Daily Stock Market Reports

Stock Market Highlights: Nifty forms bullish candle. What does it signal for Monday’s


The domestic benchmark indices wrapped up a critical week with healthy gains that came on the heels of a global market rally even as the US Federal Reserve raised interest rates for the first time since 2018. Further progress in cease-fire talks between Russia-Ukraine and softening crude oil prices lured investors back. Gains across sectors pushed the headline indices higher, with financials and consumer stocks being the biggest movers. The 30-share pack Sensex rose 1,047 points or 1.84 per cent to end the truncated week at a one-week high of 57,864. Its broader peer NSE Nifty50 also jumped 312 points or 1.84 per cent to close at 17,287. Domestic stock markets will remain shut on Friday on account of Holi.

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Wall Street opens lower after Fed-driven rally

U.S. stock indexes opened lower on Thursday as investors assessed the Federal Reserve’s hawkish stance in the face of surging inflation, while keeping a wary eye on developments around the Ukraine crisis.

  • The Dow Jones Industrial Average fell 67.71 points, or 0.20%, at the open to 33,995.39.
  • The S&P 500 opened lower by 12.75 points, or 0.29%, at 4,345.11, while the Nasdaq Composite dropped 75.83 points, or 0.56%, to 13,360.72 at the opening bell.
Wall Street opens lower after Fed-driven rally

Gold jumps Rs 249; silver rallies Rs 365

Gold in the national capital on Thursday rose Rs 249 to Rs 51,500 per 10 grams, reflecting the overnight gains in international precious metal prices, according to HDFC Securities. In the previous trade, the yellow metal finished at Rs 51,251 per 10 grams. Silver also rallied Rs 365 to Rs 68,218 per kg, from Rs 67,853 per kg in the previous trade.

Gold jumps Rs 249; silver rallies Rs 365

What will guide market in coming weeks?

The equity market surged by almost 2 %, with a swift recovery in all the major indexes and across market caps. The rate hike in the US and the certainty about Fed policy provided the markets with a clear route map on the likely trajectory of markets overseas. Apart from this, the progress of negotiations between Russia and Ukraine also instilled confidence in the markets that the war could come to an end at an early date. The oil prices reflected this optimism as the prices dropped to US$ 100 per barrel from the peak level of US$ 130 reached on March 7,22. These factors are likely to influence the markets in the coming week too.

— Dr. Joseph Thomas, Head of Research, Emkay Wealth Management

Indian markets followed the US market despite rate hike by Fed. Markets were appearing to be in oversold zone and such upmove was expected. However the war still persists between Russia & Ukraine and any major move might trigger selling in the markets. Even crude continues to hover near $100 mark. Investors are advised to deploy cash in part to take advantage of any further fall.

– Rahul Sharma – Equity 99

Bank of England raises rates to 0.75%, less sure about future moves

  • The Bank of England raised interest rates on Thursday for a third meeting running, as expected, but softened its language on the need for further increases from here.

  • Eight out of nine members of the Monetary Policy Committee (MPC) voted to raise Bank Rate to 0.75% from 0.5%, following the U.S. Federal Reserve’s decision on Wednesday to raise borrowing costs for the first time since the COVID-19 pandemic.

  • Deputy Governor Jon Cunliffe voted to keep rates on hold, warning of a big hit to demand from higher commodity prices. Economists polled by Reuters had expected a unanimous vote for higher rates.

Accenture forecasts third-quarter revenue above estimates

  • IT consulting firm Accenture Plc on Thursday forecast third-quarter revenue above Wall Street’s estimates, thanks to growing demand for its cloud and security-related services as more businesses shift to a hybrid work model.

  • Analysts have also suggested that the enterprise software markets that includes players such as Oracle and Salesforce are showing more positive trends in client spending.

  • Accenture, whose clients include more than three-quarters of the Fortune Global 500 companies across communications, media & technology as well as financial services industries, is also strategically investing in cloud, acquisitions and partnerships to gain more market share.

Rupee to depreciate to 77.5 vs dollar by March 2023 on widening CAD, US Fed rate hikes: Report

  • The rupee may depreciate to around 77.5 against the US dollar by March 2023, as the widening of current account deficit (CAD) due to higher energy prices and capital outflow as a result of rate hikes by the US Federal Reserve are likely to put pressure on the local unit, says a report.

  • According to Crisil Ratings, the domestic currency is likely to settle at 76.5 against the American currency in March 2022.

