Financial, RIL drive Sensex 661 pts up; Nifty tops 14,500; TCS falls 4%

The Nifty Bank, Private Bank, Financial Services, Metal, and Realty indices gained between 3 per cent and 4 per cent.

4:52 PM

MARKET CLOSING COMMENT :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty broke a critical level of 14400 and is now expected to witness extended consolidation or a possible correction. The next few trading sessions are expected to witness high volatility. On the downside, 14000 can be tested if selling pressure continues. For investors we advise to remain buyer on dips as the medium term outlook remains positive; Leveraged traders are advised to keep exposure under check as volatility remains elevated.

 

 

4:45 PM

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

After a flat opening, the benchmark Nifty index slipped lower and made a low of 14296.45, but in the second half of the session, it recovered from the bottom, and managed to close at 14525.70 levels with a gain of 215 points. Bank Nifty closed at 31771.60 levels with a gain of more than 3% in a day. All the Nifty indices settled at green notes except Nifty IT & Pharma, whereas Nifty IT was the prime laggard for the day. On the stock front, M&M, BAJAJFINSERV, TATAMOTORS, MARUTI were the top gainer while TCS, DR.REDDY, TECHM, WIPRO were the losers for the day. On the daily chart, the benchmark index has reversed from its immediate support of 14250 levels and settled above 14500 territories.  Moreover, an oscillator Stochastic has also pulled back from the oversold zone with positive crossover. At present, the Nifty index has an immediate support at 14250 levels, while on the higher side it may find resistance around 14700 levels.

4:39 PM

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

On Tuesday, the Nifty/Sensex after a subdued first half posted a sharp bounce back to close higher at 14,504,80/48544.06. Today, the market remained well above the previous day's low of 14275/47775, but in the latter, the market managed to move beyond the level of 14450/48550, which was a significant resistance for the market. This was a unique day for the market and on Thursday the market could trade between the levels of 14550/49000 and 14250/47690. Above 14550/49000 level, Nifty could reach 14650/14670 (49400 - Sensex) level  On the other hand, 14450/48550 and 14250/47690 will serve as the major support in the market. Below 14250/47690 levels, the Nifty/Sensex would fall to 14000/47000 levels.   As long as the market does not break 14250/47690, the market will remain in the trading range. The focus should be on insurance and technology stocks.

4:27 PM

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

The absence of follow through weakness on Tuesday and a strong comeback of bulls from the crucial lower supports/range could mean more upside in the short term. The formation of present pattern and the confirmation in the next sessions (follow-through upmove on Thursday) could eventually indicate a chances of revisit of the upper range of around 14800-14900 levels in the coming weeks. Immediate support is placed at 14420.

4:20 PM

MARKET CLOSING COMMENT :: Anand James, Chief Market Strategist at Geojit Financial Services

The week had opened on a low note and sentiments remained downbeat as rising infections and prospects of lockdown led to a retest of March's lows. But this also prompted bargain hunters to regroup today, keeping Nifty from falling further. Sectoral rotation was seen with IT and Pharma finding funds moving out and into other sectors. The shot in the arm came in the second half of the day, with emergency approvals for foreign vaccines and a new mechanism for trials prompted short-covering in Nifty lifting it to the vicinity of 14500s

4:13 PM

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

The market witnessed some lackluster movement in the first half of the trading session and an attempt to break the resistance level around the Nifty 50 Index level of 14500. The short-term technical condition appears like a sideways consolidation in the process. Sustaining above 14500 levels, the market to gain momentum, leading to an upside projection till 14800 levels. The momentum indicators like RSI, MACD to show divergence, indicating a likelihood of further consolidation around the current market level.

4:05 PM

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

Market attempted to pull back from yesterday’s selloff but wasn’t that enthusiastic.  IT sector broke the trend due to profit booking as initial Q4 results were in line with expectations not providing enough leeway to a highly valued sector. While Industrial production for February declined by 3.6% primarily due to contraction in the manufacturing and mining sectors. India’s retail inflation for March also rose to 5.52%, however, it did not harm the market sentiment as it was in line with the recent RBI policy forecast. How the lockdowns will affect the economy will determine the trend of the domestic market, in the short-term

3:54 PM

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

On an auspicious day today we saw a partial reversal of the speculative unwinding witnessed yesterday, Bulls regained the momentum in Afternoon Trade as the see-saw battle between the Virus & Vaccine tilted towards the latter with the approval of the Third Vaccine. The dovish stance of the RBI gained over inflation in the minds of investors as we saw investor interest in BFSI. The broader markets though did see profit-taking in IT & Pathology names today

 

3:49 PM

BSE Snapshot :: M-cap of all BSE listed firms riss to Rs 203 trillion

3:48 PM

Sector of the day :: PSU Banks rally ahead of likely meeting on privatisation slated tomorrow

3:46 PM

Sector of the day :: Nifty Pharma down 1%; 6 of 10 constituents end in the red

3:45 PM

Sector of the day :: Nifty IT skids 3% amid profit-booking

3:44 PM

Broader market :: S&P BSE MidCap index outperforms benchmarks

3:42 PM

Stocks that drove the Sensex today

3:41 PM

Sectoral trends on the NSE

3:39 PM

Sensex Heatmap at Close

3:33 PM

CLOSING BELL

Among the frontline indices, the BSE barometer Sensex jumped 661 points, or 1.4 per cent, to settle the day at 48,544 levels. In the intra-day deals, the index had hit a high and low of 48,627 and 47,775, respectively.

