Stock Market Today News | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed Tuesday’s trading session in the negative territory a day after markets clocked the best trading session in 3 years. Banks were under huge pressure, Bank Nifty down fell over 4,051 points or almost 8%.
The volatility index India VIX shot up 6% over 22.20 on the election results day.
Sun Pharma, Britannia Industries, Cipla, Hindustan Unilever, Nestle India are the top gainers on NSE Nifty 50 index whereas top laggards include Adani Enterprises, Adani Ports and SEZ, State Bank Of India, Power Grid Corp, and Coal India.
The NSE Nifty 50 opens down by 517.40 points or 2.22% at 22,746.50, while the BSE Sensex drops 1622.03 points or 2.12% to 74,846.75 in the opening trade.
The NSE Nifty 50 was down 332 points or 1.43% at 22,930, while the BSE Sensex fell 1,441.93 or 1.89% at 75,026.85.
The NSE Nifty 50 trade down by 84.40 points or 0.36% at 23,179.50, while the BSE Sensex drops 183 points or 0.24% to 76,285.78 in the pre-open trade.
Motilal Oswal says ” India is currently experiencing a mini-Goldilocks moment due to solid macroeconomic conditions, healthy corporate earnings, peaking interest rates, moderate inflation print, and ongoing policy momentum. Nifty is trading at a 12-month forward P/E of 19.2x, at a 5% discount to its own long-period average (LPA).”
The proposal of NTPC to the power ministry for pooling of its entire capacity for the sale of power to distribution companies comes from the need to optimise the cost of power due to the high capital costs of new thermal capacity being added by it, for the end consumer.
In 2004, Indian stock markets touched the lower circuit of 20% and fell 842 points, one of the steepest one-day falls of that time. At that time, BJP-led NDA had lost general elections to the UPA led by Congress. The UPA gained support from communist parties to form the government. This gave signals to the market that India’s economic reform momentum would end and growth would stall.
“Bank Nifty has finally hit a new all-time high and we expect the positive momentum to continue. Our short-term target of 51000 has been achieved. The next target is placed at 53960 – 54000 zone as per the Fibonacci extension method. The level of 50000 shall act as crucial support from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
PGA Securities bought 0.9 lakh shares (0.52%), while Bhupinder Sekhri & Sons HUF sold 0.9 lakh shares (0.52%) at Rs 1,270 apiece in Tinna Rubber and Infrastructure via block deal
Aanchal Jain sold 5 lakh shares (3.79%) at Rs 1170.3 each, and Rahul Jain sold an additional 5 lakh shares (3.79%) at Rs 1170.61 each. Meanwhile, Setu Securities Pvt Ltd acquired 2.25 lakh shares (1.71%) at Rs 1174.58 each in Fiem Industries
HDFC Mutual Fund purchased 7.3 lakh shares (0.63%) at Rs 930 each, while Norges Bank, on behalf of The Government Pension Fund Global, sold 7.35 lakh shares (0.63%) at Rs 929.97 each in Bajaj Electricals
Infosys has markedly reduced its intake of college graduates at 11,900 in FY24, which is a significant drop from the over 50,000 freshers the company recruited the previous year. The company’s CEO and MD, Salil Parekh, disclosed these figures in the FY24 annual report released on Monday. “We recruited nearly 11,900 college graduates in the year and ended the year with over 317,000 employees,” said Parekh.
GIFT Nifty up ahead of Lok Sabha results announcement by 37.60 points, or 0.16%, at 23,445.50 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Tuesday.
Commenting on today’s market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that The Nifty surged yesterday, fuelled by strong exit poll results predicting a decisive victory for the BJP-led NDA and positive economic indicators like an 8.2% GDP growth in FY24, an ‘above normal’ monsoon forecast, a 10% rise in GST collections, and falling oil prices. Today, with Lok Sabha election results pending, markets are keenly watching for a potential historic third term for PM Narendra Modi and whether the NDA will exceed 400 seats.
Tapse also added that a favourable outcome could drive Nifty towards the 24000 mark, while the 22500 level remains crucial support. Key stocks to watch include HDFC AMC, SUZLON, and DLF, with SUZLON recommended for long-term accumulation.
The Sensex fell by 8% in the first week, dropped 9.8% over the next month, declined by 4.8% in the following three months, but rose by 11.3% over six months. In contrast, the Nifty 50 showed mixed returns: it fell around 9% in the first week, followed by a 16% drop over the next month. The decline shortened to 7% over three months, but it rose by over 14% in the six-month period.
