Share Market LIVE: Sensex sheds 500 pts; Nifty sub 17900; banks, financials dip

Oil prices up:  Rupee down

Stock Market Today:  Indian shares are seen volatile on Wednesday amid weak cues. 

 Sensex and Nifty opened lower on Wednesday tracking weak global cues. ADB expects India to grow 7.5% in the current fiscal year before picking up to 8% the next year

Indian markets opened lower on Wednesday tracking global markets. Stocks fell globally, while US Treasury yields rose to multi-year highs as investors braced for the possibility of aggressive monetary tightening by the US Federal Reserve to fight inflation. Markets also focused on new sanctions by the West against Russia over its invasion of Ukraine.

Fuel prices up ₹10 in 16 days, petrol above ₹105/litre in Delhi

Oil marketing companies raised prices of petrol and diesel by 80 paise a litre each on Wednesday. Petrol is now priced at ₹105.41 a litre in the national capital, while diesel is sold for ₹96.67 a litre.

Tata Consultancy Services down 1.6%

Kansas Department of Labour has selected TCS to build a modern, secure, web-based system for the state’s unemployment insurance program. This will help transform a legacy mainframe platform from the 1970s into a cloud-based system that dramatically improves the delivery of services to Kansas residents.

Indian rupee falls 24 paise to 75.53 against US dollar in early trade.

HDFC Bank, HDFC extend losses from the previous session, down around 2% each

NTPC up 3%; India’s top electricity producer’s coal imports this financial year will be the highest in eight years.

Nifty Bank down 1.2%; Federal Bank top gainer, HDFC Bank, Bandhan Bank lag.

Nifty below 17,900: HDFC Bank, Bajaj Finserv top losers; Adani Ports, NTPC gain.

06 Apr 2022, 09:44:31 AM IST

Market view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One

Monday’s spectacular move was followed by a quiet start yesterday morning marginally in the green. However, in the initial trade, small gains just disappeared and then the index slipped into a consolidation mode thereafter. The profit booking extended a bit in the first half and in the process, the Nifty went on to test the 17950 mark. Fortunately, as we stepped into the latter half, the buying resumed recouping all losses. However, towards the fag end, the market became nervous all of a sudden, which resulted in a sharp downtick to slide below morning’s low as well. Eventually, the Nifty ended the session convincingly below 18000 by shedding over half a percent.

The way the market closed in the previous session around the day’s high, we should have ideally opened higher and in fact, was expected to extend the rally. Unfortunately, this didn’t happen; because the major drivers of Monday’s move (banking) saw some decent profit booking. Hence, we could not even surpass Monday’s high of 18114.65. With yesterday’s tail end sharp profit booking, one shouldn’t get carried away as such small profit taking is a part and parcel of the market activity. Going ahead, Monday’s gap area of 17800 – 17700 is likely to provide some cushion for the index and till the time we do not see it closing convincingly below it, there is no reason to worry for.

In fact, if we see any decline towards intraday support of 17900 – 17800, one can think of going long. On the flipside, 18100 has become an immediate hurdle above which we are good to go towards 18350. Despite some nervousness in key indices, the broader market did extremely well. Hence, traders should keep focusing on such potential movers, especially stocks from the cash segment which are providing some excellent trading opportunities.

06 Apr 2022, 09:34:55 AM IST

Nifty Bank and Financial services down over 1% each; metals

 How to build a Healthy and Wealthy Investment Portfolio to become a millionaire” Some tips to try…………

Rome was not built on a single day: so also your financial  castle! You need to pick up brick by brick-choose good ones and build it. All that is needed is a systematic approach and with a focus.

The stock markets have thousands of companies listed herein.But our focus should be on companies which have a good track record of performance and transparency. That way, we need to selct a few shares say 10-best of them and watch them daily on their movement and the market news related to them. So in this background we suggest you to simply track the following shares for a period of say one month and then decide to invest in them if you feel like.

 Stocks to Watch: Tata Motors, HDFC Bank, Reliance, M&M: Axis Bank, Reliance, Tata Steel, Godrej Prop… Future Retail, Vedanta, ONGC, Reliance

ONGC, Ruchi Soya, Hero MotoCorp, IndiGo

Here is the list of the top 10 stocks that are likely to be in focus.

Tata Motors: Tata Motors on Friday said its total domestic sales increased by 30 per cent to 86,718 units in March as compared to 66,462 units in the year-ago period. The company said its passenger vehicle wholesales rose by 43 per cent to 42,293 units last month as against 29,654 units in March 2021.

Mahindra & Mahindra: M&M on Friday said its total sales increased by 35 per cent to 54,643 units in March as compared with the year-ago period. The Mumbai-based auto major had dispatched 40,403 units in March 2021.

Adani Enterprises: India’s southern Andhra Pradesh has cancelled bids made for two separate tenders by India’s Adani Enterprises to supply imported coal as the prices quoted were too high, two state government officials told Reuters. It is the first time in recent years that a major government tender for imported coal has been cancelled over high prices. Details on the cancellation have not been previously reported.

HDFC Bank: HDFC Bank’s loan book grows by 21% y-o-y, the bank announced on Sunday.With the merger HDFC Bank is indeed a good script to watch.

TVS Motor Company: TVS Motor Company registers sales of 307,954 units in March 2022 as against sales of 322,643 units in the month of March 2021.

Future Retail, Future Enterprises: Two leading companies of the Kishore Biyani-led Future Group — Future Retail and Future Enterprises — on Friday collectively defaulted on loan repayments worth ₹8,157.97 crore. The due date for payment of ₹2,835.65 crore by Future Enterprises Ltd (FEL) and ₹5,322.32 crore by Future Retail Ltd (FRL) was March 31, 2022.

ONGC, Reliance: State-owned Oil and Natural Gas Corporation (ONGC) is likely to see a USD 3 billion (about ₹23,000 crore) rise in its annual earnings from the more than doubling of the price of natural gas it produces, while Reliance Industries may get USD 1.5 billion ( ₹11,500 crore) more in revenue, a report has said. The government from April 1 increased the gas price paid to producers of oil and regulated fields from USD 2.9 per million British thermal units to USD 6.10, a record high. For difficult fields, such as deepsea fields of Reliance, the price has gone up by 62 per cent to USD 9.92 per mmBtu.

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