Indices end lower for 2nd day; Sensex drops 441 pts but up 2.5% this week

On the upside, ONGC, Maruti Suzuki, Nestle India, Titan, Reliance Industries, and L&T supported the markets with up to 2.5 per cent gains

4:22 PM

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

On the weekly basis, despite the market closed in the positive territory the market mood was sluggish. A substantial jump in the long term treasury yields and upward activity in the dollar index towards 92, resulted in weakness across the globe. The Nifty/Sensex closed below the crucial supports of 14950 and 50500 on a daily basis. The bank nifty has narrowed down the trading range and closed at an unchanged level on a weekly basis. The dollar index has formed a series of higher high and higher low that could be the cause of concern as it controls or curtail inflows for emerging markets.

On a daily basis, the market has formed the long-legged Doji formation, which is an indication of indecisiveness. However, in the short term until the market is not breaking 15280 levels our bias should be on the downside.

Outlook: In the coming week, we could see, Nifty/Sensex touching minimum 14750/50000 or 14550/49300 levels. On the higher side, 15150/51200 and 15280/51600 would be major hurdles. The focus should be on FMCG and Auto companies.”

 

 

4:10 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 15250. the expected level should range between 14900 and 15250, and it’s going to be crucial for the short-term market scenario to stay above the 15050 levels. While it is subject to further price action evolution, It is prudent to wait for a decisive breakout above 15250 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.

3:56 PM

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

Indices opened weak on the back of Jerome Powell remarks and rising oil prices. Profit booking in Metals & Financials kept markets in the red throughout the day. The key highlight was the huge response seen to the IPO of MTAR Technologies as investors rushed subscriptions on its last day today

3:55 PM

IPO Update :: MTAR Tech issue subscribed 200x till 3:50 PM on final day of the issue

3:53 PM

SECTOR OF THE DAY :: FMCG stocks outperform in a subdued market

3:51 PM

SECTOR OF THE DAY :: PSBs bleed; Bank of Baroda, Canara Bank top losers

3:48 PM

Stocks that dragged the Sensex lower today

3:47 PM

Sectoral trends on NSE at Close

3:40 PM

Sensex Heatmap at Close

3:35 PM

CLOSING BELL

Among headline indices, the S&P BSE Sensex ended at 50,405 levels today, erasing 441 points or 0.87 per cent. From the day's high of 50,886, the index tumbled 726 points to hit a low of 50,160.

 

On the NSE, the Nifty50 settled above the 14,900-mark at 14,938, down 143 points or 0.95 per cent. 38 of the 50 stocks declined on the Nifty today, while 12 advanced.

 

3:28 PM

NEWS ALERT :: Govt panel recommends extending coal supply to NALCO's plants for 2 years, reports Bloomberg

3:19 PM

NEWS ALERT :: ICICI Lombard approves interim dividend of Rs 4 per share

3:10 PM

CSB Bank surges 16% in a weak market, hits fresh 52-week high

Shares of CSB Bank, on Friday, rallied 16 per cent to a fresh 52-week high of Rs 273.95 on the BSE in an otherwise weak market on the back of heavy volumes. The stock surpassed its previous 52-week high of Rs 270, touched on November 10, 2020. It hit an all-time high level of Rs 314 on December 5, 2019. READ MORE

3:03 PM

Oil soars to near 14-month high as OPEC+ extends output cuts into April

Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Brent crude futures for May rose to as high as $68 a barrel on Friday, a level not seen since Jan. 8, 2020. The contract was up $1.09, or 1.6%, to $67.83 a barrel at 0730 GMT, and was on track for a near 3% gain in the week. (Source: Reuters)

2:50 PM

Wealth managers frustrated over bitcoin, anxious for piece of the action

The rollercoster ride in bitcoin since the start of the year has not dampened wealth manager Jim Paulsen's enthusiasm for the cryptocurrency. Yet Paulsen, chief investment officer for Leuthold Group, which manages $1 billion, cannot own bitcoin in client portfolios due to regulatory constraints. This has left him on the sidelines watching the world's most popular cyrptocurrency surge more than 900% since its March lows in volatile trading that also saw bitcoin lose more than 20% in the span of a few days. READ MORE

