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Share Market LIVE: Sensex gives up gains, trades flat, Nifty above 15,200; Power Grid, ICICI Bank top drags – The Financial Express

India VIX was inching higher.
(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark equity indices opened in green on Wednesday morning. Sensex was nearing 50,800 while Nifty 50 was holding above 15,200. However, minutes into the trade, benchmark indices turned flat, dancing between gains and losses. Titan Company, Larsen & Toubro and Mahindra & Mahindra were the top index gainers. Broader markets were trading mixed on Wednesday morning while India VIX was also inching higher, closing in on 19 levels. Bank Nifty was down in the red.

To soften the blow of the covid-19 pandemic, the government has initiated discussions on the need for another round of relief measures to aid the economy that has been juggling with lockdowns once again. However, given that the government had announced massive stimuli last year and further actions were planned through the Union Budget, any fresh stimulus could be smaller. Sectors like tourism and aviation and small and medium businesses that have been hit hard are expected to be among the key beneficiaries.

“15,300 is the key level to watch out for. We need to get past this to scale higher to the next target zone which is 15,500-15,600. The support for the Nifty is at 15,000 so any intraday correction or dip can be strategically utilized to buy into this market,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Globally the equity markets are stabilizing as Federal Reserve officials tried to soothe concerns about inflation. The 10-year bond yield in the US is cooling off from the highs of 1.69 and currently, it is at 1.59.  It has triggered weakness in the dollar index, which is comfortably quoting below the psychological support at 90.  It is positive for the emerging markets as it increases inflows and the same is getting reflected in the performance of the Asian markets. 

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The resolution of the LLF issue provides comfort and clears the path for disinvestment. The Company is now looking to enter into long term lease agreements with Railways and buy new terminals which would save on costs. While Q4 has been impacted by several one‐time costs, the margins are expected to improve from FY22 onwards. As DFC becomes operational, the volumes should pick up from FY23 onwards. While we have lowered our estimates for FY22, to factor in the weak economic activity during Q1, we expect FY23/24 to be strong on the base of increase in volumes and some benefits of DFC coming through. We have rolled forward our estimates to FY24 and retain our ADD rating on the stock for target of Rs669/share (24x FY24 EPS).

~ Yes Securities

“A significant feature of the ongoing global stock market rally is that it has demonstrated great resilience even in the midst of the second wave of the pandemic. The factors driving the rally like the huge liquidity, historically low-interest rates, widespread retail participation and hope of a vaccine-triggered recovery are still favourable. Even the fear of inflation is subsiding as indicated by the decline in US 10-year yield to 1.56 % and the weakness in the US dollar index. So the broad market construct is favourable. Q4 results continue to be good and many midcaps’ results have beaten street expectations. Weakness and volatility in banking stocks are likely to be a short-term phenomenon which will provide buying opportunities for long-term investors,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Senex opened in the green and neared 50,800 minutes into the trade. Nifty was above 15,200. 

Sensex is down from initial highs but still sitting with gains in the pre-open session. Nifty added 50 points.

“If we can get past that (15,300), we will achieve 15,550-15,600. We have good support at 14,900-15,000 and till we hold that level, we are in bullish territory and can utilize any correction to accumulate long positions,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Sensex and Nifty surged higher during the day’s pre-open session. Sensex was above 51,000 mark while the Nifty 50 index neared 15,250.

“The Major trend remains bullish above 15,100 and use dips as buying opportunities. Supports are placed at 15,145 and 15,115 while resistance is expected at 15,300 and 15,430. A new all-time high should happen sooner than later,” Rahul Sharma of JM Financial said.

“Nifty found resistance near the 15,300 mark and paved the way for some profit booking. Market breadth remained neutral. Global cues are flat to positive this morning. FII’s continued to buy in cash segment and also added longs in Index futures. Nifty saw major addition in the strangle of 15,200 put and 15,300 calls. Bank Nifty witnessed huge addition at 35,000 calls,” said Rahul Sharma of JM Financial.

“Technically, Nifty has to hold above 15150 zones to witness an up move towards 15300 then life time high of 15431 marks while on the downside support exists at 15100 and 15000 zones. The overall structure of the market remains positive as many states are planning to ease restrictions in June which will help in revive economic activities. Stimulus if announced by government will further provide support to much needed sectors. Thus, as the 2nd Covid-19 wave recedes in India (active cases down ~1/3rd in 3 weeks from the recent peak) and pace of vaccination picks up in rest of the CY21, we hope and expect the journey will become little more smoother. Easing of inflation worries by Fed further adds to the positivity. Investors this week would watch out for US GDP data on global front while monthly F&O expiry would keep markets volatile on domestic front,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were left unchanged on Wednesday. So far this month, fuel prices have been increased 13 times, with the most recent hike coming earlier on Tuesday. Petrol in Delhi today costs Rs 93.44 per litre, while diesel in the capital city costs Rs 84.32 litre today. Petrol price in Delhi has been increased by Rs 3.04 so far in May, while diesel price has surged Rs 3.59 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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“In absence of any major event, global cues will continue to dictate the market trend in near future. Besides, any news of unlocking by the state governments will also be closely watched as we’re seeing a sustained decline in new COVID cases. We feel the choppiness may continue especially in the F&O stocks ahead of the upcoming monthly expiry of May month contracts. Traders should align their positions accordingly and continue with the “buy on dips” approach,” said Ajit Mishra, VP – Research, Religare Broking Ltd and Thematic Report by Religare Broking.

Nifty futures on Singapore Exchange were down 44 points on Wednesday morning, hinting at a gap-down start for domestic equity markets. Headline indices on Dalal Street have been moving flat for the last two days now. However, Sensex and Nifty have held above their support levels and technical analysts continue to believe that the short term trend is positive. “There is a possibility of further consolidation or minor weakness in the next 1 or 2 sessions before showing upside bounce from the lows. Immediate support is placed at 15,130,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Investors could go for stock-specific trades in such a market. 

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SGX Nifty is down 44 points on Wednesday morning. Domestic markets have been trading flat for two consecutive trading sessions now. 

If formalisation of employment – jobs with essential social security cover – gathered pace for a few years till 2020-21, the process has since taken a big hit due to the pandemic. New enrollment under the two prominent social security organisations – EPFO and ESIC – fell nearly a quarter on year in 2020-21, according to official data. Clearly, not just job creation, but even formalisation, which has been incentivised by the Narendra Modi government with a significant fiscal cost, has suffered as the pandemic ravaged the economy.

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The government has initiated discussions on the need for the next round of relief measures to soften the blow of the Covid-19 pandemic, as the severe second wave and near-Pan India lock-down have led to vigorous calls for more succour to lift economic activities.

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