Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices pared early gains and ended Tuesday’s session flat. The NSE Nifty 50 closed at 18,265.95 and BSE Sensex settled at 61,761.33. In sectoral indices, Bank Nifty fell 85.85 points or 0.2% to 43,198.15, Nifty PSU Bank tanked 113.3 points or 2.75% to 4,001.8 while Nifty IT jumped 204.55 points or 0.73% to 28,125.5. The top gainers on Nifty 50 were Divis Lab, IndusInd Bank, Coal India, TCS and Axis Bank while the losers were UPL, ITC, SBIN, Bajaj Finance and JSW Steel.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices NSE Nifty and BSE Sensex pared early gains and ended Tuesday’s session flat. “The domestic market relinquished its gains as weak global sentiments took hold. The upcoming US inflation figures have become the focal point in determining the global market trend. The US inflation rate, which is expected to remain unchanged at its March level of 5%, is causing worries that the Fed will remain stricter for long. However, the sustained support from FIIs is guarding the domestic market from a steep correction,” said Vinod Nair, Head of Research at Geojit Financial Services.
The top gainers on Nifty 50 were Divis Lab, IndusInd Bank, Coal India, TCS and Axis Bank while the losers were UPL, ITC, SBIN, Bajaj Finance and JSW Steel.
In sectoral indices, Bank Nifty fell 85.85 points or 0.2% to 43,198.15, Nifty PSU Bank tanked 113.3 points or 2.75% to 4,001.8 while Nifty IT jumped 204.55 points or 0.73% to 28,125.5.
The NSE Nifty 50 closed at 18,265.95 and BSE Sensex settled at 61,761.33.
NSE Nifty 50 and BSE Sensex pared early gains and were trading flat in the afternoon session on Tuesday. The benchmark NSE index was trading at 18,268.25 and the 30-share BSE index was trading at 61,763.25. Meanwhile, analysts at Prabhudas Lilladher have added Infosys and Mangalore Refinery & Petrochemicals (MRPL) stocks to their buy list and put Fevicol-maker Pidilite Industries stock on hold. All three stocks were trading in green today.
“GMM Pfaulder Ltd has been in consolidation for quite some time maintaining the support near Rs 1445 zone and with the RSI showing improvement in the bias which is gradually on the rise has shown strength for further rise in the coming days. One can accumulate this stock for an initial upside target of Rs 1570 and thereafter with further strength indicated can carry on the momentum till Rs 1650-1670 zone. The stop loss can be maintained near Rs 1445 levels,” said Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd.
Shoonya appoints one of the renowned Big 4 firms as its independent external auditor. The audit is to review the impact on the trading platform, from the technical issue on 13th April 2023. Shoonya also conducted an internal audit and mock trading sessions to ensure normalcy from the next trading session.
“Infosys stock has witnessed a decent erosion recently and has indicated consolidation with support maintained near Rs 1220, Currently with the stock picking up gradually and with a move past the Rs 1280 zone would further strengthen the bias to anticipate for upward move in the coming days. With the RSI indicator showing significant pullback from the highly oversold zone has improved the bias to some extent. With the chart looking attractive, further rise is anticipated and we suggest to buy this stock for an upside target of Rs 1420 keeping a stop loss of Rs 1200.” – Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd.
“Mainly growing organically till FY22, currently, Mankind Pharma is the third largest pharmaceutical company in India. Mankind’s domestic focused operations bring stability in the performance, compared to players having exposure to the developed markets. Going forward, it intends to remain an affordable medicine manufacturer, while expanding its chronic product portfolio. At CMP of Rs. 1,382, it is trading a TTM P/E multiple of 46.7x. We see limited upside from here, thus investors are recommended to book profit and later enter at lower price, if available,” said Rajnath Yadav, Senior Analyst at Choice Broking.
This May series Nifty futures started with a premium of 70-80 points for the current month. For the Nifty futures, FII maintained around 60% short positions, lesser than the last month’s series, which is now currently down to around 52% short. The index has been witnessing a long buildup rally since the start of this series and now we are seeing an addition of fresh longs at around 18250 levels along with Put writing at 18200 strike. We believe that a dip in the index could be an opportunity to enter into longs and hence the Buy on Dips is the trade sentiment in Nifty.
