Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 closed in the firm grip of bulls on Wednesday. S&P BSE Sensex added 740 points or 1.28% to end at 58,683 while the NSE Nifty 50 index zoomed 173 points or 1% to close the day at 17,498. Bank Nifty index gained 1.38% to settle at 36,334. Broader markets mirrored the upmove while India VIX ended in the red. Bajaj Finserv was the top Sensex gainer on Wednesday, zooming 3.52%, followed by Mahindra & Mahindra, and Bajaj Finance. ITC was the worst-performing stock, down 2.18%, followed by Tata Steel, and Tech Mahindra.
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Bulls continued to dominate Dalal Street momentum on Wednesday morning as benchmark indices closed with gains just a day ahead of the monthly futures & options expiry session. S&P BSE Sensex added 740 points or 1.28% to end at 58,683 while the NSE Nifty 50 index zoomed 173 points or 1% to close the day at 17,498. Bajaj Finserv was the top Sensex gainer on Wednesday, zooming 3.52%, followed by Mahindra & Mahindra, and Bajaj Finance. ITC was the worst-performing stock, down 2.18%, followed by Tata Steel, and Tech Mahindra. Bank Nifty index gained 1.38% to settle at 36,334. Broader markets mirrored the upmove while India VIX ended in the red.
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Sensex and Nifty closed with gains on Wednesday. While Sensex zoomed 740 points or 1.28% to close at 58,683, the Nifty 50 index added 173 points or 1% to end at 17,498.
Zomato's share price was up 10% on Wednesday at Rs 86 apiece. The stock hit the upper circuit.
Sensex was up 58,600 ahead of the closing bell, gaining 1.1% while the Nifty 50 index was up 0.9%, just shy of 17,500.
At the higher end of the price band, Uma Exports IPO is valued at a PE ratio of ~12.81 times (on annualised FY22 earnings post equity basis). This is due to higher EPS in Apr-Sep 21 period. If we look at FY21 earnings, then it is valued at more than ~18.71 times, higher than peer Sakuma Exports (16 times). Uma Exports has better return ratios as compared to Sakuma Exports. However, the company is very debt heavy. Given the company’s good bottom-line growth, low margins, heavy debt, high risks and aggressive valuation, we remain ‘Neutral’ on the long-term prospects of the issue
~ Sushruth Sunder, CFA, Research Lead at INDmoney
Sectoral indices on the NSE were surging higher on Wednesday afternoon ahead of the closing bell. Nifty Media index was up 2.37%, followed by Nifty Financial Services, and Nifty Realty. Bank Nifty was up 1.38%.
ONGC share price was down 5% on Wednesday afternoon ahead of the closing bell. The stock was trading at Rs 162.45 per share as the government decided to trims its stake in the PSU through an OFS.
Consumer durables sector is expected to grow by 36% by the financial year 2025, said analysts at Bank of America Securities (BofA). Helped by this growth, stocks such as Crompton and Voltas are seen to benefit. “We analyzed 12 key categories in India's home improvement market. Our analysis suggests this market could grow 36% cumulatively over the next three years,” BofA analysts said in a note. They added that 63% of the incremental growth is expected to come from the consumer durables /electricals segment. Analysts are bullish from a long-term perspective on Havells, Crompton, and Voltas but prefer Voltas and Crompton to Havells in the near term.
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India VIX, the volatility gauge of domestic stocks, was down in the red but was seen trimming its losses with little over an hour left before the closing bell. The volatility index was down 2.32% sitting around 20.8 levels, up from the intraday low of 19.73.
“On the strength of bullish signs from other Asian markets, Indian equity benchmarks remained in the grip of bulls in the late morning session, with both the Sensex and the Nifty sustaining their gains. Domestic sentiment remained upbeat, with Sanjiv Mehta, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), stating that the Comprehensive Economic Partnership Agreement (CEPA), India's free trade agreement with the United Arab Emirates, is beneficial to all types of businesses and industries, small and large, and benefits both the goods and services sectors. On the global front Asian markets remained positive.”
