Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Monday’s session broadly in green. The NSE Nifty 50 jumped 119.35 points or 0.68% to 17,743.40 and BSE Sensex surged 401.04 points or 0.67% to 60,056.10. In sectoral indices, Bank Nifty skyrocketed 517.75 points or 1.23% to 42,635.75, Nifty Financial Services soared 239.2 points or 1.28% to 18,992.95 and Nifty PSU Bank zoomed 101.2 points or 2.61% to 3,984.20. The top gainers on Nifty 50 were HDFC Life, Tata Consumer, Wipro, Axis Bank and ICICI Bank while the top losers were Dr Reddy, IndusInd Bank, Cipla, Divis Lab and Maruti.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices NSE Nifty and BSE Sensex ended Monday’s session broadly in green. “The positive market sentiment in the domestic market was boosted by strong earnings reported by heavyweights. This led to a reversal in the cautiousness from the initial below-expectation FYQ4 results. However, the weak global sentiment did raise some concerns midway. But the banking sector played a key role in this upward trend, with sector majors reporting strong earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.
The top gainers on Nifty 50 were HDFC Life, Tata Consumer, Wipro, Axis Bank and ICICI Bank while the top losers were Dr Reddy, IndusInd Bank, Cipla, Divis Lab and Maruti.
In sectoral indices, Bank Nifty skyrocketed 517.75 points or 1.23% to 42,635.75, Nifty Financial Services soared 239.2 points or 1.28% to 18,992.95 and Nifty PSU Bank zoomed 101.2 points or 2.61% to 3,984.20.
The NSE Nifty 50 jumped 119.35 points or 0.68% to 17,743.40 and BSE Sensex surged 401.04 points or 0.67% to 60,056.10.
Bank Nifty jumped 1.4% or 600 points today, touching an intraday high of 42,714.15. Analysts believe ICICI Bank’s strong Q4 results pushed the banking index upward. Meanwhile, the NSE Nifty 50 surged over half a percent, surpassing the crucial 17700 level. Today’s top gainers on the Bank Nifty were IDFC First Bank, ICICI Bank, State Bank of India, Axis Bank and Bank of Baroda while the losers were IndusInd Bank, Kotak Bank and AU Bank.
Shree Rama Multi-Tech, Starteck Finance, NGL Fine-Chem, Shankara Building Products, and Shree Vasu Logistics are among the volume gainers on the NSE index.
Alternatively, 21 stocks including VR Limited, C.E. Info Systems, Punjab Chemicals & Crop Protection, Keystone Realtors, and BEML Land Assets are at 52 week lows. FSN E-Commerce Ventures, which operates under the name Nykaa, at 52 week lows.
On the NSE Nifty, 40 stocks hit their 52 week highs including Wendt (India), Bajaj Auto, Power Mech Projects, Lumax Industries, Cyient, Godrej Consumer Products, JBM Auto, Surya Roshni, Ksolves India, Mrs Bectors Food Specialities, Hariom Pipe Industries, Zydus Lifesciences, ITC, Ramky Infrastructure, Sanghvi Movers, Royal Orchid Hotels, Lumax Auto Technologies, Choice International, Anmol India, Lambodhara Textiles, Global Surfaces and Rail Vikas Nigam among others.
On the NSE Nifty, 47 stocks hit their upper price band. Kohinoor Foods, Mirza International, Dynacons Systems & Solutions, Kamat Hotels (I), Focus Lighting and Fixtures, and JIFT Infralogistics were among the scrips. 68 stocks hit their lower price band including Brightcom Group, Kshitij Polyline, Nagarjuna Fertilizers and Chemicals, BEML Land Assets, GVK Power & Infrastructure. Additionally, 18 scrips hit both bands.
On the NSE Nifty index, the top winners are HDFC Life, Tata Consumer, Apollo Hospitals, Wipro, Hero MotoCorp, with HDFC Life up 3.88%. The biggest laggards are Dr Reddy, Sun Pharma, Cipla, SBI Life, UPL, with Dr Reddy down 2.06%.
HDFC Bank, ICICI Bank, HDFC Life, Reliance Industries and Axis Bank are the most active Nifty 50 stocks intraday.
The sectoral indices traded mixed, with Nifty Pharma falling 1% and Nifty Media losing 1.26%. However, Nifty PSU Bank gained 0.82% and Bank Nifty traded up by 0.72%.
The broader markets traded largely in the positive territory, with Nifty Smallcap 50 higher by 0.5% and Nifty Midcap 50 higher by 0.53%.
Bank Nifty surged 468.1 points or 1.11% to 42,586.10. The top gainers on the index were IDFC First Bank, ICICI Bank, Axis Bank, State Bank of India and Bank of Baroda while the sole loser was Kotak Bank.
The equity benchmarks snapped a three-week winning streak and closed lower by 1.1% amid muted global cues last week. Broader markets relatively outperformed as the Nifty Midcap index gained 0.5%. Sectorally, beaten-down mid-small cap stocks staged a recovery last week with outperformance from Pharma, chemicals and BFSI.
Rupee depreciated last week and touched 82.32 level amid rebound in US dollar and risk aversion in global markets. Meanwhile, sharp drop in crude oil prices helped local currency to restrict the declines. We expect the dollar index to rise further till 102.60 level on rising hopes that the Federal reserve may hike interest rates further in its May meeting as well. Money markets now pricing in a roughly 86% chance of a 25 basis point hike in May month. Further, mounting global recession worries will put a lid on risk appetite, which will increase the demand for safe havens like dollar.
