BSE Sensex and Nifty 50 index surged more than one per cent, recouping practically half of the losses created in the earlier session. Market sentiment enhanced following the Indian government quickly-tracked emergency approvals for foreign-created Covid-19 vaccines on Tuesday. The 30-share index jumped 660 points or 1.38 per cent to 48,544.06, whilst the broader Nifty 50 index surged 194 points or 1.36 per cent to settle at 14,504.80. Index heavyweights such as Housing Development Finance Corporation (HDFC), ICICI Bank, HDFC Bank, Axis Bank, Reliance Industries Ltd (RIL) and M&M contributed the most to the indices’ acquire. Market breadth remained largely in favor of bulls, as 1,938 stocks sophisticated, whilst 926 scrips declined. A total of 182 shares remained unchanged. In the broader market place, midcaps and smallcaps performed inline with equity benchmarks. S&P BSE Midcap index jumped 1.46 per cent or 287.24 points to finish at 19,944, whilst S&P BSE Smallcap index gained 1.21 per cent or 248.47 points to settle at 20,805.48.
S Ranganathan, Head of Research at LKP Securities
On an auspicious day today we saw a partial reversal of the speculative unwinding witnessed yesterday, Bulls regained the momentum in Afternoon Trade as the see-saw battle among the Virus & Vaccine tilted towards the latter with the approval of the Third Vaccine. The dovish stance of the RBI gained more than inflation in the minds of investors as we saw investor interest in BFSI. The broader markets even though did see profit-taking in IT & Pathology names today.
Vinod Nair, Head of Research at Geojit Financial Services
Market attempted to pull back from yesterday’s selloff but wasn’t that enthusiastic. IT sector broke the trend due to profit booking as initial Q4 outcomes have been in line with expectations not offering sufficient leeway to a very valued sector. While Industrial production for February declined by 3.6% mostly due to contraction in the manufacturing and mining sectors. India’s retail inflation for March also rose to 5.52%, having said that, it did not harm the market place sentiment as it was in line with the current RBI policy forecast. How the lockdowns will influence the economy will identify the trend of the domestic market place, in the quick-term.
Binod Modi, Head Strategy at Reliance Securities
Domestic equities witnessed brisk rebound towards the second half of sessions following investors took comforts from the announcement that government is quickly-tracking approvals for overseas COVID-19 vaccines to enhance provide of jabs and speed-up vaccination method. Notably, volatility index softened by more than 10% today supplying some comforts. A sharp enhance in COVID-19 day-to-day circumstances in the nation and the possibility of bigger financial restrictions have currently dented investors’ sentiments. Further, possibility of lockdown in significant states like Maharashtra seems to have created investors danger averse. Additionally, current weakness in INR, which crossed Rs75 against dollar, might also aggravate investors’ issues in the close to term. However, 4QFY21 earnings started in a powerful note with TCS delivering powerful earnings efficiency with encouraging management commentaries. We think regardless of today’s heavy profit booking in IT space, IT stocks are anticipated to rebound in ensuing days.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market place witnessed some lackluster movement in the 1st half of the trading session and an try to break the resistance level about the Nifty 50 Index level of 14500. The quick-term technical situation seems like a sideways consolidation in the method. Sustaining above 14500 levels, the market place to acquire momentum, top to an upside projection till 14800 levels. The momentum indicators like RSI, MACD to show divergence, indicating a likelihood of additional consolidation about the existing market place level.
Anand James, Chief Market Strategist, Geojit Financial Services.
The week had opened on a low note and sentiments remained downbeat as increasing infections and prospects of lockdown led to a retest of March’s lows. But this also prompted bargain hunters to regroup today, maintaining Nifty from falling additional. Sectoral rotation was noticed with IT and Pharma discovering funds moving out and into other sectors. The shot in the arm came in the second half of the day, with emergency approvals for foreign vaccines and a new mechanism for trials prompted quick-covering in Nifty lifting it to the vicinity of 14500s.