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March 29, 2022 / 04:04 PM IST

Closing Bell: Nifty ends above 17,300, Sensex gains 350 pts led by pharma, realty; PSU banks drag

On the sectoral front, except oil & gas, all other indices ended in the green, with pharma and realty indices up 1 percent each and capital goods index added 0.65 percent. BSE midcap and smallcap indices added 0.6 percent each.

  • IndexPricesChangeChange%
    Sensex54,690.33371.86 +0.68%
    Nifty 5016,365.90106.60 +0.66%
    Nifty Bank34,577.60275.70 +0.80%
    Nifty 50 16,365.90 106.60 (0.66%)
    Wed, May 18, 2022
    Biggest GainerPricesChangeChange%
    Tech Mahindra1,219.0020.80 +1.74%
    Biggest LoserPricesChangeChange%
    JSW Steel633.45-8.40 -1.31%
    Best SectorPricesChangeChange%
    Nifty IT30602.80384.10 +1.27%
    Worst SectorPricesChangeChange%
    Nifty Metal5692.55-34.90 -0.61%


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  • March 29, 2022 / 04:46 PM IST

    Prashanth Tapse, Vice President (Research), Mehta Equities:

    The market mood remained relatively upbeat amidst falling crude-oil prices on backdrop of media reports that Russia was no longer going to demand Ukraine be "denazified" in the upcoming negotiations.

    The index mostly will aim to strengthen higher on backdrop of recent fall in oil prices as investors will continue to monitor developments in the Russia-Ukraine war and consider tighter monetary policy from the Federal Reserve in the year ahead.

    Technically, positive bias as long as Nifty holds above its 200 DMA at 17053 mark. Nifty bears will look to sharpen their claws only below the 17053 mark.

  • March 29, 2022 / 04:05 PM IST

    Ashwin Patil, Senior Research Analyst at LKP Securities.

    Despite the fall, Hero MotoCorp does not look very attractive to us in the long term mainly due to pressure on its volumes and a tepid outlook given the rise in fuel costs, slow recovery in both urban and rural markets and a 25-30% hike in acquisition costs of the two-wheelers since the pandemic started. 

    However, the knee jerk reaction shown today in the stock may see some recovery tomorrow provided the management gives a satisfactory clarification to the street.

  • March 29, 2022 / 04:05 PM IST

    Rahul Sharma, Co-founder Equity 99: 

    Markets ended bullish with the broader indices up by 0.60%. This was on the hope of positive outcome form the peace talks between Russia and Ukraine. The fall in oil price also supported the market. 

    However, the rising inflation, increase in crude oil rates and US FED rate hike need to be considered. This can affect the market for the short term. However, in the long run markets will give good move and we advise to maintain buy on dips strategy at major levels.

    For Nifty50, 17300 will act as very strong support, if this level is breached than 17255 will be next strong support, post which market might take support at 17150 level. On upper side 17440 will be strong resistance, if this level is breached than next hurdle will be 17530 post which 17600 will act as strong resistance level.

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  • March 29, 2022 / 04:02 PM IST

    Palak Kothari, Research Associate at Choice Broking:

    Index has been trading in a range of 17000-17400 level for 8th trading day, as index has opened on green note but made an intraday low at 17235.70 level and closed the session at 17325.30 level with a gain of 103.30 points. Bank Nifty closed the session at 35847.40.

    Technically, the Nifty50 is trading near to the resistance levels & above 50-day Simple Moving Averages indicates further strength. The index has confirmed the hammer candlestick on a daily chart which confirms the strength in the counter. 

    However, the momentum indicator STOCHASTIC in trading with positive crossover on daily charts which indicates upside movement can be seen. Moreover, the index has managed to close above 21-HMA, sustained above the same can show northward direction. 

    The Nifty may find support around 17000 levels while on the upside 17400 may act as an immediate hurdle for the index. On the other hand, Bank Nifty has support at 35300 levels while resistance at 36500 levels.

  • March 29, 2022 / 03:56 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Reports of peace talks between Russia and Ukraine along with weakening crude prices helped the global markets to trade firm. Gains in the Asian markets were led by Japanese shares as the Bank of Japan maintained its ultra-loose monetary policy in order to control rising yields. 

    Crude prices are settling following the prospects of a peace talk and in expectation of lower demand from the Chinese market due to increased covid restrictions.

