Market HIGHLIGHTS: Sensex snaps 2-day gaining streak, falls 600 pts, Nifty below 14,700; RIL, HDFC duo drag

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Updated: March 31, 2021 4:24:27 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over one per cent down on Wednesday.

Share Market Today, Share Market LiveNifty PSU Bank index jumped 1.32 per cent while Nifty Financial Services index declined by 2.01 per cent

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended the last day of the financial year 2020-21 (FY21), in the red. BSE Sensex slumped 627 points or 1.25 per cent to 49, 509, while Nifty 50 gave up 14,700, to end 154 points or 1.04 per cent lower at 14,690. Housing Development Finance Corporation (HDFC), HDFC Bank, Power Grid Corporation of India, Tech Mahindra, ICICI Bank, ONGC, Kotak Mahindra Bank were among top Sensex laggards. On the flip side, ITC, Bajaj Finsv, HUL, State Bank of India (SBI), TCS, Axis Bank and Maruti Suzuki ended the session in the green. Trend among Nifty sectoral indices was mixed. Nifty PSU Bank index jumped 1.32 per cent while Nifty Financial Services index declined by 2.01 per cent.

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Highlights

    15:43 (IST)31 Mar 2021
    Nifty 50 index holds support level of 14,600

    Despite a lackluster movement, Nifty50 Index held the support level around the level of 14600. Trading above 14600 is positive from a short-term perspective. Sustaining above 14600 levels, It is expected that the market to gain momentum to increase the odds of a fresh breakout above 14900. The momentum indicators like RSI and MACD support the upside move and indicate that a new breakout's potential is exceptionally high with an upside projection till the 15300 levels.: Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited

    15:37 (IST)31 Mar 2021
    Sensex, Nifty snap 2-day wining streak, end over 1% lower

    BSE Sensex slumped 627 points or 1.25 per cent to 49, 509, while Nifty 50 gave up 14,700, to end 154 points or 1.04 per cent lower at 14,690

    15:31 (IST)31 Mar 2021
    If Nifty gets past 14950, It can project a target of 15200-15300

    The markets failed to get past 14950. The opening level of the Nifty was also the day high which means the sentiment for the day has been bearish. If we get past 14950, we can project a target of 15200-15300. If we continue falling and break 14500 on a closing basis, the index could drift further to test the recent low of 14250.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:20 (IST)31 Mar 2021
    Profit booking in financials, IT stocks drag Nifty today

    Domestic equities traded lower today as concerns pertaining to spike in Covid-19 cases and resultant restrictions continued to weigh on investors’ sentiments. Further, rise in USA treasury yields and strengthening dollar index aggravated concerns. Financials especially private banks witnessed heavy profit-booking, which along with selling pressure in IT stocks dragged Nifty today. However, investors continue to lap-up FMCG, Metals and Pharma names.: Binod Modi, Head Strategy at Reliance Securities

    15:10 (IST)31 Mar 2021
    Cabinet approves PLI scheme for Food Processing Industry

    Union Minister Piyush Goyal informed that government approves Rs 10,900 cr under production-linked incentive scheme for food processing industry (PTI)

    15:07 (IST)31 Mar 2021
    Sensex slumps over 650 pts, Nifty below 14,700

    BSE Sensex slumped 662 points or 1.32 per cent to 49, 474, while Nifty 50 gave up 14,700, to trade 173 points or 1.16 per cent lower

    14:30 (IST)31 Mar 2021
    Edelweiss Financial Services announces Rs 4,000 million public issue of Secured Redeemable NCDs

    Edelweiss Financial Services Limited, today announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of a face value of Rs 1,000 each, amounting to Rs 2,000 million, with an option to retain over-subscription up to Rs 2,000 million aggregating to a total of Rs 4,000 million. There are 7 Series of NCDs carrying fixed coupon and having tenures ranging from 36 months, 60 months and 120 months with annual, monthly and cumulative interest option. Effective annual yield for NCDs having fixed interest rates ranges from 9.09% to 9.70%.

    14:20 (IST)31 Mar 2021
    GST e-invoicing welcome step for midsize firms but might be a challenge for micro, small units: FISME

    Mandating businesses with over Rs 50 crore turnover (midsize firms) to generate e-invoices is a welcome move but it might be a problem for micro, and small businesses who don’t invest much in technology and lack digital literacy, according to Animesh Saxena, President, Federation of Indian Micro and Small & Medium Enterprises (FISME). E-invoicing was earlier made mandatory under Goods and Services Tax (GST) law for business-to-business (B2B) transactions by businesses with a turnover of more than Rs 500 crore from October 1, 2020, and over Rs 100 crore from January 1, 2021.

