Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian equity markets closed lower for third consecutive day tracking weak global markets due to hawkish FOMC meeting minutes. While BSE Sensex ended 575 points or 0.97% at 59,034, NSE Nifty 50 settled 168 points or 0.94% lower at 17,639. Except pharma, all other sectoral indices ended lower. BSE midcap and smallcap indices ended in the red. Adani Ports, Titan Company, HDFC, Power Grid Corp and ONGC were among the top Nifty losers. Axis Bank, Divis Labs, HUL, Dr Reddy’s Laboratories and ICICI Bank were the top gainers.
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Indian equity markets closed lower for third consecutive day tracking weak global markets due to hawkish FOMC meeting minutes. While BSE Sensex ended 575 points or 0.97% at 59,034, NSE Nifty 50 settled 168 points or 0.94% lower at 17,639. Except pharma, all other sectoral indices ended lower.
“Tata communications is currently indicating the inherent strength in the counter and is trading well above the major long-term support levels. On the Bollinger band (20,2) the stock price is trading above the mean with the upper band facing in the northward direction indicating the price is likely to move higher. Analyzing the recent volume price action, the volumes have been encouraging in the recent up move indicating strong hands have started accumulating the stock at current levels. On the oscillator’s side, RSI (14) is trading in a comfortable zone of above 50 levels indicating the intact bullishness in the stock. We expect the counter to continue its outperformance in the coming trading days as well and may move towards 1400 levels in the medium term.”
~Ravi Singh, VP & Head of Research, Share India Securities
“We witnessed a very volatile movement in the market after a negative start. The Market was unable to sustain above an important level of 17800, and we can expect the market correction to continue till the support level of 17600. Market is aligned to be in a range bound movement between the levels of 17600-18000. Our research suggests, bounce from the support levels of 17600 can be expected which could lead to improvement in market breadth and a rally till the levels of 18400.”
~Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research
Paras Defense share price soared 7% as DRDO transferred submarine technology by licensing pact. DRDO has awarded Transfer of Technology (ToT) for optronic submarine periscope to the company.
Nippon Life India Trustee acquired 2 lakh equity shares in Bajaj Consumer Care via open market transactions. With this its shareholding in the company increased to 5.04 per cent, up from 4.9 per cent earlier. Bajaj Consumer Care was quoting at Rs 184.05, up Rs 2.25, or 1.24 per cent on the BSE.
Benchmark indices slipped further into red in afternoon deals. Sensex is down 453.17 points or 0.76% at 59157.24, and the Nifty shed 133.50 points or 0.75% at 17674.20.
“Economic recovery coupled with government focus on capex and domestic manufacturing would drive overall growth in FY23. We are positive on IT, select BFSI, commodities, retail, real estate, defence and telecom for FY23. Also one can consider FMCG, autos and Cement as contra plays and accumulate them gradually for long term.”
~Motilal Oswal Broking and Distribution
“As we step into FY23, we believe, the next two quarters are going to see a sharp margin impact and corporate commentaries will worsen before it gets better. Secondly, while the Nifty has not seen much earnings downgrade so far, the broader universe is clearly bearing the brunt of commodity cost inflation – a trend which was visible even in 3QFY22 corporate earnings season. However, so far, with de-escalation in Russia-Ukraine conflict and strong recovery in economic parameters, market is expected to remain in a consolidation mode with positive bias. We expect market volatility to remain high in the near term, amidst global developments.”
~ Motilal Oswal Broking and Distribution
“Indian Equity market saw a negative momentum, simultaneously Asian market face the negative cues. The gaining sector includes Power, Realty, PSU and Banks while IT and Auto moving in a downward direction. Defense stocks showed a southward movement after government announcement of banning import of 100 weapons. HDFC twins may face a lower movement in the market as Credit rating firm Moody’s shared in their report that the proposed merger of HDFC Bank and HDFC will moderately hurt the lender’s profitability in the coming years.”
~Likhita Chepa, Senior Research Analyst, Capitalvia Global Research
Benchmark indices cut some intraday losses were still trading lower in the volatile session with Nifty at around 17750. The Sensex was down 180.55 points or 0.30% at 59429.86, and the Nifty was down 50.20 points or 0.28% at 17757.50.
Bank Nifty was trading in green and was up 278 points or 0.74% at 37911, led by the AU Small Finance Bank, Axis Bank, Bandhan Bank, Bank of Baroda, ICICI Bank.
