Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended the monthly F&O expiry session in green. The NSE Nifty 50 ended near day’s high, rising 35.75 points or 0.20% to 18,321.15 and BSE Sensex rose 98.84 points or 0.16% to 61,872.62. In sectoral indices, Bank Nifty ended flat at 43,681.40, Nifty FMCG rose 0.61%, Nifty Metal climbed 0.30%, Nifty Realty jumped 1.12% and Nifty PSU Bank fell 0.45%. The top gainers on Nifty 50 were Bajaj Auto, Adani Enterprises, Bharti Airtel, ITC and Divis Lab while the losers were Wipro, Tata Motors, IndusInd Bank, UPL and Hindalco.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices NSE Nifty 50 and BSE Sensex ended the monthly F&O expiry session in green. “Global markets maintained their influence, exerting downward pressure on the domestic market in response to weaker cues from the US market and the recession in Germany. However, as US futures rose, propelled by a sharp increase in sales projections from chipmaker Nvidia, the domestic market was able to efficiently recoup its earlier losses,” said Vinod Nair, Head of Research at Geojit Financial Services.
The NSE Nifty 50 climbed 35.75 points or 0.20% , ending near day’s high at 18,321.15 and BSE Sensex jumped 98.84 points or 0.16% to 61,872.62.
Bank Nifty jumped 125 points from the day’s low to 18,327. The top gainers were Adani Enterprises, Bajaj Auto, Bharti Airtel, ITC and Divis Lab while the losers were Wipro, Tata Motors, UPL, HDFC and Hindalco.
Bank Nifty recovered losses and was trading marginally in the green at 43700. The top gainers on the index were IDFC First Bank, Bandhan Bank, Kotak Bank, AU Bank and Axis Bank while the losers were IndusInd Bank, Federal Bank, PNB, Bank of Baroda and HDFC Bank.
NSE Nifty 50 hit an intraday low of 18,205, falling over 80 points or half a percent. The top losers on the index were Tata Motors, IndusInd Bank, Adani Enterprises, Wipro and Hindalco while the gainers were Bajaj Auto, Bharti Airtel, ITC, Divis Lab and Tata Consumer.
“The short-term bearish trend is projected to revert into neutral or bullish territory. We need to keep a close eye on important support levels of 59500. As long as the price of MCX GOLD continues to be significantly below 59770, short trades could be advantageous. On a Technical basis, currently, the RSI (14) is below 70, indicating that it is in an overbought zone, with negative divergence. Prices are trading above their 50-day exponential moving average (EMA). However, when we look at the longer timeframe on the chart and use the Fibonacci retracement tool, prices hold support near the 78.60% fib ratio and likely form a double bottom pattern, indicating that the prices will revert in the short run. Keeping this support level in mind, trend traders should not hesitate to buy gold at this level,” said Tejas Anil Shigrekar, Commodities and Currencies Senior Technical Analyst, Angel One Ltd.
On the daily chart, we observe that Nifty has taken a breather in the last two sessions after recently bouncing back from the 20-day SMA. We, therefore, expect the uptrend to continue, despite selling seen in the last two sessions. Immediate upside targets for Nifty are at 18459 once the resistance of 18420 is taken out. Moreover, as the longer time frame indicates that the Nifty remains in an uptrend, we believe that our immediate targets of 18459 are also likely to be taken out in the coming sessions. Crucial supports to watch for weakness are at 18250.
Wipro, Avanti Feeds among top stocks to buy – Check target, SL
Life Insurance Corporation of India (LIC) share price jumped 3.72% to Rs 615.65 today after the insurance behemoth reported a more than five-fold jump in consolidated net profit to Rs 13,191 crore for the fourth quarter ended March 2023. The stock is still down 35% from the IPO price of Rs 949 per share.
Nykaa parent FSN E-Commerce Ventures share price fell 1% and then jumped as high as 1.56% from yesterday’s close to Rs 127 today despite the company’s net profit tanking 71.8% on-year to Rs 2.41 crore in Q4FY23. Nykaa stock has gained 6.6% in the last one month while it has tanked over 45% in the last one year.
Bank Nifty rose 23.70 points or 0.05% to 43,701.55. The top gainers on the index were Kotak Bank, IDFC First Bank and HDFC Bank while the losers were IndusInd Bank, Bano of Baroda, SBIN, Federal Bank and PNB.
NSE Nifty 50 dipped 17.80 points or 0.10% to 18,267.60 and BSE Sensex fell 35.97 points or 0.06% to 61,737.81.
