Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended broadly in green on Wednesday. The NSE Nifty 50 rose 90.10 pts or 0.51% to 17,812.40, BSE Sensex surged 235.05 pts or 0.39% to 60,392.77 and Bank Nifty climbed 191.45 pts or 0.46% to 41,557.95. The top gainers on Nifty 50 were Divis Lab, Bajaj Auto, Adani Enterprises, Eicher Motors and Dr Reddy while the top losers were Power Grid, NTPC, Nestle India, UltraTech Cement and Hindustan Unilever Ltd.
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Tata Consultancy Services Ltd shares rose 1.5% on Wednesday ahead of the Q4 results announcement. TCS stock touched an intraday high of Rs 3,260.95 and closed at Rs 3,245.50. In comparison, NSE Nifty 50 rose 90.10 pts or 0.51% settling at 17,812.40 and Nifty IT surged 304.55 pts or 1.06%, concluding at 28,980.30. TCS shares have fallen nearly 3% in the past one month and over 12% in the last one year. However, the stock has risen over 100% in the past 5 years. At the current market price of Rs 3242.50, the company’s market capitalisation stands at Rs 11.86 lakh crore. The shares hit an intraday low of Rs 3,199 on Wednesday. TCS stock touched a 52-week high of Rs 3,738.60 on 12 April 2022 and a 52-week low of Rs 2,926 on 26 September 2022.
The top gainers on Nifty 50 were Divis Lab, Bajaj Auto, Adani Enterprises, Eicher Motors and Dr Reddy while the top losers were Power Grid, NTPC, Nestle India, UltraTech Cement and Hindustan Unilever Ltd.
Bank Nifty climbed 191.45 pts or 0.46% to 41,557.95.
The NSE Nifty 50 rose 90.10 pts or 0.51% to 17,812.40 and BSE Sensex surged 235.05 pts or 0.39% to 60,392.77.
“There are some clear trends in the market now. Confidence and stability have returned to the market helping Nifty to rise by 4.5% from the March lows. This, in turn, has been facilitated mainly by the sustained buying by FIIs. The correlation between eight straight days of FII buying and seven straight days of Nifty appreciation is significant. Another trend is that beyond sectoral moves like strength in banking and autos and weakness in IT, there are bouts of activity in individual stocks. This stock-specific action triggered by results/news is likely to gather momentum in the coming days. For equity markets, globally, today’s March US inflation data is crucial since it will determine the Fed response in the May policy meeting. March CPI print in India, too, will be keenly watched,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“The Nifty index has been sustaining above the critical moving averages. Besides, the Nifty has so far remained above the crucial support level of 17,450. The market will remain a buy on dips as long as the index remains above 17,450. The immediate support is visible at 17,650. On the higher end, the rally may extend towards 17,850-17,950 levels, ” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Nifty weekly contract has highest open interest at 18000 for Calls and 17700 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 18600 for Calls and 17700 for Puts in weekly and at 17700 for Calls and 17700 for Puts in monthly contracts. FIIs increased their future index long position holdings by 20.14%, increased future index shorts by -15.03% and in index options by -2.12% in Call longs, 8.11% in Call short, -11.28% in Put longs and 35.30% in Put shorts,” said Anand James – Chief Market Strategist at Geojit Financial Services.
“The exhaustion seen in the last few days, and intermittent drops that never gained momentum are classic setups that are usually followed by large strides higher. Incidentally, the last few days have consistently respected VWAPs, but yesterday having closed in its vicinity, the threat of down move cannot be ignored. If Nifty is unable to float above 17708 early in the day, which is also the 7DMA, all eyes would be on 17630. If stability is achieved within these two critical levels, expect 17900 in a hurry. Alternatively, a fall below 17630 could call for 17432 right away. However, as is, we are unable to spot a weakness that could threaten 17220,” said Anand James – Chief Market Strategist at Geojit Financial Services.
HDFC Bank shares rose 0.82% to Rs 1677.35 after the bank’s board of directors proposed to raise Rs 50,000 crore through bonds in the next twelve months on a private placement basis. The private lender’s board of directors are to meet on 15 April 2023, said HDFC Bank in its regulatory filing.
Adani Enterprises shares jumped 2.5% to Rs 1848.40 after the company said that it has incorporated a wholly-owned subsidiary for carrying out coal washery-related business. “The company has incorporated a WOS (Wholly-Owned Subsidiary) Pelma Collieries Ltd (PCL) on April 7, with an initial authorised share capital of Rs 10,00,000 and paid-up share capital of Rs 5,00,000,” it said in a regulatory filing.