Shares of state-run aerospace and defence major Hindustan Aeronautics (HAL) scaled an all-time high of Rs 1,625.25 on Thursday after the company entered into a pact with its long-term partner Israel Aerospace Industries (IAI). Under the pact, the company has partnered with IAI to convert civil (passenger) aircraft to multi mission tanker transport (MMTT) aircraft in India. The scope of the partnership also covers “passenger to freighter aircraft” conversion along with MMTT conversions.
Rakesh Jhunjhunwala-owned Indian Hotels stock price has soared 36% so far this year to trade at Rs 250 per share. The hospitality sector stock has benefitted from the opening of Indian borders for foreign travellers and the settling down of covid-19 regulations. According to analysts at ICICI Securities the stock is ‘in fine fettle’ and well poised to benefit from the expected recovery in the hotel business cycle. The brokerage firm has reiterated its ‘Buy’ rating on the scrip. Big Bull Rakesh Jhunjhunwala owns a 2.16% stake in Indian Hotels along with his wife Rekha Jhunjhunwala.
Benchmark indices erased some of the intraday losses but are still trading lower with Nifty around 17,750. The Sensex was down 183.12 points or 0.31% at 59427.29, and the Nifty was down 48.40 points or 0.27% at 17759.30.
Swastika Investmart has signed an agreement to acquire the business of Safal capital. This acquisition will enhance the customers base of Swastika by around 5%. While on the other side, Safal capital’s customers will get the advantage of Swastika’s stock research team, technology platform, compliances, and customer support service. Swastika Investmart was quoting at Rs 199, up 0.45% on BSE.
Sugar stocks continued to defy market mood on Thursday. Shree Renuka Sugars stock soared above 18%.
Adani Group market capitalisation at Rs 15.3 lakh crore, surpasses HDFC group's market capitalisation of Rs 14.6 lakh crore.
Shares of YES Bank surged 10.6 per cent to Rs 16.25 per share, hitting 52-week high in an otherwise weak market, after ratings agency CARE Ratings upgraded infrastructure, lower tier-2, and upper tier-2 bonds to positive. YES Bank's stock price has zoomed over 22 per cent in the past five trading sessions. With today’s gains, the stock has climbed over 49 per cent so far in April as against 1 per cent gain in BSE Sensex.
Recent winning of coal blocks coupled with rising commodity prices have led to metal stocks' current rally especially Jindal Steel which is at a 1 year high. Technically, 555-560 are good levels for long-term investors to book partial profits. Fresh buying should be initiated only near 456-460 levels for newer highs of 628 in the coming months. Pavitraa Shetty, Co-founder & Trainer, Tips2Trades
Indian equity markets are in a bullish trend, and NSE Nifty 50 may hit 20,000 points by Diwali this year. Public Sector Undertakings (PSU) stocks are likely to deliver good returns over the next 3-5 year, while consumption and FMCG stocks may underperform, said Vishal Wagh, Research Head of Bonanza Portfolio. He is bullish on Bank of Baroda, ICICI Bank and L&T. Apart from these, he also suggested looking at Oberoi Realty, Godrej Properties, Hindalco and HAL stocks. Here are edited excerpts from Vishal Wagh’s interview with Harshita Tyagi of FinancialExpress.com. Read full interview
MTNL shares zoomed 9 per cent to Rs 26.8 per share on the BSE after the government deferred the merger of state-run telecom firms BSNL and MTNL due to financial reasons. The shares of the state-run telco was up 8 per cent at Rs 28.2 apiece on the BSE as against a 0.6 per cent fall in the benchmark Sensex index. With today's gains, the shares have climbed 26 per cent so far in April as against a 1.4 per cent gain in the Sensex.
Shares of state-run companies NTPC and Powergrid hit fresh record highs. In the last five trading sessions, NTPC has soared 17 per cent. The stock hit a record high of Rs 158 on Thrusday, and was up 2.6 per cent at Rs 157 on NSE. Similarly, PowerGrid Corporation registered a fresh summit at Rs 239.80, and was up 0.4 per cent at Rs 237.30. The stock has gained 10.7 per cent in the last five straight trading sessions.
IDFC shares plunged 7 per cent to Rs 63.5 apiece on the BSE, a day after the company announced the divestment of IDFC and IDFC Financial Holdings' entire shareholding in IDFC AMC and IDFC AMC Trustee to a consortium led by Bandhan Financial Holding Limited for Rs 4,500 crore.
