Sensex and Nifty swing between gains and losses. Buying interest in bank and metal stocks countered by selling pressure in select consumer goods and IT stocks. Fear gauge VIX eases 5%. UPL top gainer in Nifty50 universe, up 4%. Hindalco, SBI, BPCL, ONGC and Coal India among other gainers. Tata Consumer top laggard, down 2%. Wipro, Reliance Industries, Shree Cement and HUL among top losers. Analysts await Q4 financial results from more companies for cues.
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Price as on 04 May, 2021 12:03 PM, Click on company names for their live prices.
Price as on 04 May, 2021 11:48 AM, Click on company names for their live prices.
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WATCH | How Dalal Street began its journey today
The affordable housing finance company on Monday reported a profit after tax of Rs 31 crore for the quarter against Rs 12 crore posted for the year-ago period. The company disbursed Rs 452 crore loans during the quarter, 30.4% more than Rs 347 crore reported for the corresponding period last year. For FY2020-21, the lender’s net profit grew 25% to Rs 100 crore.
A gravity-defying rally in Indian steel stocks is drawing murmurs on Dalal Street, that the space may be entering bubble zone. Brokerage firm CGS-CIMB on Friday termed the rally as ‘irrational enthusiasm’, as it thought “unlike the post-Lehman crisis world, there is nothing structural about this rally.”
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Sectoral matrix mixed on NSE
While the Nifty Bank and Nifty PSU Bank indices traded 0.22% and 2.19% higher, respectively, Nifty Metal was up 0.82% in morning deals. On the other hand, Nifty FMCG was down 0.64% and Nifty Pharma 0.22%.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.20% to 91.12. Brent futures fell 0.19% to $67.43 per barrel.
As many as 52 stocks, including Tata Motors, IDBI Bank, Adani Enterprises, NBCC and UPL, looked strong on momentum oscillator MACD or moving average convergence divergence on Tuesday. The momentum indicator signalled bullish crossovers — a sign of bullish undertone — on these counters, hinting at possible upsides in the days ahead.
ICICI Bank, SBI, Kotak Bank, Axis Bank top boosts for Sensex
On the flipside, Reliance Industries and HDFC twins were the top drags on the 30-scrip index.
Tata Chemicals shares plunged on Tuesday, after the Tata group firm posted dismal financial results for the quarter ended March 31, 2021. The scrip was tanked 7.9% to Rs 721.85 on BSE.
Sensex drops 400 points from day’s high as Dalal Street reverses gains; Nifty slides below 14,600
Selling pressure in FMCG along with select bank and IT stocks weighed on the market.
This bull market, which has been climbing many walls of worries, is likely to remain resilient supported by positive news on the Covid-19 front. The latest data indicates plateauing of the Covid curve and a steady decline in infections in 13 states including Maharashtra. Daily numbers after peaking at 4.02 lakhs on May 1 have been steadily declining, and now stand at 3.5 lakhs. This can give further support to the ‘ hope trade’ that is currently on, despite the grim health crisis.
– VK Vijayakumar, Geojit Financial Services
ONGC, Axis Bank, ICICI Bank, SBI top Sensex gainers
On the other hand, Titan, HUL, Reliance Industries and PowerGrid were the worst hit among nine laggards in the 30-scrip index.
Market breadth extremely bullish
Overall market breadth was positive in early deals, with an advance-decline ratio of almost 4:1, as 1,372 stocks traded higher on NSE against 351 that moved lower. On BSE, 1,615 scrips advanced while 542 declined.
OPENING BELL | Sensex gains 200 points, Nifty50 tops 14,700
IndusInd, Axis Bank rise 2% each
Pre-open session: Sensex gains 100 points, Nifty above 14,650
SGX Nifty signals tepid start
Nifty futures on the Singapore Exchange traded 37 points, or 0.26 per cent, lower at 14,645 in signs that Dalal Street was headed for a tepid start on Tuesday.
Tech View: Nifty likely to see recovery
Nifty50 on Monday staged a strong comeback from the day’s low point, which coincided with the 100-day moving average and the 62 per cent retracement of the last leg of its rally. The index erased entire intraday losses and closed above the 50-day exponential moving average. Analysts are hopeful.
Asian markets mixed in early trade
Financial markets in Japan and mainland China are closed on Tuesday for a public holiday. Korea’s Kospi edged 0.08 per cent lower to 3,110.07 while Hong Kong’s Hang Seng added 0.24 per cent to 28,263.37. Taiwan’s TWSE index declined 0.19 per cent to 17,039.52. MSCI’s broadest index of Asia-Pacific shares outside Japan was up by 0.05 per cent on the back of a positive lead from Wall Street overnight.
US stocks settled mostly higher
On Wall Street, the Dow Jones Industrial Average index rose 0.7 per cent and the S&P500 gained 0.27 per cent. The Nasdaq Composite index dropped 0.48 per cent. A slide in high-flying tech and related stocks – including Amazon.com Inc, Tesla Inc and Salesforce.com Inc, pressured the Nasdaq, as growth-oriented shares slid and cyclical stocks sensitive to the recovery rose.
FPIs sell Rs 2,289 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2,289.46 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 552.92 crore, data suggests.
Rupee rises 14 paise to close at 73.95 against dollar
The rupee rose by 14 paise to close a nearly one-month high of 73.95 against the US dollar on Monday following losses in the American currency in the global markets. A fall in crude oil prices and positive economic data helped the local unit pare early losses. The rupee had opened lower at 74.25 and hit the day’s low of 74.33 later in line with early losses in the domestic equities.
Sensex, Nifty on Monday
Equity benchmark Sensex staged a smart recovery from the day’s low to end with marginal losses on Monday, propped up by robust buying in FMCG and telecom counters. After plunging over 750 points in early trade, the 30-share BSE index made a U-turn to finish 63.84 points or 0.13 per cent lower at 48,718.52. In similar movement, the broader NSE Nifty closed 3.05 points or 0.02 per cent higher at 14,634.15.