Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed in the negative on Monday but staged a strong rebound from the lows. Sensex ended 490 points higher from the day’s low, while Nifty managed to close above 14,730. Tech Mahindra, TCS, and Sun Pharma were the top gainers on Sensex. The indices were pulled lower by a sharp fall in banking stocks and index heavyweights like Reliance Industries. Broader markets outperformed and closed with gains. India VIX closed above 20 levels. Among sectoral indices, Nifty FMCG, Nifty IT, Nifty Realty, Nifty Metal, and Nifty Pharma were the ones to end with gains while others closed with losses.
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Domestic benchmark indices staged a strong recovery in the final hours of trade on Monday to rebound from their intra-day lows and end flat. Sensex jumped 490 points while Nifty managed to end above 14,730. Tech Mahindra on TCS were the top gainers on Sensex. Dragging the index down were banking stocks and index heavyweights such as Reliance Industries. Broader markets outperformed benchmarks. India VIX closed the day’s session above 20 levels.
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Sensex and Nifty recouped most intra-day losses and closed little changed from the previous session. Sensex was down 87 points on closing bell and Nifty was down 7 points.
Nifty jumped back into the green on Monday, just minutes before the closing bell. Nifty was above 14,750. Sensex was trading flat with a negative bias.
Motilal Oswal Value Index (MOVI) which helps gauge the equity market has witnessed a volatile trend in Q4FY21. Currently 30 day moving average is at 135 level and is suggesting that the markets are overvalued. The Index is calculated taking into account Price to Earnings, Price to Book and Dividend Yield of the Nifty 50 Index. A low MOVI level indicates that the market valuation appears to be cheap and one may allocate a higher percentage of their investments to Equity as an asset class. A high MOVI level indicates that the market valuation appears to be expensive and that one may reduce their equity allocation.
Sensex was down in the red but trading flat while Nifty was mounting a comeback into the positive territory after having regained 14,730.
Tech Mahindra and Sun Pharma were the top gainers on Sensex, both surging over 2% each.
Adani Green Energy share price hit a record high of Rs 1,251 apiece, rising 5 per cent on BSE on Monday. Adani Green stock has surpassed its previous high of Rs 1,245 apiece, touched on March 16, 2021. The shares of Adani Green Energy were locked in a 5 per cent circuit in today’s session after the company received a Letter of Award (LOA) for a 300 MW Wind project.
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Broader markets were trading mixed on Monday afternoon. Nifty was trading with losses, followed by Nifty 100, 200, 500, and smallcap indices. Junior Nifty, Nifty Midcap 50, Midcap 100 were up in the green.
With less than an hour to go before the closing bell, IndusInd Bank was the worst Sensex performer, down 4.37%. Powergrid, ICICI Bank, and HDFC Bank were the other top drags.
Bond yields have been inching higher in the last few weeks, rebounding strongly from 0.5% in the middle of last year. If yields continue to push higher and breach the 2% barrier, a 10% stock market correction could be in the offing, according to a survey of global fund managers conducted by Bank of America. Adding to this, the survey highlighted that fund managers believe that if yields touch 2.5%, bonds are likely to become more attractive than stocks.
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Utkarsh Small Finance Bank Limited has concluded private placement of Rs 240.47 crore to 6 Investors. Bank may undertake a pre-IPO placement of up to Rs 250 crores in consultation with the lead managers to the offer. Kotak Mahindra Capital Company Ltd. acted as financial advisor to the Bank for the concluded private placement round.
Knight Frank in its latest survey, cited that 80% of the Ultra High Net worth Individuals (UHNWI) (US$30million +) in India are likely to reduce international travel for their business and/or leisure in 2021, owing to the global uncertainties due to the on-going Covid -19 pandemic. In the context to Asia Pacific (APAC), post-Pandemic, 89% of UHNWIs would reduce their international travel pertaining to work while 91% would reduce their trips abroad for leisure purposes.
The coming week will see the levels of 14,865 and 15,000 acting as resistance points. The supports come in lower at 14,500 and 14,380 levels.
