Share Market Highlights: Sensex ends 870 pts lower, Nifty at 14,637; Bajaj Finance, IndusInd, SBI top losers

The Indian benchmark indices, Sensex and Nifty, ended lower on Monday as rising Covid-19 cases and weak macro data took a toll on investor sentiment. While sharp selling in rate sensitive stocks, bank, realty and auto stock, also dampened market sentiments. The BSE Sensex closed 870 points or 1.7 per cent lower at 49,159, and the NSE Nifty ended 229 points or 1.54 per cent lower at 14,637. During the day's trade, Sensex crashed nearly 1,400 points after India recorded over 1 lakh coronavirus cases on Sunday, the highest single-day rise since the pandemic began last year. In line with benchmark indices, the broader market also witnessed selling pressure, falling over 1 per cent, each. Out of 30 stocks on BSE, 25 ended in red, barring HCL Technologies, TCS, Infosys, Bharti Airtel and Tech  Mahindra, while Bajaj Finance, IndusInd Bank, State Bank of India, Axis Bank, Bajaj Finserv emerging as top losers, dropping between 4-6 per cent. On the sectoral front, realty and bank stocks were top losers, falling 3.62 per cent and 3.42 per cent, respectively. Bucking the trend, IT and Teck stocks emerged as top gainers, rising 1.96 per cent and 1.67 per cent, respectively.

Also read: Top losers today: Bajaj Finance, IndusInd Bank, SBI, M&M, Axis Bank fell up to 6.5%

Sentiment on Dalal Street was also affected after the Maharashtra government imposed a night curfew in the state from 8 pm to 7 am from today. The state will also go for a complete weekend lockdown from 8 pm on Friday to 7 am on Monday. On the macro front, India's manufacturing PMI fell to 7-month low of 55.4 in March, as compared to 57.5 in February, weighed down by weak demand and contraction in exports.

"The market witnessed a huge sell-off today as India's second wave of Covid-19 is getting bigger than anticipated and is expected to ruin the pace of economic recovery. High valuation added further concern due to a possible downgrade in Q1FY22 earnings. Barring IT, metal and telecom, all sectors remained in the red. A policy decision in the upcoming MPC announcement and Q4 earnings will define the market volatility in the coming days," says Vinod Nair, Head of Research at Geojit Financial Services.

Also read: Stock in news: Reliance, SBI, Future Retail, Dalmia Bharat, Vedanta, SBI Cards

Check Sensex, Nifty trading highlights here:

3:50 pm: Expert view

"Markets opened gap down following strict guidelines issued in Maharashtra amidst rising coronavirus cases with BFSI and Rate Sensitives taking a knock ahead of the Monetary Policy. However Technology, Steel and Pathology Labs bucked the downtrend and posted handsome gains," S Ranganathan, Head of Research at LKP Securities.

3:45 pm: Technical view on Nifty from Rohit Singre, Senior Technical Analyst at LKP Securities

"Strong cuts have been witnessed in today's session as nifty closed a day at 14638 with loss of one & half per cent forming a bearish candle on the daily chart. The overall structure still looks of narrow consolidations as index rejected around 14900 zone third time on hourly charts and we saw good profit booking from the same levels, now if index managed to sustain below 14700 zone then we may see next move towards its previous swing low of 14300 zone and if it managed to hold above 14700 zone then some relief rally can be seen."

3:15 pm: IT, Teck stocks lead gain

On the sectoral space, IT and Teck indices were only gainers, rising between 1.75 per cent to 2 per cent. The BSE IT index was at 27340.71, up by 570.94 points or by 2.13%. NIIT Ltd. (Rs. 187.55,+13.43%), Nucleus Software Exports Ltd. (Rs. 531.00,+7.18%), Tanla Platforms Ltd. (Rs. 900.25,+5.00%), 3i Infotech Ltd. (Rs. 8.20,+4.99%), Newgen Software Technologies Ltd. (Rs. 312.10,+4.45%).

