RIL, banks drag Sensex 871 pts lower at 49,180, Nifty below 14,550

Weightage-wise, Reliance Industries, ICICI Bank, HDFC Bank, HDFC, Infosys, Axis Bank, ITC, and SBI were responsible for 600 points cut in the Sensex

5:02 PM

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

The short term trend of Nifty seems to have reversed down after a small upside bounce. Next lower levels to be watched around 14350-14300 in the next few sessions before showing another round of small upside bounce from the lows. Any pullback rally could find resistance around 14675-14750.

 

4:50 PM

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

Today was a bad day for the market. The breadth of the market was extremely poor. About two-third of the listed stocks were down as well as all sectoral indices closed in negative territory. The Nifty / Sensex closed lower at 14549/49180. Tomorrow ahead of the March 2021 F&O expiry the market is likely to be in turmoil phase and the Nifty / Sensex may fall to 14350/48580 to 14250/48300 levels. The focus should be on Pharmaceuticals and Technology companies. On the higher side, 14650/49600 and 14700/49800 would be major hurdles

4:38 PM

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

Indian benchmark equity indices fell the most in a month on March 24. Nifty opened gap down and fell in the morning session. A second bout of selling happened post 1340 Hrs and the Nifty closed almost at its intra day low. At close the Nifty 50 index fell 1.8% to end at 14,549. The index has fallen to its lowest in nearly two months.

The main reason for the fall today included rising cases of Covid-19 in India and across the globe, which could delay the economic recovery. This is also evident from the fall in crude prices over the last few days. The overall number of global Covid-19 cases has surpassed 124 million, while the deaths have surged to more than 2.73 million, according to the Johns Hopkins University. The head of the World Health Organization said recent increases in deaths and cases represent "truly worrying trends." There is some Covid fear in the air again. The market seems doubtful that the vaccination race against the third pandemic wave can be won quickly.

 

Reports of levy of potential tax taxes by the US President to fund the infra spend also dampened sentiments. In India, the Supreme court judgement on NPAs also opens up the possibility of Banks having to make higher provisions in the March and June quarter. If the economic recovery is delayed, India’s fiscal situation and credit situation could deteriorate.

 

 

Nifty is close to 14468 which is the make or break level for the near term. Fall with lower volumes suggest that bottom fishers are staying away while sellers are hopeful of a bounce in the near term. On rises, 14638 could provide resistance.

4:25 PM

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

The bears took charge in today’s session as the Nifty index ended with a sharp cut of nearly 2%. Weak global cues combined with the news of a new mutant of the COVID-19 in India spooked participants. The broader markets too witnessed sell-off as both midcap and smallcap ended with losses of 1.7% and 1.6% respectively. On the sector front, all indices ended in the red wherein metal, auto and banking were the top losers.

 

Though we have not seen any major correction in the benchmark yet, the uneasiness is certainly increasing with the rapid rise in the COVID cases. Besides, global cues are also mixed. We were hoping for some respite from the banking front but it failed to build on the previous session’s gain. Put together, indications are now pointing towards further slide in the index while volatility is likely to remain high due to the scheduled expiry of March month contracts.  We reiterate our bearish yet cautious view and suggest maintaining positions on both sides.

4:16 PM

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

The market continued to witness volatility at its recent high and stayed in the range of 14500 to 14900 (Nifty 50). The market's short-term technical condition appears like a sideways correction is in the process. Any corrective wave down should find support around 14500. The short-term trader can adopt buying on the dip while selling at a rally towards 14800-14900 as the best possible trading strategy at the prevailing market condition. The volatility is observed to expand in today's trading session before the monthly F&O contract expiry tomorrow. The traders are advised the long-term investors to refrain from building a new buying position until further improvement.

4:04 PM

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

Indian market witnessed across-the-board selling amidst high volatility owing to weak global cues and spike in Covid cases. All sectors barring pharma witnessed selling as second and third wave infections in India and Europe, respectively, are bound to hamper economic recovery. Reports of a potential tax hike in the US also impacted the market sentiment

3:57 PM

IPO Alert :: Barbeque Nation nearly sails through on Day 1; issue subscribed 94% till 3:50 PM

3:54 PM

BSE Snapshot

3:53 PM

Stocks that dragged the Sensex lower today

3:52 PM

SECTOR WATCH :: Cipla, Aurobindo Pharma help Nifty Pharma index end in the green

3:50 PM

SECTOR WATCH :: Metal stocks lose sheen

3:49 PM

SECTOR WATCH :: PSBs slide after meeting to discuss privatisation was called off

3:46 PM

Volatility Alert

>> India VIX jumps 8.66 per cent to end at 22.5 level

3:44 PM

Sectoral trends on the NSE

3:42 PM

Sensex Heatmap at Close

3:37 PM

CLOSING BELL

Back home, benchmark indices turned sharply lower in the last hour of trade with the frontline S&P BSE Sensex plunging 931 points to hit a low of 49,120. The downfall was contained at 49,180 level with a cut of 871 points, or 1.74 per cent, by close.

