Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading lower on Monday, on the back of weak global cues. BSE Sensex was ruling below 57000, while NSE Nifty 50 was trading just above 17000. ICICI Bank, Maruti Suzuki were the only two S&P BSE Sensex stocks trading in green despite weak market sentiment. Hindustan Unilever (HUL), Tata Steel, Wipro were among top BSE Sensex draggers. Bank Nifty falls nearly half a per cent or 140.45 points to trade below 36000 levels.
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India cannot be immune to a probable global market correction. But India is relatively resilient. Monetary tightening in India would be mild compared to that of the US. There are indications of good recovery in the economy. ICICI Bank's excellent results also reflect the improving asset quality and growing credit demand in the banking sector. Top quality banking stocks are at buyable valuations. Sharp market corrections caused by global factors can be used to buy quality names in a calibrated manner. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Cyient said Monday it plans to acquire Finland-based plant and product engineering services firm Citec for 94 million euros, nearly Rs 776 crore, in an all-cash deal. This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date, according to a company filing to the stock exchanges. Shares of Cyient fell nearly 3 per cent to Rs 891 a piece in intraday trading. Brokerages are bullish on the Cyient stock so far and see an upside of up to 34 per cent going forward. Read full story
NSE Nifty 50 has been on a wild journey so far this year rising from lows and then falling sharply again week in and week out. But there could be more pain ahead, according to global brokerage and research firm UBS AG. Analysts at UBS have reiterated their year-end target of 16,000 for the 50-stock index, predicting a nearly 7% downside from Friday’s closing levels. In a recent report, UBS said that they are cautious amid stretched valuations and upside inflation risk. Inflation has shot up sharply in recent months and is well above RBI’s tolerance band while the Nifty continues to trade at a PE ratio of 23X.
Bank Nifty was sitting with gains while headline indices were down in the red. Bank Nifty was above 36,100, rising 0.3%.
“The 17180-290 band kept a stranglehold on the bounce back attempts on Friday, and the distribution thereof played out in line with the rejection theme that has been on ever since turning lower from the 18000 vicinity. The approach to the 17000-16800 region may see a slowdown in bearish momentum today, but may not interest bargain hunters as much as it did on its visit last week. Alternatively, a pull back above 17030-80 after initial dip, could delay the downside prospects, but may not prevent a slippage to 16470-300 in the next few days or 15800 later,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Coming to the investment strategy, investors should have a balance in their portfolio with investments in cyclical and non-cyclical stocks. In terms of deployment, investors should not hurry and invest all at one go and instead should approach in a scattered manner either on a time basis or on some event timeline basis like some part to deploy only after first US Fed rate hike and another after second rate hike etc. to balance risks. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Tuesday, as global rates hovered near a 2-week low. MCX gold was down by Rs 197 points or 0.4 per cent to Rs 52,064 per 10 grams. Silver June futures were ruling at Rs 65,717 per kg, down Rs 829 or 1.25 per cent. Globally, yellow metal prices edged lower near their lowest level in two weeks touched in the previous session as an elevated U.S. dollar continued to pressure demand for greenback-priced bullion. Read full story
Bank Nifty falls nearly half a per cent or 140.45 points to trade below 36000 levels
Hindustan Unilever (HUL), Tata Steel, Wipro top BSE Sensex draggers in morning deals.
ICICI Bank, Maruti Suzuki were the only two S&P BSE Sensex stocks trading in green despite weak market sentiment.
Cyient today announced that it has signed definitive agreements to acquire Citec, an international Plant and Product engineering services company serving customers across the energy, process, oil and gas, and manufacturing industries. This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date. The acquisition transactions will be completed during the quarter. BSE filing
BSE Sensex tanked over 750 points to trade below 57000, while NSE Nifty 50 gave up the crucial 17000 levels, in line with SGX Nifty trends, amid weak global cues
BSE Sensex gave up 57000 levels, falling over 400 points, while NSE Nifty 50 was down 162 points in the pre-opening session
Petrol prices have been left unchanged for the 19th day running by oil marketing companies (OMC) on April 25. Prices have been steady for nearly three weeks now after OMCs hiked prices by 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. 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 equities are shaking their hands with weaker Asian markets. The higher US yields and aggressive fed hike bets will surely lead overvalued equities towards mean-reverting levels. The fundamentals could try to outweigh the flow story and the Rupee could depreciate. But RBI's action would be a game-changer. Overall, the short-term range is likely to be revised to 75.70 to 77.00. Amit Pabari, managing director, CR Forex Advisors
Bears returned to Dalal Street amid weak global cues, forcing headline indices to close with losses. Equity benchmarks Sensex declined over 1100 points for the second week in a row, dragged by losses in information technology, banking and realty stocks, amid geopolitical uncertainty and fears of faster monetary tightening after hawkish comments from U.S. Federal Reserve Chair Jerome Powell, reactions to March-quarter earnings. US Federal Reserve Chair Jerome Powell said Thursday that a 50 basis point rate increase is possible at its upcoming meeting in early May.
