Third Day Of Losses
Indian equities declined for the third day in a row as private lenders and automobile companies underperformed.
The S&P BSE Sensex fell 0.7% to close at 51,324 while the NSE Nifty 50 index fell 0.6% to end at 15,119.
PSUs were the outperformers on the Nifty today. The top six gainers on the index were state-run companies. Gains were led by ONGC (up 7.6%) and GAIL (up 7%) along with OMCs like BPCL (up 4.2%) and Indian Oil (up 4%).
Banks were a tale of two extremes in today's weekly options expiry session. The Nifty Bank index ended with losses of close to a percent, while the index of state-run lenders rose for the fifth straight day to end at a 15-month high.
The other underperformers in today's session were auto stocks. The index ended 1.3% lower while the Media index fell 0.8%. Nifty FMCG and Nifty Pharma fell 0.4% and 0.5% each.
Other than PSU Banks, the Nifty I.T. and Nifty Metal indices gained in today's session, both ending 1.3% higher.
Broader markets outperformed yet again. The Nifty Midcap index rose 0.5% while the Smallcap index ended 1% higher.
The India Volatility Index ended little changed at 21.54.
1,050 stocks on the NSE ended with gains while 856 stocks ended lower.
How Did The Sectoral Indices Fare
Buzzing Stock: GMM Pfaudler
- Top gainer on the Nifty smallcap index
- Gains as much as 19.2% to Rs 4,570
- Biggest single-day gain in nearly a year
- Trades at the highest level in five months
- Up for the second straight day
- Today's volumes are 14x its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 79
- One analyst each has a buy, sell and hold rating
- Based on the 12-month Bloomberg consensus data, the stock has a return potential of 2.1%
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Benchmark Indices Set For Third Day Of Losses
- Nifty down 0.8% at 15,082
- Sensex down 1% at 51,203
- Nifty Bank down 1.4% at 36,409
- Nifty Midcap index up 0.2%
- Nifty Small cap index up 0.9%
- India Volatility Index up 1.6% to 21.85
- PSU Bank index remains the top sectoral gainer; up 6%
- Nifty Metal index gains 1% while I.T. index up 0.8%
- Nifty Realty and Nifty Auto indices fall over 1% each
- ONGC remains the top Nifty gainer; up 8.5%
- ICICI Bank is the top Nifty laggard; down 2.7%
- 1,014 stocks on the NSE trade with gains while 848 stocks decline
Union Bank Of India At 52-Week High
- Top gainer on the Nifty Midcap Index
- Gains as much as 18.8% to Rs 45.25
- Biggest single-day gain since October 2017
- Up for the fourth straight day
- Has gained nearly 30% in the last four trading sessions
- Today's volumes are 10-times its 20-day average
- One-month implied volatility is 63%
- Stock in overbought territory with Relative Strength Index (RSI) at 83
- One out of the 11 analysts tracking the stock has a buy recommendation; six sell calls
- The stock trades 35% higher than its 12-month Bloomberg consensus price target of Rs 27.7
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Benchmark Indices Trade With A Negative Bias
- Nifty down 0.4% at 15,153
- Sensex down 0.5% at 51,455
- Nifty Bank down 0.6% at 36,703
- Nifty Midcap index up 0.6%
- Nifty Small cap index up 1.1%
- India Volatility Index up 0.4% to 21.6
- PSU Bank index remains the top sectoral gainer; up 6.6%
- Metal index is the other sectoral gainer; up 1.3%
- Auto index down 0.7% while Pharma index declines 0.4%
- GAIL is the top Nifty gainer; up 8.4%
- Kotak Mahindra Bank is the top Nifty laggard; down 2.1%
- 1,057 stocks on the NSE trade with gains while 757 stocks decline
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Benchmark Indices Give Up Opening Gains
- Nifty up 15 points at 15,222
- Sensex up 20 points at 51,719
- Nifty Bank down 60 points at 36,845
- Nifty Midcap index up 0.6%
- Nifty Small cap index up 1.1%
- India Volatility Index down 0.5% to 21.4
- PSU Bank index is the top sectoral gainer; up 4%
- Nifty Metal index gains 1.3% while the I.T. index gains 1.1%
- Pharma index gains 0.3% while the Auto index declines 0.3%
- GAIL is the top Nifty gainer; up 4.9%
- Mahindra & Mahindra is the top Nifty laggard; down 1.7%
- 1,237 stocks on the NSE trade with gains while 526 stocks decline
More Earnings Upgrades In Store?
Steady Start To Trade
Indian equities have opened the weekly options expiry session with modest gains after two straight days of decline.
The S&P BSE Sensex opened 0.4% higher at 51,903 while the NSE Nifty 50 gained 30 points at the start of trade to 15,238.
Among the sectoral indices, the PSU Bank index has opened higher for the fifth day in a row with gains of 3% while the Nifty Bak index is up 180 points in the early minutes of trade.
The Auto and Metal indices have opened with gains of 0.4% each while the Media index is up 0.6%.
Broader markets have opened higher as compared to the benchmark indices. The Nifty Midcap index is up 0.5% while the Small cap index has gained 0.7% at the start of trade.
1,176 stocks on the NSE have opened with gains while 445 stocks have opened lower.
Current Market Update
Weekly Options Expiry Session
Good Morning!
Indian equities witnessed a pullback for the second day in a row as IT, pharma and select private bank stocks underperformed.
Yet, the Sensex and Nifty 50 are up nearly 12% so far this month.
Futures are indicating a steady start to Thursday's weekly options expiry session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.3% to 15,245 as of 7:45 a.m.
Asian markets are trading lower this morning. Chinese markets are outperforming after resuming trade post a week-long Lunar New Year Holiday. Stocks in South Korea and Japan trade lower, while those in Australia are fluctuating.
Futures on the Dow Jones gave up early session gains to trade little changed. The index ended 0.3% higher on Wednesday.
West Texas Intermediate crude rose 1.4% to $62 per barrel after historic power outages in the U.S. caused production in the country to fall by a third. According to traders, production of more than 4 lakh barrels per day has gone offline.
Gold was little changed at $1,779.8/Oz, the lowest in nearly eight months.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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