On Monday, “Nifty witnessed a gap up opening and consolidated with a positive bias to close with gains of 733 points. On the daily charts. we can observe that the Nifty has broken above the previous swing high of 23110 suggesting the start of the next leg of upmove which can extend till 23500 – 23740 from a short-term perspective. The psychological level of 23000 shall be a key support from a short-term perspective. Daily and hourly momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicators suggest a continuation of the rally,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
The Sensex surged by 14.1% in the first week, increased by 22.9% over the next month, climbed by 26.6% in the following three months, and soared by 39.9% over six months. The 2009 election yielded robust returns, with the Nifty 50 surging 17% in a week and over 28% in a month. Over three months, the Nifty 50 gained 32%, and in the six-month period, it rose by over 45%.
The Sensex rose by 2% in the first week, went up by 5.4% over the next month, advanced by 9.2% in the following three months, and increased by 17.3% over six months. Meanwhile, the Nifty 50 surged by 2.5% in a week and 6.3% in one month. Over three months, the Nifty extended its gains by 10.23%, and in the six-month period, it rose by 18%.
GIFT Nifty up over 100 points above 23,500 as counting begins. According to initial trends coming out, BJP is seen ahead in 100 seats, INDIA ahead in 40. Stay tuned for the latest on election as well as the top market cues only on Financial Express Online.
Foreign institutional investors bought shares worth Rs 6,850.76 crore. However, foreign investors have dumped as much as Rs25,586 crore from Indian equities in May on the back of political uncertainty about the general elections’ outcome and high-performing Chinese markets. This was the maximum they sold in Indian markets after January 2024.
Asian markets lose ground in mid-morning trade.
Nikkei and Shanghai slip nearly 0.5% losses each.
Korean and Taiwanese markets too remain under pressure.
Asian markets were on a mixed note on Tuesday, with investors awaiting final results of India’s general elections. Japan’s Nikkei 225 was trading down 303 points or 0.78% at 38,620. The Asia Dow was trading 1.11% higher at 3,443.17. Hang Seng was up 1.79% to trade at 18,403.04. The benchmark Chinese index Shanghai Composite was trading flat at 0.01% down to 3,078.30.
“Exit poll has activated the optimism of a memorable win for the ongoing government, PSUs had a humongous rally, in anticipation of continuation of the reform gains, triggering further re-rate. The sustenance of the broad rally is anticipated to continue in-line with the magnitude of the actual tally, as inflows pours in which were sitting on the sidelines in the last 3 months. Strong economic data like GDP growth of 8.2% in FY24, 100 days measures list and final budget will be the key points market will observe in the coming weeks,” said Vinod Nair, Head of Research, Geojit Financial Services.
Deven Choksey, managing director of DRChoksey FinServ believes that the prospect of unobstructed functioning of the parliament in the 3rd term of Modi Govt is expected to deliver many progressive reforms in India. According to him, economically, India will grow much faster now and also under the brighter prospects of reforms like CBDC, ONDC and de-dollarisation of payments for global trade by India.
The Sensex rose by 1.9% in the first week, gained 0.2% over the next month, fell by 6.2% in the following three months, but increased by 3.2% over six months. The aftermath of the 2019 Lok Sabha election for Nifty remains mixed as it gained over 2% in one week and just 1% in one month. However, it bucked the trend and fell over 6% in the last three months, only to rebound with a 3% jump in six months.
Kishor Ostwal, CMD, CNI Research says markets unlikely to see massive profitbooking before US elections in November. According to him, the leveraged positions are almost non-existent in the market now and many investors are sitting on significant cash positions. He does not expect any big correction till November and sees the Nifty scaling up to 25,800 over next 3-5 months.
Ajit Mishra – SVP, Research, Religare Broking said that Markets started the week strongly, gaining over 3% primarily due to exit poll numbers indicating political stability. Following a sharp gap-up, the Nifty steadily climbed throughout the day, closing near the day’s high at 23,263.90. All major sectors, except IT, contributed to the rise, with banking and metal sectors leading the gains. Broader indices also moved higher, posting gains between 2.5% and 3.3%.
“As we await the official election results, significant volatility is expected. The index has now established a base in the 22,600-22,800 range, and a decisive close above 23,400 could drive it towards the 24,000 mark. While most sectors are supporting the market’s rise, the IT sector continues to struggle. Traders should prioritize careful stock selection and effective risk management in their strategies,” Mishra added.
According to Ambareesh Baliga, an Independent market analyst, “it is very difficult to really pinpoint exactly what will play out. I’ve been suggesting to my investors that to be in cash to a certain extent, at least about 20-25% of the portfolio you can keep in cash. When all is said and done, the markets are relatively expensive at this point in time. So in case when the first scenario plays out in the market shoots up to 24,500 levels, then at least you have 75% of your portfolio performing. And in case the markets correct. In the other two scenarios, your 25% of the liquid cash will be more valuable than what it is today. In the long term, I don’t have any doubt that the Indian economy will perform. So it is a good idea to keep some cash in the current scenario.”