Indian rupee opened 15 paise lower at 75.90 per dollar on Thursday against Wednesday's close of 75.75. “The rupee is expected to depreciate further today amid risk aversion in global markets and strong dollar. Market sentiments were hurt as ongoing war between Russia and Ukraine and sanctions against Russia threaten to increase commodity prices, adding to inflationary pressures and prompting central banks to aggressively tighten their monetary policy,” said ICICI Direct.
Adani Group stocks continued to edge higher. Adani Transmission spiked above 5%, Adani Power 5%, Adani Ports 0.84%, Adani Wilmar 5%, Adani Green 1.02%, Adani Enterprises 1.05% and Adani Total GAS 1.23%.
Zee Entertainment shares slipped 3.4 per cent to a low of Rs 281.10 in the intra-day trades on the NSE amid heavy volume. Till 9:30 am, 124.5 million shares had changed hands on the NSE and BSE.
“The intraday texture of the market has turned weak and a fresh pullback rally is possible only after 17900 breakout. For traders, 17900 would act as an immediate hurdle, and below the same a weak formation is likely to continue till 17700-17650. However, above 17900 the index could move up to 17960-18050. The Nifty is having a strong support between 17650-17700 and hence contra traders can take a long bet near 17650 with strict support stop loss at 17620.”
~Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
Uma Exports shares made a positive listing on the stock exchanges on Thursday, despite bearish market sentiment. Shares of the trader of agricultural products and commodities began trading at Rs 80 per share, up 17.65% from the upper end of IPO price band of Rs 68 per share. The overall market sentiment was negative as Sensex and Nifty were down in the red for the third consecutive session. Uma Exports IPO was subscribed 7.67 times earlier last month with all investor categories oversubscribing their portion of the issue.
Shares of Titan Company declined 2.4% per cent to Rs 2,479 apiece on the BSE on Thursday after the company reported sluggish growth in its jewellery business in March quarter of FY22 (Q4FY22).
Realty stocks gather steam, while banks, auto stocks bleed. Pharma stocks fuel Nifty 50. Cipla, Divi's Lab, Sun Pharma among top gainers. HDFC Twins, UPL, Wipro were top Nifty 50 laggards.
Maruti Suzuki India has announced its decision to proactively and voluntarily recall 19,731 units of its EECO model. The recall is being undertaken to inspect and rectify ‘incorrect marking of wheel rim size’, if any, on the wheel in some of these vehicles, company said in its release. Maruti Suzuki India was quoting at Rs 7,679.70, down Rs 64.85, or 0.84 per cent on the BSE.
Cipla, Asian Paints, Adani Ports, Divis Labs and Eicher Motors were among major gainers on the Nifty, while losers were ONGC, HDFC Bank, IOC, HDFC and Wipro.
HDFC twins, Maruti, Titan, Wipro, Reliance, TCS, Kotak Bank and Infosys were the top Sensex losers. Meanwhile Dr Reddy's, Asian Paints, Sun Pharma, and Tata Steel were the top gainers.
Indian benchmark indices opened on negative note with Nifty below 17800 amid weak global cues. The BSE Sensex was down 300.99 points or 0.50% at 59309.42, and the NSE Nifty 50 was down 73.70 points or 0.41% at 17734.
“Nifty finds support around 17200 while 17700 will act as resistance on the upside.
Bank Nifty finds support around 35900 while 36700 will act as resistance.”
In weekly options there was Call writing seen at 18,100 strike followed by 18,000 & 17,900 while on the Put side noticeable activity of writing was witnessed in 17,700 ,17,500 & 17,800 strike prices. Options data suggest an immediate trading range between 18,100 and 17,500 levels. Read full story
Benchmark indices are trading lower in the pre-opening session amid weak global cues. The BSE Sensex was down 111.90 points or 0.19% at 59498.51, and the NSE Nifty 50 was down 87.70 points or 0.49% at 17720.00.
Infrastructure Development Finance Company (IDFC Ltd) and a consortium comprising Bandhan Financial Holdings Limited (BFHL), GIC, and ChrysCapital (“CC”) have entered into a definitive agreement to acquire IDFC Asset Management Company Limited (IDFC AMC) and IDFC AMC Trustee Company Limited from IDFC Limited, for a consideration of Rs 4,500 crore subject to receipt of necessary regulatory approvals and customary closing conditions.
