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Share Market LIVE: Sensex down 100 pts, Nifty below 15,100; Bank stocks, Reliance among index laggards – The Financial Express

Share Market Today, Share Market LiveBroader markets trade mixed.
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Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets were moving between gains and losses on Wednesday. Sensex was still above 50,000 mark while the Nifty 50 index was between 15,050-15,100. Mahindra & Mahindra, ONGC, Kotak Mahindra Bank, and HDFC Bank were the top laggards on Sensex. Power Grid, Ultratech Cement, and Nestle India were the top gainers. Midcap and smallcap indices were outperforming benchmark indices and trading with gains. Volatility was flat, trading below 20 levels. Bank Nifty and Nifty Auto were down in the red while Nifty Realty and Nifty PSU Bank were up with gains.

India, China and South Africa have fared “relatively better” than other major economies in imports and exports in the first quarter of this year, according to the latest UN data which said that global trade recovery from the COVID-19 crisis hit a record high during in the same period.

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“The index needs to keep above yesterday’s high – around 15150. If we can do that successfully, the Nifty should be headed to 15250-15300. We have good support at the 14700 levels. Any intraday drop or correction can be utilized to enter the markets for higher targets,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Sensex was again trading flat with a negative bias while the Nifty 50 was just above 15,100.

Bitcoin continued to plummet on Tuesday, falling below the $40,000 mark and extending losses to 14% in the last 24 hours. Bitcoin has dropped below $40,000 for the first time since February 9 this year. The cryptocurrency has been falling constantly this month, overwhelmed by the recent spiral of negative news surrounding the currency.  Currently, Bitcoin is trading at $39,000, recouping some losses after hitting a low of $38,585, according to Coindesk data.

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Gold Price Today, Gold Price Outlook, Forecast: Gold prices were trading flat in India on Wednesday, even as international spot traded with gains on a weaker US dollar. Also, a fall in US Treasury yields aided the up move in the yellow metal. The weak US data helped to ease fears of out-of-control inflation and bets that the US, said an analyst. 

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Adani Group stocks surged higher on Wednesday morning while the benchmark indices traded flat. The sharp up-move came after Adani Green, on Wednesday morning, announced the acquisition of SB Energy India for $3.5 billion — the largest acquisition in the renewable energy sector in India. Adani Green shares were up 5% on Wednesday morning at Rs 1,258 per share, Adani Transmission jumped 4.73% to trade at Rs 1,320 apiece, while Adani Power was up 4.96% at Rs 106.95.

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Both, Nifty and Bank Nifty futures witnessed short-covering of positions. Hige Put writing was seen across strikes from 14,900-15,100 while significant Call unwinding was seen at 15,000 strike price. Nifty has decisively changed its orbit by closing above 15,000 mark yesterday and now the range shift is expected at 14,900 to 15,400. Support at 14,940/14,970 and 15,035,” said Rahul Sharma, Head of Research, JM Financial Services.

Asian markets tracked US equities to trade lower as uncertainties over inflation amid surging commodity prices have moved investors away from risker assets for now. Continued dovish comments from Fed officials till now have kept dollar index under pressure pushing it towards 89.85 region. However, investors now await Fed’s minutes due today for any subtle hints for tapering actions ahead. Domestically, in past session rupee traded near 72.96 at a two and a half month peak with positive domestic equities and dollar weakness. In absence of RBI intervention, USDINR pair could remain under pressure with inflows from Union Bank QIP for Rs 1750 crores and government stake sale of 2% in Axis Bank for Rs 3,969 crores. Technically, the next support for the pair is near 72.80 and 73.50 remains a strong resistance, keeping the pair consolidated between 72.80-73.50 with a steady upside bias. Amit Pabari, managing director, CR Forex Advisors

Sensex and Nifty opened with losses on Wednesday morning. However, Sensex was still above 50,000 while Nifty held above 15,000 mark.

Adani Green Energy Limited, on Wednesday morning, announced that it has signed a share purchase agreements for the acquisition of 100% interest in SB Energy India from Soft Bank Group (80%) and Bharti Group (20%), in a deal worth $3.5 billion. SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. 

“Indian Benchmark Indices are expected to open on a subdued note on account of global cues. US stock fell yesterday with equity-market investors caught in a clash, as upbeat corporate results and expectations for a booming economic expansion in the wake of the COVID-19 pandemic competed with worries about lofty valuations and signs of accelerating inflationary pressures. Both Dow Jones and S&P 500 declined 0.8% each mainly led by telecom shares. Asian stocks tracked U.S. declines as concern about faster inflation outlined the economic recovery from the pandemic. Indian market still has a positive sentiment on account of decline in COVID-19 daily caseload, strong quarterly results and improving prospects of faster economic recovery encourages investors. Both FIIs and DIIs were net buyers Rs618cr and Rs450cr in yesterday’s session. Key companies announcing their quarterly results today include Indian Oil Corporation, Indiabulls Housing Finance, Angel Fibers, Clariant Chemicals, Endurance Technologies, JK Tyre & Industries etc. Support and resistance for Nifty 50 are 14,800 and 15,200 respectively,” said Mohit Nigam, Head – PMS, Hem Securities.

Sensex was trading flat with marginal gains during the pre-open session on Wednesday morning. Nifty 50 was down in the red but still above 15,100.

Nifty/Sensex, in the near term, is well poised for hitting 15450/52500 levels, which is the all-time highest level on the indices, and 15600/53000 that could be the final target of the current up-move. Keep a final stop loss at 14850/49300 for initiating any long trade on the indices. Along with financials, particular attention should be paid to capital goods, infrastructure, and commodity-related stocks. 

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were left unchanged today. So far this month, rates have been increased 10 times. Petrol in Delhi today costs Rs 92.85 per litre, while diesel in the capital city costs Rs 83.51 litre today. Petrol price in Delhi has been increased by Rs 2.45 so far in May, while diesel price has surged Rs 2.78 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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BSE Sensex and Nifty 50 were staring at a negative opening on Wednesday, as suggested by trends on SGX Nifty. Nifty futures were trading 76 points or 0.50 per cent down at 15,084.50 on Singaporean Exchange. Market participants will take cues from COVID infection cases, ongoing vaccination drive, Q4 results, oil prices, rupee trajectory and other global developments.

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“The short term trend of Nifty continues to be positive. The unfilled opening upside gap and a formation of small positive candle could hint at a possibility of profit booking emerging from the highs. Hence, bulls needs to be cautious at the swing highs. Nifty not showing any profit booking in the next couple of sessions could open the next upside levels of 15450-15500 in the near term. Immediate support is placed at 15000 levels,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

The commerce ministry is weighing a proposal to overhaul a key scheme for services exporters to make it more broad-based and foolproof so that a wider pool of businesses, especially Covid-hit MSMEs, get the succour.

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SGX Nifty was down 98 points on Wednesday morning. Sensex and Nifty have been opening with gains for the first two days of the week, however, the sharp fall in Nifty futures could see domestic markets open in red today.

A year-on-year (y-o-y) drop in issuances of commercial papers in April 2021 may be hinting at a slowdown in credit growth at banks and non-banking financial companies (NBFCs). As financiers count the human toll the pandemic is taking on their companies, they have begun to restrict some areas of operations that require high contact such as disbursements and collections. The phenomenon is in turn playing out in the CP market as companies do not need as much funds as they would under normal circumstances.

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