Sensex dips 1,024 pts amid rising oil price, FII selling; Nifty holds 17200

CLOSING BELL

A triple whammy of rising crude oil prices, sell-off by FIIs, and fears of liquidity taps running dry amid monetary policy tightening, hit benchmark indices on Monday. READ REASONS FOR MARKET FALL HERE

The frontline S&P BSE Sensex gyrated 1,346 points intra-day and ended 1,024 points, or 1.75 per cent, lower at 57,621. On the NSE, the Nifty50 breached below the 17,150-mark intra-day but settled at 17,214, down 303 points or 1.73 per cent.

L&T, down 3.6 per cent, was the top laggard on the Sensex index, followed by HDFC Bank, Bajaj Finance, HDFC, Bajaj Finserv, Kotak Bank, Titan, and ICICI Bank. Only 5 stocks ended higher on the 30-pack index, including Power Grid (up 2 per cent), Tata Steel, SBI, NTPC, and Ultratech Cement. 

CLICK HERE FOR MARKET SNAPSHOT

"Monday's weakness can be attributed to heavy selling by FIIs amid rising US bond yields and crude oil prices. FIIs' favorite names and heavyweights like HDFC twins, ICICI Bank, Infosys, Kotak Bank, and Reliance Industries saw sharp cuts. Technically, the Nifty has slipped below its 50-DMA, which is not a good sign. However, 17,200 is a support level where we can expect some recovery. A breach can drag the index towards 17,000/16,800 levels. On the upside, 17,450-17,500 will act as a strong resistance," said Santosh Meena, Head of Research, Swastika Investmart.

ALSO READ | Markets are not fully pricing in headwinds; can fall more: Analysts

In the broader markets, the MidCap and SmallCap indices on the BSE outperformed the headline indices and ended 1.3 per cent and 0.8 per cent lower, respectively.

Among individual stocks, Torrent Power, Apollo Hospitals, NAM-India, Tata Consumer Products, Jubilant Industries, D-Link India, WPIL, and Ujjivan Financial Services were among the worst hit sectors, down up to 15 per cent.

On the upside, Godrej Properties, Adani Power, Oil India, PI Industries, Bank of India, Eveready, GNFC, and Credit Access Gramin dazzled on the bourses, climbing up to 14 per cent.



Among the lot, shares of Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) hit a 52-week high at Rs 523.25, on rallying 15 per cent on the National Stock Exchange (NSE) in Monday’s intra-day trade in an otherwise subdued market after the company reported best ever quarterly performance in the December quarter (Q3FY22). READ MORE

That apart, shares of FDC surged 8 per cent to Rs 319 on the BSE in Monday’s intra-day trade after the company said that its board will meet on February 9, 2022 to consider the proposal for buyback of equity shares of the company through tender offer route. READ MORE

IndiGo shares ended 9.4 per cent higher on the BSE after the airline posted its first-ever net profit in nearly two years in Q3FY22. Analysts see up to 54 per cent upside in the stock. READ MORE

ALSO READ | Paytm: Foreign brokerages divided on road ahead for the stock

Sectorally, all except the Nifty PSB index ended in the red, led by the Nifty Financial Services index (down 2.5 per cent) and the Nifty Private Bank index (down 2.3 per cent), The Nifty PSB index, on the other hand, ended 1 per cent higher.

=====================================================================

Markets at 02:30 PM

LIVE market updates: The bears unleashed heavy selling pressure in key index heavyweights in the last one-hour of trades, resulting into a sharp slide on the benchmark indices. 

The BSE Sensex tumbled to a low of 57,299, and was down 1,136 points at 57,509. The BSE benchmark has slumped as much as 2,000 points in the last three trading sessions. The NSE Nifty shed 330 points at 17,186.

Among the Sensex 30 shares, HDFC Bank plunged 3.8 per cent to Rs 1,466. Larsen & Toubro, Bajaj Finserv and Bajaj Finance also tanked over 3 per cent each. 

HDFC, Hindustan Unilever and Kotak Bank were also down almost 3 per cent each. Titan, Bharti Airtel, IndusInd Bank, Asian Paints, Infosys, Wipro, ITC and Nestle India were the other major losers, down over 2 per cent each.

On the positive front, PowerGrid Corporation, however, gained 1.5 per cent. The company is scheuled to announce results on February 09. SBI was the other prominent gainer, up a per cent. 

The overall breadth was also fairly negative. Out of 3,601 stocks tradd on the BSE, 2,046 declined and 1,414 had advanced so far.

Among sectoral indices, the BSE Capital Goods and Telecom indices dropped over 2 per cent each. The Bankex, Auto, FMCG and Healthcare shed 1.5-2 per cent each.

On the NSE, the Nifty PSU Bank index had scaled a fresh two-year high in intra-day trades, led by strong gains in SBI and Bank of Baroda. The PSU banks continue to outperform in a falling market. READ MORE

A total of 235 stocks registered a fresh 52-week high in trades today, while mere 12 stocks recorded a new 52-week low on the BSE, including the likes of HDFC Life, Gilette India, Lupin and MCX India.

_________________________________________________________________________________________________

Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices continue to drift lower as the day progresses on the back of weakness in private banks, NBFCs and select index heavyweights like, Larsen & Toubro, Hindustan Unilever, ITC and Bharti Airtel.

