Stock Market Highlights: Nifty ends near 16600, Sensex adds over 800 points as BJP set to take 4 states; IT stocks remain top laggards
Negating geopolitical factors, the Indian markets ended 1.5% higher amid strong show by BJP and its allies in the 5-state assembly election as the saffron party was all set to take Uttar Pradesh, Goa, Uttarakhand, Manipur. The Aam Aadmi Party was poised to replace Congress. benchmark Nifty ended just a shed below 16,600, while the Sensex added more than 800 points.
Nifty mid cap and small cap gained between 0.90% to 1.4% as Nifty Bank led the sectoral indices. The 12-share Bank Nifty too settled near 34,500 with more than 600 points gain. Realty, Consumer Durables, Financial Services and Autos were other prominent gainers. IT ended marginally lower by 0.12% as TCS, Tech Mahindra remained top losers.
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HUL, Tata Steel, Grasim, SBI, IndusInd Bank and JSW Steel were among top gainers, while Coal India, Tech Mahindra, Dr Reddy's, TCS, UPL, ONGC dropped the most.
"The benchmark index Nifty maintained an upside gap during the day, suggesting the presence of strength throughout the day. However, on the higher end, it found resistance at the upper band of the declining channel," said Rupak De, Senior Technical Analyst at LKP Securities.
Over the near term, the market may remain sideward as long as Nifty remains below 16750, he said . "A decisive move above 16750 may induce a rally towards 17000 and higher. On the lower end, support is visible at 16400," the expert added. Here is how it happened, catch all updates here...
Negating geopolitical factors, the Indian markets ended 1.5% higher amid strong show by BJP and its allies in the 5-state assembly election as the saffron party was all set to take Uttar Pradesh, Goa, Uttarakhand, Manipur. The Aam Aadmi Party was poised to replace Congress. benchmark Nifty ended just a shed below 16,600, while the Sensex added more than 800 points.
Nifty mid cap and small cap gained between 0.90% to 1.4% as Nifty Bank led the sectoral indices. The 12-share Bank Nifty too settled near 34,500 with more than 600 points gain. Realty, Consumer Durables, Financial Services and Autos were other prominent gainers. IT ended marginally lower by 0.12% as TCS, Tech Mahindra remained top losers.
See Zee Business Live TV Streaming Below:
HUL, Tata Steel, Grasim, SBI, IndusInd Bank and JSW Steel were among top gainers, while Coal India, Tech Mahindra, Dr Reddy's, TCS, UPL, ONGC dropped the most.
"The benchmark index Nifty maintained an upside gap during the day, suggesting the presence of strength throughout the day. However, on the higher end, it found resistance at the upper band of the declining channel," said Rupak De, Senior Technical Analyst at LKP Securities.
Over the near term, the market may remain sideward as long as Nifty remains below 16750, he said . "A decisive move above 16750 may induce a rally towards 17000 and higher. On the lower end, support is visible at 16400," the expert added. Here is how it happened, catch all updates here...
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Vinod Nair, Head of Research at Geojit Financial Services
Hopes of progress in high-level talks between Russia & Ukraine and a surge in the Asian market, the Indian market started with a strong gap-up. The outperformance was supported by positive state election results being in line with expectations. However, a weak western market ahead of ECB & US CPI data and rise in crude prices added volatility in between.
बाजार को स्थिर सरकार क्यों है पसंद?
किस स्थिर सरकार में निफ्टी ने कितना दिया रिटर्न?
चुनावी नतीजे क्यों बाजार के लिए अहम?जानिए पूरी रिसर्च आशीष चतुर्वेदी से
LIVE https://t.co/3ILYCxtlS1#ResultsOnZee @AshishZBiz @AnilSinghvi_ #ElectionResults2022 #UPElectionResult2022 pic.twitter.com/xoa0FuCVuX
— Zee Business (@ZeeBusiness) March 10, 2022
Palak Kothari, Research Associate, Choice Broking
Technically, Index has covered the Gap and bounce from the 89-HMA which suggest bounce back in the counter. On the Four-Hourly Chart, the index has formed a Hammer Candlestick pattern which points out northward direction in the counter. Moreover, the index has given closing above 21& 50 HMA which adds strength to the price. Momentum indicator is trading with a positive crossover which adds strength for the next day. At present, the index has support at 16400 levels while resistance comes at 16900 levels. On the other hand, Bank nifty has support at 33700 levels while resistance at 35000 levels.
