Stock Market Highlights: Sensex ends 397 pts lower; Nifty below 15k; capital goods, bank, pharma stocks drag

The Indian stock market ended lower for second straight session on Monday, albeit paring more than half of early losses, weighed down by weak macro data and partial lockdown in certain states in wake of rise in COVID-19 cases. The BSE Sensex ended 397 points or 0.78 per cent lower at 50,395, and the NSE Nifty settled at 14929.5, down by 101.45 points or by 0.67 per cent. In the bearish trade, the BSE Sensex and NSE Nifty touched intraday low of 49,799 and 14,745, respectively. In line with benchmark indices, broader markets also ended in negative terrain, with BSE Midcap and BSE Smallcap falling 0.72 per cent and 0.53 per cent, respectively. The market breadth, indicating the overall strength of the market, was weak. Out of 3,520 shares traded, 1,297 shares advanced, 1,985 declined and 238 remained unchanged. Among the individual stocks, Bajaj Finserv, Bajaj Finance, Bajaj Auto, Larsen & Toubro, Dr. Reddy's Laboratories were among top losers, falling between 1.5-3 per cent. On the other hand, Mahindra & Mahindra, Power Grid Corporation, IndusInd Bank, HCL Technologies and State Bank of India were among notable gainers.

On the sectoral front, most of the sectoral indices ended in red, with capital goods, pharma and banking stocks emerging as top losers. The capital goods and pharma stocks fell as much as 1.18 per cent and 0.98 per cent, respectively, while baking stocks dropped 0.8 per cent.

Also read: Top losers today: 5 shares fall up to 4%; Bajaj Finserv, Bajaj Finance, Bajaj Auto, L&T, Asian Paints

"Markets opened in the red on the back of weak cues and drifted lower on higher WPI and partial lockdown in certain states. However, a spirited rally in Metals & IT stocks in Afternoon Trade with support from Financials helped Indices recoup part of the losses," says S Ranganathan, Head of Research at LKP Securities.

On the global front, Asian stocks ended on mixed note on Monday, ahead of meeting of the US Federal Reserve later this week. Japan and Hong Kong markets ended higher, while China's Shanghai Composite ended lower. Meanwhile, European stocks were trading higher on Monday as investors remained focused to upcoming Federal Reserve meeting. The US Fed is set to announce monetary policy on Wednesday.

Also read: Stocks in news: YES Bank, Axis Bank, MTAR Tech, Tata Communications, SBI cards, Dilip Buildcon, Bajaj Finance

Check highlights of the market action on BSE and NSE today.

3:45 PM: Nifty Tech View from Rohit Singre, Senior Technical Analyst at LKP Securities.

"Index opened a day with mild gains but failed to sustain on the positive side & seen sharp slide and closed a day on a negative note at 14929 with loss of nearly one percent. The index showed some pullback after touching its rising trend line on the daily chart, going forward 14750 will be immediate & strong  support if managed to hold then some more pullback possible towards immediate hurdle zone of 15k mark followed by 15100 zone."

Sensex, Nifty end lower

3:30 PM: The BSE Sensex was trading 415 points or 0.82 per cent lower at 50,376, and the NSE Nifty was quoting at 14,913.55, down by 117 points or by 0.78 per cent.

3:00 PM: Pritish Nandy Communications share price hits 10% upper circuit

Shares of Pritish Nandy Communications rallied 9.81 per cent to hit 9.81 per cent upper circuit of Rs 23.50 on the BSE after Ratan Tata, Chairman Emeritus of Tata Sons and Chairman of Tata Trusts, has acquired a stake in the company through market purchases last week.

Also read: Pritish Nandy Communications shares hits 10% upper circuit on acquisition of stake by Ratan Tata

2:50 PM: Five factors that fuelled sell-off in market today

The BSE Sensex fell nearly 900 points in early trade today and Nifty slipped 254 points despite firm global cues. Five factors that fuelled sell-off in market today includes, rise in COVID-19 cases, spike in  inflation, rising bond yields in US, fall in industrial production and strong selling across bank and pharma stocks.

Also read: Sensex slips 900 points, Nifty below 14,800: Factors that led to market correction today

2:30 PM: Vaibhav Global share jumps 8.5% to hit fresh 52-week high

Shares of Vaibhav Global rallied 8.5 per cent in intraday trade to hit fresh 52-week high of Rs 4,513, in an otherwise broader market. The stock of e-retailer of fashion jewellery, accessories, and lifestyle products has surged 115 per cent in last three months on strong financial performance.

2:00 PM: Tech Mahindra share gains over 2%

Tech Mahindra share price gained over 2 per cent in intraday trade on BSE on Monday, in an otherwise weak broader market, after the company received its board approval for acquisition of majority stake in Perigord Asset Holdings Limited.

Also read: Why Tech Mahindra shares rose over 2% today

1:30 PM: SBI, Indian Bank, Bank of India, PNB, J&K Bank drops up to 5%

Shares of PSU Bank witnesses selling pressure on Monday amid report that operations across the country were impacted due to two-day nationwide strike. State Bank of India (SBI), Indian Bank, Bank of India, Punjab National Bank, Canara Bank, J&K Bank, Union Bank of India, Bank of Maharashtra, Bank of Baroda declined up to 5 per cent.

Also read: Bank stocks under stress; SBI, Indian Bank, Bank of India, PNB, J&K Bank fall up to 5%

1:15 PM: Realty sector down 1.5%

In line with BSE Sensex, the BSE Realty index was also trading lower by 1.5 per cent. According to Amarjit Bakshi, CMD, Central Park says, "Although there is still a long way to go in the residential market, the worst is over. In reality, the challenges that residential real estate faced in 2020 will serve as a catalyst for the sector's long-term growth. Only trustworthy developers who are customer-centric and have a track record of delivering high-quality products will survive and thrive in the New Normal."

