Second Day Of Losses
Indian equities fell to a two-week low after declining for the second straight day. However, benchmark indices managed to recover some losses from the lowest point of the day, courtesy a rebound in metals and technology names. Banking majors too recovered from their respective day's low.
The S&P BSE Sensex ended 0.8% lower at 50,395 - recovering nearly 600 points from the lowest point of the day. The NSE Nifty 50 index fell 100 points or 0.7% to end at 14,929. The 50-stock gauge also recovered nearly 200 points from the day's low.
Among the sectoral indices, metals and I.T. stocks bucked the trend in today's session. The Nifty Metal index ended 1% higher while the I.T. index ended with gains of 0.6%.
The Nifty Bank index, which fell over 1,000 points intraday, recovered 750 points from the day's low to end at 35,182.
Other sectoral laggards in today's session were Pharma stocks, with the Nifty Pharma index ending 1.3% lower. The Media index also fell 1.4% in today's session.
Broader markets, which were outperforming at the start of trade, also ended lower in-tandem with the benchmark indices. The Nifty Midcap index fell 0.7% while the Smallcap index ended with losses of 0.8%.
The India Volatility Index fell from the day's high to end 2.2% lower at 21.23.
1,270 stocks on the NSE ended with losses while 679 stocks bucked the trend to post gains.
How Did The Sectoral Indices Fare
Rate Hikes On The Anvil?
Metal Stocks Bucking The Trend
Kesoram To Raise Debt
All Stocks On The Pharma Index Decline
Benchmark Indices Set To Decline For Second Straight Day
- Nifty down 1.4% at 14,818
- Sensex down 1.5% at 50,008
- Nifty Bank down 2.3% at 34,665
- Nifty Midcap index down 1.2%
- Nifty Smallcap index down 1.1%
- India Volatility Index up 2.8% to 22.33
- Nifty Pharma index among top sectoral laggards; down 2.2%
- Nifty Media index down 1.9% while PSU Bank index declines 1.5%
- Nifty Auto and Nifty Realty indices decline 1.1% each
- JSW Steel is the top Nifty gainer; up 2.4%
- Axis Bank remains the top Nifty laggard; down 3.5%
- 1,367 stocks on the NSE decline while 552 stocks are gaining
ITC Expands Its Product Portfolio
APL Apollo Tubes Falls The Most In A Year
- Second worst performing stock on the Nifty 500 index
- Falls as much as 10.7% to Rs 1,122.6
- Trading at a two-week low
- Down for the second straight day
- Today's volumes are 30% below its 20-day average
- Relative Strength Index (RSI) falls from overbought territory to 51
- Nine out of the 10 analysts tracking the stock have a buy recommendation
- The stock is trading near its 12-month Bloomberg consensus price target of Rs 1,125
More Volatility Ahead For The Markets?
GAIL Announces Second Interim Dividend
- To pay interim dividend of Rs 2.5 per equity share
- Record date for second interim dividend set at March 23, 2021
- Government holds 52.12% stake in the company
Ahluwalia Contracts Wins Order
- New order worth Rs 128 crore for construction of state guest house in Bodh Gaya on an EPC basis.
- Order awarded by the Building Construction Department in Bihar.
- FY21 order inflow now at Rs 2,214.4 crore
- Shares gained as much as 2% to Rs 306.1.
February Wholesale Prices Rise 4.17%
- Wholesale prices rose 4.17% year-on-year in February, as per the Press Information Bureau.
- A Bloomberg poll of 16 economists expected the range to be 2.7% to 4.3%
- Primary article prices rose 1.82% year-on-year
- Fuel, power and lighting prices rose 0.58% year-on-year
- Manufactured product prices rose 5.8% year-on-year
- Wholesale food prices rose 1.36% year-on-year
Benchmark Indices Fall To The Day's Low
- Nifty down 1.6% at 14,792
- Sensex down 1.7% at 49,941
- Nifty Bank down 2.8% at 34,510
- Nifty Midcap index down 1.6%
- Nifty Smallcap index down 1.2%
- India Volatility Index up 4.1% to 22.6
- Media index among top sectoral laggards; down 2.4%
- PSU Bank index down 2.1% while Realty and Auto indices down over 1.5% each
- Metal index down 1% while I.T. index is the only sectoral gainer; up 0.3%
- Tech Mahindra remains the top Nifty gainer; up 1.1%
- Axis Bank remains the top Nifty laggard; down 4.1%
- 1,408 stocks on the NSE are declining while 471 trade with gains
Firstsource Selects IntelliH As Technology Partner
- To deliver turn-key telehealth solutions to health plans and provider organisations
- Offering combines IntelliH Advanced Remote Patient Monitoring Platform with Firstsource end-to-end implementation, customisation and user-support services.
