Market HIGHLIGHTS: Sensex ends at 9-day low, below 51,000, Nifty below 15,000 on closing for time since Feb 5

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Updated: February 19, 2021 4:34:44 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market indices BSE Sensex and Nifty 50 ended nearly one per cent lower on Friday.

Share Market Today, Share Market LiveBarring Nifty PSU Bank and Nifty Media indices, all the sectoral indices were trading in the red.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 witnessed sudden fall in the afternoon deals on Friday, primarily due to broad-based profit booking. BSE Sensex ended at 9-day low, down 435 points or 0.85 per cent to 50,890. While Nifty 50 ended at 14,982 level. Earlier this month, on February 5, Nifty was last seen closing below 15,000 level. ONGC was top loser, down 5.06 per cent, followed by State Bank of India (SBI), Axis Bank, ICICI Bank, Bajaj-Auto, Maruti Suzuki, among others. On the flip side, IndusInd Bank, Hindustan Unilever Ltd (HUL), Reliance Industries Ltd (RIL) and TCS were among other gainers. Sectorally, all the indices ended in the deep sea of red. Nifty PSU Bank index declined 4.76 per cent. While Nifty Bank, Nifty Auto indices ended over 2 per cent, each.

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Highlights

    16:33 (IST)19 Feb 2021
    Nifty Bank Index falls 2%

    The frontline indexes collapsed, on a day that witnessed quite a bit of volatility, to levels a shade lower than 1 % at closing. The Eastern markets were mainly mixed and Europe is flat to moderately high. The worst loss was recorded in the Nifty Bank Index which fell by almost 2 %, the other indexes like auto, metals, and pharma too declined. The rise in fuel prices in the international markets followed by its reverberations in the local markets, the higher inflation expectations, and the fast rising bond yields in the US, the unsatisfactory employment conditions etc. have kept the markets on tenterhooks, in the last few days. Also, there is an acceptance that a full recovery in the US may be only in 22, the expectations of further fiscal stimulus has not been realized as yet. Some of these factors may continue to exert pressure on the markets: Joseph Thomas, Head of Research, Emkay Wealth Management 

    16:31 (IST)19 Feb 2021
    14753-14900 could act as a good support in the near term

    Indian benchmark equity indices ended lower for the fourth consecutive day on February 19 with selling seen across the sectors. Volumes on the NSE were above recent average. Among sectors, PSU Bank, Auto, Bank, Infra, Metal and Pharma indices were the main losers. 

    Nifty has corrected for four straight days after a sharp consistent rise seen over the past few weeks. The oscillators/indicators have now eased out of overbought region. A move above 15030-15060 early next week could take the Nifty 15240 over the next few days. On falls, 14753-14900 could act as a good support in the near term.: Deepak Jasani, Head of Retail Research, HDFC Securities

    16:30 (IST)19 Feb 2021
    Volatility likely to remain high across the board

    Markets drifted lower for the fourth successive session and lost nearly a percent, tracking unsupportive global cues. After a weak start, the benchmark indices tried to recovery but profit-taking in banking, auto, metal and healthcare majors gradually pushed the index southward. Consequently, the Nifty index settled below 15,000 and we had a similar trend on the sectoral front. Nifty has critical support at 14,800 and a decisive break may result in further fall else consolidation will continue. We reiterate our cautious stance and suggest focusing more on position management during the corrective phase. Further, volatility is likely to remain high across the board. Traders should align their positions accordingly and limit leveraged positions: Ajit Mishra, VP - Research, Religare Broking Ltd

    16:29 (IST)19 Feb 2021
    Sensex, Nifty post weekly loss for 2nd straight week, ends 1.2% down; check Nifty’s support, resistance levels

    BSE Sensex and Nifty 50 ended at nine-day lows on Friday as bears took over the Dalal Street. Headline indices finished in the red for the fourth consecutive day. BSE Sensex plunged 435 points or 0.85 per cent to 50,890. While Nifty 50 ended down at 14,982 level. In the intraday trade, the 30-share index tanked 800 points from the day’s high to hit a low of 50,624. While NSE’s Nifty touched a day’s low of 14,898.20 level.

