F&O expiry: Sensex up 32 pts, ends April series below 50,000; metals shine
Among key sectoral indices, robust global demand lifted the Nifty Metal index to record peak of 4,869 on the NSE today
SI Reporter New Delhi
Stock markets updates: Markets gyrated between gains and losses on Thursday, the day of monthly F&O expiry for April series, as investors rushed to buy equities at lower levels but gave-in to the temptation to book profit at higher levels amid economic uncertainty.
The indices started gap-up and surpassed major psychological levels in early deals today after the US Federal Reserve decided to keep monetary policy loose and strengthed its view on the economic recovery. Consequently, the BSE barometer Sensex and the Nifty50 reclaimed their crucial levels of 50,000 and 15,000 within minutes into trade.
The S&P BSE Sensex leaped 642 points to hit a high of 50,376 in the intra-day deals. On the NSE, the Nifty touched a peak of 15,044. However, profit-booking at higher levels dragged indices down to 49,536 and 14,814, respectively.
Still, buying in metal space lent support to the indices to end flat, albeit in the green for fourth straight day. The 30-share index advanced 32 points to close at 49,766 levels while the broader 50-share index concluded the day at 14,889 levels, up 24 points.
As per technical charts, today's intra-day breakouts above the immediate resistances have opened door for Sensex to scale 51,800 in the near-term. The Nifty, meanwhile, is heading towards 15,350. READ MORE
Trends in the broader markets was mixed today as the S&P BSE MidCap index ended 0.18 per cent lower today while the S&P BSE SmallCap index advanced 0.13 per cent.
Among key sectoral indices, robust global demand lifted the Nifty Metal index to record peak of 4,869 on the NSE today. The index ended 4.5 per cent higher at 4,855 levels. On the downside, the Nifty PSU Bank index skidded 1.3 per cent, trailed by losses in the Nifty Auto index, down 1 per cent.
European stocks edged back towards record-highs on Thursday after a slew of upbeat earnings reports and the US Federal Reserve’s pledge to stick to loose monetary policy. The pan-European STOXX 600 index rose 0.5 per cent to 442 points, marginally below its record peak of 443.61.
In Asia, the MSCI world equity index, which tracks shares in 49 countries, was 0.2 per cent higher, on course for its best month since November. MSCI’s broadest index of Asia-Pacific shares outside Japan built on early gains and added 0.48 per cent.
Australia’s S&P/ASX 200 edged up 0.25 per cent, as strong oil prices lifted energy stocks, closing at their highest level in nearly 14 months. China’s blue-chip CSI300 index was 0.88 per cent higher.
(With inputs from Reuters)
TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking
Technically, the Index has given a breakout of its upper band of Falling Wedge formation, which signifies a bull run in the counter. Moreover, the index has given closing above 21- Days Moving Averages. At present, the nifty index has a support at 14700 levels while an upside resistance seems at 15000 levels.
TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed some strong trend and an attempt to overcome the resistance level around the Nifty 50 Index level of 15000. While sustaining above 14800 is the key factor from a short-term perspective, our research suggests, maintaining above this level market to gain momentum and to open the gate for a movement till 15200. The momentum indicators like RSI, MACD to stay positive and market breadth to improve, further strengthening the view of a short-term bullish outlook.
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities
Indian Benchmark equity indices ended with marginal gains on April 29 after giving up most of the opening gains. The Nifty opened higher but fell in the early part of the day to make an intra day low at 1050 Hrs. A feeble recovery followed amid volatility on April F&O expiry day. At close, the Nifty was up 30.40 points or 0.20% at 14,894.90.
Nifty failed to hold above 15000 level. Negative advance decline ratio suggests some caution among market participants. 15050 could be a resistance on the up for the Nifty while 14695 could act as a support. Going by the slow fall seen so far, it seems that Nifty has not yet made a top in this upmove.
TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities
Index again opened a day with a good gap but profit booking from higher-end led index to close with minimal gains at 14880 and formed a bearish candle on the daily chart after five consecutive green candles. Index retraced from its strong hurdle zone of 15k mark previously also we witnessed profit booking from same levels if we failed to sustain above 15k mark we may see sort of profit booking in coming sessions towards immediate support zone of 14800-14750 zone
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
The domestic market was torn between negatives and positives on a volatile trade owing to the monthly F&O expiry. The Fed in its meeting sealed economic confidence by keeping its monetary policy loose and reaffirming aggressive support through bond buying. Metal stocks continue to outshine other sectors on strong outlook
MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities
An upbeat mood for Metal stocks - Steel & Aluminium yet again helped Indices to close flattish on a day of heightened volatility. Cement stocks and Private Banks lent support to the Bulls even as we saw profit booking on earnings today
Primary market action :: PowerGrid InviT IPO receives tepid response on Day 1
>> Issue subscribed 6 per cent till 3:00 PM so far
Result reaction :: Bajaj Auto slips over 1% post Q4 nos
Result reaction :: HUL ends flat despite a beat on Q4 nos
Sector of the day :: PSU Banks skid at the bourses; only 2 constituents end the day in the green
Sector of the day :: Nifty Metal index hits record high in the intra-day trade
BSE snapshot :: Top volume based stocks
RIL, Bajaj twins :: Stocks that helped Sensex recoup losses
Sectoral trends on the NSE :: Metal stocks outperform
Sensex Heatmap :: 17 of the 30 constituents end the day in the red
Buying in metal space lent support to the indices to end flat, albeit in the green for fourth straight day. The 30-share index advanced 32 points to close at 49,766 levels while the broader 50-share index concluded the day at 14,889 levels, up 24 points.
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Topics : MARKET WRAP Markets Reliance Industries Q4 Results Hindustan Unilever Bajaj Auto Markets Sensex Nifty S&P BSE Sensex Nifty50
First Published: Apr 29 2021 | 07:57 AM IST