Financials lead in Sensex's 584 pts rally, tops 51K; BPCL dips 4.5%

Stock market updates: Financial and IT counters did the heavylifting today, and managed to keep the equity markets in the green on Tuesday. Most of the key sectoral indices on National Stock Exchange (NSE) ended the day in the red with the Nifty Metal index down 2.5 per cent at close, followed by the Nifty PSU Bank, Pharma, Realty, Media, and Auto indices, down between 0.5 per cent and 1.5 per cent. The Nifty Financial Services, Bank, and IT indices were the only gainers, up 2 per cent, 1.8 per cent, and 1 per cent, respectively.

Supported by gains in HDFC Bank, Kotak Mahindra Bank, HDFC, ICICI Bank, Asian Paints, HUL, and Bajaj Finance, the headline S&P BSE Sensex ended 584.4 points, or 1.16 per cent, higher at 51,025 levels. The index topped the 51,000-mark in the intra-day deals and hit a high of 51,112. 

On the NSE, the Nifty50 closed near the 15,100-mark at 15,098 levels, up 142 points or 0.95 per cent. Around 23 stocks declined on the Nifty index, as against 27 stocks that advanced. Of these, BPCL, Tata Steel, GAIL, Indian Oil, Tata Motors, Power Grid, and Cipla were the top drags.

The broader markets were under pressure today with the S&P BSE MidCap and SmallCap indices closing 0.6 per cent and 0.4 per cent down, respectively.

Global markets

Asian stocks recovered from earlier losses on Tuesday, lifted by firmer US equity futures and central bank comments aimed at soothing fears about rising by inflation. A pullback in US bond yields also buoyed equity markets.

Japan's Nikkei rallied 1.02 per cent on Tuesday afternoon, while MSCI's broadest index of Asia-Pacific shares outside Japan was 0.10 per cent higher. Chinese blue chips added 0.03 per cent.

In Europe, however, the pan-European STOXX 600 was down 0.1 per cent in early deals, with miners falling 1.9 per cent and automakers dropping 1 per cent. The German DAX also eased 0.3 per cent.

(With inputs from Reuters)

4:08 PM

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

Markets traded volatile and managed to settle with decent gains, in continuation to the prevailing consolidation phase. The benchmark opened higher amid mixed global cues but profit-taking pared all the gains and pushed the index in the red. However, a steady rebound in the latter half helped Nifty to settle around the day’s high at 15,098 levels. On the sector front, a mixed trend was witnessed wherein banks, IT and consumer durables were the top gainers while metals, oil & gas and power were the top losers. The broader indices underperformed and ended with losses in the range of 0.5-0.8%.

 

We expect the prevailing consolidation phase to end soon however a lot depends on the performance of the global markets. Meanwhile, participants should limit leveraged trades and prefer a hedged approach. Among the sectors, IT and select banking counters look promising while others may continue to trade lackluster. Participants should align their positions accordingly.

4:07 PM

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

The market witnessed an attempt to break above the resistance level around the Nifty 50 Index level of 15100. The expected levels of the market are likely to be in the range of 14900 and 15100, and it’s going to crucial for the short-term market scenario to sustain above the 14900 Nifty50 index level. While it is subject to further price action evolution, It is prudent to wait for a decisive breakout above 15100 and technical factors to improve before going long in the market. the traders are advised to refrain from building a new buying position until further improvement (A breakout above 15100)

4:04 PM

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

Index managed to close a day on a positive note after a strong volatile session at 15100 with gains of nearly one percent. Nifty managed to crossed the 15100 zone decisively which was acted as a strong hurdle previously which hints we may see some more positive move going forwards if managed to sustain above the 15100 zone on an immediate basis, strong support is still formed at the 15k mark and hurdle zone for nifty is coming near 15170-15250 zone

4:02 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Markets slipped into the red on sustained selling in Metal stocks and profit booking in Oil & Gas stocks but bounced back sharply in late afternoon trade as Crisil sounded out an optimistic GDP forecast for the coming fiscal. The broader markets witnessed sustained buying interest in leading private sector banks and private life insurers

4:01 PM

Market Recap :: Vinod Nair, Head of Research at Geojit Financial Services

In a volatile day, the Indian market ended with minor positivity amid mixed global cues. Barring private banks, IT and consumer stocks, all other sectors were most impacted. Fall in US bond yields and stronger US equity futures aided Asian markets to recover from earlier losses

3:58 PM

Market stats

3:57 PM

Volatility check

>> India VIX, the volatility index, eased 9% to end at 22.5 levels.

3:56 PM

SECOR WATCH :: Metal stocks decline on correction in base metal prices

3:55 PM

SECTOR OF THE DAY :: Financial lift markets, ends as top performing index

3:52 PM

STOCK OF THE DAY :: SBI Life hits fresh 52-week high

>> Shares of SBI Life Insurance gained 6.4 per cent to hit a 52-week high of Rs 984 on the BSE in intra-day trade on Tuesday after reporting impressive growth (more than 60 per cent) in new business premiums (NBP) in the month of February. NBP is the premium acquired from new policies for a particular year. The stock surpassed its previous high of Rs 954.65, touched on January 8, 2021. It hit a record high of Rs 1,030 on October 30, 2019.

3:50 PM

STOCK OF THE DAY :: Poly Medicure erases gains partially

>> Shares of Poly Medicure hit a new high of Rs 804 after rallying 11 per cent on the BSE in intra-day trade on Tuesday. With today’s gain, the stock of the medical equipment company has surged 53 per cent over its qualified institutional placement (QIP) price of Rs 524 per share.

3:48 PM

STOCK OF THE DAY :: BPCL ends 4.5% down as BPCL Trust offloads stake

>> Shares of Bharat Petroleum Corporation (BPCL) dipped 6 per cent to Rs 438 on the National Stock Exchange (NSE) in intra-day trade on Tuesday after BPCL Trust for Investment in Shares (BPCL Trust) sold up to 7 per cent of its stake in state-owned energy company through a block deal.

3:45 PM

Stocks that lifted Sensex today

3:42 PM

Sectoral trends on NSE at Close

3:40 PM

Sensex Heatmap at Close