Covid-19 tames D-St bulls; Sensex tumbles 871 pts; IT stocks climb

The overall market breadth on the BSE was in the ratio of 1:2 with two stocks falling against every stock that rose, as against a 1:4 ratio on the 30-share index

4:40 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. While it is subject to further price action evolution, The technical factors are aligned to support a short-term consolidation in the near future.  the market is expected to attempt a breakout above the 14900 mid of the month. Any corrective wave down should find support around 14400. As such, The traders are advised to refrain from building a fresh buying position until the market witnesses a correction to the 14400 level or a breakout above 14900. The volatility is observed to expand in today’s trading session indicating profit booking and distribution of stocks at a higher market level.

 

4:25 PM

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

Strong cuts have been witnessed in today’s session as nifty closed a day at 14638 with loss of one & half per cent forming a bearish candle on the daily chart. The overall structure still looks of narrow consolidations as index rejected around 14900 zone third time on hourly charts and we saw good profit booking from the same levels, now if index managed to sustain below 14700 zone then we may see next move towards its previous swing low of 14300 zone and if it managed to hold above 14700 zone then some relief rally can be seen

4:17 PM

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

"The market witnessed a huge sell-off today as India’s second wave of Covid-19 is getting bigger than anticipated and is expected to ruin the pace of economic recovery. High valuation added further concern due to a possible downgrade in Q1FY22 earnings. Barring IT, metal and telecom, all sectors remained in the red. A policy decision in the upcoming MPC announcement and Q4 earnings will define the market volatility in the coming days

4:05 PM

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

The week started on a negative note for the Indian markets mainly due  to sharp surge in COVID-19 cases across the country. Despite, stable global cues, the Indian indices lost its ground and ended with losses of nearly 1.5% to end at 14,638 levels. The broader markets too were not spared as both BSE Midcap and Smallcap ended with losses of nearly 1% each. On the sector front, IT, Healthcare and Metals ended with healthy gains whereas Banking, Auto, and Realty were the top losers.

 

The sharp surge in COVID-19 cases has dented investor sentiments and has increased fear of harsh restrictions which would impact economic activity. Going forward, government actions to curb the surge would be one of the important factors to watch out for investors. Further, the upcoming RBI monetary policy would be actively tracked by investors. We expect the RBI to maintain its dovish stance and leave key rates to be unchanged.

3:58 PM

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

Markets opened gap down following strict guidelines issued in Maharashtra amidst rising coronavirus cases with BFSI and Rate Sensitives taking a knock ahead of the Monetary Policy. However Technology, Steel and Pathology Labs bucked the downtrend and posted handsome gains

3:55 PM

BSE Snapshot

3:52 PM

Broader market :: S&P BSE SmallCap ends 1% down

3:49 PM

Broader market check :: MidCap index outperforms headline indices

3:48 PM

Index contributors :: Financials, RIL,ITC drag indices

3:45 PM

Sectoral trends on the NSE :: IT, metal stocks buck the trend

3:42 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

The frontline S&P BSE Sensex dropped 1,449 points in the intra-day deals to hit a low of 48,581 amid heavy selling in banking, financial services, and realty counters. However, a sharp rally in the IT ahead of the March quarter results gave investors some solace and the index ended 870.5 points, or 1.74 per cent, down at 49,159 levels.

 

On the NSE, the Nifty50 index recovered 179 points from the day's low level of 14,459, and settled at 14,638 levels, down 229 points or 1.5 per cent.

 

3:28 PM

Robust kickoff to FY22 marred by anxieties over Covid resurgence

Last week, a lot of good news came on the economic front. The Goods and Services Tax (GST) collection exceeded Rs 1.23 trillion in March 2021, an increase of 27 per cent over March 2020. Exports touched $34 billion last month, powered by robust demand abroad, an increase of 58 per cent year-on-year (YoY).

 

Imports also rose over $48 billion, an increase of 58 per cent YoY. Auto companies reported over 100 per cent growth in sales over the same month last year. READ MORE

3:23 PM

This smallcap infra stock has surged over 130% thus far in 2021

Thus far in the calendar year 2021 (CY21), the stock of smallcap construction & engineering company has zoomed 138 per cent, as the company secured orders worth Rs 234.85 crore during the fourth quarter of financial year 2020-21 (Q4FY21). In comparison, the S&P BSE Sensex has moved up 3 per cent during this period. With strong rally in past couple of month, shares of the company have soared 228 per cent from its issue price of Rs 120. The company debuted at the exchanged on October 15, 2020. READ MORE

3:17 PM

Sebi's framework to curb instances of stock market spoofing kicks off

The new framework to curb instances of stock market spoofing kicked off on Monday, whereby serial offenders could face trading disablement of 15 minutes to two hours.

 

In spoofing, traders place a large number of buy or sell orders, with an intent to cancel before those orders can be executed. READ MORE