Share Market News Today | Sensex, Nifty, Share Prices: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were trading higher on Wednesday, a day before weekly F&O expiry. While Sensex rose 300 points or 0.5 per cent to climb above 60,000, its broader peer NSE Nifty 50 was up around 100 points at 17,920. As of 11 am, Bajaj Finserv, Bajaj Finance, NTPC, Tech Mahindra, Hindustan Unilever, Wipro were the top gainers, while M&M, Kotak Bank, Maruti, Tata Steel, SBI and HDFC were the laggards on Sensex index. Bank Nifty index was up 0.2 per cent to trade at 39,302.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates 17 August
WTI Crude oil futures ended the previous week 3.5% higher and closed at $92.09 per bbl, amid bullish IEA outlook, raising its oil demand estimate for 2022. The Paris based agency said higher natural gas and electricity prices will lead to more gas-to-oil switching and forecasted a near 20% drop in Russia’s oil output by the start of next year when the EU ban takes effect, which boosted market sentiments. Meanwhile, gains were capped as flows on the Russia-to-Europe Druzhba pipeline resumed, easing some supply concerns. Read full story
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat to negative in India on Wednesday, as yellow metal trades flat globally. On Multi Commodity Exchange, gold October futures were trading at Rs 51,807 per 10 gram, as against the last close of Rs 51,837. Silver September futures were ruling at Rs 57,631 per kg, up Rs 34 or 0.06 per cent. Read full story
India’s Foreign Exchanges Reserves have come down from USD 630bn in Sep 2021 to around USD 580bn in July 2022. This is on the back of selling in Indian equity markets by FII. FII Sell-off is not just restricted to India but widespread across emerging markets as well as quite a few developed markets. The Sell-Off has been triggered due to an aggressive rate hike by the US federal reserve on the back of roaring inflation not seen in decades.
LIC share price has had a weak performance on the stock exchanges<a href="https://www.financialexpress.com/market/lic-share-price-at-new-record-low-falls-for-8th-straight-day-dives-22-from-ipo-price-buy-sell-hold/2552784/:~:text=However%2C%20at%20the%20offer%20price,949%20during%20its%20public%20offer.”> since listing earlier this year, but it may soon make money for investors with as much as 20% upside. LIC stock is down 20% since listing on the BSE and NSE, but analysts believe it can recover losses, considering the quarterly earnings performance of the company. Analysts at Motilal Oswal have reiterated ‘buy’ call on LIC scrip with a target price of Rs 830 per share translating to a 20% upside from Wednesday’s levels. LIC reported a net profit of Rs 682.88 crore during the April-June quarter compared to a profit of just Rs 2.94 crore in the same period last year which was marred by the second wave of covid-19.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat to negative in India on Wednesday, as yellow metal trades flat globally. On Multi Commodity Exchange, gold October futures were trading at Rs 51,807 per 10 gram, as against the last close of Rs 51,837. Silver September futures were ruling at Rs 57,631 per kg, up Rs 34 or 0.06 per cent. Globally, yellow metal prices were flat as investors awaited the release of the minutes of the U.S. Federal Reserve’s latest policy meeting later in the day that could offer clues on further interest rate hikes. Read full story
For the trend following traders now, 17750 and 59650 would be the trend decider levels for Nifty and Sensex respectively. Above which, they could hit the level of 17900-17925 and 60000-60200. On the flip side, quick intraday correction possible, if the indices succeed to trade below 17750 and 59650. Below which, they could retest 17700-17650 and 59500-59300. Read full story
Bank Nifty index was up 0.2 per cent to trade at 39,302, Nifty FMCG inhdex fell 0.4 per cent
On the flip side, Tata Consultancy Services (TCS), Infosys, Tech Mahindra, HCL Tech, HDFC Bank, and Housing Development Finance Corporation (HDFC) were among to S&P BSE Sensex.
Stocks of NTPC, IndusInd Bank, UltraTech Cements, Reliance Industries, Bajaj Finance, Asian Paints, Axis Bank were among top Sensex gainers
BSE Sensex jumped 80 points or 0.13 per cent to 59,922, while NSE Nifty 50 was up 22 points or 0.13 per cent to 17,847.
