Covid-19 tames D-St bulls; Sensex tumbles 871 pts; IT stocks climb

The overall market breadth on the BSE was in the ratio of 1:2 with two stocks falling against every stock that rose, as against a 1:4 ratio on the 30-share index

4:40 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 14800. While it is subject to further price action evolution, The technical factors are aligned to support a short-term consolidation in the near future.  the market is expected to attempt a breakout above the 14900 mid of the month. Any corrective wave down should find support around 14400. As such, The traders are advised to refrain from building a fresh buying position until the market witnesses a correction to the 14400 level or a breakout above 14900. The volatility is observed to expand in today’s trading session indicating profit booking and distribution of stocks at a higher market level.

 

4:25 PM

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

Strong cuts have been witnessed in today’s session as nifty closed a day at 14638 with loss of one & half per cent forming a bearish candle on the daily chart. The overall structure still looks of narrow consolidations as index rejected around 14900 zone third time on hourly charts and we saw good profit booking from the same levels, now if index managed to sustain below 14700 zone then we may see next move towards its previous swing low of 14300 zone and if it managed to hold above 14700 zone then some relief rally can be seen

4:17 PM

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

"The market witnessed a huge sell-off today as India’s second wave of Covid-19 is getting bigger than anticipated and is expected to ruin the pace of economic recovery. High valuation added further concern due to a possible downgrade in Q1FY22 earnings. Barring IT, metal and telecom, all sectors remained in the red. A policy decision in the upcoming MPC announcement and Q4 earnings will define the market volatility in the coming days

4:05 PM

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

The week started on a negative note for the Indian markets mainly due  to sharp surge in COVID-19 cases across the country. Despite, stable global cues, the Indian indices lost its ground and ended with losses of nearly 1.5% to end at 14,638 levels. The broader markets too were not spared as both BSE Midcap and Smallcap ended with losses of nearly 1% each. On the sector front, IT, Healthcare and Metals ended with healthy gains whereas Banking, Auto, and Realty were the top losers.

 

The sharp surge in COVID-19 cases has dented investor sentiments and has increased fear of harsh restrictions which would impact economic activity. Going forward, government actions to curb the surge would be one of the important factors to watch out for investors. Further, the upcoming RBI monetary policy would be actively tracked by investors. We expect the RBI to maintain its dovish stance and leave key rates to be unchanged.

3:58 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Markets opened gap down following strict guidelines issued in Maharashtra amidst rising coronavirus cases with BFSI and Rate Sensitives taking a knock ahead of the Monetary Policy. However Technology, Steel and Pathology Labs bucked the downtrend and posted handsome gains

3:55 PM

BSE Snapshot

3:52 PM

Broader market :: S&P BSE SmallCap ends 1% down

3:49 PM

Broader market check :: MidCap index outperforms headline indices

3:48 PM

Index contributors :: Financials, RIL,ITC drag indices

3:45 PM

Sectoral trends on the NSE :: IT, metal stocks buck the trend

3:42 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

The frontline S&P BSE Sensex dropped 1,449 points in the intra-day deals to hit a low of 48,581 amid heavy selling in banking, financial services, and realty counters. However, a sharp rally in the IT ahead of the March quarter results gave investors some solace and the index ended 870.5 points, or 1.74 per cent, down at 49,159 levels.

 

On the NSE, the Nifty50 index recovered 179 points from the day's low level of 14,459, and settled at 14,638 levels, down 229 points or 1.5 per cent.

 

3:28 PM

Robust kickoff to FY22 marred by anxieties over Covid resurgence

Last week, a lot of good news came on the economic front. The Goods and Services Tax (GST) collection exceeded Rs 1.23 trillion in March 2021, an increase of 27 per cent over March 2020. Exports touched $34 billion last month, powered by robust demand abroad, an increase of 58 per cent year-on-year (YoY).

 

Imports also rose over $48 billion, an increase of 58 per cent YoY. Auto companies reported over 100 per cent growth in sales over the same month last year. READ MORE

3:23 PM

This smallcap infra stock has surged over 130% thus far in 2021

Thus far in the calendar year 2021 (CY21), the stock of smallcap construction & engineering company has zoomed 138 per cent, as the company secured orders worth Rs 234.85 crore during the fourth quarter of financial year 2020-21 (Q4FY21). In comparison, the S&P BSE Sensex has moved up 3 per cent during this period. With strong rally in past couple of month, shares of the company have soared 228 per cent from its issue price of Rs 120. The company debuted at the exchanged on October 15, 2020. READ MORE

3:17 PM

Sebi's framework to curb instances of stock market spoofing kicks off

The new framework to curb instances of stock market spoofing kicked off on Monday, whereby serial offenders could face trading disablement of 15 minutes to two hours.

 

In spoofing, traders place a large number of buy or sell orders, with an intent to cancel before those orders can be executed. READ MORE

3:08 PM

Pressing question before India's tech unicorns: Where to bring an IPO?

Internet initial public offering (IPO) news is coming from all corners: Flipkart, PolicyBazaar, Zomato, Ola, Freshworks, PepperFry, Nykaa and Delhivery are all at various stages of finalising their plans. According to an HSBC Global Research report, more than $60 billion was invested in India’s internet sector in the past five years – around $12 billion of that in 2020 alone. There were 34 unicorns in India as of February, according to research firm Tracxn. READ MORE

3:01 PM

Bank asset quality may suffer as impact of relief measures dwindles: Icra

The headline pro forma gross non-performing assets (NPAs) and net NPAs reported by banks do not reflect the underlying stress on the asset quality of banks as the quantum of loans in the overdue categories has increased post the moratorium period and this will lead to a rise in non-performing assets of the banks. READ MORE

2:57 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
Adani Total Gas	1020.00	1196.00	1160.30	13.75
Fortis Health.	201.00	227.20	221.05	9.98
Adani Transmissi	1004.50	1099.05	1088.45	8.36
Mahindra Holiday	211.60	232.70	228.10	7.80

2:55 PM

Oil price slips to $64 as rising OPEC+ supply, Iranian output weighs

Oil slipped to around $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and hopes for a wider demand recovery in 2021.

