Three-Day Winning Streak Ends
Indian equities snapped a three-day winning streak after falling off the day's high amidst rising bond yields.
The S&P BSE Sensex ended 1% lower at 50,792. The index fell over 1,000 points from the day's high. The NSE Nifty 50 index too fell 1% to end at 15,030. The 50-stock gauge fell over 300 points from the highest point of the day.
Despite today's decline, the Sensex and Nifty managed to eke out weekly gains of 0.7% each.
All sectoral indices ended lower in today's session. The Nifty Bank index declined 1,000 points from the day's high to end 1.2% lower at 35,496. The PSU Bank index too ended 1.7% lower in today's session.
Another index that declined a similar quantum was the Nifty Auto index, which ended 1.7% lower. The Nifty Pharma and Nifty FMCG indices fell 1% each while the Media and Metal indices declined 0.9% each.
Broader markets had a mixed day. The Nifty Midcap index fell 0.4% while the Smallcap index ended the day with gains of 0.5% each.
The India Volatility Index ended 4.6% higher at 21.7.
1,126 stocks on the NSE ended the day with losses while the 780 stocks posted gains.
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- Top gainer on the Nifty Smallcap index
- Gains as much as 13.3% to Rs 349
- Trading at a record high
- Biggest single-day gain since listing
- Today's volumes are more than quadruple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 71.5
- 12 out of the 14 analysts tracking the stock have a buy rating; 1 sell call
- The stock crossed its 12-month Bloomberg consensus price target of Rs 314 in today's session
Nifty Bank Drags The Benchmarks Lower
Benchmark Indices Give Up Gains To Trade Lower
- Nifty down 0.6% at 15,082
- Sensex down 0.6% at 50,976
- Nifty Bank down 0.9% at 35,597
- Nifty Midcap index unchanged
- Nifty Smallcap index up 0.7%
- India Volatility Index up 4.3% to 21.64
- Nifty Auto is the top sectoral laggard; down 1.4%
- Nifty PSU Bank index down 1% while Metal, Pharma and FMCG indices decline 0.6% each
- Indian Oil is the top Nifty gainer; up 2.5%
- SBI Life remains the top Nifty laggard; down 2.5%
- 37 out of the 50 index constituents trade with losses
- 1,007 stocks on the NSE decline while 865 are trading higher
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- New Buy: Dabur India
- Increased Holdings: Tata Consumer Products, SBI Cards & Payments Services, Persistent Systems, MCX India, Crompton Greaves Consumer
- Reduced Holdings In: Cipla, P&G Health, Oracle Financial Services, Aurobindo Pharma, Solar Industries
- Exited Investments: Interglobe Aviation, Tata Motors, Gujarat Pipavav Port
- Top Holdings: HDFC Bank, ICICI Bank, Infosys, Reliance Industries, Bharti Airtel
Maruti, Two-Wheelers Drag Auto Index Lower
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- Top gainer on the Nifty Midcap index
- Gains as much as 4.9% to Rs 922.55
- Trading at the highest level since January 2018
- Today's volumes are more than double its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 70.5
- 18 out of the 33 analysts tracking the stock have a buy recommendation; six sell ratings
- The stock trades 21.3% higher than its 12-month Bloomberg consensus target of Rs 724
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Benchmark Indices Hold On To Gains
- Nifty up 0.7% at 15,281
- Sensex up 0.7% at 51,653
- Nifty Bank up 0.8% at 36,243
- Nifty Midcap index up 1%
- Nifty Smallcap index up 1.3%
- India Volatility Index down 2.5% to 20.2
- Nifty Metal among top sectoral gainers; up 1.1%
- Nifty Media index gains 0.8% while Nifty Realty and Nifty I.T. indices gain 0.6% each
- Auto and FMCG indices are underperforming
- BPCL remains the top Nifty gainer; up 3.1%
- SBI Life remains the top Nifty laggard; down 1.5%
- 1,213 stocks on the NSE trade with gains while 635 are declining
Suryoday Small Finance Bank Set For IPO
- Plans to sell 81.5 lakh shares, while investors to offer 1.09 crore shares through the IPO
- Price band seet between Rs 303-305 per share
- Selling shareholders include International Finance Corporation, GAJA Capital Funds, IDFC First Bank and HDFC Holdings.