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    14:03 (IST)31 Mar 2021
    TVS Motor exports 1 lakh 2-wheeler units in March; stock up over 2%

    TVS Motor Company today announced that its two-wheeler exports clocked 100,000 units in March 2021. An increase in motorcycle sales in key markets across the globe has significantly contributed to this achievement. TVS Motor stock was trading over 2 per cent higher in an otherwise weak market.

    13:50 (IST)31 Mar 2021
    Sensex plunges 537 points, Nifty at 14,715

    BSE Sensex was down 537 points or 1.07 per cent to 49,598, and Nifty 50 lost 129 points or 0.87 per cent to rule at 14,715 in the afternoon deals of the last trading day of the financial year 2020-21 (FY21).

    13:35 (IST)31 Mar 2021
    Value stocks will beat growth stocks; ICICI Securities says watch these shares

    Value stocks have outperformed growth stocks in the current financial year after years of underperformance, but still, the gap between value and growth remains at a two-decade high, said ICICI Securities in a recent note. Now with value stocks maintaining their uptrend even amid rising volatility and surging bond yields, the brokerage firm believes value rotation is likely to continue going forward. “In a typical risk-off environment the trend should have reversed as seen earlier short spurts of beta rallies in the past,” the report said.

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    13:24 (IST)31 Mar 2021
    Sensex, Nifty extend losses

    Sensex is now down over 500 points while Nifty 50 index was nearing 14,700. Midcap and Smallcap indices were outperforming benchmarks on NSE.

    13:16 (IST)31 Mar 2021
    Asian markets update

    Asian markets are following Wall Street’s lead with the most losing ground, though the Kospi (+0.10%) is the exception to this pattern.

    Japanese banks are continuing to underperform however after Mitsubishi UFJ Financial said that it is also impacted by Archegos (more below), and the TOPIX Banks index is down -2.71% this morning.

    The weakness in Asian equity gauges came in spite of China posting strong PMI releases for March.

    ~ Stephen Innes, Chief Global Market Strategist at Axi

    12:39 (IST)31 Mar 2021
    Rising Covid cases, spike in 10-yr yields of US treasuries among top reasons for latest bout of volatility in Indian markets

    The rising number of Covid-19 cases in India and rising 10-year yields of US treasuries were among the reasons for the latest bout of volatility in Indian markets. The defensive tilt of the All-Season portfolio enabled it to outperform the index in March. Low-volatility was the best performing single factor while sentiment underperformed the index.: Kotak Institutional Equities

    12:32 (IST)31 Mar 2021
    Maruti, M&M among top auto stocks to buy; demand for cars, tractors may boost March sales

    Indian automobile sector is set to witness strong recovery in the last month of the financial year 2021 following steady demand momentum in passenger vehicles (PVs) and tractors. Analysts also expect a strong rebound in FY2022E, driven by increasing economic activities, improving sentiments of fleet owners, and lower cost of ownership under BS-VI vehicles. Research and brokerage firm Emkay Global Financial Services expects better domestic 2W volume performance on a sequential basis. 

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    12:09 (IST)31 Mar 2021
    SpiceJet ties up with Avenue Capital for sales & lease-back of up to 50 new aircraft

    Budget carrier SpiceJet on Wednesday said it has signed an initial pact with New York-based global investment firm Avenue Capital Group for financing, acquisition and sales & lease-back of up to 50 new aircraft to be ordered by the airline.

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    11:40 (IST)31 Mar 2021
    US cyclical stocks down from highs, use current correction to buy more: Jefferies’ Chris Wood

    Even though cyclical sector stocks have recently corrected from highs on Wall Street, Jefferies’ global head of equity strategy Christopher Wood is not giving up on the trade. In his weekly note Greed & Fear, Chris Wood said that the cyclical trade has seen a “bit of a pullback” as US energy stocks came down 11% last week from the recent peak, and copper stocks slipped 13%. “This, in GREED & fear’s view, is nothing more than profit-taking as the end of the quarter approaches after the big price gains recorded,” the equity strategist said.

