Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 ended the choppy session in red on Friday. BSE Sensex was down 135 points or 0.3 per cent to end at 51,360, while NSE Nifty 50 settled 0.4 per cent or 67 points down at 15,293. Titan Company was the top loser, down 6 per cent, followed by Wipro, Dr Reddy’s, Sun Pharma, Asian Paints, L&T, Power Grid Corporation of India. On the flip side, Bajaj Finance was the top S&P BSE Sensex gainer, up 3 per cent. It was followed by Bajaj Finserv, Reliance Industries Ltd (RIL), ICICI Bank, HDFC Bank, ITC, Tata Steel, State Bank of India, Kotak Mahindra Bank, among others. Most of the Nifty sectoral indices settled in the negative territory. Nifty Auto was down 1.2 per cent, Nifty FMCG fell 1 per cent, Nifty IT lost 1.5 per cent, Nifty Pharma 2.2 per cent. While Nifty Bank was up 0.4 per cent.
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Gold rose 1% in volatile trade as the dollar fell sharply, bringing some of the safe-haven lure back to the metal. Market participants earlier were expecting a 50bps rate hike although since the start of the week we have been witnessing a fall in most of the metals as chatters regarding 75bps rate hike had started, hence there was limited market reaction after the announcement. We did see a sell off in first half of yesterday's session as although then stabilized. It is also important focus that the inflationary concerns are still there in the market and fed has also showed concerns regarding growth, in their forecast hence supporting bullions on lower levels. BOE too, yesterday announced a rate hike by 25bps and increased their inflation forecast for this year to 11%. Focus today will be on the BOJ policy meeting, U.S. IIP data and speech from Governor Powell. Broader trend on COMEX could be in the range of $1825-1860 and on domestic front prices could hover in the range of Rs 50,660-51,420. Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
The dominant theme impacting equity markets globally is the synchronised global monetary tightening and the consequent fears of economic slowdown. The probability of the US slipping into recession is much higher now. Markets are discounting these concerns. The PE of S&P 500 is now around 16, close to the long-term average. Europe is trading at around 11 times. Markets will bottom out earlier than the economy does. In India, valuations have declined, but are even now above long-term average. So, FPIs will continue to sell, capping a relief rally which can come any time. It is impossible to predict the market bottom. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
COMEX gold trades marginally lower near $1846/oz weighed down by gains in US dollar index which strengthened post Bank of Japan decision to keep monetary policy unchanged. However, supporting gold price are increasing concerns about global growth worries and persisting inflation concerns with energy prices still at elevated levels. Gold may remain volatile as support from global growth worries is countered by monetary tightening by major central banks however Fed’s tightening stance may keep US dollar supported and this may keep pressure on gold. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities
In MCX, Gold has support around 49500-50000 and has become short term support. 52000 is the resistance. The main trigger for gold this week already is over and gold has come unscathed from it. Now we may see gold trade higher albeit with a slow pace. Above 52000 and $1860 is the breakout for gold. We would recommend investors to buy on dips with stoploss of 49500 and upside target of 52000-52500. Read full story
In the options segment, 15000 put option now has decent open interest which is the immediate support. Below this, 14800-14600 will be seen as the next support zone for coming week. The broader trend for the market continues to remain negative as there’s no change in data as of now. In case if there’s any short covering seen by the stronger hands, then index could form a short term support base around the above mentioned supports.