~ Milan Vaishnav, CMT, MSTA
Craftsman Automation IPO, which was subscribed 3.81 times, will finalise the share allocation on Monday, March 22, 2021. The Rs 824-crore public issue was sold in a price band of Rs 1,488-1,490 per share.
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Sensex and Nifty extended their losses on Monday and moved lower. Sensex was down more than 400 points now while Nifty was nearing 14,600.
“On the higher side, 14875 – 15050 are the levels to watch out for; whereas on the lower side, 14450 – 14350 becomes a key support zone. The major corrective move is possible only below 14330, until then expect the index to remain in a broad range,” said Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking.
Mukesh Ambani’s retail venture Reliance Retail is now worth $100 billion in equity value (about Rs 7.2 lakh crore), according to global investment bank Jefferies. In a recent report, analysts at Jefferies ascribed a $100 billion equity value to Reliance Retail while pinning its enterprise value at $93 billion. “We find Reliance Retail (RR) well-positioned to ride the strong organized retail opportunity with its widespread presence across grocery, apparel and electronics,” the report said. The retail unit of RIL is the largest organised retailer in India with a retail area of 30mn+ sq ft.
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Laxmi Organic Industries will finalise the basis of the allotment of IPO on Monday, March 22, 2021. The Rs 660 crore public issue was subscribed 107 times, receiving a strong response from institutional investors. The issue was sold in a price band of Rs 129-130 per share. According to the Laxmi Organic Industries prospectus, the initiation of refunds or unblocking of funds from ASBA accounts will take place on March 23, and the credit of equity shares to the depository accounts of allottees will happen on March 24.
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The increasing adoption of renewable energy has raised risks for the longer-term profitability of the global oil and gas producers. We have therefore revised our assessment of industry risk for the exploration and production (E&P) business to moderately high from intermediate. In the case of India-based Oil and Natural Gas Corp. Ltd. (ONGC), we believe the higher industry risk is offset by a faster-than-anticipated recovery in earnings and cash flows from its pandemic-hit lows.
~ S&P Global
The Rs 453-crore Barbeque-Nation Hospitality’s IPO will open for subscription on Wednesday, at a price band of Rs 498-500 per share of face value of Rs 5, each. The issue will close on Friday, March 26, 2021. The hospitality chain IPO comprises a fresh issue of shares worth Rs 180 crore and offer-for-sale (OFS) of up to 54.57 lakh shares by the existing shareholders and promoters.
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The share price of Reliance Industries bounced after retesting the double bottom breakout area at Rs 2085, indicating conclusion of price wise and time wise maturity of corrective phase that augurs well for the stock to resolve higher towards Rs 2320 in coming months as it is confluence of implied target of double bottom breakout (as shown in chart) coinciding with October 2020 high of Rs 2309. Hence, it offers a fresh entry opportunity from a medium term perspective.
~ ICICI Direct
COMEX gold trades flat near $1739/oz after a 0.5% gain on Friday. Gold is pressurized by gains in the US dollar as safe haven buying offsets retreat in bond yields. However, supporting price is the dovish stance of central bank officials, increased US-China tensions and renewed virus concerns. ETF inflows showed some buying interest on Friday however the pace was marginal. Gold may witness choppy trade as price struggles to sustain above $1750/oz but dovish central bank stance may continue to support price.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
“Market is in an excessively volatile zone. Support comes from sustained FII buying which has crossed Rs 7000 cr during the last four trading days. Resumption of buying by DIIs also is an important support to the market. The recent comment by the CEA that the economy is resilient and the revenue targets may be exceeded is another positive news. But there is a major dampener in the form of fast-rising Covid cases, especially in some economically significant cities. Restricted economic activity in these regions might impact the optimistic growth projections for FY 22. Prepare for high volatility. Sharp dips may be used to buy high-quality stocks in financials, IT, cement, chemicals & FMCG,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Bharti Airtel informed the bourses that it has approved the allotment of 3,64,69,913 equity shares of the face value of Rs 5 each fully paid up, on a preferential basis to Lion Meadow Investment Ltd., an affiliate of Warburg Pincus LLC at an issue price of Rs 600 per equity share as partial consideration other than in cash against the acquisition of 102,040,000 equity shares, constituting 20% of the equity share capital of Bharti Telemedia Limited, by the Company from Lion Meadow.
