Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark equity indices closed Monday’s session broadly higher. The NSE Nifty 50 rose 117.10 pts or 0.67% to 17,711.45 and BSE Sensex surged 415.49 pts or 0.69% to 60,224.46. The top gainers on the Nifty 50 were Adani Enterprises, Tata Motors, ONGC, NTPC and Power Grid while the losers were Britannia, Tata Steel, JSW Steel, Hindalco and Larsen & Toubro.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
The top gainers on the Nifty 50 were Adani Enterprises
The NSE Nifty 50 rose 117.10 pts or 0.67% to 17,711.45 and BSE Sensex surged 415.49 pts or 0.69% to 60,224.46.
Bajaj Electricals shares rose 2.61% to Rs 1131.90 after the company bagged the award for plant and installation services of distribution infrastructure of electric supply circle across districts in Bihar. The aggregate sum of the contract is Rs 645 crore and the project shall take 30 months to complete
Adani Group stocks surged on Monday. Six Adani Group stocks hit the upper circuit: Adani Enterprises shares rose 10% to Rs 2067.25, Adani Power rose 5% to Rs 177.90, Adani Transmission rose 5% to Rs 780.90, Adani Green Energy
Anil Agarwal’s Vedanta Ltd share price rose 1.28% to Rs 292.95 on NSE in early morning trade on Monday. On the controversy revolving around the Hindustan Zinc deal, the group’s chief Anil Agarwal in a TV interview recently asked the government to sell its 29% stake in Hindustan Zinc, as they had agreed to sell a 100% stake 20 years ago. Anil Agarwal added that the government must accelerate the process, and that it had agreed to divest the remaining stake to Vedanta under a particular formula.
Bank Nifty climbed 225.40 pts or 0.55% to 41,476.75. All the constituents were in green with IDFC First Bank, Axis Bank, Federal Bank, HDFC Bank and IndusInd Bank leading gains.
The top gainers on Nifty were Adani Enterprises, Adani Ports, HCL Tech, Infosys and TCS while the top losers were Britannia, Tata Steel, Hindalco, JSW STeel and Coal India.
The BSE Sensex surged 468.06 pts or 0.78% to 60,277.03 and NSE Nifty 50 rose 124.20 pts or 0.71% to 17,718.55.
“Currently, Nifty is trying to stage an upward breakout of the first barrier around 17,650 levels, and a rise above this region could in the short term open the second upside resistance at roughly 17,800 levels. The Nasdaq Composite was up by 226.02 points or 1.97 percent, the S&P 500 gained 64.29 points, or 1.61 percent, and the Dow Jones Industrial Average was up by 387.40 points, or 1.17 percent. Foreign institutional investors (FII) bought shares worth Rs 246.24 crore, while domestic institutional investors (DII) purchased shares worth Rs 2,089.92 crore on March 3, the National Stock Exchange's provisional data showed. With the above data, we expect the market to buy on dips for traders and also traders should keep booking profits at the resistance levels,” Ameya Ranadive, Equity Research Analyst at Choice Broking.
“Bank Nifty formed a double bottom pattern as it is outperforming the benchmark indices. 41550/42000 is an immediate resistance level. Above 42000, we can expect a short-covering rally toward the 42700 level, while 41000 and 40700 will be the support levels on the downside,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“Bank Nifty successfully cleared the 20-day SMA mark which is broadly positive. For the Bank Nifty, 41000 or 20-day SMA could be the immediate support zone. Above which, it could move till 41700-42300 levels,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd
“Bank Nifty bulls came back strong and surpassed the hurdle of 40,800 with a sharp surge in volumes. The momentum indicator has given a positive crossover on the daily chart which confirms the buy signal. The index is likely to touch the level of 42,000 where fresh call writing has been observed,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
“Bank Nifty has taken support at 200 EMA and managed to take a bounce from it. A good rally was seen in Bank Nifty where all stocks were participating. If Bank Nifty Manages to sustain 41000 in the next few days we can see a good rally till 41950 to 42300 this week. Bank Nifty has support at 40300 levels while resistance is placed at 41800,” said Ameya Ranadive, CMT, CFTe, Equity Research Analyst at Choice Broking.
“Bank Nifty support is placed at 40927 and 40439 while resistance is placed at 41732 and 42048,” said Rahul Sharma, JM Financial.
“On the daily charts, we can observe that the Nifty is in a pullback mode and currently retraced 38.2% of the fall from 18134 to 17255. We believe that there is more steam left to this pullback rally and hence it can extend higher till 17700 where resistance in the form of the 50% Fibonacci retracement level (17695) and the 20-day moving average (17703) is placed. Considering the sharp-up move in Friday’s trading session a consolidation cannot be ruled out. Overall, we expect the Nifty to trade in the range of 17700 – 17200 from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty has managed to sustain and break the previous 7 days’ high and has finally managed to break the losing streak. Nifty has closed above its crucial level of 17500 and managed to close above 17550. It will be crucial for Nifty to sustain above the 17500 level in the next few days for further rallies. A move till 17800 can be seen if these levels are sustained. Nifty has managed to close above 200 EMA. On the derivatives front, the highest call OI is at 17900 strike price while on the put side, the highest OI remains at 17500 strike price,” said Ameya Ranadive, CMT, CFTe, Equity Research Analyst at Choice Broking.
“Nifty short-term trend remains negative as the index has closed below the critical short-term moving average. The momentum oscillator RSI is in a bullish crossover on the daily timeframe. On the higher end, the Nifty may move higher once it moves above 17650; on the higher end, resistance is visible at 17800. On the lower end, support is visible at 17470,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Nifty has formed a double bottom near the 200-day SMA (Simple Moving Average) and bounced back sharply. The index has also formed a promising bullish candle on daily and weekly charts which supports a further uptrend from the current levels. For short-term traders 17550-17500 would be the immediate support level while 17700-17850 is the crucial resistance,” said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
“Nifty is forming a downward-sloping channel by connecting the lower highs and lower lows formations. In a short covering bounce, it regained its 200-day moving average. 17750 is acting as an immediate hurdle; above this, we can expect a short-covering rally toward 17900. It will be difficult to chase a gap-up opening, but if Nifty manages to hold its initial gain, then positive momentum may continue. 17500/17350 will act as immediate support during any correction,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“Nifty first support placed at 17516 and second at 17370. The resistance is placed at 17766 and 17870,” said Rahul Sharma, JM Financial.
The center has marginally raised windfall tax on locally produced crude oil to Rs 4400 per tonne from Rs 4350. However, the export duty on diesel was cut to Rs 0.5 per litre and the export duty for Aviation Turbine Fuel (ATF) has been scrapped.
The National Stock Exchange has no stocks on its F&O ban list for 6 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) bought shares worth Rs 246.24 crore, while domestic institutional investors (DII) acquired equities worth Rs 2,089.92 crore on 3 March, according to the provisional data available on the NSE.
The US markets ended Friday’s session broadly in green with Dow Jones Industrial Average rising 1.17%, S&P 500 surging 1.61% and the tech-heavy Nasdaq skyrocketing 1.97%.
Asian markets were trading mixed with China’s Shanghai Composite index falling 0.21%, Hong Kong’s Hang Seng dropping 0.28% while Japan’s Nikkei 225 rose 1.17%, and South Korea’s KOSPI climbed 0.53%.
The Nifty futures in Singapore Exchange (SGX) were trading 72 pts or 0.41% higher at 17,704.00 in the early morning trade.