2:41 PM

Laurus Labs falls 5% as promoters sell 1.3% stake in company

Shares of Laurus Labs were trading 5 per cent lower at Rs 349 on the BSE in intra-day trade on Friday, down 9 per cent from Thursday’s high, after the promoters of the firm sold 1.3 per cent stake in the company for Rs 258 crore via the open market to release pledged shares. “Dr Satyanarayana Chava, founder promoter, CEO & ED, sold 5.2 million equity shares of the company in the stock market at an average price of Rs 368.59, per share, aggregating to Rs 191.67 crore,” Laurus Labs said in a press release. READ MORE

2:36 PM

OPEC ignores India's call; Saudi asks New Delhi to use cheap oil it bought last year

International oil prices rose after OPEC and its allies ignored India's plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year. India's Oil Minister Dharmendra Pradhan had in the run-up to Thursday's OPEC meeting urged the producers' group to ease production curbs to fulfil their promise of stable oil prices. (Source: PTI)

2:35 PM

Powell disappointment hits European stocks, tech slides again

Rising US bond yields put European equities under pressure again on Friday after Federal Reserve Chair Jerome Powell’s remarks failed to soothe investor concerns about a recent surge in borrowing costs. The pan-European STOXX 600 fell 0.9 per cent in early trading, with shares of travel, mining, and financial services companies leading the declines. While Powell said the rise in yields was “notable”, he did not consider it a “disorderly” move, or one that pushed long-term rates so high the Fed might have to intervene in markets more forcefully to bring them down. READ MORE

2:17 PM

Market breadth in favour of seller

> Advance-decline ratio on BSE stood at nearly 1:2 in afternoon session

2:12 PM

Sensex Heatmap | Top gainers & losers as index slides 650 points

2:03 PM

India VIX jumps nearly 8% to 26.02

> VIX is a measure of volatility in the market

1:56 PM

Value of delisting offers at record-high amid pandemic surge, shows data

Majority shareholders offered more money to take their companies off the stock exchanges this year than in the previous 17 years. The value of such delisting offers for the financial year 2020-21 (FY21) was a record Rs 22,165.5 crore, show numbers from Prime Database. This is the highest show records available since FY04. It is more than four times the previous high of Rs 5,479.4 crore in FY16. READ MORE

1:44 PM

Quick Heal zooms 8%, hits 52-wk high as board to consider buyback proposal

Shares of Quick Heal Technologies, on Friday, soared up to 8 per cent to a fresh 52-week high of Rs 187 on the National Stock Exchange (NSE), in an otherwise weak market, after the company said its board will consider a share buyback on March 10, 2021. The security software provider's stock has advanced 9.1 per cent in the last one month (till Thursday) as compared to a 1.2 per cent rise in the benchmark Nifty50 index. READ MORE

1:29 PM

Vodafone Idea slips 4% amid reports of fund raising plan hitting a snag

Shares of Vodafone Idea (Vi) slipped over 4 per cent to Rs 10.53 on the BSE in intra-day trade on Friday amid reports that the debt-laden telco's fund-raising plans have landed in a soup. Vi’s talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco’s assets in case of a payment default, a report by Economic Times stated. READ MORE

1:15 PM

NEWS ALERT :: BEML appoints Deloitte Haskins & Sells LPP as Consultant for firm's demerger

>> Deloitee to advise, undertake and implement Demerger of Non-core assets of the Company. 

1:03 PM

SECTOR WATCH:: Nifty PSU Bank index dips 3%

12:59 PM

NEWS ALERT :: PVR opens a new 6-screen property in Mysuru

12:43 PM

MARKET UPDATE:: Broader indices underperform benchmarks

12:40 PM

Shilpa Medicare gets tentative USFDA nod for Apremilast tablets

Drug firm Shilpa Medicare on Friday said it has received tentative approval from the US health regulator for Apremilast tablets, used in the treatment of psoriatic arthritis. The newly approved product is a generic equivalent of reference listed drug (RLD) Otezla of Celgene.

 

(Source: PTI)

12:39 PM

Stocks that hit 52-week high on BSE today in an otherwise volatile market

Company	PRICE(rs)	52 WK HIGH	CHG(%)
ACC	1855.00	1893.80	0.01
Adani Power	74.95	74.95	4.97
Adani Total Gas	698.20	725.00	1.40
Affle India	5949.95	6287.00	-1.56
Amber Enterp.	3565.30	3667.50	2.31