Indices decline for 3rd straight week; Sensex slips 202 pts, ends below 48K

The overall market breadth remained in the favour of the bulls, courtesy rally in the broader markets

4:37 PM

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

Technically, the nifty index has been finding resistance at Middle Bollinger Band & 50 days Exponential Moving Averages. However, in the prior session, the Nifty has formed a Piercing Candlestick pattern, which shows reversal in the counter. Moreover, an oscillator stochastic is also trading near its oversold zone. At present, the Nifty index has a support at 14,150 levels while an upside resistance comes at 14,500 levels.

4:36 PM

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

The short term trend of Nifty remains dicey. The inability to show any meaningful upside bounce or failing to sustain the highs post upside bounce could be a cause of concern and this may not be a good sign for bulls. Normally, this action could eventually result in a decisive downside breakout of the support/range in the near term. Any upmove from here is expected to find strong resistance around 14,450-14,500 levels by next week. A sharp decline below 14,200-14,150 is likely to open the next lows of 13,600 in a quick period of time.

4:32 PM

What should investors expect from markets next week?

>> A sharp pullback rally is not ruled out if the Bank-Nifty succeeds to trade above 30,800. Technically, on daily and weekly charts the index has formed lower top formation, and the non-directional intraday activity clearly indicates indecisiveness between bulls and bears which will continue in the short run. 

>> We are of the view that, 14,250/ 47,450 would be the immediate support level for the bulls. Below the same, we can expect one more leg of correction up to 14,150/47,115. Further, downside may also be possible which could drag the index till 14,000-13,900/46,500-46,000. On the flip side,14,500/ 48,300 would be the immediate hurdle for the Nifty/ Sensex, above the same uptrend structure will continue up to 14,700/49,100.

>> Ahead of monthly F&O expiry, the sectors which would be in focus are banking, metal and pharma.

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

4:26 PM

Markets this week :: Top gainers

>> Tata Steel (3.9%)

>> Dr Reddy Labs (2.5%)

>> JSW Steel (2.4%)

>> BPCL (1.1%)

>> Wipro (2.2%)

4:23 PM

Markets this week :: Top losers

>> Ultratech Cement (9.6%)

>> Shree Cement (8.8%)

>> HUL (6.1%)

>> Tech M (5.9%)

>> Titan (5.6%)

4:22 PM

Markets this week

>> Market slips for 3 weeks in a row for the 1st time in last 11 months.

>> Sensex & Nifty slip 2% each

>> Midcap Index & Nifty Bank down 1% each.

>> PSU Bank, FMCG & IT top losing indices this week

4:19 PM

Currency Outlook

Next week, the focus will be on Fed policy, we expect Fed to reiterate the dovish tone and dollar to stay subdued. However, the second wave of COVID-19 in India is keeping market risk sentiment very light and the USDINR spot is afloat. So the USDINR bulls will continue to be on driver's seat, but we will  only have to look for RBI intervention. We expect a broader USDINR range to be 74.50-75.50

4:18 PM

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

The market failed to show resilience to stay above the Nifty 50 Index level of 14400. While it is subject to further price action evolution, The technical factors are aligned to support a lackluster market movement going forward. Any corrective wave down should find support around 14180-14200. The traders refrain from building a fresh buying position until we witness a correction till 14180-14200 level Or else a breakout above the 14400. It has observed volatility to expand in today’s trading session indicating profit booking and lack of trendiness in the market.

4:15 PM

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

While Fitch affirming BBB- rating stated the obvious, Indian markets also sought to ignore a potential hike in US capital gains tax to nearly 43% for wealthy individuals. The result was a bounce from opening lows, but the optimism as such could not sustain and profit booking emerged as Nifty approached the 10day EMA. Obviously, traders seemed reluctant to carry overnight gains into the weekend, amidst rising Covid numbers

4:10 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index again closed a week on a negative note at 14333 with loss of nearly two per cent on weekly basis and formed a Doji candle for third consecutive week hinting uncertainty in the markets. The index has created a good base near 14250-14200 zone holding above said levels structure will be positive any close below said levels can drag index to much lower levels and on the higher side stiff hurdle is 14450-14500 zone fresh strength above 14500 zone

