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Market LIVE: Sensex above 50,500, Nifty hovers around 15,000; ONGC, L&T top gainers – The Financial Express

Volatility is down 3% on Monday
(Image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets are trading with gains on Monday. S&P BSE Sensex was up more than 250 points while Nifty 50 reclaimed 15,000. NTPC was the top gainer on Sensex, followed by Larsen & Toubro and ONGC along with HCL Technologies. Ultratech Cement, Bajaj Finance, and IndusInd Bank were the top drags. Smallcap and Midcap indices were mirroring the benchmarks. Easy Trip Planners initial Public Offering (IPO) has opened for subscription today. Though the IPO, the online travel agency will raise Rs 510 crore, which will go entirely to the selling shareholders and not the company as the issue is purely an Offer For Sale (OFS). Investors can subscribe to Easy Trip Planners IPO, where 2.73 crore shares are on sale, in the price band of Rs 186-187 per share, in a bid lot of 80 shares and multiples thereafter. Ahead of the public issue, Easy Trip Planners managed to raise Rs 229 crore anchor investors, allotting them 1.2 crore equity shares at Rs 187 apiece. Nomura Funds Ireland Public Limited and HSBC Global Investment are among the 35 anchor investors of the firm. 

Sensex was in green but down from highs just ahead of the day’s closing bell. Nifty was down, hovering around 15,000 mark.

Rakesh Jhunjhunwala sold a part of his stake in nine companies during the October December quarter, of these only four stock have since given negative returns while five others have gone on to gain. The billionaire investors trimmed stake in his favourite Titan Company Limited along with Crisil, Aptech, Federal Bank, Rallis India, Fortis Healthcare, Autoline Industries, Escorts, and Firstsource Solutions. Most of these firms, except Fortis Healthcare and Crisil, have doubled from March 2020 lows.

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Nifty was above 15,000 levels on Monday while the S&P BSE Sensex index crossed the 50,600 mark. Nifty need to cross 15,300 to see any breakout to fresh all-time highs, according to Manish Hathiramani, Proprietary index trader and Technical Analyst, Deen Dayal Investments.

The IPO of Easy Trip Planners has been oversubscribed by investors on the very first day itself. Retail investors are leading the bidding, subscribing to 8.37 times their quota. QIB are non-existent so far while NIIs have bid for 5% of their portion.

The pandemic-ravaged months have taken a heavy toll on everyone and especially on women, who sadly were the first set of people in many households to take a hit on their careers – either due to a job loss or by opting out to help at home. But those who have engaged closely with women in their journey during the pandemic seem to have witnessed powerful stories of hope and entrepreneurship.

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Today’s top gainers on Sensex, Larsen & Toubro and ONGC, were holding their top spot firmly with less than an hour to go before the closing bell.

Laxmi Organic is trading at a premium of Rs 110 per share; shares of Anupam Rasayan are at a premium of Rs 310 apiece, while MTAR Technologies was up Rs 490, and shares Easy Trip Planner were trading at Rs 145 in the unlisted space on Monday.

~Dinesh Gupta, co-Founder at UnlistedZone

Oil stocks were in focus today as Brent crude futures surged over $70 a barrel on Monday for the first time since Coronavirus pandemic began, following the reports of attacks on Saudi Arabian oil facilities. S&P BSE Oil & Gas index reached a record high of 16,588.30 level, led by gains in GAIL, ONGC (Oil and Natural Gas Corporation Ltd), Indian Oil Corporation Ltd, which hit their respective new 52-week highs. Also, Reliance Industries Ltd (RIL) stock price jumped 2.4 per cent to Rs 2,231 apiece.

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While Sensex was up 0.20%, the BSE Smallcap index zoomed 0.77% while the Midcap index was up 0.40%, both outpeforming the benchmark.

Software giant Wipro last week announced the acquisition of British consultancy firm Capco for $1.45 billion, its biggest purchase. Since the details of the deal became public, Dalal Street has not been kind towards Wipro. The share price of the IT major is down 5.2% since last Thursday to now trade at Rs 415 per share. Analysts have raised concerns about the deal and have trimmed price targets, ratings of the Information Technology firm.

