Sensex ends at day's low, down 746 pts ; Bajaj Auto jumps 11%; RIL down 2%

Shares of Reliance Industries ended 2.4 per cent lower on Friday ahead of the announcement of its December quarter results. The shares have surged around 6 per cent during the week

4:26 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities

Indian benchmark equity indices ended lower for the second straight day on Jan 22, correcting further after making a record high on Thursday. This was the biggest single-day drop for the benchmarks in a month. Friday's correction marked the end of an 11-week gaining streak for the frontline indices, which was the longest since 2009. At close the NSE Nifty 50 index fell 1.1% to end at 14,371.

 

Volumes on the NSE were large on a negative day. Among sectors, Nifty Bank, PSU bank, Metals and Realty fell the most while Auto index gained. Broad market indices fell less than the Nifty.

 

The Nifty seems to have begun the pre-Budget correction. Though the week on week loss is just 0.43%, the sentiments are dented severely going by the sharply adverse advance decline ratio. 14049-14098 is the support band for the Nifty.

4:13 PM

MARKET CLOSING COMMENT :: Sumeet Bagadia, Executive Director, Choice Broking.

Fundamental

 

Indian equities opened flat today on the back of weakness in the American markets and mixed performances across Asia. Profit booking seen throughout the day pulled the benchmark index below the 49,000 mark, and ended the day around 1.5% down. Auto and IT sectors were the top gainers in the index today, while Metal, Banking and Realty sectors were the biggest losers. Broader markets were also in the red but relatively outperformed the benchmarks, the Midcap and Smallcap indices ended today’s session around 1.2% and 0.6% lower. In stock specific performance, Bajaj Auto, Hero Motocorp and Eicher Motors were the top gainers in the index today, while Axis Bank, Asian Paints and JSW Steel were the top laggards. Going ahead investors will keenly watch the earnings announcement of key companies like HUL, L&T and Ultratech Cement.

 

Technical

 

Nifty continued its downside rally for a consecutive second day and closed the week at 14371.90 level with a loss of 218 points, while Bank Nifty showed more weakness compared to Nifty and closed the session at 31167.25 level with a loss of 1019 points. On the sectoral front, Nifty Auto and IT managed to trade in the green zone while Metal, Banking and Financial Services showed profit booking and closed into negative territory with a loss more than 2.5% each. Technically, on a daily chart, the benchmark index has confirmed the Dark Cloud Cover candlestick pattern which suggests downside movement in upcoming sessions. Nifty has given a closing below 21 Hourly Moving Average which points out that the short term trend is weak. Momentum Indicator RSI also bounced from the overbought Zone and closed 58.65 with a negative crossover which signifies weakness in the index. Now, the Nifty has resistance at 14650 Levels while downside support comes at 14200 Levels.

4:01 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Indian indices tumbled on afternoon trade dragged by weak global markets and selling seen in Metal and Banking indices. Positive outlook for Auto and IT stocks helped them to retain their momentum even during today’s correction. European markets fell today on weak UK retail sales numbers and increasing restrictions in the Eurozone, while Asian markets followed its European peers. The decisions taken in the upcoming Union Budget along with the policies of the new US Government are expected to define momentum in the near term

4:01 PM

TECH VIEW :: Rohit Singre, senior technical analyst at LKP Securities

Nifty closed a week at 14371 with loss of 60 points and formed a Doji sort of candle pattern for second consecutive week hinting uncertainty in the markets. Going forward immediate support for nifty is coming near 14300-14200 zone any break below 14200 zone may see some more pressure towards 14k mark, good hurdle is created near 14500 zone any rise near 14500 zone will be again position trimming zone above 14500 we may see some relief in Nifty

4:01 PM

MARKET CLOSING COMMENT :: Rusmik Oza, Executive Vice President, Head of Fundamental Research, Kotak Securities

The incessant rally in BSE-30 Index paused this week with both BSE Sensex and Nifty-50 ending nearly flat. We are seeing some kind of profit booking at higher levels as the Sensex touched the psychological mark of 50,000 this week. The persisting rise in cases has intensified restrictions in parts of Europe, UK and Hong Kong which is impacting global markets. 

