Indian benchmark indices ended marginally higher on Monday, paring most of early gains, weighed down by losses in realty and FMCG space, weak Asian markets, falling US futures and rising oil prices. The BSE Sensex ended 35.75 points or 0.07 per cent higher at 50,441.07 and the NSE Nifty closed at 14,956.2, up by 18.1 points or by 0.12 per cent. Outperforming the benchmark indices, the broader market settled with decent gains. The BSE MIDCAP closed 0.36 per cent higher, while the BSE SMLCAP up by 0.66 per cent. The Market breadth, indicating the overall strength of the market, was strong. Out of 3,644 shares traded on BSE, 1,869 advanced, while 1,522 shares declined and 253 were unchanged. Among the individual stocks, Larsen & Toubro, ONGC, HCL Technologies, NTPC and Axis Bank were among top gainers, while Bajaj Finance, IndusInd Bank, UltraTech Cement and HDFC were among top losers.
On the sectoral front, capital goods and PSU index were among top gainers, while realty and FMCG sectors were among top losers. The capital goods and PSU index gained 1.76 per cent each, while realty and FMCG index fell 0.94 per cent and 0.38 per cent, respectively.
""Domestic markets pared its early gains taking cues from weak Asian markets, falling US futures and rising oil prices. Oil & Gas, PSU Banks and Metal stocks were the sectors in focus inching broader market. Oil prices were parked near record highs following geopolitical issue in Gulf while reports of the progress of PSU Bank privatization tempered buying in PSBs," says Vinod Nair, Head of Research at Geojit Financial Services.
Rohit Singre, Senior Technical Analyst at LKP Securities said, "Index opened a day with gains but unable to sustain on highs and after showing good volatility index closed a day at 14959 with mild gains of 21 points. The index has formed stiff resistance near 15070 if the index managed to cross above-said levels then some positive traction can be witnessed in the index and we may see a good move towards a good hurdle zone of 15150-15240 zone, immediate support for nifty is coming near 14900-14850 zone."
Here's a look at highlights of the market action on BSE and NSE today.
3:30 PM: Sensex, Nifty end marginally higher
Indian benchmark indices ended marginally higher on Monday, paring most of early gains, weighed down by losses in realty and FMCG stocks. The BSE Sensex ended 35.75 points or 0.07 per cent higher at 50,441.07 and the NSE Nifty closed at 14956.2, up by 18.1 points or by 0.12 per cent. Outperforming the benchmark indices, the broader market settled with decent gains. The BSE MIDCAP closed 0.36 per cent higher, while the BSE SMLCAP up by 0.66 per cent. The Market breadth, indicating the overall strength of the market, was strong. Out of 3,644 shares traded on BSE, 1,869 advanced, while 1,522 shares declined and 253 were unchanged.
The BSE Sensex ended 35.75 points or 0.07 per cent higher at 50,441.07 and the NSE Nifty closed at 14956.2, up by 18.1 points or by 0.12 per cent. The top gainers of the BSE Sensex pack were Larsen & Toubro Ltd. (Rs. 1513.85,+3.43%), Oil And Natural Gas Corporation Ltd. (Rs. 118.30,+2.96%), HCL Technologies Ltd. (Rs. 962.15,+2.22%), NTPC Ltd. (Rs. 110.55,+1.66%), Axis Bank Ltd. (Rs. 742.90,+1.60%), among others.
Meanwhile, Bajaj Finance Ltd. (Rs. 5323.40,-2.22%), IndusInd Bank Ltd. (Rs. 1018.40,-2.05%), UltraTech Cement Ltd. (Rs. 6687.25,-1.81%), Bajaj Auto Ltd. (Rs. 3799.60,-1.40%), Housing Development Finance Corporation Ltd. (Rs. 2509.95,-1.31%), were among top losers of the BSE Sensex pack.
1:45 PM: Adani Green Energy shares trade lower
Shares of Adani Green Energy were traded lower at Rs 1,167.35, down 0.32 per cent, on the Bombay Stock Exchange. The company said that its subsidiary, Adani Wind Energy Kutch Three Limited (AWEKTL), has commissioned a 100 MW wind power plant located in Kutch, (Gujarat), 5 months ahead of scheduled date of commissioning.
1:35 PM: Tech Mahindra share price rises over 1%
Shares of Tech Mahindra were trading at Rs 972.15, up 1.32 per cent, on the Bombay Stock Exchange after the company announced that it has achieved System and Organization Control (SOC) 2 type 2 attestation for BPS and IT services. The SOC 2 report reinforces Tech Mahindra's commitment towards safeguarding customers security, privacy, availability and confidentiality across all services globally, the company said.
