Bulls beat bears after 2 days; Sensex gains 568 pts, Nifty tops 14,500

Bajaj Finserv, Asian Paints, HUL, Titan Company, Bajaj Auto, and HDFC were leading the list of gainers on the Sensex, up between 2.7 per cent and 4.4 per cent

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Stock market updates: Breaking away from two-straight sessions of bear hammering, bulls were back in action on Dalal Street. Parked near the day's high, the benchmark indices ended Friday's session with over one per cent gains amid healthy buying in metal, financial, and auto stocks.

The Nifty Metal index ended nearly 4 per cent higher, while the Nifty Financial Services, FMCG, and Auto indices ended with around 2 per cent gains. Realty, bank, pharma and IT indices, meanwhile, advanced up to 1.5 per cent.

Among the benchmark indices, the frontline S&P BSE Sensex closed with gains of 568 points, or 1.17 per cent, at 49,008 level. The broader Nifty, on the other hand, reclaimed the 14,500-mark on a closing basis and settled at 14,507 level, up 182.4 points or 1.27 per cent.

Bajaj Finserv, Asian Paints, HUL, Titan Company, Bajaj Auto, and HDFC were leading the list of gainers on the Sensex, up between 2.7 per cent and 4.4 per cent. Tata Steel, Tata Motors, Bharti Airtel, and Adani Ports were the additional gainers on the Nifty with up to 6 per cent returns today.

On the downside, PowerGrid, IndusInd Bank, ITC, Maruti Suzuki, UPL, and TCS declined the most on the benchmark indices, down up to 2 per cent.

Debuting at the bourses, shares of Kalyan Jewellers listed at at Rs 73.90, 15 per cent below its issue price of Rs 87 per share on the BSE today. The stock, however, reversed losses and hit a high of Rs 81 in the intra-day trade before closing at Rs 74.4.

Those of Suryoday Small Finance Bank listed at a 4 per cent discount, at Rs 292 on the BSE, as against an issue price of Rs 305. The stock hit an intra-day low of Rs 271 but ended at Rs 272.

Recently listed Laxmi Organic, however, jumped 18 per cent to Rs 194 in intra-day trade after foreign portfolio investors bought over three million equity shares worth about Rs 50 crore of the company via the open market. On Thursday, Goldman Sachs India Fund Limited and Plutus Wealth Management LLP purchased a combined 3.17 million equity shares of Laxmi Organic Industries for Rs 49 crore. The FPIs purchased these shares at an average price of Rs 155.60 per share on the NSE.

Overall, the S&P BSE MidCap index ended 1.66 per cent higher, while the SmallCap counterpart closed with a per cent gain.

Global markets

Asian stocks recovered from a three-month low on Friday, as investors focused more on optimism about the global economic recovery than rising tensions between the West and China.

MSCI’s ex-Japan Asia index rose 1.43 per cent, as the Shanghai Composite Index gained 1.53 per cent, snapping a three-day losing streak. Japan’s Nikkei also rose 1.47 per cent.

In Europe, the pan-European STOXX 600 index rose 0.8 per cent. S&P 500 and Nasdaq Futures, meanwhile, were trading with 0.25 per cent gain each.

(With inputs from Reuters)

4:30 PM

MARKET OUTLOOK :: Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities

The Nifty-50 Index lost 1.6% this week due to turmoil in global equity markets and the sharp rise in Covid-19 cases in India. The Nifty Small Cap 100 Index declined by 2.7% this week as expiry was weak and fiscal year end phenomenon could also be at play. Investors would like to take fresh view at the start of the next fiscal year. On the economy front, weekly activity indicators such as e-way bills remained strong with total e-way bills generated over March 1, 2021-March 21, 2021 increasing 4% versus the comparable period in February 2021. On one hand the number of Covid cases are going up on the other hand the pace of vaccination is also accelerating. With fresh restrictions and faster vaccination we can expect sentiment to remain positive at the start of the new fiscal year. The earnings season will also kick in from the second week of April which could turn out to be the driver for stocks. Expect markets to remain volatile as the Nifty-50 has closed below the 50 DMA this week which works to 14,765 levels. Logically, markets should see some uptick from the first week of April. If this does not materialize at the start of April then we could see Nifty-50 drifting towards 13,500-13,600 levels.

4:14 PM

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

Index closed a week at 14520 with loss of one and a half percent and formed bearish candle for a second consecutive week. The index has stiff resistance near 14600 zone any decisive move above 14600 zone can active good traction and then we may see quick move-in index towards 14800-15000 zone in the near term, good support is coming near 14300 zone if index saved mentioned levels then we may see sort of consolidation move in the range of 14300-15000 zone

3:56 PM

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

Equity market has been consolidating under fear of losing its traction of economic growth recovery. Positive US job data and climb in fourth-quarter US GDP to 4.3% helped to reduce the gravity of the contraction. On the domestic front, high-frequency data suggests good economic activity in Q4FY21 and results will be announced from April. The second wave of Covid and high valuation will maintain volatility in the near term

3:54 PM

IPO Alert :: Barbeque Nation subscribed 5.6x till 3:40 PM on Day 3 of the issue

3:53 PM

NEW STOCK ON THE BLOCK ::Suryoday SFB ends at Rs 276 vs issue price of Rs 305

3:51 PM

NEW STOCK ON THE BLOCK :: Kalyan Jewellers ends at Rs 75 vs issue price of Rs 87

3:49 PM

BSE Snapshot

3:47 PM

Broader market :: S&P BSE SmallCap end 1% up

3:46 PM

Broader market wrap :: Concor, ABFRL, SAIL settle up to 7% higher

3:44 PM

Stocks that supported the Sensex today

3:42 PM

Sectoral trends on the NSE at Close

3:40 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

The frontline S&P BSE Sensex closed with gains of 568 points, or 1.17 per cent, at 49,008 level. The broader Nifty, on the other hand, reclaimed the 14,500-mark on a closing basis and settled at 14,507 level, up 182.4 points or 1.27 per cent.

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3:01 PM

MARKET VIEW | CapitalVia Global Research on Suryoday SFB listing

Suryoday Small Finance Bank got listed today and is trading at almost 7% discount to the issue price. If we talk about Small Finance Banks (SFBs), the year has been tough for them because of the pandemic. If we talk about valuations, the IPO seemed reasonably priced as the company has very strong fundamentals. It has one of the highest Net Interest Margins (NIMs), RoA, and a strong deposit growth. The performance of IPO on the listing day can also be attributed to the recent selling pressure in the financial services sector. Investors with long-term outlook in the company can continue to hold on to their shares as the company seems to be appropriately placed among its peers.

2:53 PM

Steel stocks in focus; JSW Steel hits record high, SAIL nears 52-week high

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