Share Market Highlights: Sensex gives up all gains, closes flat with positive bias, Nifty fails to reclaim 15,000

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Updated: March 8, 2021 4:21:07 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity benchmarks went in for a rollercoaster ride on Monday as they gave up all gains to close flat with a positive bias.

Share Market Today, Share Market LiveVolatility is down 3.46% on Monday (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets started the day with gains but gave up all gains during the latter half of the day. S&P BSE Sensex closed flat with a positive bias at 50,441 points, while the 50-stock NSE Nifty was still below 15,000. Larsen & Toubro and ONGC were the top index gainers, followed by HCL Technology and Axis Bank. IndusInd Bank, Ultratech Cement, and Bajaj Finance were the top index drags. The Nifty Midcap and Smallcap 50 indices closed flat with marginal gains. 

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Highlights

    16:19 (IST)08 Mar 2021
    Sensex closes 544 points down from day's high, Nifty fails to regain 15,000 as benchmarks end flat

    Domestic equity benchmarks returned to positive territory after falling for the previous two sessions. However, Sensex ended 544 points down from its intra-day highs and Nifty failed to hold above 15,000 after having breached the levels earlier in the day. Larsen & Toubro and ONGC were the top gainers on Sensex. Bajaj Finance and IndusInd Bank were the top drags. India VIX or the volatility gauge slipped 3.46% to end at 24.68. Midcap and Smallcap indices mirrored the benchmarks. Among sectoral indices, Nifty PSU Bank and Nifty Media were the top gainers.

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    15:40 (IST)08 Mar 2021
    Gold prices fall after gaining in opening deals, off Rs 11,700 from record highs; may hit 45,200 on MCX soon

    Gold prices edged lower in afternoon deals on Monday, after opening higher. MCX gold April futures were trading Rs 203 or 0.45 per cent down at Rs 44,480 per 10 gram, while silver May futures were ruling at Rs 66,030 per kg, up Rs 427 or 0.65 per cent. Currently, the rising US bond yields are capping prices for gold. From a record high of Rs 56,191 per 10 gram on MCX in August 2020, gold prices have tumbled Rs 11,711 per 10 gram or 20.84 per cent.

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    15:33 (IST)08 Mar 2021
    Closing Bell

    Sensex closed 544 points down from the day's high as the index gave up all gains to end the session flat with a positive bias. Nifty failed to claim 15,000.

    15:24 (IST)08 Mar 2021
    Smallcaps give up gains

    The Nifty Smallcap 50 index is down in the red from its highs of 4,252 points earlier in the day. The index hit an intra-day low of 4,188.

    15:21 (IST)08 Mar 2021
    Volatility in stock markets

    India VIX, the volatility gauge was up at 24 levels just ahead of the closing bell. The gauge was down at 21.2 levels earlier in the day.

    15:18 (IST)08 Mar 2021
    Top index contributors

    Helping the indices bounce back up in the green are Larsen & Toubro, Reliance Industries and Infosys.

    15:16 (IST)08 Mar 2021
    Back in green

    Sensex rebounded from the lows and is now trading 100 points higher. Nifty 50 is yet to reclaim 15,000.

    15:13 (IST)08 Mar 2021
    Benchmark indices trade flat and mixed

    Sensex was down marginally in the red while Nifty was trading flat with a positive bias with minutes to go before the closing bell on Monday.

    15:10 (IST)08 Mar 2021
    Markets give up gains

    Markets are trading mixed, with Asia and US futures reversing earlier gains. The focus remains on yields, with Treasuries a bit weaker following another jump in crude oil prices. Higher Treasury yields are tempering optimism over President Joe Biden's $1.9 trillion pandemic relief plan and the economic growth outlook. Tech shares slid, and China led the regional retreat with the CSI 300 tumbling some 3%. HSI -1.5%. But honestly, the last thing anyone wants in a recovering global economy is higher oil prices, and we are likely nearing a point when higher oil prices become a negative rather than a positive influence over risk assets.

    ~Stephen Innes, Chief Global Market Strategist at Axi

    15:05 (IST)08 Mar 2021
    Flat but in green

    Continuing to slip ahead of the closing bell, Sensex is now trading flat with a positive bias and the Nifty 50 index is near 14,950.

    14:59 (IST)08 Mar 2021
    Sensex, Nifty trim gains ahead of closing bell

    Sensex was in green but down from highs just ahead of the day's closing bell. Nifty was down, hovering around 15,000 mark.