Moving forward, 31st March is not just an end of Indian financial year but it’s an end for US SLR exemption too. The SLR (Supplementary Leverage Ratio) is the U.S. version of BASEL-III capital adequacy norm and a Tier-1 leverage ratio; usually it is from 3-5% common equity capital which U.S. banks must maintain relative to their total leverage exposure. if fed fails to extend then big banks with holdings of US treasuries worth $2 trillion may be forced to liquidate at least $350-550 bn in secondary market and contagion effect can be seen across asset classes due to further correction in US bond prices and jump in yield. Overall, it is advisable to manage defined hedge ratio to avoid tail risk for both importers and exporters as volatility in remaining days of this Financial Year could create unwanted FX gain loss results on balance sheet. On a stronger US dollar, the USDINR pair is likely to find support near 72.30-40 zone and bounce towards 73.00 levels to follow its depreciating peer currencies. Amit Pabari, managing director, CR Forex Advisors
Commodity prices traded mixed during the week passed by with Bullion prices traded higher while crude oil futures witnessed heavy selling on-demand growth concerns. Base metals witnessed mixed trade keeping the lower trading range on a stronger dollar and weak equity indices over pandemic worries.
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Sensex and Nifty were still in the red but seem to have trimmed their losses. Nifty was back up at 14,700.
Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remained unchanged once again. On March 22, the price of petrol and diesel across major cities was the same as yesterday, marking the third consecutive week of unchanged prices. Nation Capital Delhi was quoting a petrol price of Rs 91.17 per litre while Diesel in the city was priced at Rs 81.47 per litre. Fuel prices were highest in Mumbai a Rs 97.57 per litre for Petrol. 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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Sensex and Nifty began trading in the red on Monday morning. Sensex was down over 300 points on the opening bell while Nifty 50 gave up 14,700 levels.
Nifty slipped into the negative territory during Monday morning’s pre-open session while Sensex was still up in the green, but trading flat.
Sensex zoomed past the 50,000 mark on Monday morning as the index gained during the pre-open session. Nifty was trading flat.
Indian share market is likely to start on a tepid note on Monday, after posting a 2 per cent fall in the previous week. On Friday, NSE’s Nifty rose 186.15 points or 1.28 per cent to 14,744 while the Sensex rallied by 641.72 points or 1.3 per cent to 49,858.24. Factors such as rising COVID-29 cases in the country, ongoing vaccination drive, the expiry of the March derivative series scheduled on Thursday, oil prices, movement in rupee and other global cues will set the market direction.
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After staying heavily spooked by rising bond yields and strengthening US dollar as its consequence, the Indian equity markets remained weak throughout the week barring the last day where it saw some technical rebound from the short-term oversold levels. Though the Index still away from violating the key levels on the higher time-frame charts, it has ended up violating few important levels on the daily chart. After suffering a negative close on four out of the past five days of the week, the headline index showed a 400-point rebound from the lows of the previous session and ended with a net loss of 286.95 points (-1.91%) on a weekly note.
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With a debate over certain critical aspects of the next five-year foreign trade policy (FTP), especially export schemes, still underway, the government will likely delay the announcement of a new FTP even as the current one, already extended by a year, expires on March 31.
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Domestic equity market benchmarks BSE Sensex and Nifty 50 were eyeing a flat start with a positive bias on the first day of the week, as indicated by the SGX Nifty in early trade. Nifty futures were trading just 6.50 points up at 14,753.50 on Singaporean Exchange. In the previous session, both the headline indices ended nearly 2 per cent down. If the correction in bond yields continues, it could benefit the Bank Nifty index, said an analyst.
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SGX Nifty was down marginally on Monday morning, hinting at a muted opening for domestic stock markets.
Foreign portfolio investors have pumped in a record USD 36 billion into equities so far this fiscal up to March 10, which is the highest since FY13, shows the latest data from the Reserve Bank. On the other hand, net foreign direct investment inflows jumped to USD 44 billion, till end January, up from USD 36.3 billion a year ago, driven by the massive inflows in November and December, with the last month of the year getting a record USD 6.3 billion.