Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session in the green territory despite unfavourable global cues. The NSE Nifty 50 rose 49.15% or 0.27% to 18,315.1 and BSE Sensex surged 178.87 points or 0.29% to 61,940.2. In sectoral indices, Bank Nifty climbed 132.9 points or 0.31% to 43,331.05 and Nifty PSU Bank tanked 42.5 points or 1.06% to 3,959.3. The top gainers on Nifty 50 were IndusInd Bank, HDFC Life, Power Grid, Tata Motors and BPCL while the losers were UPL, Dr Reddy, Infosys, Hindalco and Sun Pharma.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices NSE Nifty 50 and BSE Sensex closed Wednesday’s session in the green territory despite unfavourable global cues. “The domestic market traded near the flatline, oscillating between gains and losses as investors refrained from taking a firm direction due to the uncertainties surrounding the US market. Globally, investors exercised caution in anticipation of US inflation data and a meeting between US political leaders to discuss fiscal concerns,” said Vinod Nair, Head of Research at Geojit Financial Services.
The top gainers on Nifty 50 were IndusInd Bank, HDFC Life, Power Grid, Tata Motors and BPCL while the losers were UPL, Dr Reddy, Infosys, Hindalco and Sun Pharma.
In sectoral indices, Bank Nifty climbed 132.9 points or 0.31% to 43,331.05 and Nifty PSU Bank tanked 42.5 points or 1.06% to 3,959.3.
The NSE Nifty 50 rose 49.15% or 0.27% to 18,315.1 and BSE Sensex surged 178.87 points or 0.29% to 61,940.2.
Bank Nifty climbed 152.1 points or 0.35% to 43,350.25. The top gainers on the index were IndusInd Bank, Bandhan Bank, Federal Bank, HDFC Bank and Bank of Bank of Baroda while the losers PNB, AU Bank, IDFC First Bank and State Bank of India.
The NSE Nifty 50 rose 52.35 points or 0.29% to 18,318.3 and BSE Sensex surged 202.34 points or 0.33% to 61,963.67.
Shares Bazaar Pvt Ltd has announced that it has received the license from the Securities and Exchange Board of India to launch its Category-III alternative investment fund (AIF) called Shares Bazaar AIF. The hedge fund aims to raise a corpus of Rs. 1000 crore over the next 5 years.
Infosys shares have been falling since the IT giant reported weak Q4 results last month. Infosys stock tanked 15% on April 17 after the results were announced, and are now down over 16% year to date. In comparison the Nifty IT index has fallen over 2% in the last one month and 7.6% in the one year. The weakness in the IT sector has been primarily due to the slowdown in the US market owing to the banking crisis, and forecasts of the world’s biggest economy may slip into recession.
HDFC Bank, ICICI Bank, Axis Bank, SBI and RIL are the most active Nifty 50 stocks intraday.
Bank Nifty lost 0.3% while Nifty Oil & Gas, Nifty Realty, Nifty FMCG gained up to 0.32%. Nifty PSU Bank tanked up to 2% in trade.
In the broader markets, most indices traded flat or mildly lower. Nifty Midcap 50 was down 0.1% while Nifty Smallcap 50 was 0.06% lower.
The NSE Nifty 50 dipped 23 points or 0.13% to 18,242.8 and BSE Sensex fell 93 points or 0.15% to 61,668.22.
Bank Nifty tanked 144.2 points or 0.33% to 43,053.95. The top losers on the index were IndusInd Bank, ICICI Bank, AU Bank, HDFC Bank and Bandhan Bank while the only gainers were IndusInd Bank and ICICI Bank.
NSE Nifty 50 slipped below 18260 and BSE Sensex fell 70 points. The top losers on Nifty 50 were UPL, SBIN, Dr Reddy, Axis Bank and Infosys.
Apollo Tyres shares tanked 2.4% to Rs 372.45 despite the company reporting a 276.73% rise in consolidated net profit to Rs 427.4 crore. Revenue from operations increased 12% on-year to Rs 6,247 crore. The company’s board of directors recommended a final dividend of Rs 4 per share, along with a special dividend of Rs 0.50 per share.
Raymond shares fell 1.2% to Rs 1580.2 after the company’s net profit for Q4FY23 dropped by 26.2% at Rs 194.35 crore from Rs 263 crore on-year. The firm’s revenue from operations clocked in at Rs 2,150.18 crore, up 9.8% from Rs 1,958.10 crore in the fourth quarter of FY22. The firm is to raise Rs 2,200 crore by issuing NCDs.
Birla Corporations shares jumped 2.11% to Rs 1012 after the company reported a 23.52% decline in consolidated net profit to Rs 84.95 crore in the fourth quarter ended March 2023. It had posted a net profit of Rs 111.08 crore in the year-ago period.
Mankind Pharma shares fell 2% to Rs 1397 today. The pharmaceutical major’s shares were listed on the bourses with a 20% gain over the issue price of Rs 1,080 yesterday. Mankind Pharma ended its first session on the stock exchanges with a hike of 32% at the day’s high.