  • “The rupee is already reacting to the external tensions and, we believe, will depreciate further and settle around 77.5/USD by March 2023.

Nifty tech view by Rupak De, LKP Sec

The benchmark index has moved into the positive zone on the back of a breakaway gap candle on the daily chart, indicating a change of trend. Going ahead, the trend is likely to remain positive for the short to medium term as long as 17000 is maintained on a closing basis. On the higher end, immediate resistance is visible at 17330. A decisive move above 17330 may induce a stronger rally in the market.

How to navigate this market?

The recent rebound has certainly eased some pressure, however, lingering geopolitical tension combined with an uptick in the COVID case in China will continue to keep the participants on the edge. On the index front, sustainability above 17,350 would pave the way for the 17,500-17,700 zone. In case of any decline, the 16,800-17,000 zone would act as a cushion. Participants should focus on sectors/stocks which are showing resilience and align the positions accordingly.

— Ajit Mishra, VP – Research, Religare Broking

Positive Global Cues post the Fed rate hike, softening oil prices and progress in Russia- Ukraine talks boosted the confidence of the Bulls as benchmark indices were up over 2% in Afternoon Trade. With the Volatility Index cooling off considerably today, the broader markets too displayed optimism as several Tata Group companies posted 52-week highs today reminding one of the famous Philip Fisher’s words – It is often easier to tell what will happen to the price of a stock than how much time will elapse before it happens.

– S Ranganathan, Head of Research at LKP Securities

Rupee Update

Advance-decline ratio at 2:1

Advance-decline ratio at 2:1

Barring IT, all sectors close on firm note

Barring IT, all sectors close on firm note

Only 2 Sensex stocks end lower

Only 2 Sensex stocks end lower

CLOSING BELL: RIL, banks drive Sensex 1,047 points higher; Nifty ends above 17,250; Titan rallies 5%, RIL 4%

CLOSING BELL: RIL, banks drive Sensex 1,047 points higher; Nifty ends above 17,250; Titan rallies 5%, RIL 4%

As long as the Dollar Index sustains above 96 level it may rally till 100.5. US$INR likely to respect the resistance of 77.5 and appreciate back till 74.5 level in coming months despite expectation of a strong dollar as India is in a better position compared to other emerging markets and has significant foreign exchange reserves. Further, market sentiments improved on hopes of progress in peace talks between Russia and Ukraine along with a decline in crude oil prices.

– ICICI Securities

PVR Cinemas announced the launch of its third multiplex in Jalandhar, Punjab. Strengthening PVR’s footprints across key markets, the new 6-screen property is equipped with laser projection. With this launch, PVR augments its presence in Jalandhar with 15 screens in 3 properties.

Price as on 17 Mar, 2022 03:11 PM, Click on company names for their live prices.

Shares nudge higher in Europe after Fed hikes rate

  • European stocks edged higher on Thursday, tracking overnight gains on Wall Street after a widely anticipated U.S. interest rate hike, while lingering optimism about Russia-Ukraine peace talks aided sentiment further.

  • The pan-European STOXX 600 index rose 0.5% by 0819 GMT, on course to erase all of its losses in March.

SENSEX TOPS 58K

SENSEX TOPS 58K

Jefferies has initiated coverage on FSN E-Commerce Ventures (Nykaa) with a ‘buy’ rating and a base target of Rs 1,650, suggesting limited single-digit upside ahead for the stock. The foreign brokerage sees the stock at Rs 900 in its worst-case scenario and at Rs 2,300 in the most bullish outcome.

Price as on 17 Mar, 2022 02:10 PM, Click on company names for their live prices.

Shankar Sharma on where to hunt for alpha in this market

Hindustan Construction Company JV bags order of Rs 609 cr from Public Health Engineering Department, Govt of Rajasthan

Price as on 17 Mar, 2022 01:55 PM, Click on company names for their live prices.

Realty stocks gain up to 5%

Price as on 17 Mar, 2022 01:51 PM, Click on company names for their live prices.

These stocks defy market mood, tank up to 11%

Price as on 17 Mar, 2022 01:22 PM, Click on company names for their live prices.

India’s gold output could rise multifold if hurdles removed: WGC

India’s annual gold production could surge to 20 tonnes from a mere 1.6 tonnes if the government removes bureaucratic hurdles and encourages investment in the sector, the World Gold Council (WGC) said in a report published on Thursday. The South Asian country is the world’s second-biggest consumer of the metal and fulfils most of its demand through imports. Higher local output could help New Delhi in capping imports. India splurged a record $55.7 billion on gold imports in 2021, buying 1,050 tonnes – the most in a decade, and far more than the 430 tonnes imported in 2020.