Bank Nifty surged 165 points or 0.37% to 43,450. The top gainers on the index were IDFC First Bank, IndusInd Bank, AU Bank, Federal Bank and Axis Bank while the losers were PNB, SBIN, Bank of Baroda, Bandhan Bank and Kotak Bank.
Blackstone-backed Nexus Select Trust REIT’s Rs 3,200 crore IPO opened for subscription on 9 May. The issue’s price band has been set at Rs 95-100 per unit. The public offering comprises a fresh issue of units up to Rs 1,400 crore and an offer for sale (OFS) component with unitholders offloading units up to Rs 1,800 crore. The issue size was earlier proposed to be Rs 4,000 crore.
Analysts are at their most bullish on billionaire Mukesh Ambani’s Reliance Industries Ltd. since January 2016 amid a dip in the share price of India’s largest company. The stock is down 3% so far in 2023 compared with a gain of 1.5% in the S&P BSE Sensex Index, hurt in part by a decline in crude prices. Thirty-three of the 38 analysts that cover the conglomerate have buy ratings, with many citing attractive valuations as well as optimism for its various oil-related, consumer and telecom businesses.
“Mankind Pharma is a well-known and established pharmaceutical company that offers pharmaceuticals as well as several consumer healthcare products. The company has strong fundamentals and it is already attracting outperforming ratings from global brokerage Macuarie. Our recommendation for the IPO was to subscribe, and we maintain a bullish view of the stock, advising investors to hold it for the long term. However, investors who applied for listing gains may either choose to exit or hold it with a stop loss at the issue price,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Mankind Pharma shares listed at 20.37% premium over IPO price on NSE and BSE amid positive domestic market. The share debuted at Rs 1300 on the stock exchanges, as compared to the issue price of Rs 1080. The scrip touched a high of 22.87% at Rs 1,327 per share. A positive listing was expected as ahead of the market debut, Mankind Pharma shares were trading at a premium of Rs 121 in the grey market.
HFCL share price tumbled 2.2% to Rs 64.78 after the company reported a 23% on-quarter fall in net profit to Rs 79 crore in the January-March period. The company’s revenue from operations rose 32% on-quarter to Rs 1,433 crore.
Punjab National Bank (PNB) shares tanked 2.23% to Rs 50.94 after the lender infused capital amounting to Rs 498.75 crore in the rights issue of PNB Housing Finance. Post allotment in the rights issue, the bank’s shareholding in PNBHFL will reduce from 32.52% to 28.15%
Adani Ports and Special Economic Zone share price jumped 1.13% to Rs 692.8 after the company announced the results as of the Early Tender Date with respect to its previously announced offer to purchase for cash up to $130 million in aggregate principal amount of its outstanding 3.375% Senior Notes due 2024.
Pidilite Industries share price tanked 1.15% to Rs 2423 after the fevicol maker reported a net profit of Rs 283 crore for the March quarter, an 11.3% increase on-year from Rs 254.4 crore. Additionally, the company’s board of directors recommended a final dividend of Rs 11 per share.
Happiest Minds Technologies share price rose 0.34% to Rs 858.6 after the company's revenues grew 3% on-quarter to Rs 377.9 crore in Q4 FY23. The midcap IT firm also reported a net profit of Rs 57.6 crore in the March quarter, up just 0.1% on-quarter.
The top gainers on Nifty 50 were Bajaj Finserv, Coal India, Adani Enterprises, IndusInd Bank and Titan while the top losers were UPL, HCL Tech, Sun Pharma, Hindalco and Tech Mahindra.
Bank Nifty jumped 196.15 points or 0.45% to 43,480.15. The top gainers on the index were Bank of Baroda, IndusInd Bank, Bandhan Bank, PNB and Federal Bank while the top losers were Kotak Bank, AU Bank, SBIN, HDFC Bank and ICICI Bank.
The NSE Nifty 50 jumped 39.3 points or 0.22% to 18,303.7 and BSE Sensex rose 125.9 points or 0.20% to 61,890.15.
“Intraday traders can look for long opportunities only above 43700, and the Bank Nifty should remain above 43,700 for 15 minutes to confirm a long position. To confirm a short, the it needs to break a low of 42,600 & sustain it for 15 minutes. Support placed at 42265, 42523 and 42903 while resistance at 43542, 43799 and 44180,” said analysts at Stoxbox.
