MARKETS: Sensex down 400pts, Nifty near 17,400; Reliance slips 2%

at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices reversed course owing to persistent selling pressure in index Reliance Industries and select auto, financial and IT shares.

The BSE Sensex tumbled 912 points the day’s high of 59,203, to a low of 58,291. The BSE index was down 377 points at 58,410. The NSE Nifty had declined 108 points to 17,403.

Index heavweight Reliance has slipped nearly 2 per cent. Bajaj Finserv, Bajaj Finance, Mahindra & Mahindra, Nestle, Bharti Airtel and HDFC were the other major losers.

The broader also pared gains. The BSE Midcap index was down 0.1 per cent. The Smallcap index, however, was up 0.6 per cent.

Among sectors, the BSE Energy index plunged 1.5 per cent, and the Telecom index was down nearly a per cent.

Elsewhere in Asia the displayed a mixed trend. Nikkei and Shanghai were up 0.7 per cent each, while, Kospi and Taiwan slipped 0.3 per cent each. Hang Seng was down 0.1 per cent, and Straits Times almost unmoved.

Markets at Noon

LIVE market updates: The key benchmark indices have pared most of its gains amid selective profit-taking.

The BSE Sensex had touched a high of 59,203, and was up 81 points at 58,868. The NSE Nifty was up 31 points at 17,542.

The broader indices were seen out-perfoming the benchmark indices. The BSE Midcap and Smallcap indices were up 0.4 per cent and 0.8 per cent, respectively.

In the broader markets, Policybazaar declined hit a new low in trades on declining 5% to Rs 1,076. Meanwhile, the mandatory one-month lock-in period for anchor investors in the stock ended today. READ MORE

Bannari Sugars, Sun Pharma Advanced Research Company (SPARC), Aptech, Strides, Viabhav Global, Jindal Stainless, Keynote Financial Services, Cambridge Technology, Hindustan Flourocarbons, Hitech Gears and Apollo Micro Systems were the other major gaines.

On the flip side, Network18, Satin CreditCare, Reliance Communications, Starlit Power, Bang Overseas, CAMS, TTL, Genesys International and Aurionpro Solutions were the other notable losers.

Primary Market Update

IPO opened for subscription today, as of 11:50 AM, the Rs 1,398 crore issue was subscribed 25 per cent.

Meanwhile, Metro Brands IPO was was subscribed 37 per cent, with the retail quota subscribed 70 per cent on Day 2 of the offer period.

C. E. Info Systems (MapmyIndia) IPO closes today. The issue was subscribed 16.31 times, with retail portion subscribed 10.4 times and NIIs (wealthy investors) 43.63 times.

Markets at 11:00 AM

LIVE market updates: The key benchmark indices were off the highs of the day, partly due to weakness in index heavyweight Reliance Industries.

The BSE Sensex had touched a high of 59,203, and was up 265 points at 59,052. The NSE Nifty was shade below 17,600 at 17,596, up 85 points.

“India’s bumpy cyclical recovery in 2021 should continue in H1-2022, even as a still-low vaccination rate increases the risk of virus setbacks. However, we worry about the side effects of loose policies that are visible in the form of high inflation (another year above 5%) and a widening current account deficit. The uneven nature of the recovery has also resulted in scarring effects, hurting the consumption of lower income households, while a sustained capex upcycle is not yet in sight,” said analyts at Nomura in a recent note.

Adding: “Overall, we do not see the current growth cycle as durable. With uneven growth, high inflation and wider twin deficits, we expect India’s risk premium to rise, and the RBI to deliver 100bp of cumulative rate hikes, but only after falling behind the curve initially.”

Buzzing stocks

Tech Mahindra was the major gainer, up 3 per cent. Axis Bank, PowerGrid Corporation, Maruti, Sun Pharma, Titan, ICICI Bank, HDFC Bank and Asian Paints were the other prominent gainers. On the other hand, Reliance Industries was down a per cent. Bajaj Finance slipped 2.2 per cent, and Bajaj Finserv was down 0.8 per cent.

The broader indices also held smart gains in the morning trades. The BSE Midcap and Smallcap indices were up 0.6 per cent and 1 per cent, respectively. The overall breadth too was extremely positive, with 2,297 advancing shares versus 929 declining socks on the BSE

In the broader markets, Bannari Amman Sugars surged 17 per cent to a hit a new life-time high at Rs 2,850. The stock has been in demand off late, after CARE Ratings reaffirmed the credit ratings for the credit facilities availed by the company from bankers. READ MORE


Markets at 10 AM

LIVE market updates:

Equities extended their gains and were trading near the day’s high level post opening tick. The was at 59,179 level, up 392 points, while the was at 17,633, up 122 points.

Bajaj Finance, Nestle India, Reliance Industries, and Bajaj Finserv were the only 4 stocks trading in the red on the Sensex.

In the broader markets, the MidCap and SmallCap indices on the BSE were up 0.6 per cent and 1 per cent, respectively.

Meanwhile, Tega Industries made a bumper listing on the stock exchanges. The stock debuted at a 67.7 per cent premium on the National Stock Exchange, at Rs 760 per share. The issue price was Rs 453. On the BSE, the shares listed at Rs 753.


Opening Bell

LIVE market updates: Bulls reigned on Dalal Street in early deals on Monday, riding on the back of firm global equities and bargain buying in metal and PSU bank stocks.

The zoomed 326 points, or 0.52 per cent, to quote at 59,113 levels. The Nifty50, meanwhile, rallied above 17,600-mark, up 100 points. This was the 50-pack index’s highest level since November 22.

Barring Bajaj Finance, all other Sensex stocks were trading with bullish bias. Power Grid (up 3 per cent), Axis Bank, NTPC, ICICI Bank, Sun Pharma, and Asian Paints were the outperforming stocks on the index.

In the broader markets, the BSE MidCap and SmallCap indices added 0.66 per cent and 0.94 per cent, respectively.

Individually, shares of PB Fintech (Policybazaar) were down 2 per cent as its anchor lock-in period ended today.

Dixon Technologies, on the other hand, was up 4.5 per cent. Global brokerage Jefferies has a “buy” call on the stock with a target price of Rs 6,450.

Among sectors, the Nifty Metal index was up 1.5 per cent, followed by the Nifty Realty index (up 1 per cent). All other sectoral indices were up in the range of 0.4 per cent to 0.9 per cent.


Pre-open session

LIVE market updates:

Benchmark indices were back above their crucial levels in pre-market session on Monday. The BSE Sensex index reclaimed the 59,000-mark as it gained over 300 points or 0.5 per cent. The Nifty50, too, was back above 17,600-mark.

(Updated at 08:10 AM)

LIVE market updates: Tracking solid global set-up, domestic equities look set to soar in early trade on Monday. At 8:10 AM, SGX Nifty was at 17,668 compared with Nifty’s spot close of 17,511 on Friday.

Asia-Pacific markets jumped in morning trade today as investors turn their focus to a number of monetary policy meetings happening this week.

In Japan, the Nikkei 225 rose 0.92 per cent while the Topix index added 0.38 per cent. South Korea’s Kospi added 0.7 per cent and Australia’s benchmark ASX 200 rose 0.6 per cent.

Primary market update

The three-day IPO of MapmyIndia, which has been subscribed 6.16 times, will close later in the day, while that of Metro Brands will enter its second day.

Meanwhile, Health Services Ltd’s initial public offering (IPO) will open for subscription today. The firm is looking to raise Rs 1,398.71 crore at the upper end of the price band of Rs 780-796 per share.

Read More: MARKETS: Sensex down 400pts, Nifty near 17,400; Reliance slips 2%

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