Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session in green. The NSE Nifty 50 rose 39.75 points or 0.21% to 18,755.90 and BSE Sensex gained 85.35 points or 0.14% to 63,228.51. In sectoral indices, Bank Nifty fell 91.85 points or 0.21% to 43,988, Nifty Auto rose 0.17%, Nifty FMCG gained 0.59%, Nifty Metal jumped 1.42% and Nifty Oil & Gas surged 0.91%. The top gainers on Nifty 50 were Tata Consumer, Grasim, JSW Steel, Tata Steel and Power Grid while the losers were IndusInd Bank, Bajaj FInance, Bharti Airtel, Axis Bank and Hero Motocorp.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices NSE Nifty 50 and BSE Sensex concluded Wednesday’s session in green. “The domestic indices rebounded after an initial phase of profit booking, driven by encouraging WPI inflation data and positive global cues, while selling in IT and banking stocks kept a check on gains. The favourable decline in US inflation, driven by lower energy prices, and speculation about a potential pause in the Fed rate hike campaign, brought comfort to global equities. However, the persistence of higher core inflation levels may compel the Fed to maintain its hawkish tone during today’s policy announcement with indication of a prolonged pause,” said Vinod Nair, Head of Research at Geojit Financial Services.
The NSE Nifty 50 climbed 39.75 points or 0.21% to 18,755.90 and BSE Sensex surged 85.35 points or 0.14% to 63,228.51.
“Air fares in India are deregulated; the government cannot fix a cap. The aviation minister requested the industry to rein in the rates when rates in certain routes shot up after the grounding of Go First. After the minister’s intervention, the rates have declined. The long-term prospects for the industry look bright since there is an explosive growth in air travel and India will be the third largest air passenger market in the world by 2024,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“The Indian IT sector experienced a muted quarter, hinting at a moderate growth outlook for FY24. The delayed spending in a few segments, concerns in BFSI, and fears over a global economic slowdown are impacting the overall performance of the sector. Nevertheless, Indian companies have managed to enhance their profit margins through effective cost optimisation strategies and the resolution of supply-side difficulties. On the valuation front, over the past 1.5 years, the industry valuations have been corrected by more than a third, limiting the downside risk. Going forward, it presents an opportunity for long-term investors to use an accumulation approach in the IT sector,” said Vinod TP, Research analyst at Geojit Financial Services.
Wholesale price-based inflation rate declined by -3.48 per cent in May, a 3-year low, on easing prices of food, fuel and manufactured items. The wholesale price index (WPI) based inflation rate has been in the negative territory for the second straight month. In April it was -0.92 per cent. In May, 2022 WPI inflation was at 16.63 per cent. The May, 2023 data print of -3.48 per cent is the lowest WPI print recorded since May 2020, when wholesale inflation was at -3.37 per cent. Inflation in food articles eased to 1.51 per cent in May, against 3.54 per cent in April.
NSE Nifty 50 rose 45.40 points 0.24% to 18,761.55 and BSE Sensex gained 111.57 points or 0.18% to 63,254.73. The top gainers on Nifty 50 were Tata Consumer, Tata Steel, JSW Steel, Power Grid and Grasim while the losers were IndusInd Bank, Bajaj Finance, Hero Motocorp, Bajaj Auto and Bharti Airtel.
InterGlobe Aviation (IndiGo) share price rose 1.2% to Rs 2366.4 after the company said that it did not have any idea about the co-founder Rakesh Gangwal and his family selling their stake. “We would like to state that the Company has not received any such information nor has the company been made aware by the Co-Founder of their intention to sell their stake,” Indigo said.
Reliance Communications, D. P. Abhushan, Siti Networks, Sintex Plastics Technology, Suumaya Industries, Tirupati Forge, GHCL Textiles, M K Proteins and NIIT were among 13 stocks that hit 52-week lows.
