Indices end choppy day in the red; Sensex dips 31 pts; banks, metals bleed

Broader markets, meanwhile, remained better placed. The S&P BSE MidCap and SmallCap indices each ended around 0.4 per cent higher

5:07 PM

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

Indian benchmark equity indices ended marginally in the negative for the third consecutive session on March 16 after selling in the second half erased the early gains. Nifty opened gap up and made an intra day high at 1040 am. Post that it sold off gradually through the day. At close, the Nifty was down 19 points or 0.13% at 14,910.50.

 

Nifty failed to sustain at higher levels attracting profit booking. However the falls are also limited as bottom fishers keep emerging on the horizon. 14723-15048 is the range for the Nifty; a breach of this band could lead to accelerated move in that direction.  

 

 

5:01 PM

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

FMCG and technology stocks saved the market today, otherwise the Nifty/Sensex would have reached 14,800/50000 again due to weakness in bank stocks and metal companies. The global market was stable and long-term bond yields were also trading in the short-range. We believe that the markets would remain on the sidelines until the FOMC meeting is completed (Results will come Thursday morning in the US) Keep an eye on the 14750/49800 and 15100/51000 range. Long positions should be bought between the levels of 14750/14800 (49800/50000) with a stop loss of 14700/49600 in the near future. We are likely to see trending activity after the FOMC meeting. The focus should be on FMCG and Infrastructure related stocks

4:52 PM

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

The short term trend of Nifty is choppy and the market is struggling to sustain the intraday gains. One may expect similar sideways movement with lower levels recovery for the next session. The overall chart pattern of intraday-60 min/daily timeframe signal a chances of an upside bounce from here or from the lows in the short term. Immediate resistance is placed at 15050.

4:38 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets traded subdued and ended almost unchanged, in continuation to the prevailing consolidation phase. The benchmark started with an uptick, tracking supportive global cues and inched further higher initially but profit-taking in the index majors trimmed all the gains as the session progressed. Consequently, the Nifty ended flat at 14,911 levels. A mixed trend was witnessed across sectoral indices wherein banks, realty and metals were the top losers while IT and FMCG ended in the green. Amid all, the broader indices, midcap and smallcap, outperformed and ended higher by 0.4% and 0.3%.

 

The US markets are doing comparatively well despite caution ahead of the Fed meet and rising bond yields. At the same time, our markets are facing pressure and hovering in a range, after the subdued macroeconomic data and rising in the COVID cases. We feel the prevailing consolidation would end soon. Meanwhile, we suggest avoiding directional trades and preferring hedged positions.

4:24 PM

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

Technically, the benchmark index has traded below its 21-days Moving Averages, which suggest some weakness in the counter for the near term. Moreover, The MACD indicator on the daily basis has given negative crossover, which points out for a negative breath in the index. At present, the Nifty index has a strong resistance at 15060 levels while downside support comes at 14750 levels.

4:17 PM

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

The market failed to show resilience to stay above the Nifty 50 Index level of 15000. While it is subject to further price action evolution, The technical factors are aligned to support a lackluster market movement going forward. Any corrective wave down should find support around 14750. As such, The traders are advised to refrain from building a fresh buying position until we witness a correction till 14750 levels. The  volatility is observed to expand in today’s trading session indicating profit booking and distribution of stocks at a higher market level.

 

4:06 PM

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

Index opened a day with gains but not able to sustain on positive zone and closed day at 14920 with mild loss & formed a bearish candle on the daily chart. On the higher side, 15000-15050 zone is strong hurdle we have been witnessing selling pressures from mentioned levels so for the fresh upside index need to sustain above 15050 zone, immediate support is coming near 14800-14750 zone any break below said levels can increase selling pressure

3:51 PM

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

Indian market is impacted due to rising crude prices and selling by both FIIs & DIIs. We can expect FII selling to calm down post the Fed policy meet and ease in US bond yield, as an accommodative outlook is expected. The domestic sentiment is suppressed by rising covid-19 cases increasing the risk of a second wave and fall in macro data like production & rise in inflation

3:48 PM

Broader market check :: MidCap index ends higher

3:45 PM

Index contributors :: Heavyweights weigh on Sensex

3:43 PM

Sectoral trends on the NSE

3:42 PM

Sensex Heatmap at Close

3:37 PM

CLOSING BELL

The benchmark S&P BSE Sensex ended 31 points, or 0.06 per cent, lower at 50,364 levels. On the NSE, the Nifty50 closed at 14,910 levels, down 19 points or 0.13 per cent. 

3:30 PM

NEWS ALERT :: IOC declares 2nd interim dividend of Rs 3/share

3:29 PM

NEWS ALERT :: Cabinet approves setting up of Development Finance Institution, says FM

>> The DFI is for infrastructure creation

>> Capital infusion this fiscal is Rs 20,000 crore.

>> FM says DFI will have certain tax benefits for ten years.

