Share Market News Today | Sensex, Nifty, Share Prices Highlights: After swinging between gains and losses, benchmark indices ended the highly volatile trading session in the red with Sensex down 233.48 points or 0.41% at 57362.20, and the Nifty falling 69.80 points or 0.41% at 17153. Sectorally, auto, FMCG, capital goods, pharma and IT shed over half a per cent each while realty ended in the green. 22 of the 30 Sensex stocks and 37 of the 50 Nifty 50 stocks settled the day in the red. Titan Company, Tech M, Maruti Suzuki, Cipla, IOC, Nestle India, Hero MotoCorp, Eicher Motors, L&T, TCS, Wipro, and Tata Steel were the top laggards, losing upwards of a per cent each.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Sensex closed 233 points or 0.41% lower at 57,362 while the NSE Nifty 50 ended at 17,153. Bank Nifty closed 0.33% lower at 35,410.
"The US Federal Reserve meeting minutes released on Wednesday indicates that rate hikes would likely be sooner than expected and the pace of tightening could likely be faster than was earlier anticipated. The Federal Reserve committee noted that if inflation does not move down as they expect, it would be appropriate for the Committee to remove policy accommodation at a faster pace than they currently anticipate. Going forward, investors would be watchful of the outcome of US Federal Reserve policy in March and Russia-Ukraine conflict. Crude is on an uptrend and trajectory of crude prices along with inflation in India and globally and the pace of earnings growth in India would be the key factors to watch out for”.
~Shibani Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company
“Equity market witnessed increase in volatility during the week ended 18th February 2022. In past few weeks, key factors driving equity markets globally has been shifted away from COVID-19 to a potential increase in interest rate by the US Fed and Russia-Ukraine crisis. Equity markets have been impacted by geopolitical risks around Ukraine, which could potentially push oil prices significantly higher, rise in commodity prices, higher inflation and possibility that the US Fed would likely hike rates soon. As a result, FPIs are likely booking profits on the back of this risk off sentiment. India has massively outperformed peers over the last year and a half and hence is bearing some of the brunt of the FPI profit booking even while DII are net buyers."
~Shibani Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company
Among the sectors, auto, IT and FMCG are down over a percent each while metals and realty are trading in the red.
Asian Paints share price is up 2% from day's low as crude oil slipped to $116 a barrel
The follow-on public offer (FPO) of Ruchi Soya Industries received bids for 1.39 crore equity shares against an offer size of 4.89 crore shares, a 29 per cent subscription by the afternoon of March 25, the second day of bidding. Retail investors have put in bids for 33 per cent shares of their reserved portion, while the allotted quota of employees was subscribed 2.92 times. Qualified institutional buyers and non-institutional investors also started submitting their bids, as the portions set aside for them were subscribed 22 per cent and 27 per cent respectively.
AU Small Finance Bank has been assigned a rating of CARE AA/Stable for its long-term debt instruments (Tier-II Bonds) by CARE Ratings, an upgrade from the Bank’s earlier rating, which was CARE AA-/Stable. In addition, the agency has also reaffirmed the rating of the bank’s short-term instruments (Certificate of Deposits) at A1+. AU Small Finance Bank was trading at Rs 1,207.50, down Rs 34.20, or 2.75 percent. It has touched an intraday high of Rs 1,250 and an intraday low of Rs 1,202.
Anupam Rasayan shares are expected to surge as the company is seen as an attractive China+1 play by global brokerage and research firm Jefferies. “Anupam Rasayan is well-positioned to benefit from 'China + 1' with its diversified chemistry expertise, wide customer base and presence across multiple verticals,” said Jefferies as it initiated the coverage of the chemical manufacturer. Analysts added that the 16% year-to-date correction in Anupam Rasayan share price makes the stock’s valuations favourable now. Shares were trading at Rs 883 per share on Friday afternoon.
Sensex is down 432.03 points or 0.75% at 57163.65, and the Nifty shed 121.80 points or 0.71% at 17101. Titan Company, Tech Mahindra and Maruti Suzuki are the top losers while Reliance Industries, Adani Power and HDFC Bank are the most active stocks. Among the sectors, auto, capital goods and IT shed a per cent each while metals and realty added half a per cent each.
Kotak Mahindra Bank launched Kotak FYN, its new enterprise portal exclusive for Business Banking and Corporate clients. The bank’s customers can use the portal to carry out all trade & services transactions. By the last quarter of 2022, the Kotak FYN portal will include many other services, including account services, payments and collections.
Benchmark indices slipped further into red amid high volatility. Sensex is down 307.38 points or 0.53% at 57288.30, and the Nifty shed 87.30 points or 0.51% at 17135.50.
"Equites markets globally and in India continued to digest global events including the on-going Russia Ukraine conflict, rate hike by US Fed & other central banks and rise in coronavirus cases in some countries. Equity markets in India remained range bound this week with the BSE midcap and the BSE small cap index outperforming the larger indices. Supply-demand imbalances across various commodities are leading to investor interest in select stocks/index."
"BSE Metal index touched a new 52 week high this week. BSE Oil & Gas and BSE Energy index too outperformed other key sectoral index. FMGC and Bank index declined on a week-on-week basis. Crude oil prices may have corrected from the recent highs but is still at elevated levels. Given uncertainty with respect to the Russian-Ukraine conflict, oil prices and few commodities prices could likely stay volatile and elevated."
