Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Thursday’s session in the green territory after the RBI MPC kept the key lending rate unchanged. The NSE Nifty 50 rose 42.10 pts or 0.24% to 17,599.15, BSE Sensex climbed 143.66 pts or 0.24% to 59,832.97 and Bank Nifty advanced 41.85 pts or 0.10% to 41,041.00. The top gainers on Nifty 50 were Bajaj Finance, Adani Enterprises, Tata Motors, Bajaj Finserv and IndusInd Bank. In contrast, the top losers were HCL Tech, ONGC, ICICI Bank, Axis Bank and Titan.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on Nifty 50 were Bajaj Finance, Adani Enterprises, Tata Motors, Bajaj Finserv and IndusInd Bank. In contrast, the top losers were HCL Tech, ONGC, ICICI Bank, Axis Bank and Titan.
Bank Nifty advanced 41.85 pts or 0.10% to 41,041.00
The NSE Nifty 50 rose 42.10 pts or 0.24% to 17,599.15 and BSE Sensex climbed 143.66 pts or 0.24% to 59,832.97.
The recent interest rate hikes had impacted the sentiment of homebuyers who were waiting for the central bank to hit a pause button before they could decide to borrow home loans. Owing to back-to-back interest rate hikes, the existing home loan borrowers are already reeling under pressure as their loan tenures have gone up significantly. In fact, EMIs have increased for many, and they are now exploring options to refinance or partially repay their loan to bring down this financial burden.
Banking indices surged on Thursday with Bank Nifty rising 0.52% to 41,214.05, Nifty Financial Services climbing 0.42% to 18,449.10, Nifty PSU Bank skyrocketing 1.30% to 3,774.05 and Nifty Private Bank advancing 0.24% to 20,879.35 after the Reserve Bank of India surprised markets by pausing a rate hike earlier than expected. The NSE Nifty 50 surpassed the crucial 17600 level and Sensex surged 181 points. Analysts believe that RBI’s decision may provide short-term relief to the banking sector and has given investors further cause to rejoice.
Banking stocks surged on Thursday after the Reserve Bank of India surprised markets by pausing a rate hike earlier than expected. RBI MPC decided not to hike the repo rate, keeping the key lending rate at 6.5%. Analysts had predicted a 25 bps hike as inflation hovers above the central bank’s target range of 2-6%. After the Governor Shaktikanta Das’ announcement, Bank Nifty rose 0.33% to 41,135.25, Nifty Financial Services climbed 0.42% to 18,449.10, Nifty PSU Bank skyrocketed 1.30% to 3,774.05 and Nifty Private Bank advanced 0.24% to 20,879.35. The NSE Nifty 50 surpassed the crucial 17580 level and Sensex surged 121 points. The top gainers on Bank Nifty were Punjab National Bank (PNB), State Bank of India (SBIN), IDFC First Bank, Bank of Baroda and IndusInd Bank.
Domestic indices surged on Thursday after RBI MPC decided not to hike the country's repo rate, keeping the key lending rate at 6.5%. The NSE Nifty 50 was trading near 17600 and Sensex jumped 140 pts. Bank Nifty surpassed 41150.
Rail Vikas Nigam shares rose 0.89% to Rs 74.09 on Thursday. The firm is the lowest bidder for provision of E1 based automatic signalling with continuous track circuiting and other associated works in Jhansi-Gwalior section of Jhansi Division of North Central Railway. The total consideration for the project is Rs 121.05 crore.
Dalmia Bharat Sugar and Industries Ltd shares jumped 2.32% to Rs 365.95 after the board approved setting up a grain-based distillery which will have a daily capacity of 250 kilolitres and planned for capex of Rs 400 crore for the same. Also, the capacity expansion at Ramgarh Sugar plant will be improved to 7,000 TCD (tonnes of cane per day) from 6,600 TCD.
Larsen & Toubro shares rose 0.23% to Rs 2262.15 after the company said it has bagged multiple contracts of worth more than Rs 7,000 crore in the Middle East region. The scope of work comprises engineering, procurement, construction and installation for various new offshore facilities and integration with existing installations, L&T said in a statement.
Nykaa shares tanked 3.52% to Rs 131.75 on Thursday. FSN E-Commerce saw strong growth in business in Q4FY23 despite the subdued industry trend. The company stated it saw sustained strong demand in the beauty and personal care (BPC) categories. For FY23, the company expects its percentage revenue growth rates to be around 30%.
Hero MotoCorp shares fell 0.60% to Rs 2417.40 on Thursday. The motorcycles and scooter major launched a voluntary retirement scheme (VRS) for its staff. The scheme includes a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, career support.
"With opening slippages not stretching beyond 17400, positivity dominated all through yesterday, succeeding in seeing 17530 as anticipated. The Confluence of several key moving averages makes the 17530 vicinity critical to further upsides. Towards this end, a revisit of 17400 appears likely before charting further course. Alternatively, if slippages do not stretch beyond 17480, expect uptrend to resume without consolidation. Nifty weekly contract has highest open interest at 17700 for Calls and 17500 for Puts while monthly contracts have highest open interest at 18000 for Calls and 17000 for Puts. Highest new OI addition was seen at 17700 for Calls and 17500 for Puts in weekly and at 17600 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by 28.27%, increased future index shorts by -15.48% and in index options by 27.89% in Call longs, 26.17% in Call short, 14.42% in Put longs and 41.05% in Put shorts," said Anand James - Chief Market Strategist at Geojit Financial Services.
