Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices ended Wednesday’s session in the green territory. The NSE Nifty 50 rose 44.40 pts or 0.26% to 17,151.90 and BSE Sensex climbed 139.91 pts or 0.24% to 58,214.59. Bank Nifty rose 104.35 pts or 0.26% to 39,999.05. The top gainers on Nifty 50 were HDFC Life, Bajaj Finance, Bajaj Finserv, Sun Pharma and Tata Consumer while the losers were BPCL, NTPC, Coal India, Adani Ports and Adani Enterprises.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on Nifty 50 were HDFC Life, Bajaj Finance
Bank Nifty rose 104.35 pts or 0.26% to 39,999.05.
The NSE Nifty 50 rose 44.40 pts or 0.26% to 17,151.90 and BSE Sensex climbed 139.91 pts or 0.24% to 58,214.59.
Nifty and Sensex surged in morning trade on Wednesday but pared some gains while holding crucial levels as investors awaited US Federal Reserve’s interest rate decision. The NSE Nifty 50 surged 100 pts or 0.6%, hitting an intraday high of 17,207.25; BSE Sensex climbed 350 pts to a day’s high of 58,418.78 and Bank Nifty rose 0.5% to 40,085.60. US Federal Open Market Committee (FOMC) will announce their decision today, late evening. Analysts attribute today’s rise to additional funding and buy-out measures by the US and European governments to calm down investors, giving hints that the banking crisis may have come under control.
Hindustan Zinc share price surged nearly 5%, touching an intraday high of Rs 325.25 on Wednesday after the company’s board on Tuesday approved a fourth interim dividend of Rs 26 per share for FY23, amounting to Rs 10,985.83 crore, with March 29 as the record date. The shares of Vedanta and LIC rose after the announcement as both companies hold stakes in HZL. The Hindustan Zinc’s shareholding pattern for the December 2022 quarter shows promoter Vedanta Ltd owns 2,74,31,54,310 shares of the company. Vedanta is expected to earn over Rs 7100 crore from the dividend. While LIC’s LICI Ulip Growth Fund owns 11,41,42,717 Hindustan Zinc shares. LIC is expected to earn over Rs 290 crore.
The top gainers on Nifty 50 were HCL Tech, Infosys, Divis Lab, ICICI Bank and Tech Mahindra while the losers were Coal India, ITC, Grasim, JSW Steel and Dr Reddy.
Bank Nifty surged 121.60 pts or 0.30% to 40,016.30.
The NSE Nifty 50 rose 69.85 pts or 0.41% to 17,177.35 and BSE Sensex climbed 286.85 pts or 0.49% to 58,361.53.
Domestic indices ended the pre-opening session in the green territory. The NSE Nifty 50 rose 69.95 pts or 0.41% to 17,177.45 and BSE Sensex climbed 170.58 pts or 0.29% to 58,245.26.
“In tandem with upsurge in Asian markets, local equity indices are likely to edge higher in early trades Wednesday on the back of receding worries over the global banking sector. However, sideways movement could be seen ahead of the US Federal Reserve’s policy decision to trickle in later in the day today. The street widely expects Chairman Jerome Powell to lift the key rate by another 25 basis points to the range of 4.75-5% but there are too many uncertainties surrounding Fed's policy outlook after the Silicon Valley Bank (SVB) crisis. Technically, confirmation of strength for Nifty can be seen only above the 200- DMA at 17456 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Bank Nifty has given a consolidation breakout on the daily chart, suggesting a rise in optimism. The momentum oscillator has entered a bullish crossover. Over the short term, the trend in the banking space is likely to remain positive as long as it remains above 39500. On the higher end, immediate resistance is placed at 40000. A move above 40000 may induce a rally towards 41000,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Bank Nifty resistance levels are 40050 and 40250, which means that if the banking sector continues to perform well, the index could potentially breach these levels in the coming days. The Bank Nifty’s support level has been established at 38900,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
Bank Nifty has led the recovery closing above its 200 SMA and almost conquering its 200 DEMA. Bank Nifty short covering is expected above 40000. First support is placed at 39649 and then 39250 while resistance is placed at 40288 and then 40529, according to Rahul Sharma, JM Financial Services Ltd.
“While the market is eyeing the Fed meeting on the interest rates, risk flow is seen returning. Nifty bulls will aim to hunt for another positive session after rebound witnessed from lower levels, with confirmation of strength only above the 200-DMA at the 17456 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“On the upside we expect the Nifty to target the zone of 17150 -17200 which coincides with the previous swing high and the 38.2% Fibonacci retracement level of the fall from 17800 – 16828. The immediate support stands at the lower end of the downward-sloping channel 16800 – 16850,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty has been consolidating for the past few days, indicating indecisiveness. The trend remained negative for the short term as the index has been sustaining below the critical moving average on the daily chart. The RSI on the daily chart has narrowed down its bearish crossover. The trend is likely to remain sideways as long as it remains within the bands of 16950-17200. A decisive move above 17200 may induce a rally towards 17450-17500. While a decisive fall below 16950 may trigger a steeper correction in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Nifty support is set at 16850, indicating that the market has a solid foundation to withstand any potential downside risk. The Nifty, on the other hand, has a resistance level of 17250, indicating that the market may encounter some resistance to further upward movement at this level,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
“Nifty is forming a volatile base around the 16800-17150 area in the last few sessions. Nifty short covering is expected above 17145. First support is placed at 17000 and then 16830 while resistance is placed at 17145 and 17300,” said Rahul Sharma, JM Financial Services Ltd.
The National Stock Exchange has Biocon and IndiaBulls Housing Finance on its F&O ban list for 22 March. 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) net sold shares worth Rs 1,454.63 crore, while domestic institutional investors (DII) net acquired equities worth Rs 1,946.06 crore on 21 March, according to the provisional data available on the NSE.
Oil fell in early Asian trade on Wednesday, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. Brent futures, which have risen more than 3% this week, were down 48 cents, or 0.6%, at $74.84 a barrel at 0203 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.7%, at $69.20.
“Global markets recovery ushered in gains in domestic equity indices as both the benchmarks ended above the psychological levels on the back of strong gains in financials. However, the optimism may face hurdles as the recent turmoil in large banks in the US and Europe has shaken investors' sentiment. The US FOMC meeting on Wednesday on interest rate decision would be keenly eyed as any hike surpassing street expectations could unsettle investors. Also, falling crude oil prices at a faster pace is raising concerns over the weakening global economic health,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
The US market ended the overnight session in positive territory with Dow Jones Industrial Average rising 0.98%, S&P 500 climbing 1.30% and the tech-heavy Nasdaq advancing 1.58%.
Asian markets were trading in green with China’s Shanghai Composite index rising 0.53%, Hong Kong’s Hang Seng climbing 2.26%, South Korea’s KOSPI advanced 1.09% and Japan’s Nikkei 225 surged 1.93%.
The Nifty futures on the Singapore Exchange (SGX) were trading 13 pts or 0.08% higher at 17,157.00 in the early morning trade.