Bears rule D-St for 4th day; Sensex tanks 562 pts in broad-based sell-off

All the sectoral indices ended the day in the red with the Nifty Realty, Metal, and PSU Bank indices dropping up to 3 per cent

4:05 PM

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

The market witnessed a retrace to the support level around the Nifty 50 Index level of 14750. The market's short-term technical conditions are favoring a sideways correction is in the process. While holding above 14750 is the key to prevent further move down, Aggressive traders can use sustaining above 14750 as a buying opportunity. However, below this level market is likely to gain downside momentum and open the gate for a movement until 14540. As such, a strict stop at 14640 is advisable. The momentum is observed indicators like RSI, MACD to stay neutral along with the market breadth, further strengthening the view of a short-term sideways correction.

 

4:03 PM

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

Index decisively broke strong support zone of 14750 and closed below same which gives confirmation of breaking its rising trend line which can result in some more pressure in coming sessions if held below 14750 zone. Now on the downside, good support is coming near 14610-14500 zone any break below said levels may give trend reversal signal, resistance is still at 14750-14850 zone above that we may see some swift pull back in index

4:02 PM

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

Ahead of the FOMC meeting, the Bank Nifty fell for the third consecutive day to drag Indices down almost 1.5% today. Metals and PSU stocks succumbed to profit-taking today. The broader market did witness value-buying by savvy investors expecting an acceleration in the pace of vaccination

4:01 PM

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

Indian market remained in negative territory as investors traded cautiously ahead of the US Fed meeting coupled with a resurgence in covid cases. Adding to that, the rise in international crude prices is also dragging the Indian market. Global markets also displayed a weak opening as it awaits the final decision of the FOMC meeting today, which will decide the trend of the market in the short-term. On a consensus basis, an accommodative policy is expected  by FED, which will help the global market to stabilize

4:01 PM

IPO Alert :: Laxmi Organics subscribed over 100x till 3:50 PM on last of the issue

3:59 PM

IPO Alert :: Craftsman Automation subscribed 3.5x till 3:50 PM on last day of the issue

3:57 PM

IPO Alert :: Kalyan Jewellers subscribed 99% till 3:50 PM on Day 2 of the issue

3:56 PM

IPO Alert :: Suryoday SFB subscribed 30% till 3:50 PM on Day 1 of the issue

3:54 PM

IPO Alert :: Nazara Technologies subscribed over 3x till 3:50 PM on Day 1 of the issue

3:52 PM

STOCK OF THE DAY :: Indigo Paints hits lowest level since listing in intra-day deals

>> Shares of Indigo Paints hit their lowest level since listing at Rs 2,375, down 2.8 per cent on the BSE in intra-day trade on Wednesday. The stock was trading lower for the fourth straight day, having fallen 5.5 per cent during the period. With four days of decline, the stock of Indigo Paints has corrected 29 per cent from its high of Rs 3,348 touched on February 3, 2021

3:50 PM

STOCK OF THE DAY :: SBI Card ends over 4% lower

>> Shares of SBI Cards and Payment Services declined up to 5.12 per cent to Rs 969.6 on the BSE in the intra-day trade on Wednesday after over 40 million equity shares changed hands via block deal. At close, the stock was quoting 4.4 per cent lower at Rs 977.

3:48 PM

SECTOR WATCH :: PSBs tumble the most; Nifty PSB index slides 4%

3:47 PM

SECTOR WATCH :: Nifty Realty index falls 3%

3:46 PM

Broader market check :: S&P BSE SmallCap index slips 2%

3:44 PM

Broader market check :: MidCap index underperforms Sensex

3:43 PM

Stocks that dragged the Sensex lower today

3:42 PM

Sectoral trends on the NSE at close

3:40 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

At the headline level, the benchmark S&P BSE Sensex ended at 49,802 levels, down 562 points or 1.12 per cent, while the Nifty50 settled at 14,721 levels, down 189 points or 1.27 per cent. In the intra-day trade, the Sensex and the Nifty indices hit a low of 49,719 and 14,696 levels, respectively.

