RIL, HDFC Bank help indices end 4-day losing streak; Sensex gains 748 pts

All that happened in the markets today

Snapping its four-day losing streak, the domestic stock market ended around 2 per cent higher on Tuesday, led by buying in Reliance Industries (RIL), and HDFC Bank. 

The S&P BSE Sensex today rallied 748 points, or over 2 per cent to settle at 37,688, with RIL (up 7 per cent) being the top gainer and Tech Mahindra (down nearly 3 per cent) the biggest loser. 

NSE's Nifty ended at 11,095 levels, up 204 points, or 1.87 per cent. Volatility index, India VIX, dropped 6 per cent to 23.67 levels. 

Among individual stocks, HDFC Bank ended nearly 4 per cent higher at Rs 1,041 on the BSE after the lender named Sashidhar Jagdishan as the successor to Aditya Puri, their chief executive officer once the latter retires in October 2020. The move, analysts say, will remove the overhang on the stock as regards the successor for the private sector lender. READ MORE

Wockhardt extended its rally and ended 10 per cent higher at Rs 333.70 on the BSE after the company said it will supply millions of doses of multiple Covid-19 vaccines, including that being developed by AstraZeneca and Oxford University, under a deal with the UK government. READ MORE

IT stocks, on the other hand, slipped in the trade after the US President Donald Trump signed an executive order restricting federal agencies from contracting or subcontracting foreign workers, hurting Indian IT professionals who work in the US on the H-1B visa. READ MORE

In the broader market, the S&P BSE MidCap index settled 1 per cent higher at 13,856 and the S&P BSE SmallCap rose 1.23 per cent to end the session at 13,317 levels. 

On the sectoral front, barring Nifty IT, all the other indices on the NSE ended in the green. Nifty Bank surged over 400 points or around 2 per cent to settle at 21,487. 

Global markets

European shares slipped on Tuesday as disappointing earnings reports from Diageo and Bayer took the shine off a jump in growth-linked cyclical stocks, while investors awaited signs of progress on more US fiscal stimulus.

In Asia, China stocks ended higher, underpinned by strong gains in banks as investors cheered Beijing’s latest move to ease pressure on the country’s financial institutions. The blue-chip CSI300 index rose 0.1 per cent, to 4,775.80, while the Shanghai Composite Index also inched up 0.1 per cent to 3,371.69.

In commodities, oil prices eased amid concerns that a fresh wave of Covid-19 infections around the world will see a pickup in fuel demand stalling amid tighter lockdowns - just as major producers ramp up output.

(With inputs from Reuters)

4:01 PM

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

"Indian benchmark indices ended the day with gains with positivity emerging post the RBI decision to approve the new CEO for HDFC Bank. Private Banks and RIL supported the gains in the benchmark indices. Global cues were also mostly positive, and aided the markets, following better US manufacturing data. With Indian exports reaching almost the same level on a YoY basis, economic activities are showing signs of revival which offset concerns about the increasing virus infections and the uncertainties that this brings across. The markets may look to consolidate, but as things stand, the current liquidity can ensure that any corrections will be bought into."

3:42 PM

BSE Snapshot at Close

3:40 PM

IT stocks end in the red in a strong market

3:39 PM

Counters that supported Sensex's 700 pts-rally

3:38 PM

Sectoral trends on NSE at Close

3:36 PM

Sensex Heatmap at Close

3:34 PM

Closing Bell | Markets snap 4-day losing streak

>> The S&P BSE SEnsex ended 748 points, or 2.03 per cent, higher at 37,688 level.

>> The broader Nifty50, meanwhile, closed 211 points, or 1.93 per cent, higher at 11,102 level.

3:29 PM

Market Voice :: RBI policy likely to address the issue of financial stability

The forthcoming Reserve Bank of India (RBI) policy is likely to address the issue of financial stability. With inflation set to stay higher than the upper band of RBI inflation target and given that inflation expectations in India are adaptive in nature, it will be a surprise if the central bank cuts again even if it’s token.
READ MORE

3:28 PM

INDEX LOSER:: Tech Mahindra dips nearly 3%

3:24 PM

TVS bets on premium bikes to improve margins in domestic and global markets

Over the past 14 years, TVS has developed a host of premium offerings ranging from 160-310cc. TVS Apache was able to garner a substantial share of the premium motorcycle market with 370,000 units, posting a decline of only 21 per cent in sales, compared with a 25 per cent drop year-on-year in the premium motorcycle industry in 2019-20. TVS churns out 25,000 units a month of TVS NTORQ, a premium scooter whose sales grew by 24 per cent even as the scooter segment in India declined by 17 per cent. READ MORE

3:13 PM

STOCK ALERT :: BPCL pares losses as DIPAM secy clarifies on divestment plan

>> Says, BPCL divestment to take place as planned

3:07 PM

MARKET CHECK

2:54 PM

Dhanlaxmi Bank slides 5% as Q1 provisions jump 3-fold YoY to Rs 37 crore

Interest income was down to Rs 236.65 crore in the quarter under review from Rs 240.43 crore reported in the year-ago period. Besides, its total income increased to Rs 278.62 crore from Rs 256.75 crore in the year-ago period, the lender said. The lender's provisioning for bad loans and contingenices spiked to Rs 37.02 crore in Q1FY21 as against Rs 9.27 crore a year ago. However, it was lower from previous quarter's Rs 56.89 crore. READ MORE 

2:48 PM

BUZZING STOCK:: Zen Tech surges 19%

2:35 PM

MARKET CHECK:: Top 5 losers on the BSE at this hour