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Taking Stock: Market shrugs off weak macro data to gain more than 1%; auto, banks, metal shine

While auto, bank, metal, capital goods, oil & gas and realty indices gained, the Nifty IT index took a beating, ending lower by 3.28 percent.

April 13, 2021 / 04:40 PM IST

The Indian Market regained some of the losses of the previous session and ended near the day's high on April 13, ignoring weak macro data. At close, the Sensex was up 660.68 points, or 1.38 percent, at 48,544.06 and the Nifty was up 194 points, or 1.36 percent, at 14,504.80.

Auto, PSU bank, metal and energy indices rose 2-4 percent, while the IT index shed 3 percent. BSE midcap and smallcap indices gained more than 1 percent each.

"After resisting at the 14,950-15,000 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 14,250 level, we could fall to 13,800-13,900 sooner than later," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

"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 14,250 level and bounce from here."

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

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Stocks & sectors

On the BSE, the auto index rallied over 4 percent, while bank, metal, capital goods, oil & gas and realty indices rose 2-3.5 percent. However, IT index shed 2.6 percent.

Among individual stocks, a volume spike of more than 100 percent was seen in Pfizer.

IndexPricesChangeChange%
Sensex52,569.24224.79 +0.43%
Nifty 5015,744.7061.35 +0.39%
Nifty Bank34,868.10310.10 +0.90%
Nifty 50 15,744.70 61.35 (0.39%)
Mon, Jun 21, 2021
Biggest GainerPricesChangeChange%
Adani Ports729.3535.00 +5.04%
Biggest LoserPricesChangeChange%
UPL772.60-35.40 -4.38%
Best SectorPricesChangeChange%
Nifty PSU Bank2479.1099.65 +4.19%
Worst SectorPricesChangeChange%
Nifty Auto10402.50-41.25 -0.39%

Long buildup was seen in Shriram Transport Finance Corporation, Voltas and Pfizer, while a short buildup was seen in TCS, Dr Reddy's Lab and Dr Lal PathLabs.

More than 100 stocks, including Sobha, Prabhat Dairy and KPR Mills hit a fresh 52-week high on the BSE.

market snapshot 1304

Technical View

The Nifty formed a bullish candle and an inside bar on the daily scale with a longer lower shadow, indicating declines were being bought.

"The Nifty has to decisively hold above 14,500 zones for an up move towards 14650 and 14800 zones, while on the downside, support exists at 14,250 and 14,100 zones," said Chandan Taparia of Motilal Oswal Financial Services.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Apr 13, 2021 04:40 pm

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