Taking Stock: Market snaps 3-day winning streak on weak global cues; metals drag

All the sectoral indices ended in the red with Nifty metal index falling 2 percent and Nifty Bank index losing a percent

March 04, 2021 / 04:34 PM IST

The market broke its three-day winning streak and fell 1 percent on the back of weak global cues. At Close, Sensex fell 598.57 points, or 1.16%, to close at 50,846.08, while Nifty shed 164.80 points, or 1.08%, to close at 15,080.80.

"Domestic markets, along with global peers, mirrored the wounded trend of the US market. The surge in US bond yields added to the selling pressure in technology stocks, forcing Wall Street to close lower. Blue-chips were more affected by the weak global cues, but Mid & Smallcaps retained their positive momentum," said Vinod Nair, Head of Research at Geojit Financial Services.

All the sectoral indices ended in the red with Nifty metal index falling 2 percent and Nifty Bank index losing a percent.

Mid and smallcaps indices outperformed the main indices with gains of 0.4-0.8 percent each.

JSW Steel, Hindalco Industries, HDFC, Tata Steel and Tata Motors were among top Nifty losers, while gainers were UltraTech Cement, Shree Cements, Adani Ports, Grasim Industries and Dr Reddy's Labs.

Close

Stocks & sectors

On the BSE, the metal index shed 2 percent, while the Bank index was down 1.4 percent. A volume spike of more than 100 percent was seen in IRCTC, BHEL and CONCOR.

Long buildup was seen in Trent, IRCTC, Navin Fluorine International, while short buildup was seen in City Union Bank, Power Grid and Aarti Industries.

More than 300 stocks, including ACC, Torrent Power, Karnataka Bank, IFCI hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a Bullish candle with a bigger shadow on daily scale which indicates tussle between bulls and bears in the market.

"The Nifty has to continue to hold 15,000 zones to witness an up move towards 15,250 and 15,431 zones while on the downside immediate support exists at 14,900 then 14,800 levels," 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: Mar 4, 2021 04:34 pm

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