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Sensex ends choppy day 42 pts up; Asian Paints jumps 8%, Tata Steel down 4%

On a weekly basis, both, the Sensex and the Nifty50 indices slipped around 1 per cent each

SI Reporter New Delhi
MARKET LIVE: Sensex, Nifty fluctuate; Nifty Metal dips 3%, FMCG stocks gain

3 min read Last Updated : May 14 2021 | 5:05 PM IST
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5:05 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market continues to witness a lack of momentum and stayed in the range between 14600 to 14750. As of now, the short-term technical condition of the market appears like a sideways correction is in the process. While it is subject to further price action evolution, It is prudent to wait for a decisive breakout above 14800 and technical factors to improve before going long in the market. The traders to refrain from building a fresh buying position until further improvement is seen and breakout above 14800.
 

4:56 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short term trend of Nifty is choppy with weak bias. The present market action signal chances of an upside bounce in the coming sessions. The confirmation of higher bottom at 14591 (Friday's Low) is expected to pull the market on upside. The next upper levels to be watched around 14900-15000 in the next one week. Immediate support is placed at 14590.

4:46 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

The last week has been volatile for the traders, the week started on a  positive note but due to extremely uncertain global cues index shed over 370/ 1100 points or nearly 1 percent.  
 
Among Sectors, after a robust rally metal stocks witnessed profit booking, in this week alone the Metal index corrected over 4.5 percent.
 
Whereas, some buying was seen in PSU Banks and selective FMCG stocks. Technically, on daily charts the market has formed a lower top kind of formation, but at the same time the Nifty is hovering near 20 and 50 day SMA with modest volume activity. 
 
We are of the view that, the broader texture of the market is still in to the bullish but due to weak global market conditions market may consolidate in the range of 14500 -14800/48200 - 49200 in the near future 14590/48470 should act as a strong support level for traders below the same correction wave likely to continue up to 14500/48200. Further down side may also continue which could drag in the index up to 14390/47800. On the flip side, 14800/49200 should be the sacrosanct level for the bulls above the same uptrend wave likely to continue up to 14950-15100. /49750-50100

4:36 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian benchmark equity indices ended flat after a mildly volatile day on May 14. Nifty opened slightly higher but kept seeing repeated bouts of sell-offs followed by bounces through the day. At close, the Nifty was down 18.70 points or 0.13% at 14677.80.
 
After two weeks of gains, the Nifty ended the week 0.98% lower as coronavirus cases continue to surge, triggering concerns that a wider lockdown may be reimposed. Advance decline ratio was again negative suggesting continued profit taking in the broad market. The sell-off seen in The US markets on May 12 has unnerved a lot of investors as the likelihood of inflation/interest rate hike led sell-off across the globe is becoming stronger. However as the Nifty refuses to close at the intra day lows over the past two days, hopes of a short term upmove are still alive. 14506-14851 seems to be the new band for the Nifty for the near  term. 
 
 

4:26 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Market swung between gains and losses in today’s volatile trade as gains in Consumer and Capital goods were countered by losses in Metals and Auto stocks. Owing to a decline in food prices, April’s retail inflation eased to 4.29% while Industrial production for March registered a growth of 22.4% supported by lower base.  Global markets traded with optimism on Fed official comment stating that they are not much concerned about long-term inflation

4:17 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index closed a week at 14678 with loss of nearly one per cent and formed a dark cloud cover sort of candle pattern on weekly chart which is bearish reversal candle by nature. Supports are still placed at 14600-14500 zone holding above said levels structure mildly bullish and we may see some extension in current pull back towards strong hurdle zone of 14800-14950 zone where one can lock in their profits

4:06 PM

Markets this week :: Top losers on NSE

JSW Steel (6.6%)

Grasim (5.7%)

Hindalco (4.6%)

Adani Ports (4.5%)

Axis Bank (4.4%)

4:05 PM

Markets this week :: Top gainers on NSE

PSU Bank & PSU Index gain over 3% each for the week.

Individual gainers: Asian Paints (8.5%), UPL (7.5%), Power Grid (6.7%), IOC (6.7%), Coal India (4.3%) 

3:59 PM

Markets this week

Sensex, Nifty and MidCap indices lose 1% each

Nifty Metal slips after gaining for three weeks, falls over 4%. 

Nifty Bank slides over 2%.


3:56 PM

BSE Snapshot

3:55 PM

Rupee Closing

Rupee ends higher at 73.29 per US dollar vs Wednesday's close of 73.42/$

3:53 PM

Sector Watch :: ITC, Emami, Nestle led FMCG index's outperformance

3:51 PM

SECTOR WATCH :: Realty stocks underperform; DLF, IBREL slip up to 5.6%

3:48 PM

Metal-heavy Nifty ends in the red amid heavy profit-booking in related stocks

>> Nifty Metal index slips nearly 4% today

>> Index slips 4.5% during the week

3:45 PM

Stocks that supported the Sensex today

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Topics :MARKET WRAPMarketsSensexNifty50

First Published: May 14 2021 | 8:01 AM IST

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