Financial, RIL drive Sensex 661 pts up; Nifty tops 14,500; TCS falls 4%
The Nifty Bank, Private Bank, Financial Services, Metal, and Realty indices gained between 3 per cent and 4 per cent.
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Illustration: Binay Sinha
Stock market updates: Breaking away from a range-bound trade, the benchmark indices zoomed over 1 per cent in the last-hour of trade on Tuesday amid broad-based buying. Barring the Nifty IT and Pharma indices, which ended over 3 per cent and 1 per cent lower, respectively on the back of profit-booking, all other sectoral indices ended the day in the green.
While the Nifty PSU Bank index surged 4 per cent after nursing a 9 per cent cut on Monday, the Nifty Bank, Private Bank, Financial Services, Metal, Auto and Realty indices gained between 3 per cent and 4 per cent. The Nifty FMCG index, meanwhile, ended 0.6 per cent higher.
Among the frontline indices, the BSE barometer Sensex jumped 661 points, or 1.4 per cent, to settle the day at 48,544 levels. In the intra-day deals, the index had hit a high and low of 48,627 and 47,775, respectively.
On the NSE, the Nifty50 index closed the day at 14,505 levels, adding 194 points or 1.36 per cent. The index's high and low of the day were 14,529 and 14,275, respectively.
Mood in the broader market too remained upbeat. The S&P BSE MidCap index gained 1.46 per cent with IDBI Bank, Bank of India, Federal Bank, L&T Finance Holdings, IDFC First Bank, SAIL, and Shriram Transport Finance soaring between 5 per cent and 9.5 per cent.
The S&P BSE SmallCap index, on the other hand, ended 1.2 per cent higher.
Buzzing Stocks
Shares of information technology major Tata Consultancy Services (TCS) tumbled 5.1 per cent to Rs 3,074.55 apiece on the BSE in the intra-day deals on Tuesday as investors booked profit in the counter. Even as TCS reported its highest-ever order book in a quarter, at $9.2 billion, and a 15 per cent rise in net profit at Rs 9,246 crore, analysts feel the stock is trading at premium valuations and has factored-in most of the positives. The stock ended 4.2 per cent lower on the BSE today. READ MORE
Shares of Adani Ports and Special Economic Zone, on Tuesday, fell 6 per cent to Rs 702 on the BSE after S&P Dow Jones Indices said it has removed the company from its sustainability index due to the firm’s business ties with Myanmar’s military which is accused of human rights abuses after a coup this year. READ MORE
Shares of public sector lender Bank of Maharashtra surged 20 per cent to hit an intra-day high of 27.3 apiece on the BSE on Tuesday after over 3 million shares changed hands on the counter in multiple block deals. By close, the stock 18 per cent higher at Rs 27 per cent as against a 1.4 per cent gain in the benchmark Sensex index. About 3.2 million shares changed hands on the counter on the BSE till 3:30 pm in multiple block deals. READ MORE
Shares of IDBI Bank jumped 10.6 per cent to hit an intra-day high of Rs 37.40 on the BSE on Tuesday after a Business Standard report stated that the Cabinet will soon consider the proposal to sell the government’s 45.5 per cent stake in the company, paving the way for strategic divestment in the lender. READ MORE
Global markets
Global stocks ticked up on Tuesday as China's exports in dollar terms rose 30 per cent YoY, boosting confidence for a rebound in its domestic demand. Besides, market players awaiting US data expected to show a pick-up in inflation.
The broad Euro STOXX 600 gained 0.3 per cent to near record highs, with export-heavy German shares up 0.2 per cent. Indexes in Paris and London shares fell 0.1 per cent.
In Asia, Japan's Nikkei added 0.7 per cent, South Korea's Kospi gained 1 per cent, but China's CSI300 index fell 0.16 per cent.
(With inputs from Reuters)
Note: Domestic equity markets shall remain closed on Wednesday, April 14, on account of Baba Saheb Ambedkar Jayanti holiday
Note: Domestic equity markets shall remain closed on Wednesday, April 14, on account of Baba Saheb Ambedkar Jayanti holiday
4:52 PM
MARKET CLOSING COMMENT :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Nifty broke a critical level of 14400 and is now expected to witness extended consolidation or a possible correction. The next few trading sessions are expected to witness high volatility. On the downside, 14000 can be tested if selling pressure continues. For investors we advise to remain buyer on dips as the medium term outlook remains positive; Leveraged traders are advised to keep exposure under check as volatility remains elevated.
