Indices log biggest 1-day fall in 9 mths; Sensex sinks 1,939 pts, holds 49K

4:38 PM

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

Nifty on the weekly chart, formed a reasonable negative candle for the second consecutive week. The weakness after the formation of bearish engulfing type pattern of previous week. The medium term trend of the market remains intact and we observe a larger positive sequence like higher tops and bottoms in Nifty as per weekly timeframe chart. Present, weakness in the market could be in line with the new higher bottom of the sequence. But the higher bottom formation needs to be confirmed.

 

The weekly 10 period EMA has been offering support for the market since October 2020, as per weekly chart. In the last three occasions Nifty halted its weakness and showed sharp upside bounce from near this support  (in early Nov 20, Later Dec 20 and later Feb 21) or mildly violating the support. Presently, Nifty sliding down towards this support at 14345 and one may look for the opportunity of another upside bounce unfolding from the lows.

 

Conclusion: The recent upside bounce of the last two sessions has been negated sharply on Friday and the short term trend has turned down. One may expect further slide down towards the next crucial supports of around 14350-14300 levels in the coming few sessions, before showing any possibility of an upside bounce. Upside rise from here could find stiff resistance at 14640.

 

 

4:29 PM

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

Indian benchmark equity indices declined the most since May last year as a sell-off in bond markets across the globe sparked a collapse in global equities. The Nifty opened gap down and kept falling through the day and closed almost at the intra day low. At close, the NSE Nifty 50 index shed 568 points to end 3.8% lower at 14,529. For the week, the Nifty closed 3.02% lower, falling for the second consecutive week.

 

Nifty opened with a downgap and hence has formed a bearish evening star formation on daily charts on Feb 26 as was expected by us on Feb 25. In the process, near term support of 14635 has been breached. Now the Nifty could head towards 14281-14336 band over the next few days with some intermittent bounces. Advance decline ratio keeps tracking the Nifty suggesting that the investors are taking action on the broader stocks based on the Nifty moves. 

4:14 PM

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

Domestic markets tumbled in line with global trend triggered by a sharp rise in bond yields. Increasing geopolitical tension between the US and Syria aggravated the selling. Q3 GDP data which is to be released today also added volatility in the Indian market. Although negative, mid and small caps outperformed their larger indices showing investor confidence.  The market will gain momentum as the global market is expected to stabilize supported by maintaining accommodative monetary policy and a growing economy

4:00 PM

MARKET CLOSING COMMENT :: Rusmik Oza, Executive Vice President, Head of Fundamental Research, Kotak Securities

What we are seeing in Indian markets is a knee jerk reaction to the rise in global bond yields. In the immediate future Indian markets could also bear the brunt of global correction but as time goes it could recoup and standout for three reasons: 1) India’s V shaped recovery could be stronger than other economies because of the severe lockdown we went through last year, 2) The low base caused due to last year’s lockdown will provide very high earnings growth for the next three quarters & 3) Since Pre-Covid India has added more than ~US$ 100 bn to its forex reserves. Due to the strong accumulation of reserves RBI could be in a better position to handle any currency weakness being caused by rising bond yields and potential FPI outflows. Stable currency, strong economy growth and sharp rise in earnings could help India sustain any global correction due to inflation and rising bond yields

3:48 PM

RailTel ends 21% higher against the issue price of Rs 94

3:46 PM

Index contributors ::HDFC twins, RIL, ICICI Bank weigh on Sensex

3:45 PM

Sectoral trends on NSE :: Banks, metals, auto worst hit

3:43 PM

Bloodbath on D-Street!

3:35 PM

CLOSING BELL

In the intra-day trade, the benchmark S&P BSE Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points. The indices ended near the lowest point of the day, at 49,100 and 14,529 levels, respectively, down 1,939 points and 568 points.

 

All the 30 constituents on the Sensex index and 50 stocks on the Nifty ended the day in the red. ONGC, JSW Steel, GAIL, M&M, Bajaj Finance, Grasim, and Hero MotoCorp were the top Nifty losers, down up to 8 per cent; Axis Bank, HDFC, Power Grid, ICICI Bank, and HDFC Bank were the top drags on the Sensex. 

 

3:14 PM

MARKET ALERT

3:05 PM

Sensex Heatmap at this hour :: All 30 constituents trade in the red

2:57 PM

Eveready Inds zooms 20% on the back of heavy volumes, hits 2-year high

Shares of Eveready Industries (EIIL) India, on Friday, zoomed 20 per cent to hit an over two-year high of Rs 311.70 on the BSE in intra-day trade in an otherwise weak market. The stock of the dry cell battery maker was trading at its highest level since April 2018. The Burman family, the single-largest investor in EIIL with a 20 per cent stake, may become joint promoters of the battery maker along with the Khaitan family, the Mint reported quoting two people familiar with the talks between the two groups. READ MORE

2:51 PM

Airtel to seek shareholders' nod to issue 3.64 cr shares to LMIL for Bharti Telemedia deal

Bharti Airtel will seek shareholders' nod on March 19 for issuance of about 3.64 crore equity shares of the company to Lion Meadow Investment Ltd (LMIL) on preferential basis, to execute its deal for buying additional 20 per cent stake in its DTH arm Bharti Telemedia, according to a regulatory filing. 

