Indices drop for 2nd day; Sensex dips 397 pts; metals, IT gain, banks hit

Reliance Industries, HDFC Bank, ICICI Bank, HDFC, Bajaj Finance, L&T, Axis Bank, Infosys, and Asian Paints, down between 0.6 per cent and 3 per cent, dragged the indices lower today

4:53 PM

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

The market has once again recovered strongly. The market is not ready to give up easily. The uptrend from 14745/49800 stopped directly at 14950/50500 and the Bank Nifty improved by 800 points from the bottom. If the Nifty goes into an improper correction, there could be severe short covering above 15100/51000 levels and in that case, again the possibilities of hitting 15350/15450 (51650/51850) would turn bright. It would be better if we stay stock-specific until then. If the market goes down again, 14800/14750 (49800/50000) would be the best support. Today the trend was strong in Bank Nifty and metal stocks, which is positive for the market.

4:36 PM

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

The market witnessed some swift recovery from its short-term support around the Nifty50 Index level of 14800 in the market. the expected level should range between 14950 and 15300, and it’s going to crucial for the short-term market scenario to sustain above the 14800 to keep the long-term uptrend intact. While it is subject to further price action evolution, it is prudent to wait for a decisive breakout above 15000 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 is seen and a breakout above 15000. volatility is observed to expand in today’s trading session.

4:22 PM

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

Technically, the benchmark index has tested Horizontal Line & 50 days Simple Moving Averages and pulled back from there, which indicates immediate support zone for the near term. Moreover, on an hourly chart the index has reversed from Lower Bollinger Band formation, which suggests a reversal in the counter. At present, the Nifty index has an immediate resistance at 15150 levels while downside support comes at 14750 levels.

4:14 PM

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

Index opened a day with mild gains but failed to sustain on the positive side & seen sharp slide and closed a day on a negative note at 14929 with loss of nearly one percent. The index showed some pullback after touching its rising trend line on the daily chart, going forward 14750 will be immediate & strong  support if managed to hold then some more pullback possible towards immediate hurdle zone of 15k mark followed by 15100 zone

4:03 PM

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

Weakness in national macro data and rise in global bond yield ahead of the crucial FED monetary policy meeting dented domestic momentum. Both the inflations of retail and wholesale, inclined higher than estimated while industrial production de-grew in January 2021. However, optimism in European & other Asian markets helped to recover from the sharp initial losses. We can expect this volatility to stabilize based on the global outlook post a confirmation from FED to maintain an accommodative policy

3:56 PM

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

Markets opened in the red on the back of weak cues and drifted lower on higher WPI and partial lockdown in certain states. However, a spirited rally in Metals & IT stocks in Afternoon Trade with support from Financials helped Indices recoup part of the losses

3:54 PM

IPO Alert :: Anupam Rasayan subscribed 2x till 3:40 PM on Day 2 of the issue

3:53 PM

IPO Alert :: Craftsman Automation subscribed 42% till 3:40 PM on Day 1of the issue

3:52 PM

IPO Alert :: Laxmi Organics subscribed 1.7x till 3:40 PM on Day 1of the issue

3:50 PM

BUZZING STOCK :: Vaibhav Global ends 6% higher

>> Shares of Vaibhav Global hit a new high of Rs 4,513 after they rallied 8.5 per cent on the BSE in intra-day trade on Monday in an otherwise weak market. In the past three months, the stock has zoomed 115 per cent after it reported a strong operational performance for the quarter ended December 2020 (Q3FY21). In comparison, the S&P BSE Sensex has risen 7.7 per cent during the same period.

3:45 PM

NEW STOCK ON THE BLOCK :: MTAR Tech ends 88% higher against issue price

3:42 PM

Stocks that dragged the Sensex lower today

3:41 PM

Sectoral trends on the NSE

3:39 PM

Sensex Heatmap at Close

3:35 PM

CLOSING BELL

Against this backdrop, the benchmark S&P BSE Sensex tumbled 397 points, or 0.78 per cent, to end the day at 50,395 levels. In the intra-day deals, the index had plunged 993 points to hit a low of 49,799. 

 

On the NSE, the Nifty50 index ended at 14,929 levels, down 101 points or 0.67 per cent. In the intra-day deals, the index slipped below the 14,750 levels too hit a low 14,746.

