Indices snap 5-day losing streak; Sensex ends flat; Nifty Metal gains 4%

In the broader markets, the Nifty MidCap 100 and SmallCap 100 indices settled with gains of about 1 per cent on the NSE

MARKET LIVE: Indices trade higher in volatile session; realty stocks gain

Stock market updates: Bulls were back in action on D-Street after a five-day hiatus as a decline of over 4 per cent in the past five sessions addressed investors' concern on the valuation front. That said, rise in Brent crude (now over $66 per barrel), bond yields, and concerns over commodity-induced inflation capped gains.

Among key indices, the benchmark S&P BSE Sensex closed at 49,751 levels, up 7 points or 0.01 per cent. The index had surpasses the 50,000-mark in the intra-day trade and had hit a high of 50,327 on the BSE. 21 of the 30 constituents ended the day in the green with ONGC (up 5.6 per cent), IndusInd Bank (up 2.6 per cent), L&T (up 2 per cent), and UltraTech Cement (up 17 per cent) topping the list of gainers.

On the downside, Kotak Mahindra Bank (down 3.7 per cent), Maruti Suzuki (1.6 per cent), HDFC Bank (1.5 per cent), and Bajaj Auto (1.2 per cent) ended the day as top laggards.

Meanwhile, over 6 per cent gains in Tata Steel and Tata Motors each, and 5 per cent gains each in Hindalco, ONGC, and UPL helped the Nifty50 index close above the 14,700-mark at 14,708 levels, up 32 points or 0.22 per cent. The index hit a intra-day high of 14,854.

In the broader markets, the Nifty MidCap 100 and SmallCap 100 indices settled with gains of about 1 per cent on the NSE.

On the sectoral front, only financial and select pharma stocks traded weak at the bourses today with the Nifty Private Bank and Financial Services indices dropping half a per cent at close. On the upside, the Nifty Metal index jumped 3.8 per cent while the Nifty Realty index closed 2.6 per cent at close.

Global markets

Asian shares rebounded from two-week lows on Tuesday as rising commodity prices boosted market expectations of an improved growth outlook, a day after rising US Treasury yields and inflation prospects hit US tech shares.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent to 726.6, the Australian S&P/ASX 200 index rose nearly 0.9 per cent, while Singapore's Straits Times index put on 0.6 per cent and Taiwan was up 0.2 per cent. That apart Hong Kong advanced 1 per cent but the tech-laden South Korea’s Kospi lost 0.3 per cent.

Japanese markets were closed for a public holiday.

In Europe, however, Germany's DAX slipped 1.3 per cent while Spain's CAC40 index was down 0.08 per cent. London's FTSE100, on the other hand, was up 0.05 per cent.

(With inputs from Reuters)

4:46 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian benchmark equity indices closed off the highest point of the day on Feb 23 but managed to snap a five-day losing streak. The nifty made an intra day high at 1040 Hrs and then slid and went sideways. At close, the Nifty 50 index ended 32 points higher at 14,707.

Volumes on the NSE were in line with recent averages. Among sectors, Metals, Realty , Auto were the main gainers while Banks were the main losers. The Nifty Midcap index ended 1% higher while the Smallcap index gained a similar quantum to end with gains of 0.9%.

Nifty halted the 5 day losing streak but the recovery or bounce was feeble. This raises doubts about sustainability of this bounce. However positive advance decline ratio raises hope for the broader markets.

4:36 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

Markets logged small gains after a sharp decline in last five sessions. Most of the time such type of formation works as a continuation and on Wednesday, if the market breaks the 14630/49600 level, the Nifty / Sensex could fall further on the support of 14530/49300 levels. However, a 50% retracement shown by the Nifty / Sensex after the announcement of the Union Budget could be a reversal for the market. In short, there should be a buying strategy if the Nifty / Sensex falls to the 14530/14500 levels, however, if the Nifty closes below the 14500 level, it would indicate further weakness. On the upside, 14850/50350 and 14950/50750 levels would be the major obstacles. While the metals sector performed well to date, bank stocks failed to perform due to exceptional strength in long-term bond yields.

4:23 PM

MARKET CLOSING COMMENT :: Sumeet Bagadia, Executive Director, Choice Broking

After a positive opening, the Nifty index traded in a narrow range and closed at 14716.80 levels with a gain of 41 points. Bank Nifty closed into the negative territory at 35116.95 levels with an overall loss of 140 points. Heavyweight Reliance Industries gained almost 1% in a day, which supported the benchmark index to close on a green note.

Technically, the benchmark index has traded below its 21 Days Moving Averages which suggests some weakness in the counter for the near term. Moreover, the price has also shifted below its Middle Bollinger Band formation, which shows further correction for an upcoming trading session. At present, the Nifty has a strong resistance at 15000 levels while downside support comes at 14480 levels.

4:00 PM

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

Domestic market got back on its feet during the morning trade supported by strong Asian market while negative waves from European peers outweighed the gains by the end of the day. The expectation of strong global recovery as prompted by rising international commodity prices helped the market but was tempered due to elevated bond yield & virus cases. Consequently, volatility has increased in the domestic front, but broad markets continue to be attracted with themes like Mid & Small caps, cyclicals, energy, PSUs, Metals and Industries

3:55 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Index managed to hold above 14700 zone and closed a day with small gains forming a Doji candle pattern on the daily chart after consecutive five bearish candle. The index has good support near 14630 zone and immediate resistance is coming near 14800 zone so index may show some sort of consolidation in the same range and final direction will be clear once we see either side breakout from the mentioned range

3:54 PM

IPO Update :: Hernaba issue subscribed 66% till 3:40 PM on day 1 of the issue

3:50 PM

Market stats :: Advance to decline ratio favours bulls

3:48 PM

Index contributors :: RIL, ICICI Bank, L&T support indices

3:46 PM

Sectoral trends on NSE at Close

3:44 PM

Sensex Heatmap at Close

3:36 PM

CLOSING BELL

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