Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets opened in the red on Wednesday morning. Sensex was down more than 100 points but still above 50,000 mark while the Nifty 50 index was comfortably above 15,000. 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.
Credit growth at banks and non-bank financial companies (NBFCs) may be slowing down in India as commercial paper issuance dropped on-year basis in April. Data released by the Reserve Bank of India (RBI), showed that CP issuances were to the tune of Rs 89,576 crore in April 2021, down from Rs 1.33 lakh crore in April 2020. Interestingly, April 2020 was a month of nationwide lockdown, in contrast to the smaller lockdowns currently in effect across states. The second, more severe wave of the coronavirus, is believed to be hindering credit growth. Analysts believe, both banks and NBFCs have now turned cautious about the well-being of their employees.
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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