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    11:39 (IST)31 Mar 2021
    Physical demand recovery due to low prices may attract fresh buyers in gold

    A sharp recovery in US dollar, hints of a strong global economic outlook and a surge in US treasury yields continue to hit the safe investment demand and thus the price of gold.  Meanwhile, a possible physical demand recovery from India and China due to low prices may attract fresh buyers in the counter later. Though the trend remains on the weaker side, immediate and stiff support is placed at $1660, which needs to be cleared for triggering further liquidation pressure. Or else we can expect a choppy with mild upside bias for the day.: Hareesh V, Research Head Commodities at Geojit Financial Services

    11:18 (IST)31 Mar 2021
    India bounced back big way but not out of woods; real GDP growth to be 7.5-12.5%: World Bank

    India’s economy has bounced back amazingly from the COVID-19 pandemic and nationwide lockdown over the last one year, but it is not out of the woods yet, according to the World Bank, which in its latest report has predicted that the country’s real GDP growth for fiscal year 21/22 could range from 7.5 to 12.5 per cent.

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    11:07 (IST)31 Mar 2021
    Sensex plunges 500 points, Nifty trades at 14,720

    BSE Sensex further fell 500 points or 0.96 per cent to 49,653, while the Nifty 50 index lost 125 points or 0.84 per cent to trade at 14,720 in late morning deals.

    10:36 (IST)31 Mar 2021
    High expectation of profit-booking in dollar

    Bullion prices dropped sharply in the last few weeks, today is an important day, from the data point we can get surprised from ADP Non-Farm Employment Change where the expectation is 552k vs 117k, historically we have seen whenever there is huge expectation generally expectation fails, also tonight an additional $3 trillion to $4 trillion in infrastructure spending from the Biden administration is fueling optimism that the U.S. economy will bounce back much faster than initially expected can also surprise the market as we have seen $1.9 trillion packages taken time of 2-3 months to clear. So, be-alert may be in the evening session we can see a strong movement in the market, the expectation is high for profit-booking in Dollar: Ajay Kedia, Kedia Advisory

    10:07 (IST)31 Mar 2021
    Gold may move up if bond yields fall, inflation in US rises; here’s what charts suggest for MCX gold in FY22

    Precious metals, particularly gold, are highly influenced by the incidence and intensity of geopolitical instability. That being so, after touching a low in 2016, gold has witnessed a relatively steady run up between 2017 and March 2020 due to a series of geopolitical tensions around the world. These included North Korean threats, the US-China trade war, sanctions on Iran, Brexit and others.

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    09:53 (IST)31 Mar 2021
    If Nifty gets past 14950, it may move to 15,200

    The markets have reacted from yesterday's high. 14950 is the key level to watch out for as that is the breakout level for the Nifty. If we can get past that, we should anticipate a target of 15200-15300. If we continue drifting downwards and break 14500, there is a chance we go back into bear grip. It is a crucial juncture and measures to manage risk must be prioritized.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:30 (IST)31 Mar 2021
    SBI, ITC, HUL top Sensex gainers

    Shares of Bajaj Finsv, Hindustan Unilever Ltd (HUL), Axis Bank, Sun Pharma, NTPC, UltraTech Cement, ITC, SBI were among BSE Sensex gainers

    09:22 (IST)31 Mar 2021
    HDFC Bank, HDFC top Sensex laggards

    Top BSE Sensex draggers were HDFC Bank, Housing Development Finance Corporation (HDFC), Power Grid Corporation of India, ICICI Bank, Kotak Mahindra Bank, Tech Mahindra, Infosys, and ONGC among others

    09:21 (IST)31 Mar 2021
    Nifty gives up 14,750, Sensex trades below 50,000

    BSE Sensex fell 390 points or 0.78 per cent to 49,746, while the broader Nifty 50 index gave up 14,800, to trade at 14,743 on Wednesday.

    Check live Sensex, Nifty levels

    09:11 (IST)31 Mar 2021
    Parabolic move in US dollar index, rise in US bond yields could drag Rupee to 73.70-74 in near term

    The Indian Rupee on Tuesday fell by 1.2% to close at 73.38 against the U.S. dollar- the steepest one-day drop since Feb. 26. The strength in US dollar and rise in US bond yield were also pressurizing on the EM currencies, but Rupee was an outlier with more than 4% rise for FY21 and seen trading near 72.30-40 for quite good time. However, fiscal year-end dollar demand from importers and suspected RBI intervention through PSUs for balance sheet valuation adjustment. Overall, Indian Rupee has started tracking its peer EM FX to compete strongly for exporter’s valuation. The focus shifts to Joe Biden’s announcement of $3 trillion in tax hike to fund his climate friendly infrastructure package. The recent parabolic move in US dollar index, rise in US bond yield and weakening EM fundamentals could drag Rupee further lower towards 73.70-74.00 in the near term. On contrary, it is not expected to appreciate beyond 72.80-73.00.: Amit Pabari, managing director, CR Forex Advisors

