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April 13, 2021 / 04:17 PM IST

Closing Bell: Nifty ends above 14,500, Sensex gains 660 pts led by auto, metal, financials

Auto, PSU bank, metal and energy indices rose 2-4 percent, while IT index shed 3 percent. BSE Midcap and Smallcap indices gained over 1 percent each.

  • April 13, 2021 / 04:20 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets witnessed a breather after the sharp decline in the previous session and managed to close with gains of nearly one and a half percent. The benchmark indices opened marginally in the green and traded volatile in the first half amid profit-taking in the IT majors post TCS results. However, recovery in the auto, banking and select metal majors in the latter half helped the index to close around the day’s high. Sentiment boosted on the news of fast-tracked emergency approvals for foreign-produced Covid-19 vaccines. Consequently, Nifty ended with gains of 1.4% at 14,505 levels. The broader markets too ended with gains in the range of 1.2-1.5%.  

    We expect volatility to continue until there is clarity over the lockdown situation and availability of vaccines. The earnings season would further add to the choppiness ahead, so we suggest investors maintaining stock-specific trading approach. Meanwhile, global cues, metals and crude oil prices would also be on investors’ radar.

  • April 13, 2021 / 03:43 PM IST

    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 between the Virus & Vaccine tilted towards the latter with the approval of the third vaccine.

    The dovish stance of the RBI gained over inflation in the minds of investors as we saw investor interest in BFSI. The broader markets though did see profit-taking in IT & pathology names today.

  • April 13, 2021 / 03:42 PM IST

    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 results were in line with expectations not providing enough leeway to a highly valued sector. While Industrial production for February declined by 3.6% primarily due to contraction in the manufacturing and mining sectors. 

    India’s retail inflation for March also rose to 5.52%, however, it did not harm the market sentiment as it was in line with the recent RBI policy forecast. How the lockdowns will affect the economy will determine the trend of the domestic market, in the short-term.

  • April 13, 2021 / 03:36 PM IST

    Market Close: Benchmark indices ended near the day's high level with Nifty above 14,500 on April 13 led by the  auto, metal, financial and energy stocks.

    At clsoe, the Sensex was up 660.68 points or 1.38% at 48,544.06, and the Nifty was up 194 points or 1.36% at 14,504.80. About 1900 shares have advanced, 915 shares declined, and 176 shares are unchanged.

    M&M, Bajaj Finserv, Tata Motors, Bajaj Finance and Maruti Suzuki were among major gainers on the Nifty, while losers were TCS, Dr Reddys Laboratories, Tech Mahindra, Wipro and HCL Technologies.

    Auto, PSU bank, metal and energy indices rose 2-4 percent, while IT index shed 3 percent. BSE Midcap and Smallcap indices gained over 1 percent each.

  • April 13, 2021 / 03:25 PM IST

    Ashis Biswas, Head of Technical Research at CapitalVia Global Research:

    The market witnessed some lackluster movement in the first half of the trading session and an attempt to break the resistance level around the Nifty 50 Index level of 14500. The short-term technical condition appears like a sideways consolidation in the process. 

    Sustaining above 14500 levels, the market to gain momentum, leading to an upside projection till 14800 levels. The momentum indicators like RSI, MACD to show divergence, indicating a likelihood of further consolidation around the current market level.

  • April 13, 2021 / 03:23 PM IST

    Oil prices tick up after robust China data:

    Oil prices ticked up on Tuesday after strong Chinese import data but markets broadly shrugged off Middle East tensions which have so far not disrupted oil supply.

  • April 13, 2021 / 03:22 PM IST

    Cipla doubles Remdesivir production to meet 'unprecedented' demand

    India’s Cipla Ltd has doubled production of COVID-19 medication remdesivir to help meet “unprecedented demand” as the country battles a massive second wave of infections, the drugmaker said on Tuesday, reported Reuters.

    Cipla was quoting at Rs 883.60, down Rs 19.40, or 2.15 percent on the BSE.

  • April 13, 2021 / 03:13 PM IST

    Ashoka Buildcon emerges lowest bidder for project of Gujarat Rail Infrastructure:

    Ashoka Buildcon has emerged as the Lowest Bidder (L-1) for project viz. ‘Gauge Conversion of Bechraji (63.83 KM) – Ranuj (101.983 KM) Section, Total Length of 38.153 KM Metre Gauge to Broad Gauge with 25 KV AC Electrification in Ahmedabad Division of Western Railway. The quoted value of the project is Rs 333.625 crore, comapny said in its reelase.

    Ashoka Buildcon was quoting at Rs 90.35, up Rs 3.05, or 3.49 percent on the BSE.

  • April 13, 2021 / 03:05 PM IST

    Bitcoin hits record high of $62,575

    Bitcoin hit a record of $62,575 on Tuesday, extending its 2021 rally to new heights.

    The world's biggest cryptocurrency has more than doubled in price this year amid growing mainstream acceptance as an investment and a means of payment, and as investors seek high-yielding assets amid low interest rates, reported Reuters.