Sensex see-saws 487 pts, ends 14 pts down; HDFC Bank, RIL top laggards

In the broader markets, the S&P BSE MidCap index slipped 0.3 per cent as against the S&P BSE SmallCap index that rose 0.3 per cent

5:13 PM

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

The short term trend of Nifty remains positive. There is a possibility of further consolidation or minor weakness in the next 1 or 2 sessions before showing upside bounce from the lows. Immediate support is placed at 15130.

4:59 PM

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

Indian benchmark equity indices ended little changed on May 25 after a volatile session. Nifty opened higher, but started to fall soon thereafter. After making an intra day bottom at 1430 Hrs, a small recovery followed. At close, the Nifty was up 10.80 points or 0.07% at 15208.50.

 

Volumes on the NSE were a little short of recent averages as participants did not want to carry forward a lot of positions ahead of the F&O expiry on May 27. Among sectors, Consumer Durables and IT gained the most, while Banks and Power fell the most.

 

Asian stock markets followed Wall Street higher Tuesday as inflation fears eased and investors regained an appetite for risk. European shares rose to record highs on Tuesday, aided by a rally in tech stocks after soothing comments from the Federal Reserve and efforts by China to nail down commodity prices.

 

Nifty has again run into resistance closer to 15300 levels. Reports of a fresh stimulus package in India have raised hopes of an economic turnaround soon. 15137-15294 will be the trading band for the Nifty in the near term. 

4:42 PM

Sectors to track on Wednesday

In a volatile trading session, markets failed to hold on to its early gains and ended on a mixed note. This means that the expiry pressure is higher in the market. Technology and FMCG stocks were the strengths of the market today, else the market would have closed in negative territory. The Nifty has made a higher bottom at 15163 and rebounded sharply to close above the previous day's closing.  It looks like the market is preparing to cross the all-time highest level, which is at 15431.

The basic trend of the market is bullish and our strategy should be to buy on dips or at major supports. The 15125 and 15050 levels should be major supports. On the higher side, 15330 and 15430 levels would be major obstacles. On Wednesday, the focus should be on Auto, Pharmaceuticals and Financials.

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

4:32 PM

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

Market witnessed a positive opening following reports of next set of stimulus measures and declining covid cases while a selling streak in banking stocks forced the market to shed its morning gains and close flat. As per the reports, the central government is preparing the next set of support measures to minimize the second wave's economic impact, especially for worst-hit sectors. Barring financials that witnessed profit booking, all major sectors traded in the green. Supported by global markets as Fed officials reiterated that the inflation is transitory beating down worries.

4:23 PM

How to navigate a side-ways market?

In absence of any major event, global cues will continue to dictate the market trend in near future. Besides, any news of unlocking by the state governments will also be closely watched as we’re seeing a sustained decline in new COVID cases. We feel the choppiness may continue especially in the F&O stocks ahead of the upcoming monthly expiry of May month contracts. Traders should align their positions accordingly and continue with the “buy on dips” approach.

Views by: Ajit Mishra, VP - Research, Religare Broking

4:11 PM

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

Nifty again closed with minimal gains at 15,208 and formed a bearish candle on the daily chart. The index has a very good base around 15,100-15,000 and, thus, any dip near the said levels will be a good buying opportunity, keeping the overall stop out level below 15,000-mark. Until & unless we don’t see any close below 15K. the structure will be positive and we may head towards 15,330-15,430 zone. These levels, however, will be immediate levels to book profits on the higher side

4:01 PM

MARKET OUTLOOK :: Nifty may surpass 15,600 in a fortnight

Double rejections at 15,250 on Monday, one each at the opening hour and the closing hour, had raised the possibility of a pullback today. So, even though, opening burst took Nifty shortly past 15,250, it could not sustain, lending a weak bias through the first half of the day. This was mostly led by banks. However, positive global cues, as well as expectations of sectoral stimulus, held Nifty together, with metals as well as IT leading the charge. Besides the derivatives expiry, traders will also be eyeing the 3rd phase of peak margin rules, which calls for a higher margin requirement for intraday trades. Nevertheless, the technical structure looks set for taking Nifty well past 15,600 in a fortnight

Views by: Anand James, Chief Market Strategist at Geojit Financial Services

3:56 PM

BSE Snapshot :: Advance to decline ratio remains 1:1

3:54 PM

Broader market :: S&P BSE SmallCap outperforms benchmarks

>> The index hit record high of 23,495.73 in intra-day deals

3:51 PM

Broader market :: BSE MidCap index ends in the red after hitting record high

>> The index hit fresh new peak of 21,844.75 earlier today

3:48 PM

NSE Snapshot :: Top Nifty50 gainers today

3:45 PM

Sensex contributors :: HDFC Bank, RIL top drags on the index today

3:43 PM

Sectoral trends on the NSE :: Banks and financials extend decline

3:42 PM

Sensex Heatmap at Close

Top gainers: Asian Paints, Titan, Bajaj Finserv

Top losers: HDFC Bank, Axis Bank, RIL

3:36 PM

CLOSING BELL

During the day, the BSE barometer of 30 shares gyrated within a band of 490 points and eventually settled 14 points lower from previous day's closing at 50,637.5 levels. On the NSE, the Nifty50 defended the psychological level of 15,200 and shut shop at 15,208, up 11 points. 

