Market HIGHLIGHTS: Sensex crashes 1,708 pts, ends below 48,000, Nifty at 14,310; IndusInd Bank tanks 8.5%

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Updated: April 12, 2021 4:27:56 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 plunged over 3.4 per cent on Monday.

Share Market Today, Share Market LiveNifty Bank index plunged 5.10 per cent to 30,792, while Nifty Metal index lost 6.07 per cent.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 tanked 3.4 per cent on Monday, amid rising COVID-19 cases. BSE Sensex tanked 1,708 points or 3.4 per cent to 47,883, while Nifty 50 index ended at 14,310, down 524 points. Concerns over stricter lockdowns to curb the second wave of Covid-19 spooked the investor sentiment. Out of 30 Sensex stocks, 29 scrips ended in a deep sea of red with IndusInd Bank share price falling as much as 8.6 per cent. Bajaj Finance, State Bank of India (SBI), Titan Company, ONGC, Mahindra & Mahindra, Axis Bank were among other losers on the pack. Only Dr Reddy’s Laboratories shares ended in the green, rising nearly 5 per cent. All the Nifty sectoral indices ended in the negative territory, down up to 9.26 per cent. Nifty Bank index plunged 5.10 per cent to 30,792, while Nifty Metal index lost 6.07 per cent.

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Highlights

    16:26 (IST)12 Apr 2021
    Sensex tanks over 3%, Bank Nifty tumbles 1,650 pts; bloodbath on D-St wipes out Rs 8 lakh cr investor wealth

    BSE Sensex and Nifty 50 plunged over 3 per cent on Monday as fear of stricter lockdown to curb the second wave of COVID-19 dented investors’ sentiment. Amid panic selling, the total market cap of BSE-listed companies tumbled by nearly Rs 8 lakh crore to Rs 201 lakh crore at close, from Rs 209 lakh crore in the previous session. BSE Sensex tanked 1,708 points or 3.4 per cent to 47,883, while Nifty 50 index ended at 14,310, down 524 points. Market breadth remained largely in favor of bears. A total of 2,477 socks declined, while just 510 advanced.

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    15:56 (IST)12 Apr 2021
    Jefferies’ Chris Wood holds on to cyclical trade on Wall Street; sees no imminent tapering scare

    With the US economy coming out of the pandemic strong, Chris Wood, Global head (equity strategy), Jefferies is sticking to his long on cyclicals stocks trade. While inflation worries have brought some investors on the edge of their seats in recent weeks, the ace equity strategist maintains that a tapering scare will only come after treasuries have sold off more and cyclical stocks have rallied higher from current levels. “In the meantime, there is no sign for now, in America at least, of the policy that could short circuit this dynamic; namely yield curve control,” Chris Wood said in his weekly GREED & fear newsletter.

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    15:39 (IST)12 Apr 2021
    If Nifty keeps below 14250, it may fall to 13,800

    After resisting at the 14950-15000 level, there has been no respite for the markets. We have witnessed a single slope fall. However, one needs to be cautious at these levels of the index. If we keep below the 14250 level we could fall to 13800-13900 sooner than later. In the short to medium term time frames, this is the last support for the Nifty. If the index has to bottom out, we need to respect the 14250 level and bounce from here. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:38 (IST)12 Apr 2021
    Sensex crashed over 1,700 pts, ends below 48,000

    Sensex crashed 1,708 points or 3.4 per cent to 47,883, while Nifty 50 index ended at 14,310, down 524 points or 3.53 per cent.

    15:32 (IST)12 Apr 2021
    Recovery above 14500 is the key to change short-term bearish outlook

    The market witnessed a strong downward trend in the market and a decisive breakdown below the support level around the Nifty 50 Index level of 14500. While a recovery above 14500 is the key to change the short-term bearish outlook, Sustaining below this level market to gain downside momentum and open the gate for a movement until 14010. The momentum indicators like RSI, MACD to turn negative and market breadth to deteriorate significantly, further strengthening the view of a short-term bearish outlook. Ashis Biswas, Head of Technical Research at CapitalVia Global Research

    15:19 (IST)12 Apr 2021
    Nifty's close below 14,250 may push it down to 13,900

    For the past one month, Nifty has been broadly consolidating within a range of 14250 and 14900. The index attempted a breakout above 14900 late last week but failed to sustain above it. Today's decline has caused Nifty to retreat back towards 14250. The 14250-14280 range is a critical short-term support zone that is worth keeping an eye on. This is because this zone coincides not only with the recent swing low but also with the 100-day moving average and the lower Ichimoku Cloud support. A daily closing below the lower end of this support zone is likely to extend the downmove towards 13900-13660 in the short-term. Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS

