Even though we have opened with a gap down, the market trend remains positive until it does not break the level of 14600. Traders can utilize this fall to accumulate long positions for a target of 15500 and a stop loss of a closing below 14600. Since the gap is wide, trades can be initiated in installments with strict adherence to stops.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
Barring Nifty IT, Nifty Media and Nifty PSU Bank indices, all the sectoral indices were trading in the red, down up to 2 per cent.
Five stocks, ONGC, Infosys, Tech Mahindra, Sun Pharma and Tata Consultancy Services (TCS) were trading in the positive territory.
Housing Development Finance Corporation (HDFC), HDFC Bank, Bajaj Finsv, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank were among top BSE Sensex laggards.
BSE Sensex was trading 668 points or 1.30 per cent down at 50,776, while the broader Nifty 50 index declined 193 points or 1.26 per cent to 15,053 on Thursday.
Check live Sensex, Nifty levels
Bond yields are now exerting a major influence on stock prices, globally. After spiking to 1.6% on 25th Feb, the US 10-year yield fell to 1.4% and yesterday it has again risen to 1.48% impacting equity markets. In India, this has been a ‘Buy on dips’ market and it is likely to remain so till a major correction pulls it down. This will happen only when FIIs turn sellers on a sustained basis. Currently, mid-small-caps appear strong since money is moving into this segment on valuation comfort.: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Tata Steel, HDFC Bank, IndusInd Bank, Bajaj Finsv, Kotak Mahindra Bank, NTPC and ONGC were among top BSE Sensex laggards in pre-open.
BSE Sensex was trading 420 points or 0.82 per cent down at 51,024.44, while the broader Nifty 50 index declined 89 points to 15,157 in pre-opening on Thursday.
Check live Sensex, Nifty levels
Asian stock market indices fell further in trade. Japan’s Nikkei was down 1.88 per cent, China’s Shanghai Composite declined 1.70 per cent. While Hong Kong’s Hang Seng index dropped 2.26 per cent and South Korea’s Kospi fell 1.46 per cent.
Domestic equities do not look to be inspiring at the moment on weak global cues. A steep rise in bond yields in the USA yesterday once again hurt investors’ sentiments. However, we continue to believe that these concerns are short lived and any immediate correction in market due to rise in bond yields fear will only create opportunity for investors to buy quality stocks at reasonable valuations. In our view, a situation like taper tantrum in 2013 is still far away. The spread between USA treasury and India’s GSec Yields is still over 475bps, which looks to be comfortable and unlikely to reverse FPIs flows meaningfully. Given continued rebound in high frequency key economic indicators in Feb’21, we believe underlying strength of domestic equities remains intact.: Binod Modi, Head Strategy at Reliance Securities
Nifty futures were trading 237.50 points or 1.55 per cent down at 15,057.50 on Singaporean Exchange on Thursday, indicating a gap-down opening for BSE Sensex and Nifty 50. In the last three days of the rally, Sensex has risen by 2,344.66 points or 4.77 per cent, while the Nifty has added 716.45 points or 4.93 per cent. Moreover, the market capitalisation of the BSE-listed companies has zoomed by Rs 9.41 lakh crore to reach Rs 210.22 lakh crore on Wednesday.
Read full story
The sharp up trended movement continued in the market for the third consecutive sessions on Wednesday and Nifty closed the day with hefty gains of around 326 points. A long bull candle was formed on the daily chart and the Nifty has overtaken the key resistance area of the previous opening down/up gap at 15065 levels and the recent swing high of 15176-25th Feb. This is positive indication and the recent negative pattern seems to have nullified and one may expect further upside in the short term.
Read full story
The reduction in home loan rates by leading banks is going to help the demand side immensely. Currently, the all-time low, sub-7% interest rates are encouraging consumers to proceed with their purchase and quickly close their transactions. Low interest rates also help enhance eligibility for home buyers thereby bringing more customers into the marketplace. We have been maintaining since quite some time that banks need to pass on the benefits of the reduced repo rates to consumers and we are happy to see the same happen now. The real estate sector has benefited immensely from the record low home loan rates, apart from the temporary reduction in stamp duty charges in key states.: Jayesh Rathod, Executive Director, The Guardians Real Estate Advisory
Domestic crude could start with gains this Thursday morning, tracking overseas prices. Technically, MCX Crude Oil will continue to trade on bullish momentum up to 4540-4594 levels. Support is at 4480-4420 levels. Natural gas futures rebounded on Wednesday supported by gains in LNG prices. Domestic natural gas ended higher on Wednesday, tracking NYMEX prices. International natural gas futures have started flat this Thursday morning in Asian trade ahead of the inventory data tonight.: Sriram Iyer, Senior Research Analyst at Reliance Securities
Domestic benchmark indices soared on Wednesday, moving higher for the third consecutive trading session, backed by growing economic optimism and vaccination drive picking up pace. BSE Sensex now sits at 51,444 while the 50-stock NSE Nifty is above the 15,200 mark. However, bond yields in the United States have risen once again, causing Wall Street indices to register another sell-off. On Thursday morning, Asian peers were mirroring global peers and sliding down. SGX Nifty was deep in red, falling 200 points during the early hours of trade.
Read full story
Major indices on Wall Street declined as the tech-heavy Nasdaq Composite dropped 2.7 per cent to close at 12,997.75. The S&P 500 fell 1.31 per cent to 3,819.72 while the Dow Jones Industrial Average declined 121.43 points to 31,270.09.
Asian stock markets were trading in the negative territory taking cues from overnight declines on Wall Street as bond yields rose yet again. Japan’s Nikkei 225 fell 1.18 per cent while the Topix index shed 0.62 per cent. South Korea’s Kospi slipped 0.67 per cent.
Nifty futures were trading 237.50 points or 1.55 per cent down at 15,057.50 on Singaporean Exchange on Thursday, indicating a gap-down opening for BSE Sensex and Nifty 50.