TCS shares rose 0.25% to Rs 3222.20 ahead of the quarterly announcement. India’s largest IT is expected to report a double-digit jump in net profit for the fiscal fourth quarter, with estimates going as high as nearly 18% on-year, helped by strong sales and large deals momentum. TCS will kick off earnings season with its Q4 FY23 results scheduled on 12 April 2023. Its revenue for the January-March 2023 quarter may have risen as much as 17.6% on-year.
Sula Vineyards shares surged 5.54% to Rs 371.60 after the company announced March 2023 quarterly sales figures. In Q4, Sula reported the highest-ever annual revenues in both its own brands and wine tourism business. As per the regulatory filing, Sula registered an upside of 15% in own brands sales to Rs 104.3 crore during the March quarter as compared to Rs 90.7 crore in the corresponding quarter last fiscal.
“Bank Nifty has support at 40600-40800 while resistance is placed at 41700-41900 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Bank Nifty index faced selling pressure from higher levels after a strong rally last week. The index if fails to sustain above the level of 41,200 can witness some profit booking towards 40,600-40,500 levels. The upper resistance if taken out will lead to further short covering towards the 42,000 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty first support at 41205 and then 40919 while resistance at 41647 and 41804, according to Rahul Sharma, JM Financial.
“Since the last seven trading sessions, the Nifty has not dipped below the previous day’s low which is an extremely bullish sign and can also be used as a crucial level for holding on to the long positions. In terms of levels crucial support is placed at 17655 – 17650 while immediate hurdle is placed at 17700 – 17730. Overall, the uptrend is still intact, and we expect Nifty to target levels of 17800 from short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty managed to close over 17700, indicating that the positive outlook remains intact. The view is still bullish, and a buy-on-dips approach will be used up until the critical support level of 17450 is not broken on the downside. The volume profile indicates Index has strong support around the 17450-17550 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17800 followed by 18000 strike prices while on the put side, the highest OI is at 17600 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Nifty has been sustaining above the critical moving average. Besides, the Nifty has so far remained above the crucial support level of 17500. The market will remain a buy on dips as long as the index remains above 17500. Immediate support is visible at 17640. On the higher end, the rally may extend towards 17850/17970,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Nifty has comfortably closed above the descending trend line resistance on the daily chart; which augurs well for the bulls. Now, the next key level to watch out for would be the March month swing high which is around 17800. With the continuous seven days winning streak, the support level continues to shift higher as we now see immediate support around 17600; whereas 200-SMA around 17500 to act as a sacrosanct level,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty first support at 17732 and then 17677 while resistance at 17826 and 17864, according to Rahul Sharma, JM Financial.
The top gainers on Nifty 50 were Divis Lab, Hindalco, Apollo Hospital, Grasim and Cipla while the top losers were IndusInd Bank, Hero Motocorp, Nestle India, HDFC Life and Tech Mahindra.
Bank Nifty dipped 23.05 pts or 0.06% to 41,343.45
The NSE Nifty 50 rose 15.45 pts or 0.09% to 17,737.75 and BSE Sensex fell 33.89 pts or 0.06% to 60,123.83.
Delta Corp has been added to NSE's F&O ban list for April 12. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Foreign institutional investors (FII) bought shares worth a net Rs 342.84 crore, whereas domestic institutional investors (DII) sold shares worth Rs 264.02 crore on April 11, National Stock Exchange's provisional data showed.
Domestic indices ended the pre-opening session in the green. The NSE Nifty 50 rose 37.25 pts or 0.21% to 17,759.55 and BSE Sensex climbed 22.48 pts or 0.04% to 60,180.20.
The US market ended the overnight session mostly in red – Dow Jones Industrial Average rose 0.29%, S&P 500 fell 0.17 pts and the tech-heavy Nasdaq plunged 0.43%.
Asian markets were trading mixed, with Japan’s Nikkei 225 rising 0.53%, China’s Shanghai Composite climbing 0.38%, South Korea’s KOSPI dropping 0.17% and Hong Kong’s Hang Seng falling 0.89%.
The Nifty futures on the Singapore Exchange were trading 6 pts or 0.03% higher at 17793 in the early morning trade.