Market Highlights: Sensex nosedives 1,145 pts as Bears take control, Nifty below 14,700; RIL, HDFC top index drags

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Updated: February 22, 2021 4:27:41 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Extending last week’s fall, domestic equity markets have now erased all gains made post-February 3. The volatility index surged a massive 15% on Monday.

Share Market Today, Share Market LiveIndia VIX was moving up.(Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets nosedived on Monday as they continued to fall for the fifth consecutive trading session. S&P BSE Sensex now sits at 49,744 after falling 1,145 points today. NSE Nifty 50 gave up 14,700 and closed at 14,675. Only ONGC, HDFC Bank, and Kotak Mahindra Bank stocks closed with gain on Sensex. Dr Reddy’s, Mahindra & Mahindra, Tech Mahindra, and IndusInd Bank were the top drags. Index heavyweights such as Reliance Industries, HDFC, and TCS were responsible for the fall. Volatility zoomed 15%, its highest intra-day run since last year to close above 25 levels.

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Highlights

    16:26 (IST)22 Feb 2021
    Monday massacre on D-Street: Sensex, Nifty nosedive over 2% each, Rs 3.78 cr investor wealth erased

    Sensex and Nifty have now erased all gains made since February 3 as bears continued to wreak havoc on Dalal Street for the fifth consecutive session. S&P BSE Sensex dived 1,145 points to end at 49,744. 50-stock NSE Nifty ended at 14,676, giving up 15,000 mark initially in the day and then falling below 14,700 which again as a support level. Amid this, India VIX or the fear gauge of domestic markets zoomed 15% to close above 25 levels. Monday’s trading session left investors poorer by Rs 3.78 lakh crore.

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    15:34 (IST)22 Feb 2021
    Monday mayhem

    Sensex and Nifty were under the strong grip of bears on Monday as the benchmark indices continued to fall for the fifth consecutive day. Nifty gave up the crucial 14,700 levels.

    15:28 (IST)22 Feb 2021
    Investors will keenly watch out December quarter GDP print

    Positive sentiments formed after the announcement of Union Budget and robust 3QFY21 earnings appear to be fading now as investors indulge in profit booking and started focusing on reflation trade. However, we continue to believe that every correction in the market will be bought out as underlying strength of domestic equities is intact. 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, persistent weak dollar and possibility of higher fiscal stimulus in the USA are likely to act as key tailwind for FPIs inflows. 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. Investors will be keenly watching out December quarter GDP print, which would be released on Friday: Binod Modi, Head Strategy at Reliance Securities

    15:27 (IST)22 Feb 2021
    Sensex, Nifty fall for 4th straight day

    Domestic equities witnessed a sharp fall for the fourth consecutive day as concerns pertaining to soaring bond yield globally and rise in commodity prices dragged investors’ sentiments. Barring Metals, all key sectors indices witnessed sharp pullback with IT, Auto, Pharma and Financials declining ~1.5-2%. Notably, the volatility index surged by 13% today, which does not bode well for the market in the near term.: Binod Modi, Head Strategy at Reliance Securities

    15:26 (IST)22 Feb 2021
    Nifty support lies at 14500-14300

    The market failed to show resilience to stay above the Nifty 50 Index level of 14750. While it is subject to further price action evolution, the technical factors are shifted today to support a further correction in the future. Any corrective wave down should find support around 14500-14300. The traders to refrain from building a new buying position until we witness a correction till 14300-14500 level. The volatility is observed to expand in today’s trading session indicating profit booking and stock distribution at a higher market level.: Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited

    15:24 (IST)22 Feb 2021
    Gainers among newly listed stocks

    From the newly listed stocks, Happiest Minds, Stovekfrat, UT AMC, and Angel Broking were training with gains. Rossari Biotech, Route Mobile, and CAMS were deep in red. 

    15:21 (IST)22 Feb 2021
    Nifty heading to 14,500?

    "The markets have cracked the support of 14800 with utmost ease and on the back of good volumes. We should slide to 14500 which should be the next level of support failing which 14300 would be the next target for the Nifty. The resistance on the upside now stands at 15100 and until we do not cross that, a rally up can be utilized to short the Nifty for lower targets," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    15:17 (IST)22 Feb 2021
    Benchmarks down near intra-day lows

    Nifty and Sensex recouped some losses but dived again to sit near their intra-day lows with just minutes to go before the closing bell. 

    15:12 (IST)22 Feb 2021
    Top Sensex drags

    Among the worst performers on Sensex just minutes before closing are Mahindra & Mahindra, Dr Reddy's, Tech Mahindra, and IndusInd Bank -- all down more than 4%. 

    15:11 (IST)22 Feb 2021
    Crude Oil price slips

    "Oil is trading lower on the continued signs of the Texas freeze abating. But there are more worrying supply concerns on the horizon as at the current prices level, and it's hard not to think OPEC  members could push to ease curbs and spruce up their revenues significantly. The other issues issue is with the rates desks repricing the Fed curve closer to lift off, and it could send the US dollar higher and deflate the commodity inflation trade," said Stephen Innes, Chief Global Market Strategist at Axi.