Nifty Bank fell more than 0.5 per cent, Nifty Auto was down 1.1 per cent, Nifty FMCG lost 1.4 per cent, and Nifty IT was down 2 per cent
BSE Sensex and NSE Nifty 50 fell to their fresh 52-week lows on Thursday, as bears wreaked havoc after the US Federal Reserve increased interest rates by 75 basis points, the biggest rate hike since 1994. Amid downfall, Nifty has breached the crucial support zone around 15650 levels i.e. March 2022 low, the next major support exists around 14,800-15,000 zone, Ajit Mishra, VP-Research, Religare Broking, told Surbhi Jain of FinancialExpress.com. Read full interview
Dr Reddy's. Wipro, Asian Paints, Tata Consultancy Services (TCS), Titan Company, Sun Pharma, Tech Mahindra were among top BSE Sensex laggards
Reliance Industries, Tata Steel, NTPC, Bajaj Finance and ITC were the only gainers on S&P BSE Sensex
BSE Sensex fell more than 400 points to 51,080, while NSE Nifty 50 gave up 15300 in the opening deals on Friday
BSE Sensex fell more than 400 points to 51,080, while NSE Nifty 50 gave up 15100 in pre-opening session on Friday
After yesterday's drubbing, markets may exhibit caution in early trades with the undertone continuing to remain bearish following overnight slump in US markets. Investors remain concerned that central banks' commitment to bringing inflation down will seriously damage a fragile economic recovery. Further, crude oil prices are at $115 a barrel which is way above the assumption of $105 a barrel made by the RBI for its full-year inflation projections. The net outflow by FIIs from equities has reached Rs 1.81 lakh crore so far in 2022, while in the June month so far, FIIs have net sold Rs 34,270 crore, which is creating uncertainty amongst the investors. Prashanth Tapse, Vice President (Research), Mehta Equities
The Indian Rupee expected to appreciate on Friday amid weak dollar. However, investors will remain vigilant ahead of Fed chair Powell Speech and industrial production data, according to ICICIDirect. “We feel rupee is likely to appreciate towards its support level of 78,” the brokerage said. In the previous session, the rupee recovered from its record low to close higher against the American currency, tracking the overnight weakness of the dollar and falling crude oil prices. At the interbank forex market, the local unit opened at 78.06 against the greenback and moved in a narrow range before it finally ended at 78.10, higher by 12 paise over its previous close.
Going ahead, markets are likely to stay under pressure amidst worry over significant economic slowdown. Further delay in monsoon is also denting sentiments as it might further push the rural demand recovery. In the absence of any positive trigger and continuous selling by FIIs, we would suggest caution to traders and advise not carrying any positions overnight given the uncertain market conditions. On the other hand, investors can slowly start accumulating quality stocks on a very selective basis without getting into aggression. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Markets are skeptical about how the global economies would attain growth amid the aggressive tightening. After the decisive breakdown below 15,650 in Nifty, the next major support zone exists around the 14,800-15,000 zone. We feel it’s prudent to stay light and align the positions accordingly until we see some decisive signal of reversal. Ajit Mishra, VP – Research, Religare Broking
Technically, the Nifty finally dismissed the key support of 15650 which it held since March. It was a decisive dismissal, that too on the day of the big event, thus inviting a pattern of further weakness in the medium term. With the Nifty closing below 15400, the current bearish sentiment may see the index slide further to 15100 or 15000 in the near term. On the other hand, the previous support of 15650-15730 levels has now become resistance to the market. The strategy should be to short trade if Nifty bounces to given levels and place a stop loss at 15800 or buy Nifty if it drops to 15100-15000 with a stop loss at 14950. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
HDFC: The mortgage lender has invoked 50 lakh pledged shares of Ansal Housing as part of recovery of its outstanding dues from the developer.
Bharti Airtel: Telecom company Bharti Airtel on Thursday announced the launch of its Fiber-To-The-Home (FTTH) broadband service – Airtel Xstream Fiber – in Ladakh and Andaman & Nicobar Islands.
Dr Reddy’s: LIC has raised its shareholding in Dr. Reddy’s Laboratories over a period of over nine months. Post the acquisition, the insurer now holds a 5.646% stake in the pharmaceutical major.
The FII’s data have been bearish since last couple of weeks as majority of their positions in the index futures were on the short side. The market followed the data, and the longs were seen panicking as the index breached below its swing low of 15650. As of now, the trend continues to remain bearish. However the momentum readings on the lower time frame chart has reached the oversold zone and hence, a pullback move could be seen from the short term supports in the near term. But until there’s change in data or the structure, the trend remains bearish. The immediate supports for Nifty are placed around 15270 and 15080 and because the readings on lower time chart are oversold, a pullback can be seen from these levels. On pullback moves, 15650-15800 will be seen as immediate resistance zone. Ruchit Jain, Lead Research, 5paisa.com
Nifty futures were ruling 53 points or 0.35 per cent cent up at 15,362.50 on Singaporean Exchange.