Sensex ends 466pts off low, down 12pts; Nifty holds 18,250; IT stocks shine

Closing Bell

Benchmark indices staged a smart-recovery during the second half of the trading session, led by healthy buying in metal and PSU bank stocks, to end the day around flat line on Friday. The markets, however, snapped their five-day winning run and ended lower amid weak global cues.

The BSE Sensex index opened gap-down and hit a low of 60,757 in early deals today. It staged a smart come-back and bounced 567 points intra-day to hit a high of 61,324.5. However, losses in private banks and select heavyweights such as HUL and Bharti Airtel held it from ending in the green zone. By close, the BSE 30-pack index stood at 61,223, down 12 points or 0.02 per cent.

Following a similar trajectory, the NSE Nifty hit a low of 18,120 in early deals but recouped losses to hit a high of 18,287. It, eventually, pared gains and ended 2 points down at 18,256 level.

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TCS, Infosys, L&T, Tech M, and HDFC Bank were the top gainers on the Sensex today, while Tata Consumer Products, IOC, BPCL, and Adani Ports were the additional gainers on the Nifty. All these stocks gained between 1 and 4 per cent.

On the downside, Asian Paints, Axis Bank, UPL, HUL, ONGC, M&M, and Nestle India were the top laggards.

The broader market, however, outperformed the benchmarks and ended higher on Friday. The BSE MidCap index eked out 0.24 per cent gains while the BSe SmallCap advanced 0.5 per cent.

Among individual stocks, the shares of Motherson Sumi Systems (MSSL) tumbled 9 per cent to Rs 182.30 on the BSE in Friday's intra-day trade as the stock traded ex-domestic wiring harness (DWH) business starting today. They ended 7 per cent lower on the exchange. READ MORE

MARKET SNAPSHOT

On the upside, the shares of India Cements surged 6 per cent to Rs 260 on the BSE in Friday's intra-day trade, extending their past two weeks-rally on the back of heavy volumes. In the past 11 trading days, the stock has soared 37 per cent from a level of Rs 187.80 on December 30, 2021. READ MORE

Among sectors, all but the Nifty IT and Realty indices ended in the red. The Nifty FMCG and Pharma were the worst hit indices, down 0.7 per cent each. Meanwhile, Realty and IT indices closed 1 per cent and 0.5 per cent up, respectively.

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Markets at 02:30 PM

LIVE market updates: The key benchmark indices were marginally in red in line with the global trend on Friday. The BSE Sensex was down 94 points at 61,141, and the NSE Nifty was down 21 poitns at 18,239.

Infosys, Larsen & Toubro and TCS were the major gainers among the Sensex 30 shares, up 1.2-1.7 per cent each. Whereas, Asian Paints traded almost 3 per cent lower at Rs 3,356. Axis Bank, HDFC, Hindustan Unilever, Nestle India, Wipro and Bharti Airtel were the other prominent losers.

The broader markets, however, were holding marginal gains. The BSE Midcap index was up 0.1 per cent, and the Smallcap index had advanced 0.5 per cent. The overall breadth was also fairly positive with more than 2,000 shares advancing versus 1,365 declining stocks so far on the BSE.

GMDC was one of the top gainers in the broader market, up 13.5 per cent. HFCL, Jain Irrigation, HG Infra Engineering, Filatex India, Cosmo Films, Jamna Auto, Jtekt India, Jubilant Ingrevia, Raymond, Rossari Biotech, Welspun Enterprises, Costal Corporation, Coffe Day, Ruby Mills, Electrothem, Manaksia Steel, Coral India Finance, Orbit Exports, BCPL Railway Infra, Alpa Laboratories, Synergy Green Industries, Vishal Fabrics and Steelcast were the other prominent gainers.

On the other hand, Mitsu Chem Plast, Rama Steel Tubes, Digjam, Sintex Plastics, Anand Rayons, Hindustan Motors, Earum Pharma, Hexa Tradex, Bigbloc Construction, Shivam Autotech, Motherson Sumi, Mindtree, Dilip Buildcon, Tata Metaliks, TCNS Clothing, AU Small Finance Bank and Zensar Technologies were some of the notable losers in the broader markets.

Elsewhere in Asia, Nikkei and Kospi ended with losses of 1.3 per cent each. Shanghai too was down almost a per cent. Hang Seng and Taiwan slipped 0.2 per cent each.

