Sensex recovers 421 pts from day's low, ends flat; Nifty settles at 13,568

All that happened in the markets today

In the broader market, the S&P BSE MidCap index outperformed the frontline indices as it gained 0.42 per cent.

After remaining in the negative territory for most part of the session, the domestic equity market managed to settle flat with a positive bias on Tuesday amid buying in select financial and information technology (IT) counters.

The S&P BSE Sensex ended at 46,263, up 10 points, or 0.02 per cent while NSE's Nifty settled at 13,568, up 10 points, or 0.07 per cent. During the session, Sensex hit a high and low of 46,350.30 and 45,841.67 levels, respectively.

HDFC, HDFC Bank, Bajaj Finance, Bajaj Finserv, and HCL Tech were the major contributors to the Sensex's recovery today. Bajaj Finance (up 4.7 per cent) was the biggest gainer on Sensex while HUL (down over 2 per cent) emerged as the top loser.

Moreover, Bajaj Finance entered the elite club of companies with a market capitalisation (market-cap) of Rs 3 trillion after the company's stock price hit a new high. The stock ended at Rs 5,128 on the BSE.

Volatilty index, India VIX, ended at 19.3 levels, down 0.29 per cent.

In the broader market, the S&P BSE MidCap index outperformed the frontline indices as it gained 0.42 per cent to 17,733.87 while SmallCap index ended flat at 17,696 points.

Among sectoral indices, Nifty Media gained the most - up 1.79 per cent, followed by Nifty Metal and Nifty Financial Services indices (both up 0.77 per cent).

Global markets

Asian stocks retreated on Tuesday as worries about increasing Covid-19 deaths and lockdowns overshadowed optimism about the roll-out of coronavirus vaccinations, just days after indexes hit record highs.

In Europe, shares traded flat as rising Covid cases forced tighter curbs across the continent, denting optimism from vaccine roll-outs and hopes of an eventual Brexit trade deal.

(With inputs from Reuters)

4:07 PM

MARKET VIEW | Vinod Nair, Head of Research at Geojit Financial

Indian market opened with a negative trend following the weak sentiments of the Asian market, but a strong recovery happened as European market opened positively ahead of policy meetings. The liquidity-driven rally, which has been heavily depending on foreign funds, will bet a lot on the ongoing FOMC policy meeting and a final decision will be announced tomorrow, and the US stimulus package to be finalized this week. The outcome of these events are expected to be positive, triggering further positivity in the market.

4:00 PM

Tech View | Uncertainty likely ahead: Rohit Singre, senior technical analyst at LKP Securities

Index showed a strong recovery from day's low and managed to close the session on a positive note with minimal gains and formed a Doji candle for the fourth consecutive session, hinting uncertainty going ahead. The index has formed a good base near 13,500 zone. If index holds above the said levels, we may see it march towards its immediate resistance zone of 13,600. And if it manages to sustain above 13,600, then we may see a quick move towards 13,700 zone.

3:57 PM

Burger King India shares rally another 20% after stellar market debut

3:53 PM

Majesco wipes off most gains, ends flat

Shares of Majesco ended 0.88 per cent up at Rs 982.20 on BSE after hitting fresh record highs in intraday trade today. The stock had rallied following after the company said its board has approved payment of interim dividend at the rate of 19,480 per cent i.e. Rs 974 per equity share of face value of Rs 5 each for the financial year 2020-21.

3:49 PM

Market Stats

Advance-decline ratio at nearly 1:1 on BSE
276 stocks hit 52-week highs, 40 at 52-week lows
414 scrips touched upper circuit limits; 177 hit lower circuits

3:46 PM

Sectoral Trend: Nifty PSU Bank index bleeds the most while Nifty Media shines

3:44 PM

Broader markets outperform benchmark

Nifty Midcap 100 index rose 0.47 per cent while Nifty Smallcap 100 index added 0.19 per cent as against a 0.07 per cent rise in Nifty. Meanwhile, broadest index on NSE, Nifty 500 moved in tandem with bechmark Nifty, and ended 0.08 per cent higher.

3:42 PM

HDFC duo, Bajaj Finance, Bajaj Finserv and select IT stocks among top Sensex contributors

3:41 PM

Sensex Heatmap | Top gainers & losers

15 of 30 Sensex stocks ended in the green
Bajaj Finance, Bajaj Finserv top Sensex gainers, rise up to 5%
HUL, Nestle worst laggards, down 2% each

3:38 PM

CLOSING BELL

Sensex recoups 421-point loss, ends 9.71 points or 0.02 per cent up at 46,263.17; Nifty settles at 13,567.85, up 9.70 points or 0.07 per cent

3:29 PM

MARKET CHECK

3:18 PM

BROKERAGE VIEW | Nirmal Bang Securities on Tyre sector

We expect healthy overall growth in tyre demand over FY21-23, as demand from original equipment manufacturers (OEMs) is expected to grow at a strong 18-20% CAGR during the same period. Higher demand will be seen across all the automobile segments over a pandemic-hit low base of FY21 amid expectations of Covid vaccines and improvement in the demand cycle amid improving economy and consumer sentiments. We are already seeing a ‘V’ shaped recovery in most of the Auto segments and we expect OEM demand growth from PVs, 2Ws, and Tractor segments in the medium term and from CVs, PVs, and 2Ws in the long term. Replacement demand for tyres has been strong whereas OEM sales have been tepid for the last 18-24 months. Replacement demand is expected to remain strong in the near term and eventually, we expect it to normalise in the medium to long term period.

3:07 PM

DHFL freezes at 5% lower circuit for second straight day on profit booking

Shares of Dewan Housing Finance Corporation (DHFL) were locked in the lower circuit for second straight day, down 5 per cent at Rs 37.70, on the BSE on Tuesday amid profit booking after media reports suggested that the US-based asset management firm Oaktree Capital has emerged as the highest bidder in a revised round of bidding for the troubled mortgage lender. READ MORE