Mohit Nigam, Head - PMS, Hem Securities for Thursday March 10
Following increases in Bank, Realty, and Auto companies, Indian equities markets maintained their upward trend in the current session. In blue-chip equities, there was a lot of buying. The market's optimism has been fueled by the prospect of a favorable outcome from the Russia-Ukraine talks. Another encouraging development occurred when OPEC+ member the United Arab Emirate stated that it supports pouring more oil into the markets, which are experiencing a supply shortage due to US sanctions on Russian oil. If OPEC+ countries agree to raise output, crude oil gains could be limited in the ensuing session. The BJP's strong showing in the state elections encouraged the bullish mood even further. On the global front, Asian markets were trading firm, following Wall Street's overall upbeat cues overnight, amid slightly easing inflation fears as commodities prices fell. Investors should stay cautious because the geopolitical stalemate remains unpredictable, but they can consider buying shares for long-term goals.
Rupak De, Senior Technical Analyst at LKP Securities.
"The benchmark index Nifty maintained an upside gap during the day, suggesting the presence of strength throughout the day. However, on the higher end, it found resistance at the upper band of the declining channel. Over the near term, the market may remain sideward as long as Nifty remains below 16750. A decisive move above 16750 may induce a rally towards 17000 and higher. On the lower end, support is visible at 16400"
As BJP is all set to take control of at least 3 states as per trends, Prabhudas Lilladher Joint MD Amisha Vora is of the view that results are positive from the market's point of view. In conversation with Zee Business Managing Editor Anil Singhvi, she says that SBI and ICICI Bank have good growth prospects
चुनाव के नतीजे बाजार के लिहाज से पॉजिटिव...ICICI और SBI बैंक शेयरों में अच्छी ग्रोथ की उम्मीद: अमीषा वोरा, ज्वाइंट MD, प्रभुदास लीलाधर ग्रुप
देखिए अनिल सिंघवी के साथ खास बातचीत...@PLIndiaOnline @amisha_vora @AnilSinghvi_ #ResultsOnZee #ElectionResults2022 pic.twitter.com/yIcDYI6ZLC
— Zee Business (@ZeeBusiness) March 10, 2022
PNB Housing gets board's nod to raise fund through rights issue. The company plans to raise Rs 2500 crore from the right issue
Global shares wilt as investors see scant hope on Russia-Ukraine talks
A rally for shares wilted on Thursday as analysts warned of further pain for stocks with no immediate end in sight to the war in Ukraine, even after planned diplomatic talks between Moscow and Kyiv had lent momentum to riskier bets, said Reuters
European stocks fell 1.7%, with indexes in Germany and Britain losing 1.9% and 0.9% respectively, a reversal after futures gauges had suggested slim gains in early trade. Automakers suffered the most, falling 0.9%.
Foreign ministers from Russia and Ukraine will meet in Turkey on Thursday in the first high-level talks between the two countries since Moscow invaded its neighbour, with Ankara hoping they could mark a turning point in the conflict. The prospect of talks had buoyed MSCI`s broadest index of Asia-Pacific shares outside Japan by 1.8%, with Tokyo adding 3.9%, its best day since June 2020. Wall Street futures were down around 0.5%, after the S&P 500 posted its biggest one-day percentage gain since June 2020 on Wednesday
Election to have only a day impact, market to stay with Russia-Ukraine crisis: Santosh Meena, Head of Research, Swastika Investmart Ltd.
The outcome of state election results is acting as a tailwind for the Indian equity market however it has the impact of only one day and the main focus of the market will remain on the Russia-Ukraine issue because there are still uncertainties.
US inflations numbers will be announced today which is likely to come at a five-decade high and it will act as a critical factor in the upcoming US Fed meeting. Markets are likely to remain volatile till the Fed meeting. Technically, Nifty witnessed a smart pullback from the 15700 level. However, 16800-17000 is a critical supply area that Nifty has to take out for any trend reversal otherwise there is a risk of sell-off after this pullback.
On the downside, 16500-16400 is an immediate support zone while 16000/15500 is the next critical support level. If Nifty manages to take out the 17000 level then the bulls will be back in the game where 17300/17500 are the next resistance levels.
