MARKET: Sensex falls 550pts, Nifty below 17,800; IT, Pharma stocks drag

at 12 noon

LIVE market updates: Amid relentless selling, the benchmark indices extended their losses at noon. The fell 530 points at 59,568. It touched an intra-day low of 59,478 before. The was at 17,794, lower by 143 points.

In the broader markets, the MidCap index was now trading in red too, while the SmallCap index trimmed its gains but remained 0.12 per cent up.

Top laggards continued to be IT majors Infosys and HCL Tech, down 2 per cent now. Bajaj Finserv, meanwhile, was the top loser ahead of its Q3 earnings, and was 2.3 per cent lower. Similarly, HUL, HDFC, RIL and Dr Reddy’s were also trading nearly 2 per cent down, having extended their losses.

Sectorally, only metals and realty were in the green , while IT and pharma indices were trading over 1 per cent lower. From the latter, Lupin, Divis Labs, Gland Pharma, Cipla, Laurus Labs, and Sun Pharma were down 1-2 per cent.

Among stocks, shares of Mastek tumbled 15 per cent to Rs 2,750 on the after the IT company reported muted earnings for the October-December quarter. Its revenue grew 3.7 per cent in constant currency (CC) sequentially. In rupee terms, revenue was up 3.4 per cent, while dollar revenue grew by 2.2 per cent. READ MORE.

Further, Transformers and Rectifiers (India) was up 5.6 per cent after it received orders of ₹73 cr from MP Power Transmission Package – II.

at 11 AM

LIVE market updates: The frontline indices continued to tread in the red zone with the BSE down by 431 points at 59,667, and the at 17,827, lower by 110 points.

Infosys, RIL, HDFC, TCS, ICICI Bank, HCL Tech, Bajaj Finserv, Asian Paints, L&T and Bajaj Finance accounted for the maxium loss in the BSE benchmark. All these were trading 0.6-2 per cent lower. Meanwhile, Bajaj Auto, ONGC were the additonal Nifty losers.

On the other hand, the broader were seen putting up an outperformace instead. The BSE MidCap and SmallCap indices were up 0.12 and 0.34 per cent, respectively. Among midcaps, Chola Finance, Apollo Hospital, Ashok Leyland, Mindtree, Jindal Steel, Trent, Tata Consumer, ICICI Securities, Astral, ACC and Canara Bank were the top gainers, up between 1-6 per cent.

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Sectorally, barring metals, PSBs and realty, all indices were trading lower, led by Nifty IT and Pharma, down nearly 1 and 0.8 per cent.

Among stocks, shares of PTC India Financial Services slumped 19 per cent to Rs 20.65 on the BSE in Thursday’s intra-day trade after three independent directors of the non-banking finance company (NBFC) resigned from the board with immediate effect citing instances of alleged serious lapses in corporate governance and compliance.READ MORE.

Shares of packaging company HSIL hit a new high of Rs 350.20, up 9 per cent. The stock has zoomed 50 per cent in four days on the BSE after the company announced divesting its building products division for Rs 630 crore. READ MORE.


Markets at 10 AM

LIVE market updates: The benchmark indices were lower in early morning trade on the back of selling in IT stocks–Infosys, HCL Tech, TCS, private lender HDFC and heavyweight RIL, which were all 1 per cent lower. The BSE was 269 points lower at 59,829, while the Nifty was down 65 points at 17, 872.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the bearish trend in the US market with Nasdaq 10.7 per cent down from its 2021 November highs may not translate into India but investors will have to be cautious since rising global inflation and the expected monetary tightening will be major headwinds for at least in the first half of 2022.

“The situation might change in the second half if supply disruptions ease and inflation comes down. Meanwhile investors may stick to the safety of high quality large-caps in performing sectors like IT, financials and construction. Many low-grade small-caps driven by speculation are heading for disaster,” he said.

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That apart, among sectors, auto, FMCG, metals, realty and PSBs were the only gainers. Energy, IT, durables, and banks were largely weak.

Among stocks, shares of Ceat withnessed heavy selling pressure after the tyre maket reported a weak set of numbers for October-December quarter (Q3FY22). READ MORE.


Opening Bell

LIVE market updates: Taking cues from the weak global sentiment, the benchmark indices opened on a lower note and extended their losses for a third day. The BSE Sensex was 142 points lower at 59,956, while the NSE Nifty was at 17,902, lower by 35 points.

In the broader market, the BSE MidCap and SmallCap indices were, however, in the green and were higher by up to 0.2 per cent.

On the Sensex, PowerGrid, Ultratech Cement, Tata Steel, Axis Bank, Bharti Airtel, Bajaj Finserv Bajaj Finance and ITC were the top gainers, up between 0.3-2 per cent. On the Nifty, Tata Consumer, Grasim, Coal India, Hero Moto Corp and Eicher Motors were the additonal gainers.

Infosys, HCL Tech, Asian Paints, RIL, Tech M, TCS, Wipro, HDFC, M&M, Dr Reddy’s, Sun Pharma were the top losers, down between 0.3- 1.8 per cent.

Sectorally, Nifty IT index was the bigggest loser, down over 1 per cent, while, Metals and Realty were leading gainers.

Among stocks, Syngene International was trading over 3 per cent higher on the BSE on strong Q3 numbers. Its December quarter PAT was up 55.9 per cent sequentially and 1.8 per cent on-year at Rs104 crores.

Meanwhile, ICICI Lombard was down 6 per cent on the BSE as the company posted weak earnings in Q3. The private sector general insurer reported a marginal 1.28 per cent YoY increase in net profit at Rs 318 crore, missing street estimates. Sequentially, the net profit was down 29 per cent.


Pre-open session

LIVE market updates:

The benchmark indices were seen weak in pre-open trades. The BSE Sensex was down 84 points at 60,014, while the NSE Nifty was at 17,919, lower by 19 points.

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LIVE market updates: The benchmark indices are expected to start on a subdued note for a third day on Thursday amid downbeat global sentiment across markets. At 8 am, the SGX Nifty Futures were quoting 17,905 level, which was 70 points lower than Nifty’s spot close the previous day.

Today, of Asian Paints, Bajaj Finserv, Biocon, Hindustan Unilever, Persistent Systems and Shoppers Stop will be announced, hence, these stocks are likely to remain in focus. READ MORE HERE.

That apart, and M&M will also be on the radar, after the former reported a dismal set of Q3 numbers, wherein Q3FY22 net dropped 22 per cent on a YoY basis; while the latter is likely to earn extra revenue in the range of Rs 140-150 crore on signing a 5-year deal with Hero Electric.

Primary market

The of was subscribed up to 88 per cent on the first day of the offer on Wednesday. The retail quota was subscribed 1.3 times.

Global cues

The US stocks extended losses on Wednesday on fears of a tighter monetary policy amid inflation worries as oil prices continue to soar. The Dow Jones and the S&P 500 indices declined a per cent, each, while the Nasdaq slipped 1.2 per cent. Tonight, will be a data heavy day for the US markets, with Crude inventories, jobless claims and home sales on the radar.

Meanwhile, oil prices floated around 7-year highs amid supply worries. Oil supply from the Iraq-Turkey pipeline was halted briefly owing to a fire accident. Brent Crude advanced 1.1 per cent to $88.44 a barrel, and WTI Crude added 1.8 per cent to $86.96 a barrel.

Major markets in Asia on Thursday morning were largely negative. Nikkei was down 0.7 per cent. Shanghai Composite, Straits Times, Kospi and Taiwan were down in the range of 0.3 – 0.5 per cent, each. Hang Seng, however, was up 0.6 per cent.

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