Sensex slips 341 pts amid global sell-off; broader indices up

The S&P BSE MidCap and SmallCap indices gained 0.60 per cent and 0.80 per cent, respectively

4:57 PM

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

Index opened a day with a strong gap down but managed to hold its bullish stream since the start of the day and closed a day at 14847 with loss of nearly one per cent. The index has a stiff hurdle on the higher side near 14900-15000 zone any daily close above 15k mark can only activate the overall bullish stream otherwise we may again see selling pressure from higher-end, supports are coming near 14775-14700 zone holding above said levels structure will be positive

4:51 PM

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

The decline of Tuesday seems to have dampen the effort of bulls to stage upside breakout of the hurdle at 15 K mark. The overall chart pattern indicate limited decline from here and a formation of higher bottom formation and subsequent upside bounce in the market from the lows. Immediate support is placed at 14750 and on the higher side 14970 could act as immediate resistance.

4:42 PM

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

Rising commodity prices, like international steel price, are at a record high which has instilled a fear in the world market of rising inflation. Global markets are retreating in anticipation of future interest rates hikes, in which the technology sector will be heavily impacted as it has benefitted the most during a pandemic. Indian metal stocks witnessed mild profit booking while buying interest is seen in PSE stocks

4:28 PM

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

Technically, the nifty index traded below the falling trendline as well as the upper band of Bollinger formation on the daily chart, which acts as an immediate resistance for the counter. However, the nifty has given a closing above 50 DMA and Ichimoku Cloud formation, which points out bullish strength in the index. At present, the nifty index is holding support at 14700 levels while an upside resistance seems at 15000 levels.

 

4:22 PM

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

The Indian benchmark equity indices broke a four-day winning streak on May 11. Nifty opened gap down due to weak global cues, but inched up gradually through the day with some volatility. At close the Nifty50 was down 0.61% or 91.60 points to 14,850.75.

 

Volumes on the NSE were above recent averages. Among sectors Oil & Gas, Power were the main gainers while Metals, IT and Banks were the main losers.

 

Nifty fell but did not close at the intra day lows. In fact Nifty was among the most outperforming indices across Asia having fallen among the least. Advance decline ratio continues to be positive suggesting broad-based buying in the markets. The fact that May 10 was the first day in recent times when the total Covid cases fell in India helped sentiments improve. 14744-14892 is the band for Nifty in the near term.          

4:14 PM

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

Technically, on intraday charts the market has formed a lower top kind of formation, but at the same time the Nifty took the support near its 50-day SMA which is broadly positive for the market. We are of the view that, post strong uptrend rally, bulls may prefer to take a temporary pause near 14950/ 49500 and because of weak global market conditions the market likely to consolidate between 14750 to 14900/ 48500-49300 price range. For the day traders, 14900/49300 would be the key level to watch out, above the same we can expect continuation of uptrend wave up to 14965-15000/ 49800-50000. On the flip side, trading below 14800/ 48990 could trigger one more leg of correction till 14750/ 48500.

4:05 PM

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

On a day when markets corrected due to weak global cues ahead of CPI expected tomorrow, we witnessed plenty of action in the PSU space. The broader market saw immense action in the AGRI space with several stocks posting handsome gains

4:00 PM

NSE Snapshot :: Nifty PSU Bank index ends at top gainer

3:56 PM

NSE Snapshot :: Nifty Financial Services index ends at top laggard

3:54 PM

NSE Snapshot :: Top Nifty50 gainers today

3:52 PM

Rupee Closing

Rupee ends at 73.34 per US dollar vs Monday's close of 73.35/$

3:51 PM

Stocks that dragged the Sensex lower today

3:48 PM

Broader market :: S&P BSE SmallCap outshines large-, mid-cap peers

3:47 PM

Broader market :: BSE MidCap index ends 0.6% higher

3:44 PM

Sectoral trends on the NSE

3:41 PM

Sensex Heatmap at Close

Top gainers: NTPC, ONGC, Power Grid

Top losers: Kotak Bank, HDFC, HUL

3:35 PM

CLOSING BELL

The frontline S&P BSE Sensex shedded 341 points, or 0.69 per cent, to end the session at 49,162 levels. During the day, the index traded within a range of 49,304 and 48,988 levels.

 

On the NSE, the Nifty50 index held the 18,500-mark today and settled at 14,851 levels, down 92 points or 0.61 per cent. The index breadth remained neck and neck with 28 stocks in the red against 22 stocks in the green.

3:28 PM

BHEL hits 21-month high on heavy volumes; stock zooms 59% in 8 days

Shares of Bharat Heavy Electricals Limited (BHEL) surged 14 per cent to Rs 75.15, hitting a 21-month high on the BSE in an otherwise weak market on Tuesday, on the back of heavy volumes. Till 03:05 pm, a combined 513 million equity shares, representing 15 per cent of total equity of BHEL, had changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.69 per cent at 49,161.

