RIL, banks lift indices for 3rd day; Sensex gains 1,148 pts, ends above 51K

Topics MARKET WRAP | Markets | sensex nifty

Stock market updates: Improved economic situation, stability in bond yields globally, and 'buy on dips' strategy worked in the favour of the bulls, pushing benchmark indices over 2 per cent higher on Wednesday.

Barring auto, all the key sectoral indices were trading between 1.5 per cent and 3.3 per cent higher on the National Stock Exchange (NSE) highlighting strength in the market. The Nifty PSU Bank and Metal indices gained over 3 per cent each on the NSE while the Nifty Bank, Financial Services, Private Bank, Realty, and IT indices were up between 1.8 per cent and 2.8 per cent. 

The frontline Nifty50 index made a dash for 15,300-mark in the intra-day trade, and hit a high of 15,273. The index cooled-off marginally and settled at 15,246  levels, up 326 points or 2.19 per cent. 

On the BSE, the S&P BSE Sensex touched a high of 51,540 during the day but retreated to end at 51,445 levels, up 1,148 points or 2.28 per cent.

Blue-chip stocks such as Reliance Industries, HDFC, Infosys, ICICI Bank, HDFC Bank, and Axis Bank gave the index 800-points lift today. These stocks advanced in the range of 3 per cent to 5 per cent. Additionally, Bajaj Finance, Bajaj Finserv, SBI, IndusInd Bank, and Dr Reddy's Labs, all up between 2 per cent and 5 per cent, were the other top gainers.

Auto stocks such as Bajaj Auto, Maruti Suzuki, and M&M declined up to 1.35 per cent on the back of profit-booking and were the only top drags on the Sensex. Hero MotoCorp, BPCL, and Titan, down 1.5 per cent, 0.5 per cent, and 0.05 per cent, were the additional losers on the Nifty index.

In the broader market, the S&P BSE MidCap and SmallCap indices closed 1.4 per cent and 1.2 per cent higher, respectively.

Global markets
Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year. 

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.12 per cent. Australian shares were up 0.82 per cent, while Japan’s Nikkei stock index rose 0.45 per cent. Shares in China gained 1.27 per cent. E-mini S&P futures were up 0.36 per cent.

The pan-European STOXX 600 index rose 0.7 per cent, while the German DAX gained 0.9 per cent, France’s CAC 40 was up 0.8 per cent and UK’s FTSE 100 added 1 per cent.


MARKET OUTLOOK :: Indices are recovering from a corrective pattern, stay cautious, says Shrikant Chouhan

It was the busiest day for the market. The broad support of all sectors in the market clearly shows that it will not be difficult for the Nifty / Sensex to cross the previous high of 15432/52517. All other indices except Nifty Auto closed in positive territory. Today, the market has taken a strong lead and closed at the highest point of the day, with support for Tuesday’s continuity formation.

Technically, the Nifty / Sensex is recovering from a corrective pattern and traders need to be cautious, until the Nifty 50 index comfortably cross 15435. The Nifty / Sensex may remain range-bound between the levels of 15370/51800 to 15100/51000 on the closing day of the weekly period of options contracts. The Nifty / Sensex may move to the level of 16000/54200 in the next few days or weeks on the decisive dismissal of the level of 15435/52520.

Alert: Shrikant Chauhan is  Executive VP, Equity Technical Research at Kotak Securities

MARKET CLOSING COMMENT :: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

Nifty continues to remains in a medium term uptrend. We believe any meaningful correction is an opportunity to buy for 16000 and higher. Immediate range is seen at 15000-15500. Auto and Banking stocks look attractive at current levels; IT stocks also expected to trade with positive bias.

MARKET CLOSING COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets extended surge for the third consecutive session and gained over 2%. The benchmark started the day on a positive note despite mixed global cues and gradually inched higher as the day progressed. Consequently, the Nifty ended with healthy gains of 2.2% near day’s high at 15,246 levels. The broader markets too ended in positive in the range of 1.3-1.5%.
Participants are taking comfort from the domestic factors such as decent macro data, earnings upgrades and steady progress of vaccine drive. Importantly, Nifty has reversed the last week’s decline and indications are pointing towards a further surge ahead. We remain cautiously optimistic on the markets and suggest focusing more on the selection of trades.

