has already discounted this known hawkishness of the Fed. What investors should do in this time of high uncertainty is to buy high-quality stocks on steep market corrections and wait with patience,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
As much as $485 million inflows could be coming towards five domestic stocks if they end up getting added to the MSCI (Morgan Stanley Capital International) indices in the upcoming Semi-Annual Index Review, analysts at Emkay Global said. In a recent report, Emkay Global said that Bank of Baroda, Tata Elxsi, NMDC, Adani Power, and AU Small Finance Bank could end up getting included in the MSCI India Standard Index. MSCI, the global index provider, rebalances its indices semi-annually and quarterly. The semi-annual index review is expected to be announced in the first half of May this year. Changes made in this review by MSCI will be effective from June.
Structurally, the index has undergone healthy retracement as it rebounded after retracing 50% of the entire March 2022 up move coincided with 200 days EMA placed at 16850. The formation of higher trough on the weekly chart signifies elevated buying demand that makes us confident to revise support base at 16800.
~ ICICI Direct
Rainbow Children’s Medicare’s Rs 1,580.80 crore IPO, which opens 27 April, has set the price band at Rs Rs 516-542 per share of face value of Rs 10 each. The subscription for anchor investors will open one day prior to IPO opening date. The public issue will close for subscription on 29 April. Rainbow Children’s Medicare is likely to list on stock exchanges on 10 May 2022. Read full story
“The US markets sharply lower on Thursday after the US Federal Reserve chief, Jerome Powell, suggested that the central bank would move aggressively to curb inflation and a 50 basis points rate hike was seen on the table in May 2022. Asian markets are trading mostly in red on Friday following overnight losses on Wall Street. Key companies announcing their quarterly results are Hind zinc, MMTC, Tata metallicks etc. Crucial support for Nifty 50 is 17,100 while Nifty may face some resistance at 17,400,” said Mohit Nigam, Head – PMS, Hem Securities.
Sensex tanked more than 500 points or nearly 1% on Friday morning, hovering around 57,300 levels while the NSE NIfty 50 index was just above 17,200. Bank Nifty was down 1% while India VIX regained 18 levels.
Sensex was down more than 450 points during Friday's pre-open session while Nifty 50 was holding above 17250.
“The short term trend of Nifty continues to be positive. A sustainable move above the immediate resistance of 17450-17500 levels could open the next upside levels of around 17800-18000 levels in the near term. Immediate support is placed at 17250.”
~ HDFC Securities
Sensex and Nifty 50 were down in the red on Friday morning's pre-open session amid weak global cues.
“On the domestic front, equities were seen recovering for the second consecutive day yesterday, but FIIs remained a net seller and in total, they have sold more than Rs. 15,000 worth of stocks and bonds in April. The other fundamentals are gloomy and doomy for the Rupee but RBI's war chest of reserves has been a key point to consider for a steady move. Broadly, the pair is likely to trade into a consolidation phase of 75.70 to 76.70 with a mixed bias,” said MD-Amit Pabari, CR Forex Advisors.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol prices have been left untouched for the sixteenth day running by oil marketing companies (OMC) on April 22. Prices have been steady for more than 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.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative opening on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling at 17206.50, down 200.50 points or 1.15 per cent. On the day of weekly F&O expiry, S&P BSE Sensex zoomed 874 points or 1.53% to close the day at 57,911 while the NSE Nifty 50 added 256 points or 1.49% to end at 17,392. US Federal Reserve chairman Jerome Powell said a half-point interest rate increase will be on the table when the U.S. central bank meets on May 3-4 to approve the next in what is expected to be a series of rate increases this year. Read full story
“Put writer support at 17300 and technical support at 17190 will be crucial to watch in first hour of trade. If sustained we can see a bounce back. A close above 17300 today should bode well for bulls in next week,” said Rahul Sharma, Director & Head – Research, JM Financial.
Post an extended weekend; our markets started trading with a gap down due to negative opening by Infosys and HDFC Bank post their results. The index recovered marginally from the lows and attempted to recover in Tuesday’s session. However, we witnessed a sharp sell-off in the last hour on Tuesday and Nifty not only breached the 17000 mark but also went on to mark a low tad above 16800. In Tuesday’s session, although FIIs were aggressive sellers in the cash segment, surprisingly bought index futures on that day.
Nifty finds support around 17150 while 17500 will act as resistance on the upside. Bank Nifty finds support at around 36000 while 37200 will act as resistance.
~ IIFL Securities
“Nifty has surpassed and holding well above its crucial level of 17,350 indicating bulls are taking charge. Now it has to continue to hold above this levels, for an up move towards 17500 and 17777 whereas support shifts higher to 17250 and 17100 zones. Also, India VIX is down below 18 zones which is comforting the bulls and needs to sustain at lower levels for market stability. However, outcome of French Presidential election, developments in Ukraine, fears of a sharp economic slowdown in China and higher oil prices can keep the markets volatile globally. Stock specific approach should be adopted to play the market momentum,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
US Federal Reserve Chairman Jerome Powell on Thursday suggested the U.S. central bank would move aggressively to curb inflation. Powell said that a half-point interest rate increase will be “on the table” when the Fed meets in May, adding it would be appropriate to “be moving a little more quickly”, Reuters reported.
Global cues were weak after NASDAQ, Dow Jones, and the S&P 500 closed with losses on Wall Street. Shanghai Composite, Hang Seng, Nikkei 225, TOPIX, KOSPI, and KOSDAQ were all down in the red.
SGX Nifty was deep in red on Friday morning. Nifty futures traded more than 200 points lower, suggesting a weak start for domestic markets.