4:05 PM

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

Following weakness in the US market, domestic market continued to be under the grip of bears. Reports of a possible increase in capital gains tax in the US took a toll on the global equities. Increasing covid cases & lockdown also fueled a downward trend in the domestic market. All major sectors were in negative territory while Pharma and mid & small-caps outperformed the broad market

4:02 PM

BSE Snapshot

3:59 PM

Laurus Labs hits record high in intra-day trade

3:57 PM

Cadila Healthcare jumps over 3% Zydus gets approval for Covid-19 medicine

3:55 PM

ICICI Bank declines 1.5% ahead of Q4 results tomorrow

3:54 PM

HCL Tech ends 0.56% down ahead of Q4 results

3:51 PM

Volatility Alert

India VIX ends 1.4 per cent down at 22.69 levels.

3:48 PM

Broader market :: S&P BSE SmallCap index ends half a per cent higher

3:46 PM

Infosys, ICICI Bank, HUL :: Stocks that dragged the Sensex lower today

3:44 PM

Sectoral trends on the NSE :: Media, PSBs outperform in a weak market

3:42 PM

Sensex Heatmap at Close

Top gainers: PowerGrid, NTPC, IndusInd Bank

Top losers: M&M, Dr Reddy's Labs, ICICI Bank

3:34 PM

CLOSING BELL

After starting gap-down, the benchmark S&P BSE Sensex recouped all the losses and jumped nearly 200 points to hit a high of 48,265 in the intra-day deals. However, bears roared back on Street and sent the index down 600 points from the day's high to a low of 47,669. It eventually nursed losses of 202 points, or 0.42 per cent, to end the day at 47,878.45 levels.

 

On the NSE, the broader Nifty50 closed at 14,341 levels, down 65 points or 0.45 per cent. The index hit a high and low of 14,461 and 14,273 in the intra-day deals.

3:27 PM

Ensure no oxygen tanker, meant for any state, is stopped: PM Modi asks CMs

In the wake of coronavirus surge in the country, Prime Minister Narendra Modi on Friday asked state governments to be strict with hoarding and black marketing of essential medicines and injections.

 

He was speaking while chairing a high-level meeting on Covid-19 situation with Chief Ministers of 11 states and Union Territories, which have reported maximum number of Covid cases recently. READ MORE

3:20 PM

Gold heads for weekly rise on subdued US Treasury yields, dollar

Gold was little changed on Friday but was set to post a third straight weekly gain after U.S. President Joe Biden's proposal to hike capital gains tax weighed on U.S. Treasury yields, while a weaker dollar also supported.

 

Spot gold was steady at $1,783.24 per ounce by 0723 GMT. The metal jumped to its highest since Feb. 25 at $1,797.67 on Thursday, and has added about 0.4% so far this week. READ MORE

3:11 PM

NEWS ALERT :: Govt to provide free foodgrains under PM Garib Kalyan Ann Yojana for May & June 2021

3:05 PM

NEWS ALERT :: India to import mobile oxygen generation plants from Germany

2:49 PM

NEWS ALERT :: Cadila health in focus

>> Zydus Cadila today announced that the company has received Restricted Emergency Use Approval from the Drug Controller General of India for the use of ‘Virafin’, Pegylated Interferon alpha-2b (PegIFN) in treating moderate COVID-19 infection in adults.

Click here for detail

2:41 PM

Rain Industries gains 9%, hits 52-week high on the back of heavy volumes

Trading volumes on the counter jumped two-fold with a combined 15.6 million equity shares, representing 4.7 per cent of total equity of the company, changing hands on the NSE and BSE till 02:15 pm, exchange data shows. In the past three months, the stock has rallied 33 per cent as against a 2 per cent fall in the benchmark index READ MORE

2:25 PM

MARKET CHECK :: Indices skid again; Sensex down over 200 pts

2:20 PM

Oil demand to buckle in India as Coronavirus resurgence wreaks havoc

The combined consumption of diesel and gasoline in April is poised to plunge by as much as 20% from a month earlier due to renewed restrictions, including a week-long lockdown in the capital New Delhi, according to officials from top refiners and fuel retailers. While major oil processors were still buying crude recently, there are signs starting to emerge that refining operations will likely need to be scaled back to adjust for plummeting demand. READ MORE