20 Apr , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets started Wednesday’s trade with gains. S&P BSE Sensex was up 250 points on the opening bell but soon trimmed gains to trade flat with a positive bias. Nifty 50 was hovering around 17000. Bank Nifty was down with losses and broader markets traded mixed. India VIX regained 20 levels as the volatility index jumped 2%. NTPC was the top Sensex gainer, up 1.5%, followed by Nestle India, Maruti Suzuki India, and Reliance Industries. Kotak Mahindra Bank was the worst-performing stock, accompanied by IndusInd Bank, Axis Bank, and Bajaj Finance.
The Russia-Ukraine conflict, supply chain hiccups, and the sharp up-move in oil prices have forced the International Monetary Fund (IMF) to trim India’s growth forecast for this financial year. IMF now projects India’s economy to grow at 8.5%, down from the 9% that it had projected earlier. The IMF also lowered its FY24 growth projection for India by 20 bps to 6.9%. Global growth will also drop by 20 bps in 2023 to 3.6%. IMF has projected India’s inflation to be at 6.1% in the current fiscal year. India will still remain the fastest-growing major economy.
The US markets ended higher on Tuesday on the back of stronger-than-expected corporate earnings. Asian markets are trading mostly in green on Wednesday as China defied expectations by keeping its benchmark lending rate unchanged.
Key companies announcing their quarterly results are angel one, ICICI securities, Tata elxsi etc. Crucial support for Nifty 50 is 16,900 while Nifty may face some resistance at 17,200.
We are of the view that the short term formation is weak but oversold. For the traders now, 17050/56800 would be the immediate hurdle, below the same correction wave will persist till 16800-16700. On the flip side, a fresh pullback rally is possible only after 17050/56800. Above the same it could retest the level of 17100-17150/57000-57200. Short-term traders should remain cautious and be very selective as there is a risk of getting trapped at lower levels.
“Taking hint from a sharp upsurge in SGX Nifty and overnight rally in US indices, domestic markets may lap up gains in today's early trades. However, the biggest negative catalyst is that the IMF has slashed India's FY23 GDP growth forecast to 8.2%. Also, if the last 5-days bearish trading action at Dalal Street is any indication then market turbulence may again be a theme in today’s trading session on backdrop of headwinds like surging inflation, recession fears, growth concerns, FIIs selling, subdued start to fourth-quarter earnings, and the 10-year U.S Treasury yield touching 2.93%,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.
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