Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Tuesday’s session in the red territory. The NSE Nifty 50 fell 34 pts or 0.20% to 16,951.70, BSE Sensex 40.14 pts or 0.07% to 57,613.72 and Bank Nifty rose 136.60 pts or 0.35% to 39,567.90. The top gainers on Nifty 50 were UPL, IndusInd Bank, Dr Reddy, ICICI Bank and HDFC Bank while the top losers were Adani Enterprises, Adani Ports, Tech Mahindra, Hero Motocorp and Tata Motors.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on Nifty 50 were UPL, IndusInd Bank, Dr Reddy, ICICI Bank and HDFC Bank while the top losers were Adani Enterprises, Adani Ports, Tech Mahindra, Hero Motocorp and Tata Motors.
Bank Nifty rose 136.60 pts or 0.35% to 39,567.90
The NSE Nifty 50 fell 34 pts or 0.20% to 16,951.70 and BSE Sensex 40.14 pts or 0.07% to 57,613.72.
Eventually for the Nifty, 16,800-17,300 was the range and we believe, the Nifty is in now in an even tighter range of around 16,900-17,100. Once Nifty spot closes below 16,800, the selling might intensify. The VIX for the Nifty has been more or less at around 16% wrt 13% last fortnight implying limited nervousness. The Bank Nifty has been witnessing some selling pressure as well off lately and we expect 38,800-39,000 to be the support now. A short covering rally is possible only above a close of 40,500.
Electronic manufacturing services firm Avalon Technologies on Tuesday said it has fixed a price band of Rs 415-436 a share for its Rs 865-crore initial public offering (IPO). The three-day initial share-sale would be open for public subscription during April 3-6 and the bidding for anchor investors will open on March 31, the company announced. The IPO comprises Rs 320 crore from fresh issuance of equity shares and Rs 545 crore through an offer for sale (OFS) of shares by promoters and existing shareholders. Recently, Avalon completed a total pre-IPO placement of Rs 160 crore consisting of 80 crore of primary or fresh issuance and 80 crore of secondary share sales.
Adani Group stocks extended losses on Tuesday, with Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas, Adani Wilmar and NDTV scrips hitting lower circuits. Adani Enterprises, Adani Ports, Ambuja Cements and ACC shares tanked 2-4%. The recent developments reversed the uptrend in Gautam Adani-led companies’ shares. EPFO investment in two Adani Group companies, the appointment of former SEBI Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors of NDTV, Adani Group’s AMG Media Networks acquisition of digital business news platform Quintillion Business Media Pvt Ltd and NSE, BSE announcement of putting Adani Green Energy under the second stage of the long-term additional surveillance measure (ASM) framework may have dented the investor’s sentiment.
“The current market signals indicate that the worst of the banking crisis is behind us. S&P 500 is now trading above the March 10 level when SVB collapsed. The stock prices of European banks also are improving indicating that there are no fears of contagion now. Doomsayers who predicted that the SVB collapse is a Lehman moment for the banking sector have been proved wrong. But investors have to be cautious since there is some element of uncertainty even after this apparent return to stability. There is a level of certainty regarding growth prospects. The global economy is slowing down; but Asia, particularly India, will outperform. India’s banking system is well regulated, strong and resilient. This period of uncertainty and volatility is the right time to build a good portfolio. High quality stocks with reasonable valuations and good earnings visibility can be accumulated now. Banking, capital goods and telecom are sectors that will post good results in the Q4 results season starting on April 13th. Valuations of IT stocks have become reasonable even though the segment will face headwinds from the US slowdown,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Bulls did regroup yesterday though stumbled at 17070, a critical frontier that we had marked down yesterday as the one to be toppled before recovery moves are played with more conviction. Hence, while yesterday’s close did not inspire, it still encourages us to remain upside through out the day, as long as above 17020, but may have to wait for a close today above 17140 to put the trend firmly in the 17470 trajectory. Alternatively, a repeat attack on 16918 would assure a new low for the year. This though is not the favoured view as is but deserves attention given the approach of expiry,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Aditya Birla Capital falls 1% to Rs 144.30 after the company’s board of directors approved the sale of its entire stake in Aditya Birla Insurance Brokers. The other shareholder, Infocyber, will also divest its shares. Aditya Birla Capital will sell 25.6 lakh equity shares, representing 50.002%, while Infocyber will sell the remaining stake to the purchaser, Edme Services, for an enterprise value of Rs 455 crore.
