The S&P BSE Sensex index moved in a range of 597.75 points during the session.
NEW DELHI: Benchmark indices continued to fall on Monday, after a day's pause, taking weak global and domestic cues. However, buying in defensives spaces such as IT and FMCG limited the losses.
Fear of the second wave of Covid-19 infections, elevated bond yields and weak global cues are weighing on the domestic market. Expectations of a rise in inflation are also impacting the market.
The 30-share pack Sensex dipped 86.95 points or 0.17 per cent to end at 49,771.29. The index had plunged to as low as 49,281.02 during the session, falling 577.22 points from its previous close. Its broader peer NSE Nifty fell 7.60 points or 0.05 per cent to settle at 14,736.40.
“The market has marched well in anticipation of faster economic recovery, and is taking a breather given tightening restrictions and an increase in future interest rates, spiking fear of a slower recovery,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance
Easy Trip Planners plunges over 5% on second day of trade
Adani Green jumps 5% as company acquires 50 MW solar asset from SkyPower Global
Bharat Dynamics climbs 3% as company bags Rs 1,188 crore missile order
Fear gauge India VIX rises nearly 3%, signaling nervousness
Broader market indices outperform; Nifty Midcap leads gainers
Among the blue chip stocks, Dani Ports was the top gainer, rising 5.17 per cent. Britannia, TCS, Tech Mahindra, Sun Pharma, Hindalco, Infosys, Dr Reddy’s Labs and HUL were other gainers.
10 stocks that analysts recommend for handsome returns in the near term
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Amid uncertainties on Dalal Street triggered by rising bond yields and increasing Covid-19 cases, the focus will remain on stock-specific action. Here are a few stocks that analysts say can help investors earn significant returns in the next few weeks:
Amid uncertainties on Dalal Street triggered by rising bond yields and increasing Covid-19 cases, the focus will remain on stock-specific action. Here are a few stocks that analysts say can help inve..
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The stock has corrected more than 8 per cent from its all-time high registered last week. Currently, it is trading near its 20-day simple moving average, trading near an important retracement level on the weekly chart, indicating high chances of a trend reversal in the short term. In addition, on the weekly and monthly charts, the stock has maintained a higher bottom series pattern, which has helped positional traders take a positive stance near the crucial support zone.
(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)
The stock has corrected more than 8 per cent from its all-time high registered last week. Currently, it is trading near its 20-day simple moving average, trading near an important retracement level o..
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The stock is hovering in the range of Rs 320-360 after a sharp correction. However, the medium-term wave structure of Bandhan Bank is still on the positive side. Hence, an ideal strategy should be to add this stock near its support levels. Moreover, it has taken strong support near a 200-day simple moving average along with modest volume activity. A strong bullish candle on the daily chart indicates high chances of a fresh uptrend from current levels.
(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)
The stock is hovering in the range of Rs 320-360 after a sharp correction. However, the medium-term wave structure of Bandhan Bank is still on the positive side. Hence, an ideal strategy should be to..
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The stock has registered a sharp surge in the recent past, but it has failed to sustain higher levels after the Rs 955 breakout and corrected nearly 10 per cent due to consistent selling pressure. However, the medium-term structure of the stock is still on the positive side, and likely to continue in the near term. In addition, on the weekly charts, the stock is still maintaining a higher bottom series formation, which is broadly positive. Currently, the stock is trading near an important retracement support level, and the structure of the charts suggests high chances of a fresh uptrend wave from current levels.
(Analyst: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities)
The stock has registered a sharp surge in the recent past, but it has failed to sustain higher levels after the Rs 955 breakout and corrected nearly 10 per cent due to consistent selling pressure. Ho..
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The stock has broken out on the daily chart with higher volumes, where it closed at an all-time high. Oscillators like RSI and MFI are showing strength, and the directional indicator is placed above the minus side while ADX is placed above 20, indicating momentum in the current uptrend. Technology as a sector is looking good on the chart from the short- to medium-term perspective. Buying is recommended at the CMP of Rs 1,942 for a target of Rs 2,100 with a stop loss at Rs 1,860.
(Analyst: Nandish Shah, Technical Research Analyst, HDFC Securities)
The stock has broken out on the daily chart with higher volumes, where it closed at an all-time high. Oscillators like RSI and MFI are showing strength, and the directional indicator is placed above ..
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The stock has broken out on the daily chart to close at its highest level since April 2019. The short-term trend is positive where it is trading above its five- and 20-day exponendial moving averages. Also, the directional indicator is placed above the minus side while ADX is placed above 20, indicating momentum in the current uptrend. Volumes have been higher on the up days in comparison to down days in the last few weeks, indicating accumulation in the stock. The stock is forming a higher top-higher bottom formation on the daily chart. Buying Godrej Ind is recommended at the CMP of Rs 517 for a target of Rs 570 with a stop loss at Rs 485.
(Analyst: Nandish Shah, Technical Research Analyst, HDFC Securities)
The stock has broken out on the daily chart to close at its highest level since April 2019. The short-term trend is positive where it is trading above its five- and 20-day exponendial moving averages..