On the NSE, the Nifty50 ended at 14,549 level, down 265 points or 1.79 per cent.

3:25 PM

CG Power hits over 2-year high ahead of board meet for preferential issue

Shares of CG Power and Industrial hit an over two-year high of Rs 67.95, frozen in the 5 per cent upper circuit, band on the BSE on Wednesday ahead of the firm's board meeting to issue equity shares to Standard Chartered Bank (Singapore) on preferential allotment basis. The stock was trading at its highest level since May 2018 and has been locked in the upper circuit for the third straight day. READ MORE

3:16 PM

ALERT :: Escorts to hike prices from April 1, 2021

Escorts Agri Machinery (EAM), division of Escorts Limited, shall be increasing the prices of its tractors effective 1st April 2021.

There has been a steady rise in commodity prices necessitating a price hike to offset the impact of the inflation. The increase in prices would vary across models and variants. 
 

3:08 PM

Sensex Heatmap at this hour

2:57 PM

MARKET CHECK :: Sharp downtick on indices

2:56 PM

DHFL debt resolution to spill over into FY22

The acquisition of Dewan Housing Finance Corporation (DHFL) by Piramal Group is set to spill over to the next financial year with the legal process taking time, say lenders. With this, the lenders, who were expecting to resolve one of India’s biggest default worth Rs 90,000 crore in March quarter, will have to wait longer. READ MORE

2:54 PM

NEWS ALERT :: Euro zone economy back to growth in March as factories roar, shows PMI

>> Euro zone economic activity made a surprise return to growth this month as factories ramped up production to its fastest pace in over 23 years, offsetting a continuing slowdown in the bloc’s dominant services industry, a preliminary survey showed.

>> IHS Markit’s flash composite PMI, seen as a good guide to economic health, bounced above the 50 mark separating growth from contraction to 52.5 in March compared to February’s 48.8, its highest since late 2018. Even the most optimistic respondent in a Reuters poll had said it would rise to 51.0 and the median predicted only a modest increase to 49.1.

>> But with much of Europe suffering a third wave of coronavirus infections and renewed lockdown measures, as well as a slow vaccine rollout in the region, the final reading of the survey and April’s numbers could be more subdued.

(Source: Reuters)

2:44 PM

MARKET UPDATE:: RIL, ICICI Bank, HDFC twins among top Sensex drags

2:28 PM

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

Company	PRICE(rs)	52 WK HIGH	CHG(%)
Aarti Industries	1370.40	1399.00	6.49
Adani Enterp.	1046.00	1093.00	-1.15
Adani Green	1292.15	1341.60	-1.53
Adani Power	106.70	106.70	4.97
Adani Total Gas	915.45	970.00	2.06

2:20 PM

NEWS ALERT :: Cadila slashes price of its version of Remdesivir drug

In a significant move, Zydus has made its brand of Remdesivir, Remdac more affordable at Rs. 899 for a 100 mg lyophilized injection. Remdac was launched in August 2020 at Rs. 2800. 

Alert: In June 2020, Zydus entered into a non-exclusive agreement with Gilead Sciences Inc., to manufacture and sell Remdesivir, the investigational drug, which has been issued an Emergency Use Authorization by the U.S. Food and Drug Administration (FDA) to treat patients suffering from severe symptoms of COVID 19. The API for the drug has been developed and manufactured at the group’s API manufacturing facilities in Gujarat. 

2:16 PM

Glenmark gets USFDA nod for generic antipsychotic drug

Drug firm Glenmark Pharmaceuticals on Wednesday said it has received final approval from the US health regulator for its generic phenothiazine antipsychotic Chlorpromazine Hydrochloride tablets. The company has received approval from the United States Food and Drug Administration (USFDA) for Chlorpromazine Hydrochloride tablets USP, in the strengths of 10 mg, 25 mg, 50 mg, 100 mg, and 200 mg, Glenmark said in a regulatory filing.

(Text Source: PTI)

2:07 PM

European markets check

(Source: Reuters)

2:00 PM

Aarti Industries hits all-time high; stock rallies 13% in four days

Shares of Aarti Industries rallied 9 per cent to hit an all-time high of Rs 1,399 in intra-day trade on the BSE on Wednesday in an otherwise weak market amid heavy volumes. The stock of the specialty chemicals company was trading higher for the fourth straight day, gaining 13 per cent during the period. It surpassed its previous high of Rs 1,363.50, recorded on January 5, 2021. READ MORE

 

1:56 PM

Top losers on BSE at this hour

Company	PRICE(rs)	CHG(%)
Rail Vikas	27.70	-8.88
Responsive Ind	158.10	-6.17
Sterling & Wils.	298.65	-5.25
Redington India	149.30	-5.24
NCC	77.00	-4.88

1:46 PM

Sales recovery, expansion in new markets key to Dr Lal Pathlabs' growth

The Dr Lal Pathlabs stock has gained 13 per cent on expectations that de-risking of the revenue profile, lower Covid-related contribution, and volume gains will improve its sales and margins. Sales of the company which had been impacted during the first half of FY21 have started recovering. READ MORE