Bears return to D-Street after 3 days; Sensex tanks 598 pts, ends below 51K

Stock market updates: The bears made a comeback on Dalal Street, reminding investors of last week's drubbing, as concerns over spike in bond yields rekindled on Thursday. The US bond yields which have become influential on stock prices, globally, spiked to 1.48 per cent, while in India, the yield on 10-year benchmark government bond rose to 6.26 per cent today, its highest level since April 2020.

Effectively, the Euro STOXX 600 was down 0.5 per cent and London's FTSE slipped 0.6 per cent. In Asia, the MSCI world equity index, which tracks shares in 49 countries, lost 0.5 per cent, the MSCI's ex-Japan Asian-Pacific shares lost 1.8 per cent, and Japan's Nikkei fell 2.1 per cent.

Back home, the benchmark indices tumbled over 1 per cent to end the session at day's low. The S&P BSE Sensex settled the day at 50,846 levels, down 598 points or 1.16 per cent. The Nifty50, meanwhile, defended the 15,000-mark and closed at 15,081 levels, down 165 points or 1.08 per cent.

As per technical charts, any breach below the 15,000-mark on the Nifty may create shorting opportunities. As regards Sensex, any decisive breakdown below the 50,000-mark may eradicate upside bias. READ MORE

Among individual stocks, UltraTech Cement, Dr Reddy's Labs, Asian Paints, HUL, and Maruti Suzuki, all up between 0.02 per cent and 4 per cent, were the only gainers on the Sensex. Adani Ports, Shree Cement, Grasim, SBI Life, and Wipro, up in the range of 0.8 per cent to 3 per cent, were the additional gainers on the Nifty.

On the downside, HDFC, Bajaj Finance, L&T, Axis Bank, HDFC Bank, and SBI tanked up to 2.5 per cent to end the day as top laggards on the BSE barometer. JSW Steel, Hindalco, Tata Steel, Tata Motors, and Coal India, meanwhile, dragged the Nifty index.

That said, the broader markets held their ground firm in this feeble market. The S&P BSE MidCap index settled 0.5 per cent higher, supported by gains in Adani Power, Concor, BHEL, AU Small Finance Bank, and IDBI Bank.

The S&P BSE SmallCap index, on the other hand, closed 0.8 per cent higher. 

4:13 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Index opened a with a gap down on weak global cues though we saw some bounce but again in the second half we witnessed profit booking and index closed a day at 15080 with loss of one percent and formed a bearish candle on the daily chart. Going forwards index has one good support at 15k mark if managed to hold above that then some pullback otherwise more profit booking can be seen, on the higher side 15150-15200 zone will be stiff hurdle

4:05 PM

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

Domestic markets along with its global peers mirrored the wounded trend of the US market. The surge in US bond yields added selling pressure in technology stocks, forced Wall Street to close lower. Blue-chips were much affected by the weak global cues, but Mid & Small caps with its increased investor confidence retained its positive momentum

 

3:56 PM

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

Markets opened weak on muted global cues and drifted lower during the afternoon even as we saw heightened investor interest in PSU stocks on hopes of privatisation and asset monetisation. In the broader market Sugar stocks registered smart gains for the second day in a row

3:53 PM

Stocks that dragged the Sensex lower today

3:44 PM

Sectoral trends on NSE at Close

3:40 PM

Sensex Heatmap at Close

3:35 PM

CLOSING BELL

The benchmark indices tumbled over 1 per cent to end the session at day's low. The S&P BSE Sensex settled the day at 50,846 levels, down 598 points or 1.16 per cent. The Nifty50, meanwhile, defended the 15,000-mark and closed at 15,081 levels, down 165 points or 1.08 per cent.

 

3:27 PM

$500 mn deal with Google pulls Infosys in focus; analysts see 35% upside

The stock, however, has lagged benchmark Nifty on a year-to-date basis as it added 7 per cent against a 9 per cent rise in the Nifty50. The underperformance could soon come to an end, believe analysts, who eye an up to 35 per cent upside in the stock from current levels. READ MORE

3:16 PM

Gold is down 11% so far in 2021; time to exit Muthoot Fin, Manappuram Fin?

Gold futures were trading at Rs 44,849 per 10 grams on the MCX on Thursday, having fallen nearly 11 per cent so far in CY21. Besides, prices have corrected by more than Rs 10,000 per gram from all-time high of Rs 56,200 made in August 2020 as elevated US Treasury yields raised opportunity cost for holding it compared to bonds.
 

Moreover, projection of positive global growth coupled with improving economic conditions, following the roll-out of coronavirus vaccine, further dampened the safe-haven’s appeal. READ MORE

3:07 PM

Cement shares in demand; UltraTech, Ambuja, Ramco Cement hit new highs

Orient Cement rallied 13 per cent to Rs 113.65, also its 52-week high, on the back of two-fold jumped in trading volumes. India Cements, too, hit a 52-week high of Rs 187, up 7 per cent on the BSE. UltraTech Cement, Star Cement, Shree Cement, Ambuja Cements, ACC, JK Cement and JK Lakshmi Cement were up between 3 per cent and 5 per cent. In comparison, the S&P BSE Sensex was down 0.87 per cent at 50,991 points, at 02:51 pm. READ MORE

2:52 PM

Balrampur Chini hits fresh record high; stocks rallies 18% in 4 days

Shares of Balrampur Chini Mills, in Thursday's intra-day deals, soared 8 per cent on the BSE and hit a record high of Rs 208.80, in an otherwise subdued market. The stock has now rallied 18 per cent in the past four trading days. The stock surpassed its previous high of Rs 205, touched on April 21, 2006. In the past one month, Balrampur Chini Mills has outperformed the market by surging 27 per cent, as compared to 0.88 per cent rise in the S&P BSE Sensex, on account of sharp rise in surge prices in international market. However, in six months, it performed in line with the benchmark index, which gained 33 per cent during the period. READ MORE

2:51 PM

Flipkart said to weigh US listing with SPAC as option

> Flipkart could seek at least $35 billion in valuation 

> SPAC stands for Special Purpose Acquisition Company

(Source: Agencies)

2:37 PM

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

2:32 PM

Global Market Check :: US Futures recover in early European trade

> Nasdaq 100 E-minis were up 0.15%

> S&P 500 E-minis turned flat

2:22 PM

NEWS ALERT :: FM meeting Sebi head, Fin Min officials on NSE tech glitch

Source: A TV report said, citing government official