Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic markets continued the bullish momentum on Monday. S&P BSE Sensex rallied 935 points or 1.68% to end at 56,486 while the NSE Nifty 50 index zoomed 240.85 points to settle at 16,871. The Bank Nifty index was up 2.22% on closing at 35,312. India VIX closed 1.3% higher at 25.68 levels. Infosys was up 3.73% as the top gainer on Sensex, accompanied by the State Bank of India, and HDFC Bank. HUL was the top laggard, down 1.53%, followed by Sun Pharma, and Dr Reddy’s.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Bulls remained in control on Dalal Street on Monday as the Russia-Ukraine crisis continued without much de-escalation just ahead of US Federal Reserve’s meeting. S&P BSE Sensex rallied 935 points or 1.68% to end at 56,486 while the NSE Nifty 50 index zoomed 240.85 points to settle at 16,871. Infosys was up 3.73% as the top gainer on Sensex, accompanied by the State Bank of India, and HDFC Bank. HUL was the top laggard, down 1.53%, followed by Sun Pharma, and Dr Reddy's. The Bank Nifty index was up 2.22% on closing at 35,312. India VIX closed 1.3% higher at 25.68 levels.
Sensex added 935 points or 1.68% to end at 56,486 while the NSE Nifty 50 index zoomed 240.85 points to settle at 16,871. Bank Nifty was up 2.22% at 35,312.
"Today’s rally is led by Banks, Financials & IT. India VIX has not gone down due to FED Meet scheduled in this week. Target at 17,000 by tomorrow," said Rahul Sharma, Director & Head - Research, JM Financial.
The government plans to invite expression of interest to sell its stake in LIC-controlled IDBI Bank by the next month-end, PTi quoted a senior official as saying. As part of the divestment, the government plans to sell its entire 45.48 per cent stake eventually.
While domestic markets zoomed, India VIX, the volatility index, gained 1.72% to breach 25.7 levels.
WPI inflation reversed course and rose 13.1% y/y in February, ending the four months of moderation. Price increases in a number of input goods are a source of concern, and as a result, despite a high base, we expect WPI inflation to stay elevated.
~ Rahul Bajoria, Chief India Economist, Barclays
HDFC Bank was the top gainer on Sensex, up 3.5%. It was followed by Infosys and State Bank of India.
Nifty's next target is at 17,000, according to Rahul Sharma, Director & Head - Research, JM Financial. The technical expert had earlier in the day asked investors to stay positive for 16,815 after the Nifty 50 crossed 16,700.
BSE Sensex and NSE Nifty 50 were trading over 1 per cent higher on Monday, on the back of buying in index heavyweights such as Infosys, HDFC Bank, ICICI Bank, State Bank of India, and Housing Development Finance Corporation (HDFC), among others. So far in the day, BSE Sensex has rallied over 650 points or 1 per cent to day’s high of 56,203, while Nifty 50 index rose to 16,786.45, up over 150 points or 1%. On S&P BSE Sensex, only Sun Pharma stock price hit a fresh 52-week high of Rs 911.50 apiece, surpassing its previous high of Rs 907 apiece, hit in the previous session. Read full story
Tech-heavy NASDAQ index has tanked 18.88% so far this year and the big-name technology stocks have been moving southward owing to various headwinds. Last week was no different with Facebook, Apple, Google and other FAANGM stocks finishing in the red. Tech stocks have been gearing up for interest rate hikes across the globe which is expected to weigh down on new-age internet companies. US Federal Reserve will meet later this week and is expected to kick-start the interest rate hike cycle, despite the escalating geopolitical tensions between Russia and Ukraine and rising crude oil prices.
The index has maintained the rhythm of bouncing back from the vicinity of 52 weeks EMA after a sharp decline, highlighting inherent strength that augurs well for extended pullback. In past two decades, 16 out of 20 times the index bounced from vicinity of 52-week EMA with temporary breach of not greater than average 5% during panic, followed by decent returns in the following three to six months. Going ahead, we expect Nifty to overcome immediate hurdle of 16800 and gradually head towards 17200 in April. Therefore, in the upcoming truncated week any dip towards 16200-16300 should be capitalized as incremental buying opportunity.
~ ICICI Direct
Government said the high rate of WPI inflation in February was primarily due to rise in prices of items such as mineral oils, basic metals, crude petroleum & natural gas in comparison to last year. The wholesale inflation across the country rose to 13.11% in February, while it grew 12.96% during the month of January and 4.83 % in February, 2021.
India's February WPI comes in at 13.1% against 12.96% earlier.
The stock price started its up move from 86.5 (Nov 20) to 285 (Aug 21), making series of higher bottoms.
A technical correction in the form of profit booking followed and the stock made a low of 192 in Dec 21. From Sept 21 to March 22 the stock traded in range of 190 to 250 Price Zone. Recently the stock gave Range breakouts & made a high of 275 accompanied by supportive volumes & expected to crossover Aug 21 High of 285. The Aroon Up/Dwn,KST & MACD Indicator suggest a possible up move.
200 DMA is continuously in rising Mode & Super trend is also in Positive mode since November 2020.
The possible target is 465.
