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Sensex Ends 441 Points Lower; Nifty Settles Below 15,000-Mark
Fri, 5 Mar Closing | Yash Vora, TM Team

Indian share markets witnessed huge selling during closing hours today and ended their day lower.

Benchmark indices ended lower for the second straight session amid volatility triggered by the Fed Reserve chair's statement on market intervention.

At the closing bell, the BSE Sensex stood lower by 441 points (down 0.9%). Meanwhile, the NSE Nifty ended down by 143 points (down 1%).

ONGC was among the top gainers today. IndusInd Bank and Wipro, on the other hand, were among the top losers today.

SGX Nifty was trading at 14,950, down by 156 points, at the time of writing.

The BSE Mid cap index and the BSE Small cap index ended down by 1.9% and 1.5%, respectively.

On the sectoral front, metal stocks, banking stocks and IT stocks were among the hardest hit.

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Shares of Avenue Supermarts and Adani Gas hit their respective 52-week highs today.

Asian share markets ended on a negative note today. The Nikkei ended lower by 0.2% while the Hang Seng ended down by 0.5%.

Rising US bond yields put European share markets under pressure after Federal Reserve Chair Jerome Powell's remarks failed to soothe investor concerns about a recent surge in borrowing costs.

While Powell said the rise in yields was "notable", he did not consider it a "disorderly" move, or one that pushed long-term rates so high the Fed might have to intervene in markets more forcefully to bring them down.

The comments fueled a sell-off on Wall Street overnight, pushing the tech-heavy Nasdaq to erase its yearly gains.

US stock futures are trading lower today indicating a weak opening for Wall Street indices with the Dow Futures trading down by 115 points (down 0.3%).

Gold prices for the latest contract on MCX are trading down by 0.5% at Rs 44,305 per 10 grams.

The rupee is trading at 73.01 against the US$.

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Speaking of the current stock market scenario, note that the BSE Small-cap index broke past the 21,000- barrier earlier this week.

The index had crashed to a multi-year low of 8.6k back in March 2020. Who would have thought that in less than a year, the index will come roaring back and go up a massive 133%?

While caution is indeed warranted, Richa Agrawal, Research Analyst at Equitymaster, thinks there is still a lot more steam left to this smallcap rally.

Despite rallying more than 130% since the March 2020 lows, Richa believes small-cap stocks are set for a massive up move in 2021 and beyond.

Here's what she wrote in a recent edition of Profit Hunter...

  • The P/E for smallcap index doesn't make sense. There are thousands of listed small companies. Some have negative earnings. The base is not a valid data to work with.

    That said, the closest proxy to relative valuations is the Smallcap to Sensex ratio,

    Historically, this ratio has averaged 0.43x. In the previous mega runs of the smallcap index, this ratio has gone as high as 0.75x.

    In January 2018, when smallcaps peaked, the ratio was at 0.58x.

    Guess where this ratio is now after a 100% run up in the smallcap index?

    0.38.

    It's lower than the median over 2 decades.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

In latest developments from the IPO space...

The public issue of MTAR Technologies was subscribed 178.4 times so far at the time of writing, on the final day of bidding.

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The reserved portions for retail and non-institutional investors was subscribed 27.9 times and 552.6 times, respectively. The portion set aside for qualified institutional buyers witnessed a subscription of 161.4 times.

The Rs 5.96-billion public offer received bids for 1,295 million equity shares against the issue size of over 7.3 million equity shares, the subscription data available on the exchanges showed.

The company mopped up Rs 1.8 billion through anchor book on March 2, hence the issue size has been reduced to 7.3 million equity shares from over 10.3 million shares.

The IPO comprises a fresh issue of 2.15 million shares and an offer-for-sale (OFS) of 822.4 million shares and will close on March 5.

The price band has been fixed at Rs 574-575 apiece for the IPO.

In the grey market, MTAR Technologies shares were commanding a strong grey market premium of 85% over the issue price of Rs 575 apiece. The shares of precision engineering solutions company were trading at Rs 1,060 per share in the grey market, implying an upside of Rs 485 apiece.

How the IPO performs on listing day remains to be seen.

Speaking of stock markets, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani talks about how inflation is affecting your money in the market and why you need to keep a close eye on it.

Tune in to the video below to find out more:

Moving on to stock specific news...

Vodafone Idea was among the top buzzing stocks today.

Shares of Vodafone Idea slipped over 5% today amid reports that the debt-laden telco's fund-raising plans have hit a snag.

Vodafone Idea's talks with the Oak Hill consortium have not led to a binding agreement as there were unresolved issues around funding terms, guarantees and claims to the struggling telco's assets in case of a payment default, a report by Economic Times stated.

The report added that while talks between the two sides have not fallen through completely, the telecom JV between UK's Vodafone Group and Aditya Birla Group is already exploring other potential funding partners and is confident of securing funding by the end of this month.

The exclusive period for talks between the group of potential lenders consisting of Oak Hill, Pacific Investment Management Co, Sixth Street, Twin Point Capital and Varde Partners and Vodafone Idea was extended by a month from January 30 to February 28 but no agreement could be signed.

Vodafone Idea share price ended the day down by 3.3%.

Market participants were also tracking Quick Heal Technologies share price.

Shares of Quick Heal Technologies surged up to 8% to hit fresh 52-week high of Rs 187 after the company said its board will consider a share buyback on March 10, 2021.

Quick Heal Technologies is one of the leading providers of IT security and data protection solutions with a strong footprint in India and an evolving global presence.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary


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Stock Market Updates

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P&G HYGIENE share price has hit an all time high at Rs 14,100 (up 3.1%). The BSE FMCG Index is up by 0.5%. Among the top gainers in the BSE FMCG Index today are P&G HYGIENE (up 3.1%) and NESTLE (up 2.0%). The top losers include HUL and GILLETTE INDIA (down 0.1%).

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BSE Sensex is trading up by 74 points, while the NSE Nifty is trading up by 55 points.

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Apr 16, 2021 09:54 AM

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WIPRO Share Price Up by 5%; BSE IT Index Up 0.6% (Today's Market)

Apr 16, 2021 09:30 AM

WIPRO share price is trading up by 5% and its current market price is Rs 453. The BSE IT is up by 0.6%. The top gainers in the BSE IT Index is WIPRO (up 5.0%). The top losers is INFOSYS (down 0.1%).

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