Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Thursday’s volatile session in the red after RBI MPC kept the key repo rates unchanged and raised the inflation forecast. The NSE Nifty 50 tanked 89.45 points or 0.46% to 19,543.10 and BSE Sensex sank 307.63 points or 0.47% to 65,688.18. In sectoral indices, Bank Nifty plunged 338.90 points or 0.76% to 44,541.80, Nifty FMCG tumbled 0.91%, Nifty Pharma fell 0.74, Nifty PSU Bank plunged 0.81% while Nifty Media jumped 6.63%. The top gainers on Nifty 50 were Adani Enterprises, Adani Ports, IndusInd Bank, Titan and ONGC while the losers were Asian Paints, Kotak Bank, Britannia, ITC and Nestle India.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The NSE Nifty 50 tumbled 89.45 points or 0.46% to 19,543.10 and BSE Sensex plunged 307.63 points or 0.47% to 65,688.18.
Zee Entertainment Enterprises share price jumped 7% to Rs 261.85 after NCLT dismissed all objections in ZEE-Sony merger case.
Oil India’s stock surged over 1% today to Rs 279.35 on account of a stable and a strong operating performance with its EBITDA in-line at Rs 23 billion in Q1FY24. However, the company’s revenue was below estimates for some brokerages, at Rs 46.4 billion, down 22% on-year and 18% on-quarter due to decline in oil and gas realization. Oil India’s PAT also declined by 9.8% on-quarter to Rs 16.1 billion owing to higher depreciation, interest and lower other income. Oil India’s share price has jumped over 9% in the last one month and nearly 25% in the last six months. Analysts at Emkay, Motilal Oswal and Prabhudas Lilladher have recommended a ‘Buy’ rating on Oil India’s stock.
MCX Gold prices slipped marginally on Thursday, while silver rates fell 0.20%. On the Multi Commodity Exchange, gold October futures were trading at Rs 58,928 per 10 grams, down by Rs 45 or 0.08%. Silver September futures were trading down by Rs 142 at Rs 69,830 per kg on MCX.
Hexa Tradex, Varroc Engineering, CMS Info Systems, Hindustan Composites, Cyber Media (India), B.A.G Films & Media, PPAP Automotive, Johnson Controls – Hitachi Air Conditioning India, Gandhi Special Tubes, Honda India Power Products, Max Financial Services, Cartrade Tech, Simplex Infrastructures, and Cheviot Company were among the volume gainers.
Allcargo Terminals, Netweb Technologies India, NIIT Learning Systems, ORIENT CERATECH, Transindia Real Estate, Accuracy Shipping, Bkm Industries, Eastern Silk Industries, Goyal Aluminiums, Reliance Home Finance and Vinny Overseas Limited were among the 15 stocks that hit 52-week lows today.
63 Moons Technologies, Aarey Drugs & Pharmaceuticals, Abbott India, Action Construction Equipment, Alkem Laboratories, Apar Industries, Ashok Leyland, Allcargo Terminals, Aurobindo Pharma, Bajaj Hindusthan Sugar, Banco Products (I), Brand Concepts, Bharat Forge, Birla Cable, BLS International Services, Brooks Lab-RE, Caplin Point Laboratories, CARE Ratings, Castrol India, Chalet Hotels, Cheviot Company, Cipla, Coforge, CPSE ETF, Dishman Carbogen Amcis, DCM Shriram Industries, Deep Industries, Den Networks, Dr. Reddy’s Laboratories, E2E Networks, Eris Lifesciences, Exide Industries, FDC, Finolex Cables, Five-Star Business Finance, Force Motors, Gandhi Special Tubes, Gateway Distriparks, GE T&D India, GMR Airports Infrastructure, Godfrey Phillips India, Gravita India, Gulf Oil Lubricants India, Hindustan Construction Company, HDFC Asset Management Company, Heubach Colorants India, Hindustan Composites, Hindustan Oil Exploration Company, Hindware Home Innovation, Himadri Speciality Chemical, Indiabulls Housing Finance, Indo Count Industries, Indraprastha Medical Corporation, Inox Green Energy Services, Ircon International, Isgec Heavy Engineering, ITD Cementation India, Jai