 

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. Iran is also boosting supply. READ MORE

2:45 PM

FPIs increase exposure in Tata Steel, SAIL on surge in steel prices

Foreign portfolio investors (FPIs) have increased their exposure in Tata Steel and Steel Authority of India Ltd (SAIL) since the rally in steel prices. In Tata Steel, FPI holding was up by 5.69 per cent and in SAIL by 0.93 per cent between October and December; in JSPL and JSW Steel, it was marginally down by 0.72 per cent and 0.03 per cent, respectively. While FPI holding in Tata Steel saw a sharp increase, overall institutional holding was up by just 1.33 per cent. All major steel companies, in fact, saw an increase in institutional holding; in JSW Steel, it was up 0.42 per cent, JSPL 0.99 per cent and SAIL 0.19 per cent. READ MORE

2:35 PM

Use market volatility and correction to invest for the long-term: Analysts

The sharp fall in markets on Monday and the likely volatility going ahead should not spook investors, say analysts, who should look at investment-worthy opportunities and buy from a medium-to-long perspective. They, however, caution that the markets are likely to be on a roller-coaster ride all through April given the slew of events stacked up ahead, and expect stock-specific movement as counters react to March 2020 quarter numbers. READ MORE

2:23 PM

Adani Total Gas zooms 36% in 5 days, surpasses Adani Ent in m-cap ranking

Shares of Adani Total Gas rallied 13 per cent to hit a new high of Rs 1,196 on the BSE in intra-day trade on Monday, surpassing its group company Adani Enterprises in terms of market capitalisation (m-cap) ranking. The stock of the integrated oil & gas company has zoomed 36 per cent in the past five trading days. At 01:37 pm, the m-cap of Adani Total Gas stood at Rs 1.31 trillion while that of Adani Enterprises was at Rs 1.24 trillion, the BSE data shows. Adani Enterprises stock was trading 2 per cent higher at Rs 1,131 around the same time. READ MORE

2:16 PM

Pressing question before India's tech unicorns: Where to bring an IPO?

Internet initial public offering (IPO) news is coming from all corners: Flipkart, PolicyBazaar, Zomato, Ola, Freshworks, PepperFry, Nykaa and Delhivery are all at various stages of finalising their plans. According to an HSBC Global Research report, more than $60 billion was invested in India’s internet sector in the past five years – around $12 billion of that in 2020 alone. There were 34 unicorns in India as of February, according to research firm Tracxn. READ MORE

2:10 PM

How long will the RBI continue with its extreme accommodative stance?

The Reserve Bank of India (RBI) is expected to hold interest rates for a fifth straight time and maintain an accommodative policy stance after the meeting of its monetary policy committee (MPC) on Wednesday. In the past few policy review meetings, the RBI’s MPC emphasised that the accommodative monetary policy stance would be maintained as long as it was necessary to revive growth on a sustained basis in 2020-21 and into the next financial year. READ MORE

 

2:03 PM

Federal Bank's loans grow by 9% growth in FY21, deposits rise by 13 %

Private sector lender Federal Bank posted a nine per cent growth in advances at Rs 1,34,876 crore for the financial year ended March 2021 (Fy21). It had posted 11.02 per cent growth in loans in the last year ended March 2020 (Fy20).

 

Provisional data showed that between early January and March 2021, advances rose Rs 6,696 crore, according to the lender’s filing with BSE. READ MORE

1:52 PM

Yes Bank loans & advances up 0.8% at Rs 1.73 lakh crore by end of Mar'21

Yes Bank on Monday said its loans and advances grew by a marginal 0.8 per cent on a year-on-year basis to Rs 1,72,850 crore at the end of March 2021. However, the figures are provisional and are being released ahead of the official announcement of the financial results for the quarter ended March 31, 2021, Yes Bank said in a regulatory filing.

 

(Text Source: PTI)

1:48 PM

Adani Ports invests Rs 2,800 cr to up stake in Krishnapatnam Port to 100%

Gautam Adani-led Adani Ports and Special Economic Zone Ltd (APSEZ) today announced acquisition of the residual 25 per cent stake in Adani Krishnapatnam Port Ltd, (Krishnapatnam Port) for Rs 2,800 cr.

 

This will result in APSEZ increasing its stake from 75 per cent to 100 per cent in Krishnapatnam Port, the company informed in a release. READ MORE

1:36 PM

Sensex recover marginally from day's low

1:29 PM

Adani Total Gas breaches 52-week high

1:25 PM

IndusInd Bank's advances up 3% YoY and sequentially in Q4FY21

Private sector lender IndusInd Bank saw its advances go up 3 per cent year-on-year (YoY) and sequentially in the March quarter of FY21 (Q4FY21) at Rs 2.13 trillion. In the December quarter, its net advances stood at Rs 2.07 trillion. The bank told stock exchanges its deposits have gone up by 27 per cent YoY to Rs 2.56 trillion, of which retail deposits and deposits from small business customers amounted to Rs 95,811 crores at the end of March 2021. Sequentially, the deposit book of the bank was up 7 per cent as the bank had a deposit book of 2.39 trillion at the end of December quarter. READ MORE