    09:10 (IST)31 Mar 2021
    Gold likely to remain under pressure

    COMEX gold trades about 0.4% lower near $1680/oz after a 1.7% decline yesterday. Gold is pressurized by firmness in the US dollar and US bond yields, weaker ETF interest, upbeat Chinese economic data and general progress on the vaccine front. Rising virus cases and Fed’s dovish stance has failed to lend much support. Gold is likely to remain under pressure unless there is a sharp correction in US dollar or bond yields.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:08 (IST)31 Mar 2021
    BSE Sensex turns negative in pre-open

    BSE Sensex fell 86 points or 0.17 per cent to 50,050 in the pre-opening session on Wednesday.

    09:05 (IST)31 Mar 2021
    Nifty reclaims 14,900, Sensex trades flat in pre-open

    BSE Sensex was trading flat with a positive bias, while the broader Nifty 50 index reclaimed 14,900 level in pre-opening session on Wednesday.

    Check live Sensex, Nifty levels

    08:53 (IST)31 Mar 2021
    Stocks to buy: HDFC Bank, HCL Tech look strong on charts; Nifty may hit 15,050 if Bank Nifty performs well

    In brief, on Wednesday, a closing of the Nifty above the level of 14930 would be positive for the market. On Tuesday, the strategy should be to buy if Nifty drops between 14750/14700 levels and for that we need to keep a stop loss at 14600. On Wednesday, we would see a rally in bank stocks, mainly because the Bank Nifty closed above the level of 33700. Bank Nifty can go up to 34500/34700 above the levels of 33700. If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side, Nifty / Sensex would find major support at 14750 and 14600 levels.

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    08:39 (IST)31 Mar 2021
    Petrol and diesel price today 31 March 2021: Fuel prices unchanged; check rates in Mumbai, Delhi, other cities

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were unchanged today. The price of petrol and diesel fell across major cities yesterday after having remained the same for five consecutive days. Nation Capital Delhi was quoting a petrol price of Rs 90.56 per litre, diesel in the city was priced at Rs 80.87 per litre. Fuel prices remain the highest in Mumbai at Rs 96.98 per litre for Petrol. 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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    08:36 (IST)31 Mar 2021
    Stocks in focus: HDFC Bank, Reliance Capital, TCS, UltraTech Cement, L&T, VA Tech Wabag, IDFC First Bank

    Nifty futures were trading 40 points or 0.27 per cent down at 14,889 on Singaporean Exchange, suggesting a gap-down start for Sensex and Nifty on Wednesday. Market participants will continue to track COVID-19 cases, ongoing vaccination drive, movement in prices, rupee trajectory and other global cues. According to a technical analyst, Bank Nifty can go up to 34500/34700.

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    08:09 (IST)31 Mar 2021
    Nifty futures down 40 points in early trade

    Nifty futures were trading 40 points or 0.27 per cent down at 14,889 on Singaporean Exchange, suggesting a gap-down start for Sensex and Nifty on Wednesday

    08:08 (IST)31 Mar 2021
    Sensex, Nifty may open flat but charts suggest further upside; 4 things to know before opening bell

    Domestic equity benchmark indices soared for the second day straight on Tuesday and managed to breach some crucial levels. S&P BSE Sensex now sits at 50,136 while the Nifty 50 is at 14,845. Broader markets gained but underperformed the benchmark indices. Volatility has slipped further but still remains above 20 levels. On Wednesday morning, SGX Nifty was flat, hinting at a muted start to the day’s trade. Global cues seemed mixed with Wall Street closing with losses but some Asian peers were seen gaining during the early hours of trade.

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    08:02 (IST)31 Mar 2021
    Firms mop up record Rs 1,88,900 cr in equity capital this fiscal

    Led by a record number of QIP issues and IPOs, the pandemic-hit FY21 has been the best for fundraising, with companies raising a record Rs 1,88,900 crore in public equity sales during the year, more than double of Rs 91,670 crore in the previous fiscal, according to a report.

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    08:01 (IST)31 Mar 2021
    Markets: Stocks have a stellar run in FY21

    Markets in the outgoing fiscal year (FY21) have seen few losers as stocks rallied sharply from the lows of March 2020. The rally was propelled by several stocks that rose between 179.99% and 691.09%. Only two stocks from Nifty100 declined during the period.

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