Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Monday’s session broadly in green despite muted global cues. The NSE Nifty 50 rose 111 points or 0.61% to 18,314.40 and BSE Sensex zoomed 234 points or 0.38% to 61,963.68. In sectoral indices, Bank Nifty fell 84.30 points or 0.19% to 43,885.10 and Nifty IT surged 703.65 points or 2.49% to 29,007.30. The top gainers on Nifty 50 were Adani Enterprises, Adani Ports, Divis Lab, Apollo Hospital and Tech Mahindra while the losers were Hero Motocorp, Axis Bank, Nestle India, Eicher Motors and Bharti Airtel.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Zomato share price jumped 1.04% to Rs 65.21 today after the food delivery company’s net loss narrowed to Rs 187.60 crore in Q4FY23 from Rs 359.70 crore in the same quarter last year. Zomato shares have risen 16% in the past one month and 12% in the past one year. At the current market price, the company’s market capitalisation stands at Rs 55,944 crore.
The top gainers on the Nifty 50 were Adani Enterprises, Adani Ports, NTPC, Bajaj Auto and Power Grid while the losers were Asian Paints, Hindalco, Bharti Airtel, Axis Bank and Mahindra & Mahindra.
Bank Nifty dipped 33.55 points or 0.08% to 43,935.85 while Nifty IT rose 140.40 points or 0.50% to 28,444.05.
Benchmark indices opened flat. The Nifty 50 was trading at 18,196.25 and BSE Sensex at 61,706.11.
“An important message for investors is that interest rates have peaked, globally as well as in India, and this is positive for equity markets in the second half of CY 2023. Rate sensitives like financials, real estate/construction and autos will benefit from a probable rate cut by end 2023. From the valuation perspective, IT stocks are good value buys now,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“The near-term uncertainty in the global equity markets is likely to continue since there is no resolution yet on the US debt ceiling issue. A strong rally will happen only after this impasse is out of the way. The undercurrent of the market is bullish. Bank Nifty will likely gain more traction since the Rs 2000 note withdrawal is positive for banks. It will add to the deposits of banks and increase their CASA thereby boosting their bottom line,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The NSE Nifty 50 fell 2.3 points or 0.01% to 18,201.10 and BSE Sensex dipped 149.9 points or 0.24% to 61,579.78 in pre-open.
“Bank Nifty undertone remains bullish as long as it holds the levels of 43500 as put writers are fiercely active on 44000 and 43500 and call writers are active on 44500 and 44000. Technical indicator RSI is at around 66 and is showing strength by sustaining above 50 levels. Support placed at 43850, 43700 and 43500 while resistance at 44000, 44100 and 44200,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
“The presence of several bullish continuation patterns in the hourly chart encourages us to remain positive on Bank Nifty. However, the inability to scale 44150 or outright slippage past 43550, could call for 42800,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“Bank Nifty is outperforming and consolidating between the 43500–44200 zones. It is likely to cross its all-time high and may head towards the 44444 level. On the downside, 43440 is an immediate support level that should be a stop-loss for long positions,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“Bank Nifty is likely to continue its uptrend. The immediate resistance is at 44000. If the index is able to break above this level, it could see a sharp move toward the 44500 level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty first support at 43671 and then 43351 while resistance at 44163 and then 44336, according to Rahul Sharma, JM Financial.
“It is important for the Nifty index to confirm its strength by surpassing the key hurdle at the 18473 mark. Only then can a bullish trend be established. Currently, the market trend is considered neutral,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Nifty reclaiming of 18200 on Friday suggests that bulls did not get intimidated by this key level, and are now en route 18660. However, if 18270 appears too stiff an obstacle to cross this week, expect 17970 before getting back on to the 18660 move again,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“Nifty might face resistance above the 18300-18400 level, below that level it might retest the 18000 level. Therefore, the index is expected to continue rising in the future until the index trades above the 18300-18400 level. On the downside, support lies at 18000, followed by 17870 and 17800,” said Rohan Shah, head technical analyst at Stoxbox.
“Nifty has found support at the 20DMA of 18050 while resistance levels are expected at 18280–18300, which is at the 9DMA. If the Nifty breaches the 18300 level, then 18460 will be the next target level. Overall, Nifty is in consolidation mode, and the range of consolidation is likely to be at 18000–18400 levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“Nifty price and momentum indicator suggest that there could be further up moves over the next few trading sessions. In terms of levels, 18300–18350 is the immediate hurdle zone while 18100–18050 shall act as a crucial support zone. Overall, Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty respected the crucial support at 18,050 on Friday and its sustainability would be critical for the index to retest the 18,500-18,700 zone. In case of a breakdown, the 17850 zone would offer the needed cushion,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
“Nifty found support at the 21EMA, resulting in a smart recovery from the day’s low. Positive divergence was observed on the hourly RSI, suggesting a possible shift in momentum. Resistance on the higher end, is seen at 18300, while support is placed at 18050,” said Rupak De, Senior Technical analyst at LKP Securities.
“Nifty run-up is expected to continue in the coming period. On the technical levels, the 18050-18000 was firmly safeguarded. On the higher end, 18400-18450 is likely to act as the sturdy wall and a decisive breach would only trigger fresh longs in the system in the future,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
Nifty first support at 18129 and then 18027 while resistance at 18287 and then 18343, according to Rahul Sharma, JM Financial.
The National Stock Exchange has Delta Corp, Balrampur Chini Mills, Mannappuram Finance, GNFC, Aditya Birla Fashion and Retail and L&T Finance Holdings securities on its F&O ban list for 19 May. 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 net Rs 113.46 crore, while domestic institutional investors (DII) bought shares worth net Rs 1,071.35 crore on May 19, according to the provisional data available on the NSE.
Oil prices edged up on Monday on a softer dollar and supply cuts from Canada and OPEC+ producers, while investors waited to see if a pledge by the G7 nations to strictly enforce price caps on Russian energy would impact exports. Brent crude futures climbed 14 cents, or 0.2%, to $75.72 a barrel by 0018 GMT while U.S. West Texas Intermediate crude for July delivery, the more actively traded contract, was at $71.84 a barrel, up 15 cents, or 0.2%.
“The market is likely to open marginally lower on Monday as the SGX Nifty indicates a negative start for the broader index, with a loss of 15 points. The charts indicate that the Nifty may get support at 18,150, followed by 18,100 and 18,050. If the index advances, 18,275 would be the initial key resistance level to watch out for, followed by 18,320 and 18,400,” said Deven Mehata, Equity Research Analyst at Choice Broking.
The US market ended Friday’s session in red – Dow Jones Industrial Average (DJIA) fell 0.33%, S&P 500 dipped 0.14% and the tech-heavy Nasdaq dropped 0.24%.
Asian markets were trading in green – Hong Kong’s Hang Seng rose 0.4%, China’s Shanghai Composite index was up 0.41%, South Korea’s KOSPI climbed 0.72% and Japan’s Nikkei 225 was trading flat.
The Nifty futures on the Singapore Exchange (SGX) were trading 26 points or 0.14% lower at 18,212 in today’s early morning trade.