Rising bond yields, Covid-19 cases spoil D-St party; Sensex slides 487 pts

Sectorally, all the NSE indices were painted red with the Nifty Auto and PSU Bank indices down around 2 per cent each

4:53 PM

MARKET CLOSING COMMENT :: Rusmik Oza, Executive Vice President, Head of Fundamental Research, Kotak Securities

Indian markets have been following global markets which are nearing the previous peaks. The Nifty-50 gained 0.6% this week which going above the 15,000 mark. The S&P 500 and Dow Jones Industrial Index are both 1% away from their 52 week highs whereas the Nasdaq Composite Index is 5% away from its 52 week high. The Nifty-50 is 3% away from its 52 week high. European markets rallied smartly this week after the ECB pledged to ramp up the bond buying program and bond yields fell sharply. In sectors the BSE IT Index is up 3.3% this week followed by BSE Capital Goods which is up by 1.6%. Amongst Nifty-50 major gainers are UPL (up 4.6%) followed by Tech Mahindra (up 4.5%) and Infosys (up 4.5%). Auto stocks have been one of the major losers in this week with Hero Motocorp, Bajaj Auto and Tata Motors amongst the biggest losers. Going by the recent moves there is selling pressure at higher levels which is capping the gains in Nifty-50. Bond yields are moving erratically which could keep volatility on the higher side. Even though the European bond yields have come off sharply US 10 Year bond yield is still trading at the yearly high level of 1.6%. All eyes will be on the Fed action going forward. Nifty-50 needs to sustain above 15,000 for couple of more days for the uptrend to continue

4:47 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Index managed to close a week above 15k mark with gains of half per cent and formed Doji candle pattern on weekly chart hinting uncertainty in the market at the upper range. On the downside index has strong & good support at 14850 zone any decisive break below said levels can show some more pressure towards 14500 zone on an immediate basis, the strong hurdle is still at 15250 zone only above that level we may see some stability

4:41 PM

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

In Indian benchmark equity indices broke the 3-day winning streak, after a higher opening on March 12. Nifty opened gap up in line with other Asian markets but soon started to fall. After making a bottom at 1420 Hrs, it showed a feeble bounce. At close, the Nifty was down 143.80 points or 0.95% at 15,031. For the week, the Nifty ended up 0.62%.

 

Volumes on the NSE were slightly below recent averages. Among sectors, Banks and IT ended in the positive, while Realty, Auto and Media lost the most. Broader market indices fell less. BSE Midcap index fell 0.4 percent, while Smallcap index ended flat.

 

Nifty after showing promise early morning, succumbed to profit taking and ended with a bearish Engulfing Top formation on daily charts on March 12. Advance decline ratio ended deep in the negative suggesting broad selloff in small and midcap stocks. 14862 is a crucial support on falls for the Nifty while 15336-15432 is the resistance band. A fall below 14862 could result in sharper and broader sell-off.

4:34 PM

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

Technically, the Nifty has formed a Bearish Engulfing Candlestick formation on a daily chart, which is a bearish reversal pattern which suggests a southward movement in it. Moreover, it has given its close below the 20-day Moving Average, which suggests weakness during the upcoming trading sessions. At present, the Nifty has an immediate support at 14800 levels while upside resistance comes at 15350 levels.

4:30 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

After opening on the high side, the market suddenly changed its mood and closed at the lowest point of the day and week. It was expected that bond yields would go up after the announcement of the passage of the stimulus bill but the pace was faster than expected, leading to crash landings in Indian markets. Nifty / Sensex hit hard. With 15431 and 52561 levels  not crossed, the Indian market has once again come to the lower support. The 14850/50150 could be a decisive support and if it breaks, the Nifty/Sensex could move closer to 14650/49500 or 14500/49000. It seems difficult to get out of weakness immediately. However, if Indices hold above 15,200/51250 levels, we can see an upward activity. Maintain a bullish bias on technology stocks. Nifty has formed the bearish hammer with a lower high formation in the weekly chart, it is advisable to reduce weak long positions at resistance levels. Buying is advisable in select companies on dips (14500/49000)

4:14 PM

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

Markets ended lower amid excessive volatility, in continuation to the prevailing consolidation phase. Initially, the benchmark opened firm, tracking upbeat global cues however surge in bond yields impacted sentiment as the day progressed. Consequently, Nifty retraced almost 380 points from the day’s high and ended with losses of nearly 1% at 15,031 levels. The broader indices too witnessed profit-taking but managed to outperform the benchmark.  Amongst the sectors, except Oil & Gas and Consumer Durables which ended higher, all the other indices ended with losses wherein Auto, Banking and Realty were the top losers.

 

Markets will react to the macro data viz. IIP and CPI inflation On Monday. Besides, global cues and COVID-19 related updates will also in focus. Amid all, we reiterate our cautious view on markets until we see either side's decisive break in Nifty and suggest keeping a check on leveraged positions.