3:26 PM

India got VC investments worth $10 bn last year, 7,000 new startups: report

India got venture capital (VC) investments worth nearly $10 billion in 2020--the highest ever after 2019—when lockdowns to contain the spread of Covid-19 pulled down the economy, said a report on Wednesday.

 

The "India Venture Capital Report 2021" said last year saw continued momentum in consumer tech and software as a service (SaaS). There was also significant fundraising activity with $3 billion raised by India-focused funds: a 40 per cent increase from 2019. This included marquee funds like Sequoia, Elevation Partners, Falcon Edge, and Lightspeed, which closed new funds for India investments despite the pandemic. READ MORE

3:18 PM

Deepak Fertilisers scales 30-month high as promoter hikes stake

The disclosure made by Deepak Fertiliser to the stock exchange reveals that Robust Marketing Services Private Limited, the promoter of the company, acquired 685,872 equity shares worth Rs 13.16 crore through the open market between February 25 and March 13. Post acquisition, Robust Marketing Services Private Limited holding in Deepak Fertilisers increased to 10.25 per cent from 9.58 per cent earlier. READ MORE

3:11 PM

ALERT :: Indices hit day's low

3:05 PM

CBDT may take measures to correct withholding tax anomaly for FPIs

An amendment last year through Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 had inadvertently deleted the special provision for the concessional withholding rate for FPIs on the interest they earn on rupee-denominated bonds issued by Indian firms and government securities. The Central Board of Direct Taxes (CBDT), however, is expected to rectify the same either in the Finance Bill or the I-T Act, said people in the know. READ MORE

2:57 PM

Sensex Heatmap at this hour

2:48 PM

TRAI January data

Net addition at 9.66 million telephone subscribers; up 0.82% MoM

Net additions at 9.64 million wireless subscribers; up 0.84% MoM

Airtel added 59 lakh wireless subscribers

Reliance Jio added 19.56 lakh wireless subscribrs

Vodafone added 17.1 lakh wireless subscribers

2:41 PM

Franklin Templeton MF's six shut schemes generate Rs 15,272 crore

Franklin Templeton Mutual Fund has said its six shut schemes have received Rs 15,272 crore from maturities, coupons and pre-payments since closing down in April 2020.

 

The fund house had shut six debt mutual fund schemes on April 23 last year, citing redemption pressures and lack of liquidity in the bond market. READ MORE

2:30 PM

AT1 cloud likely to hit banks' capital-raising plans, say experts

Thanks to the controversy over Securities and Exchange Board of India’s (Sebi’s) circular on perpetual bonds, commercial banks, especially public sector lenders, are uncertain about their plans to raise about Rs 30,000 crore through additional tier I (AT1) bonds in the next financial year. The exercise was planned to help replace part of the existing bonds that are set to mature soon and to enhance capital profile for growth. READ MORE

2:17 PM

Robust growth trajectory drives gains for Asian Paints

The Asian Paints stock was up nearly 5 per cent in trade on expectations that the company will be a key beneficiary of a growth rebound and gain from the recent fall in crude oil prices. In addition, incremental growth from new businesses such as designer tiles that the company has recently diversified into adds to its revenue stream. READ MORE

2:04 PM

PM-CM meeting on Covid-19 | Request states to impose wearing masks, social distancing more rigorously, says PM

>> He says, more precautions needed to be taken at events where crowds can gather

 

>> Urges states to strengthen clinical management; Test, Track, Treat to be followed & vaccination

1:58 PM

Delta Corp hits 14-month high, surges 36% so far in March

Shares of Delta Corp continued their northward movement in Wednesday's trade as they rallied 8 per cent to hit a 14-month high of Rs 201.95 on the BSE in an otherwise weak market. The stock of the largest gaming company in India was trading at its highest level since January 2020. READ MORE