Market Highlights: Sensex gives up 50,000 on closing, falls 290 pts, Nifty at 15,030; financials drag indices

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Updated: May 19, 2021 4:34:08 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: After dancing between gains and losses for most of the day, benchmark indices ended in the negative territory. Smallcap indices closed with gains.

Share Market Today, Share Market LiveSmallcap indices outperformed. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic stock markets moved between gains and losses on Wednesday, only to end the day in the negative territory. S&P BSE Sensex closed 290 points lower at 49,902 while the Nifty 50 index ended the day at 15,030. M&M, Bajaj Finserv, HDFC, Bharti Airtel, Kotak Mahindra Bank, and Ultratech Cement were among the top drags. Sun Pharma, Nestle India, and Bajaj Auto were among the top gainers. Smallcap indices outperformed and ended the day with gains. Bank Nifty ended down 0.7%, Nifty Private Bank slipped 0.8%, but Nifty PSU Bank index was up with gains. 

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Highlights

    16:32 (IST)19 May 2021
    Sensex, Nifty snap gaining streak, close in red; here's what experts make of today's trading session

    After two days of consecutive gains this week, domestic equity markets took a breather and moved lower on Wednesday. S&P BSE Sensex ended the day at 49,902 while the 50-stock NSE Nifty closed at 15,030. Banking and finance sector stocks were among the top laggards with HDFC twins, Kotak Mahindra Bank, ICICI Bank, and Bajaj Finance ending in the red. Among the top gainers were Sun Pharma, Nestle India, Tech Mahindra, and Bajaj Auto. Smallcap indices closed in the positive territory, outperforming the benchmark indices. The volatility index gained 1.5% but was still below 20 levels at closing.

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    15:33 (IST)19 May 2021
    CLOSING BELL

    Sensex closed 290 points lower at 49,902 while the 50-stock NSE Nifty index was still above 15,000 mark. Financials were among the top drags.

    15:13 (IST)19 May 2021
    Sensex, Nifty sit in red

    After recouping some losses earlier, Sensex and nifty were again near the day's low with minutes left ahead of the closing bell. 

    15:08 (IST)19 May 2021
    S&P 500 upside capped from current levels; Morgan Stanley says valuations remain high

    With the S&P 500 index already above Morgan Stanley’s year-end target of 3,900, the global brokerage and research firm believes there’s no room left for the index to rise further. “We continue to believe valuations are too high and will adjust materially lower over the next six months,” Mike Wilson, Chief Investment Officer and Chief US Equity Strategist for Morgan Stanley said in a podcast. S&P 500 closed at 4,127 on Tuesday. So far this year the index has managed to jump nearly 12%.

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    14:50 (IST)19 May 2021
    Sensex just above 50,000

    Trimming losses just ahead of the closing bell, S&P BSE Sensex was just above 50,000 mark now. The Nifty 50 index was above 15,050.

    14:06 (IST)19 May 2021
    Adani Green shares trade with gains

    Adani Green Energy Limited has announced that the company has entered into an agreement with Softbank Group Capital Limited and Bharti Global Limited to acquire 100% shares of SB Energy Holdings Limited for ₹26000 Crores.  Share Purchase Agreement with SBGCL to acquire 80% of the issued share capital of SBEHL held by SBGCL and Agreement for sale and purchase with BGL, to acquire balance 20% of the issued share capital of SBEHL held by BGL by this two transaction Adani greens will acquire 100% stake in SB Energy holdings. SB Energy holdings reported the consolidated revenue from operation of ₹1015 crores in FY20-21 by this transaction has been valued at 26 times to sales. SB Energy holdings are in the business of Generation of Electricity using Renewable sources of Energy having a total of 4,954 MW portfolio of renewable energy projects through its wholly-owned subsidiaries.

    This acquisition is very good for the Adani total greens, it will help the company to achieve its target of 25 GW ahead of the timeline.

    ~Yash Gupta Equity Research Associate, Angel Broking

    13:44 (IST)19 May 2021
    Bank stocks drag

    HDFC Bank, Kotak Mahindra Bank, and ICICI Bank were the top index contributors at this hour. Bank Nifty was down 0.62%.

    13:43 (IST)19 May 2021
    Sensex, Nifty extend losses

    Sensex slipped over 200 points on Wednesday, moving below 50,000 mark while the Nifty 50 index gave up 15,100. 

    13:21 (IST)19 May 2021
    Morgan Stanley maintains 61,000 year-end target for Sensex; suggests these investing strategies

    Stepping into the second half of 2021, global research and brokerage firm Morgan Stanley says its leading indicators suggest an upside risk in index returns going forward. This has led analysts at Morgan Stanley to maintain their bull-case Sensex target of 61,000. “The market’s ongoing consolidation is improving its return prospects going into the second half of 2021 albeit the immediate triggers pertain to the pace of the likely deceleration of the second COVID-19 wave and improvement in vaccine supply,” a recent note by Morgan Stanley said. The brokerage firm had revised its Sensex target for 2021 after the Union Budget in February.

