Consolidation continues on D St; Sensex falls 465 pts; Nifty PSU Bank up 3%

Nearly 35 of the 50 constituents on the index ended the day in the red including Tata Consumer Products (down 4.3 per cent), Cipla, Reliance Industries, Dr Reddy's Labs, and Hindalco Industries

4:44 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 14700. While it is subject to further price action evolution, the technical factors are aligned to support a range between 14400 and 14700. Therefore, the short-term traders to use any short-term rally to exit while attempting to buy on a dip approach to adopt. market breadth to deteriorate, indicating the likelihood of higher volatility in the market. Any downwards corrective wave should find buying interest around 14400.

4:39 PM

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

The lack of strength to sustain the highs continued in the market and the fine upside bounce of previous session has been negated. The market could slide down further and the next set of supports are seen around 14400 and the next 14200-14150 levels, where one may expect another round of upside bounce from the lows. On the way up 14600-14650 could act as a hurdle

4:29 PM

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

Indian benchmark indices fell for the second times in three days on May 04, following concerns over FPI selling in the recent past and further action expected to combat the Covid situation. The Nifty started to fall post 1250 Hrs. At close the Nifty was down 138 points or 0.94% to 14497.

 

Nifty has come under pressure as India's official tally of coronavirus infections surged past 20 million, Indian Premier League cricket tournament has been suspended with immediate effect and Corporate management commentary remained cautious on Q1 performance due to lockdowns. Fears of stricter lockdowns also brought caution amongst traders. 14416-14634 is the band for the Nifty over the near term.

 

 

4:19 PM

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

On the technical front, the Index has faced resistance from the Middle Band of Bollinger & 50-Days Moving Average which points out weakness in the counter. Furthermore, Momentum Indicator Stochastic is showing negative crossover, which further adds weakness in the index. At present, the index has a support at 14400 levels while an upside resistance comes at 14700 levels.

4:11 PM

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

Indian bourses opened with a strong grip but failed to hold onto its gains owing to weak international markets. As technology heavyweights continued to weigh on Wall Street equities, US futures slipped while European stocks struggled for direction. On the Indian front, gains in public sector banks were offset by weakness in pharma and auto stocks

4:01 PM

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

Indices lost a percentage on Tuesday as the Street punished earnings disappointment in several high-quality Midcaps. Afternoon trade witnessed profit-taking in Metals & Pharma names as the Street exhibited nervousness on regional lockdowns which accentuated the weakness. In the broader market, Paper stocks were sought after today on hardening pulp prices while Coffee producers saw investor appetite

3:57 PM

BSE Snapshot

Top losers on the BSE: Triveni Engineering and Industries, Reliance Infra

3:55 PM

BSE Snapshot

Top gainers on the BSE today: Dish TV, Excel Industries

3:53 PM

Broader market check

3:52 PM

SECTOR WATCH :: Barring Alkem Pharma, all other constituents end in the red

Top losers: Cipla, Dr Reddy's Labs, Divi's Labs (down between 2-3%)

3:50 PM

SECTOR WATCH :: All 12 constituents settle with gains

Outperformers: PNB, Bank of Baroda, Union Bank of India

Underperformers: SBI, J&K Bank, Canara Bank 

3:46 PM

Nifty Snapshot

>> SBI Life, BPCL, ONGC end as top gainers

3:45 PM

RIL, HDFC Bank, Infy remain top contributors towards Sensex's fall today

3:44 PM

Sectoral trends on the NSE :: All but PSU Banks fall on the NSE

3:42 PM

Sensex Heatmap at Close

Top gainers: ONGC, Bajaj Finance, TCS

Top losers: Reliance Industries, Sun Pharma, Dr Reddy's Labs

3:35 PM

Rupee Closing

Rupee ends higher at 73.85 per US dollar vs Monday's close of 73.92/$

3:34 PM

CLOSING BELL

After starting gap-up and staying range-bound for better part of the day, the 30-share Sensex index succumbed to bear hammering and dropped approximately 850 points from day's high to touch a low of 48,149. The index then mildly recovered to settle the day at 48,253 levels, down 465 points or 0.95 per cent.

 

On the NSE, the Nifty50 gacve up the psychological level of 14,500 and closed at 14,496.5-mark, down 138 points or 0.94 per cent. Earlier in the day, it hit a low of 14,461.

