Consolidation continues on D St; Sensex falls 465 pts; Nifty PSU Bank up 3%
Nearly 35 of the 50 constituents on the index ended the day in the red including Tata Consumer Products (down 4.3 per cent), Cipla, Reliance Industries, Dr Reddy's Labs, and Hindalco Industries
 "MARKETS: Indices at day's low; Sensex falls 450 pts, Nifty gives up 14,500")
Stock market updates: An across-the-board sell-off enveloped markets in the last hour of trade as an unwavering rise in Covid-19 cases and slower-than-expected pace of vaccination worried investors on Dalal Street. Besides, confidence in the markets took a hit after media reports suggested that banks have approached the Reserve Bank of India (RBI) to grant a 3-month moratorium period courtesy slowdown in economic activity.
After starting gap-up and staying range-bound for better part of the day, the 30-share Sensex index succumbed to bear hammering and dropped approximately 850 points from day's high to touch a low of 48,149. The index then mildly recovered to settle the day at 48,253.5 levels, down 465 points or 0.95 per cent.
On the NSE, the Nifty50 gave up the psychological level of 14,500 and closed at 14,496.5-mark, down 138 points or 0.94 per cent. Earlier in the day, it hit a low of 14,461.
Nearly 35 of the 50 constituents on the index ended the day in the red including Tata Consumer Products (down 4.3 per cent), Cipla, Reliance Industries, Dr Reddy's Labs, Hindalco Industries, Divi's Labs, and Sun Pharmaceuticals.
On the upside, SBI Life, up over 2 per cent, ended as the top Nifty gainer for the second straight day, followed by Bajaj Finance, BPCL, Adani Ports, ONGC, and Coal India.
The broader markets, although in the red, outperformed the benchmarks. The S&P BSE MidCap and SmallCap indices each ended about half a per cent lower today. The losses stayed limited amid healthy buying in PSU Bank stocks such as Union Bank of India, Bank of India, Indian Bank, Central Bank along with NBCC, Bharat Forge, Shriram City Union Finance, Dish TV, Tata Steel BSL, and Excel Industries.
In effect, the Nifty PSU Bank index was the sole sectoral gainer on the NSE today, up 3.5 per cent. The Nifty Pharma index, on the contrary, was gripped in profit-booking and ended 2 per cent lower today. All other sectoral indices on the NSE nursed losses between 0.4 per cent and 0.8 per cent.
Global markets
Economically sensitive sectors, including miners, travel and energy, drove gains in European stocks on Tuesday, with British shares outperforming after a holiday-extended weekend.
The pan-European STOXX 600 index rose 0.4 per cent in early trading, with the German DAX up 0.2 per cent, and the UK's FTSE 100 rising 0.8 per cent.
Earlier in Asia, South Korea's Kospi added 0.6 per cent and Australia's S&P/ASX200 gained 0.5 per cent.
(With inputs from Reuters)
4:44 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 14700. While it is subject to further price action evolution, the technical factors are aligned to support a range between 14400 and 14700. Therefore, the short-term traders to use any short-term rally to exit while attempting to buy on a dip approach to adopt. market breadth to deteriorate, indicating the likelihood of higher volatility in the market. Any downwards corrective wave should find buying interest around 14400.
4:39 PM
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The lack of strength to sustain the highs continued in the market and the fine upside bounce of previous session has been negated. The market could slide down further and the next set of supports are seen around 14400 and the next 14200-14150 levels, where one may expect another round of upside bounce from the lows. On the way up 14600-14650 could act as a hurdle
4:29 PM
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities
Indian benchmark indices fell for the second times in three days on May 04, following concerns over FPI selling in the recent past and further action expected to combat the Covid situation. The Nifty started to fall post 1250 Hrs. At close the Nifty was down 138 points or 0.94% to 14497.
Nifty has come under pressure as India's official tally of coronavirus infections surged past 20 million, Indian Premier League cricket tournament has been suspended with immediate effect and Corporate management commentary remained cautious on Q1 performance due to lockdowns. Fears of stricter lockdowns also brought caution amongst traders. 14416-14634 is the band for the Nifty over the near term.
4:19 PM
TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking
On the technical front, the Index has faced resistance from the Middle Band of Bollinger & 50-Days Moving Average which points out weakness in the counter. Furthermore, Momentum Indicator Stochastic is showing negative crossover, which further adds weakness in the index. At present, the index has a support at 14400 levels while an upside resistance comes at 14700 levels.
4:11 PM
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Indian bourses opened with a strong grip but failed to hold onto its gains owing to weak international markets. As technology heavyweights continued to weigh on Wall Street equities, US futures slipped while European stocks struggled for direction. On the Indian front, gains in public sector banks were offset by weakness in pharma and auto stocks
4:01 PM
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
Indices lost a percentage on Tuesday as the Street punished earnings disappointment in several high-quality Midcaps. Afternoon trade witnessed profit-taking in Metals & Pharma names as the Street exhibited nervousness on regional lockdowns which accentuated the weakness. In the broader market, Paper stocks were sought after today on hardening pulp prices while Coffee producers saw investor appetite
3:57 PM
BSE Snapshot
Top losers on the BSE: Triveni Engineering and Industries, Reliance Infra
3:55 PM
BSE Snapshot
Top gainers on the BSE today: Dish TV, Excel Industries
3:53 PM
Broader market check
3:52 PM
SECTOR WATCH :: Barring Alkem Pharma, all other constituents end in the red
Top losers: Cipla, Dr Reddy's Labs, Divi's Labs (down between 2-3%)
3:50 PM
SECTOR WATCH :: All 12 constituents settle with gains
Outperformers: PNB, Bank of Baroda, Union Bank of India
Underperformers: SBI, J&K Bank, Canara Bank
Underperformers: SBI, J&K Bank, Canara Bank
3:46 PM
Nifty Snapshot
>> SBI Life, BPCL, ONGC end as top gainers
3:45 PM
RIL, HDFC Bank, Infy remain top contributors towards Sensex's fall today
3:44 PM
Sectoral trends on the NSE :: All but PSU Banks fall on the NSE
3:42 PM
Sensex Heatmap at Close
Top gainers: ONGC, Bajaj Finance, TCS
Top losers: Reliance Industries, Sun Pharma, Dr Reddy's Labs
Top losers: Reliance Industries, Sun Pharma, Dr Reddy's Labs
Topics : MARKET WRAP Markets
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First Published: May 04 2021 | 7:47 AM IST