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Factoring near term capital infusion, we expect the bank’s loan book to fatten cautiously at CAGR of 8% over FY21-23E, led by retail book growth. In our opinion, the bank’s credit cost will normalise by FY22E and estimate return ratio ROA/ROE of 0.3% and 7% in FY23E. We value the standalone entity at 0.6xFY22E BVPS (₹349) and arrive at a target price of ₹210. We recommend BUY with a potential upside of 31%.

~ LKP Securities

At the higher end of the price band, Easy Trip Planners IPO is priced at a PE ratio of ~59 times FY20 earnings per share (on a trailing basis). While this seems to be aggressively priced, the company has posted robust growth in topline and bottomline over the last few years. The company has been consistently profitable since incorporation, and posted a healthy net margin of 23% in FY20, even as peers made losses. It also has a debt-free balance sheet. The expectations of a quick rollout of the vaccine would also improve outlook for the company’s business going forward. Given strong revenue and profit growth over the last few years, stable margins, good return ratios, asset-light model, and robust growth outlook, we remain positive on the prospects of the issue,” INDmoney said in a report

Based on FY2020 the IPO is priced at a PE of 58x at the upper end of the price band along with a very good ROE of 34% and ROCE of 35%. The company has the potential to grow exponentially in near future. Looking at the company performance in FY 2020 and strong balance sheet is given that we have certain concerns regarding competition in this business we are assigning a “SUBSCRIBE” recommendation to the issue.

~ Angel Broking

The Rs 600-crore Laxmi Organic Industries initial public offering (IPO) is scheduled to open for subscription next week on March 15, 2021. The issue comprises a fresh issue of equity shares worth Rs 300 crore and offer-for-sale (OFS) of Rs 300 crore by the promoter Yellow Stone Trust, according to the red herring prospectus (RHP) filed. The book running lead managers to the Mumbai-based Laxmi Organic are Axis Capital Ltd and DAM Capital Advisors Ltd (formerly known as IDFC Securities Limited), while the registrar to the issue will be Link Intime India Private Ltd.

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Japanese investors have net sold 3.6 trillion Yen of foreign bonds over two weeks period, the largest over the past 20 years, suggesting US yields have more room to reprice, and the unwind of currency hedges could also support higher USDJPY.

~Stephen Innes, Chief Global Market Strategist at Axi

Nifty 50 has slipped nearly 2% since mid-February when it touched 15,300 — the recent high. However, the fall does not indicate any sharp jump in risk aversion among investors, even though the volatility gauge has spiked 12%, said ICICI Securities in a report. The brokerage and research firm said that the current market movement is more of a consolidation and sector rotation rather than a systematic rise in risk aversion. Nifty and Sensex have now doubled from the March 2020 lows.

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ONGC was the top Sensex gainer on Monday morning, zooming more than 4%, followed by Larsen & Toubro, and Reliance Industries.

Anupam Rasayan India Ltd’s Rs 760-crore initial public offering (IPO) will open for subscription on Friday, March 12, 2021. The company has fixed price band at Rs 553-555 per share. The public issue will close for subscription on Tuesday, March 16, 2021. Following the announcement of the price band, the grey market premium of Anupam Rasayan India Ltd shares surged to Rs 320 apiece on Monday.

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The upward momentum in the USDINR pair looks more likely heading towards 73.50 levels. However, gains in pair shall be capped near 73.80 levels given by the channel of inflows lined up in the current month. Overall, the short-term trend for USDINR is likely to remain bullish with a range of 72.70-74.00.: Amit Pabari, managing director, CR Forex Advisors

“The support range of 14700-14800 was respected last week and on today’s opening. Hence the uptrend stands intact. It would be threatened if we fail to keep above 14800 on a closing basis. The markets have turned sideways and the Nifty can be choppy. The index needs to get past 15300 levels to break out of this range and then we can trade for 15500-15600,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

“Three factors weigh on market sentiments presently: 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,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Sensex and Nifty were trading with gains on the opening bell. Nifty has reclaimed 15,000 while Sensex was near the 50,600 levels. 

Sensex gained 248 points while Nifty 50 index breached the 15,000 mark during the pre-open session on Monday.

