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May 11, 2021 / 03:44 PM IST

Closing Bell: Sensex snaps four-day winning streak to lose 341 points, Nifty below 14,900

Banking & financials, IT, Metals and Pharma stocks were under pressure, whereas PSU Banks bucked the trend.

  • IndexPricesChangeChange%
    Sensex51,977.53-345.80 -0.66%
    Nifty 5015,570.50-120.90 -0.77%
    Nifty Bank34,227.50-377.90 -1.09%
    Nifty 50 15,570.50 -120.90 (-0.77%)
    Fri, Jun 18, 2021
    Biggest GainerPricesChangeChange%
    Bajaj Auto4,089.8035.90 +0.89%
    Biggest LoserPricesChangeChange%
    JSW Steel668.50-27.85 -4.00%
    Best SectorPricesChangeChange%
    Nifty IT28520.40-90.95 -0.32%
    Worst SectorPricesChangeChange%
    Nifty Metal4931.75-163.35 -3.21%


  • May 11, 2021 / 04:02 PM IST

    Technical View

    "Nifty index opened gap down below 14,800 on account of weak global cues but since its opening levels, bulls have taken charge to take the index towards 14,900. It formed a Bullish candle on daily scale but negated its formation of higher lows of the last five sessions and closed the day with loss of around 90 points. Now, it has to hold above 14,800 zones to witness an upmove towards 15,000 and 15,050 while on the downside support exists at 14,700 and 14,600 zones," Chandan Taparia of Motilal Oswal said.

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  • May 11, 2021 / 03:50 PM IST

    Nifty May Face Still Hurdle

    "Index opened a day with a strong gap down but managed to hold its bullish stream since the start of the day and closed a day at 14,847 with loss of nearly one per cent. The index has a stiff hurdle on the higher side near 14,900-15,000 zone any daily close above 15,000 mark can only activate the overall bullish stream otherwise we may again see selling pressure from higher-end, supports are coming near 14,775-14,700 zone holding above said levels structure will be positive," said Rohit Singre, Senior Technical Analyst at LKP Securities.

  • May 11, 2021 / 03:42 PM IST

    Nifty Holds Support of 14,700

    "The Nifty50 respected the 14,700 level and closed way above it. We are in an interesting juncture where the Nifty is expected to achieve 15,200-15,250 and the stop is a close below 14,700. We are closer to the stop than the target which makes this a good risk reward trade," said Manish Hathiramani, proprietary index trader and technical analyst at Deen Dayal Investments.

  • May 11, 2021 / 03:40 PM IST

    Market Closing Update

    The benchmark indices snapped four-day winning streak with the Nifty50 falling below 14,900 levels as banking & financials and IT stocks were under pressure.

    The BSE Sensex was down 340.60 points at 49,161.81, and the Nifty50 climbed 91.60 points to 14,850.80.

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  • May 11, 2021 / 03:32 PM IST

    Expert's Take on MF Flow

    "The net inflows into equity funds have continued in April which is very encouraging. Flows slowed down a bit compared to March largely because of the disruption caused by the second wave of the pandemic. However, the SIP numbers have remained robust and the addition of SIP folios also have been very healthy. Given the expensive valuations, we have been recommending asset allocation funds such as Balanced Advantage Funds (BAF) for investors. This category has also seen meaningful inflows. We expect the flows to pick up pace once the pandemic is brought under control through increased levels of vaccination and other measures," said G Pradeepkumar, CEO at Union AMC.

  • May 11, 2021 / 03:27 PM IST

    Geojit Inks Pact With PNB To Provide 3-in-1 Account

    Geojit Financial Services said it entered into an agreement with the Punjab National Bank (PNB) to provide the advantage of a three-in-one account to the latter’s customers. 

    "The new service gives all the customers who have a savings account with PNB, a PNB demat account and Geojit trading account. Saving and Demat account can be opened online in PNB with hassle free approach," the firm said.

  • May 11, 2021 / 03:25 PM IST

    Technical Outlook

    "Any corrective wave down should find support around 14,700-14,800. The traders to use any rally to book profit while buying on the correction. Volatility to expand in today’s trading session indicating profit booking and distribution of stocks at a higher market level," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

  • May 11, 2021 / 03:20 PM IST

    Earnings

    Neuland Laboratories has reported consolidated profit at Rs 17.29 crore in Q4FY21 against loss at Rs 9.29 crore in Q4FY20. Revenue jumped to Rs 244.7 crore from Rs 191.6 crore in the same period.

  • May 11, 2021 / 03:05 PM IST

    Sona Comstar Receives SEBI Nod for Rs 6,000-crore IPO

    Blackstone promoted, Global Automotive Supplier, Sona BLW Precision Forgings, have received capital markets regulator Sebi's go-ahead to float initial share-sales.

    The public offer comprises of a fund raise via a fresh issuance of shares amounting to Rs 300 crore and Rs 5,700 crore through an offer-for-sale by shareholder Singapore VII Topco III Pte Ltd., an affiliate of The Blackstone Group Inc.

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  • May 11, 2021 / 02:55 PM IST

    Dolat Capital on Firstsource Solutions: Firstsource reported USD revenue growth of 8.2% QoQ against our estimates of 3.0% QoQ growth. On rupee basis, the growth stood at 7.1% against estimate of 2.5% QoQ. This beat was led by growth across verticals. BFSI Vertical (51% of Revenue) which grew of ~7.9% QoQ on rupee basis and Healthcare vertical (25% of Revenue) grew by 5.5% QoQ on rupee basis.

    Results were above our estimates across parameters. We currently have a buy rating on the stock with target of Rs 150.

  • May 11, 2021 / 02:44 PM IST

    Groww to buy Indiabulls' mutual fund business for Rs 175 crore: Groww, which is among India’s leading investment platforms, will be taking over the mutual fund business of Indiabulls group for Rs 175 crore.

    The transaction will only involve the mutual fund business of Indiabulls group. The alternate investment funds and portfolio management service businesses will still remain part of the Indiabulls group.

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