The key benchmark indices closed on a positive note on Tuesday amid high volatility. The benchmark indices continued to swing amid high volatility, with bouts of recoveries followed by fresh selling pressure. At close, the Sensex was up 187.39 points or 0.33% at 57,808.58, and the Nifty was up 53.20 points or 0.31% at 17,266.80. About 1062 shares have advanced, 2180 shares declined, and 83 shares are unchanged.
Titan Company, Axis Bank, Maruti Suzuki, Sun Pharma, ICICI Bank, and Bharti Airtel were other top gainers, rising between 0.35 per cent and 1 per cent. On the NSE, the Nifty50 index shut shop at 17,267, up 53 points. In the intra-day deals, it had hit a low of 17,044. ONGC, Indian Oil Corporation, Power Grid, SBI Life, L&T, TCS, Tata Consumer Products, Kotak Bank, HDFC Bank, Ultratech Cement, Shree Cement, and SBI were the top laggards on the Nifty index, dropping in the range of 1 to 2.8 per cent.
In the broader markets, the BSE SmallCap was hit harder as it declined 1.4 per cent on the exchange today. The BSE MidCap index, meanwhile, slipped 0.45 per cent. Sectorally, the Nifty Metal and PSU Bank indices each ended 0.8 per cent higher. Among losers, the Nifty Realty index dipped 0.8 per cent, followed by the Nifty IT index, down 0.3 per cent.
Shares of Adani Wilmar listed at Rs 221 on the BSE, a discount of nearly 4 per cent over the issue price of Rs 230. On the NSE, it listed with a minor loss of 1 per cent at Rs 227. However, post listing, strong demand from investors saw the stock stage a smart recovery as it rallied to a high of Rs 265.
Shares of Bank of Baroda (BoB) hit an over two-year high of Rs 117.50, and gained 4 per cent on the BSE in Tuesday’s intra-day trade, in an otherwise weak market. The stock hit its highest level since July 23, 2019.
Prashanth Tapse, vice president (research), Mehta Equities Ltd., said: “Expect volatility and choppiness to be the hallmark at Dalal Street in the near term due to Russia’s military incursion into Ukraine and US Federal Reserve’s aggressive statements on its rate hike decision going ahead. Caution will continue to be the order of the day and any intraday rallies are likely to be stomach-churning.”
On Nifty’s technical outlook today, Mohit Nigam, head – PMS, Hem Securities, said: “On the technical front 17,045 and 17350 are immediate support and resistance in Nifty 50. For Bank Nifty 37,500 and 38,400 are immediate support and resistance respectively.”
Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 1157.23 crore, data available with NSE suggested. DIIs turned net sellers to the tune of Rs 1,376 crore, data suggests.
Global Markets
European shares extended gains on Tuesday after the European Central Bank chief eased concerns around faster monetary policy tightening this year, while investors also found comfort in a positive corporate earnings season. The benchmark STOXX 600 was up 0.3 per cent, as of 0830 GMT. Oil stocks were among the biggest gainers in the pan-European index, advancing 0.8 per cent after BP reported a profit of $12.8 billion in 2021, the highest in eight years, as natural gas and oil prices soared.
Wall Street ended lower on Monday, as investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped following reports of interest from potential buyers, including Amazon. Dow Jones ended flat at 35,091.13. S&P 500 plunged 0.37 per cent to 4,483.87 Nasdaq dropped 0.58 per cent to 14,015.67
Asian shares opened mostly higher on Tuesday despite falls on Wall Street over lingering uncertainties about the fast-spreading Omicron variant, inflation and Ukraine worries, but investors focused on corporate earnings. MSCI’s index of Asia-Pacific shares outside Japan was up by 0.06 per cent.Japan’s Nikkei gained 0.40 per cent, South Korea’s Kospi rose 0.90 per cent, Australia’s ASX 200 added 0.87 per cent, China’s Shanghai dropped 0.13 per cent, Hong Kong’s Hang Seng fell 0.98 per cent.
Whereas, oil prices eased a wee bit as concerns over tight supply were offset by signs of progress in nuclear talks between the US and Iran. Brent crude was down 0.6 per cent at $92.69 a barrel, and WTI oil futures slipped 1.3 per cent to $91.32 a barrel.
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