The BSE TECk index was at 12239.27, up by 208.7 points or by 1.73%. Tanla Platforms Ltd. (Rs. 900.25,+5.00%), Larsen & Toubro Infotech Ltd. (Rs. 4257.60,+3.53%), HCL Technologies Ltd. (Rs. 1037.00,+3.43%), Coforge Ltd. (Rs. 3025.25,+2.98%), Tata Consultancy Services Ltd. (Rs. 3233.90,+2.15%).

2:30 pm: Bank, realty stocks lead fall

Rate sensitive bank and realty stocks witnessed selling pressure ahead of the Reserve Bank of India (RBI) policy announcement. The RBI's Monetary Policy Committee (MPC), which decides on key interest rates, has started meeting today and the six-member panel will announce policy on April 7.

The BSE Realty index was at 2580.2, down by 97.96 points or by 3.66%. Phoenix Mills Ltd. (Rs. 729.50,-4.98%), DLF Ltd. (Rs. 277.30,-4.94%), Indiabulls Real Estate Ltd. (Rs. 84.50,-4.25%), Sobha Ltd. (Rs. 430.55,-3.49%), Prestige Estates Projects Ltd. (Rs. 299.50,-3.03%).

The BSE Bankex index was at 36928.57, down by 1310.79 points or by 3.43%. IndusInd Bank Ltd. (Rs. 938.15,-5.56%), RBL Bank Ltd. (Rs. 206.15,-4.63%), State Bank of India (Rs. 354.45,-4.34%), Bandhan Bank Ltd. (Rs. 335.95,-4.33%), Axis Bank Ltd. (Rs. 683.35,-4.23%).

2:10 pm: Sensex, Nifty off day's low

Paring some of early losses, the Indian benchmark indices, Sensex and Nifty, continued to trade lower in the final hour of the day's trade. The BSE Sensex was trading at 49,196.3, down by 833.53 points or by 1.67 per cent, and the NSE Nifty was at quoting at 14,646, down by 220.4 points or by 1.48 per cent. In line with benchmark indices, the broader market also stayed under stress, falling over 1 per cent, each. Bajaj Finance, IndusInd Bank, State Bank of India, Axis Bank, Bajaj Finserv were among top losers, dropping between 4-6 per cent. On the other hand, Infosys, HCL Technologies, Tata Consultancy Services were only gainers on BSE Sensex pack. On the sectoral front, all the indices slipped in red, barring IT and Teck stocks, while rate sensitive bank and realty stocks were top losers, falling over 3 per cent. The Reserve Bank of India (RBI) policy announcement and earnings season will set tone for the market. The RBI's Monetary Policy Committee (MPC), which decides on key interest rates, will meet from April 5 to 7, while the six-member panel will announce policy on April 7.

2:00 pm: Market breadth remain weak

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3312, shares advanced were 1058 while 2040 shares declined and 214 were unchanged.

1:50 pm: Expert take

G Murlidhar, MD & CEO, Kotak Mahindra Life Insurance Company said,"2021 has seen a rise in yields across the Globe in line with vaccination led optimism. However, the case for India is a little different this time, with rapid rise in new Covid cases over last few weeks. In upcoming policy, MPC may continue to emphasise the importance of "orderly evolution of yield curve" given benign inflation trajectory and second wave headwinds to nascent growth recovery. While we don't expect any action on the policy rate front, the existing accommodation and the on-going support to bond markets are expected to continue for a bit longer."

1:25 pm: Market cap of BSE listed firms falls to Rs 204.51 lakh crore on BSE after investors lose Rs 2.75 lakh crore in today's session. Extending opening losses, Indian benchmark indices fell sharply in early trade on Monday as rising COVID-19 cases and increased restrictions spooked investors' sentiments. The BSE Sensex was trading 1,368 points, or 2.73 per cent lower at 48,661, while the NSE Nifty 50 was quoting at 14,529, down 337 points or 2.27 per cent. IndusInd Bank, Bajaj Finance, Bajaj Auto, State Bank of India, Axis Bank were among top losers, falling between 2-3 per cent.

