Indices log biggest 1-day fall in 9 mths; Sensex sinks 1,939 pts, holds 49K

Topics MARKET WRAP | Markets | SGX Nifty

Stock market updates: A steep hike in US treasury yields took the global markets by surprise on Friday as investors dumped equities for bonds. That apart, an air strike by the United States in Syria on Thursday, targeting facilities near the Iraqi border, further dented trading sentiment.

US Treasury yields vaulted to their highest levels, of about 1.5 per cent, since the outbreak of the coronavirus pandemic on expectations of a strong economic expansion and related inflation. Back home, the 10-year goverment bond firmed up to 6.23 per cent on Friday mirrowing similar trends. Effectively, fear of reversal in rate cut cycle, spooked investors who off-loaded equities worth Rs 5 trillion. 

Additionally, the US air strike in retaliation for a rocket attack in Iraq earlier this month, and caution ahead of the release of the gross domestic product (GDP) for the December quarter made investors sit on the fence.

In the intra-day trade, the benchmark S&P BSE Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points. The indices ended near the lowest point of the day, at 49,100 and 14,529 levels, respectively, down 1,939 points and 568 points.

All the 30 constituents on the Sensex index and 50 stocks on the Nifty ended the day in the red. ONGC, JSW Steel, GAIL, M&M, Bajaj Finance, Grasim, and Hero MotoCorp were the top Nifty losers, down up to 8 per cent; Axis Bank, HDFC, Power Grid, ICICI Bank, and HDFC Bank were the top drags on the Sensex. 

In the broader markets, small-cap stocks held their ground relatively better as the S&P BSE SmallCap index settled only 0.7 per cent down. The S&P BSE MidCap index, on the the hand, ended 1.75 per cent lower.

On the sectoral front, banking counters got butchered as yield concerns soured sentiment in the sector. Expectations that banks may have to show yield-induced fall in G-sec value as losses, investors pushed the sell button for banks. The Nifty Bank, and Private bank indices closed 5 per cent down, followed by losses in the Nifty PSU Bank index, down 4.5 per cent.

The Nifty Metal and Auto indices dropped 3 per cent while the Nifty FMCG, IT, and Pharma indices slipped 2 per cent each.

Global markets
Global stocks fell on Friday, with Asian shares down by the most in nine months. MSCI's Emerging Markets equity index suffered its biggest daily drop in nearly 10 months and was 2.7 per cent lower, while European shares opened in the red, with the STOXX 600 down 0.7 per cent.

The MSCI world equity index, which tracks shares in 50 countries, was 0.9 per cent lower and was heading for its worst week in a month.

Asia saw the heaviest selling, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding more than 3 per cent to a one-month low, its steepest one-day percentage loss since May 2020.

LIVE UPDATES

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty on the weekly chart, formed a reasonable negative candle for the second consecutive week. The weakness after the formation of bearish engulfing type pattern of previous week. The medium term trend of the market remains intact and we observe a larger positive sequence like higher tops and bottoms in Nifty as per weekly timeframe chart. Present, weakness in the market could be in line with the new higher bottom of the sequence. But the higher bottom formation needs to be confirmed.
 
The weekly 10 period EMA has been offering support for the market since October 2020, as per weekly chart. In the last three occasions Nifty halted its weakness and showed sharp upside bounce from near this support  (in early Nov 20, Later Dec 20 and later Feb 21) or mildly violating the support. Presently, Nifty sliding down towards this support at 14345 and one may look for the opportunity of another upside bounce unfolding from the lows.
 
Conclusion: The recent upside bounce of the last two sessions has been negated sharply on Friday and the short term trend has turned down. One may expect further slide down towards the next crucial supports of around 14350-14300 levels in the coming few sessions, before showing any possibility of an upside bounce. Upside rise from here could find stiff resistance at 14640.
 