    14:50 (IST)08 Mar 2021
    Rakesh Jhunjhunwala trimmed stake in these firms last quarter, shares of some have since gained

    Rakesh Jhunjhunwala sold a part of his stake in nine companies during the October December quarter, of these only four stock have since given negative returns while five others have gone on to gain. The billionaire investors trimmed stake in his favourite Titan Company Limited along with Crisil, Aptech, Federal Bank, Rallis IndiaFortis HealthcareAutoline Industries, Escorts, and Firstsource Solutions. Most of these firms, except Fortis Healthcare and Crisil, have doubled from March 2020 lows.

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    14:40 (IST)08 Mar 2021
    Nifty above 15,000

    Nifty was above 15,000 levels on Monday while the S&P BSE Sensex index crossed the 50,600 mark. Nifty need to cross 15,300 to see any breakout to fresh all-time highs, according to Manish Hathiramani, Proprietary index trader and Technical Analyst, Deen Dayal Investments.

    14:38 (IST)08 Mar 2021
    Easy Trip Planners IPO subscription status

    The IPO of Easy Trip Planners has been oversubscribed by investors on the very first day itself. Retail investors are leading the bidding, subscribing to 8.37 times their quota. QIB are non-existent so far while NIIs have bid for 5% of their portion.

    14:34 (IST)08 Mar 2021
    Pandemic made women redefine entrepreneurship: SEWA Bank MD Jayshree Vyas

    The pandemic-ravaged months have taken a heavy toll on everyone and especially on women, who sadly were the first set of people in many households to take a hit on their careers – either due to a job loss or by opting out to help at home. But those who have engaged closely with women in their journey during the pandemic seem to have witnessed powerful stories of hope and entrepreneurship.

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    14:33 (IST)08 Mar 2021
    L&T, ONGC holding firm

    Today's top gainers on Sensex, Larsen & Toubro and ONGC, were holding their top spot firmly with less than an hour to go before the closing bell.

    14:27 (IST)08 Mar 2021
    Grey Market Premium of soon to be listed shares

    Laxmi Organic is trading at a premium of Rs 110 per share; shares of Anupam Rasayan are at a premium of Rs 310 apiece, while MTAR Technologies was up Rs 490, and shares Easy Trip Planner were trading at Rs 145 in the unlisted space on Monday.

    ~Dinesh Gupta, co-Founder at UnlistedZone

    14:12 (IST)08 Mar 2021
    ONGC, Indian Oil shares at 52-week highs; BSE oil & gas, energy indices hit record as crude soars past $70

    Oil stocks were in focus today as Brent crude futures surged over $70 a barrel on Monday for the first time since Coronavirus pandemic began, following the reports of attacks on Saudi Arabian oil facilities. S&P BSE Oil & Gas index reached a record high of 16,588.30 level, led by gains in GAIL, ONGC (Oil and Natural Gas Corporation Ltd), Indian Oil Corporation Ltd, which hit their respective new 52-week highs. Also, Reliance Industries Ltd (RIL) stock price jumped 2.4 per cent to Rs 2,231 apiece.

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    13:48 (IST)08 Mar 2021
    Smallcap and Midcaps outperform

    While Sensex was up 0.20%, the BSE Smallcap index zoomed 0.77% while the Midcap index was up 0.40%, both outpeforming the benchmark.

    13:26 (IST)08 Mar 2021
    Wipro share price down 5% since Capco acquisition; analysts cut price targets, downgrade stock

    Software giant Wipro last week announced the acquisition of British consultancy firm Capco for $1.45 billion, its biggest purchase. Since the details of the deal became public, Dalal Street has not been kind towards Wipro. The share price of the IT major is down 5.2% since last Thursday to now trade at Rs 415 per share. Analysts have raised concerns about the deal and have trimmed price targets, ratings of the Information Technology firm.

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    13:16 (IST)08 Mar 2021
    Canara Bank - Moderate Stress, Future outlook strong

    Factoring near term capital infusion, we expect the bank’s loan book to fatten cautiously at CAGR of 8% over FY21-23E, led by retail book growth. In our opinion, the bank’s credit cost will normalise by FY22E and estimate return ratio ROA/ROE of 0.3% and 7% in FY23E. We value the standalone entity at 0.6xFY22E BVPS (₹349) and arrive at a target price of ₹210. We recommend BUY with a potential upside of 31%.

