Domestic shares fell for a third straight session on Thursday as hawkish signals from the U.S. Federal Reserve to tackle surging inflation slammed investor sentiment in the run-up to a monetary policy decision at home.
The NSE Nifty 50 index declined 0.94% to 17,639.55, and the S&P BSE Sensex fell 0.97% to 59,034.95.
Minutes of the Fed’s March meeting released on Wednesday showed deepening concern among policymakers that inflation had broadened through the economy and need for tighter monetary policy.
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Wall Street opens lower as Fed, Ukraine worries linger
U.S. stock indexes edged lower at the open on Thursday, with growth stocks under pressure on concerns over a more hawkish Federal Reserve and a setback to the Ukraine peace talks. The Dow Jones Industrial Average fell 57.3 points, or 0.17%, at the open to 34,439.24. The S&P 500 fell 6.5 points, or 0.15%, at the open to 4474.65, while the Nasdaq Composite dropped 27.3 points, or 0.20%, to 13861.489 at the opening bell.
FUND FLOW ACTIVITY
#MarketsWithETNOW | Check out the #FundFlow activity for April 7! https://t.co/g9WT4Kn2In
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Crypto exchanges look at institutional investors, college students as volumes fall
Cryptocurrency exchanges are hoping to rope in large institutional investors on one hand and trying to get college students to explore blockchain deals on the other to stem the drastic drop in daily trading volumes after India introduced tax on virtual digital assets. Many investors and traders are shunning crypto assets as profits will attract 30% tax from April 1. Not just the recent announcement of disallowing set-off would result in loss for most investors, shrinking risk appetite.
Gold marginally higher; silver jumps Rs 224
Gold prices in the national capital on Thursday inched up marginally by Rs 9 to Rs 51,568 per 10 grams in line with firm trend in international precious metal prices and rupee depreciation, according to HDFC Securities. On Wednesday, the yellow metal finished at Rs 51,559 per 10 grams. Silver jumped Rs 224 to Rs 66,139 per kg from Rs 65,915 per kg in the previous trade.
Market Movers: What led to a 12% rally in MTNL?
Mahanagar Telephone Nigam (MTNL) zoomed nearly 12 per cent as the central government said it was deferring the plan to merge it with Bharat Sanchar Nigam (BSNL). “Due to financial reasons including high debt of MTNL, the merger of MTNL with BSNL is deferred,” Minister of State for Communications Devusinh Chauhan told the Rajya Sabha on Wednesday. Government had approved the revival plan of BSNL and MTNL in October, 2019 as part of their revival package. The Cabinet had then also approved a revival package of Rs 29,937 crore for the two loss-making telecom firms.
Tech View
Nifty50 on Thursday fell for the third straight session. It formed a small bearish candle on the daily chart and a lower high-low for the third session. The index may continue with its weakness if the index falls below 17,600 level, said analysts. In such a case 17,400 level is likely, they said. A reasonable negative candle was formed on the daily chart with minor upper shadow, said Nagaraj Shetti of HDFC Securities, who said the pattern indicates a continuation of weakness in the market.
Textile, paper could be the next big plays: Aishvarya Dadheech
We believe deglobalisation can possibly be a theme which could play out for the next couple of years. A lot of these manufacturing units, especially in pharma space, chemical, textile, paper – the manufacturing plus capex theme – can play out for this country and India will not be an exception.
Expect market to remain volatile on Friday: Ajit Mishra, Religare Broking
Markets will remain volatile on Friday as participants would react to the outcome of the MPC meet. We expect MPC to maintain the status quo on rates however commentary on inflation and growth would be actively tracked. On the index front, a close below 17,700 may result in further decline towards 17,550 levels however resilience in the banking pack is certainly positive. Keeping all in mind, it’s prudent to stay light in the first half and let the markets stablise.
Markets fell third day in a row now with benchmark index down almost 1%. The fall was on account of expected fed rate hike in next meeting. In coming days, we expect some correction in market bound by results of Q4. The market was also volatile on account of expiry. Investors are advised to use any fall to add fundamental stocks in their portfolio, as the market looks positive in coming days.
– Rahul Sharma, co-founder Equity 99
Volatility increased as the market approached the RBI policy meet outcome. The latest sectoral outperformers like metals, power and oil & gas sectors were the most hit including mid & small caps. If announcements are in-line with market expectations, like rates being unchanged, inflation forecast moderately increased and robust economic outlook maintained, then the market will trade positively considering corrections during the week and falling crude prices or else challenges will prevail.