Markets in Europe too have started trade marginally in red, DAX 30 and CAC 40 were down 0.4 per cent and 0.6 per cent, respectively, while FTSE 100 was almost flat. Meanwhile, the Dow futures were up 0.2 per cent, and Nasdaq up 0.1 per cent.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices had recouped most of their losses by mid-noon deals led by IT shares - Infosys and TCS. Index heavyweights Larsen & Toubro and HDFC Bank too were supporting the recovery.

The BSE Sensex which touched a low of 60,757, was down 129 points at 61,106. The NSE Nifty was down 34 poitns at 18,224.

On the flip side, Asian Paints and Axis Bank remain the major losers, down 2.9 per cent and 2.6 per cent, respectively. HDFC, Hindustan Unilever, Nestle India, Bharti Airtel, Wipro, Mahindra & Mahindra, ICICI Bank and Dr.Reddy's were the other prominent losers.

Among sectoral indices, the BSE Telecom index was down a per cent. The Bankex, Auto, Healthcare and FMCG indices were down around 0.5 per cent each. Whereas, the Capital Goods index gained a per cent. The IT and Realty indices were up 0.8 per cent each.

In the broader markets, Aurobindo Pharma shed 5 per cent at Rs 684.50 after the company said it received a warning letter from the US Food and Drug Administration (USFDA) for its Unit I, an active pharmaceutical ingredient (API) manufacturing facility in Hyderabad. READ MORE

Meanwhile, India's annual wholesale price-based inflation eased marginally in December to 13.56%, but remained in double digits for a ninth successive month, reflecting rising input costs for firms, many of which are steadily passing on costs to consumers. READ MORE
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Markets at 12 noon

LIVE market updates: The benchmark indices were steady around the same levels, holding their opening losses. The BSE Sensex was down 323 points at 60,912 and the NSE Nifty was 82 points lower at 18,175. 

The broader markets were seen outperforming the benchmarks. The BSE MidCap index was largely unchanged and the SmallCap index was up 0.3 per cent. 

Among midcaps, Tata Consumer, RBL Bank, IRCTC, Oberoi Realty, Cummins India, Voltas, Whirlpool, ACC, ICICI Securities, BEL, Concor and Jindal Steel were the top gainers, up between 1.3-4.4 per cent. 

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On the benchmark Sensex, financial stocks including banks, along with select counters such as Asian Paints, Airtel, HUL and HCL Tech were the major contributors to the index's 300 points loss. 

Among sectors, cement and chemical stocks were the major outliers and were trading fairly higher. 

From the cement space, the shares of India Cements surged 5 per cent to Rs 257.60 on the BSE, extending their past two weeks-rally on the back of heavy volumes. In the past 11 trading days, the stock has soared 37 per cent from a level of Rs 187.80 on December 30, 2021. READ MORE.

That apart, the shares of Motherson Sumi Systems tumbled 9 per cent to Rs 182.30 on the BSE as the stock traded fex-domestic wiring harness (DWH) business starting today. READ MORE.

Asian markets

Shares in Japan and South Korea led losses in major Asia-Pacific markets on Friday with the Nasdaq snapping a three-day winning streak of the US markets.

Japan’s Nikkei 225 fell 1.28 per cent to close at 28,124.28, while the Topix tumbled 1.39 per cent to 1,977.66. Hong Kong’s Hang Seng index fell 0.71 per cent. South Korea’s Kospi was down 1.35 per cent. 

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Markets at 11 AM

LIVE market updates: The benchmark indices were seen holding losses in morning deals amid a bleak global sentiment. The BSE Sensex was at 60,924, lower by 310 points and the NSE Nifty was down 77 points at 18,180.

On the Sensex, Axis Bank was the biggest loser, down nearly 3 per cent, followed by Asian Paints, HCL Tech, HDFC, Wipro, ICICI Bank, IndusInd Bank, Dr Reddy's, Bharti Airtel and HUL, down between 1-2.6 per cent. On the Nifty, UPL and ONGC were the additional losers. 

Among stocks, shares of Dilip Buildcon continued to reel under selling pressure, with the stock hitting a fresh 52-week low at Rs 394, down 3 per cent on the BSE. The stock of roads & highways construction company has dipped below its previous low of Rs 403 touched on January 25, 2021. READ MORE.

Further, shares of Mindtree dipped 6 per cent to Rs 4,477.25 on the BSE on profit booking on high valuation after the company reported a strong set of October-December quarter (Q3FY22) numbers both on revenue as well as margins front. READ MORE HERE.

Sectorally, all indices were in losses, led by banks and financials, that were lower by up to 0.9 per cent on the NSE. 

