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Bulls back on D-Street; Sensex settles 750 pts up; PSU, auto stocks rally

The advance to decline ratio favoured bulls as nearly 2x stocks rose for every 1 stock that declined on the BSE

SI Reporter New Delhi

MARKET LIVE: Sensex off day's high, up 700 pts; India VIX cools off 8%

Stock market updates:Equity shares rebounded on Monday amid a broad-based buying after the benchmark indices suffered their biggest one-day drop on Friday. The lacklusture trade turned mildly volatile in the noon deals yet ended in the day's-high territory.

Riding on the back of gains in HDFC, HDFC Bank, ICICI Bank, Infosys, Asian Paints, L&T, and Reliance Industries the headline S&P BSE Sensex settled at 49,850 levels, up 750 points or 1.5 per cent. The previously-mentioned stocks contributed nearly 366 points towards the total gain.

In percentage terms, Power Grid, ONGC, UltraTech Cement, Asian Paints, and Titan Company, up between 3 per cent and 6 per cent, were the top gainers on the BSE barometer. On the downside, only Bharti Airtel, down 4.5 per cent, ended the day in the red.

On NSE, the broader Nifty50 index closed above the 14,750-mark on the back of 232 points, or 1.6 per cent, gains. The index was quoting at 14,761 levels at 3:30 PM.

Meanwhile, the volatility index, India VIX, cooled-off 9 per cent to end near 25.6 levels.

In the broader markets, the S&P BSE SmallCap index closed at 20,475 levels, up 1.6 per cent. The S&P BSE MidCap index, on the other hand, closed at 20,257 levels, up 1.4 per cent.

The advance to decline ratio favoured bulls as nearly 2 stocks rose for every 1 stock that declined on the BSE.

On the sectoral front, stocks of PSU Enterprises and automobile firms traded firmly at the bourses. While the Nifty PSE and CPSE indices closed 3 per cent and 4 per cent higher, respectively on hopes for speedy privatisation, the Nifty Auto index jumped over 2 per cent on the back of healthy sales figures for the month of February.

Individually, Maruti Suzuki reported 12 per cent YoY growth in total sales, while Tata Motors clocked a 54 per cent YoY jump in domestic sales and 51 per cent increase in total sales. M&M, on the other hand, reported 11.4 per cent YoY improvement in total sales. As regards two-wheelers, Bajaj Auto and TVS Motors reported 6 per cent and 18 per cent YoY growth, respectively. These shares ended up in the range of 1.5 per cent and 3.5 per cent.

That apart, the Nifty Metal index closed 1.8 per cent higher while the Nifty Bank, Pharma, and Realty indices ended 1 per cent higher each.

Global markets
European shares jumped on Monday and the bond market calmed, with yields dropping from their recent spikes, while optimism about US fiscal stimulus sent oil prices higher.

European share indexes opened higher, with the STOXX 600 up 1.7 per cent. London’s FTSE 100 up 1.8 per cent and Germany’s DAX was up 1.3 per cent.

The MSCI world equity index, which tracks shares in 49 countries, was up 0.5 per cent, recovering from the previous session’s multi-week low.

(With inputs from Reuters)

5:00 PM

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

The Nifty index jumped over 1.5% on Monday after a positive GDP growth data, while progress in the U.S. stimulus package also lifted the market sentiments. The benchmark index closed at 14761.55 levels with a gain of 240 points while Bank Nifty rose more than 500 points in a day to close at 35296 levels. All the sectoral indices traded on a green note with an average gain of over 1% for the day, while Nifty Auto and Nifty Metal were in focus. On the stock front, ONGC, Grasim, UPL were the top gainers while Bharti Airtel, Cipla were the prime laggards. On the technical chart, the Nifty index has been trading in Higher Highs & Higher Lows formation since past many days with the good support of 50 days Simple Moving Averages. Moreover, the benchmark index is also forming a kind of Bullish Harami Candlestick pattern which may confirm its breakout in the next trading session. At present, the Nifty has immediate resistance at 14950 levels while downside support comes at 14450 levels.