FII flows have been decent at ~Rs.6,900 cr in the first four days of this week while DII selling has seem some moderation with selling of Rs.2145 in the same period. We can expect volatility to remain high next week also as there will be the monthly expiry and it will be the last week before the Union Budget.

3:59 PM

Market stats :: Market breadth favours bears

3:56 PM

S&P BSE SmallCap slips 1%

3:54 PM

S&P BSE MidCap index ends 1% down

3:52 PM

SECTOR OF THE DAY :: Two-wheeler stocks lead the auto pack

3:51 PM

SECTOR IN FOCUS :: Nifty Bank tanks 1,000 pts

3:50 PM

STOCK OF THE DAY :: Biocon plunges 11%

3:49 PM

STOCK OF THE DAY :: Bajaj Auto ends over 10% higher

3:44 PM

Sectoral trends on NSE

3:40 PM

Sensex Heatmap :: Only 6 constituents end the day in the green

3:36 PM

CLOSING BELL

3:33 PM

CLOSING BELL

3:24 PM

Adani Total Gas, Torrent Gas invest in IGX, acquire 5% stake each

Adani Total Gas and Torrent Gas have become the first strategic investors in IGX (Indian Gas Exchange) by acquiring five per cent stake each, according to the Indian Energy Exchange (IEX).

 

The IGX is an arm of IEX and first authorised gas exchange in the country. The IGX partnership with the two leading gas players will go a long way in developing India's gas markets, an IEX statement said. READ MORE

3:15 PM

S&P BSE MidCap trades 1% lower

3:05 PM

MARKET UPDATE :: Sensex plunges 765 points, at day's low

3:00 PM

Ahead of Results :: Reliance Industries slips 2%

2:52 PM

IPO Update :: Indigo Paints subscribed 42 times so far on Day 3

- Issue closes today

2:40 PM

Nifty Metal index slips 4%; SAIL, Jindal Steel tumble up to 14%

Shares of metal companies were under pressure at the bourses on Friday, with the Nifty Metal index falling 4 per cent, after share prices of Steel Authority of India (SAIL) and Jindal Steel and Power (JSPL) declined by up to 14 per cent on account of profit booking by investors. At 02:01 pm, Nifty Metal index, the top loser among sectoral indices, was down 4.3 per cent, as compared to 1.4 per cent decline in the Nifty50 index. Welspun Corp, Hindalco Industries, Hindustan Copper and JSW Steel were down 5 per cent in intra-day trade on the National Stock Exchange (NSE). READ MORE

2:33 PM

IL&FS board addresses 57% of targeted recovery value of over Rs 56,000 cr

The board of Infrastructure Leasing and Financial Services (IL&FS) on Friday said it had addressed nearly 57 per cent of the overall targeted recovery value and nearly 32 per cent of the overall debt by the end of December quarter (Q3FY21). At the end of Q3, approximately Rs 32,000 crore worth of debt had been addressed by the new board of IL&FS and the management of the company. The bioard also maintained its target of addressing a little over Rs 56,000 crore worth of debt of the company by FY22. IL&FS had a debt of Rs 99,000 crore as of October, 2018. READ MORE

2:23 PM

IPO Update :: Home First Finance issue subscribed 1.5x till 2:15 PM on Day 2

2:16 PM

Dec Quarter Result :: SBI Life reports PAT worth Rs 230 crore vs Rs 390 crore YoY

2:09 PM

50,000 done, now what? Five factors that could help market after scaling 50K

The rally has been aided by benign global liquidity, robust FPI flows, faster than anticipated recovery in economic activity, and expectations of a big-bang Budget. Business Standard looks at five key factors that market players believe could have a bearing on the market movement in the near term: READ MORE

1:55 PM

Sensex Heatmap :: Sensex tumbles 700 pts

1:47 PM

Alembic Pharma gets USFDA nod for low blood pressure treatment drug

Drug firm Alembic Pharmaceuticals on Friday said it has received approval from the US health regulator for Midodrine Hydrochloride tablets, which are used to treat orthostatic hypotension. The approved product is therapeutically equivalent to the reference listed drug product ProAmatine tablets of Takeda Pharmaceuticals USA, Inc. (Text Source: PTI)

1:41 PM

SECTOR WATCH :: Nifty Auto index jumps 3% in a weak market

1:32 PM

MARKET STATS :: Advance-decline ratio at nearly 2:5 on the BSE