Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Monday’s session broadly in green. The NSE Nifty 50 jumped 202.8 points or 1.12% to 18,271.8 and BSE Sensex 709.96 surged 1.16% to 61,764.25. In sectoral indices, Bank Nifty soared 622.8 points or 1.46% to 43,284, Nifty Financial Services climbed 280.1 points or 1.47% to 19,303.95 while Nifty PSU Bank fell 38.5 points or 0.93% to 4,115.1. The top gainers on the Nifty 50 were IndusInd Bank, Tata Motors, Bajaj Finance, Bajaj Finserv and ONGC while the losers were Coal India, Adani Enterprises, Sun Pharma, Dr Reddy and Britannia.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights
Benchmark indices NSE Nifty and BSE Sensex ended Monday’s session broadly in green. “Indian equities gained confidence from strong domestic earnings and fading concerns over the US economic slowdown following robust job data. The recent weakness in the US dollar is drawing more foreign funds to the domestic market, with FIIs remaining net buyers for seven consecutive days. The US inflation report, due on Wednesday, is expected to remain around the March level of 5%,” said Vinod Nair, Head of Research at Geojit Financial Services.
The top gainers on the Nifty 50 were IndusInd Bank, Tata Motors, Bajaj Finance, Bajaj Finserv and ONGC while the losers were Coal India, Adani Enterprises, Sun Pharma, Dr Reddy and Britannia.
In sectoral indices, Bank Nifty soared 622.8 points or 1.46% to 43,284, Nifty Financial Services climbed 280.1 points or 1.47% to 19,303.95 while Nifty PSU Bank fell 38.5 points or 0.93% to 4,115.1.
The NSE Nifty 50 jumped 202.8 points or 1.12% to 18,271.8 and BSE Sensex 709.96 surged 1.16% to 61,764.25.
“Paytm is expanding at a faster rate; nonetheless, the risk-reward ratio does not favour investors. Paytm continues to lose money while having a very high valuation. We believe that in the long-term investors profit when the company profits. Paytm is not a suitable investment at the current level; better alternatives are available in the market,” said Diwakar Rana, Senior Research Analyst, Prudent Equity.
Bank Nifty surged 750 points or 1.77% to 43,418.55. The top gainers on the index are IndusInd Bank, AU Bank, Bandhan Bank, Kotak Bank and IDFC First Bank while the sole loser is Punjab National Bank.
The equity benchmark index ended the previous week on a flat note. However, it was one of the busiest weeks during the year 2023 – both US Fed and ECB interest rate decision, a bunch of quarterly results from both India and the US, lots of economic data, April series F&O expiry and auto monthly sales data. Both Nifty and Bank Nifty sharply declined at the end of the week on Friday which resulted in the index losing the entire last three days’ gain.
VIX had plunged to a near-record low in the previous week, pointing to a sense of comfort that traders are at, despite being at lofty levels. While VIX rose over 17% by the end of the week, it is not yet at a level that could indicate an outright collapse. Towards this end, we feel that the rally still has more wind in its sails, and is likely to resume and aim for a new record peak, as long as dips do not extend beyond 18000-17800 in Nifty. Bank Nifty appears exhausted and would require ongoing dips to be held above 42400, so as not to lose the momentum to penetrate 42900 again and get back to the upside trajectory. Else, expect 41700.
Investors in the PE asset class are looking at long-term growth potential. In the current global market, this makes the investment case for India very strong. While market volatility does slow down overall fundraising, experienced managers with track records will continue to raise capital. Multiples has always believed in diversifying our LP (limited partners) base and raising capital from the domestic market as well. What is important to note is that the domestic investor base for alternatives is growing significantly. This augurs very well in stabilizing the availability of long-term capital to high-growth private enterprises.
Bank Nifty soared 630.05 points or 1.48% to 43,291.25. The top gainers on Nifty 50 were IndusInd Bank, AU Bank, Bandhan Bank, Axis Bank and Kotak Bank while the only losers were Punjab National Bank and Bank of Baroda.
Nifty 50 jumped 187.65 points or 1.04% to 18,256.65 and BSE Sensex surged 690.72 points or 1.13% to 61,745.01.
One 97 Communications (Paytm) share price surged 5.2% to Rs 721.5 today after the payment giant’s consolidated loss narrowed to Rs 167.5 crore in the fourth quarter ended March, compared to a loss of Rs 762.5 crore in the year-ago period. The consolidated revenue from operations jumped 51.5% to Rs 2,334.5 crore in Q4FY23 from Rs 1,540.9 crore in Q4FY22. In the past one month, Paytm shares have jumped 11.5% and 27% in the last one year.
