Share Market LIVE: Sensex sits in green, Nifty still below 14,700; SBI, Axis Bank top gainers – The Financial Express

INDIA VIX was moving lower on Tuesday morning.
(Image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices began trading in the positive territory on Tuesday morning. S&P BSE Sensex was nearing 49,000 during the initial minutes of trade while Nifty 50 was above 14,700. Bank stocks were recovering losses recorded yesterday. Axis Bank, IndusInd Bank, ICICI Bank, and SBI were the top Sensex gainers, while HUL, Titan, and PowerGrid were some of the index drags. Bank Nifty was moving higher, along with Nifty Metal and other sectoral indices, only Nifty Pharma was trading flat. Broader markets outperformed benchmarks.


The Nifty metal index is on a remarkable run since the beginning of February, surging 62% so far. Even the second wave of the coronavirus pandemic has failed to clamp down on the rally in the metal index. The up-move has been aided by an improving commodity cycle, soaring steel prices, and robust demand. Domestic brokerages, foreign brokerages, and even the Big Bull Rakesh Jhunjhunwala have time and again voiced bullish views on metal stocks. Further, the recent tax change in China is expected to support the up-trend.

Pfizer chairman and CEO Albert Bourla on Monday said the company was in discussions with the Indian government to expedite the approval of the Pfizer-BioNTech vaccine for use in India. He said the application had been submitted months ago.

Gold prices were trading flat to negative on Tuesday, following international prices as a stronger dollar and comments from US Fed Chairman Jerome Powell on the economy weighed on yellow metal’s safe-haven appeal. MCX gold June futures were trading Rs 34 down at Rs 47,285 per 10 gram, against the previous close of Rs 47,319. Silver July futures were ruling at Rs 70,738 per kg, down Rs 162 or 0.23 per cent. In the previous session, silver futures ended at Rs 70,900 per kg. Globally, spot gold was down 0.2 per cent at $1,789.02 per ounce. The metal touched its highest since February 25, at $1,797.75 on Monday. US gold futures fell 0.2 per cent to $1,788.80 per ounce, according to Reuters.

“The markets are still unsure of its direction. We have a strong support at 14400 which we are not breaking and there is a stiff resistance at 14700 which we are unable to get past convincingly. Until either level is not taken out, we will not see a meaningful move in the markets. If we can get past 14700, the Nifty could scale higher to 15100. If the index breaks 14400, it could drop to 14100,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Sensex and Nifty trimmed opening gains to trade flat on Tuesday morning. Nifty had opened above 14,700 but was now trading below the said levels.

“This bull market, which has been climbing many walls of worries, is likely to remain resilient supported by positive news on the Covid front. The latest data indicates plateauing of the Covid curve and a steady decline in Covid numbers in 13 states including Maharashtra. Daily numbers after peaking at 4.02 lakhs on May 1st have been steadily declining and now stands at 3.5 lakhs. This can give further support to the ‘ hope trade’ that is currently on, despite the grim health crisis. Q4 results continue to be good across sectors. The FIIs continue to be on the sell side but this is being neutralised by DII buying. IT, pharma, telecom are safe sectors in the context of the lockdowns during the second wave,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Sensex, Nifty zoomed on the opening bell. Sensex was nearing 49,000 while the Nifty 50 was above the 14,700 mark.

Sensex was gaining momentum during the pre-open session on Tuesday and was nearing 49,000 ahead of the opening bell.

Senex and Nifty were trading with gains during the pre-open session on Tuesday. Nifty was nearing 14,700.

Ahead of the pre-open session SGX Nifty turned positive, hitting at a flat to positive start for domestic markets.

The Microsoft co-founder and his wife said they would continue to work together at the Bill & Melinda Gates Foundation, the world’s largest private charitable foundation. In identical tweets, they said they had made the decision to end their marriage of 27 years. “We have raised three incredible children and built a foundation that works all over the world to enable all people to lead healthy, productive lives,” they said in a statement. “We ask for space and privacy for our family as we begin to navigate this new life.”

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were today hiked for the first time after 18-days of unchanged rates. Today, the price of Petrol in Delhi stands at Rs 90.55 per litre, up 15 paise from yesterday, while Diesel prices were hiked by 18 paise to Rs 80.91 per litre. Fuel prices remain the highest in Mumbai at Rs 96.95 per litre for Petrol. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.


IndusInd Bank (IIB) posted better-than-expected Q4FY21 PAT of Rs 9.3billion with visible signs of improvement across critical business metrics. Loan momentum improved—driven by strong retail disbursements. Most importantly, deposits rose further 6.8% QoQ—a commendable feat. Asset quality is along expected lines, and we reckon provision buffers are adequate to deal with current uncertainty. IIB has been steadily delivering on core performance. Stabilisation of deposits and its stance of building on its existing provision buffer render outlook stable. Factoring these in, we are raising the target to 1.8x P/B (earlier 1.5x), which yields a TP of Rs 1,150 (up from Rs 880). Consequently, we are upgrading IIB to ‘buy’ from ‘hold’.

Nifty futures were trading 30 points or 0.20 per cent down at 14,650.80 on Singaporean Exchange, indicating a negative opening for BSE Sensex and Nifty 50 on Tuesday. Currently, the 30-share Sensex sits at 48,718 while the Nifty 50 index is at 14,634. Global cues were positive on Tuesday morning. Investors will continue to watch rising COVID cases, ongoing inoculation, Q4 results, rupee movement, oil prices and other global cues.

“Going forward, markets are likely to be range-bound as the fear of the continuous rise in covid cases and extended lockdowns in various states, are likely to cap the upside. We expect Nifty to trade in the range of 14200-15000 zone. So far the strong quarterly earnings season has been supportive to the market but the poor progress on the vaccination front is denting the sentiments. Investors should seize the opportunity of accumulating stocks during this volatility phase, while traders should be cautious and stock specific with timely profit booking approach,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Nifty futures on the Singapore exchange were down in the red on Tuesday morning, hitting at another negative opening for Dalal Street.

After ending flat in the previous session, BSE Sensex and Nifty 50 are looking to open in the negative territory on Tuesday. In the previous session, S&P BSE Sensex ended 63 points lower at 48,718 while the Nifty 50 index closed at 14,634. Trends on SGX Nifty were hinting at a gap-down start for the domestic market indices. Technical analysts believe that if Nifty 50 gets past 14,700 level and stay above it, it may move towards the target of 15,100. “If we break 14400, we could slip further to 14100,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

Covid-induced lockdowns and restrictions on mobility have pushed India’s unemployment rate to a four-month high of 7.97% in April compared with 6.5% in March, 6.89% in February and 6.52% in January this year, data compiled by Centre for Monitoring Indian Economy (CMIE) showed.

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