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The market witnessed to extend the gain further after the decisive breakout of Nifty 50 Index level of 14850. the market is likely to hold the momentum and reach the level of 15280-15300.14970-15000 level is expected to act as a support zone from the short-term perspective. the momentum is observed indicators like RSI, MACD to stay positive and the upside movement is likely to continue

NIFTY OUTLOOK :: Nifty may hit 15,400 levels soon, says Rohit Singre, Senior Technical Analyst at LKP Sec

One more positive session and index closed a day with supreme gains of more than two per cent at 15240 zone and formed a bullish candle for the third consecutive day. Bullish harami candle pattern showed a fantastic impact so far, going forward 15150 will act as strong support followed by 15100 zone if managed to hold above-said levels we may see current move to extend further towards 15300-15400 zone in near term

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

Markets across the globe were filled with optimism as the focus shifted from concerns over high valuation to a stronger economic recovery and earnings growth. The Indian market was on a rising streak echoing the global sentiment. The nifty bank which had a rough week so far took a breather and led the rally while consolidation was seen on auto stocks.

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

A stellar rally across BFSI & Metals powered Indices higher today by 2.3% with the market breadth improving dramatically in afternoon Ttade. Investors cherry-picked into AMC's, HFC's and the day also witnessed keen interest in Sugar stocks which recorded handsome gains

Market stats :: BSE m-cap tops Rs 210-trillion mark

SECTOR OF THE DAY :: Sugar stocks sweeten the mood on D Street

SECTOR OF THE DAY :: Chemical stocks jump amid fresh breakouts

STOCK OF THE DAY :: Ircon International ends 7% down

>> Shares of IRCON International Ltd, on Wednesday, fell 7.4 per cent to Rs 90.55 on the BSE after the company announced offer for sale (OFS) for up to 16 per cent government stake at a floor price of Rs 88 per share, which opened today for non-retail investors and will open for retail investors tomorrow. The floor price of Rs 88 is at a 10 per cent discount over IRCON's closing price of Rs 97.85 on Tuesday.

STOCK OF THE DAY :: Adani Enterprises enters the Rs 1-trillion m-cap club

>> Adani Enterprises joined the elite club of companies with Rs 1-trillion market capitalization (market-cap) on the BSE, after its share price hit a new high of Rs 945, rallying 5 per cent in intra-day trade on Wednesday. With the market-cap of Rs 1.01 trillion, at 3:30 PM, Adani Enterprises stood at number 39th position in the overall market-cap ranking, the BSE data shows.

STOCK OF THE DAY :: Bajaj Finserv ends as the top gainer on the Sensex

STOCK OF THE DAY :: RIL ends above Rs 2,200-mark

>> Reliance Jio has emerged the highest bidder in the 4G telecom spectrum auction, which concluded on Tuesday in just six rounds, beating incumbents Bharti Airtel and Vodafone Idea by a wide margin.

Index contributors :: RIL, banks, Infosys give Sensex nearly 800-pts lift

Sectoral trends on NSE at Close

Sensex Heatmap :: Only 3 stocks end in the red


The frontline Nifty50 index made a dash for 15,300-mark in the intra-day trade, and hit a high of 15,273. The index cooled-off marginally and settled at 15,246  levels, up 326 points or 2.19 per cent. 
On the BSE, the S&P BSE Sensex touched a high of 51,540 during the day but retreated to end at 51,445 levels, up 1,148 points or 2.28 per cent.

India's October-February sugar output jumps 20%, few mills close early

Indian sugar mills' output rose by a fifth to 23.38 million tonnes in the first five months of the 2020/21 marketing year from a year earlier, while a few mills closed operations ahead of normal schedule, a trade body said on Wednesday.
The country is the world's second biggest sugar producer and the higher output could weigh on global prices. READ MORE

2-6% retail inflation band has been working well since 2016, say economists

For most of 2020, the consumer price index-based inflation rate remained above the upper target of six per cent, but the RBI's monetary policy committee (MPC) followed an accommodative policy, at least in the initial part of the lockdown, to prop up dwindling economic growth rate. This gave rise to calls that the current framework should be altered to allow for pro-growth policies at the time of downturn. READ MORE

Bank of Baroda raises Rs 4,500 cr through Qualified Institutional Placement

State-owned Bank of Baroda has raised Rs 4,500 crore equity capital through qualified institutional placement (QIP).
The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of Rs 81.70 per share against the floor price of Rs 85.98 apiece, aggregating to Rs 4499,99,99,948.10, the bank said in a regulatory filing. READ MORE

