(Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets began trading on Monday with gains. S&P BSE Sensex gained over 300 points to cross 50,700 while Nifty 50 reclaimed 15,000. ONGC was up 4%, followed by NTPC, Mahindra & Mahindra, and NTPC. Bajaj Auto, Powergrid, and Ultratech Cement were the top drags. Smallcap and Midcap indices were outperforming the benchmarks. Global cues were positive as Asian peers tracked gains recorded on Wall Street on Friday. Shanghai Composite, Hang Seng, TOPIX, Nikkei 225, and KOSPI were all trading in the green on Monday morning.Easy Trip Planners initial Public Offering (IPO) opens for subscription today. Though the IPO, the online travel agency will raise Rs 510 crore, which will go entirely to the selling shareholders and not the company as the issue is purely an Offer For Sale (OFS). Investors can subscribe to Easy Trip Planners IPO, where 2.73 crore shares are on sale, in the price band of Rs 186-187 per share, in a bid lot of 80 shares and multiples thereafter. Ahead of the public issue, Easy Trip Planners managed to raise Rs 229 crore anchor investors, allotting them 1.2 crore equity shares at Rs 187 apiece. Nomura Funds Ireland Public Limited and HSBC Global Investment are among the 35 anchor investors of the firm.
Japanese investors have net sold 3.6 trillion Yen of foreign bonds over two weeks period, the largest over the past 20 years, suggesting US yields have more room to reprice, and the unwind of currency hedges could also support higher USDJPY.
~Stephen Innes, Chief Global Market Strategist at Axi
Nifty 50 has slipped nearly 2% since mid-February when it touched 15,300 — the recent high. However, the fall does not indicate any sharp jump in risk aversion among investors, even though the volatility gauge has spiked 12%, said ICICI Securities in a report. The brokerage and research firm said that the current market movement is more of a consolidation and sector rotation rather than a systematic rise in risk aversion. Nifty and Sensex have now doubled from the March 2020 lows.
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ONGC was the top Sensex gainer on Monday morning, zooming more than 4%, followed by Larsen & Toubro, and Reliance Industries.
Anupam Rasayan India Ltd’s Rs 760-crore initial public offering (IPO) will open for subscription on Friday, March 12, 2021. The company has fixed price band at Rs 553-555 per share. The public issue will close for subscription on Tuesday, March 16, 2021. Following the announcement of the price band, the grey market premium of Anupam Rasayan India Ltd shares surged to Rs 320 apiece on Monday.
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The upward momentum in the USDINR pair looks more likely heading towards 73.50 levels. However, gains in pair shall be capped near 73.80 levels given by the channel of inflows lined up in the current month. Overall, the short-term trend for USDINR is likely to remain bullish with a range of 72.70-74.00.: Amit Pabari, managing director, CR Forex Advisors
“The support range of 14700-14800 was respected last week and on today’s opening. Hence the uptrend stands intact. It would be threatened if we fail to keep above 14800 on a closing basis. The markets have turned sideways and the Nifty can be choppy. The index needs to get past 15300 levels to break out of this range and then we can trade for 15500-15600,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
“Three factors weigh on market sentiments presently: US bond yields, dollar index and crude. All the three firmed up last Friday impacting sentiments. The combined FII, DII cash market selling ( above Rs 3000 cr on last Friday) reflected the market’s concern. Brent crude rising beyond $71 is a macro concern for India. But rising US bond yield and dollar index, though a concern, need not be a market impacting move provided growth recovery keeps up pace. The latest job data from the US indicates that the US economy is bouncing back. In India, too, the growth and earnings data are set to improve. These positive trends can sustain market buoyancy provided the bond yield doesn’t spike sharply,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Sensex and Nifty were trading with gains on the opening bell. Nifty has reclaimed 15,000 while Sensex was near the 50,600 levels.
Sensex gained 248 points while Nifty 50 index breached the 15,000 mark during the pre-open session on Monday.