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    15:49 (IST)19 Feb 2021
    PSU bank index which rose 12% in last two days shed 5% today

    Profit-taking was evident throughout the day as we witnessed several Pivotals succumbing to selling pressure as traders feared rising covid cases in Maharashtra. The PSU bank index which rose 12% in the last two days shed 5% today.:S Ranganathan, Head of Research at LKP Securities

    15:43 (IST)19 Feb 2021
    Wire & Cable Manufacturer, V-Marc India files for IPO

    Haridwar based, Wires and Cables manufacturer, V-Marc India Ltd, has filed its document with the regulator for an Initial Public Offering of upto 68,40,000 Equity Shares of Face Value of Rs 10 per equity share. The company intends to utilize the net proceeds from the issue to fund the capital expenditure for its proposed new manufacturing facility at Roorkee to the tune of Rs. 15.00 crore, for working capital requirements to the tune of Rs. 5.00 crore and balance for general corporate purposes.

    15:40 (IST)19 Feb 2021
    Sensex, Nifty decline 1.2% this week

    The Nfity-50 & BSE Sensex declined by 1.2% this week as market mood became cautious on rising global and local bond yields. The broader markets that is NSE Mid Cap 100 Index and BSE Small Cap Index are both in the green this week. The US 10 Year Bond yields have risen from below 1% to 1.29% building in economic impact of the US$ 1.9 trillion stimulus package. In India too the 10 year bond yields have moved up from recent low of 5.76% to 6.13% which could mainly be linked to the higher fiscal deficit estimates. We expect domestic 10-year bond yields to be in the range of 6-6.75% in this calendar year. Oil & Gas & power stocks were major gainers this week. Almost 37 stocks from Nifty-50 lost ground this week with Pharma and select consumers having lost the most. This week PSU banks were in demand on reports of government likely to bring amendments to two legislations later this year to facilitate privatisation of public sector banks. We need to see if Nfity-50 holds the 15,000 level in the near term. The next major support for the Nifty-50 is the 50 DMA placed at 14,321 as of now.:Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities

    15:39 (IST)19 Feb 2021
    Sensex, Nifty erase gains made in 9 days

    BSE Sensex ended at 9-day low, down 435 points or 0.85 per cent to 50,890. While Nifty 50 ended at 14,982. Last time Nifty ended below 15,000 on February 5, 2021

    15:29 (IST)19 Feb 2021
    Nifty below 15,000 just ahead of closing

    Nifty 50 was just shy of 15,000 ahead of the closing bell. The index was down at 14,997. 

    15:25 (IST)19 Feb 2021
    Why are PSU Bank falling?

    Central Bank of India, Indian Overseas Bank, Bank of Maharashtra, and Bank of India were all falling today after the stocks rose unusually during the previous trading session on unconfirmed reports that the said banks were to be privatised by the government next fiscal year. 

    15:23 (IST)19 Feb 2021
    PSU index recoups some losses

    BSE PSU index was now down 1.92%, trimming some losses along with the benchmarks. Bank of India, Central Bank of India, Maharashtra Bank, and Indian Overseas Bank remained the top drags.

    15:23 (IST)19 Feb 2021
    Follow bottom-up investment approach

    Current valuations of market are factoring a large portion of earnings rebound and therefore investors need to be cautious at these levels and must focus on quality names with robust earnings visibility and margins of safety. A bottom-up investment approach should be preferred to generate incremental alpha.: Binod Modi, Head Strategy at Reliance Securities

    15:22 (IST)19 Feb 2021
    Infra, industrials, building materials, banks, select auto stocks likely to outperform in medium to long term

    A pullback in broad index was quite visible in last three days. However, investors continued to show interest in midcap and smallcap stocks given improved earnings outlook. Undoubtedly, budget succeeded to offer clarity about the sustainability of ongoing corporate earnings rebound in subsequent fiscals. Huge capital expenditure program and reforms announced in the budget to expedite infrastructure activities in the country are likely to support many ancillary industries and job creation. Further, likely pick up in private capex as under PLI schemes and low taxation regime also augurs well. In our views, infrastructure, industrials, engineering, building materials, banks and select auto stocks are likely to outperform in the medium to long term perspective as these are the key beneficiary of higher capital expenditures.Binod Modi, Head Strategy at Reliance Securities

    15:21 (IST)19 Feb 2021
    India VIX dials down

    The volatility index came down as Sensex and Nifty trimmed some of their losses. India VIX was now up 2.79%, sitting at 22.15 levels.

