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Share Market LIVE: Sensex trades flat, Nifty nears 14,900; broader markets outperform – The Financial Express

Volatility inched lower on Friday morning. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began the day’s trade in the negative territory. S&P BSE Sensex was down over 100 points on opening while the Nifty 50 index was below 14,850. Banking and finance stocks were the laggards on Dalal Street with ICICI Bank, Kotak Mahindra Bank, and Bajaj Finance the top index drags. HUL, Power grid, Sun Pharma were the top gainers on Sensex. Volatility surged nearly 3%, helping India VIX near 21 levels. Bank Nifty and Nifty Private Bank index were down 1.2% each.The initial public offering of Macrotech Developers ended the second day of subscription with investors bidding for just 35% of the issue. Of this Qualified Institutional Buyers (QIB) were the most active bidders, subscribing 65% of their portion. Non-Institutional Investors (NII) have so far bid for just 19% of their quota while retail investor bids are at 25%. Employees of Macrotech Developers have subscribed 10% of the portion reserved for them. The firm, formerly known as Lodha Developers is looking to raise Rs 2,500 crore from the market. Shares are priced at Rs 483-486 apiece. Today will be the last day to bid for the IPO.

“Since last twelve trading sessions, we were unable to go beyond the sturdy wall of 14900. Yesterday, at the opening we managed to conquer it and for the major part of the day, we maintained a good positive posture to extend gains at the mid-session. However, we were a bit sceptical of this up move during the day and did not get carried away by this. This strategy played out well as we witnessed a sudden correction in the last hour to refuse the daily close above 14900. 14900–15000 remains to be a key resistance zone and till the time we do not confirm a convincing close above it, we would avoid aggressive bets on the long side, especially in sensitive names. On the downside, 14800 followed by 14750 would be seen as immediate supports,” said Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking.

The Serum Institute of India has fully refunded South Africa for the 500,000 doses of the COVID-19 vaccine, which were not delivered to the country after it decided not to use the vaccine because it was not effective against a new variant of the virus. A million doses from the institute, which had already been delivered, have been sold on to other countries in the African Union.

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Sensex and Nifty were up from their lows and attempting to move higher as the day progressed. Benchmark indices opened in the negative. 

“The resistance of 14950 has worked accurately for the Nifty; we failed to close above it. We need to get past 14950-15000 for an up move to commence. Thereafter it should be a bullish market which can take the index to 15300-15400. If we break 14500, we can tumble to 14200-14300. It is a situation that requires patience and discipline. Traders need to be cautious,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Gold and silver prices fell in Indian markets on Friday, amid weak global cues. Gold June futures were ruling at Rs 46,759 per 10 gram, down Rs 79 or 0.17 per cent as against the previous close of Rs 46,838. Silver May futures were also trading weak at Rs 67,235 per kg, down Rs 266 or 0.39 per cent, as compared to a previous close of Rs 67,501 on the Multi Commodity Exchange. 

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Broader markets were outperforming benchmark indices on Friday morning. Midcap and Smallcap indices on NSE and BSE were up with gains while Nifty and Sensex slipped. 

“Surging Covid cases have become an area of serious concern with an increasing number of cities & towns declaring night curfews. Unless this second wave peaks soon & subside, economic activity will be impacted and the market assumptions of above 10% GDP growth and above 30% earnings growth will be challenged. This big uncertainty will weigh on market sentiments for some time. The market is climbing all walls of worry. Activity has now moved to mid-small-caps. Nifty Mid-cap & Nifty Small-cap indices are up by 17.4% and 20% respectively for the year against a 6.4% gain for the Nifty. Bulls are chasing value in these segments. The sharp depreciation in INR following the announcement of G-SAP by the RBI will benefit exporters, particularly IT. US bond yields & dollar index cooling off is EM positive. That’s why FIIs are not selling in spite of negative news,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Sensex began trading in the negative on Friday morning while Nifty was below 14,850 mark. Bank stocks were among the top index drags. 

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel remain unchanged for the tenth consecutive day. The price of petrol and diesel has been the same across major cities since prices fell on March 30, 2021. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre. Fuel prices remain the highest in Mumbai at Rs 96.98 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 were trading flat with a positive bias in the pre-open session on Friday morning. 

Sensex was nearing 50,000 during the pre-open session while Nifty 50 gave up its initial position above 14,900 and began trading flat. 

SBI Life Insurance Company, a promoter of SBI Cards and Payment Services sold shares of the company on April 7. SBI Life Insurance sold 4,298 shares of SBI Cards. At the end of the October-December quarter, SBI Life held 75,569 equity shares of SBI Cards. 

Nifty Futures on Singapore Exchange were down 50 points ahead of the pre-open session. The sharp downward move hints at a negative start for Dalal Street.

BSE Sensex and Nifty 50 were likely to open subdued on Friday, taking cues from their Asian peers. The Indian rupee has fallen for the fourth straight day against US dollar, which may trigger foreign outflows from domestic equities. In the previous session, equity indices gained for the third consecutive day, which is the longest such streak in a month, however, weekly F&O related volatility dragged the indices lower from their intraday highs, an analyst said.

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“The short term trend of Nifty is still positive, but the market seems to have has started to show lack of strength to witness upside breakout of 14,900. If Nifty fails to move/sustain above 14,950 in the next 1-2 session, then one may expect the beginning of another round of downward correction from the highs. Immediate support is placed at 14,780,” said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a flat start on Friday, as suggested by trends on SGX Nifty. Nifty futures were trading 13.50 points or 0.09 per cent down at 14932.50 on Singaporean Exchange. In the previous session, the 30-share Sensex gained 84 points while Nifty added 56 points. According to analysts, Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile.

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“Indian markets are likely to track global cues along with the earnings season which would kick start from next week and would keep markets volatile. A lot of stock-specific action is likely to be witnessed due to this. We expect Q4 to be another strong quarter, aided by a deflated base of 4QFY20 and healthy demand recovery for the large part of 4QFY21 – as attested by high-frequency indicators. Performance is expected to be healthy despite headwinds of commodity cost inflation in various sectors. However, concerns over the fast-spreading 2nd wave of Covid in India continues to remain,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

All through the year, the markets were not too much enthused by government policies as the series of announcements made under Atmanirbhar Bharat campaign drew an indifferent response. The same was with the Union Budget. Therefore, there seems to be more faith put in the private sector and animal spirits than the policies of the government.

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Finance minister Nirmala Sitharaman has pitched for an extension of the Debt Service Suspension Initiative (DSSI) by six months through December 2021 to continue support to vulnerable economies in the wake of the Covid-19 crisis.

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Today is the final day to bid for the IPO of Macrotech Developers. So dar the issue has been subscribed 35% with QIBs bidding share being the largest. 

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