Indian Rupee opens at 79.27 per US Dollar versus Friday’s close of 79.66/$
Though Nifty paused yesterday at 17835, we are not convinced that Nifty has topped out. This encourages us to continue riding the 18200 view, but with VIX slipping, trading ranges are indeed shrinking. Downside markers may continue to remain near 17660/690, with 17900vicinity likely to pose an intraday challenge. Anand James – Chief Market Strategist, Geojit Financial Services
“Though Nifty paused yesterday at 17835, we are not convinced that Nifty has topped out. This encourages us to continue riding the 18200 view, but with VIX slipping, trading ranges are indeed shrinking. Downside markers may continue to remain near 17660/690, with 17900vicinity likely to pose an intraday challenge,” said Anand James – Chief Market Strategist at Geojit Financial Services.
On technical front, NSE Nifty 50 may take support at 17,700 level and face resistance at 18,050 level. For Bank Nifty immediate support and resistance levels are 39,000 and 39,500 respectively. Mohit Nigam, Head – PMS, Hem Securities
“Experts disagreed on whether the ongoing rally is a bear market rally or the beginning of yet another bull market. The majority who believed that this is a bear market rally has been decisively proved wrong by the ferocity of the rally which has taken the Nifty to mere 4.3% away from the all-time high. It is important to appreciate the fact that there is global support to this rally with S&P 500 and Nasdaq bouncing back by 18 and 24% from their June lows. Declining US inflation, confidence that the Fed need not have to aggressively raise rates and the increasing probability of a soft landing of the US economy are supporting this rally. In India, steadily declining inflation, strong growth momentum in the economy and FIIs turning consistent buyers are driving the rally. Even though valuations are high it makes sense to remain invested and buy on dips,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The price of petrol and diesel has been left unchanged for the 84th day by OMCs on August 17. The most recent price reduction had come in Maharashtra when the state government announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel earlier last month. The cut in VAT is likely to cost Maharashtra’s state exchequer Rs 6,000 crore on an annual basis. For the rest of the country, prices have been steady since May 21 when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre, and Rs 6 per litre on diesel.
Indian equity markets are likely to open higher on Wednesday amid positive global cues. SGX Nifty hinted at a flat to positive start for benchmark indices BSE Sensex and NSE Nifty 50. Nifty futures were up 17 points, or 0.10% at 17,873 on the Singapore Exchange ahead of today’s session. “We expect Nifty to consolidate at higher levels and inch upwards towards the 18,000 mark. Investors would also keep an eye on the minutes from US Fed July meeting, for further clues on its rate hike stance,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
“The easing of inflationary pressures has encouraged domestic investors to remain optimistic about the pace of economic recovery. Better-than-expected CPI numbers, aided by slower increase in food and fuel prices, may limit the pace of rate hikes by the RBI. In the Asian market, the Chinese central bank surprised the market by cutting its interest rates after a weak set of economic data. Following that, oil prices slumped on demand worries,” said Vinod Nair, Head of Research at Geojit Financial Services.
Dalal Street benchmarks continued to move higher on Tuesday as bulls dominate Dalal Street momentum. S&P BSE Sensex added 379 points or 0.64% to settle at 59,842 points while the NSE Nifty 50 index soared 127 points or 0.72% to close at 17,825. India VIX the volatility gauge also closed with gains along with the Bank Nifty index, which was up 0.5%. Ahead of Wednesday’s trade, SGX Nifty was up with marginal gains, suggesting a flat to positive start to the day’s trade. Global cues were mixed after Wall Street stock indices closed in separate directions on Tuesday.
“Nifty is tad away from the resistance level of 17875 which is the 78.6 percent retracement of the previous corrective phase. The BankNifty ended with a small Doji candle on the daily chart and around its previous swing high resistance. So although there’s no confirmation of the reversal yet, one should reduce the quantum of long positions and take some money off the table as highly overbought readings around the resistance zone could lead to some profit booking in the near future. The intraday stock specific momentum has been buzzing and until there’s any reversal, traders should look for such stock specific opportunities and trade with proper risk management. The immediate support for Nifty has now shifted higher to 17720 followed by 17600 while resistances are seen around 17870 and 18000,” said Ruchit Jain, Lead Research, 5paisa.com.