COMEX gold trades 0.5% higher near $1708/oz after a 0.1% decline on Friday when it tested June 2020 lows. Gold has edged up on back of progress on the US stimulus front as the Senate approved the $1.9 trillion package which will now go to the House for a vote. However, weighing on price is continuing ETF outflows, upbeat non-farm payrolls data and higher US and global bond yields. Gold has bounced back above $1700/oz and may see extended gains on US stimulus optimism however a sharp rise is unlikely unless US bond yields correct sharply.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

Oil prices have spiked higher this morning after Iran-backed Houthi rebels unleashed a coordinated attack on Saudi Arabia oil facilities and military bases. With OPEC pursuing a tight oil policy and US shale oil inelastic supply response to higher prices, any disruption to the Middle East supply chain could shoot oil prices considerably higher. Indeed, this could be the flashpoint that ignites that smouldering Middle East powder keg as apparent lines in the sand got crossed when the attacks targeted civilians. So far, there have been no reports of significant damage or oil supply chain disruptions, but this is an evolving story that will keep oil traders on their toes. On top of the terrorist attacks, oil prices are also buttressed this morning on the back of data surprises.

~Stephen Innes, Chief Global Market Strategist at Axi

Sensex was above 50,700 during the pre-open session on Monday morning while Nifty reclaimed 15,100 levels.

Indian share market benchmarks BSE Sensex and Nifty 50 were likely to open in the positive territory on Monday. In the previous session, Sensex ended 440 points lower at 50,405, while the 50-stock NSE Nifty gave up the 15,000-mark. According to a technical analyst, NSE’s Nifty could test the 50-DMA this week placed at 14,585. 

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SGX Nifty is up just 20 points ahead of the pre-open session. Nifty futures were trading nearly 140 points higher during the early hours of Monday.

Commodity prices traded lower during the week passed by with most of the commodities witnessed selling except crude oil. Bullion prices extended the decline for the week while base metals were down on profit-booking and weak Chinese data. Crude oil prices rallied on lower supply concerns and stronger demand optimism.

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After gaining over 2.5 per cent in the previous week, BSE Sensex and Nifty 50 are set to start the week on a positive note on Monday. NSE’s Nifty may reclaim the crucial 15,000-mark on opening, as suggested by the trends on SGX Nifty. Nifty futures were trading 138.50 points or 0.93 per cent higher at 15,092 on Singaporean Exchange. 

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The demand for courier and home delivery boys, as also account executives, has picked up nicely since January as the retail and e-commerce sectors stage a comeback. Betterplace, a tech platform that manages the life cycles of informal and semi-formal workforces, estimates the demand for blue collar workers has shot up by 54% to eight lakhs in the January-March quarter from 5.2 lakhs in the six months to December 2020. Indeed, many more employers are in the market today, about 1,107 compared with 774 in the last six months.

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Dollar index moved to three months high and statement by Fed chairman did not go well with global equities, which saw selling. There was no exception for Indian equites that saw aggressive profit booking on the last day of the week and closed below 15000 levels. After initial cool off in Volatility index VIX, it again gained momentum and moved towards 26 levels whereas the rupee depreciated almost 30 paise on Friday, which is likely to lead to negative sentiments prevailing as upsides could be limited and selling could be seen at higher levels.

~ ICICI Direct

Despite the fall recorded by benchmark indices during the last two trading sessions, Dalal Street still managed to end the previous week with gains. S&P BSE Sensex closed at 50,405, up 2.66% from the previous week while the 50-stock NSE Nifty ended at 14,938, up 2.8% from last Friday’s closing. “On a weekly basis, the market closed in the positive territory the market mood was sluggish. A substantial jump in the long term treasury yields and upward activity in the dollar index towards 92, resulted in weakness across the globe,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

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Easy Trip Planners initial public offering (IPO) will open for subscription on Monday, making it the tenth public issue to enter Dalal Street so far in 2021. The online travel agency is looking to raise Rs 510 crore through the IPO which will entirely be an Offer For Sale (OFS) by existing shareholders. Post issue, the promoter shareholding will come down to 74.9% from 100% pre-IPO and public shareholding will increase to 25.1% from zero. The issue will remain open for subscription till March 10.

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