~Likhita Chepa, Senior Research Analyst, Capitalvia Global Research Ltd
The initial public offer of Uma Exports, the agricultural produce and commodities trader, has consistently been garnering strong response from investors as it mopped up bids for 5.34 crore equity shares against IPO size of 92.30 lakh equity shares, getting oversubscribed by 5.79 times on March 30, the final day of bidding. Retail investors have put in bids 7.84 times the portion set aside for them, the allotted quota of non-institutional investors was booked 1.22 times and that of qualified institutional buyers 100 percent. The offer will fetch the agri-commodities trader Rs 60 crore which will be used as working capital. The price band for the offer is Rs 65-68 per equity share.
S&P revised Bajaj Finance outlook to positive, rating affirmed: Bloomberg. Bajaj Finance was quoting at Rs 7,250.50, up Rs 213.75, or 3.04 percent on the BSE.
The global macroeconomic uncertainties have increased due to the Russia-Ukraine war, but it is too early to predict its impact on the Indian economy, eminent economist Pinaki Chakraborty said on Wednesday.
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Reliance Industries, Paytm, Zomato, Indian Oil, Apollo Hospitals, and HDFC Bank are among a long list of stocks that are expected to witness heightened activity during the dying minutes of today’s trade. Stocks will see outflows and inflows on the NSE today on account of the Semi-Annual Index Review for indices. The changes that were announced by the index provider at the end of February this year will be made today during the closing minutes and will be effective from tomorrow. Among the most notable changes will be the addition of Apollo Hospitals to the Nifty 50 and the exclusion of India Oil from the same index.
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Overall Nifty earnings are expected to remain fairly resilient even as crude soars higher, said Emkay Global on Wednesday. Banks, IT, OIl are some of the sectors that aid strong Nifty earnings.
Bulls seemed to be in control on Dalal Street on Wednesday morning with benchmark indices soaring higher. S&P BSE Sensex was up 634 points or 1.1% at 58,579 while the broader NSE Nifty 50 index was up 170 points or 1%, hovering around 17,500. Volatility was moving lower, down 5%, sitting just above 20 levels. While bulls moved ahead, 109 stocks on the BSE were at their 52-week high while 40 stocks were down at their lows. Similarly, on the NSE, 43 stocks were sitting at their highs and 23 scrips were hitting their lows.
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Structurally, despite elevated crude prices and a hawkish Fed stance, the index managed to form a strong base around 17000 and 50 days EMA, highlighting structural improvement that has set the stage to resolve higher. The key point to highlight is that the index has finally managed to close above the upper band of falling ‘Andrews’ Pitchfork’ that augurs well for extension of ongoing up move gradually towards 18000 in April. Hence, dips should be capitalised on as incremental buying opportunity as we do not expect Nifty to breach the key support of 16800-16700.
~ ICICI Direct
Bajaj Finserv was the top Sensex gainer on Wednesday morning, gaining 3.6%. Axis Bank, Bajaj Finance, and Maruti Suzuki India followed.
Gold prices were trading higher in India on Wednesday, even as yellow metal rates inched lower globally. On Multi Commodity Exchange, gold April futures were trading Rs 136 or 0.3 per cent up at Rs 50,949 per 10 grams. Silver May futures were ruling at Rs 67,155 per kg, up Rs 208 or 0.3 per cent on MCX. Internationally, yellow metal prices inched lower, hovering near a one-month low hit in the previous session, as Russia-Ukraine peace talks pointing towards progress dimmed bullion’s safe-haven demand. Read full story
Barring Nifty Metal, and Nifty Oil & Gas, all the sectoral indices were trading with the gains. Bank Nifty up nearly 1%
Tech Mahindra, Tata Steel, Sun Pharma, NTPC, and ITC were among top index laggards
Bharti Airtel, Maruti Suzuki, Nestle India, Bajaj Finance, Asian Paints, Housing Development Finance Corporation (HDFC) were top Sensex gainers
RBI will have sold $10 billion (from reserves) and $ 5 billion under a sell-buy swap. In total, $15 billion having an average historical costing of 50 or 52, will benefit RBI by 20 to 25/- on the same and hence could pass on the higher dividends to the government this financial year as well. The immediate impact of the same was seen in the NDF market, where the Rupee is currently quoting at 75.70 levels. Going forward, RBI to conduct more Sell/Buy swaps and keep the volatility and Rupee levels in check. And hence, sluggish fundamentals will have a limited impact on the Rupee over the short term.
