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Market LIVE: Sensex recovers from lows, still in red, Nifty support lies at 15,000; RIL drags, India VIX up 7% – The Financial Express

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. Image: ReutersShare Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading with cuts on Thursday amid weak global cues. BSE Sensex was hovering below 51,000 while the broader Nifty 50 index was just above 15,050. Housing Development Finance Corporation (HDFC), HDFC Bank, Bajaj Finsv, Axis Bank, Kotak Mahindra Bank, Bajaj Finance, IndusInd Bank were among top BSE Sensex laggards. Five stocks, ONGC, Infosys, Tech Mahindra, Sun Pharma and Tata Consultancy Services (TCS) were trading in the positive territory. 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. Asian stocks markets fell further in trade. Japan’s Nikkei was down 1.88 per cent. Hong Kong’s Hang Seng index dropped 2.26 per cent and South Korea’s Kospi fell 1.46 per cent.

Even in this time of lockdown Easy Trip Planners demonstrated its strength and was able to report revenue of 50 crores in 9MFY2021 and positive earnings per share of 2.86. The company stands at 3rd among the key online travel agencies in India in terms of gross booking revenues in FY 2020. They were the only profitable online travel agency among the key online travel agencies in India in 2018, 2019 and 2020, in terms of net profit margin. The competition will always remain a concern for this industry as well as companies, Easy Trip Planners need to compete with Paytm in Air tickets booking and aggregators like OYO in hotel business etc. We have a positive outlook for EASY TRIP PLANNERS LIMITED IPO.: Yash Gupta Equity Research Associate, Angel Broking Ltd

The Russell 2000 index has zoomed 13.4% so far in 2021, outperforming the benchmark S&P 500 which has managed to gain merely 3.2% during the same period. This outperformance hints at investors turning focus away from large-cap companies towards mid-cap and small-cap stocks as the US economy picks up after the pandemic-induced slump. Russell 2000 comprises 2,000 small-cap stocks, while the S&P 500 is made up of the largest 500 companies on Wall Street.

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Warren Buffet’s favourite stock market indicator has shot above its long term average as domestic stock markets near all-time highs and bulls continue to assert control on Dalal Street. The market capitalization to Gross Domestic Product (GDP) ratio of Indian equity markets is now at 104%, against the long term average of 75%, a report by brokerage firm Motilal Oswal showed. Nifty and Sensex recorded a 6.6% jump in February, helped by the Union Budget, RBI’s accommodative stance and a global bull market.

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Tech Mahindra, Dr Reddy’s, and Ultratech Cement were the top three gainers on BSE Sensex. While Tech Mahindra and Dr Reddy’s were up more than 1% each, Ultratech Cement was up 0.95%.

Market opened with a gap down at 15026.75 and reversed from the support of 15000 and is currently trading at 15136 after making a high of 15171.30. 15000 will act as a support in the short-term period while 15270-15300 will act as a resistance. Markets were under the pressure due to the surge in bond yields overseas. Asian markets were also trading under pressure due to the increase in bond yield concerns and US markets can also be seen negative overnight. The rising yield is not going to impact the sovereign ratings of the countries according to S&P global. Adani ports, Sbilife, UPL, Techm, Powergrid, are the top gainers while HDFC, JSW steel, LT, Tata Steel, HDFC Bank are the top losers on Nifty.: Gaurav Garg, Head of Research at CapitalVia Global Research

Agrichemicals manufacturer Heranba Industries is scheduled to list on stock exchanges on March 5, 2021. The Rs 625-crore IPO was subscribed 83.29 times during the three-day bidding process. The issue was sold in the range of Rs 626-627 per share. In the grey market on Thursday, Heranba Industries shares were seen quoting a premium of Rs 230 over the IPO price. Heranba Industries shares were trading at Rs 857 apiece, implying a grey market premium of 37 per cent from its issue price.

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Bank Nifty opened gap up and escalated throughout the day. Banking stocks surged and pulled the index above 36450 levels and it settled the day with gains of around 950 points. It formed a Bullish candle on daily scale and continues its formation of higher lows of the last three sessions. Now it has to continue to hold above 36000 zones to witness a bounce towards 37000 and 37250 zones while on the downside support exists at 36000 then 35500 levels. Expiry day point of view: Overall trend is buy on decline on a hold near to 36000 zones. Bank Nifty till it holds above 36000 zones it could see an up move towards 36750 then 37000 zones. Option traders are suggested to trade with nearby Call like 36300, 36400 strikes or Bull Call: Motilal Oswal Retail Research

IRCTC share price hit a fresh record high of Rs 2,004 apiece on BSE, rising over 6 per cent in otherwise weak trade on Thursday.

India 10-year bond yield rises to 6.24 per cent, up 0.14 per cent in today’s trade.

Gold prices fell in Indian markets on Thursday, mirroring weakness in international trends amid rising US bond yields. On MCX, gold April futures were trading Rs 87 or 0.19 per cent down at Rs 44,861 per 10 grams. While silver May futures were seen ruling at Rs 67,497 per kg, down Rs 503 or 0.74 per cent. MCX gold has been falling due to rising 10-year bond yield which is currently at 1.45 per cent. US Dollar index, which is above 91, has also been hurting investor sentiment. On a week-on-week basis, the yellow metal has tumbled approximately 2 per cent.

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Lot of flows followed yesterday taking the rupee to 72.70 and then in the evening, the yield tantrum took it to a lower close at 72.88. RBI seemed to be absent except at 72.70 possibly. For today we should see a range of 72.70 to 73.30 with flows keeping rupee well bid. Exporters to sell at the higher end of the curve while importers to buy at the lower end. Equities still in a bull market and should keep heading higher though must be in overbought zone. But any correction will bring about more buying until the mood changes. So keep selling USDINR on all major upticks.: Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors

The importers who were sitting unhedged and enjoying Rupee’s strong move should be cautious as volatility has returned in the market. Every dip below 73.00 mark or meeting a costing levels will be good opportunity to sit risk free ahead of financial year closing (March-end) as USDINR tone is bullish only. Exporters on another hand, who were enjoying higher premium benefit paid by RBI’s sell/buy swap in forward, could reduce on unwinding of carry trade. Overall, short term range would be quite wide, ranging from 72.50 to 74.00: Amit Pabari, managing director, CR Forex Advisors

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.

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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.

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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. 

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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.

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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. 

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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.

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