Share Market Crash | Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in negative territory on March 13. The NSE Nifty 50 closed 338.00 points or 1.51% lower to settle at 21,997.70, while the BSE Sensex lost over 906.07 points or 1.23% to settle at 72,761.89. The broader indices closed in the red, with smallcap and microcap stocks bleeding the most. Nifty Midcap 100 lost 2,115.45 points or 4.40% to settle at 45,971.40.
The NSE Nifty 50 closed 1.51% lower at 21,997.70, while the BSE Sensex closed 1.23% lower at 72,761.89.
ITC, Kotak Bank, ICICI Bank, Cipla, and Bajaj Finance were the top gainers in the Nifty 50. While Power Grid Corp, Coal India, Adani Enterprises, Adani Ports, and NTPC were the major losers in the Nifty 50 on March 13.
Adani Green Energy falls 13% to an intraday low of Rs 1,650 a share. The stock was the worst hit among the Group companies. It has a lower band of Rs 1,517 or 20% and touched the 52-week-low of Rs 681 on March 14, 2023.
SBI stocks fell over 1% to Rs 750.60 after it filed a compliance affidavit in the electoral bonds case. The bank submitted the affidavit a day after it sent all the details regarding electoral bonds to the election commission. The bank said that from April 2019 to February 2024 around 18,800 electoral bonds were purchased and more than 20,400 binds were redeemed.
Courtesy: NSE
Courtesy: NSE
ITC, Kotak Bank, ICICI Bank, and Britannia were the only stocks trading in the green were the top gainers in the Nifty 50. While Adani Enterprises, Adani Ports & SEZ, Power Grid, NTPC, and Coal India were the major losers in the Nifty 50 on March 13.
Courtesy: NSE
“The Bank Nifty index encountered significant volatility but successfully maintained support at the 20DMA around the 46800 mark. Strong resistance is evident at the 47800 level, and a breakthrough at this point could lead to new all-time highs. The index continues to adhere to a ‘buy on dip’ strategy, contingent upon the preservation of the mentioned support levels,” remarked Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
The NSE Nifty 50 was down 220.70 points or 0.99% lower at 22,115.00. While the 30-stock BSE Sensex was down 544.09 points or 0.74% lower at 73,123.87.
Shares of Power Grid Corporation fell 6% to an intraday low of Rs 267.65. The stock was the major loser in the Nifty 50 among its peers. The stock has a lower band at Rs 256.65. It touched its 52-week low of Rs 164.03 on March 28, 2023.
ITC, Britannia, Nestle India, ICICI Bank, and TCS were the major gainers in the Nifty 50. While Power Grid Corp, NTPC, Adani Enterprises, Adani Ports, and Coal India were the key laggards in the Nifty 50 on March 13.
Shares of Muthoot Capital rose 6% to an intraday high of Rs 307 after it partnered up with Greaves Cotton’s evfin to expand electric two-wheeler financing across India. The partnered firms will together launch a co-lending arrangement to boost EV two-wheeler financing availability across the nation. Both the finance companies collaborated on a deal of Rs 150 crore.
The sectoral index was trading lowest among its peers.
Analyzing the technical outlook of Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, commented that the index underwent a volatile trading session characterized by an ongoing tug-of-war between bulls and bears. The emergence of a doji candle indicates uncertainty at current levels, and a decisive breakout in either direction could trigger significant trending moves. Nifty’s immediate resistance is identified at 22,500, and a conclusive break above this level on a closing basis would signify a resumption of the upward trend. Conversely, the immediate support is established at 22,200-22,150, and maintaining levels above this range could lead to a potential recovery in the index.
The shares of ITC jumps 7.55% to Rs 435 on the following news that British American Tobacco (BAT) Plc has announced its plan to sell approximately 3.5% of its stake in ITC to institutional investors through block deals on Wednesday. As ITC’s largest shareholder, BAT will retain around 25.5% ownership even after the transaction, maintaining a strategic position in the largest domestic cigarette maker.
ITC, Nestle India, Wipro, LTIMindtree, and SBI Life Insurance were the top gainers in the Nifty 50. While Power Grid, Bharti Airtel, NTPC, ONGC, and Coal India were the major losers in the Nifty 50 on March 13.
The NSE Nifty 50 opens up by 0.43% at 22,432.20, while the BSE Sensex gains 0.44% to 73,993.40 in the opening trade.
On March 12, 2024, foreign institutional investors (FII) acquired shares with a net value of Rs 73.1 crore, while domestic institutional investors (DII) purchased shares totaling a net value of Rs 2,358.2 crore, as per provisional data accessible on the NSE.
Shares of ITC could be under pressure in the near term amid a large supply of shares after an expected 3.5% stake sale by British American Tobacco. A near-term top seems to be in place around Rs 500-odd levels which happened just before the announcement of the demerger of the hotel business into a new entity in August 2023, said Manish Chowdhury, Head of Research at StoxBox.
“However, we remain constructive on the company from a medium to long-term perspective owing to its strong brand recall and enormous runway for its FMCG business ahead. With inflation expected to moderate further ahead, especially on the rural side, we expect volumes in the overall business to come back as we move forward. At the current valuation, we believe that most of the negatives are already priced in and investors could start considering adding the stock to their portfolio at every dip,” said Chowdhury.
Shares in the Asia-Pacific region are experiencing mixed trading on Wednesday morning. The Asia Dow is up by 1.07%, while Japan’s Nikkei 225 is in the red, showing a 0.45% decline. Hong Kong’s Hang Seng index is trading lower by 0.20%, and the benchmark Chinese index, Shanghai Composite, is down by 0.09%.
Excessive liquidity drove up midcap and smallcap stock prices, often exceeding their justified values based on earnings. The surge in funds flowing into these segments compelled fund managers to invest, further inflating valuations. Authorities have acknowledged the situation and proposed potential regulations. Given the historical volatility of small and midcap stocks, it’s crucial for investors to exercise caution in allocating funds, whether directly in stocks or through mutual fund SIPs. Investors should be prepared for the inherent volatility in small, mid, and microcap stocks, as corrective phases have occurred before. Regulatory steps aim to safeguard the interests of small retail investors, said Gaurang Shah, Senior Vice President at Geojit Financial Services.
WTI crude prices are currently at $79.97, marking a 0.53% increase, while Brent crude prices are trading at $82.28, reflecting a 0.44% uptick on Wednesday morning.
The US Dollar Index (DXY), gauging the dollar’s value against a basket of six foreign currencies, experienced a 0.06% decline, trading at 102.90.
According to Bloomberg, the U.S. stock market staged a recovery despite the latest inflation figures having little impact on expectations that the Federal Reserve will reduce rates later this year. The tech-focused Nasdaq Composite concluded the session with a gain of 246.37 points or 1.54%, reaching 16,256.64. The S&P 500 also recorded an increase of 57.33 points or 1.12%, closing at 5,175.27, while the Dow Jones Industrial Average finished higher by 235.83 points or 0.61% at 39,005.49.