13 Apr , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market indices opened in green on Wednesday despite March inflation spiking to a 17-month high level. BSE Sensex opened at 58,910.74 points, up over 300 points from last session, while Nifty 50 opened at 17,599.90 points, up nearly 70 points. On BSE Sensex, Tata Steel, Bajaj Finance and Bharti Airtel were among the top gainer stocks, while the stocks of Dr Reddy’s Laboratories, Titan Company and Asian Paints were among top losers on the benchmark index. India Vix is down over 4.5 per cent at 17.30 levels.
Retail inflation soared to a 17-month high of 6.95% in the month of March, much above the upper tolerance band of the Reserve Bank of India. This is for the third straight month that inflation has stayed above the RBI’s 2-6% tolerance band. The sharp rise in food prices is seen as a catalyst for the same and now could push the Monetary Policy Committee (MPC) to start the rate hike cycle sooner rather than later.
Hariom Pipe Industries shares listed at a stellar premium to the IPO price on Wednesday while domestic markets soared higher. Shares of the company began trading at Rs 220 per share on the NSE, up 43.79% from the upper end of the IPO price of Rs 153 per share. Hariom Pipe had a market capitalisation of Rs 545 crore on its market debut. The IPO of the company was oversubscribed by all pockets of investors earlier this month. Retail investors subscribed to the issue in the largest numbers. Sensex and Nifty were trading with gains, up more than 0.50?ch, attempting to reverse their bearish momentum.
The domestic equities are trading slightly under pressure as FIIs have sold almost Rs. 7,800 crore worth of stocks and bonds over the last 3 sessions. As today is the last working day of the week for the Indian traders, they would surely carry a lesser risk for their exposures and hence importers could rush to cover their short-term payables. On another side, exporters are advised to convert their inward remittances on a 'Spot basis' to avoid higher Cash/Spot charges. The risk over the next 4 days could be heightening war tension as Russia is suspected to test chemical weapons, ECB policy, wild move in US yields & DXY, and reversal in oil prices. Overall, the bias for the pair remains slightly bullish upto 76.40-50 levels in the near term. The immediate support lies at 75.80 and further at 75.30 levels.
All major sectoral indices such as Nifty Bank, Nifty FMCG, Nifty Metal and Nifty Realty were up in early trading on Wednesday. Nifty Bank was up 0.40 per cent at 37,898 level while Nifty FMCG was up 0.92 per cent at 38,280.05.
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