Balaji Industries, Jash Engineering, JB Chemicals & Pharmaceuticals, Jindal Steel & Power, Jindal Drilling And Industries, Jain Irrigation Systems, Jain Irrigation Systems, Jindal Stainless, JSW Steel, Jubilant Pharmova, Jupiter Wagons, KDDL, Kesoram Industries, Kirloskar Brothers, Kolte – Patil Developers, Kothari Petrochemicals, The Karnataka Bank, Kuantum Papers, Manappuram Finance, Marathon Nextgen Realty, Marine Electricals (India), Marksans Pharma, Megasoft, Max Financial Services, Nippon Life India Asset Management, Neuland Laboratories, Niraj Cement Structurals, Oil India, Oil & Natural Gas Corporation, Paramount Communications, Patel Integrated Logistics, Pearl Global Industries, Poddar Pigments, Hitachi Energy India, Prakash Pipes, Praj Industries, Premier Explosives, Prime Securities, Prince Pipes And Fittings, Pritika Auto Industries, Prudent Corporate Advisory Services, PTC India, Religare Enterprises, Satin Creditcare Network, Schneider Electric Infrastructure, Synergy Green Industries, Sigachi Industries, SKM Egg Products Export (India), Snowman Logistics, Sundaram Finance Holdings, TARC, Tasty Bite Eatables, Texmaco Rail & Engineering, Thomas Cook (India), Time Technoplast, Transindia Real Estate, Trent, Udaipur Cement Works, Ugro Capital, Voltamp Transformers, Welspun India, and Windlas Biotech were among the 133 stocks that hit 52-week highs today.
HDFC Bank, Adani Enterprises, ICICI Bank, SBI, RIL and Max Financial Services were among the most active stocks on the NSE.
Sectorally, Bank Nifty tanked 293 points or 0.65% to 44587.50, Nifty Financial Services fell 0.44%, Nifty FMCG plunged 0.60%, Nifty PSU Bank slipped 0.36% and Nifty Private Bank tumbled 0.38, while Nifty Metal surged 0.73% and Nifty Media soared 2.06%.
Zee Entertainment Ltd (ZEEL) share price jumped 3.36% to Rs 250.25 today despite the company posting a net loss of Rs 53.4 for the first quarter of this fiscal year. However, during the corresponding quarter in the previous financial year, ZEEL reported a profit of Rs 107 crore. Meanwhile, NCLT is set to pronounce its order on the merger scheme between Zee Entertainment Enterprises and Sony today. Most brokerages have maintained a ‘Buy’ rating on the stock. ZEEL shares have gained 23% in the last one month and have fallen nearly 1% in the past one year.
The markets recovered some of its losses from the morning lows as the RBI MPC unanimously decided to maintain the current repo rate at 6.5%. Nifty reclaimed the 19,600 level while Sensex topped 65,900. Ahead of the policy announcement, Nifty 50 and Sensex traded in the red; Sensex slipped 238 points while Nifty slipped 65 points. Banking stocks index Bank Nifty fared worse, falling almost 200 points, with Bandhan Bank and Bank of Baroda leading the losses. Nifty Auto trimmed its losses to trade flat, mildly lower by 0.04%.
Banking stocks gained marginally after RBI MPC kept the key repo rate unchanged at 6.5%. Bank Nifty rose 43.25 points or 0.10% to 44,923.95, Nifty PSU Bank jumped 21.55 points or 0.48% to 4,557.75, Nifty Private Bank advanced 48.75 points or 0.21% to 23,257.85. The top gainers on Bank Nifty were IndusInd Bank, IDFC First Bank, PNB, Federal Bank and PNB while the losers were ICICI Bank, AU Bank, Bandhan Bank, Kotak Bank and Axis Bank.
Nifty and Sensex trimmed losses as RBI MPC kept the repo rates unchanged at 6.5%. The NSE Nifty 50 dipped 21.80 points or 0.11% to 19,610.75 and BSE Sensex fell 85.61 points or 0.13% to 65,910.20.
RBI MPC kept the policy repo rate unchanged at 6.5%. RBI keeps its monetary policy stance at the withdrawal of accommodation.
The NSE Nifty 50 fell 57.30 points or 0.29% to 19,575.25 and BSE Sensex tanked 193.18 points or 0.29% to 65,802.63.
