Closing Bell Updates: Indices shed 1% each, Nifty ends below 17,150; auto, banks, realty, power top losers – Moneycontrol

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Follow our LIVE blog for the latest updates on the Russia-Ukraine and its impact

Ajit Mishra, VP – Research, Religare Broking:
Markets started the week on a muted note and lost nearly a percent, tracking mixed global cues. After the flat start, the benchmark gradually inched lower as the day progressed and settled closer to the day’s low. 
Mostly sectoral indices ended in the red wherein power, banking and auto were the top losers. The broader indices traded mixed and closed on a flat note.
 
Markets are dancing to the global tunes and we don’t see this changing anytime soon. Broadly, we reiterate our positive bias till Nifty upholds the 16,800 zone, however the key is to identify the sectors/stocks which are showing resilience and add them on dips.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
After a strong uptrend start, the benchmark indices witnessed profit booking as traders started booking profit as benchmark indices approached key resistance level. Profit booking was seen in FMCG and infra stocks whereas despite weak market conditions buying interest continued in metal stocks. 
Technically, Nifty faced resistance near 50-days SMA and reversed sharply. It also formed bearish candle on daily charts which supports further weakness. However, the medium term texture of the market is still in to the positive side. We are of the view that, 50-days SMA or 17250 on the Nifty would act as an  immediate hurdle for the bulls. Below which the correction wave is likely to continue till 17000-16975. 
Fresh uptrend possible only after 17250 breakout. Above which the chances of hitting 17350-17400 would turn bright. Contra traders can take a long bet near 16975 with 16950 support stop loss.

Manish Shah, Indepedent Technical Analyst:
Nifty closed the day with a marginal loss. Price pattern for the day is a bearish engulfing pattern. This bearish pattern is seen after a series of rising closes. It seems that Nifty is showing a pause after a sharp spurt. 
The momentum in Nifty has changed direction and the decline for the day seems to be a correction of the rally from the low of 15670 to the recent high at 17340. The corrective decline is within the bounds of natural flow of price movement. 
Nifty has a bullish bias and what we see is a small corrective decline to lower support zones. Major support in Nifty is at 17050-16950. 
A decline to this zone is a buying level. If we see a drop to this zone it becomes a buying opportunity. 
The MACD is in a buy mode and RSI holds above 50. Nifty should see a reversal from 17050-16950. On the upside Nifty could see a revisit to 17350-17400 and a break above 17400 could mean a further upside to 17900.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:
The Nifty started on a positive note on March 21; however it couldn’t build upon the early gains. The weekly chart shows that the index has reached its 20-week moving average, from where it has entered into a brief consolidation. It is attempting to fill up a gap on the daily chart whose lower end is at 16987. 
Also, it has 200-DMA support near 17000. Thus dip towards 17000 is expected to attract fresh buying support. Unless the level of 17000 breaks on a closing basis the recovery process is expected to continue further. 
On the higher side, today’s high of 17353 will act as a key hurdle beyond which the index can test the daily upper Bollinger Band near 17500.

Mohit Nigam, Head – PMS, Hem Securities:
Benchmark indices closed lower with Nifty closing -0.98% lower while Sensex closing -0.99% lower today. Some pressure was witnessed in the auto, bank, realty and power sector while strong buying is seen in selected metal stocks today. 
We may see some positive momentum in the IT sector in the short term after strong revenue growth and upward revision in revenue guidance of Accenture. 
Some margin pressure due to wage inflation and elevated attrition can be seen in Indian IT companies too. 
On the technical front, immediate support and resistance in Nifty 50 are 17000 and 17500 respectively. For Bank Nifty immediate support and resistance are 35500 and 36500 respectively.

Vinod Nair, Head of Research at Geojit Financial Services.
With no significant improvement in the tensions between Russia & Ukraine and uncertainty in Gulf region, crude prices surged leading to a sell-off in the domestic market after the recent rally. 
FII’s coming back to buying mode is a positive for domestic equities but rise in bulk diesel prices & inflationary pressure is bending the domestic market. 
Accenture's positive earnings and strong guidance have helped Indian IT companies to be in demand, however, late selloff was witnessed.
Market at Close: Benchmark indices ended the session on March 21 deep in the red amid volatility. Sensex fell 571.44 points or 0.99% at 57292.49, and the Nifty was down 69.40 points or 0.98% at 17117.60. About 1516 shares have advanced, 1919 shares declined, and 140 shares are unchanged.
Among the sectors, auto, banks, realty and power shed over a percent each while buying was seeing in metal names. The midcap index shed half a percent while the smallcap index added over 0.5 percent.

SMS Pharmaceuticals In Focus
The US Food and Drug Administration has successfully completed the remote regulatory assessment for the company's testing facility and received Remote Assessment Report, says SMS Pharmaceuticals.
As a result of this remote assessment, USFDA does not plan to take or recommend regulatory or enforcement action at this time,the company adds.
The "Central Laboratory Analytical Services" is an independent testing laboratory, and this was the first Remote Regulatory Assessment by USFDA and completed successfully.

Technical View on Nifty50
"The market failed to show resilience to stay above the level of 17,200 and we saw profit booking in the market. As of now, the short-term technical condition of the market shows that the expected range of the market is likely to be between 17,000 and 17,400," says Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research.
While it is subject to further price action evolution, market research suggests it is prudent to wait for a decisive breakout above 17,400 and technical factors to improve before going long in the market, he says, adding technical indicators suggest a volatile movement in the market.

Swastika Investmart's Neutral Rating on Ruchi Soya FPO
Ruchi Soya is coming out with its FPO of Rs 4,300-crore and it will utilize the entire issue proceeds for furthering the company's business by repayment of certain outstanding loans, meeting its incremental working capital requirements, and other general corporate purposes. 
The promoters currently have a nearly 99 percent stake in the edible oil major. The company needs to dilute a minimum 9 percent stake in this round of the FPO.
"It has a strong backup from the Patanjali group and we are seeing a turnaround in the company where it managed to turn profitable. It has a strong product portfolio and is one of the largest fully integrated edible oil refining companies in India," says Aayush Agrawal, Senior Analyst at Swastika Investmart.
He further says, "If we look at the valuations then the stock is trading with a PE of around 32 which is lower than the industry average. Patanjali group wants to make this FPO successful so that they can come out with more FPOs successfully whereas they are also likely to come out with IPOs of their other segments. "
Swastika has a neutral rating for this follow-on public offer (FPO), however aggressive investors can apply for long term.

Impact – Australia Bans Raw Material Exports to Russia
Australia banned all exports of aluminium ore and oxide, also referred to as bauxite and alumina, which are key to Russia’s aluminium industry, over the weekend. "Taken together with disrupted exports from Ukraine, Russia’s smelters are facing a significant supply shortfall of raw materials. While the ban could be seen more as symbolic signs as Russia anyway struggled to sell its aluminium, the news is likely to be taken positively by the market," says Carsten Menke, Head Next Generation Research at Julius Baer.
Roughly speaking, Russia's smelters source around 60 percent of their raw materials supplies from abroad, of which around 30 percent come from Australia.
"We expect Australia’s exports to be redirected and to find a buyer elsewhere, but the news is likely to be taken positively by the aluminium market at least in the very short term. The aluminium market had already been facing a shrinking supply cushion before the war, which means that the sanctions come at a very unfortunate time. While acknowledging that the path of least resistance is up, we believe the recent rapid rally suggests that the fundamental impact of the sanctions is at least partly priced in," says Carsten.
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