 

On the NSE, the Nifty50 index closed the day at 14,505 levels, adding 194 points or 1.36 per cent. The index's high and low of the day were 14,529 and 14,275, respectively.

 

3:26 PM

Gold price fall not a worry for NBFCs, but banks need to be watchful: Report

The correction in gold prices in recent months is not expected to materially impact the asset quality of non-banking financial companies (NBFCs) lending against gold. Apart from periodically collecting interest over the past few fiscals, they have ensured that disbursement loan-to-value (LTV) is maintained below 75 per cent, ratings agency Crisil said.

 

On a 30-day rolling basis, gold price has corrected 10 per cent over the past six months, while on an absolute basis it fell twice that rate. READ MORE

3:13 PM

JLR retail sales up 12% in Q4, continuing recovery from Covid-19 impact

Tata Motors said on Tuesday its British luxury unit Jaguar Land Rover (JLR) achieved retail sales of 123,483 vehicles in Q4 fiscal 2020-21, 12.4 per cent higher than the same quarter last year.

 

China sales were up 127 per cent compared to a year ago when that market was heavily impacted by Covid-19. Sales in North America were also up year-on-year (plus 10.4 per cent) while other regions remain lower than pre-Covid levels, including overseas markets (minus10 per cent), the UK (minus 6.8 per cent) and Europe (minus 4.9 per cent). READ MORE
 

3:03 PM

Volatility Alert

>> India VIX cools off 10 per cent to 20.66 level

2:54 PM

MARKET UPDATE:: ICICI Bank, HDFC twins, and Bajaj Finance among top contributors to Sensex's 600-pts rally

2:48 PM

Bitcoin rallies to all-time high of $62,741 before landmark Coinbase IPO

Bitcoin hit a record of $62,741 on Tuesday, extending its 2021 rally to new heights a day ahead of Coinbase's initial public offering. The largest U.S. cryptocurrency exchange's listing on the Nasdaq on Wednesday is considered a landmark victory for cryptocurrency advocates. The world's biggest cryptocurrency, which has growing mainstream acceptance as an investment and a means of payment, rose as much as 5% on Tuesday. Smaller rival Ethereum also reached a record high of $2,205. READ MORE

2:40 PM

Cipla doubles remdesivir production to meet 'unprecedented' demand

India's Cipla Ltd has doubled production of COVID-19 medication remdesivir to help meet "unprecedented demand" as the country battles a massive second wave of infections, the drugmaker said on Tuesday.

 

India has overtaken Brazil as the world's second-worst coronavirus-hit country after the United States, having administered about 107 million vaccine doses among a population of 1.4 billion. READ MORE
 

2:40 PM

Sensex at day's high; here are the top gainers & losers from the index

2:31 PM

Sebi comes out with new guidelines on reporting formats for mutual funds

Capital markets watchdog Sebi on Monday came out with fresh guidelines on reporting formats for mutual funds.

 

The formats for the reports to be submitted byasset management companies (AMCs) to trustees, by AMCs to Sebi and by trustees to the regulator have been revised on the basis of consultation from the industry. READ MORE

2:22 PM

Recovery from intra-day lows in today's trade

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
Gujarat Alkalies	378.00	469.15	443.85	17.42
Bank Of Maha	23.00	26.30	26.05	13.26
Sobha	475.00	548.00	532.05	12.01
Bank Of India	66.20	73.40	72.35	9.29

2:20 PM

IDBI Bank jumps 8% as Cabinet may soon consider disinvestment proposal

Shares of IDBI Bank jumped 8 per cent to hit an intra-day high of Rs 36.50 on the BSE on Tuesday after a Business Standard report stated that the Cabinet will soon consider the proposal to sell the government’s 45.5 per cent stake in the company, paving the way for strategic divestment in the lender. READ MORE

2:12 PM

European markets check

(Source: Reuters)

2:02 PM

MARKET UPDATE:: Sensex surges 400 pts

1:59 PM

India fast tracks emergency approvals for foreign made Covid-19 vaccines

The union government is speeding up emergency approvals for foreign-made vaccines that have been granted emergency use authorisation (EUA) in other countries amid alarming spike of coronavirus infections across the country.

 

This is being done to expand the basket of vaccines for domestic use and hasten the pace and coverage of vaccination, according to an official statement from the government. READ MORE