Sensex slips 581 pts amid hawkish US Fed, F&O expiry; Nifty holds 17,100

Closing Bell

Last hour recovery in banking and select auto stocks helped benchmarks bounce-back from the day's low, although they failed to turn positive amid feeble global cues.

The benchmark S&P BSE Sensex had started on a weak footing, sliding as much as 1,419 points intra-day to a low of 56,439. However, fag-end buying in heavyweights like Axis Bank, SBI, Kotak Bank, IndusInd Bank, and Maruti Suzuki helped the 30-pack index recoup some of the losses and end 581 points down at 57,277 level.

On the NSE, the Nifty50 index recovered from a low of 16,867 to end at 17,110, down 168 points. Both the benchmarks dropped 1 per cent today after the US Federal Reserve indicated it is likely to raise US interest rates in March, and reaffirmed plans to end its bond purchases that month before launching a significant reduction in its asset holdings.

"While, in the December meeting Fed has signalled a forecast of three policy rate hikes, but the rising inflation has convinced market participants that there would most likely be four rate hikes. Fed didn't rule out the same and the decline in the market indicates that a large section of market participants who were still considering three policy hikes in their calculations have now moved beyond it and joined the four rate hikes bandwagon. The emerging markets will feel the pressure as liquidity gets eroded," said Mohit Ralhan, Managing Partner & Chief Investment Officer at TIW Private Equity.

In the broader market, the BSE MidCap index fell over 1 per cent while the BSE SmallCap index slid 0.8 per cent.

Sectorally, the Nifty PSU Bank index jumped a massive 5 per cent on the NSE, while the Nifty Bank and Private Bank indices added about a per cent each. KNOW WHY PSBs MOVED IN TRADE TODAY

The Nifty Auto pack was another gainer of the day, ending 0.4 per cent higher. On the flipside, the Nifty IT index shed 3.5 per cent today, followed by the Nifty Pharma and Realty indices (down nearly 2 per cent each).

Buzzing stocks of the day:

Axis Bank (up over 3 per cent) was the top Nifty gainer today, followed by SBI, Maruti Suzuki, Cipla, Kotak Bank, Indian Oil Corp, Bajaj Auto and Hindalco.

On the contrary, IT majors -- HCL Tech, Tech M, Wipro, and TCS -- were the major draggers, down between 3 and 4 per cent. Dr Reddy's Labs, Titan Company, Divis Labs, UPL, Hero MotoCorp, and Infosys were the other laggards.

In the broader market, shares of aviation companies came under selling pressure amid rising crude oil prices with InterGlobe Aviation, which runs IndiGo, down as much as 7 per cent and its peer SpiceJet hitting a 52-week low, down 5 per cent on the BSE in Thursday's intraday trades. These companies have significant exposure to price movement of Aviation Turbine Fuel (ATF) which is a derivative of crude oil. READ MORE

That apart, the shares of Lux Industries slipped another 11 per cent to Rs 2,501 on Thursday’s intra-day trade, plunging 29 per cent in the last two straight trading sessions after the market regulator Securities and Exchange Board of India (Sebi) barred 14 entities for insider trading in its scrip. The stock of Kolkata-based hosiery maker quoted lower for the sixth straight day, and has tanked 35 per cent during the period. READ MORE

Primary market update
The three-day initial public offer of Adani Wilmar has been subscribed 50 per cent as of 3.30 PM. The retail portion has been subscribed 83 per cent while that of NII and QIB has been subscribed 49 per cent and 26 per cent, respectively. 

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Markets at 02:30 PM

LIVE market updates: The key benchmark indices had recovered partially on the back of gains in banking and select auto shares. Select FMCG shares were also off the day's low, while IT stocks continued to sag under selling pressure.

The BSE Sensex was down 493 points at 57,365, and the NSE Nifty was down 139 points at 17,139.

SBI and AXis Bank were the top gainers among the Sensex 30 shares, up over 2 per cent each. Kotak Bank, Sun Pharma and Maruti were the other notable gaines.