LT Foods' stock gains over 2% after ratings upgrade on bank loan facilities

LT Foods rose 2.65 per cent to Rs 59.90 after the credit ratings agency upgraded the credit ratings on the company's bank loan facilities worth Rs 1187.5 crore. CRISIL Ratings has upgraded its rating on the bank facilities of LT Foods to 'CRISIL A/Stable/CRISIL A1' from 'CRISIL A-/Positive/CRISIL A2+'. The short-term rating on the company's bank facilities have also been upgraded from 'CRISIL A2+' to 'CRISIL A1'. READ MORE

RIL, financials, IT stocks drive Sensex over 1,000 points higher

Easy Trip Planners IPO to open on Mar 8; price band is Rs 186-187 a share

Online travel company Easy Trip Planners on Wednesday fixed a price band of Rs 186-187 per share for its Rs 510-crore initial share-sale, which will open for public subscription on March 8. The company's initial public offering is entirely an offer for sale, Easy Trip Planners said in a virtual press conference. Through the IPO, company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through offer-for-sale mechanism. READ MORE

Heatmap: S&P BSE Sensex gainers and losers at this hour

NEWS ALERT :: RITES secures Rs 61 crore order from Haryana Rail infrastructure Development Corp

>> In continuation to our earlier intimation dated February 11, 2021 regarding emerging L1, it is confirmed that RITES has now secured General Consultancy order from Haryana Rail infrastructure DDevelopment Corporation Limited for their Haryana Orbital Rail Corridor (HORC), which is a new electrified Broad-Gauge double line (about 144 kms) from Palwal to Sonipat via Sohna, Manesar and Kharkhoda in the state of Haryana with speed potential of 160 kmph. 

Jan consumption, investment growth points to faster recovery for economy

The Indian economy seems to be moving on the path of faster recovery with key indicators on consumption and investment showing a sharp slowdown in contraction in January, 2021.
According to Ecoscope report of Motilal Oswal Financial Services, the country's total consumption (personal and government) contracted 4 per cent YoY in January, 2021, against 4.4 per cent YoY in December, 2020 and 3.4 per cent YoY growth in January, 2020. READ MORE

Tata Chem, Alkyl Amines: These chemical stocks may rally another 25%

Improved business sentiment amid low Covid-19 cases, favourable government policies, and a huge export opportunity are acting as the much-needed impetus for the Indian specialty chemicals industry, believe analysts who expect the industry to grow at a healthy double-digit rate over the medium term. “We expect the industry to grow on a compound annual rate of 12 per cent and reach $65 billion by FY25, from the current $32 billion,” says Mitesh Shah, research analyst at ICICI Securities. READ MORE

European markets check

(Source: Reuters)

Stocks that hit 52-week high on BSE today

Company PRICE(rs) 52 WK HIGH CHG(%)
3M India 25941.35 25980.65 3.73
AAVAS Financiers 2335.00 2424.15 3.41
Adani Enterp. 917.50 919.80 5.15
Adani Ports 751.40 753.50 4.31
Adani Power 65.35 66.60 6.69
» More on 52 Week High

MARKET UPDATE:: Infosys, ICICI Bank top contributors to Sensex's 700-pts rally today

NEWS ALERT | CRISIL revises outlook on Union Bank's long-term debt instruments to stable from negative

-- CRISIL reaffirms ratings

HDFC, LIC Hsg: Stick to sound HFCs as SBI cuts home loan rate, say analysts

Banking giants State Bank of India (SBI) and Kotak Mahindra Bank’s decision to slash home loan rates by 10-15 bps to 6.7 per cent and 6.65 per cent, respectively may pull customers away from pure housing financiers, especially smaller players, believe analysts. On Monday, SBI announced a limited period offer, and cut rates to 6.70 per cent (for loans up to Rs 75 lakh) and to 6.75 per cent (for loans above Rs 75 lakh) till March 31. The lender will also give a 100 per cent waiver on processing fees. READ MORE

NEWS ALERT :: Kalpataru Power bags orders worth Rs 1,554 crore

MARKET UPDATE:: Sensex reclaims 51k

Sector Watch :: Barring Auto, all sectors in the green

How SPACs can help make Indian firms a key part of global listed markets

While this last one year has been fraught with uncertainty for businesses across the world, one part of the economy that has remained positive is the stock markets. Against this backdrop, a phenomenon that has caught the attention of the investment segment are Special Purpose Acquisition Companies (SPACs). US-listed SPACs raised more than $80 billion in 2020, compared to $13 billion in 2019, and the fund-raising figures in the first two months of 2021 continue to be robust. READ MORE

