Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic markets continued to be dominated by bulls on the weekly Futures & Options expiry session. S&P BSE Sensex rose 1,047 points or 1.84% to settle at 57,863 while the NSE Nifty 50 index zoomed 311 points or 1.84% to close at 17,287. Bank nifty was up 1.9% at the end of the day’s trade at 36,428 while India VIX closed 6.26% lower at 22.61 levels. Housing Development Finance Corporation was the top gainer on Sensex, up 5.5%, followed by Tita, Reliance Industries, and Kotak Mahindra Bank. Only Infosys and HCL Technologies closed with losses.
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Domestic equity markets continued to be dominated by bulls on Thursday, the weekly Futures & Options expiry session. S&P BSE Sensex rose 1,047 points or 1.84% to settle at 57,863 while the NSE Nifty 50 index zoomed 311 points or 1.84% to close at 17,287. Housing Development Finance Corporation was the top gainer on Sensex, up 5.5%, followed by Tita, Reliance Industries, and Kotak Mahindra Bank. Only Infosys and HCL Technologies closed with losses. Broader markets mirrored the up-move. Bank Nifty was up 1.9% at the end of the day's trade at 36,428 while India VIX closed 6.26% lower at 22.61 levels.
Sensex ended the day 1,047 points or 1.84% higher at 57,863. Nifty 50 closed 311 points or 1.84% higher at 17,287. Bank Nifty zoomed 1.9% on closing.
Zomato share price rose 4.4% on Thursday to hit an intraday high of Rs 79.35 per share, as the scrip rebounded after having closed below the IPO price of Rs 76 apiece yesterday. The online food-delivery giant is said to be in talks to acquire 10-minute grocery delivery platform Blinkit (formerly known as Grofers), in a share swap deal. Blinkit acquisition could pave the way for Zomato to enter the e-grocery space, which is getting competitive by the day. However, analysts recommend investors stay away from Zomato stock, for now, citing various headwinds and predicting more cash-burn.
Markets look set for more upside next week. Immediate Target at 17,400
~ Rahul Sharma, Director & Head - Research, JM Financial.
Capital markets regulator Sebi has amended the rules pertaining to investment aspects of certain category of alternative investment funds (AIFs). Under the rules, Category III AIFs can invest not more than 10 per cent of the investable funds in an investee company, directly or through investment in units of other AIFs, Sebi said in a notification on Wednesday.
Rakesh Jhunjhunwala-promoted Star Health and Allied Insurance Company has not had a good journey on the stock exchanges so far since listing. The stock has plummeted 30% since its debut and has not touched the IPO price since listing day. However, analysts at Motilal Oswal have initiated the coverage of Star Health, expecting a 20% upside from today’s levels. Big bull Rakesh Jhunjhunwala is the promoter of Star Health and Allied Insurance Company, owning a 17.5% stake in the recently listed company. On Thursday the stock was trading at Rs 626 per share.
HDFC was the top Sensex gainer, up 5% on Thursday. Titan, Asian Paints, and Tata Steel followed.
Gold prices remain flat after a tumultuous week, where we saw the prices dropping to lows of $1895 in the global markets. A trifecta impact of Ukraine- Russia talks, rate hike, and increasing bond yield has dealt a heavy blow to Gold prices. That said, has it managed to erase the luster of the metal? The answer to this question lies in a few crucial factors that pan out in the near future. On an immediate basis, the FED Rate hike and commentary were keenly watched. On Wednesday, the FED announced a quarter percentage point increase in the overnight federal funds rate, lifting that key benchmark from its near-zero level. It was the first rate increase since 2018. FED did lower the GDP forecast for the year, and upgraded inflation expectations, thereby reaffirming market fears of setting in of stagflation, which is expected to work in favour of Gold.
Nifty 50 could remain largely flat from here on till the end of the year provided there are no further escalations between Russia and Ukraine, said analysts at Bank of America. The global brokerage firm expects the benchmark index to end the year at 17,000 aided by macro buffers and limited EPS impact as geopolitical conflict eases or at least doesn't escalate further. BofA analysts, however, said that investors could pocket large returns if they rotate sectors, favouring financials and industrials. So far this year Nifty 50 is down 2%, currently trading just above 17,000 levels.
Bank Nifty index soared 2% higher, nearing 36,500 levels. The banking gauge is expected to head towards 37,500, according to Rahul Sharma, Director & Head - Research, JM Financial.
"Short-covering in India, too, will lift markets today. FPIs turning buyers after a long time and softness in crude will support the market. There is upward potential in financials, particularly in high quality private banks in which FPIs were sustained sellers," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On Wednesday, Gold and silver plunged again after a fresh round of talks between Russia-Ukraine for de-escalation of war. The U.S. Fed raises key interest rates by 25 basis points for the first time after Dec 2018. The Federal Reserve Chairman’s comment was hawkish and it will continue to raise interest rates in upcoming policy meetings.
