Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in the positive territory. The NSE Nifty 50 closed 28.50 points or 0.13% higher to settle at 21,647.20, while the BSE Sensex gained 63.47 points or 0.09% to 71,721.18. The broader indices closed in the green, with gains led by Nifty Next 50 and small cap stocks. Bank Nifty index closed higher by 77.50 points or 0.16% to settle at 47,438.35.
The NSE Nifty 50 closed 0.22% higher at 21,665.55, while the BSE Sensex closed 0.20% higher at 71,798.24.
Shares of Hero MotoCorp rose 6.2% to Rs 4,395 after the company officially confirmed that its upcoming 440cc will be named Mavrick. Hero has released a teaser of the same on its social media handles revealing its name as well as the launch date. Hero’s version of the X440 is slated to make its debut on 23 January.
83.12 (spot) – “Indian Rupee appreciated by 0.04% on weak US Dollar and a decline in crude oil prices. Upbeat macroeconomic data from India also supported Rupee. India’s GDP is estimated to grown by 7.3% in FY2023-24 compared to 7.2% in FY2022-23. US Dollar declined late on Friday on a mixed bag of economic data. Though the Non-Farm Payrolls rose more than forecast, US ISM Services PMI declined unexpectedly. We expect Rupee to trade with a slight negative bias on risk aversion in global markets and expectations that US Dollar may recovery on safe haven demand amid ongoing geopolitical tensions in the Red Sea region. However, decline in crude oil prices and FII inflows this month may support Rupee at lower levels. Investors may remain cautious ahead of inflation data from India and US later this week. USDINR spot price is expected to trade in a range of Rs 82.80 to Rs 83.50,” said Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas.
In their latest report on India’s Midcap stocks, Jefferies unveils a positive outlook for Q3FY24, anticipating healthy sales and profit after tax (PAT) growth of +16% and +24% YoY, respectively, for their coverage (excluding UPL). Jefferies predicts that the topline growth in Q3FY24 will be predominantly volume-driven, with a particular emphasis on companies in the Cables & Wires sector, including POLYCAB and Finolex Cables.
Also Read: Jefferies forecasts robust growth in India’s midcap stocks, Top picks include Amber, Dixon, Pidilite Industries
Hero MotoCorp, Bajaj Auto, Eicher Motors, IndusInd Bank, and Axis Bank were the top gainers in the Nifty 50. While Dr. Reddy’s Lab, Infosys, Nestle India, JSW Steel, and SBI Life Insurance were the top losers in the Nifty 50.
“Crude oil exhibited significant volatility, experiencing a sharp decline amid the increase in U.S. oil inventories and in anticipation of the U.S. inflation data. U.S. crude oil inventories surged by 1.3 million barrels for the week ending on January 5, contrary to expectations of a 0.7 million barrel decline. The struggle in crude oil prices is attributed to the upsurge in U.S. oil stocks and a stable dollar index. Key U.S. inflation data, set to be released later today, could provide further guidance for oil prices. We anticipate that crude oil prices will continue to be volatile in today’s trading session. Support for crude oil is expected at $70.80–70.10, with resistance at $72.20-73.00 during today’s session. In Indian Rupees (INR), crude oil has support at Rs 5,850-5,770 and resistance at Rs 6,010-6,090,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd
Shares of SpiceJet came off highs to Rs65.11, down 0.5%. Today the company approved the issue of allotment of shares and warrants. The company approved 31.8 crores at an issue price of Rs50 per share on a preferential basis. During the early trade hours shares of the company rose nearly 3% to Rs67.35.
“Gold prices have been on an upward trajectory during 2023 and this momentum is expected to continue in 2024. Internationally, the volatility of the yellow metal prices will continue and will be triggered by various factors including the on-going geo-political scenario, strengthening of USD against INR and a pessimistic approach towards the growth of global economy. Domestically, the demand for the yellow metal is expected to outgrow and is expected to touch the 70k mark on a domestic level. This rally will be driven by robust demand in the domestic market owing to the rising income levels and the inclination towards yellow metal. On the global level, we expect the prices to hover in the range of USD 1850-2050. Irrespective of the price movement, the consumer demand will continue to grow during the year backed by strengthened purchasing power, and the change in perspective towards gold as lifestyle statement, thus driving sales across along all ticket-sizes, ” Colin Shah, MD, Kama Jewelry
Shares of Polycab India fell 22.6% to Rs3,801 after the Income Tax Department detected unaccounted cash sales of about Rs1,000 crore following search and seizure operations against the company.
“The Bank Nifty index experienced a volatile trading session on the day of weekly expiry, but the bulls successfully defended the crucial support level of 47000. Despite this, the overall market sentiment remains in “sell on rise” mode. The immediate hurdle for the index is at 47500, where the highest open interest is concentrated on the call side. To initiate a short-covering move and potentially target the 48000 mark, the index needs to convincingly surpass the level of 47500 on a closing basis,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.
The share of Polycab plunges 15% to Rs 4,175.10 in the intra-day trade on Thursday on the following news that the Income Tax Department has detected unaccounted cash sales of about Rs 1,000 crore in Polycab India following search and seizure operations against the company.
Commenting on the Technical outlook of Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said the Nifty index bounced back strongly from its important support at 21,500, indicating that the bulls are quite active at this level. The Nifty closed at 21,623, near its resistance. If it manages to close above 21,700-21,750 levels, we might see the Nifty reaching 22,000. For those looking to buy Nifty, the recommended range is between 21,550-21,600. Set a stop loss at 21,480 and aim for a target of 21,750.
The NSE has added Balrampur Chini Mills, Bandhan Bank, Chambal Fertilizer, Escorts Kubota, Hindustan Copper, Indian Energy Exchange, India Cements, Indus Tower, National Aluminium, Piramal Enterprise, PVR Inox, SAIL, and Zee Entertainment to its F&O ban list for January 11, 2024.
The NSE Nifty 50 gains 0.32% to settle at 21,688, while the BSE Sensex jumps 0.35% to 71,907.75 in the opening trade.
Foreign institutional investors (FII) offloaded shares worth net Rs 1,721.3 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,080 crore on January 10, 2023, according to the provisional data available on the NSE.
Shares in the Asia-Pacific region are trading in mixed territory on Thursday morning. The Asia Dow is trading up by 0.49%, Japan’s Nikkei 225 is green, up by 2.01%, Hong Kong’s Hang Seng index is trading down by 0.57% and the benchmark Chinese index Shanghai Composite is trading lower by 0.54%.
WTI crude prices are trading at $71.24 down by 0.18%, while Brent crude prices are trading at $76.60 down by 0.26%, on Thursday morning.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.06% at 102.30.
U.S. stocks, bonds and the dollar saw small moves, with investors awaiting Thursday’s inflation data for clues on the Federal Reserve outlook, reported Bloomberg. The tech-heavy Nasdaq Composite gained 86.41 points or 0.58% at 14,944.12. The S&P 500 jumped by 22.43 points or 0.47% at 4,778.93, while the Dow Jones Industrial Average ended higher by 164.80 or 0.44%.