Sensex dips 627 pts as investors book profit on last trading day of FY21

The S&P BSE Sensex and Nifty50 have rallied 68 per cent and 70.8 per cent, respectively in FY21

4:10 PM

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

The market retreated from the day's highs and continued to consolidate throughout the day. The bias was negative and most of the index heavyweight weights shares closed lower. The market width was 1: 1 and therefore the market trend could not be determined. The trading range for tomorrow's market could be 14650/49300 and 14550/49000. The market could see 14400/48700 levels below 14550/49000 levels. Beyond 14750/49700, the market could pick up speed again. In short, hold long poses until 14550/49000 breaks. Today, the Bank Nifty did not rise as expected. However, there also we feel 33000 would act as major support

4:00 PM

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

Technically, the benchmark index has taken immediate resistance at Upper Bollinger Band formation and shifted below 100 Exponential Moving Averages on an hourly chart, which suggests a downward move for the upcoming session. At present, Nifty is finding support at 14550 levels, whereas resistance is placed at 14900 levels.

 

3:51 PM

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

Markets opened weak as Joe Biden shall unveil his Infrastructure Package today with an increase in corporate taxes. HDFC twins and profit booking in IT stocks led the decline today even as Cement and Real Estate stocks saw keen investor interest.  In the broader market, PSU Banks  and select Pharma names were seen buzzing around

3:51 PM

Tech view :: FY22 Outlook

S&P BSE SENSEX

Likely target: 54,000 - 55,100 (Upside potential : 8.32% - 10.53%)

 

The index is constantly making efforts to conquer the 50-days moving average (DMA) placed at 50,060 levels. Once the Relative Strength Index (RSI) manages to aggressively cross 50-value, the upside bias is expected to receive higher interest of market participants. The medium-term outlook is well placed above 48,000 levels. 
 

NIFTY50

Likely target: 16,000 - 16,500 (Upside potential: 8.40% - 11.79%)

 

The positive crossover of 50-weekly moving average (WMA) with 100-WMA shows a positive bias from a medium-term scale. This breakout is expected to gain momentum above the 15,000-mark, as per the weekly chart. As long as the index defends the 14,500-mark on the weekly scale, the upside sentiment is here to stay.

3:48 PM

Star performers of FY21

As many as 228 stocks from the BSE500 index have seen their market values more-than-doubled in FY21. Adani Total Gas, Adani Green Energy and Adani Enterprises from the Adani Group rallied in the range of 600 per cent to 1,020 per cent. Hindustan Copper, Aarti Drugs, Dixon Technology, APL Apollo Tubes, Laurus Labs and Affle India zoomed over 400 per cent during the fiscal.

3:47 PM

FY21 Wrap

In FY21, the S&P BSE Sensex and Nifty50 have rallied 68 per cent and 71 per cent, respectively. 

The gains in mid-and small-caps have, in fact, been sharper with both the indices rallying 91 per cent and 115 per cent, respectively on the BSE.

3:43 PM

BSE Snapshot :: M-cap of all BSE listed firms more-than-doubles in FY21

3:41 PM

Broader market check :: SmallCap index outruns benchmarks, MidCap index ends 0.07% up

3:40 PM

HDFC duo, RIL :: Stocks that lifted the Sensex today

3:38 PM

Sectoral trends on the NSE :: Banks, financials, IT stocks drag markets

3:37 PM

Sensex Heatmap at Close

3:33 PM

CLOSING BELL

Equity markets ended the last trading session of the financial year 2020-21 (FY21) on a tepid note as profit-booking in the private banking and IT sector outweighed buying in PSU banking, FMCG, and realty sectors. The headline S&P BSE Sensex settled the day at 49,509 levels, down 627 points or 1.25 per cent, while the broader Nifty50 ended at 16,691 levels, after erasing 154 points or 1 per cent.

3:27 PM

Biden to unveil $2 trn investment plan and increasing corporate tax to 28%

US President Joe Biden will announce a massive once-in-a-century USD 2 trillion plan on Wednesday to transform America's aging infrastructure, and position the country to out-compete China, according to officials.

 

The American Jobs Plan, to be announced by Biden in Pittsburgh, Pennsylvania, will create millions of good-paying jobs and rebuild the US infrastructure. READ MORE

3:19 PM

Corporate Action :: Asian Granito board okays allotment of shares to promoter on warrant conversion

Click here for details

3:09 PM

NEWS ALERT :: RBI extends deadline for processing auto-debit payments by 6 months

In a huge relief for banks, Reserve Bank of India on Wednesday extended the timeline for processing recurring online transactions by 6 months to September 30, 2021.