1:25 PM: Expert views on real estate sector
Amit Modi, Director- ABA Corp, President (Elect), CREDAI - Western UP says, "Multiple developments in the year 2020 are projected to have a positive impact on the real estate market in 2021. As a result of the increased use of online channels by the general public, the sector is also using digital media. One of the most important developments for the residential segment in 2020 was the reduction of EMIs, which is below 7%; this trend is helping the sector attract more demand, including from fence-sitters. The market on the Yamuna Expressway and Greater Noida West has already benefited from the developments surrounding Jewar Airport and the upcoming Film City. Activity in these areas and regions within 25 kilometers of planned projects will ramp up in 2021."
1:10 pm Expert take:
Ravi Singhal, Vice-Chairman, GCL Securities said,"At present, Nifty is trading in the lower low and lower high channel. Here the support is 14,800, and resistance stands near 15,150. This translates into the higher and the lower ranges of Nifty. Wherever Nifty gives a break out of this range, that means if it is above 15,150 or below 14,800, it is bound to display an extra move of 5 percent in the coming days. For the shorter time frame, insurance and pharma stocks look promising."
12: 45 pm: BEML share hits 52-week high
BEML share climbed to its 52 week high amid reports that companies such as Tata Motors, Mahindra, Ashok Leyland, Bharat Forge Ltd and Megha Engineering are likely to submit expressions of interest for the government's stake in the PSU. Share of BEML zoomed 19.03% to a fresh high of Rs 1,394.95 against previous close of Rs 1,171.90 on BSE.
12: 20 pm Just Dial share rises 8%
Just Dial share rose over 8% in early trade today after the local search engine said it has inked a pact with broadcaster Star India for advertising as co-presenting sponsor during Indian Premier League (IPL) 14. The tournament will be held in April-May 2021.
Also read: Why Just Dial share rose over 8% today
12: 15 PM: Astral Poly jumps 5% on bonus issue
Shares of Astral Poly Technik surged as much as 5 per cent to hit fresh 52-week high of Rs 2,332 on the BSE after the company said it has fixed March 19 as the record date for the 1:3 bonus share issue. The stock breached its previous high of Rs 2,249.95 touched on March 2.
12:05 PM: Oil & Gas shares rally; ONGC hit 52-week high
Shares of oil & gas major Oil and Natural Gas Corporation (ONGC) surged up to 6 per cent and hit its 52-week high of Rs 122.30 on the BSE in the intra-day trade. Among others, Gail (India) rose7 per cent to hit record high of Rs 157.95 in the intra-day trade, while Oil India rose 5 per cent to Rs 133.50 on the BSE.
11:50 AM: Annuj Goel, MD of Goel Ganga Developments, on real estate sector
"Green shoots of recovery in the real estate sector have already started cropping up, and that's a really good signal for the much-required post-pandemic bounce back. Now, the Indian economy is betting big on the realty projects for the revival. Moreover, the government has also extended its support to help the real estate sector bounce back to pre-Covid levels. The recent real estate stimulus package unveiled by the Maharashtra government too is expected to act as a booster dose to the property sector in the state for various realty projects. The fee discounts for developers and duty-free homes for buyers by the Uddhav Thackeray government will certainly aid in propelling the real estate sector towards new targets."
11:05 AM: Petrol, diesel price remain unchanged
Prices of petrol and diesel remained unchanged for the ninth consecutive day despite surge in brent crude oil. A barrel of the black gold rose to $70.82 a barrel, the highest levels since May 2019, after a missile attack on facilities of Aramco in Saudi Arabia.
10:50 AM: Easy Trip IPO starts today
The Rs 510 crore initial public offer (IPO) of Easy Trip Planners started today. The issue is entirely an offer for sale (OFS) by two promoters, ishant Pitti and Rikant Pittie, who will sell up to Rs 255 crore worth of shares each. The firm has fixed a price band of Rs 186-187 per share. Lot size for the IPO is a minimum of 80 equity shares and in multiples of 80 shares thereafter.
10:40 AM: Sensex, Nifty extends gain
Extending early morning gains, the BSE Sensex was trading 499 points 0r 0.99 per cent higher at 50,904, and the NSE Nifty was 15,049.45, up by 111.35 points or by 0.75 per cent. The broader market outperformed, with BSE MIDCAP and SMLCAP rising 1.05 per cent and 1.41 per cent, respectively. The Market breadth, indicating the overall strength of the market, was strong. Out of 2,690 shares traded on BSE, 1,875 advanced, while 665 shares declined and 150 were unchanged.