On the flip side, IT majors - HCL Technologies, Tech Mahindra, Wipro and TCS were down 3-4 per cent each. Dr.Reddy's too was down 3.7 per cent.

The broader indices also trimmed significant losses. The BSE Midcap and Smallcap indices were down 1.4 per cent and 0.8 per cent, respectively.

Among sectoral indices, the BSE IT and Consumer Durables indices were down 2.5 per cent each. The Healthcare index was also down nearly 2 per cent. The Capital Goods and Realty indices were the other major losers. Whereas, the Bankex was up 0.7 per cent, and the Auto index was flat.

In the primary market, Adani Wilmar IPO was off to a slow start, with the IPO garnering only 33 per cent subscription as of 02:15 PM. The retail portion was subscribed 69 per cent, and QIBs 11 per cent.

Meanwhile, major markets in Europe have started trade on a negative note. The FTSE 100 was down 0.3 per cent. The DAX 30 and CAC 40 had dropped 1.7 per cent and 1.1 per cent, respectively. The US futures had also staged a smart recovery. The Dow futures were down 150 points as against a loss of 500 points earlier. The Nasdaq futures had recovered 250 points from the day's low.
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Markets at Lunch (01:30 PM)

LIVE market updates: The bears continued to dominate proceedings on the Dalal Street with key benchmark indices deep in red. However, fresh buying in PSU banks had helped the benchmarks recoup some of their losses in the last one-hour of trades.

Shares of public sector banks (PSBs) rallied up to 5 per cent in intra-day trades after Canara Bank reported a healthy set of numbers for the quarter ended December 2021 (Q3FY22). READ MORE

Meanwhile, the BSE Sensex which touched a low of 56,439, was down 946 points at 56,912. The NSE Nifty had declined 271 points to 17,007.

A sell-off in the global markets after the US Federal reaffirmed its hawkish stance in its policy meet on Wednesday, coupled with high crude oil prices in the backdrop of esclating tensions between Russia and Ukraine weighed on the market sentiment.



The broader indices were also off the day's low a wee bit, but still hovered with prominent losses. The BSE Midcap index was down 2.1 per cent, and the Smallcap index had declined 1.3 per cent. The overall breadth was extremely negative with nearly two declining stocks for every advancing share on the BSE so far.

In the broader markets, TV18 Broadcast and Emkay Global Financial Services were locked at the 20 per cent upper circuits on the BSE. Thyrocare, Sharda Corpchem, Teamlease, Hathway Cable, Triveni Engineering, DCM Shriram, Gujarat Ambuja Exports, Canara Bank, Centrum, Union Bank of India, Indian Bank, Ambica Agarbathies, Welspun Investments, Den Networks, Khaitan Chemicals, Signet Industries, Compuage Infocom, Apex Frozen Foods, NDTV, TVS Electronics, Nirlon and Balaji Telefilms were some of the significant gainers in trades so far.

Wheras, Torrent Pharma and IndiaMart InterMesh were the major losers, down 14.3 per cent and 11.20 per cent. Jubilant Foodworks, ABB, Ion Exchange, Trent, Finolex Industries, Mindtree, Birlasoft, CoForge, Laurus Labs, Indiabulls Real Estate, Apollo Tricoat Tubes, Dalmia Bharat, Affle India, Swaraj Engines, Vodafone Idea, Pressman Advertising, Zomato, CarTrade, Allsec Technologies, Hitech Gears, Butterflu Gandhimathi, Jindal Photo and Nazara Technologies were some of the major losers.

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Markets at 12 noon

LIVE market updates: The frontline indices firmly held onto losses in noon deals amid volatility on account of monthly F&O expiry and weakness in global markets. The BSE Sensex was 1,188 points lower at 56,670, while the NSE Nifty was at 16,930, lower by 347 points.

