Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets saw bulls assert control on the monthly F&O expiry session on Thursday. Sensex zoomed 503 points or 0.94% to settle at 54,252 while NSE Nifty 50 index closed 144 points or 0.99% higher at 16,170 — both near intraday highs. Bank Nifty outperformed and jumped 2.2 while India VIX, the volatility gauge, was down 10.13%, giving up 23 levels. Tata Steel was the top Sensex gainer, up 5.13%, followed by State Bank of India, and HDFC Bank. Sun Pharma was down 1.06%, accompanied by Reliance Industries, down 0.89%, and HUL.
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Sensex zoomed 503 points or 0.94% to settle at 54,252 while NSE Nifty 50 index closed 144 points or 0.99% higher at 16,170 — both near intraday highs. Bank Nifty outperformed and jumped 2.2%.
Nifty 50 index touched 16200 just ahead of the closing bell as the index zoomed 175 points.
Sensex was up 530 points or 0.99% at 54,280 just ahead of the closing bell on Thursday. Nifty was up 159 points or 1% at 16,189.
Moody’s Investors Service on Thursday slashed India’s economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation. In its update to Global Macro Outlook 2022-23, Moody’s said high-frequency data suggests that the growth momentum from December quarter 2021 carried through into the first four months this year.
Sensex and Nifty were seen trimming gains just ahead of the closing bell. However, benchmark indices were still in the green.
Moody's Investors Service on Thursday slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation.
Bank Nifty was up 2% on Thursday, zooming 814 points from the previous closing. Bank stocks were top gainers on benchmark indices.
Only six Sensex constituents were trading with losses on Thursday. Sun Pharma was the worst performer, down 1.5%, followed by Reliance Industries, L&T, HUL, Bajaj Finance, and Mahindra & Mahindra.
India VIX, the volatility index of Dalal Street, was down 8.34% at 23 levels.
Tata Steel was up 5.4% as the top Sensex gainer on Thursday, followed by HDFC Bank, Axis Bank, SBI, and HDFC.
Elon Musk’s Tesla seems to be back in favour with one of Wall Street’s most debated investors — Cathie Wood. ARK Investment, the fund house run by Cathie Wood, has purchased Tesla shares this week in various tranches for various ETFs it runs. Earlier, last month Cathie Wood had sold Tesla shares worth $162 million across her ETFs. This sale came a few weeks after ARK Investment published a research note where the company predicted that Tesla’s share price could rally to touch $4,600 per share by 2026. So far this year Tesla shares have fallen 45% to close at $680.80 per share.
The Nifty Bank index was up 1.65% or 600 points on Thursday, as it continues to outperform the benchmark indices.
A pullback to 16100 is expected today, followed by consolidation, which will be crucial for the rest of the day’s directional moves. A direct rise above 16160 will put the16500-700 move back in play. However, the inability to push much beyond 16100, would hint at further distribution, hastening slippages towards 15840 initially, and 15400 in the coming day
~ Anand James, Chief Market Strategist at Geojit Financial Services
JM Financial's net profit rose from Rs 590.14 crore in March 2021 to Rs 773.16 crore in March 2022, an increase of 31.01%. The company has also declared a dividend of Rs 1.15 per share.
Shares of JM Financial are down 4.49% on Thursday at Rs 58.45 per share.
Aether Industries IPO has entered its final day of subscription today after having been subscribed 0.49 times so far. The Rs 808 crore IPO of the specialty chemical manufacturer is a mix of fresh issue of equity shares and an Offer For Sale (OFS) by existing shareholders of the company. So far none of the investor categories have been fully subscribed. Aether Industries’ shares have also seen a tepid performance in the grey market, with stock quoting a weak premium in the unlisted space of just Rs 10 apiece, down from Rs 20 per share on Monday when the IPO opened.
“Going ahead, revived traction in Bank Nifty would provide impetus for the Nifty to surpass the immediate hurdle of 16400 levels and pave the way towards 16800 in coming weeks. However, bouts of volatility would play a pivotal role amid ongoing global uncertainty that would lead to a nonlinear move towards 16800.”