4:07 PM

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

Long Unwinding and Profit Booking took Indices down by 1% today. Oil & Gas stocks bucked the downtrend even as key Pivotals witnessed selling. Rising cases in Maharashtra too kept Bulls on the backfoot as broader markets saw profit booking in Insurance companies

4:04 PM

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

Indian markets failed to hold on to its strong start as rising bond yield countered positive sentiments. All major sectoral indices belled the day in negative terrain while smallcap indices continued to remain positive. The US market has had a robust close yesterday taking cues from fall in the US unemployment rate and signing of the stimulus bill. However, Asian & European markets couldn’t maintain the optimism due to rising US bond yield ahead the FED policy meeting next week

3:52 PM

IPO Update :: Anupam Rasayan IPO subscribed 88% till 3:40 PM on Day 1

3:50 PM

Market stats :: 243 scrips hits 52-week high despite weakness in market

3:48 PM

STOCK OF THE DAY :: IEX gains over 6%

3:47 PM

STOCK OF THE DAY :: India Glycols settles 9% lower

3:45 PM

STOCK OF THE DAY :: IDBI Bank surges 10% in a weak market

3:44 PM

Stocks that dragged the Sensex lower today

3:42 PM

Sectoral trends on NSE at Close

3:41 PM

Sensex Heatmap at Close

3:37 PM

CLOSING BELL

The equity indices snapped their three-day winning streak and settled 0.9 per cent lower. The frontline S&P BSE Sensex dropped 487 points, or 0.95 per cent, to end the day at 50,792 levels. From the intra-day high of 51,822, the index plunged 1,284 points to hit an intra-day low of 50,538.

 

On the NSE, the Nifty index held the 15,000-mark to close at 15,031 levels, down 144 points, or 0.95 per cent. In the intra-day trade, the index hit a low of 14,954.

3:27 PM

Commodity Heatmap :: Silver slides 2%, gold 1% on MCX

3:20 PM

Volatility check

>> India VIX index jumps 5% to trade at 21.7 levels.

3:09 PM

Finance Ministry asks Sebi to withdraw circular on AT1 bonds: Report

"Considering the capital needs of banks going forward and the need to source the same from the capital markets, it is requested that the revised capital norms to treat all perpetual bonds as 100-year tenor be withdrawn. The clause on valuation is disruptive in nature. Instructions that reduce concentration risks on such instruments in MF portfolio can be retailed as MF have adequate headroom even with 10% ceiling," the Finance Ministry note told the market regulator, reported Hindu Business Line. READ MORE

2:59 PM

Blue Dart extends rally as parent company posts record profit for CY20

Shares of Blue Dart Express hit a new high of Rs 5,526.25, up 3 per cent, on the BSE in intra-day trade on Friday after its parent company DHL group posted a record profit for the calendar year 2020 (CY20), primarily driven by the global e-commerce boom, which led to considerably higher shipment volumes in the parcel and express business. The company’s 2020 operating profit was at €4.8 billion, up 17.4 per cent on a year-on-year (YoY) basis. READ MORE

2:53 PM

Quiet and steady: Gautam Adani beats Musk, Bezos with biggest wealth surge

The net worth of Adani, a first-generation entrepreneur who rarely speaks publicly, has jumped $16.2 billion in 2021 to $50 billion, according to the Bloomberg Billionaires Index. This has made him the year’s biggest wealth gainer, beating even Jeff Bezos and Elon Musk, who have tussled in 2021 for the title of world’s richest. Shares of all Adani group stocks, except one, have rallied at least 50% this year. READ MORE

2:41 PM

NEWS ALERT :: HDFC Bank to bear cost of Covid-19 vaccination for employees & their dependent family members

(Source: CNBC TV18)

2:39 PM

GLOBAL MARKET ALERT :: US futures extend decline

> Nasdaq futures down over 1.5% in trade

2:34 PM

UK economy contracts 2.9% in January, trade with EU hit hard by Brexit

Britain's economy shrank by less than feared in January as the country went back into a coronavirus lockdown, official data showed, but trade with the European Union was hit hard at the start of the country's new, post-Brexit trading relationship.

 

Gross domestic product in January was 2.9% lower than in December, the Office for National Statistics said. READ MORE

2:26 PM

India Glycols dips 9% on forming JV with Clariant for BioEO biz

Shares of India Glycols, on Friday, slipped 9 per cent to Rs 529; falling 13 per cent from day’s high, on the BSE in intra-day trade after its board approved the transfer of the company's BioEO (speciality chemicals) business to IGL Green Chemicals Private Limited (IGCPL), a wholly owned subsidiary. BioEO accounted for 12.85 per cent of the total revenue and 26.20 per cent of the total net-worth of India Glycols, as on March 31, 2020. READ MORE

2:24 PM

NEWS ALERT :: Accident at Tyche Industries' factory in Kakinada

On 11 March 2021, an accident occured in one section of our factory at Kakinada, due to blast in reactor. The accident has resulted in damage to some equipment in the particular section of the factory and unfortunate death of two workman and injuries of four others.  

2:18 PM

Sensex Heatmap | Top gainers & losers at this hour

2:10 PM

SmallCaps hold their ground

1:55 PM

ECONOMIC PULSE | Inflation is already creeping into some corners of the world economy

In commodities like soybeans or copper, industries like shipping and countries like Brazil, prices have been climbing rapidly –- for reasons directly tied to the disruptions of Covid-19, the policy response, or the surge in demand that comes with hopes of recovery.

None of this is enough to settle the great inflation debate one way or the other. READ MORE