PNC Infratech shares surged 6.41% to Rs 282.40 after the firm was declared the lowest bidder for the construction of a 4-lane highway from Singraur Uphar to Baranpur Kadipur lchauli of NH-73IA. The project is undertaken in a hybrid annuity mode and the bid cost is Rs 819 crore.
The top gainers on Nifty 50 were Hindalco, HCL Tech, HDFC Life, UPL and Coal India while the top losers were BPCL, Adani Ports, ONGC, Adani Enterprises and Apollo Hospital.
Bank Nifty advanced 65.05 pts or 0.16% to 39,496.35.
The NSE Nifty 50 rose 42.70 pts or 0.25% to 17,028.40 and BSE Sensex 174.7 pts or 0.30% to 57,828.56.
Domestic indices ended the pre-opening session in green. The NSE Nifty 50 rose 46.05 pts or 0.27% to 17,031.75 and BSE Senex climbed 97.64 pts or 0.17% to 57,751.50.
“Bank Nifty bears continued to attack the index from higher levels and the index faced stiff resistance at the 39,800-40000 zone. The index is stuck in a broad range between 39000-40000 and a break on either side will have trending moves. The monthly expiry has the highest open interest build-up at 40000 ce and any trade above this will lead to sharp short covering,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
“Bank Nifty has support at 38900-39100 while resistance is placed at the 39700-39900 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Bank Nifty first support is placed at 39265 and then 39095 while the resistance is placed at 39677 and 39920, according to Rahul Sharma, JM Financial.
“On the downside, the Nifty is within the range of 16910 – 16970 where the crucial Fibonacci retracement levels are placed. it is holding on to the supports however unable to surpass the resistance and hence we are witnessing the sideways consolidation. The daily momentum indicator has a positive crossover and thus we shall continue to maintain our positive outlook on the index. On the upside initial targets are placed at 17200 and above that, it can extend higher to 17450 – 17500. The crucial support zone is placed at 16910 – 16870,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty is still hovering in a slender range and awaits some trigger to come out from the same. As far as levels are concerned, the 16900 zone is likely to cushion any blips, followed by the sacrosanct support of 16800. While on the higher end, the immediate resistance is placed around 17100-17200, and an authoritative breach beyond the same could only trigger some more respite in the market,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
“The trend remains bearish as the benchmark index Nifty continues to stay below the critical moving average. Besides, the bearish crossover of the 21 EMA and the 55 EMA has been boosting the bearish market sentiment. Sell the rally should be the theme for traders as the rallies are getting sold into. On the higher end, sellers may return around 17,250. The current weakness may take the Nifty towards 16,750 over the short term,” said Rupak De, Senior Technical Analyst at LKP Securities.
“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 17100 followed by 17200 strike prices while on the put side, the highest OI is at 16900 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty first support is placed at 16935 and then 16846 while the resistance is placed at 17119 and 17214, according to Rahul Sharma, JM Financial.
The National Stock Exchange has no securities on its F&O ban list for 28 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) sold shares worth a net Rs 890.64 crore, while domestic institutional investors (DII) acquired equities worth a net Rs 1,808.9 crore on 27 March, according to the provisional data available on the NSE.
Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand. Brent crude futures fell 2 cents to $78.10 a barrel. West Texas Intermediate U.S. crude gained 8 cents, or 0.1%, to $72.89.
The US market ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.60%, S&P 500 climbing 0.16% and the tech-heavy Nasdaq falling 0.47%.
Asian markets were trading in green with China’s Shanghai Composite index rising 0.1%, Hong Kong’s Hang Seng climbing 0.31%, South Korea’s KOSPI advancing 0.47% and Japan’s Nikkei 225 increasing 0.04%.
The Nifty futures on the Singapore Exchange (SGX) traded 49 pts or 0.29% higher at 17,062 in the early morning trade.