    14:55 (IST)12 Apr 2021
    Sensex at day's low, Nifty tanks 555 points

    The 30-share Sensex was ruling at day's low of 47,717, down 1,800 points or 3.64 per cent, while Nifty crashed 555 points to trade at 14,279

    14:50 (IST)12 Apr 2021
    Consumer sector may report stronger-than-usual growth for March quarter

    Given the favourable comp, we expect our consumer coverage group to report way stronger-than-usual growth for Mar-Q, but we do not expect any major deviation in underlying trajectory per se. Growth rates when seen from a two-year CAGR perspective would, in our view, be quite similar on sequential comparison. A key to watch would be how the ongoing mini-lockdowns impact operations, demand going forward; initial indications suggest situation is mostly under control. On input-costs, we expect gross margin pressures to become more visible, but operating leverage could save the day given high growth rates in revenue, which we expect to drive a much stronger EBITDA growth in aggregate (+27%) vs revenue (+25%). JM Financial Services

    14:35 (IST)12 Apr 2021
    4 technical stocks to buy this week: IGL, India Cements, others may rally up to 16%, look strong on charts

    Sensex and Nifty 50 plunged over 3.5 per cent on Monday as India recorded a massive surge of 1.7 lakh COVID-19 cases in the last 24 hours. Moreover, fresh curbs and partial lockdown were imposed in different parts of the country to contain the spread of the deadly virus. India VIX, the volatility index jumped up 16.33 per cent to 23.02 levels on Monday. This fear gauge of domestic markets fell below 20 last week. Research and brokerage firm Axis Securities has recommended four technical stocks to buy this week, with up to a 16 per cent rally.

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    14:24 (IST)12 Apr 2021
    BSE Sensex still down 1,700 pts, Nifty at 14,326 at this hour

    BSE Sensex was still down 1700 points or 3.42 per cent to 47,894, while the Nifty 50 index was ruling at 14,326, down 509 points or 3.43 per cent.

    14:17 (IST)12 Apr 2021
    Tracking COVID-19 and Vaccines: 2020 redux?

    Amid rising new COVID-19 cases, several state government across India have chosen to implement mobility restrictions and weekend curfews to reduce the burden on hospital capacity and reduce mortality rates. If the current restrictions remain in place for two months (from 28 March 2021), we estimate this will reduce nominal GDP by 0.34pp and real GDP by less than 0.20pp. This is almost twice the impact we had calculated previously (0.17pp to nominal GDP). For now, we continue to forecast GDP growth in FY 2021-22 of 11%, though note emergent risks to our view. Rahul Bajoria, Chief India Economist, Barclays

    14:04 (IST)12 Apr 2021
    Consumer, steel companies outperform in Mar’21

    Cyclicals continue their rally in Mar’21, Consumer heavyweights like Hindustan Unilever, Asian Paints, and Titan form part of the top 10 gainers. In FY21, 15 Nifty stocks have more than doubled. Tata Motors and Hindalco Industries were the best performers, with gains of 325% and 256%, respectively. Motilal Oswal Financial Services

    13:49 (IST)12 Apr 2021
    Investors rush to gold ETF due to uncertainty caused by CAOVID-19

    Indian Rupee is weakening on intensifying concerns over the economic impact of the latest surge in coronavirus infections. Apparently, the weekend witnessed another record jump in infections which could bring both the rupee and equities under pressure. Heightened risk and uncertainty sparked by the COVID-19 pandemic have prompted investors to rush to gold as safe haven as they infused over Rs 6,900 crore in gold exchange-traded funds (ETFs) in 2020-21, more than four times from the preceding fiscal.: Heena Naik, Research Analyst - Currency, Angel Broking Ltd

    13:42 (IST)12 Apr 2021
    The lone wolf

    Dr Reddy's Laboratories is the only Sensex stocks to be sitting with gains on Monday. The stock is up 3.48% at this hour.

    13:35 (IST)12 Apr 2021
    Asian markets off to a wobbly start

    "Asian equity markets are off to a wobbling start to the week with most indices down reflecting a combination of concerns including China imposing an anti-trust fine on Alibaba and a pick-up in the new daily Covid-19 cases in India and Thailand. All of which is providing a safe haven bid to the US dollar through the FX feedback loop," said Stephen Innes, Chief Global Market Strategist at Axi.