    ~ LKP Securities

    12:32 (IST)08 Mar 2021
    Easy Trip Planners has stable margins, good return ratios, asset-light model, robust growth outlook

    At the higher end of the price band, Easy Trip Planners IPO is priced at a PE ratio of ~59 times FY20 earnings per share (on a trailing basis). While this seems to be aggressively priced, the company has posted robust growth in topline and bottomline over the last few years. The company has been consistently profitable since incorporation, and posted a healthy net margin of 23% in FY20, even as peers made losses. It also has a debt-free balance sheet. The expectations of a quick rollout of the vaccine would also improve outlook for the company’s business going forward. Given strong revenue and profit growth over the last few years, stable margins, good return ratios, asset-light model, and robust growth outlook, we remain positive on the prospects of the issue," INDmoney said in a report

    12:24 (IST)08 Mar 2021
    Should you subscribe to Easy Trip Planners IPO?

    Based on FY2020 the IPO is priced at a PE of 58x at the upper end of the price band along with a very good ROE of 34% and ROCE of 35%. The company has the potential to grow exponentially in near future. Looking at the company performance in FY 2020 and strong balance sheet is given that we have certain concerns regarding competition in this business we are assigning a “SUBSCRIBE” recommendation to the issue.

    ~ Angel Broking

    11:54 (IST)08 Mar 2021
    Laxmi Organic IPO opens March 15, grey market premium zooms 100%; subscribe for long-term or listing gains?

    The Rs 600-crore Laxmi Organic Industries initial public offering (IPO) is scheduled to open for subscription next week on March 15, 2021. The issue comprises a fresh issue of equity shares worth Rs 300 crore and offer-for-sale (OFS) of Rs 300 crore by the promoter Yellow Stone Trust, according to the red herring prospectus (RHP) filed. The book running lead managers to the Mumbai-based Laxmi Organic are Axis Capital Ltd and DAM Capital Advisors Ltd (formerly known as IDFC Securities Limited), while the registrar to the issue will be Link Intime India Private Ltd.

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    11:22 (IST)08 Mar 2021
    US yields still have room to move

    Japanese investors have net sold 3.6 trillion Yen of foreign bonds over two weeks period, the largest over the past 20 years, suggesting US yields have more room to reprice, and the unwind of currency hedges could also support higher USDJPY.

    ~Stephen Innes, Chief Global Market Strategist at Axi

    11:10 (IST)08 Mar 2021
    No risk aversion in share markets, only sectoral rotation; these stock strategies minting money

    Nifty 50 has slipped nearly 2% since mid-February when it touched 15,300 -- the recent high. However, the fall does not indicate any sharp jump in risk aversion among investors, even though the volatility gauge has spiked 12%, said ICICI Securities in a report. The brokerage and research firm said that the current market movement is more of a consolidation and sector rotation rather than a systematic rise in risk aversion. Nifty and Sensex have now doubled from the March 2020 lows.

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    10:49 (IST)08 Mar 2021
    Top gainers

    ONGC was the top Sensex gainer on Monday morning, zooming more than 4%, followed by Larsen & Toubro, and Reliance Industries.

    10:44 (IST)08 Mar 2021
    Anupam Rasayan IPO opens Mar 12; grey market premium soars 58% on price band announcement; check details

    Anupam Rasayan India Ltd’s Rs 760-crore initial public offering (IPO) will open for subscription on Friday, March 12, 2021. The company has fixed price band at Rs 553-555 per share. The public issue will close for subscription on Tuesday, March 16, 2021. Following the announcement of the price band, the grey market premium of Anupam Rasayan India Ltd shares surged to Rs 320 apiece on Monday.

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    10:14 (IST)08 Mar 2021
    Short-term trend for USD-INR bullish

    The upward momentum in the USDINR pair looks more likely heading towards 73.50 levels. However, gains in pair shall be capped near 73.80 levels given by the channel of inflows lined up in the current month. Overall, the short-term trend for USDINR is likely to remain bullish with a range of 72.70-74.00.: Amit Pabari, managing director, CR Forex Advisors

    10:01 (IST)08 Mar 2021
    Nifty needs to break 15,300

    "The support range of 14700-14800 was respected last week and on today's opening. Hence the uptrend stands intact. It would be threatened if we fail to keep above 14800 on a closing basis. The markets have turned sideways and the Nifty can be choppy. The index needs to get past 15300 levels to break out of this range and then we can trade for 15500-15600," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    09:43 (IST)08 Mar 2021
    What's moving stock markets?