(Text Source: PTI)

2:43 PM

IIFL Finance to open public issue of bonds next week to raise Rs 1,000 cr

IIFL Finance on Friday said it will launch a public issue of bonds next week to raise up to Rs 1,000 crore to augment its capital base. Backed by Fairfax and CDC Group, IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs), with a base issue size of Rs 100 crore and a green-shoe option to retain oversubscription of up to Rs 900 crore, aggregating to Rs 1,000 crore, the company said in a release. READ MORE

2:32 PM

MARKET VIEW | Hemang Jani, Head of Equity Strategy, Broking & Distribution, MOFSL

Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal. Sensex tumbled 1800 points while Nifty tanked 500 points largely led by sharp fall in banking and financial stocks. Nifty Bank and Nifty Financials are down almost 5% against ~3.5% fall for Nifty. However the fall in the broader market is less severe with Nifty Midcap 100 and Nifty Small cap 100 down ~2%. India VIX has spiked 27% to 29 levels. Investors have thus turned to Pharma stocks amidst this market crash which is down just 0.4%. This sector has been in consolidation mode so far 2021YTD as it witnessed profit booking post sharp rally in CY20. It has also got boost from second PLI scheme being approved for the sector. The market correction might continue for some time till inflation fears ease down.

2:26 PM

Bitcoin falls over 5% to $44,466, close to lowest in over 2 weeks

Bitcoin fell more than 5 to $44,466 on Friday, losing $2,560.84 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen as much as 70% from the start of the year, hitting a record high of $58,354.14.

 

(Source: Reuters)

2:12 PM

MARKET ALERT :: US futures turn positive; Dow recovers 250 pts from day's low

2:11 PM

Here's why Nifty Bank index tanked 5% on NSE amid rising bond yields

At 1:33 PM, the Nifty Bank index was trading nearly 5 per cent, or 1,718 points, down on the National Stock Exchange (NSE) compared with a 3 per cent slide in the benchmark Nifty50 index. The Nifty Private Bank and PSU Bank indices, too, were quoting 4.6 per cent and 3.7 per cent lower, respectively. READ MORE

2:09 PM

Nava Bharat Ventures jumps 7% as board approves Rs 150 crore buyback plan

Shares of Nava Bharat Ventures, on Friday, reversed early losses to trade 7 per cent higher in intra-day after the company board approved the plan to buy back shares worth Rs 150 crore. The company, in a BSE filing, said the Board of Directors of Nava Bharat Ventures, at its meeting held on February 26, 2021, has approved the proposal to buyback fully paid-up equity shares of face value of Rs 2 each for an aggregate amount not exceeding Rs 150 crore.  READ MORE

2:02 PM

HDFC Mutual Fund sells 2.73% stake in Just Dial for over Rs 108 crore

HDFC Mutual Fund has offloaded 2.73 per cent stake in local search engine Just Dial for over Rs 108 crore through an open market transaction. According to a regulatory filing, the schemes of HDFC Mutual Fund, which held8.33 per cent stake in Just Dial earlier, sold 1,690,653 shares constituting 2.73 per cent stake in the open market transaction. READ MORE

1:58 PM

European markets check

European stocks tumbled 1.5 per cent on Friday, led by miners and technology stocks, as a jump in bond yields and concerns of lofty equity valuations hammered demand for riskier assets. The benchmark European stock index was set to record its worst single day fall this month.
 

1:53 PM

RBI RCF | RBI bats for retaining current tolerance band of 4%,+/-2% over the next 5 yrs

-- Threshold inflation above which growth is unambiguously impaired ranges between 5-6%

-- Flexibility must be built into inflation targetting framework without undermining discipline of target, RBI says in RCF

1:45 PM

NEWS ALERT | RBI releases report on Currency and Finance (RCF) for the year 2020-21

1:42 PM

Standardisation of products not against innovation, says Irdai Chairman

Standardisation of products is not against innovation, rather it will cater to the common needs of the customers, said Subhash Chandra Khuntia, chairman, Insurance Regulatory and Development Authority of India (Irdai), thereby allaying concerns expressed by some sections of the industry. “We have come out with some standard products in the life and general insurance space. Some people feel that standardisation is against innovation, but let me tell you these standardised products are required to cater to the common needs of the customers”, he said, speaking at the National Insurance Academy Swiss Re Seminar. READ MORE

1:33 PM

Nava Bharat jumps 7% on Rs 150 crore buyback plan

1:22 PM

Dilip Buildcon rises 5%, hits 52-week high on order wins worth Rs 2,241 cr

Shares of Dilip Buildcom jumped nearly 5 per cent in intra-day trade on Friday, defying the market trend, to scale a fresh 52-week high of Rs 697 on the BSE after the firm emerged as the lowest bidder for orders worth Rs 2,241 crore. "Dilip Buildcon has been declared as L-1 bidder for two new National Highways Authority of India HAM projects under Bharatmala Pariyojana, Phase I in Tamil Nadu and Puducherry for orders worth Rs 2,241 crore," the company said in a BSE filing. READ MORE

1:20 PM

Broader marker check :: S&P BSE SmallCap outperforms benchmarks

1:15 PM

Top losers on BSE at this hour

Company	PRICE(rs)	CHG(%)
Bank Of Maha	24.01	-7.05
I O B	17.84	-6.25
Shriram Trans.	1307.65	-5.25
Jindal Saw	78.80	-4.77
RBL Bank	237.15	-4.74

1:10 PM

NEWS ALERT

1:03 PM

PM Modi addresses a webinar on financial sector