 

The stock of the state-owned heavy electrical equipment company was trading at its highest level since July 2019. In the past eight trading days, the stock has rallied 59 per cent from level of Rs 47.20 hit on April 29. READ MORE

3:22 PM

Gold subdued on buoyant dollar; investors awaits US inflation data

Gold prices inched lower on Tuesday as a rebound in dollar dented the metal's appeal, while investors awaited US consumer price data to measure whether inflationary pressure was building.

 

Spot gold was down 0.1 per cent at $1,833.00 per ounce by 0721 GMT, after hitting its highest since Feb. 11 at $1,845.06 on Monday. US gold futures fell 0.2 per cent to $1,834.20 per ounce. READ MORE

3:12 PM

March Quarter Results :: Neuland Labs

>> Net profit at Rs 17.2 crore

>> Revenue at Rs 246 crore

>> Dividend declared worth Rs 3 per share

3:00 PM

Cold chain logistics likely to grow at over 20% CAGR by 2025: JLL

As per JLL, there is an opportunity for organised cold storage or 'palettized' cold storage in tier-I cities like Mumbai, Delhi-NCR, Bengaluru, Chennai, Pune, Kolkata, Hyderabad as well as tier-II cities like Lucknow, Kanpur, Ranchi, Patna, among others. READ MORE

2:57 PM

NEWS ALERT :: Telangana govt announces 10-day lockdown starting tomorrow

>> All essential services to operate from 6 am to 10 am.

2:44 PM

MARKET UPDATE:: S&P BSE MidCap index at day's high, up 0.6 per cent

2:43 PM

Cathie Wood's Ark ETF sees 91% of holdings tumble in tech rout

Hardest hit in the portfolio listed in the fund’s May 7 holdings disclosure were two biotech stocks. Twist Bioscience Corp. was the fund’s biggest laggard, plunging more than 17% on Monday, its worst one-day performance since Feb. 5. NanoString Technologies Inc. sank 12%. Tesla Inc., ARKK’s biggest holding, dropped 6.4%. READ MORE

2:31 PM

Indian oil refiners cut output, imports as pandemic hits demand

Indian Oil Corp, the country's biggest refiner, has reduced runs to an average of between 85% and 88% of processing capacity, a company official said, adding runs could be cut further as its plants at Gujarat, Mathura and Panipat are facing problems storing bitumen and sulphur. READ MORE

2:20 PM

EXPERT TAKE :: G Pradeepkumar, CEO, Union AMC on April AMFI data

The net inflows into equity funds have continued in April which is very encouraging. Flows slowed down a bit compared to March largely because of the disruption caused by the second wave of the pandemic. However, the SIP numbers have remained robust and the addition of SIP folios also have been very healthy. Given the expensive valuations, we have been recommending asset allocation funds such as Balanced Advantage Funds (BAF) for investors. This category has also seen meaningful inflows. We expect the flows to pick up pace once the pandemic is brought under control through increased levels of vaccination and other measures. 

2:10 PM

Dhampur, Dwarikesh: Breakout in sugar stocks has room for more upside

Shares of sugar companies continued their northward journey at the bourses on Tuesday, with Bajaj Hindusthan rallying 10 per cent while Dhampur Sugar Mills and Dalmia Bharat Sugar rose 8 per cent, each.

 

Among other individual stocks, Dwarikesh Sugar Industries, Avadh Sugar & Energy, Uttam Sugar Mills, Triveni Engineering & Industries, EID Parry, Shree Renuka Sugars, and Balrampur Chini Mills were up in the range of 2-5 per cent. In comparison, the S&P BSE Sensex traded 0.9 per cent lower at 49,057, at 1:52 PM. READ MORE

2:01 PM

NEWS ALERT :: G E Shipping wins contract to sell its Midsize Gas Carrier

1:54 PM

DIIs increase stake in metals, public sector banks in Q4: Report

While DIIs sold equities worth Rs 1.42 trillion between July 2020 and February 2021, they bought shares worth Rs 18,248.85 crore between March and May 10, 2021, BSE data shows. In comparison, FIIs bought shares worth Rs 1.82 trillion between October 2020 and March 2021 but have sold shares worth Rs 17,647.99 crore in April and May (so far).

 

Yet, DII shareholding hit seven-quarter low at the end of Q4FY21 after they witnessed an outflow of $3.2 billion as against FIIs inflow of $7.3 billion during this period. DII holdings in the Nifty500 were down 10 basis point (bp) QoQ and 50bp YoY to 14.2 per cent relative to FII holdings at 22.3 per cent (down 20bp QoQ but up 160bp YoY). READ MORE

1:41 PM

March Quarter Results :: Granules India posts PAT of Rs 128 crore

>> Revenue at Rs 799 crore

>> Ebitda at Rs 202 crore

>> Ebitda margin 25.3 per cent

>> Dividend at Rs 0.75/share