Jalan Kalrock consortium, Jet Airways management team says restart activities progressing well (Source: Reuters)

  • Working closely with Aviation Ministry, India Government & DGCA on approval process and timelines for jet airways

  • Resumption of Jet’s scheduled services will follow soon after re-validation of air operator certificate

  • Working with aircraft lessors, manufacturers to source aircraft to be inducted into Jet Airways fleet over next 3-5 yrs

NIFTY TOPS 17,300, TRADES AT DAY’S HIGH

NIFTY TOPS 17,300, TRADES AT DAY'S HIGH

STOCK IN FOCUS: IIFL WEALTH

Top 5 gainers from the NBFC space

Price as on 17 Mar, 2022 12:11 PM, Click on company names for their live prices.

Tokyo’s Nikkei closes up over 3% on Fed rate

Tokyo’s benchmark Nikkei index ended more than three percent higher Thursday, tracking global rallies linked to a US Fed rate hike and another pullback in oil prices.

The Nikkei 225 index rose 3.46 percent or 890.88 points to end at 26,652.89, while the broader Topix index added 2.47 percent or 45.76 points to 1,899.01.

“In addition to rallies in the US market, hopes that ongoing negotiations between Ukraine and Russia may show some progress towards a ceasefire are giving some support to the market,” Ichiro Asai, senior strategist of Daiwa Securities said in a commentary.

The Federal Reserve’s 25 basis point rate increase does at the margin put pressure on other central banks to follow suit, including RBI. But the rate differential between India and the US is still wide enough that it should not cause significant fund outflows. RBI also has the reverse repo rate at its disposal, so it doesn’t need to raise the benchmark rate immediately. And, it was expressing concerns about economic growth even prior to Russia’s invasion of Ukraine. On balance, it will probably abstain from a prime rate hike in April even though the Fed has raised in March, and not move until July.

– Mark Matthews, Head of Research Asia, Julius Baer on Fed hike & its impact on RBI

HC tells Mumbai Civic Body to transfer Worli plot title to Century Textiles (Source: Agencies)

Price as on 17 Mar, 2022 11:40 AM, Click on company names for their live prices.

Why JP Morgan downgraded India

Sensex LIVE Updates: Realty firm Godrej Properties Ltd on Thursday said it has sold 855 homes worth Rs 1,650 crore within a year of the launch of its project Godrej Woods in Noida. This includes sales of Rs 509 crore in March 2021 and Rs 1,141 crore so far in FY22, the company said in a statement.

Price as on 17 Mar, 2022 11:07 AM, Click on company names for their live prices.

JP MORGAN CUTS INDIA TO UNDERWEIGHT FROM NEUTRAL

JP MORGAN CUTS INDIA TO UNDERWEIGHT FROM NEUTRAL

Fed has embarked on rate hiking cycle and has guided for an aggressive normalization, as it deems to be the quintessential tool to normalize high Inflation. The aggressive rate hike outlook has come in response to U.S. witnessing a run-away Inflation exacerbated by rising commodity prices led by Geopolitical tensions & supply disruptions and posed with downside risks to global growth. However, with Fed alluding that economy is on a strong footing and that growth is strong, we reckon the rate hike cycle will be navigated much better this time. From Indian markets standpoint, while the impending Fed rate hike has already resulted in strong selling by FII’s in the last few months, the strong support by DII’s has to a great extent mitigated the impact of FII selling. We reckon the markets will take this rate hike cycle in its stride, as prospects remains strong despite the inflationary headwinds and will navigate from the unknown to known territory.

– Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance

Sensex Today LIVE: These stocks rally the most, in tandem with market mood

Price as on 17 Mar, 2022 10:21 AM, Click on company names for their live prices.

Top Sensex contributors as index surges 1K points

Top Sensex contributors as index surges 1K points

Sensex extends gains, up nearly 1000 points

Sensex extends gains, up nearly 1000 points

JUST IN | Moody’s cuts India’s GDP growth forecast to 9.1% for 2022 from 9.5%: Informist

Sensex LIVE Updates: What’s driving market today?