The top gainers on Nifty 50 were IndusInd Bank, Tata Motors, Power Grid, Bajaj Auto and HCL Tech while the losers were UPL, Dr Reddy, SBIN, Grasim and Adani Ports.
In sectoral indices, Bank Nifty climbed 85.5 points or 0.2% to 43,283.65 while Nifty PSU Bank fell 28.85 points or 0.72% to 3,972.95.
The NSE Nifty 50 rose 36.4 points or 0.2% to 18,302.35 and BSE Sensex jumped 140.44 points or 0.23% to 61,901.77.
“Bank Nifty is seen to be trading in a higher high higher low formation on the daily timeframe but is facing rejection from 43500 levels. The undertone remains bullish as long as it holds 43000 as put writers are fiercely active on 43100 and 43000 and call writers are active on 43300 and 43500. Buy on dip strategy can be implemented for targets of 43700. Technical indicator RSI is at around 62 and is showing strength by sustaining above 50 levels. Bank Nifty support at 43200, 43100 and 43000 and resistance at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
“Bank Nifty support is at 42800, which is expected to act as a cushion for the bulls. This means that if the index falls to this level, buyers are expected to enter the market and push the price back up. Resistance is at 43500, which is a level that the index needs to surpass in order to reach an all-time high. If the price manages to break through this level, it could indicate a shift toward a bullish trend for the index,” said Kunal Shah, Senior Technical and Derivative analyst at LKP Securities.
“Pressure can be seen in the Bank Nifty. The banking index’s next immediate resistance is at 43420/43530/43570/43700 and support areas would be 43150/43020/ 42800 if 42800 breakdowns 42500 will be a strong demand zone for Bank Nifty,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
“Bank Nifty has support at 42500-42300 zone while resistance is placed at 43800. The long-term investor may opt for selective mid-cap and small-cap stocks in addition to large-cap, which currently look appealing,” said Om Mehra, Equity Research Analyst at Choice Broking.
Short Bank Nifty below 43000 for the target of 42600. Set stop loss at 43200. Bank Nifty first support at 43048 and then 42894 while resistance at 43435 and then 43668, according to Rahul Sharma, JM Financial.
“If Nifty sustains 18350 levels we can expect a rally to 18500-18550 levels. However, the Nifty formed a bearish pattern in the daily chart would be short-term concerning. Indicators such as RSI and MACD remained in the neutral zone. Coming to the OI Data, on the call side, the highest OI was observed at 18500 followed by 18600 strike price while on the put side, the highest OI was at 18100 followed by 18000 strike price,” said Om Mehra, Equity Research Analyst at Choice Broking.
“Nifty’s placement at the sturdy hurdle of 18250-18300, needs to be surpassed for the continuation of the uptrend. As far as levels are concerned, a decisive closure beyond the mentioned range could only trigger fresh longs in the system. Whereas on the downside, 18200-18150 is likely to provide a cushion from any intraday blip,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
“Nifty’s 18000 level is very important for this month’s expiry series. As of now month TF candlestick is positive. Yesterday Nifty traded in a small range compared to the last 3 days. In case of a flat or slight gap opening 18220/18150/18110/17950 will act as a key support level. Nifty50 may face resistance at 18290/18330,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).
“The Nifty is finding resistance around 17350 and the momentum indicator is also not supportive, so it can lead to a consolidation in the short term. On the way down the Nifty can slip down till 18170–18150 where the key hourly moving average is placed. Overall, the Nifty can witness correction in the range of 18000–18350 from a short-term perspective. In terms of levels, 18170–18150 shall act as a crucial support zone while 18330–18350 shall act as an immediate hurdle zone for the Nifty,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
NSE Nifty 50 failed to attract fresh buying above 18300 and slipped to close flat for the day. Fresh longs only if it sustains above 18300. Short below18200. First support at 18230 and then 18200 while resistance at 18300 and 18340, according to Rahul Sharma, JM Financial.
The National Stock Exchange has Canara Bank, Manappuram Finance, BHEL and GNFC securities on its F&O ban list for 10 May. 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) bought shares worth net Rs 1,942.19 crore, while domestic institutional investors (DII) purchased shares worth net Rs 404.7 crore on May 9, according to the provisional data available on the NSE.
Oil prices slipped in early trade on Wednesday after industry data showed a surprise build in U.S. crude stocks, while investors awaited U.S. inflation data for April that could give direction for the Federal Reserve‘s next rate decision. Brent crude dropped 16 cents to $77.28 a barrel at 0008 GMT, while U.S. West Texas Intermediate (WTI) crude dipped 20 cents to $73.51, paring gains from the previous session.
The US market ended the overnight session deeply in red – Dow Jones Industrial Average (DJIA) fell 0.17%, S&P 500 plunged 0.46% and the tech-heavy Nasdaq tumbled 0.63%.
Asian markets were trading in red – Hong Kong’s Hang Seng fell 0.48%, China’s Shanghai Composite tanked 0.85%, South Korea’s KOSPI dipped 0.04% and Japan’s Nikkei 225 plunged 0.44% on Wednesday.
The Nifty futures on the Singapore Exchange (SGX) were trading 34.5 points or 0.19% higher at 18,345.5 in today’s early morning trade.