The RBI announced another round of Sell/Buy swap worth $5 billion yesterday to extend the maturity profile of the forward book to smoothen the forward receivable. It will be conducted on the 26th of April for maturity of 1.5 years. Under this swap, simple RBI will sell $5 billion to banks, largely importers, on 26th April 2022 and it will buy it back on 23rd October 2023, 1.5 years later. The reason behind conducting this swap is to suppress the pressure from Rupee which was seen trading below 76 amid rising oil prices and geopolitical tensions. The immediate selling up of dollars will prevent the depreciation move and absorb the excess liquidity in the banking system. Earlier in 2019, RBI had done a Buy/Sell swap for 3 years maturity (due on 23rd April 2022) to absorb the flood of dollar inflows. In total, both will absorb approx. Rs. 70,000 crore from the system in April. Amit Pabari, managing director, CR Forex Advisors
BSE Sensex was up 400 points or over half a per cent to trade at 58,340. while NSE Nifty 50 index topped 17450 levels
“In isolation, the week-on-week impending supply is likely to put pressure on India govt bonds and we are likely to see bond yields head northward. Small respites due to easing in crude oil prices, easing war scene etc may offer temporary respite to bond prices,” Lakshmi Iyer, Chief Investment Officer (Debt) & Head Products at Kotak Mahindra Asset Management.
Read more: Bizarre markets, scarred bond yields: Markets await RBI action, Ukraine peace talks for respite: Lakshmi Iyer
BSE Sensex was up 400 points to trade at 58,340. while NSE Nifty rose 115 points to rule at 17,441 in pre-open
The market mood is seen improving considerably in early trades amid progress in Russia-Ukraine peace talks and oil prices falling below $103 a barrel. Helping the sentiment is India VIX slipping below 20 levels to 19.42 levels and both foreign investors and domestic investors turning net buyers of local shares in yesterday's trade. For the next two trading sessions there is a bright chance the market may witness a positive tone as Window Dressing could be the preferred theme at Dalal Street as the current financial year comes to an end on Thursday. For Nifty, the support is seen at 17000 mark and below the same, expect waterfall of selling which could take the index down to 16691 mark with inter-week perspective. From a chartist standpoint, the technical landscape will improve considerably only if Nifty closes above its biggest hurdles at 17807 mark. Prashanth Tapse, Vice President (Research), Mehta Equities
We are of the view that, as long as the index is trading above a 50 day SMA the short term texture is positive. For the trend following traders, the support has shifted to 17250/57650 from 17100/57200. Above the level of 17250/57650 the index could touch the level of 17450/58300 and 17500/58500. On the other hand, quick intraday correction till 17200-17140/57500-57350 is not ruled out, if the index succeeds to trade below 17250/57650.
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If crude oil prices stabilise fast, NSE Nifty 50 could potentially rise higher and help investors pocket approximately 15% in the current year 2022, said George Heber Joseph, CEO & CIO, ITI Mutual Fund, in an interview with Kshitij Bhargava of FinancialExpress.com. Joseph talked about the impact rising crude oil prices could have on India, and named pockets where he spots opportunities for investors. Talking about the new-age internet companies, George Heber said that the sector is a ‘clear avoid’ for him even now as the valuations have been trimmed and stocks are down from highs. Here are the edited excerpts.
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