    13:23 (IST)12 Apr 2021
    Smallcaps, midcaps deep in red

    Smallcap and midcap indices on NSE were down worse than the benchmark indices on Monday, The Nifty Midcap 50 fell 6.65% while the Nifty Smallcap 50 index was down 5.27%. Nifty was down 3.5%.

    13:21 (IST)12 Apr 2021
    Oil demand yet to fully recover to pre-covid levels

    India’s March 2021 oil demand was up 16.7% on-year on low base of March 2020; however it is still down 4.0% vs March 2019 oil demand suggesting we are yet to fully recover to pre-covid levels. Weak recovery in diesel demand continues (down 3.2% vs March 2019) due to subdued demand from railways/state transport units. However, gasoline demand has been relatively strong (up 6.3% vs March 2019) due to the rising need for personal mobility post Covid-19. India’s FY21 oil demand contract 8.9% on-year led by a decline in demand across all products except LPG; expect FY22 oil demand to grow 11% to above FY20 levels.

    ~ JM Financial

    13:07 (IST)12 Apr 2021
    Radhakishan Damani’s DMart says Q4 revenue strong, warns of lockdown deja-vu; should you buy shares?

    Radhakishan Damani’s Avenue Supermarts, the company that runs the DMart hypermarket chain, last week said that its standalone revenue from operations was Rs 7,303 crore for the January-March quarter, up 18% on-year basis. However, along with the positive business update, the company also said that with increasing coronavirus cases its business will continue to be dependent on how the pandemic treads. Currently shares of the firm trade at Rs 2,830 a piece, down from their March 2021 highs of Rs 3,286 per share.

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    12:56 (IST)12 Apr 2021
    COVID still a drag on Asia-Pacific issuers: S&P Global

    The damage from the COVID-19 crisis continues to weigh on issuer financials in Asia-Pacific. Our ratings on a net 16% of issuers have negative outlooks or are on CreditWatch with negative implications. While this ratio is a slight improvement over recent months, it still implies a significant likelihood of downgrades or defaults in 2021.

    ~ S&P Global

    12:51 (IST)12 Apr 2021
    Fear gauge soars

    India VIX, the volatility index is up 14.9% today sitting well above 22 levels. Often called the fear gauge of domestic markets, India VIX was down below 20 at the end of last week.

    12:33 (IST)12 Apr 2021
    Outlook on banking system liquidity for this week

    The banking system liquidity surplus is expected to remain sizeable during the week supported by the first GSAP auction of Rs 25,000 crs which is scheduled on April 15 2021. Central government auction of Rs 26,000 crs, likely foreign portfolio outflows amidst rising corona virus cases and renewed lockdowns and higher CRR requirement is likely to limit to an extent the surplus in the banking system. CARE Ratings

    12:30 (IST)12 Apr 2021
    Real estate market will see enhanced consumer confidence

    Gudi Padwa being an auspicious occasion for home buying sentiments, the real estate market will see an enhanced consumer confidence index as owning a home has emerged to be a centre of gravity on grounds of safety, stability and security. It also offers steady rental income and long-term appreciation in comparison to other volatile asset classes. It is the right time for muted investment in real estate to return as the external market conditions are conducive for domestic as well as NRI investors in the backdrop of favourable policies by regulatory bodies, innovative payment schemes by financial institutions, lowered home loans interest rates and liquidity infusion by the government in form of fiscal impetus improving the economic climate. Amidst the resurgence of Covid -19 pandemic leading to the new normal way of living, the home-buying with branded developers offering quality, timely delivery and ready to move in option to save GST should be a priority for all the discerning home seekers in this festivity. Niranjan Hiranandani - MD- Hiranandani Group and National President - NAREDCO

    12:24 (IST)12 Apr 2021
    Nifty Bank index tanks 6%; RBL Bank plunges 12.7%

    Nifty Bank index plunged nearly 6 per cent to 30,588 levels in noon deals on Monday. The index was dragged down by RBL Bank, IDFC First Bank, AU Bank, PNB, Bandhan Bank, which were down up to 12.7 per cent.