"FIIs again moving to sell mode ( Rs 1,391 cr selling yesterday) may act as temporary headwind for some large private banking stocks in which FIIs have large holdings. This can turn out to be a buying opportunity for long-term investors", said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

That apart, cement stocks were trading fairly higher in a subdued market. Shares of ACC, Nuvoco Vistas, Ambuja Cement, Orient Cement and India Cememt were up between 1.5-5 per cent. 
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Markets at 10 AM

LIVE market updates: The benchmark indices were seen recouping opening losses and were down up to 0.3 per cent. The BSE Sensex was now down 182 points at 61,053 and the NSE Nifty was 54 points lower at 18,203. 

The mild recovery in the indices was being supported by gains in heavyweignts RIL (up nearly 1 per cent) and HDFC Bank( up 0.5 per cent), followed by L&T, Ultratech Cement and Maruti. 

On the Nifty, Tata Consumer, IOC, BPCL and SBI Life were the additonal gainers. Majority of stocks (30), however, were still negative. 

Broader indices BSE MidCap and SmallCap were, however, outperforming the benchmarks and were up 0.2 and 0.3 per cent, respectively. 

Among stocks, shares of Mindtree fell 5 per cent after the company posted Q3 results on Thursday. 

Shares of Tata Metaliks were also trading 3 per cent lower after the company reported a sharp 52.5 per cent fall in Q3FY22 profit to Rs 35.66 crore, when compared with Rs 75.18 crore in Q3FY21. 

Sectorally, all indices on the NSE, barring oil & gas and Consumer durables, were in the negative territory. Nifty IT was the biggest loser, down over a per cent.

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Opening Bell

LIVE market updates: The benchmark indices started lower on Friday, mirroring their global peers amid a weak market sentiment. The BSE Sensex was down 400 points at 60,837, and the NSE Nifty was at 18,143, lower by 114 points. 

In the broader market, the BSE MidCap and SmallCap indices were also in red and were down 0.3 and 0.4 per cent, respectively. 

Among the Sensex-30 constituents, NTPC, PowerGrid, Maruti, RIL and Sun Pharma were the only players in the positive territory, up between 0.2-0.6 per cent. HDFC, Asian Paints, HCL Tech, Wipro, Axis Bank, IndusInd Bank, ICICI Bank, Tech M, TCS, Infosys and HUL, meanwhile, were among the top losers. 

Sectorally, barring auto and oil & gas, all indices on the NSE were in red, led by Nifty IT index, which was down over 1 per cent and financials and banks, that were 0.6 per cent lower. 

Among stocks, shares of Aurobindo Pharma were down over 2 per cent on the BSE after the company said its Unit I, which is an API manufacturing facility in Hyderabad, has received a warning letter from the US FDA. 
 

"This action follows the recent inspection of the Unit by the USFDA in August 2021. The company believes that this will not impact the existing business from this facility," it said in a notice. 

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Pre-open session

LIVE market updates: The benchmark indices were largely weak in pre-open trades. The BSE Sensex was 102 points lower at 61,132 and the NSE Nifty was lower by 108 points at 18,149.
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LIVE market updates: Amid weak global cues, the benchmark indices are likely to open on a muted note on Friday. The SGX Nifty futures were seen quoting 18,225 level, about 60 points lower than Nifty's spot close on Thursday. 

The market action is expected to be largely stock specific given the earnings season. IT major HCL Technology will be announcing its Q3 results. 

On the macro-front, India will also be announcing WPI-based inflation data at noon today. 

Further among stocks, HDFC Bank, Onward Technologies, Tinplate Company of India, and Metro Brands will be in focus ahead of December quarter earnings announcements on Friday and Saturday.

Global cues

The US markets fell on Thursday led by the tech-laced benchmark Nasdaq amid talks of a likely interest rate hike in March by Fed officials. The Dow Jones slipped 0.5 per cent. The S&P 500 shed 1.4 per cent, and Nasdaq dropped 2.5 per cent.

Meanwhile, oil prices cooled-off a wee bit on account of profit-taking following the recent sharp surge. Brent Crude was down 0.2 per cent at $84.47 a barrel, and WTI Crude slipped 0.6 per cent to $82.12 a barrel.

The major Asian markets were trading with significant losses this morning. Japan’s Nikkei had plunged 1.7 per cent, and Kospi too had  slipped over a per cent. Hang Seng and Shanghai Composite had declined around a per cent each. Taiwan was down 0.6 per cent. Straits Times, however, had moved 0.5 per cent higher.