Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Tuesday’s session in the green territory. The NSE Nifty 50 jumped 82.65 points or 0.46% to 18,147.65 and BSE Sensex surged 242.27 points or 0.40% to 61,354.71. In sectoral indices, Bank Nifty climbed 118.2 points or 0.27% to 43,352.1, Nifty Auto rose 93.9 points or 0.71% to 13,283.15 and Nifty IT skyrocketed 316.8 points or 1.14% to 28,025. The top gainers on Nifty 50 were ONGC, Tech Mahindra, HDFC Life, NTPC and Hindalco while the top losers were HeroMotocorp, Sun Pharma, UltraTech Cement, Bharti AIrtel and Kotak Bank.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
Benchmark indices NSE Nifty and BSE Sensex ended Tuesday’s session in the green territory. “Defying the trend in global peers, Indian benchmark indices continued their upward momentum, fuelled by strong Q4 earnings and favourable domestic macroeconomic data. The manufacturing PMI surpassed expectations due to an increase in new business, moderation in price pressures, and improved supply chain conditions. Additionally, the GST collection in April was the highest recorded to date. While Western markets traded with mild cuts ahead of the US Fed policy announcement, the domestic market benefited from strong inflows by FIIs,” said Vinod Nair, Head of Research at Geojit Financial Services.
The top gainers on Nifty 50 were ONGC, Tech Mahindra, HDFC Life, NTPC and Hindalco while the top losers were HeroMotocorp, Sun Pharma, UltraTech Cement, Bharti AIrtel and Kotak Bank.
In sectoral indices, Bank Nifty climbed 118.2 points or 0.27% to 43,352.1, Nifty Auto rose 93.9 points or 0.71% to 13,283.15 and Nifty IT skyrocketed 316.8 points or 1.14% to 28,025.
The NSE Nifty 50 jumped 82.65 points or 0.46% to 18,147.65 and BSE Sensex surged 242.27 points or 0.40% to 61,354.71.
UltraTech Cement share price fell by 1.50 per cent in morning trade on Tuesday after the company reported a 36.1 per cent decline in its consolidated net profit for the fourth quarter ended March 2023. The stock went down by 1.55 per cent to Rs 7,436.75 on the BSE. At the NSE, it fell by 1.53 per cent to Rs 7,440.
NTPC share price jumped 2.1% to Rs 175.15 after the company signed a supplementary joint venture agreement with Nuclear Power Corporation of India Ltd (NPCIL) for the development of nuclear power projects. The joint venture will develop two pressurized heavy-water reactor projects, which include 1,400 MW Chutka in Madhya Pradesh and 2,800 MW Mahi Banswara in Rajasthan, confirmed the power ministry.
April month turned out to be a favourable one for participants, after four months of dismissal performance. The benchmark indices gained over 4% and settled closer to the month’s high as well. Analysts expect the positive tone to continue however Nifty may take a breather around the 18,100-18,200 zone first before inching towards the 18,350. In case of any dip, 17,850 would offer the needed cushion. The banking index has been leading the recovery phase and inching closer to its record high now. Though the positive tone would continue, it may lose some momentum now and face resistance around the 43,500 level first. In case of any profit taking, the 42,000-42,600 zone would act as a support. We reiterate our preference for the private banking majors and suggest choosing selectively from the PSU space.
Gold rate is trading flat on Tuesday, while the silver rate is down 0.47%. On Multi Commodity Exchange, gold June futures were trading at Rs 59,735 per 10 grams, down Rs 29 or 0.05%. Silver May futures were trading lower by Rs 358 at Rs 75,101 per kg on MCX.
Aspinwall and Company, Gallantt Ispat, TCNS Clothing Co, Seamec, Tips Films, W S Industries (I), Lagnam Spintex, Alkyl Amines Chemicals, SVP Global Textiles, and Satin Creditcare Network are among the volume gainers on the NSE index.
Alternatively, 12 stocks including Atul, Rushil Decor (RE), Jet Airways (India), Gallantt Ispat, and Lagnam Spintex are at 52 week lows.
