21 Apr , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets opened Thursday’s session with gains. S&P BSE Sensex was up more than 350 points or 0.6% to sit around 57,370 while the NSE NIfty 50 index was up 100 points or 0.6%, well above 17,200. Bank Nifty index zoomed 0.75% and neared 36,600 while India VIX fell 4% to sit just below 18 levels. Broader markets were also inching higher. Reliance Industries continued to dominate, up 1.5% as the top Sensex gainer, followed by Bajaj Finserv, IndusInd Bank, and Bajaj Finance. Nestle India was the worst-performing stock, along with Tata Steel and Bajaj Auto.
Information Technology major HCL Technologies will report its quarterly earnings today. So far TCS and Infosys have reported their January-March quarter results among IT companies and Dalal Street has not been impressed. Analysts at ICICI Direct had earlier said that HCL Technologies’ revenues will be partially offset by a cross-currency impact of 30 bps. EBIT margins for the quarter are expected to contract 80 bps on-quarter basis, due to negative operating leverage and continued salary rationalisation amid high attrition. HDFC Securities believes profits could take a hit by 5.6% on-quarter basis to Rs 32.49 billion.
“Though the 17180 congestion region did stall the first advance on expected lines, consistent trades above 17050, hint at accumulation, which along with the inside bar, encourages us to play more upsides today. A reasonable target to look for, with the present move, would be 17380, while the performance near 17250 will be crucial towards setting the trend for the next week,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Reliance Industries' share price hit a new high of Rs 2,771 per share on Thursday. The stock was the top stock gainer on Sensex on Thursday morning.
Today, market participants will be keeping an eye on the Fed Chairman’s speech and any hawkish comments is likely to extend gains for the greenback. We expect the USDINR(Spot) to trade with a positive bias and quote in the range of 76.05 and 76.50.
We are witnessing a major upheaval in the rupee as the currency rose from 76.50 to 76.18 giving an opportunity for importers to hedge. Overall, the factors are indicating this might be a short reversal and we might again see a depreciating trend towards 76.60 -76.70. The strength in the US dollar index is likely to keep the rupee's appreciation limited. Besides, the fundamental factors are weaker considering the crude oil prices trading above $100/bl, widening trade deficit, FII outflows etc. Overall, we continue with our expectations for the USDINR to continue to trade in the range of 76-77.00 in the short term.
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