Sensex dips 184 pts as RIL, HDFC twins weigh; Avalon Tech tanks 9% on debut

CLOSING BELL: The broader markets outperformed; Midcap and SmaIlcap indices were up 0.5 per cent and 0.2 per cent, respectively.

Stock Market Highlights: The key benchmark remained under selling pressure for the second straight day as investors preferred to book some gains following the recent steep rally. Broader indices, however, outperformed and managed to end higher in trades on Tuesday.

Among the frontline indices, the S&P BSE Sensex declined 534 points in intra-day deals, from a high of 60,113 to a low of 59,579. The BSE benchmark finally ended 184 points lower at 59,727. The NSE Nifty 50 slipped 47 points to 17,660.

PowerGrid Corporation dropped 2.3 per cent and was the top loser among the Sensex 30 shares. UltraTech Cement, Reliance Industries and Titan declined 1-2 per cent each. On the other hand, IndusInd Bank and HCL Technologies rallied over 2 per cent each. Nestle India and Wipro were the other major gainers.

The broader indices outperformed, with BSE Midcap index up 0.5 per cent, and the Smallcap index adding 0.2 per cent.

Sectorally, the BSE Healthcare and Realty indices gained 1 per cent each. Whereas, the Consumer Durables and Power indices dropped over 0.5 per cent each. The FMCG index was down 0.3 per cent.

Debutant Avalon Technologies tumbled to a low of Rs 388 on debut. The stock eventually ended nearly 9 per cent lower at Rs 397 as against the issue price of Rs 436 per share. The counter witnessed a combined volume of around 5.1 million shares on the BSE and the NSE. READ MORE

4:01 PM

Tech View :: Strategy for Nifty Bank index

The BANK NIFTY index continued to witness sideways momentum and is stuck in a broad range between 42,000-42,500. The options data also confirm where 42000pe and 42500Ce are where significant put writing is visible. The index as long as it sustains above 42000 will remain in a buy-on-dip mode and if breached will lead to a further correction towards the 41,500 level.

Views by: Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities

3:56 PM

Tech View :: 'Expect sector rotation and stock specific price action during this phase of consolidation'

The Nifty opened on a positive note and consolidated for most part of the day. It traded within the range 17863 – 17574 of the previous trading session. The hourly Bollinger bands are contracting on account of the sideways price action and is also suggesting rangebound price action. The daily momentum indicator has a positive crossover which is a buy signal. Thus, we are getting divergence signals from price and momentum indicator and this often results in a rangebound movement. During this phase of consolidation, we can expect sector rotation and stock specific price action. The range of consolidation is likely to be 17500 – 17800 for the next few trading sessions.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas 

3:52 PM

COMMENT :: What all happened in the markets today?

The banking stocks pared the performance during the day while the market was grappling with the sell-off in the IT sector. However, the IT sector experienced a marginal relief rally, aided by bottom fishing, as the recent correction has made the sector attractive for long-term investment. The pharma sector also bucked the negative trend due to an improvement in outlook along with strong movements in mid and small-cap stocks.

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:49 PM

Currency check :: Rupee ends at 82/$ against Monday’s close of 81.97/$

3:47 PM

Buzzing stock :: Airline stocks mixed; March aviation data shows domestic air traffic up 21.4% YoY at 12.89 m

3:43 PM

Buzzing stock :: CRISIL falls over 4% post Q4 results

3:41 PM

Buzzing stock :: Tata Chemicals slides 6% as company slashes soda ash prices

3:39 PM

Buzzing stock :: Avalon Tech plunges 9% against issue price after muted debut

3:37 PM

Broader indices shine amid better valuations; MidCaps outperform

3:36 PM

Sectoral trends :: Pharma, Realty, IT indices shine

3:34 PM

Sensex Heatmap :: Gainers and losers neck & neck

3:33 PM

CLOSING BELL :: Nifty settles above 17,650

3:32 PM

CLOSING BELL :: Sensex dips for second day weighed by heavyweights

3:30 PM

HDFC Bank set to meet reserve ratio requirements post merger: Report

The $40 billion merger, announced last April, is expected to conclude by July, HDFC Bank's Chief Financial Officer Srinivasan Vaidyanathan told analysts at a conference call on Saturday. READ MORE

3:23 PM

ALERT :: Govt denies considering tweaks in capital gains tax