    14:57 (IST)22 Feb 2021
    Nifty Metal index soars higher

    Nifty metal index was the only sectoral index trading with gains on Monday. Up 2.37%, the index is helped by Hindustan Copper, Ratnamani Metal -- both up more than 10%. 

    14:54 (IST)22 Feb 2021
    Sensex regains 50,000

    Sensex has once again scaled mount 50k, after being blow down the hill by bears who still seem to be in control on Dalal Street. 

    14:45 (IST)22 Feb 2021
    Nifty in support zone

    Nifty is current sitting within its support zone of 14750 – 14550. "Only a sustainable breach of these crucial levels should be considered as a short term trend reversal," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

    14:45 (IST)22 Feb 2021
    Broader markets trade weak too

    The broader markets were trading weak too, but beat BSE Sensex and Nifty. S&P BSE Sensex was down 1.26 per cent or 252 points at 19,784, while the S&P BSE SmallCap index was ruling 0.83 per cent or 164 points down at 19,699

    14:40 (IST)22 Feb 2021
    Asian market watch

    Shanghai Composite was down 1.45%, followed by 1.06% fall in Hang Seng. Nikkei and TOPIX closed with gains, while South Korean equity markets were down in the red. 

    14:35 (IST)22 Feb 2021
    Nureca IPO: Check share allotment status; grey market premium falls amid broad-based sell-off

    Nureca’s initial public offering (IPO), which received nearly 40 times subscription, will finalise the basis of share allotment on Tuesday, February 23, 2021. The Rs 100-crore public issue was sold in the price band of Rs 396-400 apiece. Last week, Nureca shares were seen trading with a grey market premium of Rs 100-115 over IPO price. But, it fell to Rs 50-55 on Monday as Indian share markets have been trading in the red due to rising bond yields and COVID-19 cases. 

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    14:32 (IST)22 Feb 2021
    Future Group shares plummet

    Share price of Future Group companies tanked after the Supreme Court on Monday asked Future Retail and others on Amazon’s plea against the Delhi High Court direction to maintain status quo on the Future-Reliance deal. Future Retail was down 6%, Future Enterprises was down 5%.

    14:23 (IST)22 Feb 2021
    Sensex, Nifty erase all gains made post February 3

    Sensex and Nifty's drastic fall on Monday has now seen them erase all gains made in the post-budget rally. The benchmark indices are back to where they were on February 3, just day after the Union Budget.

    14:20 (IST)22 Feb 2021
    PSU Bank stocks tank

    After having surged usually higher, PSU Bank stocks such as Central Bank of India, Indian Overseas Bank, and Maharashtra Bank continued to fall on Monday. PSU Bank index was down 3.4% making it the worst sectoral index. 

    14:17 (IST)22 Feb 2021
    India's GDP numbers to be out this week

    "We expect GDP and GVA to record positive growth of 2.6% and 2.8%, respectively, in QE-December after having contracted in QE-September," said Morgan Stanley.

    14:14 (IST)22 Feb 2021
    Volatility continues to surge

    The fear gauge of domestic stock markets, India VIX has recorded one of its sharpest up-move since last year. India VIX gained 13.9% to zoom past 25 levels. The volatility index had begun the day at 22.25.

    14:10 (IST)22 Feb 2021
    Nifty shows some signs of recovery

    Nifty is showing some signs of recovery as the benchmark index moved higher from the intra-day lows of 14,693.

    14:08 (IST)22 Feb 2021
    Only three Sensex stocks in green

    Among the 30 Sensex constituents, only three stocks were trading with gains on Monday. ONGC was up 2%, followed by ICICI Bank and Kotak Mahindra Bank, both up less than 1%.

    14:07 (IST)22 Feb 2021
    Global markets struggling to gain momentum

    Global stock markets are still struggling to gain momentum and with this week´s economic calendar looking rather light, the consolidation might continue. Investors are seeing a light at the end of the tunnel, but the tunnel is very long. Despite the significant progress made since the outbreak of the pandemic, concerns about new, potentially more dangerous COVID-19 variants persist. Market participants are increasingly looking at the bond market. Rising yields threaten to slow the stock market rally down. However, in the coming days, multiple US Federal Reserve members will speak and are likely to reaffirm their dovish stance. This should help to calm markets down.

    ~Milan Cutkovic, Market Analyst at AxiCorp

    14:02 (IST)22 Feb 2021
    Nifty 50 at nearly two-week lows

    Nifty 50 index was trading at a 12-day low level, at 14,708. This level was last seen on February 4, 2021.

