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May 04, 2021 / 04:33 PM IST

Closing Bell: Nifty close below 14,500, Sensex slips 465 pts; PSU Banks outshine

Stock Market Live Updates | Except PSU Bank all other sectoral indices ended in the red. BSE Midcap and Smallcap indices ended in the red.

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  • May 04, 2021 / 04:28 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    Indices lost a percentage on Tuesday as the street punished earnings disappointment in several high-quality midcaps. Afternoon trade witnessed profit-taking in metals & pharma names as the street exhibited nervousness on regional lockdowns which accentuated the weakness. In the broader market paper stocks were sought after today on hardening pulp prices while coffee producers saw investor appetite.

  • May 04, 2021 / 03:55 PM IST

    Jateen Trivedi, Senior Research Analyst at LKP Securities:

    Rupee traded strong as capital markets witness some sell-off. There is some support to USDINR at lower levels near 73.80 as the crude prices hold rates that can keep prices on rupee resistance beyond 73.75. Going ahead rupee can be seen in a range of 73.75-74.25.

  • May 04, 2021 / 03:53 PM IST

    Rupee Close: 

    Indian rupee ended higher by 7 paise at 73.86 per dollar, amid selling saw in the domestic equity market. It opened marginally higher at 73.90 per dollar against previous close of 73.93 and traded in the range of 73.76-73.97.

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  • May 04, 2021 / 03:51 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The markets have not broken the 14400 level on a closing basis which means the support still holds. If we crack this level, we could see levels closer to 14000-14100. On the upside, there is a stiff resistance at 14700 and until we do not get past that, we will not enter a bullish trend. It is a tight range and traders need to be cautious in their approach.

  • May 04, 2021 / 03:45 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Indian bourses opened with a strong grip but failed to hold onto its gains owing to weak international markets. As technology heavyweights continued to weigh on Wall Street equities, US futures slipped while European stocks struggled for direction. On the Indian front, gains in public sector banks were offset by weakness in pharma and auto stocks.

  • May 04, 2021 / 03:37 PM IST

    Market Close: Benchmark indices ended lower in the highly volatile market on May 4 dragged by the pharma, metal and auto names.

    At close, the Sensex was down 465.01 points or 0.95% at 48253.51, and the Nifty was down 137.70 points or 0.94% at 14496.50. About 1374 shares have advanced, 1534 shares declined, and 169 shares are unchanged.

    Tata Consumer Products, Cipla, Dr Reddy’s Labs, Divis Labs and Reliance Industries were among the top losers on the Nifty. Gainers included SBI Life Insurance, ONGC, BPCL, Bajaj Finance and Adani Ports.

    Except PSU Bank all other sectoral indices ended in the red. BSE Midcap and Smallcap indices ended in the red.

  • May 04, 2021 / 03:26 PM IST

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

    The market failed to show resilience to stay above the Nifty 50 Index level of 14700. While it is subject to further price action evolution, the technical factors are aligned to support a range between 14400 and 14700. Therefore, the short-term traders to use any short-term rally to exit while attempting to buy on a dip approach to adopt. 

    Market breadth to deteriorate, indicating the likelihood of higher volatility in the market. Any downwards corrective wave should find buying interest around 14400.

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  • May 04, 2021 / 03:15 PM IST

    Abhishek Bansal, Founder Chairman, Abans Group:

    Gold prices rallied above two months high yesterday as safe-haven demand increased after comments from U.S. Federal Reserve Chairman Jerome Powell when he said that the U.S. economy is doing better, but is not out of the woods yet. 

    Gold prices also found support from poor US economic data as U.S. manufacturing activity grew at a slower pace in April

    Gold prices likely to remain firm while above 50 days EMA of $1,767 however it may face stiff resistance near $1,817 and $1,836.

  • May 04, 2021 / 03:12 PM IST

    Alembic Pharma JV receives USFDA USFDA tentative approval

    Alembic Pharmaceuticals announced that its joint venture Aleor Dermaceuticals (Aleor) has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Metronidazole Gel USP, 1 %. 

    At 15:03 hrs Alembic Pharmaceuticals was quoting at Rs 1,014.90, up Rs 31.90, or 3.25 percent on the BSE.

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