Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices extended losses for the third session in a row. Nifty sank 258 points to close at 17,154, under the 17,200 mark. Sensex followed suit, crashing almost 900 points to end at 58,237. Bank Nifty declined 2.27%, at 39,564, down by over 920 points. The broader markets closed largely in red, with Nifty Midcap losing 2% and Nifty Smallcap 50 sliding 2.26%. Volatility gauge, India VIX, soared 20.89%. Sectorally, Nifty Media, Nifty Auto, Nifty PSU Bank and Nifty Private Bank were the top losers, falling up to 2.87%.
The top gainers on the NSE Nifty 50 index on Monday were TechM, Apollo Hospitals, ONGC, Britannia Industries with TechM up by 6.86%. The top laggards on the Nifty 50 index were IndusInd Bank, Tata Motors, M&M, SBI and Eicher Motors, with IndusInd Bank down by more than 7%.
Domestic indices extended losses for the third session in a row. Nifty sank 258 points to close at 17,154, under the 17,200 mark. Sensex followed suit, crashing almost 900 points to end at 58,237. Bank Nifty declined 2.27%, at 39,564, down by over 920 points.
“Gold, currently up nearly 1% at $1886, continues to rally on falling US yields as the market participants are sceptical about the possibility of US Federal Reserve hiking rates in March. Fiasco at Silicon Valley Bank, Silver Gate and Signature banks has spurred demand for safe haven instruments like treasuries, gold and Yen. Gold is likely to trade between $1862 and $1900.”
– Praveen Singh – AVP, Fundamental currencies and Commodities Analyst, Sharekhan by BNP Paribas
“Tech Mahindra has announced the appointment of Mohit Joshi as the new MD & CEO as CP Gurnani, retires on December 19, 2023. We believe Mohit has the right credentials to drive consistent revenue growth and profitability. TechM has many building blocks in place namely scale, reasonable breadth of capabilities, leadership in the telecom vertical and a good presence in manufacturing. It can do with better discipline in deal pursuits, execution and a higher emphasis on build over buy decisions. We believe Margin improvement and its sustainability is the key to re-rating, going forward. We are bullish on Tech Mahindra and believes that the stock trades at inexpensive valuations. Long term investors can BUY the stock with a target price of Rs 1,240.”
– Sumit Pokharna, Research Analyst, Vice President, Kotak Securities
“We expect Rupee to trade with a negative bias on risk aversion in global markets amid and fresh FII outflows. However, weak Dollar and declining US Treasury yields may prevent sharp fall in Rupee. Traders may remain cautious ahead of inflation data from India and US. We may see some recovery if the banking crisis in the US is contained. USDINR spot price is expected to trade in a range of Rs 81.50 to Rs 82.80.”
– Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas
Third consecutive day of decline for Nifty as it drops by over 400 points from the day's high of 17,529.90
Bank Nifty sank under the 39,700 level, giving up 800 points or 2.21%. IndusInd Bank, AU Small Finance Bank, PNB, Bandhan Bank and Federal Bank are among the top losers in the banking stocks index as the impact from the SVB fallout continues to resound.
“The situation following the collapse of the Silicon Valley Bank in the US has led to a broad-based belief that the US Fed may hike rates aggressively. This has led to a softness in the US Dollar, thereby pushing gold prices higher. Gold prices may stay elevated in the short term. A slowdown in the global economy and geopolitical tension may push gold prices towards levels of $2000/oz by year-end.”
– Colin Shah, MD, Kama Jewelry
Nifty Midcap 100 and Nifty Smallcap 100 fall by 2.15% and 2.41% respectively. Yes Bank and Sona BLW Precision are the top mipcap losers, while BCG and Renuka Sugars are the top laggards in the smallcap index.
Nifty, Bank Nifty tank in trade on Monday amidst negative global cues. Nifty slips up to 200 points in trade, testing the 17,200 level while Bank Nifty trades under 39,800.
Sudarshan Chemical Industries, Asian Hotels (North), Sona BLW Precision Forgings, Hester Biosciences, Mahindra CIE Automotive, Tamilnad Mercantile Bank, Elgi Equipments, Mangalam Drugs And Organics, Nahar Poly Films, Nazara Technologies are among the volume gainers on the NSE index.
Alternatively, 96 stocks including Atul, Share Ind Sec Ltd-RE, Gillette India, Alkyl Amines Chemicals, Tatva Chintan Pharma Chem, Hester Biosciences, Gland Pharma, Muthoot Finance, Tide Water Oil Company (India), Excel Industries, IPCA Laboratories, Piramal Enterprises, Rossari Biotech, Motilal Oswal Financial Services, Tarsons Products, Uniparts India, Cartrade Tech, Mangalam Organics , Aditya Birla Sun Life AMC, Avanti Feeds, Aarti Drugs
On the NSE Nifty, 24 stocks hit their 52-week highs including Hindustan Aeronautics, Cummins India, Kaynes Technology India, H.G. Infra Engineering, Kalpataru Power Transmission, Kirloskar Ferrous Industries, Action Construction Equipment
46 stocks hit their lower price band including PTC India, Steel Exchange India, Lancer Container Lines, Arshiya, Reliance Capital, Zee Learn, Stampede Capital. Additionally, 27 scrips hit both bands.
