Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark equity indices closed Tuesday’s session broadly higher. The NSE Nifty 50 rose 119.10 pts or 0.70% to 17,107.50 and BSE Sensex surged 445.73 pts or 0.77% to 58,074.68. Bank Nifty climbed 532.75 pts or 1.35% to 39,894.70. The top gainers on the Nifty 50 were HDFC Life, Reliance Industries Ltd, Bajaj Finance, Bajaj Auto and SBI Life while the losers were Power Grid, Hindustan Unilever, Britannia, Tech Mahindra and Divis Lab.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on the Nifty 50 were HDFC Life, Reliance Industries Ltd, Bajaj Finance, Bajaj Auto and SBI Life while the losers were Power Grid, Hindustan Unilever, Britannia, Tech Mahindra and Divis Lab.
Bank Nifty climbed 532.75 pts or 1.35% to 39,894.70.
The NSE Nifty 50 rose 119.10 pts or 0.70% to 17,107.50 and BSE Sensex surged 445.73 pts or 0.77% to 58,074.68.
PVR Ltd shares rose 2.12% to Rs 1579.35 after ICICI Prudential MF bought 6.41 lakh shares of the multiplex chain while SBI Mutual Fund bought 14.7 lakh shares and Societe Generale-ODI acquired 3.28 lakh shares. The seller was Berry Creek Investment who offloaded 24.39 lakh shares (2.49%) at Rs 1,559.35 per equity share.
HDFC Asset Management Company shares rose 3.31% to Rs 1739.95 after GQG Partners Emerging Markets Equity Fund sold 24.78 lakh shares in HDFC AMC, for a consideration of Rs 396.83 crore, averaging to the price of Rs 1,600.85 per share. SBI MF emerged as a buyer, acquiring 47.33 lakh shares at an average price of Rs 1,600 per share, amounting to Rs 757.4 crore via open market transactions.
Life insurance major IndiaFirst Life Insurance Company received final approval from Securities and Exchange Board of India (Sebi) to float an initial public offering to raise funds. The issue will comprise a fresh issue of equity shares worth Rs 500 crore and an offer-for-sale (OFS) up to 14.1 crore equity shares from promoters and stakeholders. The insurance company is owned by two of India’s largest PSU banks, Bank of Baroda and Union Bank of India. Additionally, Carmel Point Investments India, owned by private equity funds managed by Warburg Pincus, bought a stake in the life insurance firm.
“The Bank Nifty bulls managed to hold the support of 39,000 and formed a hammer pattern on the daily chart. The index remains in buy mode as long as it holds the support of 39,000 on a closing basis. The immediate upside hurdle is visible at the 39,700 – 39,800 zone and a break above this will lead to further short covering on the upside,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
“Bank nifty has support at 38700-38900 while resistance is placed at 39900-40050 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Bank Nifty is doing somewhat better, the 200-DMA around 39700 is functioning as an immediate barrier; over this, we can expect a move into 40200 and 40800 levels for short-covering,” said said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty first support placed at 39134, and then 38764 and resistance at 39817 and then 40130, according to Rahul Sharma, JM Financial.
“We expect the Nifty to continue with the positive momentum which has started during the second half of yesterday’s trading session for the next trading session as well. On the upside, the immediate hurdle stands at the 17145 – 17200 zone where the previous swing high is placed. The immediate support stands at the lower end of the downward-sloping channel 16800 – 16850,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty formed a hammer-like pattern on the daily chart, suggesting a reversal in the prevailing trend. On the daily chart, it fell below 16950 only to close a bit higher. The momentum indicator remained in a bearish crossover with a reading below 40. On the hourly chart, the index has moved higher following a consolidation. The RSI on the smaller timeframe has entered a bullish crossover. On the higher end, the index may move up towards 17250. On the lower end, closing basis support remains intact at 16950,” said Rupak De, Senior Technical Analyst at LKP Securities.
“With a false breakdown of the prior bottom of 17850, Nifty technically established a bullish hammer candlestick pattern, which is a bullish indication. For any rally intended to cover short positions, it must first cross the 17070 level,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“For Nifty 17150 is to be seen as a key hurdle because any sustained move above this would provide some sigh of relief for optimist traders. This is possible only if we see a strong relief move in the global markets. On the flip side, 16900 followed by 16800 is to be seen as a sacrosanct support zone. Markets are extremely oversold, and we are placed around a cluster of supports; hence, we continue to remain hopeful and expect some respite in the coming days. As a caveat, one should avoid aggressive bets and keep a close tab on global developments, because such financial issues can be very lethal at times,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd.
“Volume profile indicates Nifty has a strong support around 16750-16850 zone. Coming to the OI Data, on the call side, the highest OI observed at 17100 followed by 17200 strike prices while on the put side, the highest OI is at 16800 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty first support is placed at 16899 and then 16761 and resistance is seen at 17143 and 17248, according to Rahul Sharma, JM Financial.