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    13:03 (IST)19 May 2021
    Volatility inches higher

    India VIX, the volatility gauge of domestic stock markets, was seen inching higher on Wednesday after having begun the day with losses. The index was still below 20 levels. 

    12:58 (IST)19 May 2021
    India, China, South Africa fared ‘relatively better’ than other major economies in Q1 of 2021: UN

    India, China and South Africa have fared “relatively better” than other major economies in imports and exports in the first quarter of this year, according to the latest UN data which said that global trade recovery from the COVID-19 crisis hit a record high during in the same period.

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    12:32 (IST)19 May 2021
    Nifty needs to stay above 15,150

    "The index needs to keep above yesterday's high - around 15150. If we can do that successfully, the Nifty should be headed to 15250-15300. We have good support at the 14700 levels. Any intraday drop or correction can be utilized to enter the markets for higher targets," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    12:04 (IST)19 May 2021
    Sensex, Nifty trim losses

    Sensex was again trading flat with a negative bias while the Nifty 50 was just above 15,100.

    10:41 (IST)19 May 2021
    Bitcoin tanks 14% in 24 hours, falls below $40,000 mark as sell-off continues

    Bitcoin continued to plummet on Tuesday, falling below the $40,000 mark and extending losses to 14% in the last 24 hours. Bitcoin has dropped below $40,000 for the first time since February 9 this year. The cryptocurrency has been falling constantly this month, overwhelmed by the recent spiral of negative news surrounding the currency.  Currently, Bitcoin is trading at $39,000, recouping some losses after hitting a low of $38,585, according to Coindesk data.

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    10:25 (IST)19 May 2021
    Gold price today, 19 May 2021: Gold trades flat, MCX silver gives up Rs 73,000; analysts say ‘buy on dips’

    Gold Price Today, Gold Price Outlook, Forecast: Gold prices were trading flat in India on Wednesday, even as international spot traded with gains on a weaker US dollar. Also, a fall in US Treasury yields aided the up move in the yellow metal. The weak US data helped to ease fears of out-of-control inflation and bets that the US, said an analyst. 

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    10:21 (IST)19 May 2021
    Adani Green shares jump 5% as co acquires SB Energy India; Adani Power, other group stocks follow

    Adani Group stocks surged higher on Wednesday morning while the benchmark indices traded flat. The sharp up-move came after Adani Green, on Wednesday morning, announced the acquisition of SB Energy India for $3.5 billion -- the largest acquisition in the renewable energy sector in India. Adani Green shares were up 5% on Wednesday morning at Rs 1,258 per share, Adani Transmission jumped 4.73% to trade at Rs 1,320 apiece, while Adani Power was up 4.96% at Rs 106.95.

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    09:56 (IST)19 May 2021
    Nifty's range move higher

    Both, Nifty and Bank Nifty futures witnessed short-covering of positions. Hige Put writing was seen across strikes from 14,900-15,100 while significant Call unwinding was seen at 15,000 strike price. Nifty has decisively changed its orbit by closing above 15,000 mark yesterday and now the range shift is expected at 14,900 to 15,400. Support at 14,940/14,970 and 15,035," said Rahul Sharma, Head of Research, JM Financial Services.

    09:54 (IST)19 May 2021
    Rupee support at 72.80; resistance at 73.50

    Asian markets tracked US equities to trade lower as uncertainties over inflation amid surging commodity prices have moved investors away from risker assets for now. Continued dovish comments from Fed officials till now have kept dollar index under pressure pushing it towards 89.85 region. However, investors now await Fed’s minutes due today for any subtle hints for tapering actions ahead. Domestically, in past session rupee traded near 72.96 at a two and a half month peak with positive domestic equities and dollar weakness. In absence of RBI intervention, USDINR pair could remain under pressure with inflows from Union Bank QIP for Rs 1750 crores and government stake sale of 2% in Axis Bank for Rs 3,969 crores. Technically, the next support for the pair is near 72.80 and 73.50 remains a strong resistance, keeping the pair consolidated between 72.80-73.50 with a steady upside bias. Amit Pabari, managing director, CR Forex Advisors

    09:19 (IST)19 May 2021
    OPENING BELL

    Sensex and Nifty opened with losses on Wednesday morning. However, Sensex was still above 50,000 while Nifty held above 15,000 mark.

