Financials lead in Sensex's 584 pts rally, tops 51K; BPCL dips 4.5%

The broader markets were under pressure today with the S&P BSE MidCap and SmallCap indices closing 0.6 per cent and 0.4 per cent down, respectively

4:08 PM

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

Markets traded volatile and managed to settle with decent gains, in continuation to the prevailing consolidation phase. The benchmark opened higher amid mixed global cues but profit-taking pared all the gains and pushed the index in the red. However, a steady rebound in the latter half helped Nifty to settle around the day’s high at 15,098 levels. On the sector front, a mixed trend was witnessed wherein banks, IT and consumer durables were the top gainers while metals, oil & gas and power were the top losers. The broader indices underperformed and ended with losses in the range of 0.5-0.8%.

 

We expect the prevailing consolidation phase to end soon however a lot depends on the performance of the global markets. Meanwhile, participants should limit leveraged trades and prefer a hedged approach. Among the sectors, IT and select banking counters look promising while others may continue to trade lackluster. Participants should align their positions accordingly.

4:07 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed an attempt to break above the resistance level around the Nifty 50 Index level of 15100. The expected levels of the market are likely to be in the range of 14900 and 15100, and it’s going to crucial for the short-term market scenario to sustain above the 14900 Nifty50 index level. While it is subject to further price action evolution, It is prudent to wait for a decisive breakout above 15100 and technical factors to improve before going long in the market. the traders are advised to refrain from building a new buying position until further improvement (A breakout above 15100)

4:04 PM

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

Index managed to close a day on a positive note after a strong volatile session at 15100 with gains of nearly one percent. Nifty managed to crossed the 15100 zone decisively which was acted as a strong hurdle previously which hints we may see some more positive move going forwards if managed to sustain above the 15100 zone on an immediate basis, strong support is still formed at the 15k mark and hurdle zone for nifty is coming near 15170-15250 zone

4:02 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Markets slipped into the red on sustained selling in Metal stocks and profit booking in Oil & Gas stocks but bounced back sharply in late afternoon trade as Crisil sounded out an optimistic GDP forecast for the coming fiscal. The broader markets witnessed sustained buying interest in leading private sector banks and private life insurers

4:01 PM

Market Recap :: Vinod Nair, Head of Research at Geojit Financial Services

In a volatile day, the Indian market ended with minor positivity amid mixed global cues. Barring private banks, IT and consumer stocks, all other sectors were most impacted. Fall in US bond yields and stronger US equity futures aided Asian markets to recover from earlier losses

3:58 PM

Market stats

3:57 PM

Volatility check

>> India VIX, the volatility index, eased 9% to end at 22.5 levels.

3:56 PM

SECOR WATCH :: Metal stocks decline on correction in base metal prices

3:55 PM

SECTOR OF THE DAY :: Financial lift markets, ends as top performing index

3:52 PM

STOCK OF THE DAY :: SBI Life hits fresh 52-week high

>> Shares of SBI Life Insurance gained 6.4 per cent to hit a 52-week high of Rs 984 on the BSE in intra-day trade on Tuesday after reporting impressive growth (more than 60 per cent) in new business premiums (NBP) in the month of February. NBP is the premium acquired from new policies for a particular year. The stock surpassed its previous high of Rs 954.65, touched on January 8, 2021. It hit a record high of Rs 1,030 on October 30, 2019.

3:50 PM

STOCK OF THE DAY :: Poly Medicure erases gains partially

>> Shares of Poly Medicure hit a new high of Rs 804 after rallying 11 per cent on the BSE in intra-day trade on Tuesday. With today’s gain, the stock of the medical equipment company has surged 53 per cent over its qualified institutional placement (QIP) price of Rs 524 per share.

3:48 PM

STOCK OF THE DAY :: BPCL ends 4.5% down as BPCL Trust offloads stake

>> Shares of Bharat Petroleum Corporation (BPCL) dipped 6 per cent to Rs 438 on the National Stock Exchange (NSE) in intra-day trade on Tuesday after BPCL Trust for Investment in Shares (BPCL Trust) sold up to 7 per cent of its stake in state-owned energy company through a block deal.

3:45 PM

Stocks that lifted Sensex today

3:42 PM

Sectoral trends on NSE at Close

3:40 PM

Sensex Heatmap at Close

3:36 PM

CLOSING BELL

Supported by gains in HDFC Bank, Kotak Mahindra Bank, HDFC, ICICI Bank, Asian Paints, HUL, and Bajaj Finance, the headline S&P BSE Sensex ended 584.4 points, or 1.16 per cent, higher at 51,025 levels. The index topped the 51,000-mark in the intra-day deals and hit a high of 51,112. 

 

On the NSE, the Nifty50 closed near the 15,100-mark at 15,098 levels, up 142 points or 0.95 per cent.