On the NSE Nifty, 67 stocks hit their 52-week highs including Nestle India, Wendt, Dr Reddy’s Laboratories, Navin Fluorine International, Bajaj Auto, Alkem Laboratories, Siemens, Polycab India, Hindustan Aeronautics, Safari Industries, Akzo Nobel India, Larsen & Toubro, KEI Industries, Themis Medicare, Varun Beverages, Revathi Equipment, Ethos, Carborundum Universal, KPIT Technologies, H.G. Infra Engineering, Finolex Cables, Anand Rathi Wealth, Cholamandalam Investment and Finance Company, Cigniti Technologies, Zydus Lifesciences, Aarti Pharmalabs, Datamatics Global Services, Hardwyn India, The Indian Hotels Company, Choice International, Ramkrishna Forgings, Indian Bank, Minda Corporation, Mahindra & Mahindra Financial Services are among others.
57 stocks hit their lower price band including Focus Lighting and Fixtures, Axita Cotton, Mirza International, Jet Airways (India). 13 scrips hit both bands.
On the NSE Nifty, 73 stocks hit their upper price band. Rail Vikas Nigam, Adani Green Energy, Adani Power, Brightcom Group, Satin Creditcare Network, Global Education, Apollo Microsystems were among the scrips.
On the NSE Nifty index, the top winners are TechM, ONGC, UPL, Hindalco and JSW Steel, with TechM up by 3.79%. The biggest laggards are Hero MotoCorp, Kotak Mahindra Bank, UltraTech Cement, Tata Motors, Adani Ports, with Hero MotoCorp down 2.31%.
HDFC Bank, Axis Bank, Reliance Industries, Infosys and HDFC are the most active Nifty 50 stocks intraday.
There were no indices in the red across sectors as well, as Nifty IT, Nifty Metal and Nifty Oil & Gas outperformed, rising up to 1.33%.
The broader markets followed suit as Nifty Midcap 100 soared 0.82% and Nifty Smallcap 100 added 0.68%.
Nifty formed a Bullish candle on the daily frame on Friday with a long lower shadow indicating strong support-based buying and sustenance at higher zones. It has been making higher highs from the last five sessions and supports are gradually shifting higher. Now it has to hold above 18000 zones to witness an up move towards 18181 and 18300 zones while on the downside supports are placed at 17887 and 17777.
NDTV share price fell 0.8% to Rs 188 after the media company's quarterly profit tanked 97.6% as the company saw lower demand for advertising. The net profit fell to Rs 59 lakhs versus Rs 24.16 crore in the year-ago period.
Tata Steel share price jumped 1.85% to Rs 109.9 ahead of the quarterly results announcement. The firm’s India operations are projected to fare better as a result of price hikes to offset the dearer input costs.
The center revised the windfall tax on domestically produced crude oil, cutting the tax rate to Rs 4,100 per tonne from Rs 6,400 per tonne. During its last revision, the government scrapped the Special Additional Excise Duty (SAED) on export of diesel from Rs 0.5 per litre to nil which is to continue. The windfall tax exemptions for the export of petrol and ATF (aviation turbine fuel) will also remain in place. These changes in the tax rates will be implemented from Tuesday, 2 May onwards, according to a notification released by the Central Board of Indirect Taxes and Customs. The windfall tax rates are revised every fortnight based on global crude oil prices.
Adani Green Energy share price jumped 5% to Rs 998.1 and hit the upper circuit today after the company’s consolidated net profit for the fourth quarter ended March 31 more than tripled to Rs 507 crore owing to strong capacity addition. In Q4FY23, the Adani Group firm’s total income nearly doubled to Rs 2,988 crore from Rs 1,587 crore recorded during the year-ago quarter.
The top gainers on Nifty 50 were UPL, Eicher Motors, Hindalco, SBI Life and ONGC while the losers were HeroMotocorp, Kotak Bank, UltraTech Cement, Tata Motors and Sun Pharma.
In sectoral indices, Bank Nifty soared 160.25 points or 0.37% to 43,394.15 and Nifty IT rose 207.2 points or 0.75% to 27,915.4.
The NSE Nifty 50 jumped 72.35 points or 0.4% to 18,137.35 and BSE Sensex surged 253.26 points or 0.41% to 61,365.7.