ABB India, AGI Greenpac, AIA Engineering, Ajmera Realty & Infra India, Ami Organics, Anant Raj, APL Apollo Tubes, Apollo Micro Systems, Apollo Pipes, Artemis Medicare Services, Arvind, Arvind SmartSpaces, Asian Energy Services, Astral, AstraZeneca Pharma India, Aurionpro Solutions, AVG Logistics, Baid Finserv, Banswara Syntex, Bhagyanagar India, Bharat Petroleum Corporation, Capacit’e Infraprojects, CARYSIL, Cholamandalam Financial Holdings, Craftsman Automation, Cummins India, Cyient, Dalmia Bharat, DLF, Dynamic Cables, Endurance Technologies, Fertilizers and Chemicals Travancore, Faze Three, Genus Power Infrastructures, GKW, Godawari Power And Ispat, HEG, Heritage Foods, Hindustan Oil Exploration Company, Hindustan Petroleum Corporation, IDFC, IDFC First Bank, Indo Tech Transformers, Inspirisys Solutions, Indian Oil Corporation, Inox Wind Energy, Jay Bharat Maruti, JITF Infralogistics, JK Cement, Jindal Stainless, JSW Ispat Special Products, JSW Steel, Just Dial, Jupiter Wagons, Kajaria Ceramics, Kamat Hotels (I), Karma Energy, Karur Vysya Bank, Kaynes Technology India, KEC International, KEI Industries, Kirloskar Ferrous Industries, Kirloskar Pneumatic Company, L&T Finance Holdings, Lorenzini Apparels, Linde India, Macrotech Developers, Maan Aluminium, Man Infraconstruction, Mankind Pharma, Manorama Industries, Max Healthcare Institute, Global Health, MIC Electronics, Nagreeka Exports, Nava, NCL Industries, Nestle India, Narayana Hrudayalaya, NINtec Systems, NTPC, Oracle Financial Services Software, Om Infra, One 97 Communications, PCBL, Power Finance Corporation, Hitachi Energy India, Pressman Advertising, Prestige Estates Projects, Prime Securities, Ram Ratna Wires, Responsive Industries, Ramkrishna Forgings, S&S Power Switchgears, Saksoft, Sandhar Technologies, Sanghvi Movers, Sarda Energy & Minerals, Servotech Power Systems, Shyam Metalics and Energy, Signet Industries, Spandana Sphoorty Financial, Supreme Industries, Suryoday Small Finance Bank, Syrma SGS Technology, Tata Communications, Tata Consumer Products, Tata Motors, Titan Company, Trent, Ujjivan Financial Services, UltraTech Cement, Uma Exports, Vardhman Polytex, Vascon Engineers, Venus Pipes & Tubes, Welspun Enterprises, ZF Commercial Vehicle Control Systems India, Zim Laboratories were among 129 stocks that hit 52-week highs.
JSW Holdings, CDSL, SIL Investments, Nalwa Sons Investments, Heranba Industries, D P Abhushan, Ajmera Realty & Infra India, Welspun India, AGI Greenpac, Maha Rashtra Apex Corporation, Steel Strips Wheels, Fertilizers and Chemicals Travancore, GKW, Eros International Media, Diligent Media Corporation, Baid Finserv, Radhika Jeweltech, Signet Industries, Dodla Dairy, Vikas EcoTech and PCBL were the volume gainers.
Reliance Industries Ltd (RIL), HDFC Bank, CDSL, Tata Communications, Tata Consumer, Tata Steel, Tata Motors and Paytm were most active stocks on NSE.
Sectorally, Bank Nifty fell 94.10 points or 0.21% to 43,985.75, Nifty IT dipped 0.33% while Nifty Metal surged 1.04%.
The volatility index, India VIX rose 1.32% to 11.26.
The broader market indices were trading mostly in green; Nifty 100 was up 0.15%, Nifty Midcap 150 was up 0.18%, Nifty Smallcap 250 was up 0.34% and Nifty Microcap 250 gained 0.57%.
The Nifty 50 rose 30 points or 0.16% to 18,745.90 and the 30-share BSE Sensex was up 58.72 points or 0.09% to 63,201.88.
Tata Consumer Product, Tata Steel, NTPC, JSW Steel, Power Grid, Grasim, BPCL, Tata Motors, Reliance Industries Ltd (RIL) and Hindalco were the top gainers while Bajaj Finance, Bharti Airtel, IndusInd Bank, Bajaj Finserv, Infosys, Hero Motocorp, Bajaj Auto, ICICI Bank, SBI Life and Coal India were the top losers.
On Tuesday, the benchmark indices bounced back sharply, the Nifty ended 118 points higher while the Sensex was up by 418 points. Among sectors, the realty index was the top gainer, rallied over 2.5 percent whereas, despite strong momentum, selective auto stocks witnessed intraday profit booking at higher levels.