3:27 PM

Gold falls from two-month high as dollar strength dents safe-haven appeal

Gold prices fell from a more than two-month high on Tuesday, as a rebound in the dollar dented the metal's safe-haven appeal, while investors speculated that a swifter than expected U.S. economic recovery might prompt an interest rate hike.

 

Spot gold was down 0.4% at $1,786.10 per ounce by 0702 GMT, after hitting its highest since Feb. 25 at $1,797.75 on Monday. U.S. gold futures fell 0.4% to $1,785.50. READ MORE

3:14 PM

Volatility Alert

>> At 3:13 PM, India VIX was down nearly 3 per cent at 23 levels.

3:05 PM

NEWS ALERT :: Bajaj Healthcare launches anti-viral Favipiravir Tablets for mild to moderate Covid-19 patients

Bajaj Healthcare Limited (BHL) has announced the launch of “Favijaj” (Favipiravir) an antiviral drug used for treating patients suffering from influenza virus and has proved to be effective over Covid patients.

BHL has received approval from India's drug regulator, to manufacture and market “Favijaj” the oral Favipiravir approved medication in India for the treatment of COVID-19 from 4th May 2021.
 

2:56 PM

IndiaMART hits over 3-month low; slips 18% in 3 days post Q4 results

IndiaMART's, India's largest online B2B marketplace for business products and services, consolidated net profit during the quarter declined 31 per cent to Rs 56 crore over the December quarter (Q3FY21). Total income was down 4 per cent quarter on quarter (QoQ) at Rs 190 crore as against Rs 198 crore in the previous quarter. Earnings before interest, taxes, depreciation and amortization (Ebitda) margins contracted 300 basis points (bps) QoQ to 48 per cent due to an increase in manpower and outsourced sales cost. READ MORE

2:48 PM

Nifty sectoral indices at this hour

2:41 PM

ALERT :: Sharp downtick in the markets

2:32 PM

CARE Debt index improves by 33 bps in April on better asset quality

Reflecting an improvement in the asset quality profile of rated entities, the reading on the CARE Debt Quality Index (CDQI) inched up sequentially by 33 basis points to 88.94 in April 2021 from 89.51 in March 2021.

 

CDQI denotes the quality of debt that can be interpreted over time and juxtaposed with other developments in the financial sector. The CDQI captures, on a scale of 100 (index value for the base year FY12), whether the quality of debt is improving or declining. READ MORE

2:21 PM

JSW Energy arm to issue USD-denominated notes in overseas markets

JSW Energy on Tuesday said its arm JSW Hydro Energy will issue USD-denominated notes (green bonds) in overseas markets to raise funds. However, the company did not disclose the amount to be raised under this issue. This issue is part of a total notes programme of USD 750 million of JSW Hydro Energy, which was approved by the board of JSW Hydro Energy on March 26, 2021. READ MORE

2:11 PM

Saudi Aramco's first-quarter profits up by 30% amid higher crude oil prices

Saudi Aramco's profits soared by 30 per cent for the first-quarter of the year, compared to last year, riding on the back of higher crude oil prices, the oil company said Tuesday.

 

The company's financial results show a net income of USD 21.7 billion for the first three months of the year, compared to the same period in 2020 when Aramco's earnings plunged to USD 16.7 billion as the early effects of the coronavirus pandemic were beginning to dramatically drive down global demand for oil. READ MORE

2:09 PM

European markets check

(Source: Reuters)

2:02 PM

MARKET UPDATE:: RIL, HDFC twins among top Sensex drags

1:57 PM

Gateway Distriparks extends rally on robust Q4 nos; surges 51% in 6 days

Shares Gateway Distriparks Limited (GDL) hit a fresh 52-week high of Rs 258.85 after rallying 12 per cent on the BSE in intra-day trade on Tuesday. The stock has now surged 51 per cent in the past six trading days, after the company reported four-fold jump in consolidated net profit at Rs 46.60 crore in the March quarter (Q4FY21). The company, an integrated inter-modal logistics service provider, had posted profit of Rs 11.69 crore during the quarter of previous fiscal. READ MORE

 

1:50 PM

Morepen Laboratories Q4 net profit rises over two-fold to Rs 27 cr

Drug firm Morepen Laboratories on Tuesday reported an over two-fold rise in its consolidated net profit at Rs 26.76 crore for the quarter ended March 31, 2021, on account of higher revenue.

 

The company had posted a net profit of Rs 11.02 crore for the corresponding period of financial year 2019-20. READ MORE