    15:20 (IST)19 Feb 2021
    Sensex, Nifty plunge over 1% on broad-based profit booking

    Domestic equities fell sharply today for the third consecutive day as profit booking across the sectors dragged benchmark indices. Bank and Auto Indices corrected sharply by 2-3%, while PSU Banks index witnessed steeper correction by over 5% after registering back-to-back gains in last five trading days. IT and FMCG stocks appeared bit resilient today. Notably, volatility index soared by over 4% indicating a kind of uneasiness at these levels. All in all, it was a broad-based profit booking day. UPL, GAIL, HUL and Dr Reddy were top gainers, while ONGC, Tata Steel, Tata Motors and SBI were laggards.: Binod Modi, Head Strategy at Reliance Securities

    15:15 (IST)19 Feb 2021
    Sensex, Nifty charting a recovery?

    Sensex is now down nearly 300 points sitting at 51,003 while the Nifty 50 index has regained 15,000. 

    15:15 (IST)19 Feb 2021
    Market may remain sideways to negative in immediate short-term

    Nifty has broken short term support area of 15000, huge put writing was there at 15000 breaking below this level could intensify selling towards 14800-14750 zone. On the upside, if Nifty doesn't cross 15150 levels, then markets may remain sideways to negative in immediate short-term: Ashish Chaturmohta, Head technicals & derivatives, Sanctum Wealth Management

    15:13 (IST)19 Feb 2021
    Nifty regains 15,000

    Nifty has regained 15,000, staging a sharp recovery from the intra-day lows. 

    15:11 (IST)19 Feb 2021
    Nifty moving higher

    15:11 (IST)19 Feb 2021
    Sensex pares some of the losses, still down 400 points

    Sensex pared some of the losses, now down 400 points. The 30-share index hit a day's lows of 50,624 level

    15:09 (IST)19 Feb 2021
    Nifty looking to regain 15,000

    After having dropped below 14,900 levels, Nifty was charting a comeback as it climbed nearly 100 points to reach 14,989.

    15:08 (IST)19 Feb 2021
    Nifty50 gives up crucial-14,900

    Nifty 50 index hit a day's low of 14,898, slipping below the crucial 14,900 level ahead of Friday's closing. 

    15:07 (IST)19 Feb 2021
    Down after hitting 52-week highs

    Six stocks from the BSE 100 index surged on Friday to hit fresh 52-week highs. However, four of these failed to sustain their levels and were down in the red ahead of the closing bell. Adani Ports, Hindalco Industries, Hindustan Petroleum, and Tata Power were the four stocks that gave up their gains. GAIL and Jubilant Foodworks were the two still trading with gains.

    15:06 (IST)19 Feb 2021
    Sensex now down over 600 points

    Sensex has fallen 607 points or 1.18 per cent to 50,717, while Nifty 50 was ruling at 14,934, down 183 points.

    15:03 (IST)19 Feb 2021
    Midcap indices lagging

    Nifty Midcap 50 index was down 2.76% while the Nifty 50 was down 1.26%. The Midcap 100 was down 2.09%.

    15:02 (IST)19 Feb 2021
    Recovering back

    Nifty bounced back from the lows of 14,898 and soon reached 14,930 levels as it attempted to make a comeback with less than half an hour to go before the closing bell.

    14:59 (IST)19 Feb 2021
    Nifty reaches fresh lows

    Nifty reached a fresh intra-day low of Rs 14,898 as the bears continued to wreak havoc on Dalal Street. 

    14:59 (IST)19 Feb 2021
    Corporate Earnings Q3FY21: Encouraging quarter, broad based recovery under way!

    In the IT space, despite a seasonally weak quarter, IT companies saw strong growth in dollar revenues (average Tier-1 & Tier-2 IT companies witnessed 5% growth on QoQ basis). This was mainly led by ramp-up of deal won (in previous quarters), acceleration in digital technologies (especially cloud migration) and cross-currency tailwind. The acceleration in the order book and deal pipeline (for tier 1 & tier 2 companies) continues to be strong led by traction in large deals, lift & shift deals and increase in spending by enterprises on cloud migration, automation, etc: ICICI Direct Research

    14:55 (IST)19 Feb 2021
    Nifty earnings to grow at 24.2% CAGR over FY21E-23E

    We expect Nifty earnings to grow at 24.2% CAGR over FY21E-23E. Using a bottom up approach and giving discount to target weighted average PE, we now value the Nifty at 16,300 i.e. 22x P/E on FY23E EPS of | 740 with corresponding Sensex target at 54,600: ICICI Direct Research

    14:53 (IST)19 Feb 2021
    India digs heels in Cairn arbitration matter, to file appeal against Rs 10,000-cr award: Sources

    The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said. An international tribunal in December, had unanimously ruled that India violated its obligations under the UK-India Bilateral Investment Treaty in 2014, when the income tax department had slapped a Rs 10,247-crore tax assessment using legislation that gave it powers to levy taxes retrospectively.