4:50 PM

MARKET CLOSING COMMENT :: Neeraj Chadawar, Head - Quantitative Strategy, Axis Securities

Indian market rebound on Monday by 1.6% after a major sell-off in a Friday’s trading session. Positive sentiments were seen in the broader market where market breadth was trending upward. India VIX has been recovered by 9%, shows the overall improvement of investor sentiments. Multiple data points supported the market ranging from positive GDP numbers published on Friday after the market hours, Steady growth in PMI manufacturing data, and launch of the next phase of COVID vaccination in India, favoring equities. Global cues were also supported after approval of the USD 1.9 trillion package by the US house of representatives which led to some pause on US bond yields which were trending upward. However, rising bond yields will remain a key risk in the short term in the anticipation of higher inflation. As the economy is reviving, the uptrend in the corporate earnings cycle is more likely to sustain in the forthcoming quarters. We strongly believe that the market will do well in the earnings upgrade cycle

4:41 PM

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

Today, the market remained volatile moving in a narrow range of 100 points, between 14680 and 14780. It came down from the expected highs but managed to survive at a lower level. It could be due to the massive trading activity on Friday. The market remained bullish in the previous day’s trading range and created a bullish “harami pattern” on the daily chart. Tomorrow may be an important day for the market as the dismissal of 14830 would be extremely positive for the market and the dismissal of 14600 would be negative.

4:32 PM

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

Indian equity benchmark indices staged a bounce on March 01, starting the new week and new month on a positive note. Nifty opened higher and rose in the early part of the day. A sell-off was witnessed between 1040 Hrs and 1230 Hrs post which the Nifty once again resumed its uptrend. Finally the Nifty ended almost at its intra day high. At close the NSE Nifty 50 gained 1.6% or 232 points to end at 14,761.

Nifty has made an inside bar after the sell-off seen on Friday. While this is a mildly positive signal, it needs to soon fill the downgap between 14,919-15,065 to nullify the recent weakness.

4:30 PM

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

Markets started the week on an optimistic note and posted decent gains. The progress on the US stimulus package and stability in bond yields triggered a rebound in early trade, followed by range-bound movement till the end. Besides, participants also reacted to the GDP numbers, which showed marginal growth after seeing a contraction in the last two quarters. Healthy buying was witnessed across the board wherein auto, metals and power were among the top gainers. On the benchmark front, the Nifty index ended near day’s high with strong gains of 1.6% to close at 14,762 levels. The broader markets too ended higher, in line with the benchmark.

Markets will continue to take cues from global peers, in absence of any major domestic event. Besides, bond yields and the COVID situation in India would remain on investors’ radar. We thus suggest limiting naked leveraged positions and using further decline to add quality stocks.

4:19 PM

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

Index opened a day with good gains and managed to hold the bullish stream throughout the day. The index closed a day at 14782 with gains of nearly two percent and formed a bullish harami sort of candle pattern on the daily chart which represents a change in immediate trend so if managed to hold the previous week low index is good to go northwards. Index has formed immediate support near 14640-14580 zone and good resistance is coming near 14810 zone any break above said levels can push index towards 15k mark again.

4:09 PM

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

The Market witnessed some lackluster movement. Nifty 50 Index is still trading below the resistance level of 14850. The breakout above 14850 is critical for the market to regain its upside momentum. While it is subject to further price action evolution. It is prudent to wait for a decisive breakout above 14850 and technical factors to improve before going long in the market. We retain our cautious stance and advise the traders to refrain from building a new buying position until we see further improvement.

4:00 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Positive global cues and US yields retreating from highs led to a strong opening today with Indices sustaining gains throughout the day. The broader markets saw energetic buying momentum across PSU basket and sectors like Paints & Speciality Chemicals.

3:56 PM

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

Domestic markets kick-started the month on a strong footing with increased optimism led by GDP reaching positive numbers, improving auto numbers and steady PMI manufacturing data. The auto sector was in focus today as the sales numbers for February were in favour of manufacturers. Global markets were on its upward rally owing to the much-anticipated US stimulus package being approved and reports regarding the progress in the vaccines.

3:54 PM