The BSE MidCap and SmallCap indices were now down 2 and 1 per cent, respectively. Among midcaps, Torrent Pharma, Jubilant Food, ABB India, Apollo Hospital, Trent, Mindtree, Rajesh Exports, SRF, Vodafone Idea and Godrej Properties were the top losers, down 4-15 per cent. 

Among sectors, the Nifty IT index was now the top laggard, down over 3 per cent, followed by Nifty Realty and Consumer Durables, Pharma, Metals and Financials. PSU Banks, meanwhile, continued to trade firm. 

Further, shares of aviation companies were under selling pressure amid rising crude oil prices with InterGlobe Aviation, which runs IndiGo, down as much as 7 per cent and its peer SpiceJet had hit a 52-week low, down 5 per cent on the BSE. READ MORE.

Individually, drugmaker Aurobindo Pharma was trading over 3 per cent lower on the BSE after the US FDA issued a warning letter to the company for its  API unit in Hyderabad, adding that it has failed to ensure that critical deviations are investigated and resolved. 

Meanwhile, Asian markets fell across the board as investors reacted to an overnight update from the US Federal Reserve that indicated the central bank plans to raise interest rates as soon as March. Japan’s Nikkei 225 fell 3.1 per cent. Over in South Korea, the benchmark Kospi dropped 3.2 per cent and in Hong Kong, the Hang Seng index was also lower by 2.7 per cent.  

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Markets at 11 AM

LIVE market updates: The headline indices were steadily holding their opening losses as hawkish stance by the US Federal Reserve continued to weigh on markets globally. 

The BSE Sensex was 1,107 points lower at 56, 750 and the NSE Nifty was down 320 points at 16,957. The two indices had shed 1.9 per cent each. 

Among Sensex-shares, Axis Bank was the sole gainer, up 0.6 per cent supported by credit rating agency Standard and Poor's (S&P) revising its outlook on the bank from "stable" to "positive", citing improved asset quality. The agency affirmed 'BB+' long-term and 'B' short-term issuer credit ratings on the bank under revised criteria.

Titan, HCL Tech, Wipro, HDFC Bank, Eicher Motors, HeroMoto Corp and Bajaj Finserv were the top losers on the bourses, down 2-4 per cent.

On the flip side, Cipla was the top Nifty gainer, up 1.2 per cent. The drugmaker had posted a 2.6 per cent YoY decline in its consolidated profit at Rs 729 crore for the December quarter. Total revenue, however, rose 6 per cent YoY to Rs 5,479 crore.

ALSO READ: Investors poorer by Rs 4 trillion; key reasons for today's market fall

In the primary market, the IPO of Adani Wilmar was subscribed 17 per cent so far on day 1 with the retail portion getting subscription of 0.32 times. 

Further, shares of Lux Industries slipped another 11 per cent to Rs 2,501 plunging 29 per cent in the last two straight trading sessions after the market regulator Securities and Exchange Board of India (Sebi) barred 14 entities for insider trading in its scrip.READ MORE.


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Markets at 10 AM

LIVE market updates: The benchmark indices were deep in red in a highly volatile market. The BSE Sensex was 883 points down at 56,974, and the NSE Nifty was at 17,039, lower by 238 points. The losses were being led by HDFC Bank, Infosys, Reliance and ICICI Bank, all down 1-2 per cent.

In the broader markets, the BSE MidCap index was underperfoming the benchmarks and was trading 1.8 per cent lower, while the SmallCap index was down 0.5 per cent. 

ALSO READ: Oil prices can hit $125 a barrel if Russia-Ukraine crisis worsens: Analysts

Sectorally, the Nifty Realty index was now the biggest loser trading with a cut of 3 per cent, followed by Consumer Durables, IT, Metals and Banks. However, PSB Nifty index was still in green, up 0.4 per cent led by gains in India Bank, Central Bank, J&K Bank and Canara Bank, up between 1-1.5 per cent. 

