Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets spent most of Monday’s session in the green but closed with marginal losses owing to fag-end selling. S&P BSE Sensex gave up all intraday gains to finish 37.78 points or 0.07% lower at 54,288 while the NSE Nifty 50 index fell 51.45 points or 0.32% to settle at 16,214. Bank Nifty ended 0.08% in the red. India VIX gained 1.3% to finish above 23 levels. Maruti Suzuki India was the top gainer on Sensex, up 4%, followed by M&M, HUL, and Larsen & Toubro. Tata Steel tanked 12.24% on Monday, while Ultratech Cement was down 3%, and ITC fell 2.2%.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Domestic markets failed to hold on to intraday gains and closed the day in red with losses owing to fag-end selling. S&P BSE Sensex gave up all intraday gains to finish 37.78 points or 0.07% lower at 54,288 while the NSE Nifty 50 index fell 51.45 points or 0.32% to settle at 16,214. Maruti Suzuki India was the top gainer on Sensex, up 4%, followed by M&M, HUL, and Larsen & Toubro. Tata Steel tanked 12.24% on Monday, while Ultratech Cement was down 3%, and ITC fell 2.2%. Bank Nifty ended 0.08% in the red. India VIX gained 1.3% to finish above 23 levels.
Sensex gave up all intraday gains to finish 37.78 points or 0.07% lower at 54,288 while the NSE Nifty 50 index fell 51.45 points or 0.32% to settle at 16,214. Bank Nifty ended 0.08% in red.
Sensex is down in the red with minutes left before the closing bell. Nifty was just above 16200.
JSW Steel and Tata Steel are both down more than 12% each while Divis Lab is down 8%.
The policy rate hike also increases the risk free rate and thereby the discount rate for future earnings. These, in turn, reduce the valuation of companies. Taken together, the near term impact of a rate hike may be negative on corporate earnings and the equity market. Read full story
Sensex was up more than 100 points, sitting above 54,400 while the NSE Nifty 50 index was down with marginal losses, hovering around 16,250 just ahead of Monday's closing bell.
Global fund managers continued to remain bearish in the month of May, increasing their cash levels to the highest since the 9/11 disaster in 2001, Bank of America’s (BofA) Global Fund Manager survey showed. On a month-on-month basis, fund managers have increased their cash position by more than 5 percentage points. Further, hawkish central banks across the globe and a fear of global recession are being considered as the biggest 'tail risk’ ahead for global growth. Last month too the BofA survey showed that global fund managers were bearish with global growth optimism at an all-time low since the survey was started.
Market valuations appear more reasonable versus recent history after the sharp correction over the past two months. The gap between earnings yield and bond yield has also narrowed despite the recent increase in bond yields. However, we see upside risks to inflation and interest rates. We note that our projected inflation trajectory has moved higher with average CPI for FY2023E between 6.7-7.1%. ‘Higher-for-longer’ inflation will keep interest rates elevated and act as a headwind to market multiples. Kotak Institutional Equities
The Nifty Metal index tanked 9 per cent as Tata Steel, JSW Steel, NMDC and Steel Authority of India Ltd (SAIL) hit fresh 52-week lows on Monday. The fall in steel stocks came after the government imposed export duty of 15 per cent on steel for the second time after 2008. To increase domestic availability, the duty on exports of iron ore was hiked up to 50 per cent, and a few steel intermediaries to 15 per cent, according to a notification. Read full story
In terms of current account deficit (CAD), central bank governor Shaktikanta Das said RBI will be able to manage it well. RBI does not expect a big jump in CAD, Das said, adding that we are comfortably placed to finance CAD.
RBI Governor Das said the Reserve Bank of India will unveil revised projections on inflation in the upcoming June MPC meeting. The last projections released in March had RBI forecast inflation at 5.7 per cent for full FY 2023.
Nifty breached 16,400 resistance levels on Monday as bulls continued to march higher. Sensex was above 54,800.
RBI Governor Shaktikanta Das said Monday expectations of a repo rate hike by the central bank is a 'no brainer', adding that there will be some increase in repo rates in upcoming monetary policy meetings.
ICRA said Monday it has projected that the year-on-year growth of the GDP and gross value added (GVA) at basic prices in Q4 FY 2022 may have eased to a tepid 3.5% and 2.7% sequentially amid high commodity prices, decline in wheat yields and the hiccups in the recovery of the contact-intensive services in India.
Over the past couple of weeks, Nifty has been trading within a narrow band of 15750-16400 but with heavy bouts of volatility. The index is now nearing the upper end of this range, which has been held thrice since 9th May. A successful retest and a break above 16400 is likely to lift the Nifty towards its immediate resistance of 16623, a level that marks the start of a bearish gap formed between 4th and 6th May. However, until 16400 is taken out, the bias is sideways. On the lower side, a break below the 15740-15670 range is likely to drag the index towards 15000 in the short-term.
~ Abhishek Chinchalkar, CMT Charterholder & Head of Education, FYERS
Barclays said it sees tax cuts on motor fuels to shave at least 20 basis points (bps) off headline CPI (Consumer Price Index), while it seems the subsidy on gas cylinders to lop off 26 bps from the consumer inflation, adding that it will be spread over May and June.
Finance Minister Nirmala Sitharaman's announcement on Saturday on fuel tax cut will tame inflation but hurt Budget math, Barclays said, adding that fiscal deficit may overshoot to 6.9%. The government had estimated the fiscal deficit to be 6.4 per cent of the GDP in Budget 2022.