  • March 29, 2022 / 03:51 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities:

    Nifty ended the session just below the resistance of 17330. The benchmark index witnessed a recovery following a hammer candle on the daily chart. 

    Going forward, 17330 may continue to act as the point of polarity. 

    A decisive move beyond 17330 may induce a strong rally in the market. On the lower end, support is visible at 17200.

  • March 29, 2022 / 03:35 PM IST

    Market Close: Indian benchmark indices ended near the day's high level with Nifty comfortably closing above 17,300 led by the pharma, realty and capital goods.

    At Close, the Sensex was up 350.16 points or 0.61% at 57,943.65, and the Nifty was up 103.30 points or 0.60% at 17,325.30. About 1307 shares have advanced, 1917 shares declined, and 89 shares are unchanged. 

    Eicher Motors, Divis Labs, JSW Steel, HDFC and Adani Ports were among the top Nifty gainers.

    On the other hand, Hero MotoCorp, ONGC, Coal India, IOC and ITC were among the big losers.

    On the sectoral front, except oil & gas, all other indices ended in the green, with pharma and realty indices up 1 percent each and capital goods index added 0.65 percent.

    BSE midcap and smallcap indices added 0.6 percent each.

    Hero MotoCorp share price slipped nearly 7 percent after Income Tax department alleged that the company made bogus expenses of over Rs 1,000 crore.

    Bharti Airtel share price jumped 3 percent after the company along with unit Nettle Infrastructure Investments, had bought 12.71 crore shares of Indus Towers from an affiliate of UK’s Vodafone Group Plc for Rs 2,388.05 crore.

    SBI Life Insurance Company share price rose over 2 percent on a block deal worth Rs 596.5 crore today morning and yesterday's sale of 0.56 percent stake in the firm by Canada pension fund at a price band of Rs 1,039-Rs 1,077 apiece as per CNBC-TV18.

    G R Infraprojects shares rose 4 percent after company has emerged as L-1 bidder for two projects - four laning of existing 2-lane stretch from Govindpur to Rajura in Maharashtra, and another four laning of existing 2-lane stretch from Bamni to MH/TG Border in Maharashta on Hybrid Annuity Mode under Commercial Operation NH(O).

    Shares of Ruchi Soya Industries added 15 percent after investors in Ruchi Soya's Follow-on Public Offer (FPO) have allowed to withdraw their bids, all because of an advertisement that was termed as misleading by the market regulator SEBI. However, the extension of FPO, only for withdrawal of bids briefly caused confusion among investors.

  • March 29, 2022 / 03:23 PM IST

    Oil prices rise on tight supplies, stable demand:

    Oil prices rose on Tuesday, recovering some of the previous session's losses as Kazakhstan's supplies continued to be disrupted and major producers showed no sign of being in a hurry to boost output significantly.

    Brent crude rose $1.41, or 1.3%, to $113.89 a barrel at 0848 GMT, and U.S. West Texas Intermediate (WTI) crude was up 95 cents, or 0.9%, at $106.91. Both benchmarks had lost about 7% on Monday.

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  • March 29, 2022 / 03:17 PM IST

    G R Infraprojects emerges as L-1 bidder for two projects:

    G R Infraprojects has emerged as L-1 bidder for two projects - four laning of existing 2-lane stretch from Govindpur to Rajura in Maharashtra, and another four laning of existing 2-lane stretch from Bamni to MH/TG Border in Maharashta on Hybrid Annuity Mode under Commercial Operation NH(O).

    G R Infraprojects was quoting at Rs 1,507.65, up Rs 58.45, or 4.03 percent on the BSE.

  • March 29, 2022 / 03:09 PM IST

    I-T department alleges Hero MotoCorp made bogus expenses of over Rs 1,000 crore

    Income Tax department alleged that Hero MotoCorp made bogus expenses of over Rs 1,000 crore. The Income Tax investigation work is in progress, quoting Source, reported CNBC-TV18.

    I-T Department has conducted search ops at Hero MotoCorp from March 23-26 and has covered over 40 locations including Chairman Pawan Munjal’s residence.

     I-T department alleges Hero MotoCorp made bogus expenses of over Rs 1,000 crore  

 Income Tax department alleged that Hero MotoCorp made bogus expenses of over Rs 1,000 crore. The Income Tax investigation work is in progress, quoting Source, reported CNBC-TV18. 

 I-T Department has conducted search ops at Hero MotoCorp from March 23-26 and has covered over 40 locations including Chairman Pawan Munjal’s residence.
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