    "Three factors weigh on market sentiments presently: US bond yields, dollar index and crude. All the three firmed up last Friday impacting sentiments. The combined FII, DII cash market selling ( above Rs 3000 cr on last Friday) reflected the market's concern. Brent crude rising beyond $71 is a macro concern for India. But rising US bond yield and dollar index, though a concern, need not be a market impacting move provided growth recovery keeps up pace. The latest job data from the US indicates that the US economy is bouncing back. In India, too, the growth and earnings data are set to improve. These positive trends can sustain market buoyancy provided the bond yield doesn't spike sharply," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:18 (IST)08 Mar 2021
    Opening Bell

    Sensex and Nifty were trading with gains on the opening bell. Nifty has reclaimed 15,000 while Sensex was near the 50,600 levels. 

    09:12 (IST)08 Mar 2021
    Pre-open takes Dalal Street up

    Sensex gained 248 points while Nifty 50 index breached the 15,000 mark during the pre-open session on Monday.

    09:11 (IST)08 Mar 2021
    Gold prices bounce back above 1700/oz

    COMEX gold trades 0.5% higher near $1708/oz after a 0.1% decline on Friday when it tested June 2020 lows. Gold has edged up on back of progress on the US stimulus front as the Senate approved the $1.9 trillion package which will now go to the House for a vote. However, weighing on price is continuing ETF outflows, upbeat non-farm payrolls data and higher US and global bond yields. Gold has bounced back above $1700/oz and may see extended gains on US stimulus optimism however a sharp rise is unlikely unless US bond yields correct sharply.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:09 (IST)08 Mar 2021
    Oil prices soar

    Oil prices have spiked higher this morning after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases. With OPEC pursuing a tight oil policy and US shale oil inelastic supply response to higher prices, any disruption to the Middle East supply chain could shoot oil prices considerably higher. Indeed, this could be the flashpoint that ignites that smouldering Middle East powder keg as apparent lines in the sand got crossed when the attacks targeted civilians. So far, there have been no reports of significant damage or oil supply chain disruptions, but this is an evolving story that will keep oil traders on their toes. On top of the terrorist attacks, oil prices are also buttressed this morning on the back of data surprises.

    ~Stephen Innes, Chief Global Market Strategist at Axi

    09:03 (IST)08 Mar 2021
    Sensx, Nifty gain in pre-opne

    Sensex was above 50,700 during the pre-open session on Monday morning while Nifty reclaimed 15,100 levels.

    08:59 (IST)08 Mar 2021
    Sensex, Nifty likely to see gap-up start; 5 things to know before market opens on Monday

    Indian share market benchmarks BSE Sensex and Nifty 50 were likely to open in the positive territory on Monday. In the previous session, Sensex ended 440 points lower at 50,405, while the 50-stock NSE Nifty gave up the 15,000-mark. According to a technical analyst, NSE’s Nifty could test the 50-DMA this week placed at 14,585. 

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    08:52 (IST)08 Mar 2021
    SGX Nifty trims gains

    SGX Nifty is up just 20 points ahead of the pre-open session. Nifty futures were trading nearly 140 points higher during the early hours of Monday.

    08:42 (IST)08 Mar 2021
    Gold, silver prices fall for third week straight; will precious metals continue to decline?

    Commodity prices traded lower during the week passed by with most of the commodities witnessed selling except crude oil. Bullion prices extended the decline for the week while base metals were down on profit-booking and weak Chinese data. Crude oil prices rallied on lower supply concerns and stronger demand optimism.

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    08:31 (IST)08 Mar 2021
    Stocks in focus: Easy Trip Planners IPO, Cipla, NMDC, Indian Oil, PVR, Reliance Home Finance

    After gaining over 2.5 per cent in the previous week, BSE Sensex and Nifty 50 are set to start the week on a positive note on Monday. NSE’s Nifty may reclaim the crucial 15,000-mark on opening, as suggested by the trends on SGX Nifty. Nifty futures were trading 138.50 points or 0.93 per cent higher at 15,092 on Singaporean Exchange. 

    Read full story

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