Bulls back on D-Street; Sensex settles 750 pts up; PSU, auto stocks rally

The advance to decline ratio favoured bulls as nearly 2x stocks rose for every 1 stock that declined on the BSE

5:00 PM

MARKET CLOSING COMMENT :: Sumeet Bagadia, Executive Director, Choice Broking

The Nifty index jumped over 1.5% on Monday after a positive GDP growth data, while progress in the U.S. stimulus package also lifted the market sentiments. The benchmark index closed at 14761.55 levels with a gain of 240 points while Bank Nifty rose more than 500 points in a day to close at 35296 levels. All the sectoral indices traded on a green note with an average gain of over 1% for the day, while Nifty Auto and Nifty Metal were in focus. On the stock front, ONGC, Grasim, UPL were the top gainers while Bharti Airtel, Cipla were the prime laggards. On the technical chart, the Nifty index has been trading in Higher Highs & Higher Lows formation since past many days with the good support of 50 days Simple Moving Averages. Moreover, the benchmark index is also forming a kind of Bullish Harami Candlestick pattern which may confirm its breakout in the next trading session. At present, the Nifty has immediate resistance at 14950 levels while downside support comes at 14450 levels.

4:50 PM

MARKET CLOSING COMMENT :: Neeraj Chadawar, Head - Quantitative Strategy, Axis Securities

Indian market rebound on Monday by 1.6% after a major sell-off in a Friday’s trading session. Positive sentiments were seen in the broader market where market breadth was trending upward. India VIX has been recovered by 9%, shows the overall improvement of investor sentiments. Multiple data points supported the market ranging from positive GDP numbers published on Friday after the market hours, Steady growth in PMI manufacturing data, and launch of the next phase of COVID vaccination in India, favoring equities. Global cues were also supported after approval of the USD 1.9 trillion package by the US house of representatives which led to some pause on US bond yields which were trending upward. However, rising bond yields will remain a key risk in the short term in the anticipation of higher inflation. As the economy is reviving, the uptrend in the corporate earnings cycle is more likely to sustain in the forthcoming quarters. We strongly believe that the market will do well in the earnings upgrade cycle

4:41 PM

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

Today, the market remained volatile moving in a narrow range of 100 points, between 14680 and 14780. It came down from the expected highs but managed to survive at a lower level. It could be due to the massive trading activity on Friday. The market remained bullish in the previous day’s trading range and created a bullish “harami pattern” on the daily chart. Tomorrow may be an important day for the market as the dismissal of 14830 would be extremely positive for the market and the dismissal of 14600 would be negative. 

4:32 PM

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

Indian equity benchmark indices staged a bounce on March 01, starting the new week and new month on a positive note. Nifty opened higher and rose in the early part of the day. A sell-off was witnessed between 1040 Hrs and 1230 Hrs post which the Nifty once again resumed its uptrend. Finally the Nifty ended almost at its intra day high. At close the NSE Nifty 50 gained 1.6% or 232 points to end at 14,761.

 

Nifty has made an inside bar after the sell-off seen on Friday. While this is a mildly positive signal, it needs to soon fill the downgap between 14,919-15,065 to nullify the recent weakness. 

4:30 PM

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

Markets started the week on an optimistic note and posted decent gains. The progress on the US stimulus package and stability in bond yields triggered a rebound in early trade, followed by range-bound movement till the end. Besides, participants also reacted to the GDP numbers, which showed marginal growth after seeing a contraction in the last two quarters.  Healthy buying was witnessed across the board wherein auto, metals and power were among the top gainers. On the benchmark front, the Nifty index ended near day’s high with strong gains of 1.6% to close at 14,762 levels. The broader markets too ended higher, in line with the benchmark.

 

Markets will continue to take cues from global peers, in absence of any major domestic event. Besides, bond yields and the COVID situation in India would remain on investors’ radar. We thus suggest limiting naked leveraged positions and using further decline to add quality stocks.

 

4:19 PM

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

Index opened a day with good gains and managed to hold the bullish stream throughout the day. The index closed a day at 14782 with gains of nearly two percent and formed a bullish harami sort of candle pattern on the daily chart which represents a change in immediate trend so if managed to hold the previous week low index is good to go northwards. Index has formed immediate support near 14640-14580 zone and good resistance is coming near 14810 zone any break above said levels can push index towards 15k mark again.

4:09 PM

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

The Market witnessed some lackluster movement. Nifty 50 Index is still trading below the resistance level of 14850. The breakout above 14850 is critical for the market to regain its upside momentum. While it is subject to further price action evolution. It is prudent to wait for a decisive breakout above 14850 and technical factors to improve before going long in the market. We retain our cautious stance and advise the traders to refrain from building a new buying position until we see further improvement.

4:00 PM

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

Positive global cues and US yields retreating from highs led to a strong opening today with Indices sustaining gains throughout the day. The broader markets saw energetic buying momentum across PSU basket and sectors like Paints & Speciality Chemicals.

3:56 PM

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

Domestic markets kick-started the month on a strong footing with increased optimism led by GDP reaching positive numbers, improving auto numbers and steady PMI manufacturing data. The auto sector was in focus today as the sales numbers for February were in favour of manufacturers. Global markets were on its upward rally owing to the much-anticipated US stimulus package being approved and reports regarding the progress in the vaccines.

