Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session in the red. The NSE Nifty 50 fell 99.45 points or 0.53% to 18,534.40 and BSE Sensex plunged 346.89 points or 0.55% to 62,622.24. In sectoral indices, Bank Nifty tanked 308.20 points or 0.69% to 44,128.15, Nifty Metal plunged 46.50 points or 0.78% to 5,890.05 and Nifty Oil & Gas tumbled 94.75 points or 1.26% to 7,432.15 while Nifty Pharma rose 73.70 points or 0.58% to 12,678.40 and Nifty Realty jumped 3.60 points or 0.76% to 478.80. The top gainers on Nifty 50 were Tech Mahindra, Bharti Airtel, Kotak Bank, SBI Life and Sun Pharma while the losers were ONGC, NTPC, Axis Bank, Reliance Industries Ltd (RIL) and HDFC.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“The intraday formation is suggesting the continuation of a range-bound activity in the near future. For bulls, 18665 would be the immediate breakout level, above which the market could rally till 18725-18750. On the flip side, below 18550, selling pressure is likely to accelerate till 18500-18475,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“Bulls continue to cheer the US debt agreement to raise the $31.4 trillion debt ceiling for which the vote on the deal is likely on Wednesday. If yesterday’s bullish action is any indication, then expect Nifty to aim towards its major hurdles at its all-time-high at 18888, while the support to watch is at the 18283 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“The bullish gap formed around 18550–18500 is expected to provide immediate support, while the previous resistance at 18400 is now anticipated to act as a strong support level. On the flip side, the range of 18780–18900 is considered an immediate resistance zone,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“In the range of 18633–18696 exists an immediate supply zone where we may witness some consolidation or profit booking. If Nifty manages to break above this range, it is likely to move towards its all-time high. On the downside, there is a support zone between 18450 and 18400, which could act as a cushion in case of any downward movement. Additionally, the 20-day moving average (20-DMA) at 18300 holds significant importance as a key support level,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Nifty first support at 18669 and then 18617 while resistance at 18757 and then 18794, according to Rahul Sharm, JM Financial.
Benchmark indices NSE Nifty 50 and BSE Sensex ended Tuesday’s session in the green as Bank Nifty hit a new all-time high of 44,498.60. The Nifty 50 rose 0.19% to 18,634 and BSE Sensex advanced 123 points to 62,969. “The domestic market continued its rally as recent Q4 results indicated improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile. The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ growth in Q4 FY23 GDP vs. 4.4% in Q3,” said Vinod Nair, Head of Research, Geojit Financial Services.
The SGX Nifty gained 0.23% in trade on Wednesday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a negative basis, snapping a four-day winning streak. Nifty futures were 42 points lower on the Singaporean exchange at 18,687.5.
The US market ended the overnight session mostly flat – Dow Jones Industrial Average (DJIA) fell 0.15%, S&P 500 closed flat and the tech-heavy Nasdaq rose 0.32%.
Asian markets were trading red – Hong Kong’s Hang Seng tanked 1.66%, China’s Shanghai Composite index plunged 0.61%, Asia Dow tumbled 1.25% and Japan’s Nikkei 225 sank 0.78%.
The Nifty futures on the Singapore Exchange (SGX) were trading 48 points or 0.26% lower at 18,682 in today’s early morning trade.