3:24 PM

Volatility Alert

>> India VIX index cools off 2.85% to 21 levels as indices reverse losses

3:17 PM

Kotak Investment, Allianz tie up for investing in Indian pvt credit market

In February 2021, Allianz made its maiden credit investment of $150 million in KIAL’s eleventh Real Estate Debt Fund that achieved a closure of $380 million. KIAL’s Real Estate Fund primarily focuses on financing early- and late-stage real estate projects across geographies in India. Allianz’s total private credit investments in the country so far is worth about $650 million and it is looking to increase it to $1 billion in 2021, Kotak said. READ MORE

3:07 PM

Home First, Heranba, Brookfield, Nureca hit lowest levels since debut

Shares of recently listed companies, Home First Finance Company, Heranba Industries, Brookfield India Real Estate Trust REIT and Nureca hit their respective lows since listing on the bourses. These stocks were down between 2 per cent and 8 per cent on the BSE in the intra-day trade on Monday. In comparison, the S&P BSE Sensex was down 1.7 per cent at 49,925 points at 02:04 pm. READ MORE

3:05 PM

MARKET UPDATE:: Sensex off day's low

2:57 PM

SECTOR WATCH:: Nifty Metal index off day's low

2:55 PM

IPO Update :: Anupam Rasayan IPO subscribed 2 times so far

> The IPO has received 2.03 times bids

> Total bids received stood at 2,79,98,649 vs issue size of 1,37,65,099 as of 2.52 pm

2:46 PM

Vedanta's dues, rising interest rates sound trouble for Anil Agarwal

But that decades-long playbook is now being put to the test as rising borrowing costs complicate Agarwal’s efforts to clinch a buyout of the publicly traded crown jewel of his globe-spanning empire. His battle for control over Vedanta Ltd. is highlighting the risks for indebted tycoons in India and around the world as interest rates climb from historic lows and family businesses grapple with complicated holding structures. READ MORE

2:38 PM

European markets check

(Source: Reuters)

2:30 PM

Top Sensex drags at this hour

2:23 PM

Ratan Tata invests in Pritish Nandy Communications

Pritish Nandy Communications on Monday said veteran industrialist Ratan Tata has invested in the company. "Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has, in his personal capacity, acquired a stake in Pritish Nandy Communications Ltd through market purchases last week," Pritish Nandy Communications said in a regulatory filing. 

 

(Text Source: PTI)

2:12 PM

NEWS ALERT :: Alkem Labs launches Brivaracetam in India under the brand name “Brivasure"

>> Alkem Laboratories Ltd. (Alkem), one of the India’s leading pharmaceutical formulation development, manufacturing, and marketing companies, announce the launch of Brivasure, an affordable anti-epileptic drug for the treatment of Epilepsy in India.

>> Brivasure, Alkem’s anti-epileptic drug (AED) is a generic version of the parent molecule. Alkem has launched the drug in the market at price, Brivasure 25mg - Rs.79.50/strip, Brivasure 50mg - Rs. 148.50/strip, Brivasure 75mg - Rs. 230/strip, Brivasure 100mg - Rs. 295/strip, post patent expiry of innovator product, of Brivaracetam as on February 21, 2021. The drug has been approved by the Drugs Controller General of India (DCGI) in the adjunctive management of partial onset seizure with or without secondary generalization. The drug has exhibited faster onset of action, efficacy with favorable safety profile.
 

2:00 PM

This Ashish Kacholia, Vijay Kedia-owned stock zooms 115% in 3 months

Shares of Vaibhav Global hit a new high of Rs 4,513 after they rallied 8.5 per cent on the BSE in intra-day trade on Monday in an otherwise weak market. The company is an omni-channel e-retailer of fashion jewellery, accessories, and lifestyle products in developed markets with direct access to around 99 million households (FTE) through its TV home shopping networks – Shop LC in the US and Shop TJC in the UK. READ MORE

1:58 PM

IPO Update :: Laxmi Organic IPO sails through in less than 4 hours

> The IPO received 1.17 times bids as of 1.55 pm
> The issue got 3,80,32,340 bids vs issue size of 3,25,58,138 shares

(Source: NSE)

1:50 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

1:39 PM

Nifty Bank index hits over 1-month low; Bandhan, RBL Bank slip 5%

Shares of financials, including banks, were under pressure on Monday, with the Nifty Bank index, down 3 per cent, hitting an over one-month low after the Consumer Price Index (CPI) inflation hit a three-month high in February 2021, while Index of Industrial Production (IIP) recorded a contraction of 1.6 per cent in January. READ MORE