    12:15 (IST)12 Apr 2021
    Nifty's next level to watch out for is 14,000-13,700

    We have been maintaining our cautious stance as the overall structure of the market was not that encouraging since few days. The reason could be the mounting concerns over fresh wave of COVID cases. But market seemed to have already sensing it as despite global markets remaining sturdy of late, our markets refuse to move beyond 15000. As fas as Nifty is concerned, 14000-13700 are the next levels to watch out for. And undoubtedly the financial space would be the major culprit in dragging it. Sameet Chavan, Chief Technical Analyst, Angel Broking

    12:12 (IST)12 Apr 2021
    29 out of 30 Sensex stocks trade deep in red

    Barring Dr Reddy's Laboratories, all the 29 stocks were trading in a deep sea of red. Bajaj Finance was the top Sensex loser, plummeting 10 per cent. It was followed by IndusInd Bank, State Bank of India (SBI), Mahindra & Mahindra, Axis Bank, among others.

    12:08 (IST)12 Apr 2021
    Investors' wealth tumbles over Rs 6.86 lakh crore in morning trade as markets crack

    Investors' wealth tumbled by Rs 6,86,708.74 crore in morning trade on Monday following massive losses in the equity market as sentiments remained muted amid increasing COVID-19 cases in the country. Tracking losses in equities, the market capitalization of BSE-listed companies eroded by Rs 6,86,708.74 crore to Rs 2,02,76,533.13 crore. (PTI)

    12:06 (IST)12 Apr 2021
    Indian rupee falls to 9-month low

    Indian Rupee spot slipped past the 75-mark to nine month low of 75.15 today as rising COVID-19 cases sparked fears of a complete lockdown in Maharashtra and a few other states, dampening hopes of a faster recovery and increasing prospects of RBI's ultra-loose monetary policy for a longer period. Already, the domestic currency has been battered by 2% since the RBI unexpectedly announced QE style G-sec acquisition programme (G-SAP) last week with the first auction aggregating Rs 25,000 crore to be held on April 15, 2021. This week, Rupee is likely to weaken further as investors cautiously await India's industrial output, manufacturing output, trade balance and inflation figures coupled with the first G-SAP auction scheduled on Thursday. Kaynat Chainwala - Fundamental Research Analyst Currencies, Anand Rathi Shares and Stock Brokers

    11:52 (IST)12 Apr 2021
    Infosys share price hits new 52-week high as board mulls buyback; 3rd buyback in last 5 years

    Infosys share price hit a new 52-week high of Rs 1,480 apiece in opening deals on Monday, a day after the software services giant announced that it would consider a proposal to buyback shares at a board meeting scheduled for April 14. However, as the day progressed, Infosys stock came off from high and fell in red. “We expect Infosys to announce buyback in the range of US$1.2-1.6 billion at a price range of Rs 1,600-1,650,” Suyog Kulkarni, Senior Research Analyst, Reliance Securities, told Financial Express Online.

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    11:38 (IST)12 Apr 2021
    Flipkart inks pact with Adani Group, partnership to create 2,500 direct jobs

    Flipkart on Monday said it has entered into a commercial partnership with the Adani Group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs. In this two-pronged partnership, Flipkart will work with Adani Logistics Ltd, a wholly-owned subsidiary of Adani Ports and Special Economic Zone Ltd, to strengthen its supply chain infrastructure and further enhance its ability to serve its rapidly growing base of customers, a statement said.

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    11:14 (IST)12 Apr 2021
    RIL, ICICI Bank HDFC Bank top contributors to Sensex' fall

    Reliance Industries Ltd (RIL), ICICI Bank, HDFC Bank, Housing Development Finance Corporation (HDFC), State Bank of India (SBI) and Bajaj Finance, among others, contributed the most to the indices' fall.

    10:57 (IST)12 Apr 2021
    Nifty support lies at 14,200

    Nifty 50 index continued to face stiff resistance at 15000-mark indicating the upside being capped. This triggered sideways down correction and later leading to breakdown of the Intermediate trend. This move is also coupled with USD/INR deteriorating where the pair is witnessing a very rise since the previous weak. Intermediate support for the index is now placed at 14200 which is almost on the cards. USD/INR is now well above ₹74.50 which indicates the pair is now headed to 76 levels. Abhishek  Karande, Senior Research Analyst at Reliance Securities

    10:55 (IST)12 Apr 2021
    TCS to kick off earnings season with fourth quarter results today; key things to watch

    Tata Consultancy Services (TCS), India’s second most valuable listed company, will kick off the earnings season today with its fourth-quarter results. Most brokerage firms expect IT companies to report strong on-quarter growth, building further upon the previous quarter’s best multi-year revenue growth. TCS had recently handed its employees a second salary hike in six months, which augmented analyst’s expectations from the firm amid rapid digitalisation and demand growth. The share price of TCS galloped 11% higher during the January-March quarter.