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
Zee Entertainment Enterprises (ZEEL) share price was up nearly 17 per cent in trade in previous session. The gains came after Invesco, its single largest shareholder, decided not to press for an extraordinary general meeting (EGM). Though the stock has gained 35% over the past month, given that target prices of brokerages range between Rs 410-Rs 450 a share, there is still an upside of over 37% likely from the current levels.
Reliance Industries (RIL), SBI, Bharti Airtel, Kotak Mahindra, IndusInd Bank and Ultratech Cement held gains on Sensex. On the flipside, Titan, Maruti, Powergrid, Nestle India, ITC, L&T and Tech Mahindra were top losers
Shares of Indian Hotels Company were up 3.3 per cent to Rs 226.45 on the BSE in Friday's intra-day trade. The surge comes ahead of the company's board meeting to decide issue price of qualified institutional placement (QIP), scheduled later today.
Shares of multiplex chains surged on March 25 as the much-anticipated SS Rajamouli's big-budget movie RRR opened in cinemas, with both PVR Ltd and Inox Leisure Ltd stocks hitting over a 25-month highs. Investors have continued to buy multiplex stocks amid releases of films like Jhund, The Kashmir Files, Bacchan Panday and now RRR. Easing of Covid restrictions is also expected to bring more audience to cinema halls hit hard by the coronavirus outbreak.
The Nifty Metal index has continuously set fresh all-time highs in recent weeks as commodity prices soar higher and investors rush towards metal stocks to capitalise on the move. Technically, the index logged a resolute breakout above the last 5-month’s consolidation range with a higher base formed in the vicinity of 100 days EMA, highlighting robust price structure, according to ICICI Direct. “Going ahead, we expect the Nifty Metal index to continue its relative outperformance and head towards 6750 levels as it is the 138.2% external retracement of the recent breather,” they added. Currently Nifty Metal is at a high of 6,565.
"Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore GRM is at an all-time high. Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business that opening more opportunities for the company."
"Technically, it created a strong base at the 2250 mark then witnessed a smart rally where it has broken out falling channel formation which is leading to fresh bullish momentum. On the upside, 2700-2750 is an immediate resistance area while it has the potential to move towards the 3000 mark. On the downside, 2500 should act as an immediate and strong support level."
~Santosh Meena, Head of Research, Swastika Investmart Ltd.
The follow-on public offer (FPO) of Patanjali-backed Ruchi Soya Industries had received bids for 66.99 lakh equity shares against an offer size of 4.89 crore shares, a 14 per cent subscription by the morning of March 25, the second day of bidding. Retail investors have put in bids for 25 per cent shares of their reserved portion, while the allotted quota of employees was subscribed 2.3 times. Qualified institutional buyers and non-institutional investors also started submitting their bids, as the portions set aside for them were subscribed 1 per cent and 5 per cent.
India VIX, the volatility index, was trading flat with a negative bias. The index was below 24 levels.
"The formation of higher base above 50 day’s EMA signifies pause in momentum after a sharp up move of 11%. We believe ongoing consolidation would make market healthy and set the stage to eventually resolve above the upper band of the ‘Andrews’ Pitchfork’ and gradually head towards 18000 in the coming month. Therefore, temporary breather should be capitalised on as incremental buying opportunity. Our target of 18000 is based on following observations: a) 80% retracement of entire corrective phase since October 2021 (18604-15671) b) downward slanting trend line drawn adjoining October-January highs (18604- 18350)."
~ ICIC Direct
Benchmark indices are trading flat with positive bias amid volatility. Sensex is up 11.30 points or 0.02% at 57606.98, and the Nifty added 10.70 points or 0.06% at 17233.50.
Zen Technologies stock hit upper circuit. This comes after the company received a project sanction order (PSO) from the Indian Army, for design and development of prototype of Integrated Air Defence Combat Simulator (IADCS).
"Overnight nothing much has changed with oil a bit down, some small sanctions by US after the NATO Meeting and US unemployment figures coming to 53 year low. Range for the day 75.95 to 76.40. Sell the upticks for near term gains could be the call. Importers may buy near to 76.00 levels for cash and March end imports."
~Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
Nifty Auto, Metals, PSBs, Realty and Oil & Gas were the notable gainers, while, Nifty Bank, IT, Pharma, and FMCG were subdued.
Motherson Sumi gained 4 per cent on winning an order to manufacture & supply parts for commercial plane interiors to Boeing.
Bharti Airtel said on Friday it has prepaid Rs 8,815 crore to the government to clear its deferred liabilities related to spectrum that the company acquired in 2015 auctions. The prepayment is for instalments that were due in the financial year 2027 and 2028, the company added. “Over the last four months, Airtel has cleared INR 24,334 crores of its deferred spectrum liabilities much ahead of scheduled maturities,” the company said in a filing to the stock exchange.
The Indian rupee is expected to appreciate on Friday amid soft dollar and decline in crude oil prices. Meanwhile, persistent FII outflows and weak global market sentiments may hurt the currency. “Market participants fear elevated inflation may push major central banks globally to tighten monetary policy aggressively. In turn, this may prompt foreign investors to pump out liquidity from emerging markets. US$INR (March) is expected to trade in a range of 76.50-76.10,” said ICICI Direct. In the previous session, the local unit settled 4 paise higher against the US dollar despite a muted trend in domestic equities. At the interbank forex market, the rupee opened at 76.37 against the greenback and witnessed an intra-day high of 76.24 and a low of 76.41 before settling at 76.35.
Bank Nifty index fell nearly half a per cent to 35,392 levels in the morning deals on Friday
Titan Company, Maruti Suzuki, Tech Mahindra, Asian Paints, HDFC Bank, Axis Bank, ICICI Bank were among top index laggards