Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices concluded Thursday’s volatile session in the red territory. The NSE Nifty 50 fell 84.90 pts or 0.49% to 17,067 and BSE Sensex plunged 289.31 pts or 0.50% to 57,925.28. Bank Nifty tanked 382.15 pts or 0.96% to 39,616.90. The top gainers on the Nifty 50 were Hindalco, Maruti, Nestle India, ONGC and Tata Motors while the losers were SBIN, Bajaj Auto, Kotak Bank, HCL Tech and Asian Paints.
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The top gainers on the Nifty 50 were Hindalco, Maruti, Nestle India, ONGC and Tata Motors while the losers were SBIN, Bajaj Auto, Kotak Bank, HCL Tech and Asian Paints.
Bank Nifty tanked 382.15 pts or 0.96% to 39,616.90.
The NSE Nifty 50 fell 84.90 pts or 0.49% to 17,067 and BSE Sensex plunged 289.31 pts or 0.50% to 57,925.28.
“IT stocks are under pressure due to worries about US markets and turbulence in the banking industry. The markets are thinking that this fallout from banks might further soften or lower tech spends by banks over the short term, which can lead to re-rating the sector outlook. The Indian IT sector has significant exposure to the US region and moreover has the biggest exposure to regional banks. On recent developments in US banks, we continue to be indifferent to unfavourable short-term moods,” said Prashanth Tapse, Research Analyst, Sr VP Research, Mehta Equities Ltd
“On the higher end, the Bank Nifty has found resistance at the 14DMA during yesterday’s trade. The momentum indicator is in the bullish crossover. A decisive breakout above 40000 may induce a rally in the index, above which the index may move up towards 40500/41000 over the near term. On the lower end, support lies at 39500,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Bank Nifty has support at 39350 while resistance is placed at 40800,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Nifty first support is placed at 39977 and then 39860 while resistance is placed at 40204 and then 40314, according to Rahul Sharma, JM Financial Services Ltd.
“We believe that the pullback is not yet complete and we expect it to continue over the next few trading sessions. On the upside we expect it to retrace till levels of 17460 – 17500 where resistance in the form of the 200-day moving average and also a gap formed on the 10th march is placed. On the downside, the immediate support stands at the lower end of the downward-sloping channel 16800 – 16830,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty remains in a buy-on-dip mode as long as the index stays above 17,000. The immediate hurdle on the upside is at 17,200 where the highest open interest is built up on the call side. The index once surpassed the resistance will witness a sharp move on the upside toward the 17,500 level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Market tone still remains sideways as benchmark indices struggle to move upside convincingly until it moves above the 17450 level. Such minor corrections in the upcoming weeks cannot be ruled out. Nifty Put Call Ratio stands at 0.92. OI Data indicates, on the call side the highest OI was witnessed at 17500 followed by a 17400 strike price while on the put side, the highest OI remained at 17000 strike price,” Om Mehra, Equity Research Analyst at Choice Broking.
“For the traders now 17100/58050 would act as a sacrosanct support zone for Nifty/Sensex. Above the same, the market could move up to 17300-17325/58500-58700. On the flip side, below 17100/58050 selling pressure will likely accelerate. Below the same, the index could retest level of 17000-16900/57700-57600,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty first support is placed at 17136 and then 17091 while resistance is placed at 17232 and 17283, according to Rahul Sharma, JM Financial Services Ltd.
Hindustan Aeronautics Ltd (HAL) shares tanked 5.5% to Rs 2480.05 on Thursday after the Central Government announced the disinvestment of up to 3.5% stake in Hindustan Aeronautics (HAL) to raise Rs 2,867 crore. The floor price has been set at Rs 2450, a discount of just over 1% from the current price. The offer for sale (OFS) issue will be open from Thursday-Friday. HAL shares have fallen 8.5% in the past one week while they have risen over 77% in the last one year. The stock touched a 52-week high of Rs 2,915 on 13 March 2023 and a 52-week low of Rs 1,381.90 on 28 March 2022. Today the shares touched an intraday low of Rs 2475 and a high of Rs 2497. At the current price of Rs 2492.60, the company’s market capitalisation stands at Rs 83,349.43 crore. Meanwhile, benchmark equity indices NSE Nifty and BSE Sensex fell over half a percent on Thursday.
