Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic markets witnessed a volatile trading session on Thursday where headline indices closed in the red. S&P BSE Sensex dived366 points or 0.66% to settle at 55,102 while the NSE Nifty 50 index was down 107 points to 0.65% to end at 16,498. India VIX closed 3.66% lower. Power Grid was the top Sensex gainer, up 3.34%, followed by Tech Mahindra, and HCL Technologies. Ultratech Cement, Asian Paints, and Dr Reddy’s were the top laggards.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
Domestic markets have faced the repercussions of growing geopolitical tensions recently. Sensex and Nifty have dived while volatility has spiked to touch 30 levels. Although rising volatility could hit cyclicals/high-beta stocks, analysts at ICICI Securities believe a fast de-escalation between Russia and Ukraine could also see these stocks recover the fastest, hence creating an opportunity for investors. “Consistent with past market behaviour, cyclicals / high-beta stocks are likely to bear the brunt of the rise in ‘systematic risk’ (VIX rising to 30) due to the geopolitical crisis arising from Russia-Ukraine conflict,” the brokerage firm said in a note.
Sensex fell 366 points or 0.66% to end at 55,102 while the NSE Nifty 50 index was down 107 points to settle just below 16,500.
Sensex fell more than 500 points ahead of the closing bell but witnessed a quick pullback, forcing the index back above 55,000 mark. Nifty 50 was was just above 16,500. Both the headline indices were still in red.
Reliance Industries and ICICI Bank shares were down in the red, pulling the benchmark Sensex lower.
"Nifty has broken 16,500, bias remains bearish for 16,200," said Rahul Sharma, Director & Head - Research, JM Financial.
Smallcap indices on the NSE were outperforming the benchmark Nifty 50. Nifty small-cap 50 was up 0.52%, while Nifty Smallcap 100 was up 0.55%.
India’s rural ecosystem is evolving from ‘traditional agriculture to new farming models, advanced agri-tech services, and new food products.’ The country has witnessed significant investments into the sector, to the tune of approximately Rs 6600 crore during 2017- 2020, a growth of more than 50 per cent per annum. According to a report by Bain & Company and Confederation of Indian Industry (CII) titled, ‘Innovation in India’s Rural Economy: Disruptive Business Models are Stimulating Inclusive Growth in Agriculture and Rural Finance’, significant domestic and international investments are being pumped into the sector to improve efficiency and access to credit.
India VIX started the day 6% lower as benchmark indices rallied. However, as Sensex and Nifty turned red during afternoon trade, the volatility index was down just 2%.
Sensex and Nifty trimmed gains as they entered the afternoon trade. Sensex was sitting 70 points lower while Nifty 50 was just shy of 16600.
~ Anand Rathi
Domestic stock markets have entered the month of March on heightened volatility amid rising inflation, soaring crude oil prices and geopolitical conflicts that could hamper global supply chains. Analysts at Axis Securities believe large cap stocks such as ICICI Bank, SBI, Maruti Suzuki, among others could outperform in the month of March. The month is expected to be an eventful one with US Fed rate hike, state elections, and possibly LIC IPO on the cards. Volatility has, however, been sharply rising. The India VIX has neared 30 levels, suggesting panic among investors.
Domestic investors can now invest in US stocks such as Google, Amazon, and Tesla directly on the NSE IFSC (NSE International Exchange). In a circular, the NSE IFSC said that trading will commence for 8 US-based stocks from March 3.
NSE IFSC has received approval to trade receipts of 50 US-based stocks. However, only 8 will be available to be traded from Thursday onwards. These include;
ALPHABET INC NSE IFSC RECEIPT (Google)
AMAZON INC NSE IFSC RECEIPT (Amazon)
TESLA INC NSE IFSC RECEIPT (Tesla)
META PLATFORMS INC NSE IFSC RECEIPT (Facebook)
MICROSOFT CORPORATION NSE IFSC RECEIPT (Microsoft)
NETFLIX INC NSE IFSC RECEIPT (Netflix)
APPLE INC NSE IFSC RECEIPT (Apple)
WALMART INC NSE IFSC RECEIPT (Walmart)
"Despite all the negative news flow market (Nifty) is not making new lows. The first indication of bottoming out. If we hold 16100 levels for the next couple of days then, the chances of a quick recovery are higher. One can start buying in a staggered manner with stop loss below 15900 levels," said Vishal Wagh, Head of Research, Bonanza Portfolio.
Sensex was trading flat with marginal gains on Thursday while NSE Nifty 50 was just above 16600.
While anticipating swings on either side of 16580, the expectation was for upside bias to prevail over. However, there appear to be several obstacles that stand in the way of a vertical free run, and the inside bar yesterday added to such concerns, prompting upside prospects to be moderated to 16775-820 for the day. A collapse, meanwhile, will not be in play at least until16340 gives away.