Adani Group expects funds for its petrochemical project at Mundra in Gujarat to be tied up in the next six months, refuting media reports that it has stalled the initiative. “The financial closure of the Green PVC project of M/S Mundra Petrochemicals Limited (MPL) is pending with the financial institutions and it is in their active consideration,” said a spokesperson from Adani Group. The Group’s flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a Rs 34,900 crore wholly-owned subsidiary Mundra Petrochem Ltd for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat. Media reports yesterday suggested that the Group has stalled the project as a fallout of the Hindenburg research report.
“Though bearish bias dominated yesterday for most part, and against our initial expectations, we were also clear on not going for an outright downside view until 16800 also gave away. This patience was rewarded plenty by close, as a pull back unfolded putting the trend back into the 17470 trajectory that we had embarked on, late last week, anticipating a relief rally. But, as maintained yesterday, we would wait for a clear break of 17224 to be more confident. Alternatively, inability to float above 17010 will render the trend sideways for the day, and the same tendencies may be expected on entry into the 17100-185 band as well,” said Anand James – Chief Market Strategist at Geojit Financial Services.
“Two data points indicate the current market mood. The stock price of the US bank First Republic crashed by 40% yesterday and gold zoomed by 2%. Fears of contagion in the global banking system is causing the nervous selling in vulnerable banking stocks and strength in gold is indicative of the flight to safety. Fears of banking contagion hitting equity markets have aggravated FII selling, which has reached a cumulative Rs 11757 crores in the last 11 days. FII’s net short position is at record highs indicating negative expectations. Even though the current texture of the market is sell on rallies, the huge short position may trigger a short-squeeze if the Fed decides to pause in the meeting tomorrow. Tomorrow’s Fed decision and commentary will be crucial,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The top gainers on Nifty 50 were Adani Enterprises, Nestle India, SBI Life, Reliance and Larsen & Toubro while the losers were JSW Steel, ITC, Power Grid, Infosys and IndusInd Bank.
Bank Nifty surged 139.10 pts or 0.35% to 39,501.05.
The NSE Nifty 50 rose 69.30 pts or 0.41% to 17,057.70 and BSE Sensex climbed 214.47 pts or 0.37% to 57,843.42.
Domestic indices ended the pre-opening session in the green territory. The NSE Nifty 50 rose 72.00 pts or 0.42% to 17,060.40 and BSE Sensex surged 334.32 pts or 0.58% to 57,963.27.
“Trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 68 points. The US and European market recovered from respective low points and finished higher. Investors are also anticipating the Fed's decision at the end of a two-day meeting on Wednesday. Nifty has support at 16870 followed by 16820 while key resistance levels to watch out for are 17130 followed by 17220. FII sold shares worth Rs 2,545.87 crore, whereas DII bought shares worth Rs 2,876.64 crore on March 20. The market may see larger swings on both sides as the India VIX is hovering above 16 levels. The segments to keep an eye on during today's trading session are the banking and IT sectors,” said Om Mehra, Equity Research Analyst at Choice Broking.
“A sharp rebound in the overnight US markets could buoy local market sentiment in early trades Tuesday in the backdrop of the US banking concerns, which are seen subsiding. The takeover of Credit Suisse by its rival UBS is also seen as a positive development and, most importantly, soothing investor concerns over the health of the global banking sector. Now with Credit Suisse buyout behind it, markets' focus would be on Wednesday’s FOMC decision where a 25 basis points hike is quite likely. However, the biggest headwind for our stock markets is the relentless selling by the FII camp, which sold Rs 2,546 crore on Monday. Technically, the biggest support for the day for Nifty is seen at 16827, while confirmation of strength can be seen above the 200-DMA at 17455 mark, with immediate hurdles at 17221 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The Central Government on Thursday cut the windfall tax or the special additional excise duty (SAED) on domestically produced crude oil. The windfall tax on domestically produced crude petroleum has been reduced to Rs 3,500 from Rs 4,400/tonne over the past two weeks. The additional duty on diesel has been hiked to Re 1 from Rs 0.5/litre earlier. There is no change on the levy on aviation turbine fuel (ATF) or jet fuel, according to the latest notification issued by the Ministry of Finance. The levy on petrol continues to be nil.
The National Stock Exchange has Biocon and IndiaBulls Housing Finance on its F&O ban list for 21 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 2,545.87 crore, while domestic institutional investors (DII) acquired equities worth a net Rs 2,876.64 crore on 20 March, according to the provisional data available on the NSE.
The US market ended Monday’s session in positive territory with Dow Jones Industrial Average rising 382.60 pts or 1.20% to 32,244.58, S&P 500 climbing 34.93 pts or 0.89% to 3,951.57 and the tech-heavy Nasdaq advancing 45.02 pts or 0.39% to 11,675.54.
Asian markets were trading in green with China’s Shanghai Composite index rising 13.90 pts or 0.43% at 3,248.78, Hong Kong’s Hang Seng climbed 198.55 or 1.04% to 19,199.26 and South Korea’s KOSPI advanced 17.43 pts or 0.73% to 2,396.73. In Japan, the stock market remained closed on Tuesday.
The Nifty futures on the Singapore Exchange (SGX) were trading 57 pts or 0.34% higher at 17,082.00 in the early morning trade.