Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets ended lower for the second consecutive day amid weak global cues and selling seen in the auto, bank and IT names. BSE Sensex closed 566.09 points or 0.94% lower at 59,610.41, and NSE Nifty 50 shut shop 149.70 points or 0.83% lower at 17,807.70. HDFC Bank, HDFC, HDFC Life, HCL Technologies and Tech Mahindra were among the top Nifty losers. Coal India, IOC, NTPC, Tata Steel and Power Grid Corp were the top gainers. Oil & gas, power and metal indices gained 1 percent each, while bank and IT indices fell 1 percent each. In broader markers, BSE midcap and smallcap indices ended with marginal gains.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Highlights
Adani Wilmar share price has been marching higher since the middle of last month, as investors look to benefit from geo-political tensions giving a push to commodity prices. Since March 15, Adani Wilmar share price has galloped 79%, extending its total returns since listing in February to a stellar 164%. As edible oil prices soar, analysts believe that Adani Wilmar could be in for further gains, taking advantage of its unsold inventory of goods. Today, Adani Wilmar shares ended at Rs 609 per share, after hitting the 5% upper circuit during the day’s trade.
Domestic equity markets ended lower for the second consecutive day amid weak global cues and selling seen in the auto, bank and IT names. BSE Sensex closed 566.09 points or 0.94% lower at 59,610.41, and NSE Nifty 50 shut shop 149.70 points or 0.83% lower at 17,807.70. Oil & gas, power and metal indices gained 1 percent each, while bank and IT indices fell 1 percent each. In broader markers, BSE midcap and smallcap indices ended with marginal gains.
India VIX, the volatility gauge, rose another 3% on Wednesday to cross the 19 level mark.
RBI policy meet: Investors avoiding taking long positions ahead of the key Reserve Bank of India bi-monthly policy where it is widely expected to hold key rates on hold. Market participants will be keeping an eye on the RBI policy statement and the expectation is that the central bank could keep rates unchanged.
Hawkish Fed: Global markets fell overnight after federal reserve governor Lael Brainard said the US central bank will shrink its balance sheet rapidly as soon as May. The FOMC “will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting,” Brainard said. Policy makers next meet May 3-4.
“Since the pandemic, the RBI has continued to maintain an accommodative stance prioritising a sustained economic growth recovery. Currently, India’s key growth indicators are at a nascent stage of recovery and there is still a slack in the economy. The escalating inflation in the economy arising from global commodity price rise and its transmission to the consumer prices would further add downward pressure to domestic growth trajectory. Thus, amidst the inflationary pressure and growth uncertainty, in our view, the RBI is likely to keep the key policy rate unchanged in its April 2022 review. We reckon that the real estate industry has seen a remarkable improvement mainly on account of low-interest rates and hence hope that any policy change action is nuanced and gradual allowing prospective buyers to recalibrate their property purchase decisions without much disruption," said Shishir Baijal, Chairman & Managing Director at Knight Frank India.
HDFC Bank and Housing Development Finance Corporation (HDFC) stocks were contributing the most to the indices fall.
Since the pandemic, the RBI has continued to maintain an accommodative stance prioritising a sustained economic growth recovery. Currently, India’s key growth indicators are at a nascent stage of recovery and there is still a slack in the economy. The escalating inflation in the economy arising from global commodity price rise and its transmission to the consumer prices would further add downward pressure to domestic growth trajectory. Thus, amidst the inflationary pressure and growth uncertainty, in our view the RBI is likely to keep the key policy rate unchanged in its April 2022 review. We reckon that the real estate industry has seen a remarkable improvement mainly on account of low interest rates and hence hope that any policy change action is nuanced and gradual allowing prospective buyers to recalibrate their property purchase decisions without much disruption. Shishir Baijal, Chairman & Managing Director at Knight Frank India
Benchmark indices continue to remain in the red. Sensex is down 511.94 points or 0.85% at 59664.56, and the Nifty fell 133.40 points or 0.74% at 17824.00.
The Supreme Court on Wednesday ordered resumption of arbitral proceedings before the SIAC tribunal over Future Retail's merger deal to the tune of Rs 24,500 crore with Reliance Retail Ltd. A bench comprising Chief Justice N V Ramana and Justices Krishna Murari and Hima Kohli took note of the consent of US e-commerce major Amazon and Future group over the resumption of arbitral proceedings before the Singapore International Arbitration Centre (SIAC). Future Retails shares were quoting Rs 32.40, down 1.67 per cent on BSE.