“Bank Nifty faced difficulty in surpassing the 43700 mark, resulting in its lowest close in the past week. Looking ahead, the levels of 43650-43500 are expected to provide critical support for the Bank Nifty, while the zone around 44000 is anticipated to act as a favourable supply area,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.
“Nifty Bank closed with selling pressure, breaking below the previous consolidation level. The Relative Strength Index (RSI) is in a bearish crossover, indicating a negative sentiment. The support level is placed at 43500; a fall below 43500 may trigger a further correction in the Bank Nifty. Resistance levels are situated at 43700 and 44000, where call writers are waiting for their positions,” said Rupak De, Senior Technical at LKP Securities.
“Bank Nifty is having a sluggish week with no major movement visible yet and is having a tough time crossing the resistance zone of 44000 levels. Some of the frontline heavyweight banking stocks like ICICI Bank and HDFC Bank have slipped down are showing exhaustion and are pulling the index downward. Bank Nifty would have a daily range of 43300-43100 levels,” said analysts at Prabhudas Lilladher.
Bank Nifty first support at 43585 and then 43464 while resistance at 43920 and then 44135, according to Rahul Sharma, JM Financial.
“Nifty is currently facing significant resistance at the level of 18400, which has proven to be a challenging barrier to overcome. The ongoing battle between bulls and bears has resulted in the index trading within a consolidated range between 18200 and 18400 levels. However, a break above or below this range has the potential to trigger trending directional moves in the market,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Immediate upside targets for Nifty are at 18459 once the resistance of 18420 is taken out. Moreover, as the longer time frame indicates that the Nifty remains in an uptrend, we believe that our immediate targets of 18459 are also likely to be taken out in the coming sessions. Crucial supports to watch for weakness are at 18250,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.
“Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400. In terms of levels, 18420–18450 shall act as the immediate hurdle while 18200–18150 is the crucial support zone to watch out for on the downside,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty’s range of 18200–18400 is considered crucial, and if the lower end is breached, prices could retreat toward key support levels at 18100–18050. On the upside, a breakthrough beyond 18400 may lead to further gains, potentially reaching and surpassing 18500 in future sessions,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Nifty’s biggest support to watch is at the 18181 mark. Below 18181, expect a waterfall of selling towards Nifty’s psychological 18000 mark. On the upside, Nifty faces major hurdles at the 18473 mark. Caution is the buzzword in the near term,” said Prashanth Tapse, Senior VP (Research), at Mehta Equities Ltd.
NSE Nifty 50 first support at 18246 and then 18191 while resistance at 18375 and then 18450, according to Rahul Sharma, JM Financial.
“Nifty has witnessed the second-day attempt to breach the 18400 zone in the morning session but failed and gradually slipped down to close just below the 18300 levels. The two sessions of Doji-type candles slipping down for the index is crucial and we have 18100 levels as the important support zone as of now which should not be breached to maintain the overall positive trend intact. The support for the day is seen at 18200 levels while the resistance is seen at 18400 levels,” said analysts at Prabhudas Lilladher.
The National Stock Exchange has Delta Corp and Indiabulls Housing Finance securities on its F&O ban list for 25 May. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
Foreign institutional investors (FII) bought shares worth a net Rs 1,185.84 crore, while domestic institutional investors (DII) purchased shares worth a net Rs 300.93 crore on May 24, according to the provisional data available on the NSE.
Oil prices fell in early Asian trading on Thursday after uncertainty that the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts. Brent crude futures slipped 5 cents, or 0.1%, to $78.31 a barrel by 0042 GMT. U.S. West Texas Intermediate crude (WTI) fell 16 cents, or 0.2%, to $74.18.
Wall Street closed lower on Wednesday as U.S. debt ceiling negotiations dragged on without a deal. Shares in Asia-Pacific were trading mixed on Thursday. Crude oil prices fell in early Asian trading.
The SGX Nifty lost 0.26% in trade on Thursday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a negative basis. “The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause. European markets also declined, triggered by higher-than-expected UK inflation figures that bet on more rate hikes by the BoE,” said Vinod Nair, Head of Research, Geojit Financial Services.
The US market ended the overnight session lower – Dow Jones Industrial Average (DJIA) fell 0.77%, S&P 500 plunged 0.73% and the tech-heavy Nasdaq tumbled 0.61%.
Asian markets were trading mostly in red – Hong Kong’s Hang Seng tanked 1.54%, China’s Shanghai Composite index dipped 0.17%, South Korea’s KOSPI dropped 0.31% while Japan’s Nikkei 225 jumped 0.33%.
The Nifty futures on the Singapore Exchange (SGX) were trading 42 points or 0.23% lower at 18,242 in today’s early morning trade.