Oct 12, 2023
Share Market Highlights: Nifty under 17950, Sensex down 300 pts, snap 3-day winning streak; Bank Nifty 1.2% lower
Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices closed on a negative note on Friday. BSE Sensex dropped 316.94 points to settle at 61,002.5 while Nifty lost 0.5%, closing under the 18,000 level at 17,944. The broader markets also closed largely in the red, as Nifty Oil & Gas was the only sectoral gainer. Bank Nifty declined 1.2%, dragging the indices.
Live Updates 15:55 (IST) 17 Feb 2023 Indian markets following global cues
Lack of major triggers in the domestic market is attracting global cues to dictate the market trend. The US market is facing an unfavourable combination of higher-than-expected inflation and a stronger job market. The PPI (Producer Price Index) in the US came in at 6.0%, in contrast to the expectation of 5.4%. This suggests that interest rates have not yet peaked and will remain elevated for a long period.
– Vinod Nair, Head of Research at Geojit Financial Services.
15:35 (IST) 17 Feb 2023 Markets at close
Indian benchmark indices closed on a negative note on Friday. BSE Sensex dropped 316.94 points to settle at 61,002.5 while Nifty lost 0.5%, closing under the 18,000 level at 17,944.
14:08 (IST) 17 Feb 2023 Markets in red
Indices extended their decline as Nifty fell 125 points to 17,911, paring some losses from its intraday low under 17,900. Sensex slipped 468 points to 60,851.
13:15 (IST) 17 Feb 2023 Bank Nifty falls 1.6%
The banking stocks index fell 1.6% in trade on Friday. Bandhan Bank, IndusInd Bank, Bank of Baroda, AU Small Finance Bank dropped the most, with Bandhan Bank down 3.06%.
12:41 (IST) 17 Feb 2023 Outlook on domestic markets
With progressive Union Budget, capex cycle revival and healthy credit growth & asset quality in banking space, we retain our positive stance on domestic markets. We believe any dips should be used to build a long term portfolio of quality companies that have lean balance sheets, are capital efficient in nature and possess growth longevity.
– ICICIdirect
11:38 (IST) 17 Feb 2023 Further consolidation to help India become attractive again
A DSP MF report mentions that the recent flat performance of Nifty Index compared to a 26% rally in the MSCI Emerging markets index has resulted in the vanishing of the high valuation premium that India had over its emerging market peers. This is a positive development as foreign inflows in India had become muted lately due to high valuations. Further consolidation and steady earnings growth can cause India to become attractive once again as we progress into 2023.
11:15 (IST) 17 Feb 2023 Gold prices hit one-month low
The price of the yellow metal has hit a 1-month low of $1835. The immediate fall in the price of gold is the result of the economic data in the US. The PPI data – a key inflation metric rose in January (MoM). This has led to concerns about Fed introducing more extensive rate hikes to control inflation. The data also pushed the Dollar index towards the 104 level, a higher dollar makes gold buying more expensive.
– Colin Shah, MD, Kama Jewelry
10:22 (IST) 17 Feb 2023 Continue positive bias
“Till the time Nifty remains above 17950 – 17900 on a closing basis, there is no reason to worry for. In fact, soon we would see Nifty challenging the recent hurdles of 18200 – 18250. Before this, 18100 – 18140 are to be seen as immediate resistances. Traders are advised to continue with a positive bias and should focus on stock specific actions.”
– Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One
09:36 (IST) 17 Feb 2023 Currency Strategy
The US dollar advanced on Thursday amid stronger-than-expected economic data from the US. Producer price index increased 0.7% MoM in January 2023, the most in seven months and higher than market forecasts of 0.4%. This raised expectations that the Federal Reserve would have to maintain its elevated interest rate higher for longer. Further, the dollar was supported on rising US 10 year’s treasury yields.
The rupee future maturing on February 24 appreciated by 0.20% amid FII inflows in domestic equity markets.
– ICICIdirect
09:23 (IST) 17 Feb 2023 Nifty uptrend stalled
“The uptrend stalled after peeping into the 18,050-18,110 region, marked down yesterday as the obstacle to clear if 18,300 is to be achieved. This downswing could extend as far as 17,890 before allowing bulls to regroup. Alternatively, a pull back above 18,035 could revive upside hopes, but a vertical rise is less expected.”
– Anand James, Chief Market Strategist, Geojit Financial Services
09:19 (IST) 17 Feb 2023 Markets at open
Indian benchmark indices opened on a negative note on Friday. BSE Sensex dropped 270.75 at 61,048.76 while Nifty lost 0.34%, giving up the 18,000 level at 17,975.
09:10 (IST) 17 Feb 2023 Nifty, Sensex fall in pre-open
Domestic equity indices NSE Nifty and BSE Sensex fall in the morning’s pre-open session. Sensex slid 325 points to 60,994, while Nifty dropped 0.3% to 17,977.
09:08 (IST) 17 Feb 2023 US Inflation worries
“Another hot inflation report that showed price pressures at the wholesale level rose more than expected in January. further fanning worries the Federal Reserve may raise interest rates faster and further than investors have been expecting. A pair of regional Fed bank presidents argued that a larger, half-point rise would have been justified when policy makers met earlier this month.”
– Deepak Jasani, Head of Retail Research, HDFC Securities.
09:06 (IST) 17 Feb 2023 Technical Levels
“The short-term uptrend status of Nifty remains intact and the market has started to face hurdles from near the highs of around 18,150-18,200 levels. Further decline from here could trigger minor weakness for the short term and a sustainable move above 18,150 levels could open more upside towards 18,250 levels,” said Najraj Shetti, Technical Research Analyst, HDFC Securities.
09:05 (IST) 17 Feb 2023 F&O Ban
The National Stock Exchange has BHEL, Punjab National Bank (PNB), Ambuja Cements and Indiabulls Housing Finance stocks on its F&O ban list for 16 February. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
09:05 (IST) 17 Feb 2023 FII/DII Data
Foreign institutional investors (FII) bought shares worth Rs 1,570.62 crore, while domestic institutional investors (DII) purchased shares worth Rs 1,577.27 crore on 16 February, according to the provisional data available on NSE.
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