 

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian benchmark equity indices declined the most since May last year as a sell-off in bond markets across the globe sparked a collapse in global equities. The Nifty opened gap down and kept falling through the day and closed almost at the intra day low. At close, the NSE Nifty 50 index shed 568 points to end 3.8% lower at 14,529. For the week, the Nifty closed 3.02% lower, falling for the second consecutive week.
 
Nifty opened with a downgap and hence has formed a bearish evening star formation on daily charts on Feb 26 as was expected by us on Feb 25. In the process, near term support of 14635 has been breached. Now the Nifty could head towards 14281-14336 band over the next few days with some intermittent bounces. Advance decline ratio keeps tracking the Nifty suggesting that the investors are taking action on the broader stocks based on the Nifty moves. 

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Domestic markets tumbled in line with global trend triggered by a sharp rise in bond yields. Increasing geopolitical tension between the US and Syria aggravated the selling. Q3 GDP data which is to be released today also added volatility in the Indian market. Although negative, mid and small caps outperformed their larger indices showing investor confidence.  The market will gain momentum as the global market is expected to stabilize supported by maintaining accommodative monetary policy and a growing economy

MARKET CLOSING COMMENT :: Rusmik Oza, Executive Vice President, Head of Fundamental Research, Kotak Securities

What we are seeing in Indian markets is a knee jerk reaction to the rise in global bond yields. In the immediate future Indian markets could also bear the brunt of global correction but as time goes it could recoup and standout for three reasons: 1) India’s V shaped recovery could be stronger than other economies because of the severe lockdown we went through last year, 2) The low base caused due to last year’s lockdown will provide very high earnings growth for the next three quarters & 3) Since Pre-Covid India has added more than ~US$ 100 bn to its forex reserves. Due to the strong accumulation of reserves RBI could be in a better position to handle any currency weakness being caused by rising bond yields and potential FPI outflows. Stable currency, strong economy growth and sharp rise in earnings could help India sustain any global correction due to inflation and rising bond yields

RailTel ends 21% higher against the issue price of Rs 94


Index contributors ::HDFC twins, RIL, ICICI Bank weigh on Sensex


Sectoral trends on NSE :: Banks, metals, auto worst hit


Bloodbath on D-Street!


CLOSING BELL

In the intra-day trade, the benchmark S&P BSE Sensex tumbled 2,149 points while the Nifty50 index slumped 629 points. The indices ended near the lowest point of the day, at 49,100 and 14,529 levels, respectively, down 1,939 points and 568 points.
 
All the 30 constituents on the Sensex index and 50 stocks on the Nifty ended the day in the red. ONGC, JSW Steel, GAIL, M&M, Bajaj Finance, Grasim, and Hero MotoCorp were the top Nifty losers, down up to 8 per cent; Axis Bank, HDFC, Power Grid, ICICI Bank, and HDFC Bank were the top drags on the Sensex. 
 

MARKET ALERT


Sensex Heatmap at this hour :: All 30 constituents trade in the red


Eveready Inds zooms 20% on the back of heavy volumes, hits 2-year high

Shares of Eveready Industries (EIIL) India, on Friday, zoomed 20 per cent to hit an over two-year high of Rs 311.70 on the BSE in intra-day trade in an otherwise weak market. The stock of the dry cell battery maker was trading at its highest level since April 2018. The Burman family, the single-largest investor in EIIL with a 20 per cent stake, may become joint promoters of the battery maker along with the Khaitan family, the Mint reported quoting two people familiar with the talks between the two groups. READ MORE

Airtel to seek shareholders' nod to issue 3.64 cr shares to LMIL for Bharti Telemedia deal

Bharti Airtel will seek shareholders' nod on March 19 for issuance of about 3.64 crore equity shares of the company to Lion Meadow Investment Ltd (LMIL) on preferential basis, to execute its deal for buying additional 20 per cent stake in its DTH arm Bharti Telemedia, according to a regulatory filing. 

