Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the positive territory for the third straight day on Thursday, a day of weekly F&O expiry. BSE Sensex jumped 460 points or 0.8 per cent to 58,926, while Nifty 50 index ended at 17,605, gaining nearly one per cent. Tata Steel, Infosys, HDFC Bank, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), Mahindra & Mahindra (M&M), SBI, Wipro were among top Sensex gainers. On the flip side, Maruti Suzuki, Nestle India, Reliance Industries Ltd (RIL). UltraTech Cement, and Titan Company were top Sensex losers. Bank Nifty jumped 1.04 per cent and finished trade at 39,010 levels
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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
BSE Sensex jumped 460 points or 0.8 per cent to 58,926, while Nifty 50 index ended at 17,605, gaining nearly one per cent.
Bank Nifty gained nearly one per cent to trade at 38,993.65 on Thursday, after RBI MPC decided to keep the interest rates steady.
Indian markets opened on a mixed note following Asian market peers as investors await U.S. inflation data and RBI policy announcement. During the afternoon session markets further added to gains post RBI policy announcement and continue to trade firm on account of buying in frontline counters. The sentiments on the street were optimistic after the RBI's Monetary Policy Committee decided to keep the key interest rates on hold. Also, RBI governor expects inflation to peak in the current quarter with tolerance band, moderating in the second half of next fiscal. Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers
The market witnessed some strong trends and an attempt to hold the support level around the Nifty 50 Index level of 17600. While sustaining above 17400 is the key factor from a short-term perspective, market research suggests maintaining above this level is important for the market to gain momentum and extend the rally until 18000. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook. Vijay Dhanotiya, Category Lead- HNI Product, CapitalVia Global Research
BSE Sensex was up 452 points or 0.77 per cent to Rs 58,918 apiece, while Nifty 50 index gained132 points or 0.72 per cent to 17,595 levels
Adani Wilmar share price rallied a massive 73 per cent in three days, rising to Rs 381.80 apiece on Thursday. The stock has risen 66 per cent from its issue price of Rs 230 apiece. On the back of this sharp rally, Adani Wilmar has joined the group of companies having market capitalisation (market cap) of Rs 50,000 crore. Analysts say that investors may book the premium in the stock at current levels. “Buy on dips is recommended as Adani Wilmar seems attractive for long term investment. The overall market is in weak sentiments and not lower levels buying can be seen in the benchmark indices,” Ravi Singh, VP & Head of Research, Share India Securities, told Financial Express Online.
In a major burn moment for crypto investors, Reserve Bank of India Governor Shaktikanta Das took a dig at it implying that crypto asset investments are even worse than tulip bubbles during the infamous tulipmania. Investors investing in crypto should keep in mind that the money they are investing is at their own risk and these cryptocurrencies do not have an underlying, not even a tulip, the RBI governor said, ostensibly referring to tulipmania of 17th century when prices of tulip bulbs soared higher than annual income of skilled workers at that time.
BSE Sensex and Nifty 50 were trading over half a per cent a higher on Thursday, on the back of buying in index heavyweights such as HDFC Bank, Housing Development Finance Corporation (HDFC), Infosys, Kotak Mahindra Bank, and State Bank lof India (SBI). So far in the trade, the 30-stock index hit a day’s high of 59,009, while Nifty 50 touched a day’s high of 17,614.35. Amid this, Maruti Suzuki share price hit a fresh 52-week high of Rs 9,022 apiece, surpassing its previous high of Rs 8,975 apiece While no stock hit a 52-week low on S&P BSE Sensex so far on Monday.
Nykaa's share price tanked more than 7% on Thursday morning, a day after the company reported its October-December quarter results. FSN E-Commerce Ventures the parent company of Nykaa saw a strong 36% on-year revenue growth but the net profit of the company fell sharply by 58% from the previous year. However, analysts are largely still bullish on the stock although target prices have been trimmed. Nykaa stock is down nearly 15% so far this year, falling significantly during the last few days of January amid the global tech rout. The scrip currently trades at Rs 1,716 per share.