“Benchmark Indices are expected to open on a negative note today as suggested by trends on SGX Nifty. NASDAQ closed -2.22% lower yesterday after minutes from FED’s March meeting showed that Central Bank will move aggressively to head off inflation. European Indices also closed in red yesterday. All the major Asian markets are trading in negative territory in the early Thursday trade. Veranda Learning and Uma Exports will list on bourse today. Some of the stock specific actions can be witnessed in stocks such as Godrej Consumer Products (double-digit sales growth expected in Q4FY22), Motherson Sumi Systems (completed acquisition of a 55 percent stake in CIM Tools Private Limited), Zee Entertainment Enterprises (Invesco Developing Market Funds will launch a block deal to sell 7.8 percent stake in the company). On the technical front, Immediate support and resistance in Nifty 50 are 17500 and 18000 respectively. Bank Nifty immediate support and resistance are 37000 and 38000 respectively.”
~Mohit Nigam, Head – PMS, Hem Securities
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol and diesel prices were left unchanged by oil marketing companies (OMC) on April 7 after having hiked prices for 14 times in 16 days. So far prices have increased by roughly Rs 10 per litre across major cities. Petrol in the National Capital of Delhi currently retails at Rs 105.41 per litre, after the last hike of 80 paise. Diesel in the city is priced at Rs 96.67. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.77, respectively. Pieces were hiked for the first time in 4 months, 15 days ago. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates.
“Nifty joined the conga-line of sinking stock markets across globe amidst recession risks that are seen ringing louder. Denting sentiments were the ‘panic-like selling’ leads from overnight Wall Street trade after the Federal Reserve governor Lael Brainard said the central bank will reduce its balance sheet soon. Digging deeper, the bulls’ confidence was knocked again amidst growing investor unease over the concerns over rising bond yields. The yield on the U.S. 10-year Treasury has spiked to 2.61%. Nifty may mostly waver in tomorrow’s trade and probably trade with negative bias. the make-or-break Nifty’s support is seen at its 200 DMA at 17111 mark. Intraday support is seen at 17683 mark.”
~Prashanth Tapse, Vice President (Research), Mehta Equities
After showing higher level weakness on Tuesday, the Nifty continued with follow-through weakness amidst range bound action on Wednesday and closed the day lower by 149 points. The opening downside gap has been filled partially. A small negative candle was formed on the daily chart with a minor upper shadow. This pattern confirms a short term top reversal at the swing high of 18114 levels and the beginning of a downward correction in the market. The overhead resistance of downsloping trend line seems to have acted as a crucial hurdle for the market and resulted in a trend reversal down. Presently, Nifty is placed above the previous upside gap of 4th April at 17800 levels.
“Markets have been witnessing some jittery after recent gains and have turned into a consolidative mode. Volatility is likely to be seen in interest sensitive stocks as investors await RBI policy meet outcome.”
~Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Uma Exports, the trader of agricultural produce and commodities, will be listed on BSE and NSE today. The company successfully raised Rs 60 crore through its maiden public issue that was subscribed 7.67 times during March 28-30. The issue received good response from investors with the retail portion being subscribed 10.11 times, while qualified institutional buyers and non-institutional investors bid 2.81 and 2.22 times the allotted quota, respectively
Oil prices clawed back some losses on Thursday after tumbling more than 5 per cent to a three-week low in the previous session after consuming nations announced a huge release of oil from emergency reserves to offset supply lost from Russia. Brent crude futures climbed $1.32, or 1.3 per cent, to $102.39 a barrel, while US West Texas Intermediate (WTI) crude futures rose $1.18, or 1.2 per cent, to $97.41 a barrel.
Asian stocks opened lower on Thursday amid surging US bond yields as minutes from the Fed fueled expectations of more aggressive future rate hikes. MSCI's index of Asia-Pacific shares outside Japan was down by 0.64 per cent. Japan's Nikkei tumbled 1.79% South Korea's Kospi dropped 0.85% Australia's ASX 200 declined 0.54%. China's Shanghai Composite index edged 0.04% lower. Hong Kong's Hang Seng plunged 1.87%.
Domestic markets continued to move southward on Wednesday with headline indices correcting nearly 1% each. S&P BSE Sensex fell 566 points or 0.94% to close at 59,610 points while the NSE Nifty 50 shed 149 points and ended at 17,807. Bank Nifty was down more than 1% while India VIX gained. Entering the weekly Futures & Options expiry session, SGX Nifty was down in red, suggesting a weak start to the day’s trade. Global cues were largely negative after minutes of the US Fed’s March meeting showed that the central bankers were willing to take a more aggressive approach to tame inflation.
Nifty futures on the Singapore Exchange traded 103.5 points, or 0.58 per cent, lower at 17,764, signaling that Dalal Street was headed for a negative start.