The Fed raising rates by 25 bp was on lines of market expectations. Fed’s projections of another six hikes this year is hawkish and, therefore, the smart rally in markets with S&P 500 and Nasdaq posting 2.24% and 3.17% upmoves respectively was a bit unexpected. The explanation is that the market was oversold and the consequent short covering pushed indices higher. The market drew confidence from the Fed chief Powel’s statement that “the American economy is very strong and well positioned to handle tighter monetary policy.

Short-covering in India, too, will lift markets today. FPIs turning buyers after a long time and softness in crude will support the market. There is upward potential in financials, particularly in high quality private banks in which FPIs were sustained sellers.

— Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Paytm marginally lower on Macquarie’s price target cut

Macquarie has cut the target price on Paytm parent One97 Communications to Rs 450 from Rs 700 while retaining an underperform rating. Macquarie said globally fintech companies have corrected sharply.

Paytm marginally lower on Macquarie's price target cut

Check out the most active stocks on NSE in opening deals

Price as on 17 Mar, 2022 09:23 AM, Click on company names for their live prices.

India VIX cools off over 7%

India VIX cools off over 7%

Sensex LIVE: All sectors in the green; financials lead

Sensex LIVE: All sectors in the green; financials lead

Sensex Heatmap: All constituents trade firm

Sensex Heatmap: All constituents trade firm

OPENING BELL: Sensex surges 850 points, Nifty tops 17,200; HDFC jumps 3%, Axis Bank 2%

Sensex LIVE Updates: SGX Nifty signals a gap-up start

Nifty futures on the Singapore Exchange traded 287 points, or 1.69 per cent, higher at 17,294, signaling that Dalal Street was headed for a gap-up start on Thursday.

Tech View: The 200-day SMA a hurdle for Nifty50

Nifty50 on Wednesday made strong gains and closed near its day’s high, near its 200-day moving average. The index formed a bullish candle on the daily chart and made a higher high-low formation. Analysts said taking out the 17,000 level is a must for any further upside.

Hong Kong stocks rocket 6.69% at open to extend surge

Hong Kong stocks soared more than six percent at the start of trade Thursday morning, extending the previous day’s nine percent gains, as investors pile back in after China’s pledge to support markets. The Hang Seng Index jumped 6.69 percent, or 1,343.21 points, to 21,430.71. The Shanghai Composite Index rose 1.40 percent, or 44.30 points, to 3,215.01, while the Shenzhen Composite Index on China’s second exchange added 1.52 percent, or 31.78 points, to 2,118.02.

Tokyo’s Nikkei index up 3% on Fed rate hike, oil

Tokyo’s benchmark Nikkei index surged over three percent shortly after the open on Thursday, tracking global rallies linked to a US Fed rate hike and another pullback in oil prices. The Nikkei rose 3.14 percent or 808.34 points to 26,570.35 in the first 15 minutes of trading, while the broader Topix index added 2.39 percent or 44.35 points to 1,897.60. Investors were cheered by the US central bank raising interest rates in the Federal Open Market Committee (FOMC) as widely expected, lifting US shares.

US stocks rally despite Fed rate hike

US stocks shook off an afternoon stumble and ended higher on Wall Street Wednesday after the Federal Reserve announced its first interest rate hike since 2018. The S&P 500 rose 95.41 points, or 2.2%, to 4,357.86. The Dow Jones Industrial Average rose 518.76 points, 1.5%, to 34,063.10. The Nasdaq rose 487.93 points, or 3.8%, to 13,436.55.

US Fed hikes interest rate by 25 basis points

The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s, raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year. The central bank’s policy makers expect inflation to remain elevated, ending 2022 at 4.3 per cent, far above the Fed’s 2 per cent annual target. The officials forecast economic growth of 2.8 per cent, down from a 4 per cent estimate in December.

DIIs buy shares worth Rs 773 crore

Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 311.99 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 772.55 crore, data suggests.

Rupee spurts 41 paise to 2-week high

The rupee spurted by 41 paise to close at a nearly two-week high against the US dollar on Wednesday, tracking positive domestic equities and Asian currencies ahead of the US Federal Reserve’s decision on interest rate hike. At the interbank forex market, the local unit opened strong at 76.40 against the greenback and witnessed an intra-day high of 76.19 and a low of 76.44.

Sensex, Nifty on Wednesday

Key indicessurged by nearly 2 per cent led by strong buying support in banking, financial and infra stocks as some positive development in Russia-Ukraine talks boosted investors’ sentiments. Sensex ended the day at 56,816.65 points, up 1039.80 points or 1.86 per cent. Nifty50 surged 312.35 points or 1.87 per cent to 16,975.35.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day





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