3:28 PM

NEWS ALERT :: Subex says US arm receives waiver of Rs 6 cr under US Paycheck Protection Programme

3:17 PM

Economic Pulse :: India's GDP to grow at better-than-expected rate of 1.3% in Q4, says SBI report

The country's GDP is likely to grow at 1.3 per cent in the fourth quarter of 2020-21 and may see a contraction of around 7.3 per cent for the full financial year, according to an SBI research report 'Ecowrap'.

 

The e-National Statistical Office (NSO) will release the GDP estimates for the March 2021 quarter and provisional annual estimates for the year 2020-21 on May 31. READ MORE

3:03 PM

Asian central banks can do little as Covid cases surge, recovery falters

Asia’s surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to further support what, until recently, had been the world’s stand out economic recovery. With interest rates already low, the likely policy response will center on more government borrowing, relegating central banks to a supporting role. That backdrop will overshadow decisions this week where policy makers are expected to keep rates on hold -- Indonesia, South Korea and New Zealand. READ MORE

2:54 PM

Sectoral trends on the NSE at this hour

2:53 PM

Fed balm lifts European shares to record high amid tussle over yuan

European shares rose to record highs on Tuesday, soothed by reassurance from Federal Reserve officials that monetary stimulus won't be clawed back anytime soon. Sentiment in Europe was also underpinned by the latest IFO indicator which showed that the upswing for the German economy, Europe's largest, is picking up pace after the knock from COVID-19. READ MORE

2:43 PM

BROKERAGE VIEW :: Macquarie maintains 'Outperform' rating on HDFC Bank

The management believes the bank is on track when it comes to deliverables promised to RBI. The 2nd wave will have some impact on restructured assets as well as customers who have taken moratorium last time around but the impact will be range bound.

The stock at 2.8x FY23E P/BV is trading at a ~15-20% discount to its historical average. Overall, in our view, the technology related issues are a blip in the overall functioning of the bank and the bank continues to be on a strong footing to capture market share and maintain its high levels of profitability. We would encourage investors to add the stock at current levels

2:42 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(%)
Adani Transmissi	1589.30	1450.65	1450.65	-8.72
PNB Housing	440.00	401.95	404.65	-8.03
La Opala RG	287.65	263.50	265.05	-7.86
Indoco Remedies	368.70	333.60	341.00	-7.51

2:31 PM

Twitter Talk :: Indian markets will add another $1 trillion to its m-cap in 3 years, says Vikas Khemani

2:21 PM

Listen in! Can metal stocks gain their mojo back? Here's what analysts say

Metal stocks naysayers say the rally wasn't supported by demand fundamentals but was rather led by the price rise. Even then, any investor who would have put money in the Nifty Metals index a year ago would have tripled their investment. As for individual stocks, the returns range between 35-850% in the past year. Even on a YTD basis, the Nifty Metals pack has rallied 57% as against a rise of 9% in the Nifty50 pack. LISTEN TO THE PODCAST HERE

2:10 PM

Tech Glitch :: Brokerage firm MOFSL faces tech issues, services affected

2:01 PM

RIL, TCS, Infy and SBI common thread in India's m-cap milestones

Reliance Industries (RIL), Tata Consultancy Services (TCS), Infosys and the State Bank of India (SBI) are the only four consistent names in the list of top 10 companies when India hit the milestone of $1 trillion, $ 2 trillion and $ 3 trillion in market capitalisation. India first hit the $1 trillion m-cap mark in May 2007. Over a span of 14 years, the top 10 list has undergone considerable change with names like Reliance Communications, ONGC and NTPC disappearing from the list and new names like Kotak Mahindra Bank and Bajaj Finance stamping their authority. READ MORE

1:49 PM

ALERT :: Sensex turns negative

1:42 PM

High commodity prices may not dent Nifty FY22 earnings much: Report

A spurt in most commodities over the past few weeks has brought the spotlight back on inflation, which many fear will adversely impact the earnings of India Inc. While the scenario may hold true for the non-Nifty baskets, the Nifty50 index earnings may largely remain unscathed, suggests a report by domestic brokerage Motilal Oswal Financial Services (MOSL). READ MORE

1:35 PM

European markets check

(Source: Reuters)

1:33 PM

HDFC Bank declines 2%