"Furthermore, end-users continue to drive demand. Larger homes in self-contained complexes with amenities such as a gym, green open spaces, and easy access to everyday necessities would be preferred. As work from home becomes more common, product metrics are likely to change. It's worth noting that listed REITs received a strong response in the primary markets, opening up a new investment opportunity for retail and institutional investors."

12:50 am: February WPI inflation surges to 41.7%

The Wholesale Prince Index (WPI) surged to 4.17 percent in February as compared to 2.03 per cent in January 2021 and at 2.26 per cent in February 2020.

12:30 pm: IT, Teck stocks hold gains

IT and Teck sectors continued to trade higher, in an otherwise weak broader market. The BSE IT index was at 26,390.95, up by 107.41 points or by 0.41 per cent, and the BSE Teck index was at 11,938.51, up by 17.77 points or by 0.15 per cent.

11: 58 am: Banking stocks crash

BSE bankex falls 1,058 points to 38,936.  Bank Nifty slips 936 points to 34,560

11:22 am : Craftsman Automation IPO in progress

Leading engineering firm Craftsman Automation's IPO opened today. Price band of the IPO has been fixed at Rs 1,488 to Rs 1,490 per equity share. The IPO comprises fresh issue of equity shares worth Rs 150 crore and offer-for-sale (OFS) of up to 45.21 lakh equity shares by promoters and existing shareholders.

Craftsman Automation IPO in progress: Should you subscribe to the share sale?

10:50 am: Laxmi Organic IPO to open today

The Rs 600 crore initial public offering (IPO) of Laxmi Organic Industries will open for subscription today. The price band for the issue, which closes on March 17, has been fixed at Rs 129-130 per share. The IPO comprises fresh issue of equity shares of up to Rs 300 crore and an offer for sale of equity shares up to Rs 300 crore by promoter Yellow Stone Trust. The firm has raised Rs 180 crore from 15 anchor investors on March 12. It allocated 1,38,46,153 shares at Rs 130 per share to anchor investors.

Also read: Laxmi Organic IPO to open today, should you subscribe to the issue?

10:25 am: MTAR Technologies lists at 85% premium over issue price

Shares of MTAR Technologies made strong debut at domestic bourses, in an otherwise weak market, listing at a premium of 85.03 per cent to its IPO issue price on BSE today. The share made its debut at Rs 1,063.90 on BSE against IPO issue price of Rs 575. On National Stock Exchange, MTAR Technologies stock listed at Rs 1,050, a premium of 82.6 per cent over the issue price.

Also read: MTAR Technologies makes strong market debut, lists at 85% premium over issue price

10:10 am: Rupee opens higher

The Indian rupee opened higher at 72.71 against US dollar as compared to Friday's close of 72.78 per dollar, bucking weak cues from Indian equity market. 

10:00 am: MTAR Technologies to list today

Shares of MTAR Technologies will make stock market debut today. The equity shares of MTAR Technologies Ltd (Scrip Code: 543270) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities.

9:40 am: PSU Bank stocks under pressure

The Nifty PSU Bank index was trading 1.69 per cent lower at 2,272.85, with 9 out of 12 stocks were bleeding in red.  Bank of India was down 3.63 per cent, followed by State Bank of India (SBI) by 2.2 per cent. Canara Bank, Union Bank, J&K Bank, Indian Bank, PNB and Bank of Maharastra were down between 1-2 per cent.

9:25 am: Market trends unclear, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"Market trends are unclear. While the dollar index cooling to 9.16 is a positive for capital inflows the 10-year bond yield hovering around 1.64 is a concern. Also the rise in core inflation, mainly pushed up by commodity price rise, is a  concern. Looks like we are at the trough of the interest rate cycle. Recent Covid resurgence is another concern. An economy facing stocks are set to benefit from the rebound in growth. Investors should always remember the fact that market valuations are high & therefore vulnerable to correction."

9:15 am: Sensex, Nifty open lower

The Indian benchmark indices, Sensex and Nifty, opened lower on Monday, undermining firm global cues and strong trading at Nifty futures on the Singapore Exchange. The BSE Sensex opened 154 points or 0.30 per cent lower at 50,637, and the NSE Nifty belled 26 points or 0.18 per cent lower at 15,004. Investors reacted to macro data which raised question over economic recovery. While the Consumer Price Index (CPI) or retail inflation spiked to 5.03 per cent in February, the Index of Industrial Production (IIP) contracted 1.6 per cent in January, after reporting growth in the previous two months.

9:00 am: Global markets

On the global front, Asian markets were trading higher on Monday amid hopes that that US stimulus package will give a boost to the economy. On Friday, US markets ended higher with the Dow Jones Industrial Average rising 293.05 points, or 0.9 per cent, to settle at 32,778.64 and the S&P 500 spurted 4 points, or 0.10 per cent, to end at 3,943.34. The Nasdaq Composite fell 78.81 points, or 0.59 per cent, to close at 13,319.87.

8:45 am: SGX Nifty indicates positive opening at Dalal Street

The Indian benchmark indices, Sensex and Nifty, are likely to open start week on positive note, tracking firm global cues and strong trading at Nifty futures on the Singapore Exchange. At 9:00 am, the Nifty futures were trading 35.85 points or 0.24 per cent higher at 15,072.20, on the Singapore Stock Exchange, indicating a positive start at Dalal Street.

8:30 am: Stocks in focus

Shares of YES Bank, Axis Bank, MTAR Tech, Tata Communications, SBI cards, Bajaj Finance, GTV Engineering, Fortis Malar Hospitals, Kotak Mahindra Bank, Dilip Buildcon and others will be in focus in Monday's trading session.