4:45 PM
TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking
After a flat opening, the benchmark Nifty index slipped lower and made a low of 14296.45, but in the second half of the session, it recovered from the bottom, and managed to close at 14525.70 levels with a gain of 215 points. Bank Nifty closed at 31771.60 levels with a gain of more than 3% in a day. All the Nifty indices settled at green notes except Nifty IT & Pharma, whereas Nifty IT was the prime laggard for the day. On the stock front, M&M, BAJAJFINSERV, TATAMOTORS, MARUTI were the top gainer while TCS, DR.REDDY, TECHM, WIPRO were the losers for the day. On the daily chart, the benchmark index has reversed from its immediate support of 14250 levels and settled above 14500 territories. Moreover, an oscillator Stochastic has also pulled back from the oversold zone with positive crossover. At present, the Nifty index has an immediate support at 14250 levels, while on the higher side it may find resistance around 14700 levels.
4:39 PM
MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec
On Tuesday, the Nifty/Sensex after a subdued first half posted a sharp bounce back to close higher at 14,504,80/48544.06. Today, the market remained well above the previous day's low of 14275/47775, but in the latter, the market managed to move beyond the level of 14450/48550, which was a significant resistance for the market. This was a unique day for the market and on Thursday the market could trade between the levels of 14550/49000 and 14250/47690. Above 14550/49000 level, Nifty could reach 14650/14670 (49400 - Sensex) level On the other hand, 14450/48550 and 14250/47690 will serve as the major support in the market. Below 14250/47690 levels, the Nifty/Sensex would fall to 14000/47000 levels. As long as the market does not break 14250/47690, the market will remain in the trading range. The focus should be on insurance and technology stocks.
4:27 PM
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities
The absence of follow through weakness on Tuesday and a strong comeback of bulls from the crucial lower supports/range could mean more upside in the short term. The formation of present pattern and the confirmation in the next sessions (follow-through upmove on Thursday) could eventually indicate a chances of revisit of the upper range of around 14800-14900 levels in the coming weeks. Immediate support is placed at 14420.
4:20 PM
MARKET CLOSING COMMENT :: Anand James, Chief Market Strategist at Geojit Financial Services
The week had opened on a low note and sentiments remained downbeat as rising infections and prospects of lockdown led to a retest of March's lows. But this also prompted bargain hunters to regroup today, keeping Nifty from falling further. Sectoral rotation was seen with IT and Pharma finding funds moving out and into other sectors. The shot in the arm came in the second half of the day, with emergency approvals for foreign vaccines and a new mechanism for trials prompted short-covering in Nifty lifting it to the vicinity of 14500s
4:13 PM
TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed some lackluster movement in the first half of the trading session and an attempt to break the resistance level around the Nifty 50 Index level of 14500. The short-term technical condition appears like a sideways consolidation in the process. Sustaining above 14500 levels, the market to gain momentum, leading to an upside projection till 14800 levels. The momentum indicators like RSI, MACD to show divergence, indicating a likelihood of further consolidation around the current market level.
4:05 PM
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
Market attempted to pull back from yesterday’s selloff but wasn’t that enthusiastic. IT sector broke the trend due to profit booking as initial Q4 results were in line with expectations not providing enough leeway to a highly valued sector. While Industrial production for February declined by 3.6% primarily due to contraction in the manufacturing and mining sectors. India’s retail inflation for March also rose to 5.52%, however, it did not harm the market sentiment as it was in line with the recent RBI policy forecast. How the lockdowns will affect the economy will determine the trend of the domestic market, in the short-term
3:54 PM
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
On an auspicious day today we saw a partial reversal of the speculative unwinding witnessed yesterday, Bulls regained the momentum in Afternoon Trade as the see-saw battle between the Virus & Vaccine tilted towards the latter with the approval of the Third Vaccine. The dovish stance of the RBI gained over inflation in the minds of investors as we saw investor interest in BFSI. The broader markets though did see profit-taking in IT & Pathology names today
3:49 PM
BSE Snapshot :: M-cap of all BSE listed firms riss to Rs 203 trillion
3:48 PM
Sector of the day :: PSU Banks rally ahead of likely meeting on privatisation slated tomorrow
3:46 PM
Sector of the day :: Nifty Pharma down 1%; 6 of 10 constituents end in the red
3:45 PM
Sector of the day :: Nifty IT skids 3% amid profit-booking
3:44 PM
Broader market :: S&P BSE MidCap index outperforms benchmarks
3:42 PM
Stocks that drove the Sensex today
3:41 PM
Sectoral trends on the NSE
Topics : MARKET WRAP Markets TCS Sensex Nifty50
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First Published: Apr 13 2021 | 8:02 AM IST