Among the individual stocks, ONGC, NTPC, State Bank of India, HDFC Bank, Axis Bank were among top gainers, while Bajaj Auto, Power Grid Corporation of India, IndusInd Bank, UltraTech Cement, Dr. Reddy's Laboratories were top laggards.
10:30 AM: Analyst at LKP Research recommends 'BUY' call on Canara Bank target price of Rs 210
Brokerage firm LKP Research has recommended 'BUY' call on state-owned lender Canara Bank with 12-month target price of Rs 210 against current price of Rs 161.50. The lender has moderate stress and strong future outlook, LKP Research said in its report. Canara Bank shares were currently trading at Rs 160.45, up 0.56 per cent.
"The bank may raise capital from stake sale in AMC, HFC and Insurance. We believe the hurdles from merger (with Syndicate Bank) are behind and the bank shall witness gradual improvement in profitability," it said.
10:15 AM: Rupee opens lower at 73.18 against US dollar
Indian rupee opened 16 paise lower at 73.18 against US dollar on Monday against Friday's close of 73.02. The Indian currency was trading lower despite positive trade in the domestic equity market.
10:00 AM: Gold, silver futures gain
Gold and silver futures were trading higher on Monday on optimism over a stimulus package passed by the US Senate. Gold futures for April contract were up 0.10 per cent to trade at Rs 44,729 per 10 grams. Silver futures for May delivery were trading at Rs 66,420 per kg, up 1.25 per cent. The gains in yellow metal was restricted by recent ETF outflows and strong US payrolls data.
9:45 AM: Adani Port share price rises over 1%
Shares of Adani Port rose over 1 per cent in opening deal after Windy Lakeside Investment Ltd, an affiliate of private equity firm Warburg Pincus, announced to invest Rs 800 crore to acquire 0.49 per cent stake in India's largest private port operator.
9:40 AM: Muthoot Finance shares fall nearly 4%
Shares of Muthoot Finance dropped nearly 4 per cent in opening trade after MG George Muthoot, the chairman of the largest gold loan NBFC in the country, passed away on March 6. The shares were trading at Rs 1,241.95, down 3.71 per cent. According to Delhi Police, "Muthoot Group Chairman MG George Muthoot fell from 4th floor of a building in East of Kailash, Delhi yesterday. He was rushed to Fortis Escort Hospital & was declared dead during treatment. Today, his postmortem was conducted. No foul play is suspected, the police said.
9:30 AM: Expert view on the market:US bond yields, dollar index and crude weigh on market sentiment
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, three factors that weighed on market sentiments are US bond yields, dollar index and crude. "All the three firmed up last Friday impacting sentiments. The combined FII, DII cash market selling ( above Rs 3000 cr on last Friday) reflected the market's concern. Brent crude rising beyond $71 is a macro concern for India. But rising US bond yield and dollar index , though a concern, need not be a market impacting move provided growth recovery keeps up pace. The latest job data from the US indicates that the US economy is bouncing back. In India, too, the growth and earnings data are set to improve. These positive trends can sustain market buoyancy provided the bond yield doesn't spike sharply," says Vijayakumar.
9:15 AM: Sensex, Nifty opens higher
The Indian benchmark indices opened higher on Monday, tracking firm cues from global peers and positive trading at Nifty futures on the Singapore Exchange. The Indian benchmark indices opened higher on Monday, tracking firm cues from global peers and positive trading at Nifty futures on the Singapore Exchange. At 9:17AM, the BSE Sensex was at 50674.94, up by 269.62 points or by 0.53% and the NSE Nifty was at 15002.45, up by 64.35 points or by 0.43%.
8:56 AM: SGX Nifty trades in green
The SGX Nifty was trading 9.5 points or 0.06 per cent higher at 14,992.50, indicating a positive start for the Sensex and Nifty.
8:45 AM: Global markets
Globally, Asian stocks were trading higher on $1.9 trillion stimulus bill passed by the US Senate as well as strong macro data which indicates recovery in global economic outlook.
8:30 AM: Stocks in focus
Among the individual stocks, shares of Adani Ports, Muthoot Finance, BEML, Just Dial, Ircon, Tata Chemicals others will be in focus in Monday's trading session.