(Text Source: PTI)

IIFL Finance to open public issue of bonds next week to raise Rs 1,000 cr

IIFL Finance on Friday said it will launch a public issue of bonds next week to raise up to Rs 1,000 crore to augment its capital base. Backed by Fairfax and CDC Group, IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs), with a base issue size of Rs 100 crore and a green-shoe option to retain oversubscription of up to Rs 900 crore, aggregating to Rs 1,000 crore, the company said in a release. READ MORE

MARKET VIEW | Hemang Jani, Head of Equity Strategy, Broking & Distribution, MOFSL

Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal. Sensex tumbled 1800 points while Nifty tanked 500 points largely led by sharp fall in banking and financial stocks. Nifty Bank and Nifty Financials are down almost 5% against ~3.5% fall for Nifty. However the fall in the broader market is less severe with Nifty Midcap 100 and Nifty Small cap 100 down ~2%. India VIX has spiked 27% to 29 levels. Investors have thus turned to Pharma stocks amidst this market crash which is down just 0.4%. This sector has been in consolidation mode so far 2021YTD as it witnessed profit booking post sharp rally in CY20. It has also got boost from second PLI scheme being approved for the sector. The market correction might continue for some time till inflation fears ease down.

Bitcoin falls over 5% to $44,466, close to lowest in over 2 weeks

Bitcoin fell more than 5 to $44,466 on Friday, losing $2,560.84 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, has risen as much as 70% from the start of the year, hitting a record high of $58,354.14.
 
(Source: Reuters)

MARKET ALERT :: US futures turn positive; Dow recovers 250 pts from day's low

Here's why Nifty Bank index tanked 5% on NSE amid rising bond yields

At 1:33 PM, the Nifty Bank index was trading nearly 5 per cent, or 1,718 points, down on the National Stock Exchange (NSE) compared with a 3 per cent slide in the benchmark Nifty50 index. The Nifty Private Bank and PSU Bank indices, too, were quoting 4.6 per cent and 3.7 per cent lower, respectively. READ MORE

Nava Bharat Ventures jumps 7% as board approves Rs 150 crore buyback plan

Shares of Nava Bharat Ventures, on Friday, reversed early losses to trade 7 per cent higher in intra-day after the company board approved the plan to buy back shares worth Rs 150 crore. The company, in a BSE filing, said the Board of Directors of Nava Bharat Ventures, at its meeting held on February 26, 2021, has approved the proposal to buyback fully paid-up equity shares of face value of Rs 2 each for an aggregate amount not exceeding Rs 150 crore.  READ MORE

HDFC Mutual Fund sells 2.73% stake in Just Dial for over Rs 108 crore

HDFC Mutual Fund has offloaded 2.73 per cent stake in local search engine Just Dial for over Rs 108 crore through an open market transaction. According to a regulatory filing, the schemes of HDFC Mutual Fund, which held8.33 per cent stake in Just Dial earlier, sold 1,690,653 shares constituting 2.73 per cent stake in the open market transaction. READ MORE

European markets check

European stocks tumbled 1.5 per cent on Friday, led by miners and technology stocks, as a jump in bond yields and concerns of lofty equity valuations hammered demand for riskier assets. The benchmark European stock index was set to record its worst single day fall this month.
 

RBI RCF | RBI bats for retaining current tolerance band of 4%,+/-2% over the next 5 yrs

-- Threshold inflation above which growth is unambiguously impaired ranges between 5-6%

-- Flexibility must be built into inflation targetting framework without undermining discipline of target, RBI says in RCF

NEWS ALERT | RBI releases report on Currency and Finance (RCF) for the year 2020-21

Standardisation of products not against innovation, says Irdai Chairman

Standardisation of products is not against innovation, rather it will cater to the common needs of the customers, said Subhash Chandra Khuntia, chairman, Insurance Regulatory and Development Authority of India (Irdai), thereby allaying concerns expressed by some sections of the industry. “We have come out with some standard products in the life and general insurance space. Some people feel that standardisation is against innovation, but let me tell you these standardised products are required to cater to the common needs of the customers”, he said, speaking at the National Insurance Academy Swiss Re Seminar. READ MORE

