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April 12, 2021 / 04:14 PM IST

Closing Bell: Nifty closes near 14,300, Sensex plunges 1,708 pts; financials drag

All the sectoral indices ended in the red with PSU Bank index shed over 9 percent, while auto, energy, infra and metal indices fell 4-5 percent. BSE Midcap and Smallcap indices also slipped 4-5 percent.

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  • April 12, 2021 / 04:19 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets started the week on a feeble note and lost over three and a half percent. The benchmark indices opened a gap down and continue to plunge southwards due to rising COVID-19 cases, vaccine supply issues and the possibility of lockdown in various parts of the country. Selling pressure widened as the day progressed and consequently the Nifty ended lower by 3.5% at 14,310 levels. The broader markets too were not spared and it ended lower in the range of 4.8-5.3%. On the sector front, all the indices ended with negative bias wherein PSU banks, auto and metals were the top losers.

    Markets will first react to TCS results and macroeconomic data viz. IIP and CPI inflation in early trade on Tuesday i.e. April 13. The rising Covid cases combined with the fear of lockdown have pushed the bulls completely on the back foot. We thus suggest maintaining a cautious stance in the near term. Besides, stock-specific volatility will remain high, with the start of Q4FY21 earnings and investors should focus on sectors such as IT, FMCG and Pharma as they are expected to post strong numbers. On the benchmark front, Nifty has the next critical support at 14,100 levels. In case of a rebound, the 14,500-14,650 zone would act as a hurdle.

  • April 12, 2021 / 04:17 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Further implementation of lockdowns and all-time high covid cases have dragged the market to a monthly low. This is expected to impact the economic growth of Q1FY23, more than thought earlier. Implications to the banking & discretionary sector are presumed to be the highest, drifting market to defensives like IT, Pharma and FMCG. This trend may happen for a couple of trading weeks, down a few weeks covid cases are likely to reduce, bringing growth back.

  • April 12, 2021 / 04:14 PM IST

    Jateen Trivedi, Senior Research Analyst at LKP Securities:

    Rupee trade lower below 75.00 yet again as Maharashtra lockdown after Gudi Padwa festival send weak signals across the risky assets making rupee go weaker. Levels at which the rupee will trade looks 74.75-75.50 with a weak tone for rupee.

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  • April 12, 2021 / 04:13 PM IST

    Rohit Singre, Senior Technical Analyst at LKP Securities:

    Strong profit booking has witnessed in today’s session with loss of more than three percent formed a bearish candle on the daily chart. The Nifty breached most of the good support in today’s session, now 14250 will be immediate and strong support on the downside and any break down below said levels we may see more pressure in index & if managed to hold, some bounce can be expected. Strong hurdle on the higher side coming near 14500-14600 zone, one can use that level to lock gains.

  • April 12, 2021 / 03:56 PM IST

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

    After resisting at the 14950-15000 level, there has been no respite for the markets. We have witnessed a single slope fall. However, one needs to be cautious at these levels of the index. If we keep below the 14250 level, we could fall to 13800-13900 sooner than later. 

    In the short to medium term time frames, this is the last support for the Nifty. If the index has to bottom out, we need to respect the 14250 level and bounce from here.

  • April 12, 2021 / 03:50 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    The gap down opening on Monday's trade widened as the day progressed with all sectoral indices in the red as investors worried on the economic fallout on account of the surge in coronavirus cases. Asset Quality concerns spooked banks and PSU stocks across sectors were the worst hit amidst lockdown worries.

  • April 12, 2021 / 03:47 PM IST

    Rupee Close: Indian rupee has recovered from the day's low but ended 31 paise lower at 75.05 per dollar, amid weakness saw in the domestic equity market as Maharashtra government will consider imposition of a lockdown after the state Cabinet meeting on April 14.

    It opened 22 paise lower at 74.96 per dollar against Friday's close of 74.74 and traded in the range of 74.74-75.14.

  • April 12, 2021 / 03:40 PM IST

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

    The market witnessed a strong downward trend in the market and a decisive breakdown below the support level around the Nifty 50 Index level of 14500. While a recovery above 14500 is the key to change the short-term bearish outlook, sustaining below this level market to gain downside momentum and open the gate for a movement until 14010. 

    The momentum indicators like RSI, MACD to turn negative and market breadth to deteriorate significantly, further strengthening the view of a short-term bearish outlook.

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  • April 12, 2021 / 03:38 PM IST

    Market Close: Benchmark indices shed over 3 percent on April 12 as due to rising covid cases, the Maharashtra government will take a lockdown decision post the state Cabinet meeting on April 14.

    At close, the Sensex was down 1,707.94 points or 3.44% at 47883.38, and the Nifty was down 524.10 points or 3.53% at 14310.80. About 493 shares have advanced, 2433 shares declined, and 171 shares are unchanged.

    Tata Motors, Adani Ports, IndusInd Bank, Bajaj Finance and UPL were among major losers on the Nifty, while gainers were Dr Reddy’s Laboratories, Cipla, Divis Labs and Britannia Industries.

    All the sectoral indices ended in the red with PSU Bank index shed over 9 percent, while auto, energy, infra and metal indices fell 4-5 percent. BSE Midcap and Smallcap indices also slipped 4-5 percent.

  • April 12, 2021 / 03:29 PM IST

    Abhishek Bansal, Founder Chairman, Abans Group:

    WTI Crude oil is trading near $58.87, which is sharply lower from the recent high of $67.98 registered on March 8th. However, prices are marginally up from the recent low of $57.25.

    A rally in the dollar weighed on crude prices along with global energy demand concerns. Covid infections are climbing throughout the world. New lockdown measures in India and Euro-zone countries are likely to affect energy demand negatively. 

    WTI crude oil prices are likely to face stiff resistance near 20 days EMA at $60.30, it may find a strong support near $57.40 and $55.60.

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