ALSO READ: IPO Can you make a fortune in Adani Wilmar IPO? What brokerages say

Among stocks, Torrent Pharmaceuticals was down 14 per cent on the BSE after the company reported disappointing December quarter (Q3FY22) results on the margins front. Profit after tax (PAT) declined 16 per cent year on year (YoY) to Rs 249 crore. READ MORE.

Further, shares of Future Enterprises were up 1.7 per cent on the exchange after it agreed to sell a 25 per cent stake in its general insurance joint venture, Future Generali India Insurance Company to its partner, Generali Participations Netherlands N. V.(Generali) for a cash consideration of Rs 1252.96 crore. READ ABOUT IT HERE.

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Opening Bell

LIVE market updates: Amid weak global cues and a possibility of rate hikes by the Federal Reserve from March, the benchmark indices opened on a sharply lower note and were down  up to 1 per cent. The BSE Sensex was 926 points lower at 56,931, while the NSE Nifty was at 17,013, down by 264 points. 

In the broader market, the BSE MidCap and SmallCap indices were also in red and were down up to 1.6 per cent. 

All Sensex-30 shares were trading in the negative territory barring Axis Bank, Maruti and IndusInd Bank. Titan, Wipro, Tech M, HDFC twins, Infosys, Nestle, Dr Reddy's, HCL Tech, Tata Steel, Bajaj twins, TCS and Ultratech Cement were the top losers, down 2-3 per cent.

On the Nifty, ONGC was the sole gainer, up 2 per cent. Meanwhile, Grasim, Eicher Motors and Divis Labs were the additional losers. 

The fear gauge that is the volatility index was also up 7.6 per cent around 23 level, reflecting nervousness among investors. 

Sectorally, the Nifty IT, Pharma and Consumer Durables were leading the losses, down over 2 per cent each. These were followed by Auto, Bank, Financial services, Realty and Metal indices. However, Nifty PSU Bank was the only index in green, up 0.12 per cent.

Among stocks, Indiabulls Real estate was down 5 per cent on the BSE after the company's Q3 performace was disappointing. The company on Tuesday reported a consolidated net loss of Rs 87.21 crore for the quarter from a net profit of Rs 80.58 crore in the year-ago period.
 

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Pre-open session

LIVE market updates: The benchmark indices were seen in the negative territory amid weak global cues. The BSE Sensex was down 541 points at 57,316, while theb NSE Nifty was lower by 215 points at 17,062. 
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LIVE market updates: The key benchmarks are likely to start sharply lower on Thursday as indicated by levels of SGX Nifty February futures, which were at 16,917 this morning, lower by over 350 points as compared to Nifty's spot close the previous session. 

The markets may remain volatile as domestic investors react to the US Federal Reserve reaffirming its stance on a tighter monetary policy starting from March 2022.

Among individual stocks, BHEL, Canara Bank, Colgate, GMDC, LIC Housing Finance, MapmyIndia, PNB, RBL Bank and Wockhardt are some of the companies to announce December quarter results today. Hence, these stocks may also be eyed. 

In the primary market, the IPO of Adani Group joint venture-Adani Wilmar will open for subscription. The company has raised 940 Rs crores from anchor investors. It plans to raise up to Rs 3,600 crore by way of fresh issue of equity shares. The price band is fixed at Rs 218- 230. 

Global cues

Overnight in the US, the key benchmark indices wiped-out solid gains in late trade soon after the US Federal Reserve released the policy minutes, which signaled that Fed was likely to raise rates and end its bond purchases in March itself.

The Dow Jones and the S&P 500 ended 0.4 per cent and 0.2 per cent lower at 34,168 and 4,350, respectively, as against the day’s high of 34,816 and 4,453, respectively. Similarly, Nasdaq erased more than 450 points from the day’s high, to end almost unchanged at 13,542.

Nearer home, most major markets in Asia were down considerably this morning. Japan’s Nikkei plunged 1.7 per cent, and Hang Seng shed 2 per cent. Kospi had tumbled 2.4 per cent, while Shanghai and Straits Times slipped 0.4 per cent each. Taiwan was down 0.2 per cent.