Short-term traders should watch market behavior in the 16800-17000 zone then trade accordingly while long-term investors should continue to accumulate good quality stocks. Our top preferred sectors are capital goods, infrastructure, real estate, and financials however rising commodity prices are a major challenge in the near term. IT stocks may continue to do well after a recent correction while some private banks like HDFC Bank, Kotak Bank, and ICICI Bank are looking attractive after a recent fall.
The market corrected nearly 1% from their day's high as profit booking took over election euphoria and global factors continued to weigh on. Benchmarks Nifty50 declined more than 1% to trade near 16,500, while the Sensex shed more than 800 points from its high on Thursday. Nifty IT and Media were top drags as market corrected in the late afternoon.
बनाएं आखिरी डेढ़ घंटे में कमाई की स्ट्रैटेजी #FinalTrade में #AnilSinghvi और बाजार के दिग्गजों के साथ..#StockMarketindia | #StockToFocus | #StockInNews@AnilSinghvi_ @deepdbhandari https://t.co/nC0FZRWK63
— Zee Business (@ZeeBusiness) March 10, 2022
Amid profit booking, Nifty slips below 16600 as 44 shares advanced, while 6 declined on the 50-share index. The 30-share Sensex too dropped below 55,500 as ITC, Dr, Reddy's and Tech Mahindra slipped in the red in the afternoon trade.
In the late morning session, bulls had a firm grip on Dalal Street, with both the Sensex and the Nifty maintaining their robust advances. Positive signals from other Asian markets aided the indices in maintaining their upward trend. Union Minister of Commerce and Industry Piyush Goyal stated that venture capitalists have played a critical part in India's startup storey as well as the country's economic growth. He said they have been driving innovation and bringing new ideas to the fore, speaking at the Indian Venture and Alternate Capital Association's (IVCA) Conclave. On the international front, Asian markets were trading higher as Malaysia's unemployment rate stayed constant in January, while the number of unemployed people fell. The jobless rate stayed constant at 4.2 percent in January, according to figures from the Department of Statistics. The jobless rate was 4.9 percent in the same month previous year.- Likhita Chepa, Senior Research, Analyst, Capitalvia Global Research Ltd.
The government will launch a digital rupee in next financial year. The RBI's digital rupee will be based on blockchain technology
The results are in accordance with market expectations, and the price has already been lowered, so there will be no additional market effect from this point forward.- Ravi Singhal, Vice Chairman at GCL Securities
The markets gained more than 2%. One of the factors is the start of the settlement of the war between Ukraine and Russia. This will reduce tensions between the two countries, and international markets will see it as a positive and good move. Furthermore, the probability of the BJP forming a government in 3–4 states out of 5 is high, and the BJP will form a stable government again in the upcoming centre elections in 2024, confirming to investors that the reforms initiated by the BJP and policies implemented by the current government will continue. the market is taking this on a positive note and the market has shown a positive recovery. Furthermore, do not consider the markets to be very bullish; rather, consider them steady. Maintaining a strict stop loss of closure below 15000 in the nifty as a support, investors should hold onto their current positions. Investors should refrain from taking new positions. Sectors that should be focused on in the near future should be EVs, aviation, and food and water resources.- Sudhanshu Singh - Director IBBM (MoneyMakers India Securities)
Full Report: Trends in assembly elections results as per expectations, says Kotak AMC's Nilesh Shah
As per early indications, we are having clear mandate in 4 states Uttar Pradesh, Uttrakhand, Goa and Manipur for BJP which has cheered market as NIFTY gained 2.15% and Bank Nifty gained more than 4% which clearly replicating what almost Exit Polls expected. Benchmark index NIFTY 50 have recovered close to 6% and I am expecting markets to move further from these level as VIX has significantly fell from 32 levels and now at 25 showing volatility to cool down and index further rally towards 17,200-17,300.-Harsh Patidar, Research Analyst at CapitalVia Global Research
राजनीतिक स्थिरता बाजार के लिए पॉजिटिव, अपनी जोखिम समझकर निवेश करने पर फोकस करें : नीलेश शाह, ग्रुप प्रेसिडेंट & MD, कोटक AMC@AnilSinghvi_ | @NileshShah68 pic.twitter.com/o6T6VAyzoF
— Zee Business (@ZeeBusiness) March 10, 2022