 

On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with Additional Factor of Authentication (AFA) would not be continued beyond March 31, 2021. READ MORE

2:59 PM

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

2:53 PM

Increased participation in NDF market a concern for RBI's forex management

On Tuesday, the rupee dropped 1.2 per cent against the dollar. Before Tuesday’s trading session, the currency was the best performing Asian currency in 2021 and the only one to appreciate against the US dollar in the region despite rising dollar index and slower foreign portfolio investment. To understand what happened on Tuesday, one needs to go back to a Reserve Bank of India circular a year back – March 27 to be precise – when banks were allowed to trade in off-shore non-convertible forward (NDF) rupee market. READ MORE

2:44 PM

NEWS ALERT :: Cabinet approves PLI scheme for Food Processing Industry

>> Union Minister Piyush Goyal says PLI scheme on food processing will have an outlay of Rs 10,900 crore

2:32 PM

MARKET CHECK :: Sensex hits day's low

2:31 PM

MARKET UPDATE:: HDFC twins and ICICI Bank among top drags on Sensex

2:21 PM

BNK Capital hits 20% upper circuit as open offer priced at Rs 200 per share

Shares of BNK Capital Markets were locked in the upper circuit of 20 per cent at Rs 166.85 on the BSE in Wednesday's trade, in an otherwise weak market, after Lebnitze Real Estates Private Limited made an open offer to acquire 2.6 million equity shares of the company at a price of Rs 200 per share. The offer price is 44 per cent above Tuesday’s closing price of Rs 139 per share on the BSE. READ MORE

2:13 PM

Sectoral trends on the NSE at this hour

2:08 PM

European markets check

(Source: Reuters)

2:01 PM

Britain's economy grew more than thought at end of miserable 2020

Britain's coronavirus-hammered economy grew more quickly than previously thought in the final three months of last year but still shrank by the most in more than three centuries in 2020 as a whole, official data showed on Wednesday.

 

Gross domestic product increased by 1.3% between October and December last year from the previous three-month period, the Office for National Statistics said. READ MORE

1:53 PM

SBI inks $1-bn loan agreement with Japan Bank for International Cooperation

Country’s largest lender, State Bank of India, has raised $1 billion from Japan Bank for International Cooperation (JBIC) to extend loans to supply chain of Japanese automobile industry in India.

 

SBI signed a loan agreement with JBIC, taking the total facility to $2 billion. It has inked similar agreement for $1 billion in October 2020, SBI said in a statement. Bank did not disclose terms of agreement including tenure and interest charged for loan facility. READ MORE
 

1:42 PM

Market Check | HDFC twins, Infosys among top Sensex drags in afternoon session

1:35 PM

NEWS ALERT :: April RBI MPC meeting scheduled between April 5 and 7

1:26 PM

TVS Motor exports 100,000 two-wheeler units in March, calls it milestone

TVS Motor Company said on Wednesday it exported 100,000 two-wheeler units in March 2021, as sales of its motorcycles grew in markets across the globe.

 

TVS Motor does business in more than 60 countries and its key exports include the TVS Apache, TVS HLX series, and TVS Stryker series. READ MORE
 

1:15 PM

What to expect from March auto sales? Here's a take from Prabhudas Lilladher

- Our interaction with leading channel partners indicate demand sentiments across segments (ex 2W) remains unaffected, despite second concurrent lockdown in certain parts. 

 

- For PV, we expect healthy demand sentiments as retail volumes are expected to grow 16-18% YoY led by strong demand from North, Central and South regions. However short supply both in CVs and PVs are impacting retails to an extent 20-25%. 

 

- 2Ws demand continues to remain weak leading to further inventory increase across 2W OEMs to 5-7 weeks in Mar-21 (v/s 4-6 weeks in Feb). 

 

- Tractor demand was steady for the month with inventory at sub-normalized level of ~4 weeks.

Source: Prabhudas Lilladher

1:15 PM

Mukand zooms 38% in 2 days on transfer of land at Thane for Rs 802 crore

Shares of Mukand rallied 15 per cent to hit a fresh 52-week high of Rs 79.80 on the BSE in intra-day trade on Wednesday on the back of five-fold jump in trading volumes. The stock has zoomed 38 per cent in just two trading days after the company announced that it has completed the transfer of approximately 55 acres of surplus leasehold land at Thane to NTT Global Data Centers Nav2 and received total consideration of Rs 801.51 crore, including taxes, which shall, amongst other things, be utilised for debt repayment of the company. READ MORE