"The recent rally which has taken the Nifty around 600 points from the March lows has been driven by reasonable valuations and short covering. FIIs turning buyers (Rs 4261 crores during the last 4 trading sessions) also has been supportive. Global support for the rally will depend on the payroll data from the US tomorrow. Already ISM services data has come below expectations. So it is possible that tomorrow’s payrolls data may indicate a slowing economy and this can prove to be positive from the market perspective. Today’s MPC decision is likely to be a dovish hike of 25bp. The RBI commentary and inflation projections have to be closely watched. Bank Nifty continues to exhibit strength," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The top gainers on Nifty 50 were Larsen & Toubro, BPCL, Adani Enterprises, Bajaj Auto and Dr Reddy while the top losers were Hindustan Unilever, Hero MotoCorp, Nestle India, HCL Tech and Coal India.
Bank Nifty plunged 130.90 pts or 0.32% to 40,868.25.
The NSE Nifty 50 fell 27.15 pts or 0.15% to 17,529.90 and BSE Sensex dipped 96.19 pts or 0.16% to 59,593.12.
“Bank Nifty is showing relative strength where 41250 is an immediate target. Above 41250, we can expect a rally towards 41666. On the downside, 40400 and 40200 are important to support levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“Bank Nifty has support at 40500 while resistance is placed at the 41500-41650 range. We suggest traders hedge their trading position as markets can be volatile. A cautiously positive approach is advised for the coming days,” said Om Mehra, Equity Research Analyst at Choice Broking.
“Bank Nifty’s next hurdle on the upside stands at the 41,500-41,600 zone which can act as a profit-booking zone for the short term. The index, however, surpassing those levels on a closing basis, can extend the rally towards 42,000/42,500 levels. The lower-end support is visible at the 40,600-40,500 zone, which will cushion the bulls,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty first support at 40987 and then 40841 while resistance at 41259 and 41385, according to Rahul Sharma, JM Financial.
“Nifty is showing bullish momentum and closed above 17500 on Wednesday. Above 17500, we can expect a short covering move towards 17770. On the downside, 17300 and 17220 are important support levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“On the hourly charts we can observe a negative divergence on the hourly momentum indicator which is a sign of caution however it needs to be confirmed by weakness in the price action and we see no evidence of it as of now hence we shall continue to ride the up move. In terms of levels, 17410 – 17350 shall act as crucial support for Nifty while 17625 – 17650 is the immediate hurdle zone and the short-term target,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty has formed a bullish candlestick on the daily timeframe. Bears remain in the trap as important 17500 zones are sustained. The Middle Bollinger band is also acting as important support as well. Stock-specific action would drive the market in the coming days too. Coming to the OI Data, on the call side, the highest OI was observed at 17700 followed by 17800 strike prices while on the put side, the highest OI was at 17500 strike price,” said Om Mehra, Equity Research Analyst at Choice Broking.
“The bulls have taken control of the market, which is evident in the technical chart with Nifty testing the 200 SMA and the bearish gap on the daily time frame. As far as levels are concerned, the pivotal level of 17600 is the immediate hurdle for Nifty, surpassing which the index could re-test the recent swing high of 17800 in a comparable period. On the flip side, the 17400-17350 is expected to cushion any minor correction, while the unfilled gap around the 17200 holds the sacrosanct support zone,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
“Nifty has given a falling channel breakout on the daily chart. Besides, the index has moved above the critical 200DMA after several days, suggesting increasing bullishness. The momentum oscillator RSI is in bullish crossover and rising, which suggests positive momentum for the near term. On the higher end, the index may move towards 17800. The current uptrend may remain in force until the Nifty falls below 17350,” said Rupak De, Senior Technical Analyst at LKP Securities.
“All eyes will be on the first bi-monthly RBI’s Monetary Policy Committee (MPC) meeting outcome to be wired on April 6. The spotlight will also fall on the US employment report to trickle in on Friday. Bulls will aim to take over the positive baton to Thursday’s trade with the biggest intraday support on Nifty seen at the 17327 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Nifty first support at 17531 and then 17437 while resistance at 17674 and 17724, according to Rahul Sharma, JM Financial.
Domestic indices ended pre-opening session in the red. The NSE Nifty 50 fell 23.20 pts or 0.13% to 17,533.85 and BSE Sensex dipped 62.57 pts or 0.10% to 59,626.74.
Oil prices eased in early Asian trade on Thursday after weak U.S. job openings data signalled cooling economic conditions which may hit demand. West Texas Intermediate U.S. crude was down 14 cents to $80.47 a barrel at 2241 GMT. On Wednesday, Brent crude futures settled up 5 cents, or 0.1%, at $84.99 a barrel.