Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Friday’s session in the red territory. The NSE Nifty 50 fell 131.85 pts or 0.77% to 16,945.05 and BSE Sensex tanked 398.18 pts or 0.69% to 57,527.10. Bank Nifty fell 221.55 pts or 0.56% to 39,395.35. The top gainers on Nifty 50 were Cipla, Kotak Bank, Apollo Hospital, Tech Mahindra & Infosys while the losers were Bajaj Finserv, Bajaj Finance, Tata Steel, Hindalco and Adani Ports.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on Nifty 50 were Cipla, Kotak Bank, Apollo Hospital, Tech Mahindra & Infosys while the losers were Bajaj Finserv, Bajaj Finance, Tata Steel, Hindalco and Adani Ports.
Bank Nifty fell 221.55 pts or 0.56% to 39,395.35.
The NSE Nifty 50 fell 131.85 pts or 0.77% to 16,945.05 and BSE Sensex tanked 398.18 pts or 0.69% to 57,527.10.
Traders sought clarity on Friday after the government raised Securities and Transaction Tax (STT) on the sale of options from 0.017% to 0.021% as the markets discovered existing STT is already levied at a higher rate of 0.05%. The Finance Ministry is reportedly expected to issue a clarification note and said that it will check and make the required changes. As per the amendments to the Finance Bill, STT on the sale of options has been hiked to Rs 2,100 on a turnover of Rs 1 crore against an earlier applicable levy of Rs 1,700. On the sale of futures contracts, the STT has been hiked to Rs 1,250 on Rs 1 crore of turnover against the earlier levy of Rs 1,000. On the options side, the STT is charged on the premium and not the strike price.
“Nifty has good support at 17000 followed by 16850, whereas Bank Nifty has support at 39250 followed by 39000. It will be a crucial day for our benchmarks as its weekly close and nifty and bank nifty both have a doji formation on weekly charts till today, resembling indecisiveness. BOE raised interest rates by 0.25% which will also have an effect on today’s market,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.
“Though we were clear on not expecting a vertical fall, we had talked up the prospects of distribution happening yesterday, having almost abandoned the 17470 upsidemove which we had so eagerly played since late last week. The inability to close above 17080, our turnaround point for yesterday, adds more weight to this stance. Today downsides will obviously have the upper hand, but cautious upside bets may be tried either on the first test of 16980 or on push above 17110,” said Anand James – Chief Market Strategist at Geojit Financial Services.
“The steady decline in bond yields, across tenors, in the US reflect the market perception that interest rates are near peaks. The Fed is likely to pause, after perhaps one more 25 bp rate hike, and if the disinflation trend continues on expected lines, the FOMC may cut rates by end 2023 or early 2024. A lot will depend on the extent of slowdown in the US economy. If a hard landing of the US economy is avoided, equity markets will bounce back. The ongoing stress in the US banking system is a short-term challenge, but a long-term opportunity for equity investors. Market corrections triggered by negative news from the US can be used by long-term investors to buy high quality stocks, which will bounce back once interest rates start trending down,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Bank Nifty has support at 38900-39100 while resistance is placed at 40000-40200 range,” said Deven Mehata, Equity Research Analyst, Choice Broking.
“Bank Nifty needs to cross the level of 40,000 on a closing basis from continuing the up move. The index is likely to trade in the range of 39000-40000 and a break on either side will decide a trending move,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
“Nifty once again failed to clear the short-term resistance of 17210. The index has also formed a double top formation on intraday charts, indicating further weakness from the current levels. For the bulls, 17050-17000 would act as important support zones while 17200-17250 could be key resistance areas for the short-term traders. However, below 16950, the uptrend would be vulnerable,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“On the daily charts, we can observe that 17180 – 17210 acted as a stiff resistance and was unable to surpass it. On the hourly charts, we can observe that the Bollinger bands are contracting to indicate rangebound price action. The hourly momentum indicator has a negative crossover which also indicates range price action before it starts a new cycle. We believe that this fall is a retracement of the rise from 16828 – 17207. Overall, we expect the Nifty to hold on to the support zone of 17020 – 16970 and resume the pullback over the next few trading sessions. on the upside, the initial hurdle is placed at 17180 – 17210. Beyond this, it has the potential to 17315 – 17430,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty trend remains weak as the index failed to move above the near-term moving average. The momentum indicator is in a bearish crossover. However, 16950 may remain a crucial support; a fall below 16950 may trigger a significant correction. On the higher end, resistance was seen at 17200,” said Rupak De, Senior Technical Analyst at LKP Securities.
The top gainers on Nifty 50 were HCL Tech, Infosys, Tech Mahindra, TCS and Wipro while the losers were HDFC Life, SBI Life, Bajaj Finance, Titan and Bajaj Finserv.
The NSE Nifty 50 rose 17.20 pts or 0.10 to 17,094.10 and BSE Sensex climbed 129.66 pts or 0.22% to 58,054.94.
“If bulls have to regain conviction, Nifty need to break beyond the sturdy wall of 17200-17250. Until then, prices may continue to see lethargic moves, with support seen around the 17000 mark. If the US market weakens further, the sacrosanct support of 17000 will be in jeopardy. In this case, the next key level to watch out for would be around the recent lows of 16850,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Volume profile indicates Nifty has strong support around the 16850-16750 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17200 followed by 17500 strike prices while on the put side, the highest OI is at 17000 strike price,” said Deven Mehata, Equity Research Analyst, Choice Broking.
Nifty short-term view remains choppy with a bearish undertone as it closed below 17110. Bulls need to reclaim 17210 for any salvage. First support is placed at 17045 and then 16970 while the resistance is placed at 17210 and 17300, according to Rahul Sharma, JM Financial.
The National Stock Exchange has Biocon, HAL and IndiaBulls Housing Finance on its F&O ban list for 24 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 995 crore, while domestic institutional investors (DII) net acquired equities worth Rs 1,668.85 crore on 23 March, according to the provisional data available on the NSE.
Oil prices fell on Friday, extending the previous day’s losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years. Brent crude futures slid 48 cents, or 0.6%, to $75.43 a barrel by 0039 GMT, while U.S. West Texas Intermediate crude futures dropped 52 cents, or 0.7%, to $69.44 a barrel.
Domestic indices ended the pre-opening session on a flat note. The NSE Nifty 50 fell 0.70 pts to 17,076.20 and BSE Sensex fell 34.62 pts or 0.06% to 57,890.66.
The US market ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.23%, S&P 500 climbing 0.30% and the tech-heavy Nasdaq surging 1.01%.
Asian markets were trading in red with China’s Shanghai Composite index falling 0.49%, Hong Kong’s Hang Seng dipping 0.14%, South Korea’s KOSPI declining 0.73% and Japan’s Nikkei 225 dropping 0.23%.
The Nifty futures on the Singapore Exchange (SGX) were trading 39 pts or 0.23% lower at 17,044.50 in the early morning trade.