Most of commodities’ prices moved towards southward direction in last week except natural gas. Precious metals have corrected more than 1.0% last week amid expectation that the Federal Reserve will continue its aggressive monetary tightening to curb inflation. In energy complex, Crude oil prices tumbled by almost 5.0% as concerns over slowing economic growth after series of weaker than expected US macro data which could likely to hurt crude oil demand.
ICICI Bank share price jumped 2.5% to Rs 906.75 today after the bank’s net profit surged 30% on-year to Rs 9,122 crore in Q4FY23, led by growth in net interest income, which rose 40.2% on-year to Rs 17,667 crore. ICICI Bank net interest margin for the quarter rose to 4.90% compared to 4% in the previous fiscal year. ICICI Bank shares have climbed over 5% in the last one month, and jumped 20% in the last one year.
Reliance Industries Ltd share price jumped 1% to Rs 2372.25 on Monday after Mukesh Ambani-led company’s net profit surged 19.1% to Rs 19,299 crore on-year in Q4FY23, beating analysts’ expectations. RIL revenue for the January-March quarter rose 2.1% on-year, to Rs 2.16 lakh crore. RIL shares have risen over 6.5% in past one month, but have fallen nearly 15% in the last one year.
The NSE Nifty 50 jumped 40.25 points or 0.23% to 17,664.3 and the BSE Sensex surged 146.74 points or 0.25% to 59,801.80.
“Bank Nifty range of 42600–43000 represents an immediate supply zone; above this, a rally towards the range of 43500–44000 levels is to be anticipated. On the downside, 41200–41000 is a significant support zone, and 42000–41700 is an instant demand zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“Bank Nifty is likely to pave the way for 41700-41500 which if broken decisively will extend that fall for 41200 – the vicinity of 21-week EMA. On the higher side, if prices manage to trade above 42600 the bullish trend will resume for 43100-43500,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
“Bank Nifty is consolidating in a broad range between 42,000-42,500 and a break on either side will have trending moves. The index if it fails to hold the support of 42,000 on a closing basis will witness further downside toward the 41,500 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty first support at 41928 and then 41730 while the resistance at 42375 and 42589, according to Rahul Sharma, JM Financial.
“Nifty is facing resistance at the 100-DMA, which coincides with the 50% retracement of the previous fall from 18888 to 16828. However, 17600, 17500, and 17400 are multiple support levels, and until Nifty trades above 17400, it may anytime resume its bullish momentum towards the 18100–18200 zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
“In the short term, Nifty can experience some selling pressure as prices have formed a bearish engulfing pattern on the weekly chart, which strengthens the case for further recession towards 17350 and then 17200. On the higher side, 17700-17750 will act as an immediate resistance where fresh selling can be initiated. If prices manage to surpass the 17900 mark, the next crucial resistance to watch out for would be 18150-18200,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
“A fall below 200 DMA, currently pegged at 17605, might trigger a panic button. Below 17600, the Nifty may slip towards 17400. On the higher end, resistance is placed at 17700, above which the index may move towards 18000,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Till the Nifty firmly withholds the pivotal support of 17500, there is no sign of caution in the market. While on the higher end, 17700-17800 holds stiff resistance and a decisive move beyond which could trigger the next leg of the rally in the comparable period,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Nifty first support at 17591 and then 17533 while the resistance at 17698 and 17747, according to Rahul Sharma, JM Financial.
The National Stock Exchange has no securities on its F&O ban list for 24 April. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Foreign institutional investors (FII) sold shares worth a net Rs 2,116.76 crore, while domestic institutional investors (DII) purchased equities worth a net Rs 1,632.66 crore on 21 April, according to the provisional data available on the NSE.
Oil prices slipped on Monday as concerns about rising interest rates, the global economy and the outlook for fuel demand outweighed support from the prospect of tighter supplies on OPEC+ supply cuts. Brent crude slipped 48 cents, or 0.6%, to $81.18 a barrel by 0045 GMT while U.S. West Texas Intermediate crude was at $77.39 a barrel, down 48 cents, also 0.6% lower.
“The Nifty IT index has lost over 5% in the last week. The question in everyone’s mind is whether companies like Infosys and TCS can keep up their growth in profitability in the face of lower demand from customers in the U.S. and Europe. The implosion of Silicon Valley Bank and Credit Suisse could see big banking clients deferring their IT expenditure plans. And a recession in the U.S. may mean companies across the board put off spending on IT services. In our view, the fall in IT stocks will be short-lived. Many of the largest IT companies have been around for decades and have built strong business models that have withstood far greater stresses than the current one,” said Marc Despallieres, Chief Strategy and Trading Officer at Vantage.
“Markets are likely to start on a firm note in Monday trades, much in tandem with the upmove seen in SGX Nifty even as most of the Asian gauges are trading mixed. Both ICICI Bank and Reliance Industries reported corporate earnings that met street expectations and hence there could be some action in the counters today. However, volatility will continue to be the hallmark of this week’s trade given the expiry of April futures & options contracts on Thursday. Technically, Nifty is likely to get support at 17443, while confirmation of strength can be seen only above the 17863 mark. For Bank Nifty, make-or-break support is seen at 41799 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The US market ended Friday’s session flat– Dow Jones Industrial Average (DJIA) rose 0.07%, S&P 500 was up 0.07% and the tech-heavy Nasdaq rose 0.11%.
Asian markets were trading mixed with China’s Shanghai Composite Index dipping 0.08%, South Korea’s KOSPI dropping 0.54%, Hong Kong’s Hang Seng rising 0.06% and Japan’s Nikkei 225 climbing 0.28%.
The Nifty futures on the Singapore Exchange (SGX) were trading 49 points or 0.28% higher at 17,688.5 in the early morning trade.