3:29 PM

5 opt out of race for RBI deputy governor's post

The government is holding the interviews as the term of B P Kanungo—one of the four deputy governors of the central bank—ends on April 2, 2021. Kanungo looks after the department of currency management, payment and settlement, foreign exchange, among others. He was appointed as deputy governor in 2017 for three years. His term was extended by one more year in 2020. READ MORE

3:24 PM

Steel Strips Wheels extends gain after highest-ever monthly sales in Feb

SSWL had achieved a net turnover of Rs 214.45 crore in February 2021, up 55.65 per cent y-o-y. The company has achieved 17 per cent year on year (YoY) growth in wheel rim sales of 1.52 million against 1.30 million in the corresponding month of previous year. READ MORE

3:13 PM

MARKET CHECK :: Indices stage smart recovery

3:06 PM

Edelweiss launches Rs 5000 crore fund to tap pre-IPO, late-stage deals

The fund opens up access to private investments which usually are unavailable to most investors and enables them to capitalize on structural growth trends early on with reasonable exit time-horizons, it said. Apart from this, the fund, via its investment in IPOs of high-quality enterprises, will also facilitate meaningful allocation to investors who are keen to participate in new and emerging leaders of India’s future. This strategy has stood the test of time through recent market crises and has done quite well in delivering consistent returns and lower than market drawdowns throughout this period of extreme volatility, it added. READ MORE

2:58 PM

Analysts bullish on cement stocks on sustained demand, price hikes

The government’s push on infrastructure along with sustained demand courtesy affordable housing has turned analysts bullish on the cement sector. Besides, expectations of further price hikes, to ensure sustainability of the current hikes, further alleviate their concerns on sustenance of margins amid rising cost pressures. READ MORE

2:50 PM

SECTOR WATCH:: Nifty Metal index dips over 2%

2:44 PM

IPO Update :: Easy Trip Planners IPO subscribed 4.6 times on Day 2 so far

> The issue received 7,02,71,120 bids so far as against 1,50,80,644 shares on sale

(Source: NSE)

2:37 PM

Praj wins order to set up compressed biogas plant from HPCL

> Praj Industries has received an Order from Hindustan Petroleum Corporation Limited (HPCL) for setting up Compressed Biagas (CBG) project at Badaun in Uttar Pradesh.

 

> The project has capacity to process 35000 MT of rice straw as feedstock to generate 5250 MT of CBG annually. In addition, the project will also generate 23,000 MT high quality solid biomanure and 350,000 MT of liquid bio-manure for ferti-irrigation. This project has a potential to save up to 15000 MT of C02 emissions per year. The project will be completed and commissioned within 12 months timeframe.  

2:28 PM

NEWS ALERT :: Crisil forecasts India FY22 GDP growth rate at 11%

>> Average GDP growth over FY23-25 seen at 6.3%

2:21 PM

Retail loan growth will continue to remain far from encouraging for banks

Loan growth trajectory of banks usually mirrors the country’s GDP (gross domestic product) numbers and this is why bank stocks are often seen as a proxy of economic growth by the Street. However, the recently published GDP data for December quarter (Q3) saw stronger than expected recovery, while the Reserve Bank of India’s data on credit deployment data for the fortnight ended February 12, with 6.6 per cent year-on-year was far from encouraging. READ MORE

2:14 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(%)
BEML Ltd	1544.25	1364.05	1384.10	-10.37
MMTC	46.00	41.15	41.75	-9.24
Bank Of Maha	25.20	22.75	23.00	-8.73
Balmer Lawrie	170.95	155.00	156.35	-8.54

2:06 PM

European markets check

(Source: Reuters)

1:55 PM

Equity mutual funds see outflows for 8th straight month in Feb

Equity mutual funds witnessed an outflow of Rs 10,468 crore in February, making it the eighthconsecutive monthly withdrawal, with flexi cap category accounting for most of the outflow. However, investors put in Rs 1,735 crore from debt mutual funds last month after pulling out Rs 33,409 crore in January, data from the Association of Mutual Funds in India showed on Tuesday. READ MORE

1:52 PM

N S Venkatesh, Chief Executive, AMFI on Feb MF data

SIP AUMs as also Retail Equity folios, are at an all-time high at INR 4.21 lakh crores and 8.07 crores respectively, reflective of continued disciplined approach adopted by the retail Mutual Fund investors. This has aided in overall Net AAUMs rising 14.17 per cent to all time high at INR 32.29 lakh crores. However, the monthly SIP Contribution for Feb 2021 has come down by INR 495 crore owing to weekend dawning on end of February and the shortfall would get accumulated and reflected in March 2021 monthly data.  

 

Profit booking in Debt schemes with bond yields moving up, and in Equity schemes with market indices at all time high is reflective of investors moving in tandem with market scenario. Increasing preference towards Hybrid schemes in the last two months, especially the Arbitrage and Dynamic asset allocation funds is reflective of retail investors becoming increasingly conservative, leaning towards capital preservation and moderate returns, amid acute market volatility.