Nava Bharat jumps 7% on Rs 150 crore buyback plan


Dilip Buildcon rises 5%, hits 52-week high on order wins worth Rs 2,241 cr

Shares of Dilip Buildcom jumped nearly 5 per cent in intra-day trade on Friday, defying the market trend, to scale a fresh 52-week high of Rs 697 on the BSE after the firm emerged as the lowest bidder for orders worth Rs 2,241 crore. "Dilip Buildcon has been declared as L-1 bidder for two new National Highways Authority of India HAM projects under Bharatmala Pariyojana, Phase I in Tamil Nadu and Puducherry for orders worth Rs 2,241 crore," the company said in a BSE filing. READ MORE

Broader marker check :: S&P BSE SmallCap outperforms benchmarks


Top losers on BSE at this hour

Company PRICE(rs) CHG(%)
Bank Of Maha 24.01 -7.05
I O B 17.84 -6.25
Shriram Trans. 1307.65 -5.25
Jindal Saw 78.80 -4.77
RBL Bank 237.15 -4.74
» More on Top Losers

NEWS ALERT

PM Modi addresses a webinar on financial sector

NEWS ALERT :: There is still great scope for the banking & insurance sectors in our economy, says PM Modi

Govt has a clear vision for financial sector: PM Modi

- Financial services sector will play an important role in India's growth
- Govt wants a vibrant and proactive financial sector 
- Govt has presented a roadmap to strenghten the financial services sector

Rising Covid-19 cases likely to delay biz recovery of PVR, Inox Leisure

Shares of multiplex chain operators PVR and Inox Leisure have corrected in the range of 9 to 10 per cent from their recent highs as rising Covid-19 cases and continuous threat from rapid growth of over the top (OTT) platforms raise concerns over the pace of business recovery.
 
After consistent reduction in new Covid cases in the last few months, states such as Maharashtra, Punjab, Kerala, Chhattisgarh and Madhya Pradesh have started to see a resurgence in new cases. READ MORE
 

Investors turn to pharma stocks amid market crash; Nifty Pharma gains 1.5%

Pharma stocks were holding their ground on Friday even as the rest of the market was painted red amid feeble global cues. At 11:50 AM, Nifty Pharma index was trading 0.2 per cent higher on the National Stock Exchange (NSE), compared with a 430-point or nearly 3 per cent cut in the Nifty50 index. In the intra-day trade, the Nifty Pharma index had gained 1.5 per cent on the NSE, and had hit a high of 12,322. READ MORE

Worried about the market crash? Here's how analysts interpret the fall

A sharp crash in the US markets in the overnight session spilt over to other Asian markets too on Friday, with India being no exception. Both the benchmark indices BSE Sensex and NSE Nifty witnessed a nearly 3 per cent crash, forcing investors to scurry for cover. Financials, Reliance Industries (RIL) and tech majors TCS and Infosys were among the top drags. Marginal gains in select pharma names, however, cushioned the fall to some extent. READ MORE

What to expect from Feb auto sales? Here's a take from Emkay Global

Wholesales growth is expected to continue for Tractors, PVs and 2Ws. Channel checks indicate better retail sales yoy in Tractors and PVs, while it is subdued in 2Ws.
 
- Tractor industry wholesales should grow strongly at more than 25% on better retails and channel filling. Volume growth is expected to be positive across regions. Domestic volumes should grow 28% for MM and 27% for ESC.
 
- PV industry volumes are likely to remain in the positive territory, with industry growth at over 15%. Domestic volumes should grow at 101% for TTMT and 29% for MM on a low base which resulted from supply issues present in the year-ago comparable period. In comparison, MSIL should see 7% growth. On a mom basis, MM’s volumes should be lower due to supply issues relating to electronic components. Discounts have declined yoy - by up to 2% of vehicle prices.
 
- Domestic 2W volume performance should be mixed yoy: Volume growth is likely for TVSL at 9%, EIM-RE at 8% and BJAUT at 4%, while volume decline is expected for HMCL at 8%. Volume performance in South, East and West regions has been better than the North region. Retails have declined in the North region due to the weakness in entry-level segment and lower marriage season demand. Executive and premium motorcycles are doing better than entry-level motorcycles. In comparison, exports are expected to be
strong across regions, except for the ASEAN market.
 
