Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic indices erased early gains and ended Wednesday’s volatile session deeply in red. The NSE Nifty 50 fell 71.15 pts or 0.42% to 16,972.15 and BSE Sensex tanked 344.29 pts or 0.59% to 57,555.90. Bank Nifty fell 359.90 pts or 0.91% to 39,051.50. The top gainers on Nifty 50 were Adani Enterprises, Adani Ports, Asian Paints, Tata Steel and Titan while the losers were Bharti Airtel, IndusInd Bank, Reliance Industries Ltd, Hindustan Unilever and State Bank of India.
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market Highlights
“The in-line data showing a decline in US inflation provided a gap-up opening in context with the global relief rally, bringing confidence that the Fed would not opt for a harsh rate hike following the turmoil in the banking sector. Broader rate hike expectation has reduced from 50bps to 25bps and there are possibilities that the Fed may even consider not to hike in the March policy meeting. Domestic gains were short-lived, as European markets fell on fears that the ECB would raise interest rates by at least 25 bps at its meeting on Thursday, high interest rate is the worry of the stock market,” said Vinod Nair, Head of Research at Geojit Financial Services.
The top gainers on Nifty 50 were Adani Enterprises
Bank Nifty fell 359.90 pts or 0.91% to 39,051.50.
The NSE Nifty 50 fell 71.15 pts or 0.42% to 16,972.15 and BSE Sensex tanked 344.29 pts or 0.59% to 57,555.90.
“15,500 is a longer-term downside for Nifty which may come into play if 3,800 breaks on the S&P, said Laurence Balanco of CLSA.
The top gainers on Nifty 50 were Larsen & Toubro (up 2.40%), Asian Paint (up 2.40%), UPL (up 2.20%), Titan (up 2.02%) and Hindalco (up 1.99%) while Bharti Airtel (down 1.20%), SBI Life (down 0.84%), Hindustan Unilever (down 0.78%), Nestle India (down 0.31%) and ONGC (down 0.26%).
All the sectoral indices were trading in green. Bank Nifty rose 0.73%, PSU Bank jumped 0.51%, Nifty IT was up 0.33%, Nifty Pharma was up 0.59%, Nifty FMCG was up 0.16% and Nifty Auto rose 0.49%.
PNC Infratech shares rose 2.30% to Rs 291.30 after the company emerged as the lowest bidder for the construction of a 6-lane Greenfield Varanasi-Ranchi-Kolkata highway in Bihar with a length of 35.2 km for a cost of Rs 1260 crore.
Cipla shares rose over 1% to Rs 881.40 after the company informed stocks exchanges that a 51.18% stake in Cipla Quality Chemical Industries, a subsidiary of Cipla, will be sold to the UK and Meditab Holdings. Following the sale, the firm will cease to be a subsidiary of Cipla.
“Bank nifty has support at 38800-39000 while resistance is placed at 39900-40100 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Bank Nifty continued to witness selling pressure from higher levels and tested the support zone of 39500-39400. The index has formed a Doji candle on the daily chart which indicates indecisiveness amongst the participants. The index, if it manages to hold the level of 39,400 can witness some pullback rally towards 40000,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
“Bank Nifty closed below 39600 levels but remained above the previous lower support of 39400 levels, which would help the index to pull back recent losses in the near term. However, if 39100 is dismissed, it could slide towards 38500 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“Bank Nifty first support at 39352 and then 39016 and resistance at 39987 and 40286,” said Rahul Sharma, JM Financial.
“The market has entered way below oversold territory, and any relief on the global front could accelerate momentum on the higher side. As far as levels are concerned, 17200 is likely to be seen as immediate resistance, followed by the sturdy hurdle of 200 SMA, placed around the 17400–17450 odd zone in the comparable period. On the downside, strong demand is expected near 17000–16900 odd levels,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
“The momentum indicator has a negative crossover which is a sell signal and prices trading along the expanding lower Bollinger band suggest that the fall is likely to continue. The preferred strategy to trade in Nifty would be to sell on the rise around the 17150-17200 zone. On the downside we expect the Nifty to target levels of 16950 where the lower end of the downward-sloping channel is placed. On the upside, 17380 – 17400 where the 40-hour moving average is placed should act as an immediate hurdle zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Volume profile indicates Nifty has strong support around the 16700-16800 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17200 followed by 17400 strike prices while on the put side, the highest OI is at 17000 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
“Nifty can find support between 17000 and 16800 levels. On the upside, 17150 and 17250 should act as resistance areas in the near term. The ideal strategy should be to create positional long trade between 17000 to 16800 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
“For the last four days, Nifty has been pricing in the US banking crisis and an impending rate hike of 25–50 basis points. Going forward, 16950 will likely act as crucial support for the index. Only a breakdown below 16950 may trigger a further correction. On the higher end, resistance is visible at 17150-17200,” said Rupak De, Senior Technical Analyst at LKP Securities.
“Nifty first support at 17048 and then 16956 and resistance at 17255 and 17370,” said Rahul Sharma, JM Financial.
“The stalling of downsides in the closing hour after fully achieving the 17000 objective, gives hope towards the recovery push that we had lined up for yesterday. Yet, signs of an unilateral upside is not yet visible. We would look for a direct rise above 17240 in order to improve conviction. Alternatively, inability to float above 17185 after the early positivity, will signal continuation of falls into the 16930-16800 region,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Bank Nifty surpassed the 39900 mark on Wednesday. The banking index was trading 407.30 pts or 1.03% at 39,818.70. The top gainers on the index were IDFC First Bank, IndusInd Bank, Bandhan Bank, Kotak Bank and ICICI Bank while there were no losers.
The top gainers on Nifty 50 were Adani Enterprises, Maruti, Adani Ports, Titan and Asian Paints while the top losers were Bharti Airtel, SBI Life, Sun Pharma, ONGC and Nestle India.
The NSE Nifty 50 rose 151.20 pts or 0.89% to 17,194.50 and BSE Sensex surged 495.06 pts or 0.86% to 58,395.25.
NSE Nifty 50 jumped 123.15 pts or 0.72 % to 17,166.45 in the pre-open. BSE Sensex surged 368.35 pts or 0.64% to 58,268.54.
“The US inflation print for February which came at 6% year-on-year is indicative of disinflation but the decline is at a pace much lower than what the Fed would like. So it would be realistic to expect a 25 bp hike in rate in the March 22 Fed meeting. This will restrain equity markets from staging a rally. The US bank crisis will be on back burner for now since the crisis news was overdone.”
– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“Indian indices are expected to begin the trading session on a strong note, with the SGX indicating 80 points in the green. US and European markets rebounded from lower levels as concerns over interest rate hikes and the fallout of failure of two US-based banks stabilized. Benchmark indices likely to scale up for next couple of days however sell on the rise is suggested until 17500 would be taken out. 17000-16950 would be an important support zone. Also, the market will react to US initial unemployment claims and trade balance data on Thursday. We anticipate Metal and Banking stocks would hold the command for today’s session.”
– Om Mehra, Equity Research Analyst, Choice Broking.
The US market ended the overnight session in the green territory with Dow Jones Industrial Average rising 1.06%, S&P 500 surging 1.65% and the tech-heavy Nasdaq soaring 2.14%.
Asian markets were trading in green with China’s Shanghai Composite index rising 0.62%, Hong Kong’s Hang Seng jumping 2.49%, Japan’s Nikkei 225 surging 0.25% and South Korea’s KOSPI soaring 1.82%.
The Nifty futures on the Singapore Exchange (SGX) were trading 98 pts or 0.58% higher at 17,210.00 in the early morning trade.