COMEX gold trades 0.5% higher near $1708/oz after a 0.1% decline on Friday when it tested June 2020 lows. Gold has edged up on back of progress on the US stimulus front as the Senate approved the $1.9 trillion package which will now go to the House for a vote. However, weighing on price is continuing ETF outflows, upbeat non-farm payrolls data and higher US and global bond yields. Gold has bounced back above $1700/oz and may see extended gains on US stimulus optimism however a sharp rise is unlikely unless US bond yields correct sharply.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
Oil prices have spiked higher this morning after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases. With OPEC pursuing a tight oil policy and US shale oil inelastic supply response to higher prices, any disruption to the Middle East supply chain could shoot oil prices considerably higher. Indeed, this could be the flashpoint that ignites that smouldering Middle East powder keg as apparent lines in the sand got crossed when the attacks targeted civilians. So far, there have been no reports of significant damage or oil supply chain disruptions, but this is an evolving story that will keep oil traders on their toes. On top of the terrorist attacks, oil prices are also buttressed this morning on the back of data surprises.
~Stephen Innes, Chief Global Market Strategist at Axi
Sensex was above 50,700 during the pre-open session on Monday morning while Nifty reclaimed 15,100 levels.
Indian share market benchmarks BSE Sensex and Nifty 50 were likely to open in the positive territory on Monday. In the previous session, Sensex ended 440 points lower at 50,405, while the 50-stock NSE Nifty gave up the 15,000-mark. According to a technical analyst, NSE’s Nifty could test the 50-DMA this week placed at 14,585.
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SGX Nifty is up just 20 points ahead of the pre-open session. Nifty futures were trading nearly 140 points higher during the early hours of Monday.
Commodity prices traded lower during the week passed by with most of the commodities witnessed selling except crude oil. Bullion prices extended the decline for the week while base metals were down on profit-booking and weak Chinese data. Crude oil prices rallied on lower supply concerns and stronger demand optimism.
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After gaining over 2.5 per cent in the previous week, BSE Sensex and Nifty 50 are set to start the week on a positive note on Monday. NSE’s Nifty may reclaim the crucial 15,000-mark on opening, as suggested by the trends on SGX Nifty. Nifty futures were trading 138.50 points or 0.93 per cent higher at 15,092 on Singaporean Exchange.
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The demand for courier and home delivery boys, as also account executives, has picked up nicely since January as the retail and e-commerce sectors stage a comeback. Betterplace, a tech platform that manages the life cycles of informal and semi-formal workforces, estimates the demand for blue collar workers has shot up by 54% to eight lakhs in the January-March quarter from 5.2 lakhs in the six months to December 2020. Indeed, many more employers are in the market today, about 1,107 compared with 774 in the last six months.
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Dollar index moved to three months high and statement by Fed chairman did not go well with global equities, which saw selling. There was no exception for Indian equites that saw aggressive profit booking on the last day of the week and closed below 15000 levels. After initial cool off in Volatility index VIX, it again gained momentum and moved towards 26 levels whereas the rupee depreciated almost 30 paise on Friday, which is likely to lead to negative sentiments prevailing as upsides could be limited and selling could be seen at higher levels.
~ ICICI Direct
Despite the fall recorded by benchmark indices during the last two trading sessions, Dalal Street still managed to end the previous week with gains. S&P BSE Sensex closed at 50,405, up 2.66% from the previous week while the 50-stock NSE Nifty ended at 14,938, up 2.8% from last Friday’s closing. “On a weekly basis, the market closed in the positive territory the market mood was sluggish. A substantial jump in the long term treasury yields and upward activity in the dollar index towards 92, resulted in weakness across the globe,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
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Easy Trip Planners initial public offering (IPO) will open for subscription on Monday, making it the tenth public issue to enter Dalal Street so far in 2021. The online travel agency is looking to raise Rs 510 crore through the IPO which will entirely be an Offer For Sale (OFS) by existing shareholders. Post issue, the promoter shareholding will come down to 74.9% from 100% pre-IPO and public shareholding will increase to 25.1% from zero. The issue will remain open for subscription till March 10.
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