Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic ended Wednesday’s session broadly in green. The NSE Nifty 50 rose 159 pts or 0.91% to 17,557.05 and BSE Sensex surged 582.87 pts or 0.99% to 59,689.31. In sectoral indices, Bank Nifty climbed 196.50 pts or 0.48% to 41,009.55, Nifty IT surged 1.20%, Nifty Auto fell 0.55%, Nifty PSU Bank was down 0.79%, Nifty FMCG skyrocketed 1.36% and Nifty Financial Services rose 1.14%. The top gainers on the Nifty 50 were Larsen & Toubro, HDFC, HDFC Bank, ITC and Hindustan Unilever while the losers were Eicher Motors, Mahindra & Mahindra, IndusInd Bank, NTPC and Adani Enterprises.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“Markets have entered the Q4 earning season and are taking optimistic business updates from top companies as support and giving confidence to markets to trade higher. The global scenario is almost behind us post banking crisis US FED is also talking soft lines on hiking interest rates after the report states lower PMI data and a drop in US Job data. As a result, Asian markets, especially Indian markets are trading in green zones. Better than expected domestic auto sales, FII turning positive, strong GST collections during the month of March 2023 and 3 Month high PMI data would act as positive for the market. The market is also expecting healthy comments from the RBI committee on Inflationary action for further rate hike decisions. Technically 200 DMA (17490) acts as a support for markets and an uptrend can be seen up till 17600-17700,” said Prashanth Tapse, Sr. VP Research Mehta Equities Ltd.
The top gainers on the Nifty 50 were Larsen & Toubro, HDFC, HDFC Bank, ITC and Hindustan Unilever while the losers were Eicher Motors, Mahindra & Mahindra, IndusInd Bank, NTPC and Adani Enterprises.
In sectoral indices, Bank Nifty climbed 196.50 pts or 0.48% to 41,009.55, Nifty IT surged 1.20%, Nifty Auto fell 0.55%, Nifty PSU Bank was down 0.79%, Nifty FMCG skyrocketed 1.36% and Nifty Financial Services rose 1.14%.
The NSE Nifty 50 rose 159 pts or 0.91% to 17,557.05 and BSE Sensex surged 582.87 pts or 0.99% to 59,689.31.
Nifty has started the April series on a positive note with the benchmark indices extending previous sessions’ gains, NSE Nifty 50 surpassing the 17500 level, and Bank Nifty trading above 41000. IIFL Securities has shared the Nifty and Bank Nifty options trading strategies for the April series, which it says could benefit investors.
Gold prices are trading near all-time highs after touching fresh peaks in trade on Tuesday. MCX Gold scaled the Rs 61,000/10 grams mark to reach a record high of approximately Rs 61,145/10 grams and is trading at around Rs 61,130/ 10 grams on Wednesday. Gold also crossed the $2000 per troy ounce mark in the COMEX index as well.
Wipro Ltd shares rose nearly 1% after Wipro Consumer Care and Lighting on Tuesday said it has crossed the milestone of Rs 10,000 crore in overall sales in FY23, helped by ‘significant growth’ across geographies, brands, and categories. The domestic FMCG business grew 17 per cent for the financial year ended March 31, 2023, the company, part of Azim Premji-led Wipro Enterprises, said in a statement. Its sandalwood soap brand Santoor has now become the second largest player in the segment in India with sales of over Rs 2,650 crore.
Adani Group stocks fell on Wednesday in an otherwise positive market despite GQG Partners CIO Rajiv Jain making a grand prediction of doubling his nearly $2 billion bet on the embattled Gautam Adani-led conglomerate. “These could be multi-baggers” over five years,” Rajiv Jain said in a TV interview. Adani Enterprises shares fell 1.62%, Adani Green Energy shares tanked 3.32%, Adani Transmission shares tumbled 4.21%, while Adani Ports shares rose marginally on Wednesday.
“Bank Nifty has been outperforming the Nifty for the last few days; however, the week started with a controlled positivity as the traders remained low ahead of the MPC meeting. The trend will remain positive as long as the index sustains above 40000. On the higher end, immediate resistance is visible at 41000; above 41000 the index may move towards 42000 over the short term,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty sell on the rise around 41000-41200 with a stop loss at 41450 and a target of 40000. Bank Nifty first support at 40843 and then 40667 while resistance at 41123 and 41227, according to Rahul Sharma, JM Financial.
“After a sharp up move in the previous couple of trading sessions, consolidation is a healthy sign and also provides an opportunity to enter for those who have missed out. The hourly momentum indicator has triggered a negative crossover which is a sell signal. Considering that prices are trading around a hurdle level and the momentum indicator triggering a negative crossover can lead to consolidation. Overall, the uptrend is intact and this consolidation should be used as an opportunity to initiate fresh longs. On the upside, the immediate short-term target is placed at 17500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty trend for the short term remains positive as Nifty closed well above the support level of 17200 on Monday. The bulls are going to have the upper hand as long as the Nifty remains above 17200. On the higher end, 17500 is likely to act as crucial resistance for the Nifty. A decisive move above 17500 may induce a strong directional upmove,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Prices have now reached a key juncture of resistance placed in the zone of 17450-17600, which is the confluence point of the bearish gap, key averages, and a retracement level. Looking at the momentum, we expect these hurdles to be surpassed quite soon. At this moment, it is ideal to focus on a stock-specific approach; because many new themes are likely to get unfolded. For index trades, one should prefer dips as an opportunity. Monday’s low around 17300 should be considered as immediate support, whereas strong support base shifts towards the bullish gap left around 17200-17150,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Bulls are expected to continue to take over the positive momentum in the next trading sessions, with the biggest intraday support on Nifty to watch at the 17227 mark for Wednesday’s trade. In terms of the overall market trend, we have a range-bound view for the Nifty, with resistance around the 17450-17490 range and a good support range at 17300-17350. The current neutral trend is mainly due to the significant jump in crude prices, which may have an impact on inflation and economic growth,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Short if Nifty fails to sustain above 17428 for the target of 17200. Stop Loss at 17475. Nifty first support at 17271 and then 17200 while resistance at 17428 and 17475. Nifty micro view remains bearish,” said Rahul Sharma, JM Financial.
The top gainers on Nifty 50 were Bajaj Finance, Bajaj Finserv, ONGC, HDFC Bank and Coal India while the top losers were HCL Tech, Hindalco, Apollo Hospital, Eicher Motors and Asian Paints.
The NSE Nifty 50 rose 47 pts or 0.27% to 17,445.05, BSE Sensex climbed 154.11 pts or 0.26% to 59,260.55 and Bank Nifty jumped 56.85 pts or 0.14% to 40,869.90.
The US market ended the overnight session in red – Dow Jones Industrial Average fell 0.59%, S&P 500 plunged 0.58% and the tech-heavy Nasdaq tumbled 0.52%.
Asian markets were trading mostly in red with Japan’s Nikkei 225 falling 1.27%, Asia Dow dropping 0.75% while South Korea’s KOSPI rose 0.16%. China’s Shanghai Composite and Hong Kong’s Hang Seng remained closed on Wednesday.
The Nifty futures on the Singapore Exchange (SGX) were trading 60 pts or 0.34% lower at 17,514.50 in the early morning trade.