“Bank Nifty bulls after Friday’s sell-off once again witnessed buying momentum and the index surpassed the level of 43000 which will now act as support on the downside. The immediate hurdle on the upside is placed at 43500 and once taken out on a closing basis will witness a sharp short covering towards all-time high levels,” said Kunal Shah, Senior Technical and Derivative analyst at LKP Securities.
“Bank Nifty is seen to be trading in a higher high higher low formation as bulls swiftly take Bank Nifty close to 43300. The undertone remains bullish as long as it holds the levels of 43000 as put writers are fiercely active on 43200, 43100 and 43000 and call writers are active on 43400 and 43500. Technical indicator RSI is at around 64 and is showing strength by sustaining above 50 levels. Support seen at 43200, 43100 and 43000 while resistance placed at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
“Bank Nifty has support at 42500-42700 while resistance is placed at 43500-43700 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Bank Nifty support areas would be 43070 and 42790 so it should be considered as a buyers’ zone. Again Price is in Bullish momentum at this time we should look for strong support zones for entries until it is sustaining above its important support levels. However, the next immediate resistance at 43530, 43610 and 43650,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
“Nifty Bank is relatively weak and 43750 will be the ultimate resistance for it. Below the 43000 level, it would witness a gradual decline towards 42800 or 42700 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
NSE Nifty Bank first support at 42900 and then 42475 while resistance at 43600 and 43875, according to Rahul Sharma, JM Financial.
“Nifty overall picture is favourable, and the market will continue to buy on dips until the critical support level of 17950 on the downside is not breached. The volume profile indicates Index has strong support around the 17950-18050 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18300 followed by 18500 strike prices while on the put side, the highest OI is at 18200 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Nifty support levels are 18130, 18060 and 17990. Nifty next possible targets are 18320, 18430 and 18550 which will act as resistance too,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).
“On the daily charts, the Nifty and BSE Sensex have formed a bullish candle and closed comfortably above it, which is positive for the indices in the medium term. Now 18200-18150/61450 will be an important support zone for the trend-following traders. Above that the indices can go up to 18300-18450/62000-62300. On the other hand, the uptrend below 18100/61150 would be weak.,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“There is no concrete evidence that the consolidation is complete and hence we change our outlook on the Nifty to sideways from negative. The range of consolidation is likely to be 18000 – 18300. In terms of levels, 18130 – 18110 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.
“As long as the index remains above 18000, short-term trends should be positive. If Nifty surpasses 18300 & closes above this level, it can see more upward move with a possible target of 18500-18600. Support seen at 17961, 18031 and 18147 while resistance at 18334, 18404 and 18521,” said analysts at Stoxbox.
NSE Nifty 50 first support at 18195 and then 18072 while resistance at 18392 and 18467, according to Rahul Sharma, JM Financial.
The National Stock Exchange has Manappuram Finance, BHEL and GNFC securities on its F&O ban list for 9 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 2,123.76 crore, while domestic institutional investors (DII) purchased shares worth net Rs 245.27 crore on May 9, according to the provisional data available on the NSE.
Oil prices fell in early trade on Tuesday, paring strong gains from the previous two sessions as markets remain cautious ahead of U.S. inflation figures for April which will be key to the Federal Reserve‘s next interest rate decision. Brent crude price was down 31 cents, or 0.4%, at $76.70 and U.S. West Texas Intermediate (WTI) crude lost 23 cents, or 0.3%, to trade at $72.92 at 0005 GMT.
The US market ended Monday’s session mostly flat – Dow Jones Industrial Average (DJIA) fell 0.17%, S&P 500 rose 0.05% and the tech-heavy Nasdaq was up 0.18%. On Monday.
Asian markets were trading mixed – Hong Kong’s Hang Seng fell 0.42%, China’s Shanghai Composite rose 0.03%, South Korea’s KOSPI dipped 0.37% and Japan’s Nikkei 225 jumped 0.7% on Tuesday.
The Nifty futures on the Singapore Exchange (SGX) were trading 25.5 points or 0.14% lower at 18,324.5 in today’s early morning trade.