On the NSE Nifty, 49 stocks hit their upper price band. Adani Power, Adani Green Energy, Adani Transmission, Adani Total Gas, Vishnu Chemicals, Kiri Industries, Marine Electricals (India) were among the scrips.
TechM, Adani Enterprises, ICICI Bank, JSW Steel, Power Grid, with TechM up 7.76%. The biggest laggards are IndusInd Bank, Infosys, Mahindra & Mahindra, Adani Ports and Hero MotoCorp, with IndusInd Bank down 6.36%.
TechM, Adani Enterprises, HDFC Bank, IndusInd Bank, Kotak Bank are the most active Nifty 50 stocks intraday.
Adani Group stocks surged on Monday after the Gautam Adani-led group said it has repaid loans aggregating $2.65 billion to complete a prepayment programme ahead of the March 31 deadline to cut overall leverage in an attempt to win back investor trust. Adani Enterprises shares rose nearly 4% and Ambuja Cements shares jumped 2%. The shares of Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas were locked in the upper circuit.
Yes Bank shares fell sharply in trade on Monday, down 8% to Rs 14.4 as the three-year lock-in period, since 13 March, 2020, expired, allowing private lenders and retail investors to sell their shares today onwards. Last week, the lock-in period for SBI, which was mandated not to decrease its holding below 26%, ended. The SBI-led consortium had infused Rs 10,000 crore in Yes Bank to help it meet liquidity, capital and other critical parameters. Ever since the crisis, the stock has been under pressure and on Friday, it closed at Rs 16.55 on the NSE.
The top gainers on Nifty 50 were Tech Mahindra, Adani Enterprises, Hindalco, Adani Ports and Apollo Hospital while the losers were IndusInd Bank, SBI Life, BPCL, Titan and Nestle India.
Bank Nifty gains 17.15 pts 0.04% to 40,502.60.
The NSE Nifty 50 rose 2.05 pts or 0.01% to 17,414.95 and BSE Sensex fell 22.4 pts or 0.04% to 59,112.73.
“Bank Nifty levels between 40000 and 39800 provide solid support. If Bank Nifty is able to maintain its present levels, a bounce up to 41200-41700 may occur,” said Ameya Vikas Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
“Bank Nifty slipped lower after a few days of consolidation. On the weekly chart, a dark cloud cover pattern is formed, indicating a bearish reversal in the trend. On the daily chart, the index has fallen below its 14-day moving average, indicating bearishness. On the lower end, the index may drift down towards 39650–39500. On the higher end, 41,000 is likely to remain a resistance,” Rupak De, Senior Technical Analyst at LKP Securities.
“Despite the fact that Bank Nifty has moved away from its 50-DMA, support levels of 40400, 40000, and 39500 still exist. A key resistance area on the upswing is between 41500 and 42000,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“Bank Nifty first support at 40362 and then 40119 and resistance at 17504 and 17558,” said Rahul Sharma, JM Financial.
“Nifty has moved below its 200-DMA, although the previous swing low of 17255 continues to be a key support level. If Nifty is able to hold this level, a bounceback is likely, with key resistance levels around 17650 and 17800. While if the Nifty drops below the 17255 mark, we can anticipate more declines till 16800,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“Friday’s low around 17320 would be seen as immediate support followed by sacrosanct support at February’s swing low of 17250. On the flip side, the bearish gap left around 17570 – 17600 should be considered an immediate hurdle,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“On the lower end, the Nifty may roll down towards the lower band of the falling channel. The sentiment remains bearish, and the market will remain in sell-to-rise mode until Nitfy closes below 17850. On the lower end, supports are placed at 16950 / 16750,” said Rupak De, Senior Technical Analyst at LKP Securities.
“We will open the week with a high likelihood of seeing 17255 the recent low or 17050 but will be glad to initiate cautious longs if above 17500 or if slippages extend to 16500-200,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“Nifty has found support at 17300, which is important because this month’s support range is considered to be between 17200 and 17300. If Nifty cannot maintain 17300, additional selling pressure might push it in the upcoming months to levels of 17000 or 16800,” said Ameya Vikas Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
“Nifty first support at 17381 and then 17313 while resistance at 17504 and 17558,” said Rahul Sharma, JM Financial.
The National Stock Exchange has Balrampur Chini and GNFC on its F&O ban list for 13 March. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Foreign institutional investors (FII) net sold shares worth Rs 2,061.47 crore, while domestic institutional investors (DII) net acquired equities worth Rs 1,350.13 crore on 10 March, according to the provisional data available on the NSE.
Oil prices jumped on Friday after the jobs data, but registered a 3% drop on the week over rate hike jitters. U.S. crude rose 1.27% to settle at $76.68 per barrel and Brent settled at $82.78 per barrel, up 1.46% on the day.
The US market ended Friday’s session in the red territory with Dow Jones Industrial Average falling 1.07%, S&P 500 dipping 1.45% and the tech-heavy Nasdaq dropping 1.46%.
Asian markets were trading mixed with China’s Shanghai Composite Index rising 0.25%, Hong Kong’s Hang Seng climbing 0.62% while Japan’s Nikkei 225 falling 1.63% and South Korea’s KOSPI dipping 0.70%.
The Nifty futures on the Singapore Exchange (SGX) were trading 39.50 or 0.23% lower at 17,398.00 in the early morning trade.