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March 04, 2020 / 03:40 PM IST

Closing Bell: Sensex falls 214 pts, Nifty Bank ends below 29K; pharma stocks gain

The Sensex closed 214.22 points lower at 38,409.48, while Nifty fell 52.30 points at 11,251.

  • March 04, 2020 / 04:44 PM IST

    Santosh Meena, Senior Analyst, TradingBells:

    The market is trying to find a bottom after a vertical fall but there is a need for some kind of relief on the Coronavirus front for the market to witness any relief rally.

    Technically, bulls are trying to protect the 11,050-11,000 support zone where if they manage to protect this zone then we can expect a pullback rally towards 200-DMA of 11,700 while if Nifty surrenders 11,000 mark then the long term trend may turn bearish where 10,700 would be an immediate support level.

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  • March 04, 2020 / 04:31 PM IST

    Vinod Nair, Head of Research, Geojit Financial Services:

    Fresh virus cases reported in India overshadowed monetary easing by Fed. Despite mixed global cues, the domestic market took a hit fuelled by weakness in metals, banks and auto stocks. Short term tremors due to virus could be felt across the globe including Indian indices but for the long term, the impact looks limited.

  • March 04, 2020 / 04:26 PM IST

    Rohit Singre, Senior Technical Analyst at LKP Securities:

    Nifty has immediate support 11,180-11,080 zone and resistance is coming near 11,340-11,440 zone. The immediate support for Nifty Bank is coming near 28,500-28,300 zone and resistance is coming near 29,000-29,250 zone.

  • March 04, 2020 / 04:23 PM IST

    Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities:
     
    Markets have drifted downwards in recent times and continue to witness significant intraday volatility. Expect the same to continue for the next few days as well. This is in-line with global market movements. Nifty50 has support at 10925 levels; while a breach of 11400 on the higher side can trigger short covering. 

    We believe this correction is a very attractive opportunity for investors to accumulate stocks as the structural uptrend is intact. Metal And private banking stocks are attractive at current levels.

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  • March 04, 2020 / 04:21 PM IST

    Amit Shah, Technical Research Analyst with Indiabulls Securities:

    10,900-11,000 continues to remain an important support zone from where Nifty has already bounced back once. On the upside 11,550 is likely to act as a stiff resistance zone. Fresh positional shorts should be avoided as index is quite oversold and near the important support zone. 

  • March 04, 2020 / 04:12 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    The surprise rate cut by the US Fed failed to cheer the participants and in fact, it has raised doubts about the health of the US economy. On the local front, the rise in coronavirus cases dented the sentiment and triggered a sharp decline in the middle however rebound in the latter half considerably trimmed the losses.
     
    The recent surge in the coronavirus cases outside China has spooked the investors’ sentiment across the globe thus the monetary measures by various central banks are going unnoticed. Markets are currently witnessing roller-coaster ride and we do not see this ending anytime soon. Traders have no option but to align their trades accordingly and prefer hedged bets.

  • March 04, 2020 / 03:34 PM IST

    Market Close: Benchmark indices ended lower but recovered from the day’s low in the volatile trade on March 4 with Nifty slipped below 11,300 level. 

    At close, the Sensex was down 214.22 points at 38,409.48, and the Nifty was down 52.30 points at 11,251. About 694 shares have advanced, 1673 shares declined, and 129 shares are unchanged. 

    Cipla, Dr Reddy’s Labs, Power Grid, Sun Pharma and GAIL were among major gainers on the Nifty, while losers were Yes Bank, Eicher Motors, Bajaj Finance, Tata Motors and ITC.

    Except pharma, IT and energy all other sectoral indices ended in the red. BSE Midcap and Smallcap indices fell 1.6 percent each.

  • March 04, 2020 / 03:27 PM IST

    BASF India gets tax demand notice: The company has received demand notices for the periods i.e. 2010-13 aggregating to Rs 211.25 crore and a notice for Rs 46.39 crore for the period 2015-16 from Commercial Tax Department, Karnataka. 

  • March 04, 2020 / 03:27 PM IST

    BASF India gets tax demand notice: The company has received demand notices for the periods i.e. 2010-13 aggregating to Rs 211.25 crore and a notice for Rs 46.39 crore for the period 2015-16 from Commercial Tax Department, Karnataka. 

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  • March 04, 2020 / 03:17 PM IST

    SBI Cards IPO subscribed 7 times: SBI Cards and Payment Services has seen a 6.98 times subscription on March 4, the third day of bidding.

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