After a fall in stock prices, insurance sector shares are now offering a better risk-reward setup, according to analysts at global brokerage and research firm Morgan Stanley. “The VNB CAGR for our covered life insurers is likely to be 12-28% for FY20-22, marked by the pandemic and retail protection slowdown. Thus, life insurers have shown the ability to adapt and grow through a tough phase. Economy is likely to improve,” said Morgan Stanley in a note. The brokerage firm has upgraded HDFC Life shares to overweight and PB Fintech too while reiterating their bullish bias for SBI Life.
Nifty Bank index fell 0.5 per cent dragged by the HDFC Bank, Kotak Mahindra Bank, Axis Bank.
"Paytm breached its resistance level of 600 to 620 zone and now trading above it... now we can revised our target towards 720 to 750 levels in a short run. Hold Paytm with the stoploss of 575 for the target of 720 to 750 levels. Currently it is trading higher by 4% at 633 levels."
~Anuj Gupta, VP, IIFL Securities
NSE Nifty 50 looks set to hit the 20200 target this year by December, as its positive long-term outlook remains intact, Axis Securities said in a report. The brokerage firm also noted that the overall boost in the Union Budget 2022-23 expenditure will help deliver a broad-based growth in FY23. “The Indian market has entered into an upcycle of earnings with the expectation of a 20% Nifty EPS CAGR over FY21-24 against a single digit 7% growth it reported over FY09-21,” it added.
Nykaa, India's leading on line lifestyle retail destination has recently launched "Superstore by Nykaa"- a tech-forward, direct-to-retail distribution business for the Indian retailer ecosystem. An intuitive and easy to use app, Superstore is available for retailers across India, company said in its release. With Nykaa Superstore, retailers in Gujarat can access the entire range of beauty, personal care & wellness products on one single platform, at distributor prices, it added. FSN E-Commerce Ventures Nykaa was quoting at Rs 1,802.45, up Rs 5.70, or 0.32 percent on the BSE.
Adani Group stocks continued their rally on Dalal Street despite benchmark indices in the red. Shares of Adani Wilmar have spiked 165 per cent so far in calendar year 2022, while those of Adani Power have soared 144 per cent, Adani Green Energy 67 per cent, and Adani Total Gas and Adani Enterprises 48 per cent and 28 per cent, respectively.
Shares of sugar companies were on a roll as frontline stocks traded higher by up to 10 per cent on the BSE in Wednesday’s trade in an otherwise weak market. Stocks like Dwarikesh Sugar, Dalmia Bharat Sugar and Industries and Triveni Engineering rallied between 5 per cent to 10 per cent. Among others in the pack, Magadh Sugar & Energy, Rana Sugar, Uttam Sugar Mills, KM Sugar, Andhra Sugar, Mawana Sugar and Shree Renuka Sugar surged 10 per cent to 15 per cent on the BSE. In comparison, the S&P BSE Sensex was down 0.88 per cent at 59,644 points.
Patanjali-backed Ruchi Soya’s share price fell as much as 19.3% on Wednesday morning, a day after the company announced that it has finalised the FPO (Follow-on Public Offer) share allotment. Shares of Ruchi Soya had closed Tuesday’s trading session at Rs 874.45 per share. On Wednesday morning, the stock opened for trade at Rs 706 per share, down 19.3%. However, the stock did recoup a large part of its losses and nearly two hours after the opening bell, it was trading at Rs 791 per share, down just 9.6%.
Paytm share price rose over 4 per cent to Rs 635 apiece on BSE in Wednesday’s trade after the company’s CEO said that his stock grants will be vested to him only when Paytm’s market cap surpasses and maintains above the IPO price. The stock has been mapping a downward trajectory since listing, crashing 60 per cent from the listing price. Paytm CEO Vijay Shekhar Sharma, in the company’s update on operating performance, said that even as shares are down significantly from the IPO price, the Paytm team is committed to build a large, profitable company and to create long-term shareholder value. Read full story
"Paytm, one of the biggest wealth destroyers is attracting some buying interest in the 500-600 zone amid lots of negativity. Some investors are finding it attractive at current levels due to its brand value however there are still uncertainties about the timing of its profitability whereas there is no leadership in any particular business. We are expecting some recovery in this counter due to bargain buying where we can expect 770/870 levels in the coming days however conservative investors should completely avoid this stock."