– Vinod Nair, Head of Research at Geojit Financial Services
Nifty has fallen from the rising channel on the daily chart which suggests a waning bullishness. The daily RSI is in a bearish crossover. The trend looks negative for the near term. On the lower end, support is visible at 17450 whereas resistance is seen at 17750-17800.
– Rupak De – Senior Technical Analyst at LKP Securities
MARKET AT A GLANCE TODAY
#MarketsWithETNOW | #Nifty Metal declines over 1.5% to snap 4 day gain, NALCO falls most. Check out how benchmark i… https://t.co/vFstVVTd38
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Top 5 gainers & losers on NSE today
Price as on 07 Apr, 2022 03:42 PM, Click on company names for their live prices.
Sector Watch: Barring pharma, realty, all indices end in the red
Sensex Heatmap: 19 of 30 stocks settled in the red
- Top gainers: Axis Bank, HUL, ICICI Bank
- Top losers: Titan, HDFC, HDFC Bank
CLOSING BELL: Sensex extends losing run to 3rd day, drops 575 pts; Nifty below 17,650; Titan falls 3%; MTNL rallies 13%
Adani Group now bigger than HDFC Group
#MarketsWithETNOW | Adani Group now ranks third on the bourses! Take a look at the market cap addition by Adani Gro… https://t.co/LOhRxDirlE
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Sensex live today: Index extends fall in afternoon trade, falls nearly 600 points
Tata Motors on Thursday said it has bagged an order for 1,300 commercial vehicles from VRL Logistics.
Price as on 07 Apr, 2022 01:57 PM, Click on company names for their live prices.
Drug maker Lupin on Thursday said it has completed the acquisition of a portfolio of brands from Anglo-French Drugs & Industries Limited (AFDIL) and its associates. The acquisition will strengthen the company’s India formulation business by adding a fast-growing portfolio of vitamins, minerals, supplements and neurological products, the Mumbai-based drug maker said in a statement.
Price as on 07 Apr, 2022 01:46 PM, Click on company names for their live prices.
Market live updates: OIL & GAS index tanks over 2.5%
Most stocks in the red, IGL and Petronet only gainers
Top gainers & losers from tourism & hospitality space
Price as on 07 Apr, 2022 01:40 PM, Click on company names for their live prices.
Solar Industries says to buy 45% stake in Zmotion Autonomous Systems
Price as on 07 Apr, 2022 01:11 PM, Click on company names for their live prices.
European shares rise as defensives rally, hawkish Fed weighs
Healthcare stocks helped European shares recover on Thursday from their worst session in a month, even as hawkish Federal Reserve minutes and Washington’s new sanctions against Russia kept investors cautious. The pan-European STOXX 600 index rose 0.5% after losing 1.5% in the previous session. Defensives led the sectoral gains, with healthcare jumping 1.4% to a record.
Should you hold Uma Exports after a better than expected listing?
However, post listing market experts are suggesting investors to book profits, either fully or partially, and look for better opportunities.
Saurabh Joshi, Research Analyst at Marwadi Financial Services, said, “We had assigned avoid rating to this IPO as the company operates in a competitive environment with a low margin profile.” He recommended investors to exit as the stock is trading at a good premium to its issue price.
BSE IT index top sectoral loser
Sensex live today: Index off day’s low, down 150 points
PSU Bank index rallies nearly 2%; all constituents in the green
GCPL expects price-driven sales growth in domestic market in Q4/FY22
- FMCG maker Godrej Consumer Products Ltd (GCPL) expects to deliver a “close to double-digit sales growth” in the domestic market in the January-March quarter driven entirely by pricing.
- Overall, short-term challenges such as unprecedented global commodity inflation and the performance of its Indonesia business, continued to play out during the quarter, impacting consumption and margins, the company said.
- At a consolidated level, the company expects to deliver a “higher than mid-single-digit sales” growth and “lower year-on-year EBITDA margins” on the profitability front, during the January-March quarter.
Escorts, IDFC, Titan among top losers on NSE in morning…
Read More: Sensex Today: Stock Market Highlights Today: Nifty50 forms bearish candle; support seen