Share Market Highlights: Sensex slips 19 points on closing, Nifty ends above 15,100; M&M, Sun pharma top drags

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Updated: February 9, 2021 4:28:16 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets closed flat with a negative bias on Tuesday, ending their six-day post-budget rally. Nifty Bank closed with marginal gains.

Share Market Today, Share Market LiveSensex, Nifty traded with gains for most of the day but erased a 500 point lead to close the day flat, (image: Reuters)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices slipped in the dying minutes of the day’s trade to close flat with a negative bias. S&P BSE Sensex ended 19 points lower at 51,329 while the 50-stock NSE Nifty closed 6 points lower at 15,109. Asian Paints was the top Sensex gainer, up 3.6%. This was followed by ONGC and Titan, both up 1% each. Mahindra & Mahindra, Sun Pharma, and ITC were the top drags. Sensex reached a fresh high of 51,835 on Tuesday, Nifty scaled 15,257.

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Highlights

    16:25 (IST)09 Feb 2021
    Sensex, Nifty halt Budget rally, close marginally in red; bulls exhausted now or just a brief pause?

    For the first time since the Union Budget earlier this month, Sensex and Nifty have closed in the red with marginal losses. S&P BSE Sensex slipped 19 points to close at 51,329 while the 50-stock NSE Nifty ended 6 points lower at 15,109. Sensex reached an intra-day high of 51,835 but closed 506 points lower from the high. Broader markets, except Nifty Midcap 150, closed in the red. The fear gauge of domestic equity markets, India VIX, closed 1.4% higher at 24.30. Among sectoral indices only, Nifty Bank, Nifty Financial Services, and Nifty Private Bank index closed with gains.

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    15:51 (IST)09 Feb 2021
    REITs, InvITs get more attractive; should you invest now? A performance check of listed REITs, InvITs

    The Union Budget provoked more investor interest in real estate and infrastructure funding by opening up more investment avenues for REIT and InvIT firms. Brookfield REIT IPO, which opened for subscription later that week, got subscribed nearly eight times the issue size. More REITs and InvITs could soon make stock market debuts. Analysts say the outlook for REIT and InvIT investments is bright. However, a look at the share price performance of the four listed REITs and InvITs gives a mixed picture, with mostly subdued returns. IRB InvIT Fund shares are at half the issue price, but IndiGrid returns have shot up. Here’s a share price performance recap of all the listed REITs and InvITs so far.

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    15:34 (IST)09 Feb 2021
    Closing Bell

    Sensex and Nifty ended in the red for the first time since the Union Budget, ending the six-day long rally. Sensex slipped 19 points while Nifty ended 6 points lower. 

    15:14 (IST)09 Feb 2021
    Sensex recovers all losses

    Sensex fell into the negative territory just ahead of the closing bell but soon recouped all losses and began trading flat with a negative bias. 

    14:49 (IST)09 Feb 2021
    Top drags on Sensex

    Mahindra & Mahindra was the top Sensex drag an hour before the closing bell. The stock was down more than 3%. It was followed by Bajaj Finance, ITC, Bajaj Auto and Bajaj Finserv.

    13:25 (IST)09 Feb 2021
    NMDC result update

    NMDC reported numbers inline expectation, NMDC limited reported revenue from operations for Q3FY21 at ₹4,355 crores up by 45% YoY from ₹3,006 crores in Q3FY20. Profit before tax for the quarter at ₹2810 crores in Q3FY21 as compared to ₹1645 crores up by 71% in Q3FY20. Profit after tax for the quarter at ₹2,108 crores in Q3FY21 as compared to ₹1,375 crores up by 53.3% in Q3FY20. NMDC reported the numbers in line with expectations, and the company has reported very good growth in Iron Ore.  We have a Neutral outlook towards NMDC Limited.

    ~Yash Gupta Equity Research Associate, Angel Broking

    12:53 (IST)09 Feb 2021
    Mahindra Finance, Shriram Transport stocks upgraded; check Morgan Stanley's new target prices

    With the economy picking up pace, ample liquidity and benign rates, global brokerage and research firm Morgan Stanley believes India’s auto industry is entering a multiyear upcycle. Buoyed by this, the brokerage firm has upgraded vehicle financiers, Mahindra & Mahindra Financial Services (MMFS) and Shriram Transport Finance (SHTF). “We think vehicle financing NBFCs – SHTF and MMFS – present one of the most compelling risk-reward offers for the next 12-24 months,” a report by Morgan Stanley said.