12:59 pm: Adani Enterprises share rises 4%

Adani Enterprises share rose nearly 4% today after the Adani Group firm said it won a Rs 1,169.10 crore highway project in Odisha from the National Highways Authority of India (NHAI). The contract has been awarded to Adani Enterprises' wholly-owned subsidiary Adani Road Transport Ltd (ARTL).

The large cap share touched an all time high of Rs 1150.2, rising 3.87% against previous close of  Rs 1,107 on BSE. The stock has gained 7.89% in the last 2 days. The stock opened with a gain of 2.05% today at Rs 1,129.95 on BSE.

12: 30 pm: Expert take

Annuj Goel, MD, Goel Ganga Developments said, "RBI is expected to maintain the status quo. In the aftermath of the Coronavirus pandemic, the Reserve Bank of India (RBI) will announce the first bi-monthly monetary policy of 2021-22 fiscal on April 7. Industry experts expecting RBI will keep the benchmark policy rates or Repo rates unchanged. The Monetary Policy Committee will wait for some more time before employing any drastic measure to augment the economic growth. Experts are of the view that the RBI will continue with the accommodative stance in the forthcoming months.

On February 5, 2021, the RBI, headed by Governor Shaktikant Das had kept the key interest rate (Repo) unchanged. The apex bank had cited inflationary concerns behind maintaining the status quo. The forthcoming policy recommendations will be announced after a three day meeting by the Monetary Policy Committee.

11:50 am: PVR, Inox Leisure shares drop 8%

Shares of multiplex chain operators PVR and Inox Leisure tumbled over 8 per cent on Monday as rising COVID-19 cases raised concerns over the pace of business growth. PVR share price declined as much as 8.05 per cent to hit day's low of Rs 1,144.60 on the Bombay Stock Exchange (BSE). In a similar trend, Inox Leisure shares fell 8 per cent to hit intraday low of Rs 256.60 on the BSE, against previous close price of Rs 279.05. The stock hit a high and low of Rs 270.65 and Rs 256.60, respectively.

PVR, Inox Leisure shares fall 8% as spike in COVID-19 cases to delay biz recovery

11:00 am: Sensex crashes 1,400 points on sharp spike in COVID-19 cases

Sensex crashed nearly 1,400 points in early trade as rising Covid-19 cases in the country took a toll on investor sentiment. Sensex lost 1,391 points to 48,638 and Nifty slipped 388 points to 14,479 in early trade. India recorded over 1 lakh coronavirus cases on Sunday, the highest single-day rise since the pandemic began last year. Sentiment on Dalal Street was also affected after the Maharashtra government imposed a night curfew in the state from 8 pm to 7 am from today. The state will also go for a complete weekend lockdown from 8 pm on Friday to 7 am on Monday. 

Sensex crashes 1,400 points as Covid-19 cases cross 1 lakh mark for first time

10:30 am: Top losers on BSE Sensex

Out of 30 BSE Sensex pack, 27 stocks were trading in red, barring Infosys, HCL Tech and TCS, with Bajaj Finance Ltd. (Rs. 4974.00,-5.62%), Bajaj Finserv Ltd. (Rs. 9242.15,-5.60%), IndusInd Bank Ltd. (Rs. 940.00,-5.37%), State Bank of India (Rs. 353.30,-4.66%), Mahindra & Mahindra Ltd. (Rs. 771.10,-4.57%) among top losers.

10:15 am: Reliance Industries share price down 1.5%

Shares of Reliance Industries fell 1.5 per cent in opening trade on Monday, in line with BSE Sensex which was down 1 per cent. Reliance Industries shares price declined as much as 1.53 per cent lower at Rs 1990.70 apiece in early deals on the Bombay Stock Exchange on Monday. The stock opened marginally higher at Rs 2,025 against previous closing price of Rs 2,021.70 on the BSE.

Why Reliance Industries shares dropped 1.5% in opening trade

10:00 am: Sensex, Nifty extend fall

Extending opening losses, Sensex was trading at 49,616.51, down by 413.32 points or by 0.83 per cent, and the NSE Nifty was quoting at 14,760.95, down by 106.4 points or by 0.72 per cent. IndusInd Bank, Bajaj Finance, Bajaj Auto, State Bank of India, Axis Bank were among top losers, falling between 2-3 per cent. On the other hand, Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra and UltraTech Cement were among notable gainers. On the sectoral front, bank and realty stocks were down over 1 per cent, while metal and IT sectors gained over 1 per cent.

