Sensex ends 280 pts up; bank stocks gain post SC verdict in moratorium case

Sectorally, the Nifty PSU Bank index emerged as the winner with 3 per cent gains by close. The other two banking indices too settled 1.7 per cent higher each

MARKET LIVE: Sensex off day's high, up 200 pts; PSU banks outperform

Stock market updates: Indices oscillated between gains and losses on Tuesday, clocking wild movements in the intra-day deals, as investors followed 'sell on rally, buy on dip' approach. Such was the volatility that the benchmark S&P BSE Sensex reversed losses and jumped 600 points from the day's low of 49,662 to hit a high of 50,265. Meanwhile, the Nifty50 index hit an intra-day high and low of 14,879 and 14,707, respectively.

The BSE barometer settled at 50,051 levels, up 280 points or 0.56 per cent. The Nifty, on the other hand, was at 14,815 levels, up 78 points or 0.53 per cent.

UltraTech Cement, up 2.6 per cent, was leading the list of gainers, followed by IndusInd Bank, Titan, Reliance Industries, Axis Bank, SBI, and HDFC Bank on the Sensex. Shree Cement, Adani Ports, Divis Labs, Tata Motors, and Maruti Suzuki were the additional gainers on the Nifty. All these stocks were up in the range of 1 per cent and 5 per cent.

On the downside, ONGC, Hindalco, Power Grid, ITC, NTPC, HDFC, and BPCL, down up to 2.4 per cent, were the top laggards in a firm market.

In the broader markets, Bank of India, Adani Group stocks, Union Bank of India, IDBI Bank, Page Industries, IDFC First Bank, and ACC helped the S&P BSE MidCap index to settle 0.95 per cent higher. The S&P BSE SmallCap index, on the other hand, added 0.75 per cent.

Sectorally, the Nifty PSU Bank index emerged as the winner with 3 per cent gains by close. The other two banking indices too settled 1.7 per cent higher each after the Supreme Court, in its verdict in the loan moratorium case, pronounced that there cannot be a complete waive off of interest payments. It, however, observed that compound interest for all loans will have to be refunded or adjusted in the forthcoming quarters.

That apart, the Nifty Auto, Financial Services, IT, and Reality indices gained up to 1 per cent on the NSE. On the downside, the Nifty FMCG and Metal indices skid 0.4 per cent and 0.6 per cent, respectively.

Global markets

Asian stocks reversed earlier gains on Tuesday, dragged down by declines in Chinese markets, which were jolted by a new round of sanctions. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.76 per cent, hurt by a 1.42 per cent fall in Chinese blue chips.

The United States and others, including the European Union, sanctioned Chinese officials on Monday over human rights abuses in Xinjiang, and Beijing hit back with punitive measures against European lawmakers, diplomats, institutes and families.

Beyond China, Asian shares were mixed. Japan fell 0.61 per cent and Australia fell 0.11 per cent. IN Europe, the pan-European STOXX 600 rose 0.2 per cent.

(With inputs from Reuters)

4:33 PM

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

Markets continue to trade volatile and ended half a percent higher. After a sluggish opening, the benchmark oscillated in a range initially however the SC judgment on the moratorium case lifted sentiment as the day progressed. Consequently, the Nifty index ended with gains of 0.5% at 14,815 levels. On the sector front, except for metal and oil & gas, all the other sectoral indices ended with gains wherein banking, capital goods and realty were the top gainers. The broader indices too showed decent traction.

We feel banking might help the index to inch further higher but negative sentiment due to the rise in the COVID cases and mixed global cues would cap the upside. We reiterate our cautious approach and suggest preferring hedged positions.

4:20 PM

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

Indian benchmark equity indices ended higher in another volatile session on March 23 after making an intra day low at 1130 Hrs. At close, the Nifty 50 index ended 0.53% or 78 points higher at 14,815

Nifty seems to have halted the upmove seen over last three sessions, though temporarily. After a brief correction, it could resume its gradual grind upwards. 14598-14707 could provide support while 14879-14919 could offer resistance over the next 1-2 sessions.

4:13 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index managed to close a day above 14800 zone with gains of half per cent and formed a small bullish candle on the daily chart. The index has formed a broader range of 14500 on the downside and 15300 on the higher side and going forward also we may see prices to trade in the same range, recently prices touched lower band and started moving northwards if current levels are held then we may see next leg of rally towards previous swing highs

4:04 PM

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

Domestic market ended the day on a strong footing supported by a rally in banking stocks amidst weak cues from global markets. Sentiments in the banking stocks were lifted post Supreme Court’s order against granting interest waiver and extension of moratorium period. While its decision to not charge compound interest added a minor concern in the banking space. In the global space, European markets pulled back as rising covid infections reflected lockdown worries

3:49 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Bulls have come a long way exactly one year after markets made a low same day last year. Many segments like 2-wheelers etc across sectors have seen stock prices rise manifold in this one year. Tuesday's trade witnessed Cement stocks continue their upward momentum for the second consecutive day after the lower house approved the amendments to the MMDR Act. With the interest waiver case on loan moratorium decided today, investors value picked on PSU banks selectively. In the broader market, Fertiliser stocks saw demand on receipt of subsidy payments

3:48 PM

BSE Snapshot

3:46 PM

Broader market check :: MidCap index outperforms headline indices

3:45 PM

Sectoral trends on the NSE :: PSBs outrun, metals slide

3:42 PM

Sensex Heatmap at Close

3:41 PM

Indices clock choppy trade

3:36 PM

CLOSING BELL

The BSE barometer settled at 50,051 levels, up 280 points or 0.56 per cent. The Nifty, on the other hand, was at 14,815 levels, up 78 points or 0.53 per cent.

3:29 PM

Oil sector PSUs to set up InvITs as part of asset monetisation drive

After power, the country's oil sector PSUs would now float an infrastructure investment trust (InvIT) as part of the asset monetisation exercise announced by the government and mobilise resources for fresh capital investment.

As part of the exercise, gas transportation utility Gail India is expected to set up the gust InvIT in the oil sector in the next financial year. The proposed InvIT will house some of the gas pipeline infrastructure created by the company. READ MORE

3:19 PM