“Volatility is likely to be the hallmark of the day, as investors look forward to the RBI's credit policy outcome on interest rates and its forward looking comments on economy and inflation. The outlook will give some sense to investors on where the inflation and economy could be heading in the near to medium term. Also, markets will keep a watch on the US inflation data to trickle in the evening today, which could determine the Federal Reserve’s September interest-rate decision and the path forward from there. Technically, Nifty may move up and down in a tight channel with biggest intraday hurdles at 19757 mark while intraday support is seen only at 19411 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Following the sideways to bearish trend since the last couple of days Bank Nifty has closed slightly in red near the important support zones of 44,900 with a hammer candlestick on the daily timeframe. The trend for the coming week can be considered sideways till the time 44,500 and 45,000 zones are broken on either side. Important support zones are at 44,700-44,500 whereas resistance zones are at 44,900-45,000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.
“Bank Nifty remains caught in a struggle between the bulls and bears, particularly in anticipation of the upcoming RBI policy. A clear and decisive market move is expected only after the policy announcement, as this event could potentially influence the market sentiment significantly. There is a support level evident at 44,500, while a resistance level stands at 45,150. Breaking above or below either of these levels could trigger sustained trending moves in the index,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
“Bank Nifty’s key hourly moving averages placed in the range of 45,000-45,100 acted as a resistance and faced selling pressure. It did witness a pullback however it closed in the negative. The daily momentum indicator has a negative crossover which is a sell signal. Thus, this pullback should be used as a selling opportunity. On the downside, we expect 44,000 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“After an early morning sell off the Nifty took support near 19,470 and recovered sharply. A promising reversal formation and a higher bottom formation on intraday charts is suggesting a further uptrend from the current levels. For traders, 19,550 would be the trend decider level, above which the index could move up to 19,700-19,735. On the flip side, below 19,550, the uptrend would be vulnerable and below the same, the market could slip till 19,470-19,440,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
“Nifty is positioned in close proximity to a critical resistance zone at 19,640, which aligns with its 20-day moving average (20DMA). A conclusive break above the 19,700 level, especially on a closing basis, would not only signify a reversal of the recent downtrend but also potentially open the path for further upward movement, with an eye towards the 20,000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
“Nifty is likely to witness consolidation or profit booking from higher levels. However, an attempt to test 19,720-19,770 can be ruled out. Traders may find buying opportunities if the 19,500 levels are protected,” said Om Mehra, Equity Research Analyst at Choice Broking.
“Nifty’s bearish gap of 19,678-19,705 withholds the immediate hurdle and a decisive breach would attract new longs in the index for the next potential resistance around 19,800-19,850 in the comparable period. While on the downside, the pivotal support of 19,500 proved its mettle and is expected to cushion any blip in the shortcoming, followed by 19,440-19,380,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
“On the daily charts, we can observe that Nifty is in the process of retracing the entire fall it witnessed from 19,992-19,296. Currently, it is trading around the 19,600-19,650 zone where resistance parameters in the form of the 20-day moving average (19,657) are placed. On the upside crucial Fibonacci retracement levels are placed at 19,648-19,729 where we can expect the selling pressure to emerge. The current rally is a counter-trend pullback that is likely to fizzle out at Fibonacci retracement levels. The momentum setup on the daily and hourly time frame charts are providing divergent signals which can lead to a consolidation in the short term. Overall, the trend is still negative, and we expect the Nifty to target levels of 19,100 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“The domestic market started adopting a defensive stance as investors awaited crucial inflation data for both India and the US. The deflationary trend in China and downgrade of the US mid- and small-sized banks affected the market sentiment. However, a late recovery in the domestic market was supported by a positive uptick in the European market and hope of an optimistic RBI policy not impacting domestic economic growth,” said Vinod Nair, Head of Research at Geojit Financial Services.
The GIFT Nifty was flat during Tuesday’s early trading session, down by 0.03% at 19605.5, indicating a tepid opening for domestic indices NSE Nifty 50 and BSE Sensex. On Wednesday, the Nifty 50 added 61.7 points to close at 19,632.55. On the other hand, Sensex gained 0.23% to end at 65,995.81.
The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) sank 0.54%, S&P 500 tanked 0.70% and the tech-heavy Nasdaq plunged 1.17%.
Asian markets were trading mixed – China’s Shanghai Composite Index rose 0.09%, Japan’s Nikkei 225 gained 0.14%, Asia Dow advanced 0.14% while South Korea’s KOSPI fell 0.39% and Hong Kong’s Hang Seng tumbled 0.61%.
The GIFT Nifty futures traded 5 points or 0.03% lower at 19,607 in early morning trade.