Coal India share price tanked 3% to Rs 230.4 today after the company’s consolidated net profit fell 17.7% on-year to Rs 5527.62 crore in the March quarter on higher provisions made for wage revision of employees. Consolidated revenue for the quarter stood at Rs 35161.44 crore, up 17.3% on-year. The board recommended a final dividend of Rs 4 per share. Coal India shares have risen over 4% in the last one month and jumped 23% in the last one year.
Nifty Auto soared 134.85 points or 1.01% to 13,480.65. The top gainers on the index were Bharat Forge, Sona Coms, M&M, TVS Motors and Bajaj Auto while the sole loser was Tube Investments of India.
Nifty Financial Services jumped 234.8 points or 1.23% to 19,258.65. The top gainers on the index were PFC, Bajaj Finserv, Kotak Bank, Bajaj Finance and REC Ltd while there were no losers.
Bank of India shares fell nearly 6% to Rs 81.26 despite the bank posting a standalone profit of Rs 1,350.4 crore for the March FY23 quarter, growing 123% over a year-ago period despite higher provisions. Net interest income grew by 38.6% on-year to Rs 5,523.84 crore in Q4FY23, with global advances rising 13% and deposits climbing 6.6%.
Nifty soared 112.5 points or 0.62% to 18,181.5 and Sensex jumped 531.07 points or 0.87% to 61,585.36.
Adani Transmission and Adani Total Gas shares tanked 5% and hit a lower circuit today. Meanwhile, MSCI will lower the free float of two of the Adani Group companies, Adani Total Gas and Adani Transmission in its May index review. MSCI now sees the Adani Total Gas’ free float at 14% and Adani Transmission at 10%, from 25%.
Bank Nifty jumped 525.7 points or 1.23% to 43,186.9. The top gainers on the index were IndusInd Bank, AU Bank, Kotak Bank, IDFC First Bank and Federal Bank while there were no losers on the index.
One97 Communications (Paytm) shares over 4% to Rs 725.6 after the comapny narrowed its losses to Rs 168.4 crore in the March FY23 quarter, against a loss of Rs 761.4 crore in the same period last year. Consolidated revenue for the quarter grew by 51.5 % to Rs 2,334.5 crore compared to the corresponding period last fiscal.
Coal India shares fell 2.65% to Rs 231.1 after the company's consolidated net profit fell 17.7% on-year to Rs 5527.62 crore in the March quarter. Consolidated revenue for the quarter stood at Rs 35161.44 crore, up 17.3% on-year. The company recommended a final dividend of Rs 4 per share.
“Nifty Bank will have major resistance at 42920, and 43100 and if the price sustains above its next important resistances will be at 43200 and 43370. Nifty Bank’s nearest support is 42470, Buyer will try to defend this level but if they fail, the next support is 42260 and 42000,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).
“Bank Nifty if sustained below 43000 will witness further correction towards the 42500-42300 zone where the next demand area is visible. The upside resistance of 43000, if taken out decisively, will lead to further short covering toward 43,300 levels,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
“Support for Bank Nifty is around 42500, 42350 and 42200 which are expected to be held, whereas the resistance is placed at 42850, 43000 and 43200 above which Bank Nifty will start to regain its bullish momentum. As per Oi data, the short buildup is seen in the money calls and long unwinding is seen in out-of-the-money puts which indicates bearishness,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
“Bank Nifty is looking to extend its ongoing southward journey for 41800-41500, which had acted as stiff resistance in the previous rally. A sustainable fall below 41500 will further deepen such recession towards 40500 – the 61.8% Fibonacci retracement of the previous major up leg,” said Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.
Bank Nifty first support at 42372 and then 42024 while resistance at 43326 and 43932, according to Rahul Sharma, JM Financial.
“Nifty has immediate support at 18030 to 17990, if this support range gets a breakdown, Nifty will face more sell-off as per important support levels. It could fall another 1% to 1.25%. So our next possible support levels are 17940, 17880 and 17800. Nifty major resistances range is 18110 to 18145 and 18210 to 18240,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
“We change our short-term outlook on the Nifty to negative for a target of 17800 which coincides with the 20-day moving average. On the weekly time frame, the Nifty has formed a Shooting Star candle stick pattern which has bearish implications. In terms of levels, 18220 – 18250 is the immediate hurdle zone while 17885 – 17850 can act as a support zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty short-term trend remains positive as long as the index holds above 18000. A fall below 18000 may take the Nifty into the consolidation zone of 17500–18000. On the other hand, a rejection from the 18000 level may reintroduce a buying spree, which may take the Nifty back to above 18200; again, a decisive move above 18200 may take it towards 18500–19000,” said Rupak De, Senior Technical Analyst at LKP Securities.
“As far as levels are concerned, 18000 followed by 17900 are to be seen as key supports for the Nifty, whereas on the flip side, the sturdy wall once again stands at 18150 – 18250. Meanwhile, traders should continue with a stock-centric approach and should use declines to add longs with a near-term perspective,” said Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd.