Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session in the red. The NSE Nifty 50 tumbled 62.60 points or 0.34% to 18,285.40 and BSE Sensex slipped 208.01 points or 0.34% to 61,773.78. In sectoral indices, Bank Nifty tanked 276.60 points or 0.63% to 43,677.85 while Nifty Pharma jumped 126.25 points or 1.03% to 12,440.45. The top gainers on Nifty 50 were Sun Pharma, Dr Reddy, ITC, IndusInd Bank and Titan while the losers were Adani Enterprises, Adani Ports, Tata Motors, HDFC Bank and ICICI Bank.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices ended NSE Nifty 50 and BSE Sensex ended Wednesday’s session in the red. “The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause. European markets also declined, triggered by higher-than-expected UK inflation figures that bet on more rate hikes by the BoE,” said Vinod Nair, Head of Research at Geojit Financial Services.
The NSE Nifty 50 plunged 62.60 points or 0.34% to 18,285.40 and BSE Sensex tumbled 208.01 points or 0.34% to 61,773.78.
Aavas Financiers, Jet Airways (India), Lagnam Spintex and SEL Manufacturing Company were among 8 stocks that hit 52-week lows.
TVS Motor Company, Apollo Tyres, CEAT, Indian Oil Corporation, L&T Finance Holdings, Mahindra CIE Automotive, Andhra Cements, Ador Welding, Anmol India, Arrow Greentech, Ashapura Minechem, Aurionpro Solutions, AVG Logistics, CG Power and Industrial Solutions, Cholamandalam Financial Holdings, Deep Industries, De Nora India, Dreamfolks Services, Elecon Engineering Company, Elgi Equipments, Elgi Rubber Company, Engineers India, Faze Three, Himadri Speciality Chemical, Indo Tech Transformers, ION Exchange (India), Jai Balaji Industries, Jash Engineering, Jindal Saw, Kaynes Technology India, Kingfa Science & Technology (India), Latteys Industries, Linc, Man Industries (India), Global Health, Narayana Hrudayalaya, NLC India, PG Electroplast, Pondy Oxides & Chemicals, Poonawalla Fincorp, Power Mech Projects, The Ramco Cements, Refex Industries, Roto Pumps, Schneider Electric Infrastructure, Som Distilleries & Breweries, Share India Securities, Shree Digvijay Cement Co, Shreyans Industries, Sundaram Finance, Suprajit Engineering, Tega Industries, Technocraft Industries (India), Vardhman Polytex, Venus Pipes & Tubes, and VA Tech Wabag were among 57 stocks that hit 52-week highs.
Adani Transmission, Adani Total Gas, NDTV, Adani Green and Visesh Infotecnics were among 64 NSE stocks that hit the upper price band while Adani Wilmar, GE T&D India, Servotech Power Systems, Wanbury and Zim Laboratories were among 40 stocks that hit the lower price band.
Sudarshan Chemical Industries, Indo Tech Transformers, Mahindra CIE Automotive, Schneider Electric Infrastructure, MBL Infrastructure, Williamson Magor & Company, Poddar Housing and Development, Prime Focus, SMS Pharmaceuticals, New Delhi Television, Dynamic Cables, Oriental Carbon & Chemicals, Bal Pharma, Deepak Nitrite, Deep Industries, Uma Exports, Metro Brands, Airo Lam, Bharat Gears, Antony Waste Handling Cell, TRF, Jash Engineering, Biocon, HOV Services were among the volume gainers.
Adani Enterprises, Adani Ports, HDFC Bank, ICICI Bank, Infosys, Bharti Airtel, Adani Total Gas, Adani Transmission, Reliance Industries Ltd (RIL) and State Bank of India (SBIN) were the most active stocks.
In sectoral indices, Bank Nifty dipped 136 points or 0.35% to 43,818.45, Nifty Metal tanked 1.38% and Nifty Pharma surged 1.03%.
The volatility index, India VIX surged 5.53% to 13.30.
In the broader market indices, Nifty Next 100 was down 0.18%, Nifty Midcap 100 was up 0.34%, Nifty Smallcap 250 was up 0.18% and Nifty Total Market was down 0.07%.
Bank Nifty, despite multiple attempts in the last one month, has failed to cross its all-time high of 44,151.80 so far. Since the last few sessions, it has remained range-bound and directionless, making investors anxious as the monthly derivatives expiry comes closer. While the fall of major banks in the US and Europe has capped the Bank Nifty’s growth, analysts believe that the US debt ceiling talks will further affect the global markets and a failure to reach a resolution will have catastrophic consequences on the global economy. Meanwhile, if Bank Nifty manages to surpass 44152-44200 levels then it may rally towards 44500, analysts said.
The embattled Adani group Founder and Chairman Gautam Adani reclaimed his position in the top 20 on the Bloomberg Billionaires list. On Tuesday, as Adani group companies’ share prices jumped in trade, the billionaire’s net worth surged by an $4.38 billion to $64.2 billion, propelling Gautam Adani to the 18th spot among the world’s wealthiest individuals, surpassing figures such as Zhong Shanshan and Jacqueline Badger Mars.
Gold rate is trading flat on Wednesday, while the silver rate is down 0.37%. On Multi Commodity Exchange, gold June futures were trading at Rs 60,307 per 10 grams, up Rs 37 or 0.06%. Silver July futures were trading lower by Rs 264 at Rs 71,900 per kg on MCX.
“At the CMP, SJVN is attractively valued at 0.9x FY25E P/B and 6.6x FY25E P/E. We reiterate Buy with a target price of Rs 54 (unchanged), excluding an RE option value of Rs 15/share,” said analysts at Elara Securities.
“We rollover to March 2025E from December 2024E; thus, we raise our target price to Rs 28,073 from Rs 26,099 on 18x (from 16x) FY25E EV/EBITDA,” said analysts at Elara Securities.
“We expect Tata Consumer Products Ltd revenue/EBITDA/PAT CAGR of 9%/15%/24% over FY23-25 and arrive at our SoTP-based target price of Rs 910. We reiterate our BUY rating,” said analysts at Motilal Oswal.
BUY Grasim May future at Rs 1700-1710, set stop loss at Rs 1661.10 for a target of Rs 1740. (Time Period: 1 month) – IIFL Securities.
BUY Tata Communications May future at Rs 1230-1240, set stop loss at Rs 1210.35 for a target of Rs 1265. (Time period: 1- 14 days) – IIFL Securities.
Buy ITC at Rs 427-430, set stop loss at Rs 422 for a target of Rs 440 for short term (2-3 days) – IIFL Securities.
“Nifty is likely to find support at around 18200. 18500 is likely to act as resistance. Bank Nifty is likely to find support at around 43500. 44300 is likely to act as resistance on the upside,” said analysts at IIFL Securities.
Domestic indices erased the morning trade's losses to trade flat, mildly in green. Nifty 50 reclaimed the 18,950 level, trading higher by 8 points at 18,355.75, while Sensex topped 62,000, gaining 41 points to 62,022.
Nifty Pharma rose 40.45 points or 0.33% to 12,354.65. The top gainers were Nacto Pharma, Abbot India, Gland Pharma, Cipla and Sun Pharma while the losers were GlaxoSmithKline Pharmaceuticals, Divis Labs, IPCA Labs, Zydus Life and Aurobindo Pharma.
“While Nifty puffed and huffed through resistances in the last couple of days, encouraging us to keep 18660 in the radar, the turn lower from the vicinity of a recent peak, may be seen as a rejection trade. This may call for a pullback or a consolidation, but an outright reversal may not play out unless we see below 18200 on successive days. Meanwhile, expect upside bets to kick in today, if Nifty manages to float above 18282,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“The US debt ceiling impasse continues to affect markets. Since failure to reach a resolution will have catastrophic consequences for the global economy and markets, a resolution of the crisis at the eleventh hour is the most likely scenario. But markets will be on tenterhooks till then. A global risk-on and rally is the most likely scenario after the resolution of the impasse. Nifty is less than 2% away from record highs and institutional-both FII and DII- support and retail buying can help the Nifty reach new highs. Declining inflation and a possible rate cut by the RBI by the end of 2023 are clear positives for the market,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Biocon shares jumped 3.82% to Rs 251.5 after the company’s fourth-quarter profit clocked in at Rs 335 crore, up 28% on-year. It posted revenue at Rs 3,929 crore, up 59% compared to the fiscal fourth quarter of FY22.