    09:11 (IST)19 May 2021
    Adani Green Energy to acquire SB Energy’s 5 GW India renewable power portfolio

    Adani Green Energy Limited, on Wednesday morning, announced that it has signed a share purchase agreements for the acquisition of 100% interest in SB Energy India from Soft Bank Group (80%) and Bharti Group (20%), in a deal worth $3.5 billion. SB Energy India has a total renewable portfolio of 4,954 MW spread across four states in India. 

    09:04 (IST)19 May 2021
    Benchmark Indices expected to open on a subdued note

    "Indian Benchmark Indices are expected to open on a subdued note on account of global cues. US stock fell yesterday with equity-market investors caught in a clash, as upbeat corporate results and expectations for a booming economic expansion in the wake of the COVID-19 pandemic competed with worries about lofty valuations and signs of accelerating inflationary pressures. Both Dow Jones and S&P 500 declined 0.8% each mainly led by telecom shares. Asian stocks tracked U.S. declines as concern about faster inflation outlined the economic recovery from the pandemic. Indian market still has a positive sentiment on account of decline in COVID-19 daily caseload, strong quarterly results and improving prospects of faster economic recovery encourages investors. Both FIIs and DIIs were net buyers Rs618cr and Rs450cr in yesterday's session. Key companies announcing their quarterly results today include Indian Oil Corporation, Indiabulls Housing Finance, Angel Fibers, Clariant Chemicals, Endurance Technologies, JK Tyre & Industries etc. Support and resistance for Nifty 50 are 14,800 and 15,200 respectively," said Mohit Nigam, Head - PMS, Hem Securities.

    09:03 (IST)19 May 2021
    Sensex, Nifty trade flat

    Sensex was trading flat with marginal gains during the pre-open session on Wednesday morning. Nifty 50 was down in the red but still above 15,100.

    08:57 (IST)19 May 2021
    Nifty looks set to hit all-time high of 15,450 in near-term; ICICI Bank, L&T among top stocks to buy

    Nifty/Sensex, in the near term, is well poised for hitting 15450/52500 levels, which is the all-time highest level on the indices, and 15600/53000 that could be the final target of the current up-move. Keep a final stop loss at 14850/49300 for initiating any long trade on the indices. Along with financials, particular attention should be paid to capital goods, infrastructure, and commodity-related stocks. 

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    08:41 (IST)19 May 2021
    Petrol and diesel price today 19 May 2021: Rates unchanged today; check prices in Delhi, Mumbai here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were left unchanged today. So far this month, rates have been increased 10 times. Petrol in Delhi today costs Rs 92.85 per litre, while diesel in the capital city costs Rs 83.51 litre today. Petrol price in Delhi has been increased by Rs 2.45 so far in May, while diesel price has surged Rs 2.78 per lire. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

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    08:37 (IST)19 May 2021
    SGX Nifty falls, Sensex, Nifty stare at negative start; 5 things to know before market opens

    BSE Sensex and Nifty 50 were staring at a negative opening on Wednesday, as suggested by trends on SGX Nifty. Nifty futures were trading 76 points or 0.50 per cent down at 15,084.50 on Singaporean Exchange. Market participants will take cues from COVID infection cases, ongoing vaccination drive, Q4 results, oil prices, rupee trajectory and other global developments.

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    08:20 (IST)19 May 2021
    Short term trend of Nifty continues to be positive

    "The short term trend of Nifty continues to be positive. The unfilled opening upside gap and a formation of small positive candle could hint at a possibility of profit booking emerging from the highs. Hence, bulls needs to be cautious at the swing highs. Nifty not showing any profit booking in the next couple of sessions could open the next upside levels of 15450-15500 in the near term. Immediate support is placed at 15000 levels," said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

    08:04 (IST)19 May 2021
    Commerce Ministry weighing proposal to revamp scheme for services exports

    The commerce ministry is weighing a proposal to overhaul a key scheme for services exporters to make it more broad-based and foolproof so that a wider pool of businesses, especially Covid-hit MSMEs, get the succour.

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    08:04 (IST)19 May 2021
    SGX Nifty slips further

    SGX Nifty was down 98 points on Wednesday morning. Sensex and Nifty have been opening with gains for the first two days of the week, however, the sharp fall in Nifty futures could see domestic markets open in red today.

    08:03 (IST)19 May 2021
    Dull Demand: Drop in commercial papers issuances points to slowing credit growth at banks

    A year-on-year (y-o-y) drop in issuances of commercial papers in April 2021 may be hinting at a slowdown in credit growth at banks and non-banking financial companies (NBFCs). As financiers count the human toll the pandemic is taking on their companies, they have begun to restrict some areas of operations that require high contact such as disbursements and collections. The phenomenon is in turn playing out in the CP market as companies do not need as much funds as they would under normal circumstances.

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