Investors bet on FMCG, pharma amid Covid-led restrictions; Sensex up 42 pts
The broader markets, however, braved the volatility and settled higher. The S&P BSE MidCap and SmallCap indices added 1 per cent and 0.8 per cent, respectively by close.
 "markets, investor, stock market, broker, trader")
Stock market updates: The announcement of a month-long night curfew in the national capital city of Delhi capped gains on Dalal Street on Tuesday as investors decided to book profit, erasing gains clocked earlier in the day.
The benchmark S&P BSE Sensex had risen over 400 points while the broader Nifty50 index had surged 140 points in the early deals after a weak trading session on Monday. However, the indices pared gained and ended mildly higher soon after the Delhi government imposed night curfew in the city till April 30 with immediate effect in the wake of rising coronavirus cases. The city joins the states of Maharashtra, Gujarat, and Rajasthan to impose restrictions.
Individually, the benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.09 per cent, and the Nifty closed at 14,683 levels, up 46 points or 0.3 per cent. In the intra-day deals, the indices had hit a low of 48,936 and 14,574, respectively.
Up to 2 per cent losses in heavyweight like Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, Power Grid, SBI, UltraTech Cement, Maruti Suzuki, and IndusInd Bank put a lid on gains even as stocks such as Asian Paints, HDFC, HUL, TCS, Sun Pharma, Infosys, and Bharti Airtel tried to support the markets.
The broader markets, however, braved the volatility and settled higher. The S&P BSE MidCap and SmallCap indices added 1 per cent and 0.8 per cent, respectively by close.
Sectoral trends depicted that the market mood was defensive as the Nifty Pharma (up 2 per cent), FMCG (1 per cent), and Metal (1.5 per cent) indices remained top gainers on the NSE today while the Nifty IT index was up 0.25 per cent. The Nifty Bank and Private Bank indices, meanwhile, skidded around 0.4 per cent each ahead of the RBI monetary policy committee's outcome due tomorrow.
Global markets
World stocks hit record highs on Tuesday, supported by strong economic data from China and the United States, while currency and bond markets paused for breath after a month of rapid gains in the dollar and Treasury yields.
MSCI All Country World Index hit an all-time high as European stocks played catch-up with gains. The pan-European STOXX 600 index hit a record high, up 0.8 per cent while the German DAX rose 1.1 per cent, France's CAC 40 was up 0.6 per cent, and the UK's FTSE 100 jumped 1.2%.
Profit-taking pushed Japan’s Nikkei down 1 per cent and dragged on the Shanghai Composite.
(With inputs from Reuters)
4:50 PM
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The short term trend of Nifty remains range bound. The market is witnessing an alternative movement of up and down over the last four sessions. As per the present set up, one may expect Nifty to retest the crucial overhead resistance around 14880 levels in the short term, before showing another round of weakness from the highs. A sustainable move above 14900 could open a sharp upside for the market. Immediate support is placed at 14600.
4:45 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 14800. It is suggested that technical factors are aligned to support a short-term consolidation in the near future, followed by an attempt of a breakout above the 14900, sometimes mid of the month. As the immediate support is visible at level 14440, The market expects any corrective wave-down to find support around 14400-14450. As such, the traders are advised to refrain from building a fresh buying position until the market witnesses a correction to the 14450 level or a breakout above 14900.
4:35 PM
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities
After a sharp sell-off in the previous session, Indian benchmark equity indices ended marginally higher on April 6 amid some volatile moves. At close, the Nifty was up 45.70 points or 0.31% at 14,683.50.
Volumes on the NSE were in line with recent averages. Among sectors, Pharma, Metals, Realty, FMCG, rose the most while Bank & Media fell the most. Metals index closed at its highest level since April 2011. BSE Midcap and Smallcap indices rose 0.8-1 percent.
Nifty has formed an inside day compared to the previous session’s high-low, suggesting no fresh directional clues. The intraday volatility has however become smaller which is a good sign. Greater participation of small and midcaps has resulted in a healthy advance decline ratio. 14574-14876 could be the band for the Nifty for the near term.
4:24 PM
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Market is attempting a strong pullback from yesterday’s low as the announced lockdown is unlikely to really dampen the economic growth trajectory. There is a great hope that economic restrictions, summer season and vaccination will lead to a fall in covid cases. The pullback is also supported by a strong rally happening in global markets. The domestic market was awaiting the RBI policy with an expectation to maintain the status quo, future commentary on growth & inflation will be highly viewed with an optimistic outlook on FY22
4:15 PM
MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking
In a highly volatile trading session, the Indian indices swung both ways before ending the session in green. The Nifty index managed to end with gains of 0.4% at 14,700 levels. The broader markets witnessed healthy buying interest as both the Midcap and Smallcap index ended higher by nearly 1%. Amongst the sectors, except Banking and Consumer Durables, all the other indices ended in green wherein Healthcare, Realty and Telecom were the top gainers.
In the near term, we expect the markets to remain volatile as investors try to gauge the impact of restrictions imposed by state government to curb the spread of the virus. Moreover, the upcoming RBI monetary policy and earnings announcement from companies would also keep the volatility high
4:03 PM
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
While the Indices were more or less flat in Tuesday's trade it was a big day indeed for Midcaps were not only the Midcap 100 but also a host of them across sectors displayed stellar up moves on renewed investor appetite. While the tussle between the Virus and the Vaccine continues to add to the volatility, savvy investors were seen accumulating Midcap stocks having higher growth prospects
3:57 PM
BSE Snapshot
3:51 PM
Sector of the day :: Tata Consumer, Dabur shine as investors pick FMCG stocks
3:49 PM
Sector of the day :: Nifty Pharma index gains 2% as Covid-19 cases surge
3:46 PM
Broader market check :: SmallCap winners of the day
3:45 PM
Broader market check :: MidCap index remains in the positive zone through the day
3:42 PM
Stocks that helped Sensex recoup losses
3:39 PM
Sectoral trends on the NSE
3:38 PM
Sensex Heatmap at Close
3:33 PM
CLOSING BELL
The benchmark S&P BSE Sensex had risen over 400 points while the broader Nifty50 index had surged 140 points in the early deals after a weak trading session on Monday. However, the indices pared gained and ended mildly higher soon after the Delhi government imposed night curfew in the city till April 30 with immediate effect in the wake of rising coronavirus cases. The city joins the states of Maharashtra, Gujarat, and Rajasthan to impose restrictions.
Individually, the benchmark Sensex index settled at 49,201 levels, up 42 points, or 0.09 per cent, and the Nifty closed at 14,683 levels, up 46 points or 0.3 per cent. In the intra-day deals, the indices had hit a low of 48,936 and 15,574, respectively.
Topics : MARKET WRAP Markets Sensex Nifty50
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Apr 06 2021 | 7:55 AM IST