MARKET UPDATE:: Sensex extends gain

IPO Update : MTAR Tech IPO sails through within 2 hours of opening

> IPO subscribed 1.25 times so far

Adani Enterprises crosses Rs 1 trillion market capitalisation

Adani Enterprises joined the elite club of companies with Rs 1-trillion market capitalization (market-cap) on the BSE, after its share price hit a new high of Rs 911, rallying 4 per cent in intra-day trade on Wednesday. With the market-cap of Rs 1 trillion, at 11:58 am, Adani Enterprises stood at number 39th position in the overall market-cap ranking, the BSE data shows. READ MORE

NEWS ALERT :: Tata Power to provide Green Power in Jharkhand to Tata Steel

Tata Power announced that TP Saurya Limited, its wholly owned subsidiary, has signed a Power Purchase Agreement with Tata Steel to develop a 15 MW solar project at Jamshedpur, Jharkhand. The energy will be supplied to Tata Steel under a Power Purchase Agreement (PPA) valid for a period of 25 years from scheduled commercial operation date.

TNPL, JK Paper: Paper stocks are set for higher levels. Stay put for now

JK Paper Limited (JKPAPER): The counter has crossed the resistance range of Rs 152 to Rs 158, as per the weekly chart. This move has come in the overbought category of Relative Strength Index (RSI), which indicates that the stock has been able to absorb all the selling pressure at higher levels. The next resistance comes at Rs 190 levels, which the counter now looks poised to conquer. Support on the closing basis comes in at Rs 150. READ MORE

Motherson Sumi gains 2%, hits 52-wk high as CRISIL reaffirms credit ratings

Shares of Motherson Sumi Systems, on Wednesday, rose 2.4 per cent to hit a fresh 52-week high of Rs 238.20 on the BSE after rating agency CRISIL reaffirmed the company's ratings. In an exchange filing, the company said that its long-term ratings has been reaffirmed to CRISIL AA+, with 'Stable' outlook from the earlier 'negative'. Short-term ratings has been reaffirmed to CRISIL A1+. READ MORE

NEWS ALERT :: Marico declares interim dividend of Rs 4.5 per share for FY21

Generic Engineering Construction bags construction orders worth Rs 81 crore

Generic Engineering Construction and Projects Ltd on Wednesday said it has bagged construction orders worth Rs 81 crore. The company has been awarded with new work orders worth Rs 80.80 crore (including GST) for various institutional projects from new reputed clients,Generic Engineering Construction and Projects Ltd said in a regulatory filing. READ MORE

RPP Infra surges 9%, hits 52-week high on bagging orders worth Rs 1,000 cr

Among the four orders that the company has won, one is from the Tamil Nadu Water Supply and Drainage Board under the Jal Jeevan Mission worth Rs 131.14 crore. It has bagged another order from the Highways Department as part of the Chennai-Kanyakumari Industrial Corridor Project which involves upgrading two stretches of the road at a total contract price of Rs 558.66 crore. READ MORE

NEWS ALERT :: Vaibhav Global to consider sub-division/split of equity shares

>> A meeting of Board of Directors of the Company is scheduled to be held on Monday, March 22, 2021, inter-alia to consider the proposal for sub-division/split of Company's equity share having face value of Rs. 10/- each including matters related/ incidental thereto.

Sebi's expert panel to probe glitch at NSE, submit report by March 15

The Securities and Exchange Board of India’s (Sebi’s) technical advisory committee has been mandated to probe the trading halt at National Stock Exchange (NSE) and fix accountability.
The committee after a detailed examination would send its findings and recommendations to whole-time member Madbhi Puri Buch, to decide the future course of action, said two people in the know. READ MORE

Top gainers on the BSE at this hour

Company PRICE(rs) CHG(%)
Shoppers Stop 245.05 15.51
IFCI 12.17 13.84
Jindal Stain. 79.10 12.84
Jindal Stain. Hi 136.75 11.77
Guj.St.Petronet 288.85 11.31
» More on Top Gainers

Cool prospects for consumer durable firms as temperature set to soar

“Temperatures have just started warming, particularly in north India. Our dealer checks suggest a healthy trend in consumer durables demand, with optimism that air-conditioner (AC) sales will pick-up with the summer onset. Channel stocking in the December quarter helped dealers as prices rose 5-6 per cent since January 2021. Consistent higher temperatures in the next two – three weeks is important for the next leg up in Voltas / Blue Star from current levels,” wrote Lavina Quadros and Apoorva Bahadur of Jefferies in a February 25 note. READ MORE