RBI’s policy this time is a big surprise to us as it not only kept rates and stance unchanged but also expressed a very dovish outlook for inflation for FY23. Despite higher commodity prices and record-high crude prices, below 5% inflation expectation in FY23 is cheered by the market. MPC will continue its growth-supportive stance till the time there are signs of a durable recovery. Going ahead, we would monitor closely how the Covid wave will pan out and how the inflation trajectory will evolve. We expect overall market sentiment to remain positive, though the market may remain range-bound in the near term due to Fed’s decision on rate hike and FPI outflow. Mitul Shah, Head of Research at Reliance Securities
The Policy has been far more dovish than expectations, decoupling completely from the global financial tightening. We see the inflation trajectory by the RBI very optimistic. Our estimates are 50bps higher than RBIs FY23 inflation estimates. We expect the RBI to play catch up in the April policy. RBI may want to use overnight VRRRs to bring the overnight rates closer to repo rate even before the fixed reverse repo hike. Upasna Bhardwaj, Senior Economist at Kotak Mahindra Bank
The RBI remained dovish and continued to support growth as it kept policy rates and stance unchanged. We believe that it would have been opportune to start policy normalization with atleast a 20 bps hike in reverse repo without much of market impact. However, today’s policy risks sharper adjustments if inflation risks materialise. Inflation risks, especially from fuel prices, remains a concern and can materialize relatively soon. Compared to RBI estimates, we estimate FY2023 GDP growth 30 bps higher at 8.1% and FY2023 CPI inflation 50 bps higher at 5%. We believe it would be opportune to increase reverse repo rate hike by 40 bps in the April policy. Suvodeep Rakshit, Senior Economist, Kotak Institutional Equities
RBI takes a bold stance and continue to stay accommodative amid muted demand in the economy. Extension of VRR and VRRR of 14 day tenor operations, hike in limit for inflows under Voluntary Retention Scheme alongside fine tuning operations will ensure adequate liquidity and capital even for domestic debt market. However, RBI needs to stay guarded as road ahead is bumpy with spit along inflationary pressures and hawkish central banks across the globe leading to currency pressures. ~ Esha Khanna, Assistant Professor, NMIMS SARLA ANIL MODI SCHOOL OF ECONOMICS
RBI Governor Shaktikanta Das has ended his RBI MPC speech
The green shoots of economic revival coupled with the prevailing low-interest rates will continue to be conducive for the residential sector. We also hope that the government looks into specific measures to support developers and continue to boost residential real estate uptake in the upcoming months. Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company
The continued intervention by RBI and holding on to the rates has helped in demand generation in the real estate sector. Economic growth needs to be supported through monetary policy and this is the foremost reason that the RBI has continued its accommodative stance which has invoked a sense of optimism. This works well for all home loan borrowers as the environment of affordability will continue and will not harden anytime soon. The continuation of the low home-loan interest rate regime is bound to instill more confidence in the home buyers and support the ongoing market and economic recovery which has been promising in the recent past. This should augur well for home buying sentiment as it is quite clear that increasing interest rates would impact overall demand at a time when the government is keen to boost consumption. Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company
Technical factors are contributing to the excessive volatility in the market now. At 17050 Nifty, the market was oversold, and therefore, temporary positive news triggered short covering pushing the Nifty to above 17450 level. This kind of short-term movements are likely to be repeated in the coming days which are event heavy. RBI's decisions and commentary will have short-term impact on the market. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
Real GDP growth projected at 7.8% for 2022-2023. CPI inflation pegged at 4.5% for 2022-23, RBI Guv Shaktikanta Das says
India VIX, the volatility index, cooled off 0.08 per cent to 18.54 levels
Bank stocks such as Kotak Mahindra Bank, HDFC Bank, State Bank of India (SBI), IndusInd Bank, and Axis Bank stocks gained up to 1.12%
Pandemic holds global economy hostage: RBI Governor Shaktikanta Das
Bank Nifty surges in trade and crossed 38,800 levels after RBI kept policy rates unchanged
Repo Rate: 4%
Reverse Repo Rate: 3.35%
Bank Rate: 4.25%
MSF : 4.25%
Reserve Bank of India keeps repo rate unchanged at 4%, maintains accommodative stance; reverse repo rate remains unchanged at 3.35%
BSE Sensex and Nifty 50 turned positive after the RBI MPC outcome began
RBI keeps repo rate unchanged at 4% for 10th straight time
Reserve Bank of India's monetary policy has begun
Gold prices are steadily increasing on expectation of higher inflation. Today all important data of US CPI will be published with expectation of inflation coming higher at 7.2%-7.3% against 7.0%, a 40 year high. Many analysts are expecting that the Fed will be ultra aggressive in monetary policy as US jobs data came surprisingly better and with higher inflation, they have room to increase rates faster. But the fact is that the extreme level of inflation is due to supply chain bottlenecks. To get inflation levels down to acceptable levels that issue must be addressed. Simply raising interest rates will in no way affect the supply chain bottlenecks that are contributing to the rise in inflation which is running at a 40-year high.
17550-17600 is a resistance block for the Nifty. In order to turn bullish, the market needs to keep above these levels. If the index has to turn bearish, it would do so from around these levels. A drop could take the Nifty to 17000. -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The USDINR is expected to open with a bang RBI decision and is likely to trade in a wide range of 74.60 to 75.30 with an upside bias. Apart from RBI policy, the focus will be on today’s US CPI data. The likely range of the data is 7% to 7.60%. If data comes near the upper hand of the range, then the market will strongly discount the 50 bps hike in March Fed policy. Currently, the market is discounting 25 bps hike with 75% probability and 50 bps with 25% probability. The shorter maturity U.S. yields have climbed further and the yield curve is further flattening out. The two-year U.S. yield has reached 1.37%, the highest since Feb 2020. The reason for all these higher expectations of interest rates- Crude oil prices are still holding the $90 mark on big drawdown in inventory and ahead of US-Iran talk. Overall, we expect the USDINR pair to steadily head higher towards 75.20 to 75.50 levels. The downside for the pair seems limited upto 74.30 to 74.50 zone. Amit Pabari, managing director, CR Forex Advisors