 

>> DFS secretary adds: We are giving clean slate for setting up DFI... DFI will have a professional board with 50% eminent directors

3:23 PM

NEWS ALERT :: FM's press conference begins

>> Nirmala Sitharaman and Prakash Javadekar are scheduled to hold PC on cabinet decision.

3:10 PM

This Adani Group stock has zoomed over 1,000% from March 2020 low

Shares of Adani Green Energy, on Monday, hit a new high of Rs 1,245, up 4 per cent on the BSE in intra-day trade, thus surpassing its previous high of Rs 1,220, touched on November 24, 2020. With today’s gain, the stock has zoomed 1,004 per cent from its 52-week low level of Rs 112.70, hit on March 17, 2020. READ MORE

3:00 PM

Covid influenced 84% of ultra-wealthy Indians to rethink succession plans

Knight Frank, an international property consultancy, in their Attitudes Survey 2021, cited that 84 per cent of Indian ultra high net worth individuals (UHNWIs) have reassessed their attitudes to succession planning in light of Covid-19.

 

UNHWI's from countries such as Canada (90 per cent), Turkey (85 per cent) and South Africa (80 per cent) has primarily redefined succession planning; globally, around 60 per cent of UHNWIs have reassessed their succession planning during the pandemic. READ MORE

2:48 PM

Stocks that hit 52-week high on BSE today

Company	PRICE(rs)	52 WK HIGH	CHG(%)
3M India	27985.65	28600.00	1.79
Adani Green	1213.25	1245.00	1.33
Coforge	2988.65	3013.05	5.73
Deepak Fertiliz.	232.60	238.00	-0.11
Edelweiss.Fin.	88.40	91.70	3.03

2:44 PM

NEWS ALERT :: Adani, JSW Energy emerge winners in India 1.2 GW wind power bids

(Source: Bloomberg)

2:35 PM

NEWS ALERT :: Gland Pharma enters into an agreement to supply up to 252 million doses of Sputnik V

>> Gland Pharma will be leveraging its manufacturing capabilities for the production of Sputnik V COVID-19 vaccine. The agreement will see Gland Pharma utilising its Drug Substance and Drug Product facilities at its sites in Hyderabad. The production is expected to commence from third quarter of 2021 for estimated delivery starting from fourth quarter of 2021.

2:33 PM

BUZZING STOCK:: MPhasis surges 6% in an otherwise volatile market

2:23 PM

Sensex Heatmap at this hour

2:14 PM

Relay Strike: PSU non-life & life insurance staff to go on strike

The unions in the non-life and life sectors will be going on strike protesting against the government's decision to privatise one of the general insurance companies, increasing foreign direct investment limit to 74 per cent and divest stakes in LIC by an initial public offer (IPO), union leaders told IANS. READ MORE

2:05 PM

European markets check

(Source: Reuters)

1:54 PM

Fall from intra-day high in BSE500 stocks in today's session

COMPANY	DAY'S HIGH(RS)	DAY'S LOW(RS)	LATEST(RS)	FALL(%)
Bliss GVS Pharma	123.40	104.30	104.30	-15.48
Meghmani Organ.	128.15	113.65	115.40	-9.95
VRL Logistics	259.95	239.55	240.00	-7.67
Guj Pipavav Port	106.25	99.00	99.70	-6.16

1:45 PM

NEWS ALERT :: Union Ministers Nirmala Sitharaman & Prakash Javadekar to brief press on Cabinet decisions

>> Press briefing is scheduled at 3 PM today

1:43 PM

Intellect Design Arena trades higher for 6th day; stock hits record peak

Shares of Intellect Design Arena hit a new high of Rs 609.40, surging 17 per cent on the BSE, in the intra-day trade on Tuesday on the back of heavy volumes. Trading volumes on the counter jumped nine-fold today with a combined 3.4 million equity shares changing hands on the NSE and BSE till 01:14 pm. The stock of the IT software products company was trading higher for the sixth trading days, surging 32 per cent during the period. Besides, in the past two months, the stock has zoomed 81 per cent as compared to a 3 per cent gain in the S&P BSE Sensex. READ MORE

1:35 PM

Analysts game for Rakesh Jhunjhunwala-backed Nazara Technologies

Nazara Technologies is an Indian gaming and sports media platform with presence in India, North America, Africa and Middle East. Its product portfolio includes offerings across interactive gaming, eSports and gamified early learning ecosystems like World Cricket Championship & Carrom Clash in mobile games, Kiddopia in gamefied early learning, Nodwin & Sportskeeda in eSports and eSports media, and Halaplay and Qunami in skill-based, fantasy and trivia games. READ MORE

1:28 PM

Bet on these winners from Ashish Kacholia's portfolio for more gains

Poly Medicure Limited (POLYMED): The consolidation breakout has tripled the stock price, as per the monthly chart. Although this move may see some profit-booking, until the stocks holds the support of Rs 720 levels, the profit booking may see a reversal towards the uncharted territory of Rs 1,000 and Rs 1,200 levels. The stock price is continuously witnessing buying momentum in the overbought territory of Relative Strength Index (RSI), reflecting the inherent strength. READ MORE