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    12:40 (IST)09 Feb 2021
    Top Midcap gainers

    Future Retail is the top gainer on the BSE Midcap index. This is followed by KIOCL, Bank of India, and IRCTC.

    12:27 (IST)09 Feb 2021
    Kishore Biyani’s Future Group stocks hit upper circuit, FRL, FEL jump 10% on Delhi HC’s nod to Future-RIL deal

    Future Group share prices hit the upper circuit on Tuesday after the Delhi High Court allowed the Kishore Biyani company to go-head with Reliance Industries Ltd (RIL) deal. On Monday,  Delhi HC’s division bench stayed the single judge’s order passed which had directed Future Group to maintain status quo till further orders with regard to its Rs 24,713-crore deal with Reliance Retail. Future Retail Ltd shares hit 10 per cent upper circuit at Rs 80.50, Future Enterprises Ltd at Rs 11.78 apiece.

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    12:22 (IST)09 Feb 2021
    SBI, large private sector banks stand to gain from digitalization accelerated by pandemic: Moody's

    Fintech has been growing rapidly in India, and several factors will continue to fuel a continuous expansion of the sector. Restrictions on physical contact due to the coronavirus will further boost demand for online financial services, providing an impetus for an acceleration of digital banking services. Fintech firms such as Paytm Payment Bank and payment services owned by Big Tech players such as PhonePe of Flipkart, which is majority-owned by Walmart Inc., and Google Pay of Alphabet, have rapidly gained market share. Despite the growing competition, some banks equipped with capabilities to deliver digital services and products that suit changing customer needs, such as industry leader State Bank of India (SBI, Baa3 negative, ba2) and large private sector institutions, such as HDFC Bank Limited (HDFC Bank, Baa3 negative, baa3), ICICI Bank Limited (ICICI, Baa3 negative, ba1), AXIS Bank Limited (AXIS, Baa3 negative, ba1) and Kotak Mahindra Bank, will benefit from digitalization.

    ~ Moody's

    11:52 (IST)09 Feb 2021
    Sensex reaches 51,700

    Sensex breached 51,700 during the day to set a fresh all-time high of 51,753. Nifty was trading above 15,200.

    11:13 (IST)09 Feb 2021
    Gold prices continue to fall for second week straight, near-term outlook remains weak

    Commodity prices traded mixed during the week passed by with bullion prices continued downside falling for the second week while crude oil and base metals ended in green on-demand growth optimisms.  

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    10:46 (IST)09 Feb 2021
    Elon Musk goes Bitcoin shopping

    “This is a surprise that is also not a surprise at all. Elon Musk has been talking about Bitcoin for a long time. The number of users on ZebPay did more than double right after the news. It's a sign to other companies that bitcoin is a solid reserve asset for any balance sheet. We hope central banks will join in and that this news helps nudge the government to buy, not ban bitcoin and let every Indian do the same. Now if tomorrow Tesla also buys a billion dollars of dogecoin, that will be a surprise," Rahul Pagidipati, CEO, ZebPay.

    10:43 (IST)09 Feb 2021
    Elon Musk’s Tesla invested $1.5 billion in bitcoin; bitcoin hit an all-time-high

    This is a surprise that is also not a surprise at all. Elon Musk has been talking about bitcoin for a long time. The number of users on ZebPay did more than double right after the news. It's a sign to other companies that bitcoin is a solid reserve asset for any balance sheet. We hope central banks will join in and that this news helps nudge the government to buy, not ban bitcoin and let every Indian do the same. Now if tomorrow Tesla also buys a billion dollars of dogecoin, that will be a surprise: Rahul Pagidipati, CEO, ZebPay

    10:41 (IST)09 Feb 2021
    Nureca IPO: Rs 100-crore public issue opens next week; check price band, bid lot size, other details

    Nureca Ltd’s initial public offer (IPO) is set to open for subscription next week on February 15, 2021, after it received capital market regulator Sebi’s go-ahead to raise Rs 100 crore through public issue. Nureca Ltd will be sold in the price band of Rs 396-400 apiece of face value of Rs 10 each and will close on February 17, 2021. According to the Red Herring Prospectus, the equity shares of Nureca are proposed to be listed on BSE and NSE. 