Ion Exchange slips 4% as Rakesh Jhunjhunwala sells stake in firm

Shares of Ion Exchange snapped four-day winning run and slipped 4 per cent in intra-day trade on Wednesday after the bulk deal data available on BSE showed that ace investor Rakesh Radheyshyam Jhunjhunwala and his firm Rare Investments offloaded stake worth Rs 65 crore in the company on Tuesday. As per bulk deal data on BSE, Jhunjhunwala sold a little over 1.5 lakh shares at Rs 1,205.19 apiece, valuing the deal at Rs 18.17 crore. Rare Investments offloaded 3.87 lakh scrips at a price of Rs 1,205.42 apiece, taking the total deal value to Rs 46.73 crore. READ MORE

NEWS ALERT :: Feb services PMI improves to 55.3 vs 52.8 in January

Rising from 52.8 in January to 55.3 in February, the seasonally adjusted India Services Business Activity Index pointed to the sharpest rate of expansion in output in one year. Moreover, the latest reading extended the current growth sequence to five months. Survey participants linked the upturn to improved demand and more favourable market conditions.

IRCON dips 7% as govt begins to offload up to 16% stake via OFS

The base issue size of the OFS is 10 per cent or over 4.70 crore equity shares, with a green-shoe option to retain over-subscription of 6 per cent or over 2.82 crore shares. The total issue size, including green-shoe option, comes to 16 per cent or over 7.52 crore shares. At the floor price, a 16 per cent stake would fetch over Rs 600 crore to the exchequer. READ MORE

Earnings estimates of India Inc see upgrade after strong Q3 results

After a better-than-expected show by India Inc in the December 2020 quarter, there is more good news for investors and market participants. Even as corporate profits were already expected to grow at a robust pace in FY22 and FY23, the country’s top brokerages have now upgraded the earnings per share (EPS) estimates of big listed companies for FY21-FY23. READ MORE

Rupee Opening

Rupee opens stronger at 73.25 per US dollar vs Tuesday's close of 73.36/$

Busy IPO season in March with seven offers worth Rs 12,000 crore

It will be a busy March for the initial public offering (IPO) market. Several companies are looking to launch their maiden offerings to cash in on the exuberance in the secondary market.
At least seven deals worth a cumulative Rs 12,000 crore are expected to hit the market over the next 3-5 weeks, say investment banking sources. Easy Trip Planners, Kalyan Jewellers, Laxmi Organics, Craftsman Automation, Anupam Rasayan, Suryoday Small Finance Bank and Aadhar Housing Finance are among the companies looking to tap the market. READ MORE

Most active stocks by volume

Company PRICE(rs) CHG(%)
Vodafone Idea 11.28 -0.88
Punjab Natl.Bank 41.60 1.46
B H E L 51.25 -0.97
Tata Power Co. 103.50 3.09
NBCC 50.45 -3.54
» More on Most Active Volume

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The stabilization of US 10-year bond yield at around 1.4 % has, for now, removed the fear of massive capital outflows. FIIs are back with buys of Rs 2223 cr yesterday. Short covering and renewed buying in FII's favourite stocks have again brought the bulls back. Markets are likely to be excessively volatile, globally as well as in India. Inflation is likely to rise, bond yields may again rise, though mildly and Fed will continue to be accommodative. Along with this, India Inc will continue to report good numbers while market valuations continue to remain elevated. The perfect setting for choppy markets.

Motherson Sumi up over 1% as Crisil revises outlook to 'stable'

>> CRISIL reaffirmed long term credit rating as AA+ and revised outlook from Negative to Stable.

YES Bank trades higher on fund raising plan

>> The company's shareholders have approved a proposal for raising Rs 10,000 crore capital.

Bank of Baroda closes its QIP; stock up 2%

>> The company, on Tuesday, said it has closed the qualified institutional placement (QIP) round, which was conducted to raise up to Rs 4,500 crore.

JP Power gains over 3% after firm approves divestment of stake

>> Jaiprakash Power Ventures's board has approved disinvestment of 74 per cent stake in Jaypee Powergrid to Power Grid Corporation of India.

BPCL up marginally in a strong market

>> State-run Bharat Petroleum Corp. Ltd will pay dividend to its shareholders after the stake sale in Assam-based Numaligarh Refinery Ltd is completed, BPCL, said on Tuesday.