9:45 am: Market insight from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The fundamental factors influencing markets are changing fast. There are both positives & negatives. On the positive side, the better than expected job numbers & economic recovery in the US is a big positive. This will support global growth, which, in turn, will be a boost for stock markets. On the other hand, back home in India, the fast-rising Covid cases is a cause of concern. Restriction of economic activity in many areas might impact growth recovery. But, as of now, there are no signs of a slowdown in the economy. Macro numbers like GST collection (record Rs 1.24 lakh cr in March) and auto sales numbers in March indicate a strong economic rebound. Q4 results will be very good and this can impart resilience to markets. How the Covid cases pan out, going forward, is a crucial factor."

9:15 am: Sensex, Nifty open lower

Indian benchmark indices, Sensex and Nifty, opened in red on Monday, tracking negative trading at Singapore Nifty futures. The BSE Sensex opend 327 points, or 0.65 per cent lower at 49,702, while the NSE Nifty 50 belled at 14,790, down 76 points or 0.51 per cent. Amid rising COVID-19 cases, global rating agency Nomura has said that Indian economy's growth trajectory still remains intact despite the second wave of the pandemic. The agency, however, warned that a persistent second wave with increased restrictions, may have an impact on Q2 GDP numbers. "In our view, since the second wave started only towards the end of March, and as the economy normalised rapidly in January and February, the second wave is unlikely to have a major impact on Q1 GDP growth, and our estimate of 1 per cent on-year appears reasonable," the report said.

8:40 am: FIIs turn net buyer in equity, debt

The foreign institutional investors (FIIs) remained net buyer in equity and debt markets on Thursday. The net investment of equity and debt reported were Rs 395.01 crore and Rs 861.11 crore.   

8:35 am: Asian markets edge higher

Asian markets were trading on mixed note, with Japan's Nikkei 225 was up by 0.78 per cent. Markets in China and Hong Kong remained  closed today.

8:30 am: US stocks ended higher on Thursday

Wall Street ended higher on Thursday on the back of gains in rally in Microsoft, Amazon and Alphabet stocks, along with optimism about a recovering US economy. The Dow Jones Industrials closed 0.52 per cent higher, while the S&P 500 and Nasdaq rose 1.18 per cent and 1.76 per cent, respectively.

8:25 am: Stocks in focus

Shares of Reliance Industries, State Bank of India, Future Retail, Dalmia Bharat, Vedanta, SBI Cards, Britannia Industries and Adani Enterprises will be in focus in today's trade.

8:20 am: Weak cues from SGX Nifty indicates negative opening for Sensex, Nifty

Negative trading at Singapore Nifty futures indicated a weak start at Dalal Street on Monday. At 8:18 AM, the Nifty futures were trading 28.55 points or 0.19 per cent lower at 14,907.50 on the Singapore Stock Exchange.

On Thursday, the Indian equities, BSE Sensex and NSE Nifty, ended on strong note amid broad-based buying. The BSE Sensex reclaimed 50,000 by closing 520 points, or 1.05 per cent higher at 50,029, while the NSE Nifty 50 settled at 14,867, up 176 points or 1.2 per cent. The American jobs plan as well as record GST collections perked up sentiments despite a long weekend as India rolled out a larger vaccine program.

8:15 am: Sensex, Nifty last week

Eight of the top 10 most-valued companies added Rs 1,28,503.47 crore to their market valuation last week. IT bellwethers Tata Consultancy Services (TCS) and Infosys led the pack during the week truncated by an extended weekend. During the week, BSE Sensex gained 1,021.33 points or 2 per cent.

TCS was the biggest gainer among the 10 highest-valued companies, adding Rs 36,158.22 crore to its market valuation, which reached Rs 11,71,082.67 crore. Infosys added Rs 20,877.24 crore to take its market capitalisation (m-cap) to Rs 5,90,229.35 crore.