- The combined offering will focus initially on areas of critical need, including proactively managing Congestive Heart Failure (CHF), diabetic and post-acute care patients.
Tech Mahindra's Latest Acquisition
Merger & Amalgamation Process On Track, Says Gateway Distriparks
- BSE and NSE have conveyed their no-objection to the scheme of amalgamation between the company and its subsidiaries Gateway Rail Freight Ltd. and Gateway East India Pvt. Ltd.
- The three entities have now filed their joint company application with the NCLT on Monday
- Merged entity will have four rail-linked inland container depots for the EXIM business, a domestic rail terminal in Navi Mumbai, six container freight stations spread across the country and a combined fleet strength of 31 train sets and over 500 road trailers.
- Combined cash flows will enable merged entity to accelerate debt reduction and continue upon its expansion plans along the Western Dedicated Freight Corridor.
Nifty Bank Drags The Indices Lower
Second IPO Of The Day
Benchmark Indices Decline For The Second Day
- Nifty down 1.1% at 14,866
- Sensex down 1.1% at 50,230
- Nifty Bank down 2% at 34,794
- Nifty Midcap index down 1.1%
- Nifty Smallcap index down 0.8%
- India Volatility Index up 3.4% to 22.46
- Media index is among the top sectoral laggards; down 2.1%
- Pharma index down 1.5% while PSU Bank index down 1.2%
- Auto index down 1% while other sectoral indices trade lower
- Power Grid is the top Nifty gainer; up 1.8%
- Axis Bank is the top Nifty laggard; down 3%
- 37 out of the 50 index constituents decline
- 1,282 stocks on the NSE trade with losses while 527 gain
Strong Listing For MTAR Technologies
Shares of MTAR Technologies Ltd. nearly doubled over issue price on listing after investors piled into the initial public offering of the defence equipment maker.
The stock began trading at Rs 1,063.9 on the National Stock Exchange, a premium of 85% to its issue price of Rs 575 apiece.
IPO Opens For Subscription Today
A Cautious Beginning
Indian equities began the new trading week on a cautious note, even as futures pointed to healthy gains earlier this morning. Sentiment across the Asia-Pacific too remains mixed.
The S&P BSE Sensex opened 20 points lower at 50,773 while the NSE Nifty 50 index opened with gains of 20 points at 15,048. Both benchmark indices managed to eke out gains of over 0.5% last week, despite the sharp sell-off witnessed during the second half of Friday's trading session.
Most sectoral indices too have opened flat in today's session. The Nifty Auto index along with the PSU Bank index opened with gains of 0.6% each while the Media and FMCG indices saw gains of 0.3%. Other sectoral indices were mostly flat.
Broader markets have opened higher as compared to the benchmark indices. The Nifty Midcap index gained 0.5% while the Smallcap index was up 0.6% at the start of trade.
1,165 stocks on the NSE trade with gains while 480 have opened with losses.
Current Market Update
Futures Indicate Gains
Good Morning!
Indian equities managed to eke out gains for the week despite a sharp selloff in the second half of Friday's trading session. Benchmark indices also snapped a three-day winning streak in the process.
Futures are indicating that the markets will begin the new week with gains. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.6% to 15,126 as of 7:50 a.m. on Monday.
The new week will see a flurry of IPOs with as many as five companies tapping the primary markets to raise funds. Two new IPOs — Laxmi Organic Industries and Craftsman Automation — will open for subscription on Monday, while it is the second day for subscription of Anupam Rasayan's issue. MTAR Technologies, which had a subscription of nearly 201 times, will be listing on the bourses.
Asian equities are mixed this morning. Japanese markets advanced while those in China are declining. South Korean equities fluctuated.
Futures on the Dow Jones are trading with gains of 120 points. The index ended 0.9% higher on Friday.
Yield on the 10-year treasuries stood at 1.61%. West Texas Intermediate crude rose 1.1% to $66.35 per barrel, while Bitcoin crossed the $61,000 mark on Saturday.
RECOMMENDED FOR YOU
POPULAR