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
- 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.
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.
What will guide market in coming weeks?
— 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?
— 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 jumps 41 paise to close at 75.80 (provisional) against US dollar
— Press Trust of India (@PTI_News) 1647512238000
Advance-decline ratio at 2:1
Barring IT, all sectors close on firm note
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%
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
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
LIVE | Market veteran @1shankarsharma on hunting for alpha in the markets. Watch @nikunjdalmia @ayeshafaridi1… https://t.co/nPOsyD3J6L
— ET NOW (@ETNOWlive) 1647505988000
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
STOCK IN FOCUS: IIFL WEALTH
#MarketsWithETNOW | IIFL Wealth Management added to FTSE Allcap Index, sources tell @jayeshkhilnani. Take a look at… https://t.co/UBXXunwWdT
— ET NOW (@ETNOWlive) 1647499703000
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
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
#BrokerageRadar | @JPMorgan downgrades #India to Underweight from Neutral; Key Overweight calls are on #Brazil,… https://t.co/10BmKGupZs
— ET NOW (@ETNOWlive) 1647495632000
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
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
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?
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.
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%
Sensex LIVE: All sectors in the green; financials lead
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.