- Investors can bid for minimum 49 shares of face value of Rs 10
- Issue opens March 17 and closes on March 19.
- Axis Capital, ICICI Securities, IIFL Securities, SBI Capital and Kfin Technologies are advisors on the issue.
Metals Among The Top Gainers
Nazara Technologies Set For IPO
- Investors & founders will offer 52.9 lakh shares of face value of Rs 4 each
- IPO opens on March 17 and closes on March 19
- Price band of the IPO set at Rs 1,100 - Rs 1,101 per share
- At the upper end of the price band, the company looks to raise Rs 582 crore
- Selling shareholders include Mitter Infotech, IIFL Special Opportunities Fund, Good Fame Investment Trust, IndexArb Securities and Azimuth Investments.
- ICICI Securities, IIFL Securities, Jefferies India and Nomura Financial Advisory are managers to the IPO.
Multiple Block Deals In SBI Life
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Benchmark Indices Gain For The Fourth Day
- Nifty up 0.8% at 15,300
- Sensex up 0.9% at 51,025
- Nifty Bank up 1.2% at 36,356
- Nifty Midcap index up 0.95%
- Nifty Smallcap index up 1.1%
- India Volatility Index down 2.6% to 20.2
- Nifty Media, Nifty Metal and Nifty Realty indices gain 1.3% each
- PSU Bank index gains 1.1% while I.T. index gains 0.85%
- Nifty FMCG and Nifty Pharma indices decline 0.4% each
- Indian Oil Corporation is the top Nifty gainer; up 2.9%
- SBI Life is the top Nifty laggard; down 2.4%
- 1,280 stocks on the NSE trade with gains while 472 decline
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A Strong Start To Trade
Indian equities have opened with strong gains on the final trading day of the week, despite futures indicating a flat start earlier this morning.
The S&P BSE Sensex opened 0.7% higher at 51,025 while the NSE Nifty 50 index opened 1% higher at 15,321. As of closing on Wednesday, both Sensex and Nifty were up over 1.5% for the truncated week.
Sectoral indices have had a mixed start to today's trading session. The Nifty Bank index has opened with gains of nearly 600 points or 1.6% while the PSU Bank index is down 2.2% at the start of trading.
The Nifty I.T. index has gained another 1.7% at the start of trade while the Metal index has opened with losses of 1.3%.
Broader markets have opened mixed this morning. The Nifty Midcap index has opened with losses of 0.8% while the smallcap index has opened 0.2% higher.
Current Market Update
Final Day Of Truncated Week
Good Morning!
Indian equities will resume trading after a holiday on Thursday. Benchmark indices ended higher for the third straight day on Wednesday, but could not sustain at higher levels.
As of closing on Wednesday, which also acted as the weekly options expiry session, both S&P BSE Sensex and the NSE Nifty 50 index were up over 1.5% on a weekly basis.
Futures are indicating a flat start to the final trading day of the week. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.22% to 15,385 as of 7:50 a.m.
Asian equities have opened higher this morning after a strong session on Wall Street, courtesy the passage of the $1.9 trillion pandemic relief bill.
South Korean equities are outperforming, leading the gains on the MSCI Asia-Pacific index. Markets in Hong Kong and China are fluctuating.
Futures on the Dow Jones are trading with gains of 80 points. The index ended 0.6% higher on Thursday.
Yields on the 10-year treasuries stood at 1.53%. Key bond sales went smoothly, easing concerns about another possible spike in yields.
West Texas Intermediate crude fell 0.4% to $65.79 per barrel while Bitcoin hit an intraday record of $58,000 earlier this morning.
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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