Sensex and Nifty were seen trimming their opening gains at 10:45 AM. Sensex was up 150 points while Nifty 50 was just below 15,150 mark.
Elon Musk seems to be catching up to Amazon Boss Jeff Bezos on the Billionaire’s index, after having given up the top spot earlier last month. Tesla chief’s wealth soared $25.1 billion yesterday as share price of the Electronic Vehicle manufacturer zoomed 20% on Tuesday as investors turned their focus back on stock while yields seemed to be relaxing. Elon Musk was the richest person in the world according to the Bloomberg Billionaires Index, for six weeks before Jeff Bezos reclaimed the position while Tesla’s stock price plummeted.
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“We are close to the upper end of the Nifty range. It is imperative for the markets to cross the level of 15300 as that would reinstate the continuation of the existing upward trend. Until then we will experience range-bound movements and choppy intraday sessions. Strong support for the Nifty lies at 14800,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Among the stocks trading with losses on Sensex on Wednesday morning were ONGC, Kotak Mahindra Bank, ITC, Bharti Airtel, and Nestle India.
“In this see-saw game in the market, bulls & bears are giving up and regaining their dominance in tune with macro trends. A rise in bond yields temporarily strengthen the bears and when yields fall bulls come back strongly. Now it appears that the US 10-year bond yield is likely to consolidate in the 1.5% to 1.6% range for the short-term. FIIs are back to buying mode with the net buy of Rs 2,850 cr yesterday. This along with DII buying of around Rs 1,200 cr is likely to impart strength to the market. Financials, particularly leading private sector banks and large-cap IT stocks are on a strong wicket. Brent cooling off a bit also is good macro news,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex opened above 51,400 while Nifty breached 15,200 levels on Wednesday morning. IndusInd Bank and M&M were the top index gainers during the initial minutes of trade.
COMEX gold trades 0.4% lower near $1710/oz after a 2.3% gain yesterday. Gold rallied sharply yesterday on correction in US bond yields and US dollar. Gold however eased today as US dollar recouped some losses. While gold sways along with the US dollar, support from US stimulus and Chinese equity market sell-off is countered by weaker investor interest. Gold may continue to sway along with US dollar however a sharp rise is unlikely unless bond yields correct sharply: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Sensex was still above the 51,300 mark while Nifty refused to give up 15,200 levels.
On the day of the weekly expiration of Index options, we could see a bullish continuation if these indices manage to hold above 15150/51200 levels. Above, 15150/51200 the market would face the biggest hurdle at 15270/51750. If the index falls below the level of 15000/50750, the bullish pattern would fail.
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Sensex and Nifty were moving higher during the pre-open session on Wednesday. Nifty was above 15,200 while Sensex moved above 51,300.
India VIX or the volatility gauge slipped 8% on Tuesday. A VIX below 21-20 zones is required for bullish momentum to sustain, according to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Nifty futures were suggesting a positive opening for BSE Sensex and Nifty 50 on Wednesday. The market will continue to witness volatility on the weekly expiry day on March 10, one day before the normal expiry day, as domestic equity markets will remain shut on Thursday for Mahashivratri. In the previous session, both the equity benchmarks ended over one per cent higher in the last hour of trade led by financials.
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Chief economic adviser (CEA) Krishnamurthy V Subramanian on Tuesday called on financial institutions to shun “crony-lending” and focus on the quality of advances to help create large-scale infrastructure assets and satiate the appetite of a fast-reflating economy.
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SGX Nifty was now trading 80 points higher. Global cues hint at a positive start for domestic equity markets on Wedensday.
“Technically, while the Nifty is still stuck within the 14862-15111 range, the way in which the markets moved up in the last one hour of trade (on Tuesday) suggests that there could be a breakout on the upside,” said Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC securities. “The Nifty is in consolidation mode. Further directional cues are likely to emerge on a move beyond the 14862-15111 range. A breakout is likely to lead to the Nifty testing the 15273 levels. Downside support to watch for resumption of weakness is the recent low of 14862,” he added.
BSE Sensex and Nifty 50 were likely to open in the positive territory on the weekly expiry day on Wednesday. The market will remain shut on Thursday, March 11, 2021, on account of Mahashivratri.
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BSE Sensex and Nifty 50 were likely to open in the positive territory on the weekly expiry day on Wednesday. The market will remain shut on Thursday, March 11, 2021, on account of Mahashivratri.
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After topping the $58,000 level last month and cratering to the $43,500 mark on February 28, bitcoin on Tuesday significantly recouped losses with a two-week high rally. The price was hovering near $54,800 on Tuesday evening, according to the data from CoinDesk, surpassing the peak price of $54,615 on February 23 on the back of investors’ interest and the stimulus package from the US government. “The recent bitcoin rally above $54,000 is because of the $1.9 trillion stimulus package announced by the US Senate. The stimulus package is expected to drive economic recovery across sectors in the US as it provides direct benefit transfer to individual US citizens, unemployment benefits, and support to state governments,” Shivam Thakral, CEO BuyUcoin told Financial Express Online.
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In the month of February, outflows from equity mutual funds were recorded at 4,534 crore, according to AMFI data. Flexi Cap funds saw the most outflows.
Wholesale sugar prices remained subdued despite rising international prices due to oversupply in the domestic market. Traders have adopted a cautious approach, thanks to a rise in Covid cases in parts of the country and lockdowns in some states. Even as demand is yet to kick in for the summer season, consumers are playing safe and institutional sales too have been tepid.
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