Ircon International tanks 6% as govt begins offloading stake via OFS

>> The offer for sale for up to 16 per cent government stake at a floor price of Rs 88 per share in railway PSU Ircon will open on Wednesday.The base issue size of the OFS is 10 per cent with a green-shoe option to retain over-subscription of 6 per cent.

Ion Exchange slips in early deals as Jhunjhunwala offloads shares

>> akesh Radheyshyam Jhunjhunwala and his firm Rare Investments on Tuesday offloaded shares worth nearly Rs 65 crore in Ion Exchange India Ltd, through open market transactions.

Sectoral trends on NSE :: Banks, metals support markets

Sensex Heatmap :: Only 4 stocks trade in the red

First Trade

First Trade

Commodity Heatmap

Top gainers and losers on S&P BSE Sensex at Pre-open

Markets at Pre-open

Markets at Pre-open

Trading tips by Ajit Mishra of Religare Broking

Buy Colgate Palmolive (India) Limited
Target: Rs 1,690
Stop loss: Rs 1,550
Colgate has been consolidating in a range for the last one and a half months, after making a new record high at 1676 in January 2021. It has formed a strong base while holding firmly above the support zone of the medium-term moving average(100 EMA) on the daily chart. Indications are in the favour of a steady up move from hereon. We, thus, suggest creating fresh longs in the mentioned zone. READ MORE

SGX Nifty Alert

>> At 8:55 am, the index was up 73 points at 15,057 levels.

Is MTAR Tech IPO worth subscribing? All you wanted to know

The company looks to raise up to Rs 596.41 crore via a combination of fresh issue of shares worth Rs 123.51 crore and an offer for sale of Rs 472.90 crore. The IPO is slated to run between March 3-5 with a price band of Rs 574- 575 per share. MTAR plans to utilise the money raised for repayment of the borrowings, to fund the working capital requirements and for general purposes. READ MORE

Top stocks to keep on radar today

Ion Exchange: Rakesh Radheyshyam Jhunjhunwala and his firm Rare Investments on Tuesday offloaded shares worth nearly Rs 65 crore in Ion Exchange India Ltd, through open market transactions.
RIL, Airtel, Voda Idea: India's first auction of telecom spectrum in five years ended on Tuesday with Rs 77,814.80 crore of airwaves being acquired, mostly by billionaire Mukesh Ambani's Reliance Jio which picked up 488.35 MHz of spectrum for Rs 57,122.65 crore. Bharti Airtel acquired 355.45 MHz at Rs 18,698.75 crore, and Vodafone Idea with 11.80 MHz for Rs 1,993.40 crore. READ MORE

Short-term trend in Nifty bearish: Vinay Rajani

Despite the recent recovery from the last week's low, Nifty is still having bearish formation of lower top and lower bottom formation on the daily charts. Unless Nifty closes above 15,180, trend would be considered bearish. However, the trend of midcap and smallcap stocks has been strong and stock specific bullishness is likely to continue. Supports for the Nifty are seen at 14,760 and 14,638. READ MORE

Bulk deals on the BSE as on Tuesday

Bulk deals on the NSE as on Tuesday

FII/FPI & DII trading activity on NSE, BSE and MSEI

Rupee check

Source: Bloomberg

Oil slips on concerns that OPEC+ may be set to pump up supply

>> Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.

>> US West Texas Intermediate (WTI) crude futures fell 18 cents, or 0.3%, to $59.57 a barrel, down 6% since Feb. 25, when they hit their highest close since May 2019. Brent crude futures dipped 7 cents, or 0.1%, to $62.63 a barrel, down 7% from a 13-month high hit last week.

(Source: Reuters)

SGX Nifty Update

Tracking cues from global peers, domestic markets look set to open in the green for the 3rd day in a row, although gains are likely to be meek. At 8.25 am, Nifty futures on SGX were up 29 points, indicating a flat-to-positive start for D-Street.

Asian market check

In Asia, the stocks were trading marginally higher as investors shrugged off concerns that stocks may have rallied too far too fast in the past year and focused instead on optimism that more imminent US stimulus will energise the global economic recovery.
Australia’s S&P/ASX 200 index rose 0.6%, South Korea’s Kospi index added 0.3% while Japan's Topix index was flat.

Wall Street check

In the overnight session, Wall Street ended lower, pulled down by losses in Apple and Tesla. The Dow Jones Industrial Average fell 0.46%, the S&P 500 lost 0.81% and the Nasdaq Composite dropped 1.69%.

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