- Domestic CV volumes will be a mixed bag. Domestic CV volumes are expected to grow 22% for AL, 16% for EIM-VECV and 9% for TTMT, while decline 9% for MM due to supply issues. MHCV demand has been improving on strong Tipper/ICV demand and a gradual recovery in replacement demand as well.

India VIX surges nearly 24% to 28.35

> VIX is used to measure the volatility in the market

MARKET VIEW | Ajit Mishra, VP - Research, Religare Broking

The rising bond yields in the US have spooked investors sentiments which has led to a sell off in global markets. Moreover, the geo-political tensions between US and Iran have also weighed on sentiments. Nifty may see a short term trend reversal below 14,600. We thus advise keeping existing long positions hedged.

Heatmap: Only five of the 30 S&P BSE Sensex constituents trade in green


SECTOR WATCH :: Banking stocks worst hit; Nifty Bank, Private Bank indices plunge 4%


Blue-chip stocks weigh on Sensex


DHFL hits 5% upper circuit as RBI okays Piramal Group's resolution proposal

"Pursuant to the receipt of no objection from Reserve Bank of India as per Insolvency and Bankruptcy Rules, 2019, the administrator of Dewan Housing Finance Corporation Limited (DHFL) has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) with the adjudicating authority NCLT, Mumbai Bench," DHFL said in a regulatory filing. READ MORE

Bear grip tightens! Sensex tumbles nearly 3%


Bond yields, US air strike: What dragged the Sensex 1,300 pts lower today

A rise in commodity prices has fanned inflation risks, pushing bond yields higher. That apart, reports that the United States launched airstrikes in Syria on Thursday, targeting facilities near the Iraqi border further dented global mood.
 
Going forward, analysts expect the markets to consolidate after a sharp run since March in the backdrop of near-term headwinds. READ MORE

Investors turn to defensives; Nifty Pharma index up 1% in a weak market


MARKET UPDATE:: Sensex slips to day's low


Oil prices retreat from 1-year high alongside global market selloff

Oil edged lower as crude’s rally on a tightening global supply outlook lost some momentum amid a broader market decline.
 
Futures in New York fell as much as 0.9 per cent on Thursday with US equities weakening amid concerns that markets could soon face accelerating inflation. Meanwhile, technical indicators show crude hovering in overbought territory after skyrocketing to one-year highs this week. READ MORE

Rupee tanks 67 paise to 73.10 against US dollar in early trade

The Indian rupee registered a massive fall of 67 paise and slipped below the 73 per US dollar mark in opening trade on Friday tracking weak Asian currencies and heavy selling in the domestic equities.

RailTel Corporation debuts at 16% premium over issue price of Rs 94

Shares of RailTel Corporation of India (RailTel) listed at Rs 109 on the NSE on Friday, a premium of 16 per cent over its issue price of Rs 94 per share. Meanwhile, on the BSE, the scrip listed at Rs 104.60 per share. The state-owned telecom infrastructure provider's IPO got bids 42 times more demand than the shares on offer. READ MORE

Rising bond yields, commodity prices to cap market upside, say analysts

A sharp surge in bond yields coupled with rising commodity prices have come back to haunt equity markets, with most analysts expecting a limited upside for the equity markets from here on. On Friday, Asian stocks traded sharply lower after Wall Street's main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark US Treasury yields, which hit their highest level since the pandemic began – up 14 basis points (bps) at 1.5286 per cent. The surge came on the back of expectations of a strong economic expansion and related inflation. READ MORE


LISTING ALERT :: RailTel lists at 11% premium on BSE


Explained: How bond yields impact stock market & what should investors do?