“Bank Nifty is in Bullish momentum at this time and the next immediate resistance at 43310 (only in case of a big Gap down opening case), 43422, 43510, 43630 and support areas would be 42960 to 43000 and if this breakdown 42800 to 42820 will be strong support zone,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
“Bank Nifty continues to remain in strength despite the subdued move from the most heavyweight. The trend will likely remain positive as long as it remains above 43000 on a closing basis. On the higher end, Bank Nifty might move towards 43300/43500 over the near term,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Over the short term, Bank Nifty has remained above the important moving averages. On the higher end, immediate resistance is placed at 43300. Now, it has to continue to hold above 43300 zones to witness an up move towards 43555 and 43700 zones while on the downside support exists at 42950 and 42780 levels,” said Ashish Katwa, Research Analyst at Bonanza Portfolio Ltd.
“Bank Nifty has crossed the hurdle of 43080; now 43500 and 44000 will be the next target levels. On the downside, 43080 will be the first support level, and below this, 42800 will be the next immediate support level,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“In the wake of growing technical tailwinds, we expect Bank Nifty to drift further higher towards 43500-43650. Any correctional fall towards 42650-42500 will provide a fresh buying opportunity,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
“On the higher end, Nifty might continue its upward journey till it holds above 18000 on a closing basis. Resistance on the higher end is placed at 18200, above which a further rally might come,” said Rupak De, Senior Technical Analyst at LKP Securities.
“As long as the Nifty continues to trade above the 17800–17780 support zone we expect the positive momentum to continue. Overall, the positive outlook remains intact and a close above 18100 shall lead to a further upside till 18370 where resistance in the form of the weekly upper Bollinger band is placed,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty is looking to pave the way for 18200-18260 following the neckline breakout of an inverse head and shoulder pattern on the daily chart. On the downside, 17900-17880 will act as immediate support where fresh buying can be witnessed. Any decisive fall below 17880 will extend such recession for 17770 and then 17650,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
“Avoid Short Position until Nifty is trading above 17820, this a strong support for this bullish movement. Buying on dips will work. Nifty support range is 17950, 17885 to 17820 (Strong Support). Nifty next possible targets are 18125, 18170 and 18200 which will act as resistance too,” said Ashish N. Ambala, Sr. Technical Analyst, Stock Market Today (SMT).
“Nifty is in strong bullish momentum, having witnessed a breakout of an inverse head & shoulders formation. Above 18200 levels, 18350 will be the next target level. On the downside, 17860 and 17820 will act as immediate support levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Avoid chasing gap-up & look to buy on intraday dips. Multiple resistance zone at 18200-18265. Nifty first support at 18000 and then 17885 while resistance at 18135 and 18200, according to Rahul Sharma, JM Financial.
Technical View: Nifty 50 is likely to find support at around 17850, while 18350 is likely to act as resistance. Bank Nifty is likely to find support at around 42900, while 43900 is likely to act as resistance on the upside. – IIFL Securities
“Markets may start on a cautious note amid fall in SGX Nifty and overnight weakness in the US markets. But recovery in other key Asian gauges could provide some relief to investors. Adding to the recent optimism would be the robust monthly GST numbers, which hit a new all-time high in terms of collections in April, indicating that the domestic economy continues to be on strong footing despite global macroeconomic challenges. However, some amount of caution could prevail after the last week's upsurge and it wouldn't be surprising if profit-taking comes into play. Technically, the Nifty options data suggests Nifty is likely to be in a trading range of 17800-18500 zone,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The National Stock Exchange has put any stock to its F&O ban list for May 2. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Foreign institutional investors (FII) bought shares worth a net Rs 3,304.32 crore, while domestic institutional investors (DII) purchased shares worth a net Rs 264.27 crore on April 28.
The US market ended the overnight session in red– Dow Jones Industrial Average (DJIA) fell 0.14%, S&P 500 dipped 0.04% and the tech-heavy Nasdaq tumbled 0.11%.
Asian markets were trading mostly in green with South Korea’s KOSPI rising 0.54%, Hong Kong’s Hang Seng jumping 0.14% while Japan’s Nikkei 225 fell 0.19%. China’s Shanghai Composite Index remained closed on Tuesday.
The Nifty futures on the Singapore Exchange (SGX) were trading 35 points or 0.19% lower at 18,237 in today’s early morning trade.