Wipro shares fell 0.58% to Rs 395.45 today after the company announced an expanded partnership with Google Cloud to bring its advanced generative artificial intelligence (AI) capabilities to clients across the globe. Wipro will integrate Google Cloud’s full suite of generative AI products and services with its own AI intellectual property (IP), business accelerators, and pre-built industry solutions.
Ashok Leyland rose 0.23% to Rs 152.5 after the company posted a 436.6% jump in net profit to Rs 752.53 crore in Q4FY23 as against Rs 140.24 crore in the same quarter last year, beating estimates. The also recommended a dividend of Rs 2.60 per equity share of Re 1 each for the financial year ended March 31, 2023.
Adani Enterprises, Sun Pharma, Kotak Bank, Hero Motocorp and IndusInd Bank were the top gainers on NSE Nifty 50 while the losers were Wipro, HCL Tech, UPL, ICICI Bank and Hindalco.
Bank Nifty fell 188.65 or 0.43% to 43,765.80. The top losers were AU Bank, ICICI Bank, PNB, IndusInd Bank and HDFC Bank while the gainers were Kotak Bank and Bandhan Bank.
The NSE Nifty 50 fell 50 points or 0.27% to 18,298 and the BSE Sensex tanked 213.68 points or 0.34% to 61,768.11.
Benchmark indices ended the pre-opening session in the red. The NSE Nifty 50 fell 53.20 or 0.29% to 18,294.80 and BSE Sensex tumbled 147.51 points or 0.24% to 61,834.28.
“Bank Nifty found immediate support at 43500 and faced resistance at 44100, highlighting key levels to watch. A break above or below this range could trigger significant directional moves in the market. Traders and investors should closely monitor the index for a potential shift in momentum,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Bank Nifty still is trading in a narrow range of 43446-44095. Unless these levels are taken out, Bank Nifty is directionless. Also, Private Banking stocks witnessed some profit booking from higher levels as well,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Nifty first support at 43871 and then 43798 while resistance at 44049 and then 44154, according to Rahul Sharma, JM Financial.
“Caution becomes the buzzword, with attention focused on key support at the 18211 mark and formidable hurdles at 18501. Keep a watchful eye, as the near term remains uncertain,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“We believe that the Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400. In terms of levels, 18420–18450 shall act as the immediate hurdle while 18170–18150 is the crucial support zone to watch out for on the downside,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP.
“A breakthrough at 18450-18500 would ignite a fresh wave of positive momentum in the market. Until then, traders are advised to buy on dips and book profits at higher levels. In terms of support levels, 18200 is the immediate support, while a stronger support zone exists between 18050-18100 levels,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Currently, 18300 would serve as a key support level for traders. Above that point, the sentiment will probably stay favourable. Above that point, the index may rise as high as 18450–18500. On the other hand, selling pressure is likely to increase below 18300. The nifty could decline until 18200–18175 below the same,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty first support at 18328 and then 18297 while resistance at 18409 and then 18460, according to Rahul Sharma, JM Financial.
The National Stock Exchange has Delta Corp and Indiabulls Housing Finance securities on its F&O ban list for 24 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) bought shares worth net Rs 182.51 crore, while domestic institutional investors (DII) purchased shares worth net Rs 397.29 crore on May 23, according to the provisional data available on the NSE.
Oil prices gained on Wednesday after U.S. oil and fuel supplies tightened and as a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts.
The US market ended the overnight session deeply in red – Dow Jones Industrial Average (DJIA) fell 0.69%, S&P 500 tumbled 1.12% and the tech-heavy Nasdaq plunged 1.26%.
Asian markets were trading in red – Japan’s Nikkei 225 tanked 1.10%, Hong Kong’s Hang Seng fell 0.74%, China’s Shanghai Composite index plunged 0.80% and South Korea’s KOSPI dipped 0.20%.
The Nifty futures on the Singapore Exchange (SGX) were trading 70 points or 0.38% lower at 18,291.5 in today’s early morning trade.