Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices ended Wednesday’s trading session in the negative territory. The NSE Nifty 50 dipped 148.45 points or 0.69% to settle at 21,517.35, while the BSE Sensex dropped 535.88 points or 0.75% to 71,356.60. The broader indices ended in red, with fall led by Midcap and Smallcap stocks. Bank Nifty index ended lower, down by 56.70 points or 0.12% to settle at 47,704.95.25. PSU banks and Realty stocks outperformed where IT & Metal stocks shed. Bajaj Auto, Adani Enterprises, Adani Ports and SEZ, Cipla and ITC were the top gainers on the NSE Nifty 50, while the laggards includes Hindalco Industries, JSW Steel, Tata Steel, LTI Mindtree, and Tech Mahindra. The Indian Volatility Index (India VIX) closed down by 3.30 %
Bajaj Auto, Adani Enterprises, Adani Ports and SEZ, Cipla and ITC were the top gainers on the NSE Nifty 50, while the laggards includes Hindalco Industries, JSW Steel, Tata Steel, LTI Mindtree, and Tech Mahindra
The NSE Nifty 50 dipped 0.69% to settle at 21,517.35, while the BSE Sensex dropped 0.75% to 71,356.60.
Source: NSE
The shares of Adani Total have surged by over 9.29% in intra-day trading, reaching Rs 1,093.85. This increase follows the news that Adani Total Gas Limited (ATGL) has announced the signing of a Memorandum of Understanding (MoU) with Shigan Quantum Technologies Limited (Shigan). The primary objective of this collaboration is to decarbonize the supply chain by creating an ecosystem that facilitates the transition to cleaner fuels, such as Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG). Under the MoU, both ATGL and Shigan will explore various areas of collaboration.
Jefferies has identified Coal India, Hindalco, Tata Steels, and JSW Steel as its top picks in the metal sector. After navigating a challenging fiscal year 2023, Jefferies adopts a cautiously optimistic stance for 2024, anticipating a positive shift in the macroeconomic backdrop.
Jefferies in the report says a positive outlook for the metals sector, foreseeing a growth trajectory with a projected 6-15% Compound Annual Growth Rate (CAGR) in volumes over the fiscal years 2024-2026 for key players including Coal India, Tata Steel, and JSW Steel.
Also Read: Coal India, Hindalco, Tata Steels remains the top picks of Jefferies in Metal sector
India’s Oil Minister says no discussion on fuel price cut. Supportive for oil marketing companies
Source: NSE
“The upswings evolved as expected yesterday, but without needing to dip as far as 83.17. Unsurprisingly, upsides were restrained without breaching 83.4 yet though. This view is maintained today as well, with pivot seen at 83.26,” said Anand James, Chief Market Strategist at Geojit Financial Services.
Adani Enterprises is sees a 4.5% surge in its shares, while Adani Ports is witnessing a 2.5% increase. Beyond the Nifty-listed companies, both Adani Energy Solutions and Adani Total Gas are currently trading with substantial gains, approaching the 10% mark.
“The Bank Nifty witnessed sustained bearish pressure throughout the trading day, leading to a close below the crucial support level of 48000. To resume the upward trend and regain positive momentum, the index needs to achieve a breakout above the resistance at 48300, targeting levels of 49000/50000. The immediate support for the index is positioned at 47600, coinciding with its 20-day moving average (20DMA). A decisive breach below this level could intensify the downward momentum,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Hindalco, JSW Steel, Wipro, LTI Mindtree, and Tata Steel are the top losers on NSE Nifty 50 index.
Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said, A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future. Sentiment is expected to stay bearish as long as it remains below 21750. Any upward movement toward 21750 could encounter selling pressure. However, a clear breakout above 21750 could shift sentiment in favor of the bulls. Support is established at 21500 on the lower end
Foreign institutional investors (FII) bought shares worth net Rs 1,602.2 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 1959 crore on January 02, 2023, according to the provisional data available on the NSE.
The NSE Nifty 50 opens down by just 0.02% at 21,661.10, while the BSE Sensex opens 0.08% down at 71,832.62.
Shares in the Asia-Pacific region are trading mostly in negative territory on Wednesday morning. The Asia Dow is trading down by 0.19%, Japan’s Nikkei 225 is red, down by 0.22%, Hong Kong’s Hang Seng index is trading down by 1.52% and the benchmark Chinese index Shanghai Composite is trading lower by 0.43%.
WTI crude prices are trading at $70.78 up by 0.57%, while Brent crude prices are trading at $76.16 up by 0.36%, on Wednesday morning.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded down by 0.03% at 102.17.
U.S. stocks and treasuries dropped as traders trimmed their bets on interest rate cuts, reported Bloomberg. The tech-heavy Nasdaq Composite dipped 299.22 points or 1.99% at 15,026.49. The S&P 500 dropped by 41.19 points or 0.86% at 4,728.64, while the Dow Jones Industrial Average ended higher by 0.25%.
