Sensex, Nifty pare gains to end flat, TCS, HUL top gainers; key things to know from today’s trade

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March 5, 2020 4:20 PM

S&P BSE Sensex settled 61 points or 0.16 per cent higher at 38,470, while the broader Nifty 50 index closed at 11,269, down 18 points or 0.16 per cent

Sensex and Nifty settled flat to positive on Thursday after a volatile session. Kotak Mahindra Bank, TCS, HUL and Bharti Airtel were among the top index contributors. S&P BSE Sensex settled 61 points or 0.16 per cent higher at 38,470, while the broader Nifty 50 index closed at 11,269, down 18 points or 0.16 per cent “The recent rate cut by Fed and IMF’s USD 50 billion pledge to combat Coronavirus are definitely encouraging signs for the global markets including India. Nonetheless, we maintain our cautious view on Indian markets and expect volatility to remain high in the near term. The updates on spread of Coronavirus would be the single biggest factor dictating global as well as domestic market trend going forward,” Ajit Mishra, VP – Research, Religare Broking Ltd.

Kotak Mahindra Bank gained 2.74%– As many as 17 stocks out of 30 Sensex stocks ended in green today. Kotak Mahindra Bank was the top Sensex gainer, up 2.74 per cent, followed by HCL Tech, HUL and TCS. Conversely, RIL was the top laggard on the Sensex, with a decline of 2.06 per cent. Tech Mahindra, ICICI Bank, Power Grid were among other losers on the pack.

3 out of 11 Nifty sectoral indices ended in red- The Nifty Metal index lost 0.84 per cent dragged by Hindalco, National Aluminium Company and SAIL. While Nifty FMCG index gained over one per cent driven by Jubilant Foodworks, Godrej Consumer Properties and HUL.

Yes Bank jumps 29%- After the news surfaced claiming that the government has approved a plan for State Bank of India (SBI) to buy an equity stake in the private lender Yes Bank, the shares of private lender soared 29% in intraday trade. In the late afternoon, SBI and Yes Bank issued clarification saying that they will inform the stock exchanges if any such development takes place.

Technical observation- “Nifty displayed a weak upside bounce today and closed the day higher by 18 points.A small body of negative candle was formed today with long upper shadow. Technically, this pattern indicates an emergence of selling pressure at the resistance of around 11400 levels. Nifty not showing any sustainable upside bounce from the support is not a good sign. This current sell on rise pattern could eventually results in a sharp downside breakout of 11100 support over the period of time,” Nagaraj Shetti, Technical Analyst, HDFC securities said.

Market outlook- According to the analysts, the volatility in the markets is expected to persist. “Fund allocated by IMF and easing monetary measures is marginally supporting global markets but India is underperforming due to suspected virus cases. Foreign investors continued to sell with a notion that epidemic effect will be more on emerging markets. Volatility is expected to persist, issues related to telecom and weak asset quality of banks could hurt market for short to medium term,” Vinod Nair, Head of Research at Geojit Financial Services said

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