Weak global cues, high Brent crude cap gains on D-St; Sensex ends 36 pts up

Stock market updates: Amid a jump in Brent crude oil price, which was above the $70 per barrel-mark, and weak global cues, a tug-of-war between bulls and bears kept the markets choppy through the day on Monday. The volatility index, India VIX, cooled-off 3.5 per cent and closed at 24.6 levels even indices traded in the range of 600 points. 

Among the headline indices, the frontline S&P BSE Sensex ended at 50,441 levels, up 36 points or 0.07 per cent. The index hit an intra-day high and low of 50,986 and 50,318, respectively. Infosys, L&T, Reliance Industries, Axis Bank, and State Bank of India were the top contriutors towards the index's gains today.

In absolute terms, L&T, ONGC, HCL Tech, Axis Bank, NTPC, and SBI were the top gainers, up between 1.5 per cent and 3.5 per cent on the Sensex while Bajaj Finance, IndusInd Bank, UltraTech Cement, Bajaj Auto, HDFC, and HUL. down up to 2.3 per cent, were the top laggards.

On the NSE, the Nifty50 index closed at 14,956 levels, up 25 points or 0.12 per cent. The advance to decline ratio remained neck and neck with 27 stocks settling the day in the green, as against 23 stocks that declined on the index.

In the broader market, the S&P BSE MidCap and SmallCap indices closed 0.3 per cent and 0.6 per cent higher, respectively.

Trends among sectoral indices remained muted with the Nifty PSU Bank, Metal, and IT indices ending up to 1.5 per cent higher on the NSE. Nifty Realty, FMCG, and Auto indices, meanwhile, ended up to 1 per cent down.

Global markets

World shares dipped on Monday as the US Senate’s passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and tech stocks with lofty valuations, raising inflation jitters.

The MSCI world equity index fell 0.1 per cent, as gains in European cyclical and travel stocks were offset by losses in Asia. Chinese stocks posted their biggest decline in seven months, down 3.5 per cent, on concerns that Chinese officials could tighten policy to rein in lofty valuations.

Nasdaq futures fell 2 per cent in early European trade, reversing early gains, while S&P 500 futures fell 1 per cent as investors looked past the benefits of the fiscal package. 

(With inputs from Reuters)

3:55 PM

TECH VIEW :: Nifty is facing resistance at 15,070, says Rohit Singre, senior technical analyst at LKP Sec

Index opened a day with gains but unable to sustain on highs and after showing good volatility index closed a day at 14959 with mild gains of 21 points. The index has formed stiff resistance near 15070 if the index managed to cross above-said levels then some positive traction can be witnessed in the index and we may see a good move towards a good hurdle zone of 15150-15240 zone, immediate support for nifty is coming near 14900-14850 zone

 

3:54 PM

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

Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices. Oil & Gas, PSU Banks and Metal stocks were the sectors in focus inching broader market. Oil prices were parked near record highs following geopolitical issue in Gulf while reports of the progress of PSU Bank privatization tempered buying in PSBs.

3:54 PM

STOCK OF THE DAY :: HLE Glascoat doubles in 17 sessions

>> Shares of HLE Glascoat, on Monday, were locked in 10 per cent upper circuit at a fresh record high of Rs 2,682.95 on the BSE. In the last 17 trading days, the company engaged in industrial machinery business has seen its market value nearly-doubled, up 98 per cent since February 12, after the company reported a healthy performance for the quarter ended December 2020 (Q3FY21).

3:52 PM

STOCK OF THE DAY :: Just Dial zooms 10%

>> Shares of Just Dial, on Monday, were locked in 10 per cent upper circuit at Rs 963.60 on the BSE after the company said it has entered into an advertising agreement for IPL. The stock of India’s leading local search engine company was trading close to its 52-week high of Rs 1,063, hit on March 3.

3:50 PM

STOCK OF THE DAY :: BEML hits 20% upper circuit as report suggests Tata, Mahindra eyeing stake in firm

>> Shares of BEML surged 20 per cent to hit a 52-week high of Rs 1,416 on the BSE in intra-day trade on Monday amid reports that at least six companies, including Tata Motors, Mahindra and Mahindra and Ashok Leyland, are looking to buy a 26 per cent stake in the state-run defence equipment maker.

3:48 PM

SECTOR WATCH :: S&P BSE Oil and Gas index outperforms in a muted market

3:47 PM

IPO Update :: Easy Trip Planners' issue subscribed nearly 2x till 3:40 PM on Day 1

3:45 PM

Stocks that supported the Sensex today

3:41 PM

Sectoral trends on NSE at Close

3:38 PM

Sensex Heatmap at Close

3:34 PM

CLOSING BELL

Among the headline indices, the frontline S&P BSE Sensex ended at 50,441 levels, up 36 points or 0.07 per cent. The index hit an intra-day high and low of 50,986 and 50,318, respectively. 
 

On the NSE, the Nifty50 index closed at 14,956 levels, up 25 points or 0.12 per cent. The advance to decline ratio remained neck and neck with 27 stocks settling the day in the green, as against 23 stocks that declined on the index.

3:27 PM

Indian banks' modest recovery faces challenges from Covid-19 stress: Fitch

The banks reported lower impaired loans and improved profitability for nine months ended December 2020 due to various forbearance measures and continued large write-offs.

 

Particularly, government-owned banks remained more risk averse than in prior years which was reflected in their weak credit growth. READ MORE

3:16 PM

APL Apollo zooms 48% in 10 trading sessions as Board okays merger scheme

Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for each equity share held Apollo Tricoat. This transaction has been effected by way of a scheme of amalgamation and is subject to shareholder approval at each of APL Apollo and Apollo Tricoat, as well as regulatory approvals. This transaction is expected to close in Q3FY22 with appointed date of merger being April 1, 2021. READ MORE
 

3:05 PM

India VIX eases nearly 3% to 24.67

> VIX is a measure of market volatility

2:49 PM

Just Dial shares surge 10% on advertisement agreement for IPL

Shares of Just Dial, on Monday, were locked in 10 per cent upper circuit at Rs 963.60 on the BSE after the company said it has entered into an advertising agreement for IPL. The stock of India’s leading local search engine company was trading close to its 52-week high of Rs 1,063, hit on March 3. In the past month, Just Dial's stock outperformed the market by surging 50 per cent, as compared to 1.6 per cent decline in the S&P BSE Sensex. Till 02:23 pm, a combined 3.5 million equity shares had changed hands on the counter on the NSE and BSE. READ MORE