Gold has support at $1900-1882, while resistance at $1932-1950. Silver has support at $24.78-24.50, while resistance is at $25.40-25.62. In INR terms gold has support at Rs50,920–50,780, while resistance is at Rs51,540–51,770. Silver has support at Rs66,910- 66,510 while resistance is at Rs68100–68,750.
~ Rahul Kalantri, VP Commodities, Mehta Equities
Dalal Street seemed to be unbothered by Moody's trimming GDP projections by 0.4%. Sensex and Nifty 50 were rising higher on Thursday morning.
Global rating agency Moody's has cut its forecast on India's GDP growth at 9.1% from earlier expectations of 9.5% for the fiscal year 2022, it said Thursday. "India is particularly vulnerable to high oil prices given that it is a large importer of crude oil. High fuel and potentially fertilizer costs would weigh on government finances down the road, potentially limiting planned capital spending," it said. Moody's expect GDP for fiscal year 2023 to be 5.4%.
India is particularly vulnerable to high oil prices given that it is a large importer of crude oil. Because India is a surplus producer of grain, agricultural exports will benefit in the short term from high prevailing prices. High fuel and potentially fertilizer costs would weigh on government finances down the road, potentially limiting planned capital spending. For all of these reasons, we have lowered our 2022 growth forecasts for India by 0.4 percentage point. We now expect the economy to grow by 9.1% this year, followed by 5.4% in 2023. Our forecast revisions also factor in the somewhat stronger underlying momentum than we had not accounted for previously.
Fears of exhaustion setting in, after seeing the first objective of17300, need not be acted upon, as momentum makes it play. Dips early in the day are likely to be short lived, and mean reversion fears may not gain prominence until above 17500. Alternatively, downsides will have the chance to dominate if 17260 fails to attract bargain hunting.
~ Anand James - Chief Market Strategist at Geojit Financial Services.
Sensex soared 800 points or 1.4% on Thursday morning to breach 57,600 levels while the NSE Nifty 50 index was above 17,200. India VIX was nearing 22 levels.
Sensex rises 600 points in pre-open session to breach 57,000 levels while Nifty 40 was above 17,100.
Nifty set to start the day on solid footing as world equity markets have posted robust gains on the back of triple boost such as US Fed's little hawkish stance, Ukraine-Russia ceasefire deal reports, and China hinting at a economic stimulus. The Nifty options data for March series suggests the benchmark index is likely to be in a trading range of 16000-18000 zone. Maximum Call OI is at 18000 followed by 17000 strike price. So, the 17000 mark will be Nifty’s crucial resistance zone.
~ Prashanth Tapse, Vice President (Research), Mehta Equities Ltd
Nifty finds support around 16650 while 17400 will act as resistance on the upside. Bank Nifty finds support around 35600 while 36200 will act as resistance.
~ IIFL Securities
"Nifty expected to see further short-covering as bears have been trapped yesterday. Technically, we should see 17400 tested soon. Short in Bank Nifty will get challenged above 36000 it can lead to 1800-2000 point rally in Bank Nifty due to bear squeeze," said Rahul Sharma, Director & Head - Research, JM Financial.
The Nifty 50 index opened positive on Wednesday and held its gains at higher zones but remained stuck in a narrow range of 100 points in the first half. The last hour saw a quick pullback move and it inched towards 17000 zones. It gave the highest daily close of the last 14 trading sessions with intraday gains of around 310 points. It formed a Bullish candle on the daily scale and has been forming higher highs from the last three sessions.
Daily chart indicates Nifty has reversed its recent downtrend as it has crossed the previous swing high of 16816 and has now surged even higher. The 14-day RSI too has made a double bottom and is in a rising mode now. Upside acceleration towards the 17272 levels is likely once the Nifty takes out the immediate resistance at 17149. It is important that on any corrections the support of 16555 holds; else the bears could once again gain an upper hand.
"Having placed at the edge of 17K mark, the stage is set for the Nifty to witness an excellent upside breakout of 17000-17050 levels in the short term. A sustainable move above this area is expected to result in a decisive follow-through up-moves in the market. Any failure could result in minor weakness or consolidation at the highs. Immediate support is placed at 16830 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and projected its policy rate would hit a range between 1.75% and 2% by year’s end in a newly aggressive stance against inflation that will push borrowing costs to restrictive levels in 2023.
The S&P 500 closed up more than 2% while the Nasdaq rallied almost 4% on Wednesday as investors shrugged off initial jitters following the U.S. Federal Reserve’s interest rate increase and its signal that more hikes would be needed to fight inflation, ending the pandemic-era’s easy monetary policy.