Sensex up 54 pts, Nifty holds 17,600; NDTV gains 5%, Adani Enterprises 4%

CLOSING BELL: Technically, shares of NDTV have rallied four-fold since December 2021, staging one of its biggest rally since 2007-08

CLOSING BELL

Stock market highlights: Domestic equities whipsawed in trade on Wednesday as investors juggled between expensive valuation, tepid global mood, and robust domestic outlook. 

The S&P BSE Sensex, eventually, closed at 59,085, up 54 points or 0.09 per cent. The NSE Nifty50, meanwhile, ended 27 points, or 0.16 per cent, higher at 17,605. In the broader markets, the BSE MidCap and SmallCap indices advanced 0.7 per cent each.

Among sectors, the Nifty Media index climbed 1.7 per cent, the Nifty Realty added 1.8 per cent, and the Nifty Private Bank index gained 1.6 per cent. On the downside, the Nifty IT and Pharma slipped 0.3 per cent each.

The NDTV saga

Retail shareholders/investors stand to gain the most in the short-to-medium term from Gautam Adani group’s takeover bid for Prannoy Roy and Radhika Roy-controlled New Delhi Television Ltd. (NDTV), said analysts. READ MORE

Technically, shares of NDTV have rallied four-fold since December 2021, staging one of its biggest rally since 2007-08. On the upside, the stock can surge to Rs 450. READ MORE

DreamFolks Services IPO

The three-day issue of DreamFolks Services sailed through on the very first day on the back of robust retail participation. The issue was subscribed 1.4 times till 3:00 PM with retail portion's subscription at 6.5 times.

4:00 PM

Expert view: Bulls and bears battle it out amid weak global cues

"Bulls and bears continued to battle it out in the domestic market as weak global cues persisted, keeping the market under pressure. The US economy contracted amid muted demand conditions with the service sector witnessing a sharp decline. Markets in Europe experienced a protracted sell-off as a result of investor's concern over the oil crisis and the uncertain growth outlook."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

3:59 PM

Nifty tech view: Near resistance seen at 17,700

"The Nifty remained choppy during the day and moved within bands of 17,500 and 17,600. The daily RSI is in bearish crossover. However, it has sustained above the important near term moving average during the day. The trend for the short term looks sidewards. On the higher end, resistance is visible at 17,700; whereas on the lower end, support is visible at 17,500/ 17,400."

 

- Rupak De, Senior Technical Analyst at LKP Securities
 

3:59 PM

Bank Nifty view: Bank Nifty could see short-covering up to 40,000 level

"The Bank Nifty index was the clear outperformer in today's trading session and has surpassed the immediate hurdle of 39,000. The index remains in a buy-on-dip mode with immediate support at the 38,500 level where a strong base has been formed. The next hurdle on the upside is placed at 39,200 and once taken out will see further short covering towards the 40,000 level on the upside."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities 

3:59 PM

Primary Market Update:: Strong retail demand seen for DreamFolks Services IPO

DreamFolks Services Limited IPO was subscribed up to 1.5 times as of 3:50 PM. The retail quota was subscribed 6.9 times. 

Source: BSE

3:52 PM

Adani Group's open offer lifts NDTV to 14-year high, stock hits upper limit

The stock was locked at the 5 per cent upper limit at Rs 388. The existing promoter group (Roy family) of NDTV has claimed Adani group firms had acquired the stake without consulting its promoters, thus, there may be some legal repercussion ahead. READ MORE

3:50 PM

Tejas Networks surges nearly 7%, nears 52-week high on hopes of robust revenue growth

Post 5G spectrum auctions, we expect to see a multi-year capex spend cycle for building both wireline and wireless infrastructure, said the company in its annual report. READ MORE

3:48 PM

Ujjivan Financial hits 52-week high, gains over 6% on heavy volumes

Shares of Ujjivan Financial Services (UFSL) hit a 52-week high of Rs 203.55 on the back of heavy volumes. The counter saw trades of around 49.45 lakh on the NSE. The stock has gained more than 100 per cent in the last six months. READ MORE

3:44 PM

Nifty IT, Pharma indices among notable losers

3:43 PM

Sectorally, Nifty Realty, Media and Private Bank indices gain the most

3:41 PM

Broader indices, mainly Smallcaps, Midcaps outperform benchmark Nifty 50

3:39 PM

Nifty 50:: Top FIVE gainers and losers on Wednesday

3:38 PM

Sensex 30 Heatmap:: IndusInd, NTPC shine; Tata Steel, Titan whine

3:36 PM

NSE Nifty 50 adds 27 points, settles at 17,605

3:34 PM

Closing Bell:: S&P BSE Sensex ends 54 points higher at 59,085

3:23 PM

BSE 500:: Volume Shockers

IFB Industries has witnessed unusually high volume of around 1.35 lakh shares on the BSE so far as against its five-day average volume of around 1,460-odd shares. Similarly, Ajanta Pharma, Biocon, RBL Bank and Tata Coffee witnessed a significant spike in volume on Wednesday.