The top gainers on Nifty 50 were Hero Motocorp, Larsen & Toubro, Bharti Airtel, Tata Motors and Sun Pharma while the top losers were Adani Enterprises, Asian Paints, Eicher Motors, HDFC and Power Grid.
Bank Nifty plunged 212.35 pts or 0.53% to 39,786.70.
The NSE Nifty 50 fell 73.80 pts or 0.43% to 17,078.10 and BSE Sensex tanked 253.54 pts or 0.44% to 57,961.05.
Domestic indices ended the pre-opening session in the red territory. The NSE Nifty 50 fell 54.50 pts or 0.32% to 17,097.40 and BSE Sensex plunged 153.18 pts or 0.26% to 58,061.41.
“U.S. stocks finished sharply lower in volatile trade on Wednesday after the Federal Reserve raised interest rates by another 25 basis points, while noting that policymakers weren’t penciling in rate cuts this year. The decisions came despite recent stress in the banking industry following the collapse of two U.S. regional banks. He also acknowledged the central bank will raise rates even higher if they “need to.” The Fed acknowledged turmoil in the banking sector could slow the already fragile economy. US Treasury Secretary Janet Yellen said at a congressional hearing on Wednesday that she’s not considering a broad increase in deposit insurance.”
– Deepak Jasani, Head of Retail Research, HDFC Securities
“Markets may witness a cautious start with the bias tilted towards bears amid weakness in the overnight US markets after the Fed increased interest rate by 25 bps, which came as per the street expectations. However, most of the Asian gauges are exhibiting firmness on Fed softening its stance and signalling that there may only be one more rate hike by the end of this year. Local traders are worried about the persisting selling by the overseas investors, which has been creating a lot of uncertainty.”
– Prashanth Tapse, Senior VP (Research), Mehta Equities
“The short term trend of Nifty remains positive. But, the market is not gaining momentum through the hurdle. Unless the immediate resistance of 17200 is taken out decisively on the upside, the chances of sharp up-move could be less. Immediate support is at 17020 level,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The Fed did raise rates by 25bps as expected but the Fed dropped the forward guidance, mentioning that “some additional policy firming may be appropriate”, instead of “ongoing increases in the target range will be appropriate”. I would consider this as a dovish hike. DXY dropped towards 102.50 levels, which itself is a minor support, following 101.80 (February 02nd low). Consolidation may continue with DXY while trajectory may only change above 200 day SMA at 106.60 levels. Considering March year end, some demand for INR may be seen. For USDINR, for March 81.80 acts as a support while 82.80 a resistance.”
– Kunal Sodhani, VP, Global Trading Center, Shinhan Bank
The National Stock Exchange has Biocon and IndiaBulls Housing Finance on its F&O ban list for 23 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 bought shares worth Rs 61.72 crore, while domestic institutional investors (DII) net acquired equities worth Rs 383.5 crore on 22 March, according to the provisional data available on the NSE.
Oil prices fell on Thursday following three sessions of gains, after U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises. Brent crude futures fell 80 cents, or 1%, to $75.89 a barrel by 00:09 GMT, while U.S. West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2%, to $70.06. Both crude benchmarks had settled on Wednesday at their highest close since March 14.
The US market ended the overnight session in negative territory with Dow Jones Industrial Average tanking 1.63%, S&P 500 plunging 1.65% and the tech-heavy Nasdaq tumbling 1.60%.
Asian markets were mostly trading flat with China’s Shanghai Composite index rising 0.09%, Hong Kong’s Hang Seng climbing 0.03%, South Korea’s KOSPI falling 0.27% and Japan’s Nikkei 225 tanking 0.45%.
The Nifty futures on the Singapore Exchange (SGX) were trading 30 pts or 0.17% lower at 17,128 in the early morning trade.