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    10:14 (IST)09 Feb 2021
    Nifty trend remains positive

    "The markets have continued their northward trajectory this morning and we are very close to the 15200 targets. While a pause at these levels cannot be ruled out, the overall trend for the Nifty remains positive and we should target 15500 as the next level of resistance. A buy on dips is a prudent strategy to adopt in the current market scenario," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    10:08 (IST)09 Feb 2021
    Nifty's next resistance level is 15,500

    The markets have continued their northward trajectory this morning and we are very close to the 15200 target. While a pause at these levels cannot be ruled out, the overall trend for the Nifty remains positive and we should target 15500 as the next level of resistance. A buy on dips is a prudent strategy to adopt in the current market scenario.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:06 (IST)09 Feb 2021
    USD-INR remains well supported around 72.80 levels

    Tracking the global cues, domestic markets are also on their march towards the North Pole touching fresh highs and FII’s have been pouring money into the equities with the optimism surrounding the faster economic recovery led by vaccine rollouts, despite deficits under strain. However, the optimism hasn’t been able to translate in the USDINR pair which has remained well supported around 72.80 levels so far amid spot and forward intervention by RBI to curb volatility. Seems like USDINR pair has formed a near term base around 72.80 levels, which if taken out due to RBI’s leniency, the pair can shift the pair towards 72.50 levels as the overall biasness is on the appreciation side. Overall, as the near term range for pair remains between 72.80-73.50 levels, buyers can look to hedge near 72.80-73.00 and one can look to sell above 73.20-73.40 levels in the near term.: Amit Pabari, managing director, CR Forex Advisors

    10:05 (IST)09 Feb 2021
    Promoters’ pledged shareholding increases to 2.09% in Q3; pledged value reaches Rs 1.8 lakh crore

    Promoters’ pledged shareholding in BSE 500 companies increased to 2.09% at the end of fiscal third quarter, from 2.03% in the previous quarter. “Promoters of 84 companies in the BSE-500 Index had pledged all or part of their holdings in the December 2020 quarter,” a report by domestic research and brokerage firm Kotak Securities said. With the increase, the total value of promoter pledged holdings was recorded at Rs 1.8 lakh crore. However, it is important to note that higher promoter pledges do not necessarily indicate that promoters are under financial stress.

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    09:33 (IST)09 Feb 2021
    India outperforms global peers so far in February

    "It is important to appreciate the fact that even in 2021 the Bull run continues to be global. But in February India has outperformed most markets and this can be attributed to the optimism generated by the excellent budget. Bank Nifty's outperformance stems from the better than expected Q3 numbers from banks. A large number of retail investors are recklessly day-trading in the market. This is not a healthy trend. Trading is for professional traders, not for retail investors. In the stock market, wealth is generated by remaining invested in quality stocks for long period. Timing the market is difficult, almost impossible, as proved by the current rally," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:18 (IST)09 Feb 2021
    Opening Bell

    Sensex began the day's trade above 51,500 for the first time ever. Nifty 50 was just shy of the 15,200 mark. India VIX was seen gaining 0.55%.

    09:08 (IST)09 Feb 2021
    Back in green

    Sensex was back in green, surging more than 100 points. Nifty too was in the positive territory. 

    09:04 (IST)09 Feb 2021
    Infosys, Tata Motors among 5 technical stocks to buy; watch these key support, resistance levels for Nifty

    Nifty AUTO, METALS and INFRA indices helped the market to close higher. From the basket of defensive sectors, we saw solid gains for the IT index. FMCG and PSU Banks marginally closed in the negative territory. 

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    09:03 (IST)09 Feb 2021
    Gains trimmed

    Minutes into the opening session, Sensex was trading flat with a negative bias while Nifty was still in green.

    09:02 (IST)09 Feb 2021
    Sensex, Nifty start with gains in pre-open

    Sensex and Nifty began the pre-open session on Tuesday with gains. Nifty was above 15,200 while Sensex zoomed past 51,500.

