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Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT

Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT

Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT
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Summary

Stock Market Highlights: Indian equity indices, Sensex and Nifty ended over 1 percent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues. Broader markets outperformed the benchmark as the midcap and smallcap indices ended 0.3 percent higher each. Gains were witnessed in PSU Banks, FMCG, metals and pharma sectors. 

Live Updates

That is it for today folks. Will return with the latest election news tomorrow. 

Ajit Mishra, VP - Research, Religare Broking

Markets took a breather after the recent rebound and lost nearly a percent on the last trading day of the financial year. The benchmark opened gap down and traded with negative bias throughout the session citing mixed cues. Finally, the Nifty ended near day’s low to close at 14,690 levels. We’re seeing erratic swings during this consolidation phase and the divergence between Nifty and the banking index is further adding to the participants' worries. Traders should limit leveraged positions and focus more on the selection of stocks. In absence of any major event, global cues and COVID-related updates will remain in focus.

Here are key stocks that moved the most on March 31
The Sensex ended 627 points lower at 49,509 while the Nifty fell 154 points to settle at 14,691. Get latest Market online at cnbctv18.com
Stock Market Highlights: Sensex slumps 627 points, Nifty ends FY21 below 14,700 dragged by private banks, IT

Shrikant Chouhan, Executive Vice President, Equity Technical Analyst, Kotak Securities

The market retreated from the day's highs and continued to consolidate throughout the day. The bias was negative and most of the index heavyweight weights shares closed lower. The market width was 1:1 and therefore the market trend could not be determined. The trading range for tomorrow's market could be 14,650/49,300 and 14,550/49,000. The market could see 14,400/48,700 levels below 14,550/49,000 levels. Beyond 14,750/49,700, the market could pick up speed again. In short, hold long poses until 14,550/49,000 breaks. Today, the Bank Nifty did not rise as expected. However, there also we feel 33,000 would act as major support.

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

The markets failed to get past 14,950. The opening level of the Nifty was also the day high which means the sentiment for the day has been bearish. If we get past 14,950, we can project a target of 15,200-15,300. If we continue falling and break 14,500 on a closing basis, the index could drift further to test the recent low of 14,250.

Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

Despite a truncated week, the forex market has been very volatile. The spot breached 73 on the back of an uptrend in the dollar. The market focus is on Biden's additional stimulus announcement and an additional spending boost will further support the dollar rally. But the best thing to do for now is to follow the trend and let the market tell you where it's going to end. In the USDINR spot we expect the trading range to be 72.50-73.50

Highlights of Market Performance in FY21

- Best Fiscal Ever In Absolute Terms; In % Terms, Best FY In 11 Yrs

- Returns Post COVID Lows In Mar 2020, The Best Since Global Financial Crisis

- All Sectoral Indices Give Positive Returns This Fiscal; Metal, Auto, IT & Realty Double

- Only One Nifty Stock (Coal India) Has Given Negative Returns In FY21

- 1 Nifty Stock Gives Over 300%, 4 Over 200% & 10 Over 100% Returns

- Sensex Up 68%, Nifty 71%, Nifty Bank 74% & Midcap Index 102%

- Tata Motors, Hindalco, JSW, Grasim, Tata Steel Top Nifty Gainers

- Adani Ent, Deepak Nitrite, Tata Elxsi, NCC, JSPL Amongst Top Midcap Gainers

Market At Close

- Financials Drag Market; Sensex & Nifty Slip 1%, Nifty Bank Nearly 2%

- Midcap Index Relatively Outperforms With The Index Rising 0.3%

- Sensex Slips 627 points To 49,509 & Nifty 154 Points To 14,691

- Nifty Bank Falls 571 Pts To 33,303 While Midcap Index Rises 84 Pts To 23,693

- Market Breadth Favours Declines; Advance-Decline Ratio At 1:1

- Realty Stocks Gain On Reports Of Extension To Stamp Duty Relaxation

- PSU Banks Higher On Fund Infusion By Govt; Nifty PSU Bank Up Over 1%

Closing Bell | Indian equity indices ended over 1 percent lower on Wednesday dragged by heavy selling in private banks and IT stocks amid mixed global cues. The Sensex fell 627.43 points, or 1.25 percent to close at 49,509.15, while the Nifty ended 154.40 points, or 1.04 percent lower at 14,690.70. Broader markets outperformed the benchmark as the midcap and smallcap indices ended over 0.3 percent higher each.

Among sectors, Nifty Private Bank Nifty IT and Nifty Financial Services declined, while gains were witnessed in PSU Banks, FMCG, metals and pharma sectors. On the Nifty50, HDFC, HDFC Bank, PowerGrid Corporation, Tech Mahindra and Coal India were the top losers, while Tata Steel, Grasim Industries, UPL, Bajaj Finserv and ITC were the top index gainers.

Maruti Suzuki India | The auto major has signed a Memorandum of Understanding (MoU) with Karnataka Bank to introduce attractive finance options for customers purchasing their favourite car from the company.

Market may consolidate or pause for a while; direction remains bullish: Pankaj Murarka

Pankaj Murarka of Renaissance Investment Managers discussed the fundamentals of the market. "The market might consolidate or pause for a while. However, the direction or the trend of the market remains intact that we remain in a bull market,” he said.

According to him, the growth outlook for India remains pretty strong. “It took us 10 years to double Nifty earnings between 2010 and 2020 and we will achieve the same in the next three years if you take 2021 as a base. So Nifty earnings will double between 2021 and 2024. Given that outlook, the market should continue to do well,” he explained. Read more.

OPEC+ panel lowers oil demand growth forecast

OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market's recovery, a report from its experts panel meeting seen by Reuters showed. The Joint Technical Committee, which advises the group of oil-producing nations that includes Saudi Arabia and Russia, met on Tuesday ahead of a ministerial meeting on Thursday to decide output policy.

Under its base case scenario, it now expects oil demand to grow by 5.6 million barrels per day this year, down by 300,000 bpd from its previous forecast. It also raised its global supply growth forecast by 200,000 bpd to 1.6 million bpd. Read more.

Dr Reddy’s Laboratories | Sources tell CNBC-TV18 that the Subject Expert Committee that was to consider Dr Reddy’s Laboratories’ application seeking ‘emergency use authorisation’ for SputnikV Vaccine, has been postponed till tomorrow.

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