The benchmark bond (10-year tenor) yields had fallen to 5.6 per cent during the peak of the pandemic crisis but have since been rising and jumped 31 bps since the Budget. Year to date, the yields have crept up 16 bps in 2021 so far. Acuit Ratings now expects the 10-year sovereign yields to rise from 6 per cent in March 2021 to 6.40 per cent by March 2022 given that the Reserve Bank of India may hike repo rate by 25 bps going forward. READ MORE

Nifty Pharma index turns positive


DHFL jumps 5% as co's resolution plan receives no objection from RBI

The company has received no objection from the Reserve Bank and has filed an application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance.

Buzzing Stock :: Dilip Buildcon hits 52-week high on Rs 2,241 crore order win


MARKET UPDATE:: Indices witness mild recovery from early lows; Sensex still down 700 points


Bank of Baroda shares drop 3%

The Board of Directors has approved raising of funds not exceeding Rs 4,500 crore through issue of equity shares through qualified institutional placement subject to the approval of the regulatory and statutory authorities.

Jet Airways shares drop 5% as NCLT grants more time to DGCA for responding on firm's slots

The National Company Law Tribunal (NCLT), which is hearing the resolution plan of the grounded carrier Jet Airways, on Thursday granted time till March 2 to aviation regulator DGCA to respond on the airline's slots issue. 
 

Financials, RIL among top Sensex drags in opening trade


Sensex Heatmap | Only 2 stocks trade in the green


India VIX surges nearly 11% to 25.30

> VIX is a measure of volatility in the market

Sector Watch :: All sectoral indices on NSE trade in the red


Nifty50 slips below 14,900 at opening tick


OPENING BELL :: Sensex plunges 1,000 points


COMMODITY CHECK


Sensex Heatmap


Nifty50 slips below 14,900 in pre-open trade


Pre-open session :: Sensex tanks over 500 points


Dilip Builcon declared lowest bidder for Rs 2,241 cr order

Dilip Buildcon has been declared as L-1 bidder for two new HAM projects under Bharatmala Pariyojana, Phase I in the state of Tamil Nadu and Union Territory of Puducherry; order worth Rs 2,241 crore.

RailTel Corporation shares to list on bourses today

Shares of RailTel Corporation will list on the bourses today. Analysts expect the shares of the PSU firm to debut at a premium of 16-18% over the issue price of Rs 94 per share. The IPO was subscribed 42 times. READ MORE



All eyes on Q3 GDP data today

Gross domestic product (GDP) data to be released on Friday will shed light on whether the economy continued to be in recession in the third quarter (Q3) of 2020-21 (FY21) or it ended with the second quarter only. Economists have divergent views on it. Some believe GDP may have contracted as high as up to 2 per cent in the quarter ended December 31, 2020. This means the economy could not snap out of recession. Still others say the economy may have grown up to 1.8 per cent in the quarter. READ MORE


Rupee check


FIIs turn net buyers while DIIs net sellers

(Source: NSE)

NSE bulk deal data for Thursday

BSE Bulk deals on Thursday

Oil prices fall on rising US dollar, expectations for supply gains

> Oil prices fell on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to come back to the market.

> U.S. West Texas Intermediate (WTI) crude futures dropped 36 cents, or 0.6%, to $63.17 a barrel, giving up all of Thursday's gains. Brent crude futures for April fell 18 cents, or 0.3%, to $66.70 a barrel, following a 16 cent loss on Thursday. 

(Source: Reuters)

SGX Nifty futures signal gap-down start

Nifty futures on Singapore Exchange traded 275 points or 1.81% lower at 14,905

Asian stocks at 1-month low

Asian stocks skidded to one-month lows on Friday as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 2.4% to a one-month low, while Japan’s Nikkei shed 2.5%. Chinese blue chips joined the retreat with a drop of 2.5%.

Wall Street tumbles

In the overnight session, Wall Street’s main indices tumbled with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in US bond yields. The Dow and the S&P 500 notched their biggest daily decline since late January. The Dow Jones Industrial Average closed 1.75% lower, the S&P 500 lost 2.45% and the Nasdaq Composite dropped 3.52%.

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