~ ICICI Direct
Sensex was down from intraday high and was now just 60 points in the green while Nifty 50 gave up all gains to trade in red, just above 16,000.
“The index is undergoing a slower pace of retracement on a shorter time frame as over past three sessions it retraced 61.8% of Friday’s sharp up move. The slower pace of retracement signifies inherent strength.”
~ ICICI Direct
“Overnight, the Fed minutes were released where all participants agreed for 50 basis point interest rate hike and laid out plans for aggressive Quantitative Tightening to begin in June. Our call of the day suggests that any intraday bull ride is likely to last only for a brief period and probably, gradually pave the path for the bear to a sleepover. Nifty is likely to witness mostly downward fluctuation owing to growth and inflation bets which continue to dominate investors’ sentiment negatively. The line in the sand is at Nifty’s support at 15971 mark and below the same, the index could swiftly slide to 15671 mark. Nifty is likely to gain strength only above 16411 mark on a closing basis with 200 – DMA at 17261 mark,” said Prashanth Tapse, Vice President (Research), Mehta Equities.
Sensex was up more than 300 points on Thursday's opening bell while NSE Nifty 50 index breached 16100. Bank Nifty was up 1%.
Sensex was up in the green at the start of the pre-open session while NSE Nifty 50 index was below 16000.
“We expect index to trade with a positive bias amid elevated volatility owing to monthly derivative expiry. Hence, use intraday dip towards 15980-16012 for creating long position for the target of 16097.”
~ ICICI Direct
“We’re just replicating global sentiments which are not showing any sign of improvement. Besides, we don’t expect any relief on the volatility front due to the scheduled expiry of May month derivatives contracts. Since most sectors are reeling under pressure, participants should align their positions accordingly and use rebound to create shorts,” said Ajit Mishra, VP – Research, Religare Broking.
On the Option front, Maximum Call OI is at 16500 then 16200 strike while Maximum Put OI is at 15500 then 16000 strike. Significant Call writing is seen at 16200 then 16150 strike while Put writing is seen at 15500 with unwinding at 15300 strike. Options data suggests a trading range between 15800 to 16400 zones.
The daily timeframe of Nifty indicates that index has made a double bottom around the 15735 levels and rallied sharply last Friday. Nifty has however failed to convincingly cross the recent swing high of 16400 and is showing tiredness and has corrected in the last three sessions. Many stocks are also correcting and failing to hold on to their recent gains. Combined with the negative market breadth, this is a sign of weakness and caution is therefore warranted.
Indian equity markets are likely to open gap-up on Thursday, a day of monthly F&O expiry, amid positive global cues. Nifty futures were trading 77 points, or 0.48% higher at 16,099.50 on the Singapore Exchange signaling that benchmark indices BSE Sensex and NSE Nifty 50 were headed for a positive start. “We’re just replicating global sentiments which are not showing any sign of improvement. Besides, we don’t expect any relief on the volatility front due to the scheduled expiry of May month derivatives contracts,” said Ajit Mishra, VP – Research, Religare Broking. In the previous session, Indian stock markets ended lower for the third consecutive day, pulled down by a selloff in information technology, metal and realty names.
“The ’20 DEMA’ has recently acted as a hurdle on pullback moves and this time too, Nifty has reacted from that resistance. The Nifty Midcap index was unable to surpass its moving average hurdle and has resumed its ‘Lower Top Lower Bottom’ structure. Thus, the downtrend has resumed post a consolidation phase in the midcap space and it could well spill over to the indices as well in the near term. Hence, traders are advised to stay cautious and avoid longs until the Nifty cross its ’20 DEMA’ hurdle which is now around 16350. One can keep trading with a ‘Sell on Rise’ strategy and use intraday pullbacks to lighten up longs as well. The intraday supports for the coming session are placed around 15945 and 15870 whereas resistances are seen around 16165 and 16300,” said Ruchit Jain, Lead Research, 5paisa.com.
SGX Nifty was up 90 points during the early hours of trade on Thursday morning, suggesting a positive start to the day's trade.
