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Share Market LIVE: Sensex breaches 49,000, Nifty sits above 14,700; banking and finance stocks surge – The Financial Express

Volatility index was moving lower (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began trading with gains on Monday morning.S&P BSE Sensex was in the green hovering around the 49,000 mark while the Nifty 50 index was above 14,700. On opening, Larsen & Toubro and State Bank of India were the top index gainers. Banking and Finance sector stocks were surging higher with the Nifty Bank index gained 1% while the Nifty PSU Bank index jumped 1.4%. Broader markets were trading with gains. India VIX, the volatility index slipped earlier but recouped some losses as the trading progressed. 

India Inc has reported strong earnings growth in the January-March quarter. Commodity prices have picked up and metal and related sector firms have supported the performance. Tata Steel, and Vedanta which gained from both better volumes and rising prices; net sales at Tata Steel jumped 39% year-on-year nudging Rs 50,000 crore. In the auto space, two-wheelers have managed to post strong numbers. Bajaj Auto’s motorcycle volumes in the export market increased by 24% on-year. Revenues at Maruti Suzuki increased by 32% from the previous year led by a big jump in volumes. IT sector has continued to post stellar numbers in the fourth quarter as digitisation picked up pace across the globe. 

CarTrade Tech has filed a draft red herring prospectus with capital markets regulator SEBI, to launch an initial public offering (IPO). The issue will be entirely an offer-for-sale (OFS) comprising 1.23 crore equity shares. Investors participating in the offer for sale include CMDB II (16.07 lakh equity shares), Highdell Investment (53.79 lakh shares), Macritchie Investments (35.68 lakh shares), Springfield Venture International (11.24 lakh shares) and Bina Vinod Sanghi (1.83 lakh shares). The book-running managers include Axis Capital, Citigroup Global Markets India Private Ltd, Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India) Private Ltd. 

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Nifty continues to surge higher to now cross 14,800 mark. Sensex was above 49,100.

“There are two macro numbers that will exert a big influence on the markets. Externally US inflation numbers and internally India’s Covid data. The jury is still out on US inflation with Fed claiming that the spike in inflation in April is transitory and many economists & market experts believing that inflation will continue to rise to force the Fed to taper earlier than expected. We will have to wait to see how the inflation scenario play out. The other number, India’s Covid data, indicates steady improvement with fresh cases steadily declining and the latest number at 2.81lakhs is indeed very positive. And, the recovery numbers at 3.78 lakhs indicate a steady decline in total caseload. This means the present increasing lockdowns will be a temporary phase that is likely to be ignored by the market. The market is likely to ignore the worse-than-expected Q1 FY22 GDP and earning numbers since a turnaround looks imminent in the subsequent quarters,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Sensex was hovering around 49,000 on Monday’s opening bell while the Nifty 50 index was comfortable above 14,700 mark. India VIX, the volatility index, tanked 6% on opening. 

Nifty is set to open at 14,756 on Monday morning. Sensex, on the other hand, was just shy of 49,000 mark. 

The weekly price action formed a bear candle carrying higher high-low, indicating breather after the past two weeks’ rally. In the process, stock specific action prevailed as the broader market relatively outperformed.

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Sensex and Nifty gained during the pre-open session on Monday morning. Sensex was nearing in on 49,000 while the Nifty 50 moved above 14,700. 

Commodity prices traded mixed during the week passed by with Bullion prices witnessing buying in last trading sessions. Base metals complex traded weak after China hinted to curb rising inflation. Crude oil prices extended weekly gains on a strong demand outlook and higher product demand after pipeline shutdown.

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On the weekly chart Nifty has formed a bearish candle forming higher High-Low formation indicating positive bias. Since the past 8-9 weeks, the index has been consolidating within a broad range of 15000-14200 levels representing short term sideways trend.

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BSE Sensex snapped a two-day losing streak on Friday as the benchmark index gained marginally, while Nifty ended with flat to negative bias. Monday could start on a positive note for domestic indices with the SGX Nifty gaining 58 points or 0.39 per cent on Singaporean Exchange during the early hours of trade. According to analysts the short term trend of Nifty is choppy with weak bias. “The present market action signal chances of an upside bounce in the coming sessions. The confirmation of higher bottom at 14591 (Friday’s Low) is expected to pull the market on upside. The next upper levels to be watched around 14900-15000 in the next one week. Immediate support is placed at 14590,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were unchanged today after having increased nine times so far this month. Petrol in Delhi today costs Rs 92.58 per litre, while diesel in the capital city costs Rs 83.22 litre today. Petrol price in Delhi has increased by Rs 2.18 so far in May, while diesel price has surged Rs 2.49 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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SGX Nifty was trading 50 points higher on Monday morning. Nifty futures on Singapore Exchange were hinting at a positive start for domestic markets.

Tesla’s Elon Musk had earlier this week decried the “insane” amount of energy required for producing Bitcoin following his decision to suspend the use of Bitcoin to sell his electric cars. He had also reiterated his call for a “Carbon tax” (a fee imposed on the burning of coal, gas, and other carbon-based fuels) amid concerns around “rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” as per a statement tweeted by Musk on Thursday. While he might not use Bitcoin for transactions unless its mining moves to more sustainable energy, it is the Dogecoin that is increasingly being backed by Musk.

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Thanks to strong top-line growth and hefty cost-cutting, India Inc’s profits have surged in the three months to March. The huge boost to the bottom line has come from better performances by the metals pack with Tata Steel, and Vedanta which gained from both better volumes and rising prices; net sales at Tata Steel jumped 39% year-on-year nudging Rs 50,000 crore.

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