We expect some more weakness in bullion price in today’s session. Gold has support at $1917-1905, while resistance at $1940-1948. Silver has support at $23.80-23.62, while resistance is at $24.34-24.55. In INR terms gold has support at Rs 51,920–51,770, while resistance is at Rs 52,420–52,550. Silver has support at Rs 66,050- 65,710 while resistance is at Rs 66,890–67,270. Rahul Kalantri, VP Commodities, Mehta Equities
With the global central banks moving towards a higher interest rate environment, led by the US Fed, it’s not surprising to see the pressure on Gold prices. The Fed chair has made it amply clear that 0.50% rate hike in May is no more of an expectation, but more of a certainty. The gold traders are worried that the stubborn inflation could force the Fed’s hand for more aggressive hike, post the 50 basis point hike in May. With the dollar index making a new high at 101.29 and the bonds yields rallying, it’s not surprising to see the lack of interest in a non-interest bearing asset like gold. Technically, gold has a strong support around $1920 levels, if breached, we could witness additional pressure on prices. Pritam Patnaik, Head – Commodities, HNI and, NRI Acquisitions, Axis Securities
Domestic benchmark indices are expected to see a sharp downfall in early Monday trades mirroring weakness in other Asian indices, with the trading theme revolving around Federal Reserve Chairman Jerome Powell’s statements. The Fed chairman is no longer counting on inflation coming back down and has reiterated plans to get interest rates “expeditiously” to neutral. Technically, a ‘much more severe’ selloff looms at Dalal Street which could take Nifty towards 16807 and then at 16597 mark. Prashanth Tapse, Vice President (Research), Mehta Equities
Twitter Inc kicked off deal negotiations with Elon Musk on Sunday after he wooed many of the social media company’s shareholders with financing details on his $43 billion acquisition offer, people familiar with the matter said. The company’s decision to engage with Musk, taken earlier on Sunday, does not mean that it will accept his $54.20 per share bid, the sources said. Read full story
The chart pattern suggests that if Nifty crosses and sustains above 17500 level it would witness buying which would lead the index towards 17800-18000 levels. However if index breaks below 17000 level it would witness selling which would take the index towards 16800-16500. For the week, we expect Nifty to trade in the range of 17500-16500 with mixed bias. The daily and weekly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Read full story
The short term trend of Nifty seems to have reversed down on Friday after a reasonable upside of two days. The overall chart pattern indicate that lows of 17000-16800 levels could offer support for the market in next week to show a decisive upside bounce from the lows. Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Last week was super volatile for the Benchmark index where prices traded in both directions and kept the traders on the sideline without giving any specific direction. Nifty has formed a Doji candlestick pattern on the weekly chart which indicates indecision among the trades.
As far as levels are concerned, 17300 – 17450 are to be treated as immediate hurdles; whereas on the flipside, the crucial support remains at 17000 – 16800. Traders are advised not to trade aggressively till the time trend becomes clear and also, unlike the previous weeks, we are not left with any convincing idea in individual stock as well. So one needs to be very selective when it comes to stock centric approach and should ideally follow strict stop losses for momentum bets. Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
Global cues like hawkish Fed commentary, rising inflation and bond yields, slowing economic growth, prolonged war in Ukraine and volatile crude prices is keeping markets uncertain. Continuous selling by FIIs and weak results by few heavyweights has further added pressure to the market. Now till Nifty remains below 17350 zones, it may see weakness towards 17000 and 16950 zones. Index is likely to remain volatile in the broader trading range with absence of follow up activities on both the side. We suggest selective buying in the market in resilient stocks where the quarterly result has been good despite the current uncertain scenario. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
In options segment, 17400 and 17500 call options have decent open interest outstanding indicating resistance range while 17000 put option has decent open interest which would be seen as immediate support. Ruchit Jain, Lead Research, 5paisa.com
Nifty formed a ‘Doji’ candlestick on the weekly charts. This indicates a tug-of-war by both the bulls and the bears and at the end, the trend remains indecisive. The week’s low of 16824 remains an important support as it is formed at the 50% retracement of the previous up move which also coincides with the ‘200 EMA’ on the daily chart. A breach below this would lead to correction towards the next retracement support which is placed around 16600. On the flipside, 17400 will be seen as immediate hurdle which needs to be surpassed for a positive momentum to continue. Ruchit Jain, Lead Research, 5paisa.com
Global cues are largely dictating the trend at present as the beginning of the earnings season has failed to impress the street so far. And, we believe traders would continue to face tough times due to excessive news flow, causing erratic swings in markets. On the index front, the Nifty must defend 16,800 levels for any meaningful recovery else the tone would turn more bearish. In case of any rebound, it would face a hurdle around 17,450 and then 17,700 levels. Amid all, we suggest limiting overnight leveraged trades and focusing more on themes that are showing consistency in their trends. Ajit Mishra, VP Research. Religare Broking
Domestic equity markets saw the return of bears on Friday as headline indices along with broader markets closed deep in red. S&P BSE Sensex is currently placed at 57,197 points while the Nifty 50 index is at 17,171 — both down more than 3.5% during the previous week. Entering the first trading session of the week SGX Nifty was down deep in red, falling nearly 200 points. Global cues were also weak with major Asian stock markets down in the red. Chartists believe the short-term trend for Dalal Street could be negative after Friday’s fall.
ICICI Bank: ICICI Bank on Saturday reported a smart 59% on-year jump in net profits for the three months to March at Rs 7,019 crore.
Reliance Industries: RIL has called off the deal to purchase the retail, wholesale, logistics and warehousing business of Future group on Saturday. Read full story
Asian stock markets were seen trading lower on Monday following a sell-off on Wall Street on Friday. Japan’s Nikkei 225′s was down 1.28%, while the Topix declined 1.21%. Oil futures slipped more than 2%.
The 30-share index ended lower by 714.53 points or 1.23% at 57,197.15, while the Nifty-50 declined 220.65 points or 1.27% to close at 17,171.95.
Nifty futures tumbled 197.50 points or 1.15 per cent to trade at 16,982.50 on Singaporean Exchange.
The government is likely to cut the size of the initial public offering of LIC to 3.5 per cent to raise around Rs 21,000 crore from the issue which would hit the capital markets in the first week of the next month. The government in February had planned to sell a 5 per cent stake in Life Insurance Corporation (LIC). However, the ongoing market volatility due to the Russia-Ukraine war has made it lower the IPO size. Read full story