~Santosh Meena, Head of Research, Swastika Investmart
Shares of Tata Power hit a fresh record high of Rs 287.90, up 5 per cent on the BSE in intra-day trade, in an otherwise weak market, on the back of heavy volume on improved business outlook. In comparison, the S&P BSE Sensex was down 0.7 per cent at 59,742. The stock of Tata Group electric utilities company has rallied 21 per cent in the past four trading days. On Tuesday, it surpassed its previous high of Rs 269.70 touched on October 19, 2021. The trading volume at the counter nearly doubled with a combined around 69 million equity shares changing hands on the NSE and BSE till 09:50 am.
Paytm shares surged over 4% after founder and CEO Vijay Shekhar Sharma said Paytm is looking to be operating EBITDA breakeven (Ebitda before Esop cost) by end of September 2023, in a filing with the exchanges on Wednesday morning. This comes as Paytm’s stock has been under intense pressures from since it debuted on the Indian public markets. "Paytm committed to build large, profitable company, to create long-term shareholder value. My stock grants will be vested to me only when our market cap crosses IPO level on sustained basis. Pledge not to vest stock option till market cap surpasses IPO level," said Sharma.
The Buildings & Factories business of Larsen & Toubro has secured various orders from prestigious clients. The Health segment of the Business has secured an order from the Govt. of Telangana to construct a super specialty hospital at Warangal on Design and Build turnkey basis with stringent timelines. The scope of work includes constructing a 1750 bed super specialty hospital that is part of the Warangal Health City, Telangana. Upon completion, this will be one of the biggest hospitals with modern facilities in the state and the tallest hospital structure in the country. The stock was trading at Rs 1,850, up Rs 16.30, or 0.89 percent. It has touched an intraday high of Rs 1,855.50 and an intraday low of Rs 1,827.10.
Domestic benchmark indices opened Wednesday’s trade with losses while broader markets soared higher. After having soared higher from their March lows, Dalal Street equity indices have now entered a profit booking phase, according to analysts. However, the medium-term trend remains positive. “Key point to highlight is that over the past six sessions Nifty has rallied 1100 points. Thus, a couple of days breather from hereon can not be ruled out which would help index to cool off the overbought conditions and make the market healthy,” ICICI Direct said in a note. The brokerage firm has picked two stocks, amid this market structure that it believes will do well in the next three months.
Shares of Tata Motors will stay in focus as the company plans to unveil a new electric vehicle concept this afternoon. The car maker released a tease of the upcoming model on its website, which is expected to be an electric SUV, joining the ranks of Tigor and Nexon EV.
Ruchi Soya Industries Ltd on April 5 approved the allotment of around 66.1 million shares to raise an amount of Rs 4,300 crore. The approval comes days after the Patanjali-backed company launched the follow-on public offer (FPO), which was subscribed 3.6 times.
Gold prices were trading lower in India on Wednesday, on the back of weakness in global markets. On Multi Commodity Exchange, gold June futures were down Rs 21 to Rs 51,350 per 10 grams. Silver May futures were ruling at Rs 66,125 per kg, down Rs 73. Globally, yellow metal prices eased as hawkish comments from U.S. Federal Reserve officials boosted the dollar and Treasury yields to multi-year highs, denting the safe-haven metal’s appeal, according to Reuters. Read full story
Bank Nifty fell 326 points or 0.86% to 37,741. "The Bank Nifty which rallied more than 2,000 points in the previous two sessions saw a correction on Tuesday and closed with a loss of 1.47%. According to option data, 38500 Call strike witnessed healthy OI addition, which should act as resistance while on the downside 38000 followed by 37500 Put strike should act as support," said ICICI Direct.
In the Sensex pack, Tata Steel, Larsen and Toubro, Ultratech Cement, Bharti Airtel, Titan, Bajaj Finance and NTPC were the top gainers. Meanwhile, HDFC Bank, HDFC, Kotak Mahindra Bank, M&M, ICICI Bank, Axis Bank and Maruti Suzuki were the laggards.
Coal India, Tata Steel, UPL, Bharti Airtel and JSW Steel were among major gainers on the Nifty, while losers were HDFC Bank, HDFC, Kotak Mahindra Bank, ICICI Bank and Tech Mahindra.
Indian benchmark indices opened on negative note on the back of weak global cues. The Sensex was down 461.44 points or 0.77% at 59715.06, and the Nifty was down 128.60 points or 0.72% at 17828.80.