Granules India, GAIL among stocks to buy; check target prices
Gold rate is trading with gains on Wednesday, while the silver rate is up 0.44%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,355 per 10 grams, up Rs 137 or 0.23%. Silver July futures were trading higher by Rs 315 at Rs 72,409 per kg on MCX.
“We believe, APR’s focus towards value added products and strong traction in exports business will drive strong topline and profitability in the long run. Hence, we expect revenue/PAT CAGR of 16.5%/5% from FY23-25E, amid high PAT base. The stock is currently trading at PE of 20.5x/16.3x FY24/25E. We maintain ‘Buy’ rating on stock with SoTP based TP of Rs 3,725 (Rs3832 earlier) valuing Cables/Conductors/Speciality oil business at PE of 25x/21x/9x on FY25E EPS,” said analysts at Prabhudas Lilladher.
“We maintain BUY on KJC/ SOMC with a Mar’24 TP of INR 1,350/ INR 860 (valuing it at 35x / 22x Mar’25 EPS) respectively. and maintain HOLD on Cera with a Mar’24 TP of INR 7,000 (valuing it at 30x Mar’25 EPS). We continue to prefer the wood panel sector over the ceramics sector given sector tailwinds (function of real estate inventory absorption) and construct of the industry (relatively lower competitive intensity),” said analysts at JM Financial.
“Last few days’ consolidation as well as slow pace of ascent may have acted as a bear trap. This should give more legs to the upmove, which now threatens to breach the record peak at 18887, with 19000-19070 also eyed in the next sprint. But key play today tomorrow would be about protecting downsides in the event of rejection trades. Towards this end, we will begin with 18690 or 18600 as the downside markers,” said Anand James, Chief Market Strategist at Geojit Financial Services.
Anupam Rasayan share price jumped 2.5% to Rs 1113.05 today. The company has been granted a Letter of Intent for a project worth Rs 2,186 crores with a leading Japanese special chemical company. This project spans over the next five years and involves supplying a new-age patented life science active ingredient. The product will be in the validation phase for the next eighteen months and upon successful validation, the supply will commence from CY2025. This product will be manufactured in our existing multipurpose manufacturing facilities.
Zomato share price tanked 1.11% to Rs 77.41 after Zomato Australia, step-down subsidiary of Zomato based in Australia, got deregistered effective from June 11, 2023.
Adani Enterprises and Ambuja Cements share prices rose today after Bloomberg reported that the embattled Adani group is in talks with various lenders, which includes global banks, as it seeks to refinance up to $3.8 billion of a loan facility taken for its acquisition of Ambuja Cements.
The NSE Nifty 50 was trading at 18,721.90 and BSE Sensex at 63,120.02.
“Bank Nifty has been trading in a sideways consolidation phase, indicating a lack of clear directional bias. The immediate resistance level for the index is at 44200, which has been acting as a hurdle for further upward movement. A successful breakout above this resistance level could potentially trigger trending moves in the index, suggesting a bullish sentiment. On the downside, the index has support at 43700, which has held the market from significant declines. If the support at 43700 remains intact, it could provide a buying opportunity for market participants,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Bank Nifty has witnessed buying interest from the support cluster of 44000 which coincided with the lower end of the rising channel and also the 20-day moving average (43980). We expect Bank Nifty to continue with the positive price action for the next few trading sessions. Short term target is placed at 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Bank Nifty continued its struggle around 44150 levels. The index was trading in a range throughout the trading session with some traction seen towards the end of the day. The index has managed to sustain above its 21 EMA on daily charts which are expected to continue lending support and a close above 44300 can push it towards 45000 levels,” said Gaurav Bissa, VP – InCred Equities.
“Nifty immediate hurdle is seen at 18770 levels which once sustained can push the index towards 19000 levels. Comfortable writing was seen in 18700 and 18600 strike put options suggesting the dips are unlikely to be steep and any fall towards 18600 can see fresh buying in the Nifty index,” said Gaurav Bissa, VP – InCred Equities.
“Nifty has formed a bullish candle on daily charts, which is largely positive. For bulls, 18600 would act as a sacrosanct support zone. As long as the index is trading above the same, the positive sentiment is likely to continue till 18800-18850. However, below 18600, the uptrend would be vulnerable and below the same, traders may prefer to exit from the long positions,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.