Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets opened with gains on Tuesday morning. S&P BSE Sensex rose more than 250 points on the opening bell but was soon seen trading flat with marginal gains,m hovering around 57,250. Nifty 50 index was up 0.20%, holding above 17,200. Bank Nifty was up 0.23% along with broader markets. India VIX, the volatility gauge, was down in red but holding around 19 levels. Bajaj Auto was the top index gainer on Sensex up 1.5%, followed by Bajaj Finserv, Maruti Suzuki India, and Tata Steel. Infosys was again the top laggard, 1.3%, accompanied by HDFC and HDFC Bank.

Inflation worries continue to weigh down on Dalal Street. The wholesale price inflation hit a four-month high of 14.55% in March, data released on Monday showed. The spike in WPI inflation mirrors a broad-based spike in global commodity prices, especially that of oil, in the wake of the Russia-Ukraine crisis. Inflation, both WPI and CPI, have soared sharply. The wholesale inflation reflects the price pressure at the wholesale level to be much more than at the retail level. Analysts worry the rise in inflation will dent India Inc.’s earnings and may force RBI to initiate rate hikes at the next policy meet.

“The upswing anticipated from within the 17300-17158 region got delayed in the face of severe bearish momentum in the first half, culminating in a sizeable breach of the 17158 mark. Yet, the swing back above the 200DMA by close sets up the environment for a visit to the 17250-300 region today. This is an iffy region, which will keep the 16800 move in play. But even if 17300 stands firm for the day, a close above 17171 today could brighten the chances for an extended recovery push towards 17500 later in the week,” said Anand James – Chief Market Strategist at Geojit Financial Services.

“Gold climbed to $1,998.10 on Monday, buoyed by safe-haven demand, as the Ukraine crisis dragged on and inflation concerns mounted. However, the metal later gave up most gains as the dollar and U.S. 10-year Treasury yields firmed. USDINR shall trade in a range between 75.90 to 76.50 levels.  Key companies announcing their quarterly results are ACC, Mastek, LTI etc. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500,” 

Outlook for this week is bullish but a strong dollar is a major headwind for the moment. Couple of important speeches will draw attention. On 19 April Fed’s Bullard will discuss the shape of the US economy and monetary policy. On 21 April Fed chair Jerome Powell and EBC head Lagarde will take part in the IMF panel on the Global Economy. Hence, traders may want to wait for a while before taking a decisive call. MCX Gold June future may experience a small technical correction and price may dip to Rs 52,500 per 10 gram but eventually may rally towards Rs 54,000 per 10 gram in coming weeks.

“Nifty slipped below the crucial support of 17400 and stayed below it throughout the session (Yesterday). The weakness may prevail over the near term as the index continues to remain below 17400. Going ahead, penetration below 17000 looks possible over the near term; on the lower end, support is visible at 16800,” said Rupak De, Senior Technical Analyst at LKP Securities.