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    14:53 (IST)19 Feb 2021
    Sensex, Nifty extend losses

    Sensex was down 608 points at 2:53 PM on Friday, the broader 50-stock NSE Nifty was below 14,950. 

    14:52 (IST)19 Feb 2021
    Mid-,small caps underperform Sensex, Nifty

    The broader market underperformed equity benchmarks. S&P BSE MidCap index declined 2.12 per cent or 431 points to 19,945. While S&P BSE SmallCap index lost 1.21 per cent or 242 points to trade at 19,775

    14:50 (IST)19 Feb 2021
    Top Gainers on BSE 500

    General Insurance Corporation of India was the top gainer on BSE 500 index after hitting the 20% upper circuit. It was followed by New India Assurance Company, up 12%, and IDFC First Bank which was up 6.7%.

    14:44 (IST)19 Feb 2021
    Worst performing sector indices

    Among the worst-performing sectoral indices on Nifty include Nifty PSU Bank, down 4.94%; followed by Nifty Auto, down 2,89%; Bank Nifty slipped 2.21%; and Nifty Metal which was down 2.15%.

    14:43 (IST)19 Feb 2021
    Market breadth to deteriorate further, higher volatility in market on cards

    After a few days of the lackluster movement, we witnessed a decisive breakdown below the Nifty 50 Index level of 15000 in today’s market activity. Our research shows that the expected levels of the market are likely to be in the range of 14860 and 15250, and it’s going to crucial for the short-term market scenario to sustain above the next support level of 14860 Nifty 50 Index level. Therefore, we advise the short-term traders to use the rally to exit while buying any dip towards the support level around 14860-14840. We have observed market breadth to deteriorate, indicating a likelihood of higher volatility in the market.: Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited

    14:42 (IST)19 Feb 2021
    TCS, Infosys share prices turn positive

    IT stocks such as Tata Consultancy Services (TCS) and Infosys have turned positive in the weak trade. TCS gained 0.67 per cent while Infosys shares rose 0.28 per cent.

    14:39 (IST)19 Feb 2021
    Key factors for the market to watch out for

    The key factors for the market to watch out for include a) the trend of inflation in many global commodities like crude oil and steel (b) the continuation of surplus global liquidity and low global interest rates and (c ) the trajectory of domestic corporate earnings over the next few quarters and (d) the COVID case curve and the pace of vaccinations.: Shibani Sircar Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company

    14:38 (IST)19 Feb 2021
    BSE Realty

    On the BSE Realty index, only Godrej Properties was up with gains as it jumped 1.71% on Friday. Prestige Estate Projects, Phoenix Mills, and Sunteck Realty were the worst performers down nearly 4% each.

    14:36 (IST)19 Feb 2021
    Gold prices fall to 3-month low

    Gold prices fell to their lowest in nearly three months and headed for their worst week since end-November, as recent strength in U.S. Treasury yields dented the non-yielding metal's appeal. Benchmark U.S. Treasury yields edged higher, having hit a near one-year peak earlier in the week. All updates regarding the Covid-19 stimulus bill and vaccine for Covid-19 and the new variant is impacting the market sentiment. On data front, U.S. jobless claims unexpectedly increased last week, raising the possibility of a second straight month of tepid job growth despite declining new COVID-19 infections. Market participants will keep an eye on the preliminary Manufacturing and Service PMI data expected from major economies later in the day. Broader range on COMEX could be between $1755- 1782 and on the domestic front prices could hover in the range of Rs 45,700- 46,300: Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

    14:35 (IST)19 Feb 2021
    Defensive sectors down in red

    Even defensive sectors such as FMCG and Information Technology were down in the red as bears seem to be in control of Dalal Street. Nifty FMCG index was down 0.32% and the Nifty IT index dropped 0.57%. Nifty 50 was down a little over 1%. 

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