Bull run continues for 3rd day; Sensex ends 254 pts up; IT, metal stks jump

Among sectoral indices, the Nifty Metal index remained the star performer today, closing 1.8 per cent higher, followed closely by the Nifty IT index (up 1.6 per cent).

Stock market updates: Bulls were in command of the equity markets for the third day in a row as exuberance returned to the Street amid marginal ease in bond yields and cheap valuations. The US Treasury yield was last quoting at 1.55 per cent while domestic 10-year government bond yield was at 6.2 per cent. 

Amid a fall in volatility, the benchmark S&P BSE Sensex advanced 254 points, or 0.5 per cent, to end at 51,279.5 levels. On the NSE, the Nifty50 index ended at 15,175 levels, up 76 points or 0.51 per cent. The Sensex and the Nifty hit their respective intra-day highs of 51,430 and 15,218.

JSW Steel, Tata Steel, Hindalco, Bajaj Finance, Tata Motors, Sun Pharma, and Tech Mahindra, all up between 2 per cent and 3 per cent, were the top gainers on the Nifty, while Axis Bank, HCL Tech, Bajaj Auto, Infosys, and Dr Reddy's Labs were the additional top performing stocks on the Sensex.

On the downside, SBI Life, ONGC, Indian Oil Corporation, HDFC Life, UPL, GAIL, Coal India, ITC, Reliance Industries, and HDFC Bank were the top laggards on the indices, down up to 2.5 per cent.

Furthermore, the S&P BSE MidCap index ended 0.7 per cent higher today, while the S&P BSE SmallCap index settled 0.9 per cent higher. Hudco, L&T Infotech, IDBI Bank, MphasiS, Biocon, MTNL, ITDC, Meghmani Organics, and Morepen Labs, that surged in the range of 3 per cent to 20 per cent, were some of the outperforming stocks in the broader markets.

Among sectoral indices, the Nifty Metal index remained the star performer today, closing 1.87 per cent higher, followed closely by the Nifty IT index (up 1.67 per cent), and the Nifty Pharma index (up 1.48 per cent). On the downside, the Nifty PSU Bank index ended 0.15 per cent lower.  

Global markets

Asian stocks bounced back from a two-month low on Wednesday after global bond yields eased following a well-received US debt auction, and as Chinese shares found a footing after recent steep falls on policy tightening worries.

Japan’s Nikkei was little changed while MSCI's ex-Japan Asia-Pacific shares index rose 0.2 per cent. The CSI300 index of mainland China's A-shares rose 0.4 per cent.

In Europe, the pan-European STOXX 600 index edged 0.2 per cent higher. The Dow Jones Futures were last up around 100 points.

(With inputs from Reuters)

4:49 PM

ALERT

Markets shall remain shut tomorrow, March 11, on account of Mahashivratri holiday

4:46 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities

Today, the market closed at the level of 15170 and reached a high, however, traders were not keen to carry positions due to the bank holiday on Thursday. It can also happen on Fridays, as it can be a weekend getaway. Next Monday we can see a strong trend. Technically, the market closed above the level of 15150/51250, which could maintain the market's bullish continuation. We may see at least 15280 or 15350 levels in the near term. However, if the Nifty fails to break the 15280 level, it may send the market to consolidation between 15000 and 15280. If the index goes below 15000/50750, the bullish trend will break. Bond yields and the dollar index would once again determine the market trend in the coming days.

4:38 PM

TECH VIEW :: Sumeet Bagadia, Executive Director, Choice Broking

On the technical chart, the benchmark index has sustained above the prior swing highs with the support of 21 days Simple Moving Averages. In addition, on an hourly chart, it has been trading above its 50 HMA and also showing positive crossover in Stochastic which suggests an upside move for the upcoming days. At present, the Nifty index has an immediate resistance at 15310 levels while downside support comes at 15000 levels.

4:28 PM

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

Markets traded lackluster and ended marginally higher amidst mixed cues. Initially, upbeat global cues triggered a firm start in the benchmark but lack of follow-up buying and profit-taking in the index majors capped the upside. It hovered in a range till the end however movement on the broader front kept the participants busy. Consequently, the Nifty index ended higher by 0.5% at 15,178 levels. On the sector front, IT, Auto and Capital Goods were the top gainers. The broader indices performed in line with the benchmark wherein both Midcap and Smallcap ended higher by 0.8% and 1% respectively.

 

Nifty has been hovering within the 14,900-15,300 zone and a decisive break on either side would trigger the next directional move. Meanwhile, traders have no option but to limit their leveraged positions and maintain a stock-specific trading approach. The upcoming macroeconomic data i.e. IIP and CPI combined with cues from the global markets will dictate the trend ahead.

 

4:19 PM

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

Indian Benchmark equity indices ended higher for the third consecutive session on Mar 10, the weekly derivatives expiry day.  Nifty opened gap-up and made the intra day high in the first 5 minutes of trade. It later remained in the 15123-15218 band through the day. At close, the Nifty was up 76.40 points or 0.51% at 15,174.80.

 

Volumes on the NSE were much below recent averages hinting at limited institutional participation. Among sectors, Metals, IT, Pharma, Auto gained the most while PSU Bank fell marginally.

 

Nifty managed to close in the positive amidst lower volumes on March 10. Advance decline ratio improved. Nifty could now face resistance at 15273, while 15092-15126 band could provide support on Friday.

4:07 PM

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

The market witnessed yet another day of lackluster movement. Nifty 50 Index is still trading below the resistance level of 15250. The expected level should range between 14900 and 15250, and it’s going to crucial for the short-term market scenario to stay above the 14900 levels. While it is subject to further price action evolution, It is suggested prudent to wait for a decisive breakout above 15250 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.

4:00 PM

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

Domestic markets mirrored positive cues from its global peers, tracking gains from the US market as bond yields pulled back easing concerns about rising inflation. As per the data published by the Federation of Automobile Dealers Association, the retail sales for February grew 10.59% YoY after reporting a 4.4% decline in January keeping the outlook for the sector intact. However, two-wheeler, three-wheeler and commercial vehicles continued to see sluggish demand. Buying interest was broad-based led by IT, pharma and metal stocks

3:55 PM

SHAKERS AND MOVERS ON D-ST :: S Ranganathan, Head of Research at LKP Securities

With Technology stocks doing well on NASDAQ the day clearly belonged to Midcap IT as the street demonstrated increased appetite today for Technology. Broader markets witnessed good investor interest in Metal stocks. Several Small-Cap names across sectors were sought after as a lower interest rate scenario is seen beneficial to them

3:55 PM

Market stats

3:53 PM

SECTOR WATCH :: Tech stocks breaking away from sideways movement

3:50 PM

STAR PERFORMER :: Metal counters gained traction during fag-end of the session; index ends as top gainer

3:49 PM

Volatility check

>> India VIX index dropped 7.7% today to end at 20.75 levels.

3:46 PM

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

3:44 PM

Nifty gainers of the day

3:41 PM

Stocks that lifted Sensex today