NSE Nifty 50 may head towards 16800-17000 points in the coming weeks, helped by short covering in the futures and options space, said analysts at ICICI Direct in a note. For the May F&O series, aggressive shorts have been seen. Short positioning is the highest since 2018. “We believe short-covering play should take the index towards 16800-17000 in coming weeks. From current levels, we advise to focus on stocks where short positions are higher and there is a probability of short covering in coming weeks,” the note said. Possibility of downside is deemed to be limited.
Nifty Metal index slumped 7.57% on Monday morning with Jindal Steel and Tata Steel falling 14% and 13%, respectively.
“Technically speaking, both the bulls and bear will return to their previous rightful places (bulls all around and the bears nowhere to be seen) only if Nifty closes above its biggest hurdles at the 16411 mark. A close below 15951 mark will spell trouble for Nifty bulls,” said Prashanth Tapse, Vice President (Research), Mehta Equities.
Sensex and Nifty were again back with gains on Dalal Street as volatility continued to increase on Monday morning.
The prices of petrol and diesel were kept unchanged by the OMCs on Monday. However, fuel prices have dropped sharply after Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel on Saturday. Petrol price in Delhi from today, when the excise cuts become effective, will be Rs 96.72 a litre as against Rs105.41 a litre, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai after the reduction of excise duty and VAT one litre of petrol costs Rs 111.35 while diesel is retailing at Rs 97.28 per litre.
India VIX, the volatility gauge of domestic stock markets was up 3% on Monday morning. The index neared 24 levels.
Sensex and Nifty gave up opening gains in a volatile start to the day's trade. Sensex was now traded with marginal losses while Nifty was just above 16200.
Tata Steel shares hit the 10% lower circuit on Monday morning within minutes of the opening bell as the stock traded at Rs 1,053.20 per share.
Sensex and Nifty started Monday's session with gains. Nifty rose 55 points to cross 16300 while the BSE Sensex index was up more than 200 points crossing 54600.
Sensex rises in pre-open session, Nifty trades in red, hovering around 16200 levels.
Equity benchmark Index bounced back the first time in six weeks, aided by the surge in index heavyweight Reliance Industries, Auto and metal stocks. The five-week losing streak that ended on May 13 was the longest in two years. Sensex jumped 1,533 points or 3 per cent to close at 54,326. While the broader NSE Nifty settled 484 points or 3.20 per cent higher at 16,266. Sentiment boosted on account of impressive quarterly results, the hope of a good monsoon, improved macro data and positive commentary from the Finance Minister on Indian economic growth. Among the front of the global market, US markets fell 3% while the Asian market soared after the People’s Bank of China cut a key interest rate for long-term loans by a record amount. Moreover, the fall in US Bond Yield and Dollar Index from a 2-year high boosted market sentiment.
Infosys: The IT major on Sunday said it has reappointed Salil Parekh as its Chief Executive Officer (CEO) and Managing Director (MD) for a five-year term ending March 2027.
Zomato: Zomato will report March quarter earnings today. The firm also said that it will take investors’ calls after its earnings, for the first time since listing. The stock has fallen over 60 percent from its all-time high amid correction in stock markets.
One97 Communications (Paytm): Paytm founder Vijay Shekhar Sharma has been re-appointed as the managing director and CEO of the company for a period of five years. In a regulatory filing on Saturday, One97 Communications, which operates under the Paytm brand, said up to Rs 950 crore will be invested in Paytm General Insurance Ltd.
BSE Sensex and Nifty 50 were staring at a tepid start on Monday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling just 10 points up at 16,242.50 on Singaporean Exchange. In the previous session, the BSE Sensex ended 1,534.16 points or 2.91% up at 54,326.39, and the NSE Nifty 50 shut shop at 16,266.20, up 456.80 points or 2.89%. Technical analysts said that the Nifty 50 index has been witnessing wild swings within the 15,700-16,400 range and currently trading closer to the upper band. Read full story
“On the technical front, the key resistance level for Nifty 50 is 16,400 followed by 16500 and on the downside 16,000 and 15,750 will act as strong support. The key resistance level for bank nifty is 34,500 followed by 34,800 and on the downside 33,800 and 33,400 will act as strong support,” said Mohit Nigam, Head – PMS, Hem Securities.
Last week was a very volatile week for the Indian bourses as well as for the entire global market. Every alternate day Nifty changes its candle colour and the major gap up and gap down was the main pain for the benchmark index. Till the last day of the trading week, the index was showing a negative return for the week but a surprising gap-up opening on Friday’s session led to a strong buying and the Nifty closed the week with a three per cent gain.
“We’re now in the last leg of the earnings season and companies like Divis Laboratories, SAIL, Adani Ports, Grasim, Coal India, Zeel Entertainment, Gail, JSW Steel, will announce their numbers during the week. Markets have been witnessing wild swings within the 15,700-16,400 range and currently trading closer to the upper band. Participants should wait for a decisive close above 16,400 to change the bias. In case of a breakout, the 16,650-16,800 zone act as a hurdle. Among the sectoral indices, defensive like FMCG and pharma looks poised to surge further while others may continue to trade mix. Traders should align their positions accordingly and maintain positions on both sides,” said Ajit Mishra, VP Research. Religare Broking.
SGX Nifty was down 22 points on Monday morning after having traded in the green earlier. The momentum on SGX Nifty suggests a gap-down start for Sensex, Nifty.
Going ahead, FPIs flow in India is to remain volatile in the near term, given the headwinds in terms of elevated crude prices, inflation, tight monetary policy, among others, said Shrikant Chouhan, Head – Equity Research (Retail), Kotak Securities.