3:54 PM

INDIA VIX ALERT

>> Index ends 9% down at 25.6 levels

3:54 PM

SECTOR ALERT :: Nifty CPSE index gains 4%

3:52 PM

SECOR WATCH :: Auto stocks in fast lane on healthy Feb sales

3:50 PM

BUZZING STOCK :: Bharti Airtel ends as the only loser on Nifty50 index

3:49 PM

Fertilsier stocks in focus :: 3 of top 5 gainers on the BSE are from the sector

3:46 PM

STOCK OF THE DAY :: RailTel Corporation locked in 20% upper circuit

3:45 PM

Sectoral trends on NSE at Close :: PSU Banks buck the trend

3:40 PM

Sensex Heatmap :: Only 1 stock ended in the red

3:35 PM

CLOSING BELL

Riding on the back of gains in HDFC, HDFC Bank, ICICI Bank, Infosys, Asian Paints, L&T, and Reliance Industries the headline S&P BSE Sensex settled at 49,850 levels, up 750 points or 1.5 per cent. The previously-mentioned stocks contributed nearly 366 points towards the total gain.

 

On NSE, the broader Nifty50 index closed above the 14,750-mark on the back of 232 points, or 1.6 per cent, gains. The index was quoting at 14,761 levels at 3:30 PM. 

 

3:27 PM

NEWS ALERT :: Vehicle Scrappage Policy to be unveiled within a week, says Road Secy

>> Says, Ministry will release notifications on scrappage centres & incentives

3:19 PM

SECTOR WATCH :: PSU stocks outperform at the bourses

3:06 PM

NEWS ALERT :: RITES bags order worth Rs 93 crore

1) Turnkey order of signalling works from Ministry of Railways amounting to Rs. 67.18 crores.

2) Extension of general consultancy work for Nagpur Metro rail project and GEC positions from Gujarat Metro Rail Corporation amounting to Rs. 26 crores. 
 

3:01 PM

Economy reviving, but renewed surge of Covid-19 infection poses risk: RBI

Economic activity is gaining steam, but considerable uncertainty surrounds the outlook owing to the renewed surge of the coronavirus infection, the Reserve Bank of India (RBI) said in its state of the economy report.
 

“Considerable uncertainty surrounds the outlook, although on balance, the gathering strength of the recovery and its broadening ambit hold out optimism and the will to survive and revive," the report, which is part of the RBI bulletin, said. In India, economic activity is gaining steam as Covid-19 incidence recedes and the ongoing vaccine rollout releases pent-up optimism. READ MORE

2:53 PM

BSE Telecom sole sectoral loser, down over 3%

> Here's a look at top gainers & losers from the index

2:44 PM

European stocks rebound on signs from bond market, vaccination-led optimism

European stocks bounced on Monday after sharp losses last week as a selloff in bond markets eased, while optimism over Covid-19 vaccination programme and US stimulus package further aided sentiment. The pan-regional STOXX 600 index rose 1.6 per cent by 08:11 GMT following strong gains in Asian stocks despite weaker-than-expected manufacturing activity data out of China. READ MORE

2:35 PM

HDFC Sec says tech glitch resolved, probe on to find root cause; ops normal

Leading stock exchanges NSE and BSE on Monday said all their operations are functioning in a normal manner after HDFC Securities flagged that confirmations were not received for orders placed in the NSE cash segment due to a "technical glitch".

 

After mentioning about the technical glitch in a tweet at 10.01 am, HDFC Securities, at around 11.53 am, issued a statement saying the issue "got resolved at 9.50 am" and that investigation is going on to find out the root cause. READ MORE
 

2:27 PM

Can Nestle's rural push turn around its fortunes? Here's what analysts say

The shares of the FMCG major have underperformed the market with a 12 per cent decline on a year-to-date (YTD) basis. During this period, the Nifty has jumped 3 per cent while the Nifty FMCG index has dipped 5 per cent, as per ACE Equity data.

 

Going ahead, however, the fortunes are expected to look up as Nestle, at its analyst meet, unveiled a strategy to aggressively pursue expansion in the rural areas, increase capacity and focus on new product launches. READ MORE

2:18 PM

Bonds are not the place to be these days, warns Warren Buffett

In his annual letter to investors, Warren Buffett bemoaned fixed income as an investment, saying that "bonds are not the place to be these days." The income from a 10-year U.S. Treasury bond fell 94% from a 15.8% yield in September 1981 to 0.93% at the end of 2020. Benchmark Treasury yields have jumped since but are still low by historic measures.

 

"Fixed-income investors worldwide - whether pension funds, insurance companies or retirees - face a bleak future," the letter said. READ MORE

2:16 PM

Sector Watch :: All sectoral indices on NSE trade in the green

2:06 PM

Analysts see limited impact of JioPhone 2021 on Bharti Airtel, Voda Idea

Reliance Jio’s new bundled offer – JioPhone 2021 – giving customers a handset, up to two years of unlimited voice calls, and 2 GB data per month for one-time payment of Rs 1,999 may not be enough to scare completion, feel analysts. A one-year plan from RJio with similar benefits is available for Rs 1,499. For existing users, the plan is priced at Rs749 with one year validity, with similar voice and data allowance. READ MORE

2:05 PM

Different strokes: New series leading to diverging trends in GDP, GVA

The gross domestic product (GDP) and the gross value added (GVA) seem to be giving conflicting signals on economic recovery during FY21. This happens because of the definition of these two numbers. For instance, GDP was projected to fall by 8 per cent in fiscal year 2020-21 (FY21) by the second advance estimates (AE), sharper than 7.7 per cent by the first one. READ MORE