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    10:52 (IST)12 Apr 2021
    IndusInd Bank top Sensex loser, down 7.3%

    IndusInd Bank share price fell 7.32 per cent to 856,25 levels as the day progressed on Monday. The losers on the index were State Bank of India (SBI), Bajaj Finance, Axis Bank, Maruti Suzuki, Bajaj-Auto, Titan, ICICI Bank

    10:39 (IST)12 Apr 2021
    Dr Reddy's, Sun Pharma in green even as Sensex plunges 1,350 pts

    Out of 30 Sensex stocks, only Dr Reddy's Laboratories and Sun Pharma stocks were trading in the positive territory

    10:36 (IST)12 Apr 2021
    Sensex, Nifty at this hour

    BSE Sensex was down 1,349 points or 2.72 per cent to 48,250, while Nifty 50 plunged 404 points or 2.73 per cent to 14,430

    10:20 (IST)12 Apr 2021
    Fed’s Powell sees US boom ahead, with COVID still a risk

    The US economy is poised for an extended period of strong growth and hiring, the chair of the Federal Reserve has said in an interview broadcast, though the coronavirus still poses some risk. Chair Jerome Powell, speaking to CBS” “60 Minutes,” also said that he doesn’t expect to raise the Fed’s benchmark interest rate, currently pegged at nearly zero, this year. And he downplayed the risk of higher inflation stemming from sharp increases in government spending and expanding budget deficits.

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    10:17 (IST)12 Apr 2021
    Resistance for USD-INR spot is 75.10-75.20

    The Indian rupee opened lower against the US dollar, the spot rupee was quoting at 74.95 against 74.75 in the previous session, the benchmark 10-year Treasury yield was at 1.6745 per cent after dropping as low as 1.6170 per cent last week. Asian equities trading sharply lower due to rise in the Covid -19 cases. Technically, resistance for USD-INR spot is 75.10-75.20 levels. Support is at 74.60-74.50 levels in the coming session. Dollar Index is trading below the $92.50 level indicating sideways momentum within the range $92.05-$92.55 levels. USD-INR future could trade in a range of 75.00 -75.40 levels in today’s session. Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research

    10:14 (IST)12 Apr 2021
    Nifty Bank index gives up 31,000

    The rise in covid cases and fear of another lockdown spooked the selling pressure in Banking and financial stocks. Bank Nifty is now trading below its 100 DMA which indicates furthermore bearishness in the near/short term. If Bank Nifty sustains below Rs 31,000 level then it may slide further towards Rs 30,650-30 200 level. However, on the higher side Rs 31,500 is likely to act as stiff resistance. Above Rs 31,500 we might see some buying comfort which could take Bank Nifty towards Rs 31,900-32,200. Rajesh Palviya, Head – Technical & Derivatives Research, Axis Securities Ltd

    10:11 (IST)12 Apr 2021
    If MCX gold breaches Rs 47,750, it may rally towards Rs 49,200

    Technically speaking, Gold MCX June is making internal advancement within a channel, this advancement is likely to test 100 days SMA at 47750 levels. Nevertheless, if it is breached then further rally towards upper boundary line of channel at 49200 is anticipated. On the other hand, if the prices correct, we see a shallow correction, not falling below 45500 levels. However, this correction would be seen as buying opportunity for the short-medium term. Rajesh Palviya, Head – Technical & Derivatives Research, Axis Securities Ltd

    10:04 (IST)12 Apr 2021
    Avoid buying Infosys stock at current levels

    Majority of the analysts' expectations are of extremely strong Q4FY21 results for TCS with 4-5 %growth in revenues along with strong margin expansion. Technically, though, TCS looks bearish with immediate & strong support at 3266. However, a close above 3355 could trigger a good rally upto 3570-3700. Meanwhile, the Infosys board is mulling another buyback in their board meeting on April 14th. Even though, Infosys stock price is moving higher, charts suggest an overbought condition. Investors should look to buy only near support at 1380-1400 zone & avoid buying at current levels. AR Ramachandran, Co-founder & Trainer, Tips2Trades

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