If the stock price corrects downwards the buy levels are (255-243)-233-(223-218).
Stop Loss to be observed in the trade is 190.
~ Bharat Gala, President - Technical Research, Ventura Securities
In another setback for Paytm, shares of One 97 Communications Ltd, it’s parent company, plunged nearly 12% on Monday, hitting an all time low of Rs 672.10 a piece. Shares fell Monday after the Reserve Bank of India barred Paytm Payments Bank Ltd from onboarding new customers. On NSE, shares opened at Rs 675 a piece, down 12.9% from previous close while on the BSE shares opened at Rs 684, down 11.7% from Friday’s close. Following RBI action, brokerage ICICI Securities cut the company’s target price to Rs 1,285 a unit from the previous target price of Rs 1,352 a piece. At 9:52 am, Paytm shares were trading at Rs 682.05 a piece on the BSE index, down 11.9%. Read full story
HDFC Bank share price rose 2 per cent on Monday after the Reserve Bank of India on Saturday lifted its embargo on new digital launches by the private lender. The banking regulator had barred HDFC Bank in December 2020 from issuing new credit cards and introducing new digital offerings under its ‘Digital 2.0’ programme because of several service outages. “HDFC Bank stock has underperformed the broader banking universe in the recent past and hence lifting of these restrictions addresses a key overhang,” said analysts at Motilal Oswal Financial Services. HDFC Bank share price rose over 2 per cent to touch an intraday high of Rs 1,433 apiece on the Bombay Stock Exchange. Read full story
FMCG companies expect a pick up in sales amid the Holi festival this year to lead into bumper business in the upcoming summer season. They are looking at a probable surge, with 40% of their annual sales in the upcoming summers, after two consecutive years of dampened sales due to Covid related restrictions and curfews. “Around 35-40 per cent of total annual sales comes from the summer season for FMCG companies and but this year it can be more than 40 per cent as COVID restriction has been lifted in major states of India,” said Azaz Motiwala, Founder & CMD, IKON Marketing Consultants Pvt Ltd. Read full story
We expect gold prices to trade sideways to up in the coming week with COMEX spot gold resistance at $2015 per ounce and support at $1950 per ounce. At MCX, Gold April prices have near term resistance at Rs. 54500 per 10 grams and support at Rs. 51200 per 10 gram. COMEX Spot silver has near term resistance at $26.80 per ounce with support at $24.90 per ounce. MCX Silver May has important resistance at Rs. 72800 per KG and support at Rs. 68500 per KG. Read full story
TPIN stands for Transaction Personal Identification Number. Investors looking to sell their holdings need to enter their TPIN on the respective brokerage accounts to initiate the sell order.
"You may face an issue with TPIN authorization when selling your stocks. This is due to an issue with CDSL across all brokers. We are in touch with CDSL to have the issue resolved at the earliest," said Zerodha on Twitter.
Rakesh Jhunjhunwala-backed Metro Brands' stock price is expected to rally close to 33% from current levels, according to analysts at Ambit who have recently initiated the coverage of the stock. Seeing Metro Brands’ industry-leading throughput, superior store economics and fast trajectory of growth, Ambit has placed a ‘Buy’ call in the stock with a target price of Rs 718 per share. This is the second bullish outlook in favour of Metro Brands in recent weeks with Axis Securities having initiated the coverage with a ‘buy’ call. Rakesh Jhunjhunwala is a pre-IPO investor in Metro Brands.
The Nifty is feeling the heat at higher levels - 16800 is a resistance zone. We need to close above this level for a couple of sessions in order to surmise that the short term trend is shifting. Until then any up move can be a trading opportunity on the short side. The weekly support is upgraded to 16400-16500 and until these do not break on a closing basis, the market is still finding its direction.
~ Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments –
Sensex was down from highs but still in the green while Nifty 50 was down with marginal losses. Half an hour into the day's trade Sensex and Nifty both scaled down from highs.
Metro Brand stock is expected to rally close to 33% from the current market price, according to analysts at Ambit. The brokerage firm has initiated the coverage of the stock with a target price of Rs 718 per share.
"Standing in the way of a 17000-17500 run is the 16720-850 congestion region which is likely to turn upswings lower early this week. The catchment area for such a dip is likely to be 16330-190, but the 16500 vicinity may prove to be a sticky region initially delaying the onset of a directional move," said Anand James - Chief Market Strategist at Geojit Financial Services.
HDFC Bank share price soared 2.36% to hit a high of Rs 1,433 per share on Monday morning as the stock trades as the top performer on Sensex. The up-move comes after RBI lifted the restrictions on HDFC Bank that restricted the lender from new digital launches.
Paytm shares were down nearly 12% to hit a low of Rs 677 per share after RBI barred Paytm Payments bank from onboarding new customers.
Sensex started the day above 55,800, zooming more than 250 points or 0.50% while the NSE Nifty 50 index was closing in on 16,700.
Sensex and Nifty were trading flat during the pre-open session, moving between marginal gains and losses.
Sensex opens pre-open session in the green while Nifty 50 index was trading flat with marginal weakness.