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The stock started its recent upmove from the Rs 881.5 mark, and made a high of Rs 1,460 in January 2021. Since then, profit-booking has followed, with the stock making a series of higher bottoms starting at Rs 1,065. The stock recently gave a pattern breakout backed by supportive volumes, and made a high of Rs 1,318, and is trading above all averages that are in a rising trend. Observing the trend, the stock has a potential to test the levels of Rs 1,800, and then Rs 2,000 and Rs 2,200 in the coming days. Any corrections during this period can be used to add the stock, with a stop loss at Rs 1,060.
The stock started its recent upmove from the Rs 881.5 mark, and made a high of Rs 1,460 in January 2021. Since then, profit-booking has followed, with the stock making a series of higher bottoms star..
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The stock started its upmove from the Rs 862 level, which was followed by steady buying to take it to a high of Rs 1,259 in February. A couple of up-gaps were formed in the upmove, suggesting good buying strength, with the 200-day moving average continuously rising since December. The super trend indicator is continuously in a positive mode. Recently, the stock gave a weekly breakout from a range to make a high of Rs 1,415, and is trading above all averages which are are in a rising trend mode. The stock appears to have the potential to test the Rs 1,700 level, followed by Rs 1,900 and then Rs 2,100, in the coming days. Any corrections can be used to add the stock during this period, with a stop loss at Rs 1,100.
The stock started its upmove from the Rs 862 level, which was followed by steady buying to take it to a high of Rs 1,259 in February. A couple of up-gaps were formed in the upmove, suggesting good bu..
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Overall, the entire PSU space has been buzzing for the past three months, within which, the marquee OMC counter has been in a limelight every now and then. On the price front, the stock seems to have a sturdy structure on the weekly chart, and the recent correction appears to have completed on the lower degree chart. The stock managed to find support at the previous multiple resistance zone around Rs 424, which coincides with the 89-day exponential moving average, which indicates that the stock can resume its upward trend. Going long on dips is recommended for a target of Rs 448 in the coming days, with a strict stop loss at Rs 418.
(Analyst: Sameet Chavan-Chief Analyst-Technical and Derivatives, Angel Broking)
Overall, the entire PSU space has been buzzing for the past three months, within which, the marquee OMC counter has been in a limelight every now and then. On the price front, the stock seems to have..
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The pharmaceuticals universe has been quiet for the last couple of months, with many stocks having undergone decent price- and time-wise corrections. The stock saw a correction of nearly 20 per cent from its recent highs, and is seen rebounding precisely after sliding a tad below its 200-day simple moving average on the daily chart. The stock has closed above this key moving average. The candle resembles a bullish hammer pattern, with the possibility of some relief. Going long on the stock is recommended on declines around Rs 418 for a target of Rs 445 in the coming days, with a strict stop loss at Rs 407.
(Analyst: Sameet Chavan-Chief Analyst-Technical and Derivatives, Angel Broking)
The pharmaceuticals universe has been quiet for the last couple of months, with many stocks having undergone decent price- and time-wise corrections. The stock saw a correction of nearly 20 per cent ..
IndusInd Bank was the top loser in the Nifty pack, falling 4.19 per cent. Power Grid, ICICI Bank, Tata Motors, HDFC Bank, Bajaj Finance, HDFC Life Insurance and ONGC were other counters that ended in the red.
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Broader market indices ended with gains, outperforming their headline peers. Nifty Smallcap added 0.03 per cent and Nifty Midcap rose 0.82 per cent. Nifty 500 -- the broadest index on NSE -- climbed 0.20 per cent.
Godrej Properties, Future Retail, Fortsi Healthcare, Rashriya Chemicals and Fertilisers, KEI International and Lemon Tree Hotels were top gainers from the mid- and small-cap indices, climbing in the range of 5-10 per cent.
We have been observing underperformance in the banking pack, which is affecting the prospects of a sustainable directional move. It is prudent to limit leveraged positions in the current scenario and let the market stabilise.
-Ajit Mishra, Religare Broking
Dixon Technologies, India Energy Exchange, Indiabulls Real Estate, Edelweiss Financials Services, Dhani Services and REC were major losers from the broader market space, falling in the range of 2-6 per cent.
The sectoral matrix on NSE was mixed. Nifty Realty was the top gainer, rising 2.70 per cent. Nifty Pharma, Nifty FMCG and Nifty IT were among other major gainers. Nifty Bank, Nifty Financial Service and Nifty Auto ended the day in the red.
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Market breadth was in favour of gainers as 1,599 stocks ended in the green, while 1,444 scrips settled with cuts. As many as 165 securities hit 52-week highs, mostly from the small-cap space. Meanwhile, 72 counters hit 52-week lows, mostly from the micro-cap space. About 315 stocks hit upper circuit limits and 355 lower circuit limits.
European markets were trading mixed at the last count. London-based FTSE was down 0.12 per cent while Paris declined 0.32 per cent, whereas Frankfurt rose 0.12 per cent. In Asia, Taiwan, Thailand and China gained, while other markets ended with cuts.