    13:59 (IST)22 Feb 2021
    Market may close the Budget gap near 14350 soon

    Nifty and Banknifty have shown good profit booking on the higher side in absence of any big news. Technically speaking, Nifty and Banknifty have broken their 20 EMA today. Both of them had closed below 8 days' Rolling Pivot on Friday, so supply is more or less on expected grounds. The profit booking may continue till the time the budget gap is open. The market may close the Budget gap near 14350 soon and Banknifty may test 34600 levels.: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    13:56 (IST)22 Feb 2021
    Nifty slips below 20-DMA

    NIFTY extended its correction and it is presently witnessing an accelerated selloff as a knee jerk reaction to spike in fresh covid cases in the country. If we look at this from a technical perspective, the NIFTY has tested and slipped below its 20-DMA, which presently stands at 14758. We expect some stability going ahead from here with immediate support existing at 14600 levels. and max Call OI at 14500. The NIFTY PCR across all expiries is at 1.05 which is quite healthy and makes the markets evenly placed. We expect some technical pullback and some recovery coming in as the markets have seen massive shorts being added. However, this recovery will find resistance at 14900-14950 area.: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder of Gemstone Equity Research & Advisory Services

    13:53 (IST)22 Feb 2021
    Nifty PSU Bank index tumbles over 3%

    Barring Nifty metal index, all the sectoral indices were trading in the negative territory. Nifty PSU Bank and Nifty Media indices were down 3.33 per cent each.

    13:50 (IST)22 Feb 2021
    Small businesses post-Covid recovery: Why banks alone cannot empower MSMEs to survive and thrive

    As India focuses on post-Covid-19 recovery, the revival of MSMEs is clearly understood to be key in wider employment generation and for distribution of the benefits to the economy.  The lack of working capital so far has constrained many of the shuttered, marginally functioning, and surviving MSMEs from returning to their full economic potential. 

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    13:46 (IST)22 Feb 2021
    RIL top BSE Sensex dragger

    Index heavyweights such as Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), Tata Consultancy Services (TCS), ICICI Bank, and ITC were among top Sensex draggers

    13:45 (IST)22 Feb 2021
    ONGC jumps over 2%

    ONGC, HDFC Bank and Kotak Mahindra Bank, were the only stocks trading in the green. ONGC shares gained 2.4 per cent

    13:43 (IST)22 Feb 2021
    Torrent Power shares hit 52-week high

    Shares of Torrent Power Ltd on Monday surged over 5 per cent during morning trade after the firm said it has emerged as the highest bidder for 51 per cent stake in a power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu. On BSE, the scrip rose 5.66 per cent to 52-week high value of Rs 385.45.

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    13:40 (IST)22 Feb 2021
    Sensex gives up 50,000-mark

    BSE Sensex gave up the crucial 50,000-mark, falling over 900 points amid rising bond yields and COVID-19 cases.

    13:30 (IST)22 Feb 2021
    Sensex gives up 50,100, Nifty breaches 14,800 on downside

    BSE Sensex breached 50,100 on downside, tumbling 803 points or 1.58 per cent. While Nifty 50 index declined 210 points or 1.41 per cent to 14,770

    13:28 (IST)22 Feb 2021
    Motilal Oswal Financial Services bets on large banks

    Large Private Banks are well placed to accelerate market share gains given their strong capital position, robust liability franchise, and high provisioning coverage on stressed assets. During 9MFY21, ~57% of incremental loan growth was driven by SBI, HDFCB, and ICICIBC, with most large Private Banks reporting 3-7% QoQ growth supported by ECLGS disbursements. We expect the growth momentum to remain strong as we project FY22E/FY23E systemic loan growth at 11%/13%, with the same for Private Banks at 15%/19%. We prefer large Banks.

    13:26 (IST)22 Feb 2021
    Shining amid gloom

    Hindustan Copper, Sonata Software, and Jagran Prakashan were up seen surging higher even as benchmark indices tanked. 

    13:20 (IST)22 Feb 2021
    Smallcap, midcap indices better benchmarks

    Sensex and Nifty were struggling on Monday while the BSE smallcap index was performing better than the benchmarks with only 0.63% fall while Sensex slipped 1.5%. BSE Midcap was down 1.1%.

    13:02 (IST)22 Feb 2021
    Sharp jump in volatility

    India VIX or the fear gauge of domestic equity markets surged over 10% on Monday, the sharpest spike seen by the gauge in many months. 

    12:56 (IST)22 Feb 2021
    Buy these 2 smallcap and 1 midcap stock for medium-term gains; expect up to 24% returns

    Stock markets have now surged a massive 30% in the last six-month period, even after taking into account the correction over the last several days. Valuations are not exactly cheap as they were almost a year ago when global markets witnessed a sell-off and though earnings have been stellar for India Inc, some analysts still advise caution. However, one thing that Dalal Street agrees on is the opportunity in the smallcap and midcap space. Keeping that in mind, domestic brokerage firm HDFC Securities has picked one midcap and two smallcap stocks that they believe could help investors earn massive returns over the next two quarters.

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    12:08 (IST)22 Feb 2021
    No major damage on charts despite correction

    "Although, the market has come off a bit in the last three sessions, structurally there is no major damage done on the charts. It should merely be considered as a profit booking as of now. Going ahead, we need to keep a close eye on how Nifty behaves around its key support zone of 14750 – 14550. Only a sustainable breach of these crucial levels should be considered as a short term trend reversal. On the flipside, 15100 – 15200 would be seen as immediate hurdles and any bounce towards this is most likely to get sold into," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

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