~ Anand James - Chief Market Strategist at Geojit Financial
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India gained on Thursday, even as yellow metal traded flat in the international market. On Multi Commodity Exchange, gold April futures were trading Rs 294 or 0.6 per cent up at Rs 51,588 per 10 grams. Silver May futures were ruling at Rs 68,118 per kg, up Rs 451 or 0.7 per cent. Globally, yellow metal prices traded flat as risk appetite improved after the U.S. Federal Reserve chairman tried to assuage fears about aggressive interest rate hikes, offsetting safe-haven demand spurred by the Russia-Ukraine conflict.
Reliance Industries' share price was trading with a negative bias on Thursday morning at Rs 2,395 per share. RIL has joined hands with Sanmina to create a manufacturing JV in India.
"Global markets got a relief from Fed Chief Powel's endorsement of a 25bp rate cut in March. Powel's remark that "we are not going to add to uncertainty" is an affirmation that rate hikes will not be market unsettling. Morgan Stanley removing "uninvestable Russia" from the MSCI Index is a long-term positive to stable markets like India which will attract more FPI funds. But in the short run India will continue to face headwinds coming from expensive crude. The scenario will change only when the war ends and crude comes down sharply. Meanwhile, commodities like metals will continue to outperform and IT will be resilient. Financials present attractive long-term bets."
~ V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Continue with a positive bias above 16500 for targets of 16780 and 16950. Bank Nifty crucial support at 34900
~ Rahul Sharma, Director & Head - Research, JM Financial.
Sensex opened the day in the green, rising more than 450 points to nearing 56,000 mark. Nifty 50 index was above 16,700. India VIX was down 5.5%
"MSCI and FTSE Russell have announced that they will be removing univestable Russian equities at zero value from all the global and regional indices. Thus no flow benefit to India or other EM countries," said Abhilash Pagaria- Head , Edelweiss Alternative Research. “MSCI will now call Russia as a Standalone Market. MSCI Standalone Market Indexes are not included in any of the widely followed passive indices like the MSCI Emerging Markets Index or the MSCI Frontier Markets Index, missing out on foreign passive flows. Currently, other countries in the Standalone category are Botswana, Lebanon, Palestine, Panama and Zimbabwe."
Sanmina Corporation, a integrated manufacturing solutions company and Reliance Strategic Business Ventures Limited, today announced that they have entered into an agreement to create a joint venture through investment in Sanmina’s existing Indian entity. The joint venture will create a world-class electronic manufacturing hub in India. The JV will prioritize high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyperscale datacenters), medical and healthcare systems, industrial and cleantech, and defense and aerospace.
Sensex rose over 700 points at the start of the pre-open session while Nifty 50 was above 16650.
SGX Nifty was up nearly 60 points with minutes left before the pre-open session.
Among some stock-specific actions, Sterlite tech has launched an industry-first end-to-end 5G enterprise solutions. And UPL has approved the buyback of Rs. 1,100 crores at Rs. 875. With SGX Nifty giving flattish signals for the opening. The Markets are expected to stay in the range for today, Support and Resistance for Nifty 16,500 and 16,800, and for the Bank Nifty it's expected to be around 35,000 to 35,700.
~ Mohit Nigam, Head - PMS, Hem Securities
Nifty index opened negative on Wednesday but managed to trade in a range of 200 points throughout the session. It witnessed selling pressure in the first half but seen a quick pullback move in the last hour of the session. It formed a Harami Cross and an Inside Bar sort of formation on daily scale and closed with losses of around 187 points.
Domestic equity benchmarks BSE Sensex and Nifty 50 were staring at a gap-up start on Thursday, a day of weekly F&O expiry. Nifty futures were trading 41 points or 0.25 per cent up at 16,658 on the Singaporean Exchange. In the previous session, S&P BSE Sensex managed to cut some intraday losses, but still closed 778 points or 1.38% in the red at 55,468 while NSE Nifty 50 ended 187 points or 1.12% lower at 16,605. Asian peers were trading in green as oil prices continued to move higher with Brent crude oil topping $117 per barrel.
After showing massive upside recovery from the lows on Monday, Nifty slipped into weakness amidst a range movement on Wednesday and closed the day lower by 187 points. A small body of positive candle was formed at the lows with upper and lower shadow, which indicate a formation of Doji or high wave-type candle pattern. Technically, this market action displays high volatility in the market. Normally, a formation of such candles after a reasonable up-move or down move could signal impending trend reversals.
Asian shares were trying to rally on Thursday after reassuring comments from the Federal Reserve helped Wall Street bounce, even as the war in Ukraine sent oil and commodity prices spiralling ever higher in a grim omen for global inflation.
"India VIX continues to be at a higher level around 30 which indicates that volatility could continue to remain high in the short term. On the flipside, 16400 and 16200 are the immediate supports for the index to watch out for. Wednesday's correction in the index was mainly led by the banking space which has seen underperformance in last couple of sessions. On the flipside, the Metal space outperformed on back of rising international commodity prices. Day traders are advised to look for such a thematic approach which is outperforming the market and trade in such pockets with proper risk management," said Ruchit Jain, Lead Research, 5paisa.com