    08:53 (IST)09 Feb 2021
    Results today

    Among companies reporting their quarterly earnings today will be, Adani Ports, Tata Steel, Burger King, Abbot India, AkzoNobel, Aster DM, BASF India, Berger Paints, Future Retail, Lemon Tree, J&K Bank, Central Bank, Torrent Power, TCI Express, etc.

    08:39 (IST)09 Feb 2021
    Will Sensex, Nifty extend rally to 7th day? 6 things to know before today’s opening bell

    Domestic equity market benchmarks BSE Sensex and Nifty 50 have been rallying for six consecutive sessions now, driven by Union Budget optimism. Indian share markets are likely to open flat to positive in Tuesday’s session. S&P BSE Sensex reached a fresh all-time high on Monday and closed above the 51,300-mark for the first time ever. While the broader 50-stock NSE Nifty too claimed fresh highs and closed above 15,100. The broad-based rally was supported by positive global cues, progress in US fiscal stimulus talks and continued buying by foreign portfolio investors (FPIs). 

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    08:38 (IST)09 Feb 2021
    Uptick in securitisation volumes to continue in coming quarters, predicts ICRA

    Rating agency Icra expects the uptick in securitisation volumes to continue in the coming quarters. It witnessed 61% sequential growth during the December quarter (Q3FY21). Ever since the sharp fall in domestic volumes in Q1FY21, the securitisation market has been on a path of revival on a sequential basis, the credit rating agency said. The number of originators that undertook securitisation has also improved to 50 in Q3 FY2021 as against 45 and 18 in Q2 and Q1 FY21, respectively.

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    08:25 (IST)09 Feb 2021
    Oil breaks through $60 per barrel

    "Brent surged though $60/barrel like a hot knife through butter – continuing the positive momentum from last week. Progress on US stimulus and optimism around the rollout and effect of vaccines across the remainder of 2021 and a slightly weaker US dollar helps the view albeit there was mixed news on the impact of the current vaccines formulated on the emerging South African variant," said Stephen Innes, Chief Global Market Strategist at Axi.

    08:15 (IST)09 Feb 2021
    Stocks in focus: Adani Ports, Tata Steel, RIL, Tata Power, UltraTech Cement, Future Retail

    A total of 219 BSE-listed companies including Adani Ports, Tata Steel, Berger Paints, Muthoot Finance, Max Financial India, Indian Overseas Bank, Endurance Technologies and Torrent Power, among others, are scheduled to announce their October-December quarter earnings today.

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    08:11 (IST)09 Feb 2021
    Nomura maintains neutral on Hero MotoCorp, raises Target Price

    The industry base for FY22F/23F is ~14%/4% below FY19 levels and we expect a recovery as the economy improves, although we expect it to be slow due to ~20% price increase in the past 12 months. Near-term concerns are weak industry retail trends perhaps impacted by shift in marriage season and margin pressures due to ~300bp cost increases. Execution on market share gains in scooters/ premium and exports are key upsides to watch. We do not expect any significant contribution from the HD deal over the next three years (2.5K sales in FY20), until new products are developed.

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    08:03 (IST)09 Feb 2021
    No indication of reversal on Nifty

    "Though Nifty placed at the all-time high, there is no indication of any reversal pattern forming at the highs. The market has completely negated bearish reversal pattern of previous week on the weekly chart and closed higher. As happened in the past, one may expect a formation of another reasonable bull candle in this week (weekly chart). The underlying trend of Nifty continues to be positive and one may expect further upside in the short term," said Nagaraj Shetti, Technical Research  Analyst, HDFC Securities.

    08:00 (IST)09 Feb 2021
    Future Group to now seek NCLT approval

    So far, the Competition Commission (CCI) and the Securities and Exchange Board of India (Sebi) have given their approval for the deal. The deal now requires the approval of the National Company Law Tribunal (NCLT), which was effectively stalled by the single judge’s February 2 order.

    07:57 (IST)09 Feb 2021
    Blow to Amazon: Delhi High Court allows Future Group to go ahead with RIL deal

    The Delhi High Court’s division bench on Monday stayed the single judge’s order passed on February 2, which had directed Future Group to maintain status quo till further orders with regard to its `24,713-crore deal with Reliance Retail wherein it has sold certain retail assets to the latter.

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