The BSE Sensex was down 909 points at 57,736, and the NSE Nifty had shed 263 points at 17,253.

The HDFC twins accounted for almost one-third of the Sensex losses. HDFC Bank was down 3.5 per cent and HDFC shed 2.5 per cent, accounting for a loss of 300 points. Infosys was the other major dragger, accounting for a loss of 100 points, as the stock slipped 1.9 per cent. 

The broader markets, however, were seeing lesser losses compared to the benchmark indices. The BSE Midcap and Smallcap indices were down 0.8 per cent and 0.4 per cent, respectively, as against 1.5 per cent decline in the BSE benchmark index.

In the broader markets, Ugar Sugar Works, Archies, Nahar Indsutrial Enterprises, Starlineps Enterprises, Trident Texofab and The Mandhana Retail Venutures were locked at their respective 20 per cent upper limits. 

GNFC soared 16 per cent. Shankara Building Products. Creditaccess Gramin, Interglobe Aviation, Renuka Sugars, Eveready, VRL Logistics, Mas Financial Services, Bank of Baroda, Maan Aluminium, Ultracab India, Uttam Sugar Mills, Mawana Sugars, Magadh Sugar Energy, Reliance Infrastructure and Bomnay Rayon Fashions were the other major gainers.

On the flip side, Jubilant Industries tanked 15 per cent. Ujjivan Small Finance Bank, DLink India, Banco Products, Sarda Energy, Alphageo India, CL Educate, Tainwala Chemicals, Yaari Digital, Torrent Power, Time Technoplast, Neuland Laboratories, Gati, Jubilant Pharma, Lupin, Action Construction, Sunteck Realty and TCI Express were the other siginificant losers.

A total of 348 stocks were locked at the respective upper limits, while 258 stocks had hit the lower circuits on the BSE so far.

_________________________________________________________________________________________________

Markets at 12 noon

LIVE market updates: The frontline indices extended losses and were at day's low in noon deals, down 1.4 per cent each. The BSE Sensex was 814 points down at 57,830 while the NSE Nifty was lower by 250 points at 17,266.

On the Sensex, L&T was the top loser now, down 2.6 per cent, followed by HDFC Bank, Bajaj Twins, Dr Reddy's and Infosys. SBI, Tata Steel PowerGrid, NTPC, Tech M and Reliance were the only six gainers on the Sensex. Meanwhile, the Nifty50 index had only 10 stocks in the green.

ALSO READ: SBI, Tata Steel, IndiGo: Key levels to watch on these stocks post Q3 nos

In the broader markets, the BSE MidCap and SmallCap indices were trading 0.9 and 0.6 per cent lower, respectively. 

In the primary market, the IPO of Vedant Fashions was still slow-paced and had been subscribed 17 per cent so far on day 2, witht the retail portion subscribed 27 per cent. 

Among stocks, Lupin dipped 6 per cent to Rs 816.25, falling 9 per cent in the past two trading sessions after the drugmaker reported lower-than-expected margins and net profit in December quarter (Q3FY22) due to one-time expenses related to residual metformin returns and provision for aged stock returns of Oseltamivir. READ MORE.

BS SPECIAL

Foreign brokerages remain divided on the road ahead for Paytm’s stock and the performance of the company in the backdrop of recently announced results for the quarter ended December 2021 (Q3-FY22). READ HERE TO KNOW MORE.

Asian markets update

Shares in Asia were mixed in Monday trade, with mainland China markets rising as they re-opened following the Lunar New Year holidays last week. In noon trade, the Shanghai composite jumped 2.06 per cent, while the Shenzhen component gained 1 per cent.

On the other hand, Hong Kong’s Hang Seng index slipped 0.33 per cent. In Japan, the Nikkei 225 dipped 0.76 per cent and the Topix index declined 0.27 per cent. South Korea’s Kospi also shed 0.43 per cent. 

_________________________________________________________________________________________________

Markets at 11 AM

LIVE market updates: The headline indices extended losses in morning trade led by selling in private bank majors--HDFC Bank and ICICI Bank (down 2 and 1.6 per cent, respectively) and other select counters including Infosys, L&T, HDFC and Bajaj Finance.

The BSE Sensex was 595 points lower at 58,049 and the NSE Nifty was at 17,331, down by185 points. The two indices were 1 per cent lower each. In line with this, the broader markets were also in the red zone with the BSE MidCap index trading 0.97 per cent lower and the SmallCap index 0.67 per cent down. 

Among sectors, BSE Auto, Private Banks, Healthcare, Finance and Realty indices were the top losers, down 1 per cent each. On the upside, PSU index and Metals were the top outliers. The BSE PSU index gained over a per cent supported by strong gains in SBI and Bank of Baroda on the back of their healthy Q3 performance. 

READ HERE  to know what analysts have to say about the two banking majors and the road ahead.  

Bank of Baroda was up over 8 per cent as its net profit doubled to Rs 2,197 crore in the December quarter (Q3FY22), aided by higher net interest income and lower provisions. SBI, too, was the top Sensex gainer, up nearly 3 per cent as its PAT rose 62 per cent to Rs 8,431.9 crore, beating estimates, for the quarter. 

Further, shares of Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) hit a 52-week high at Rs 523.25, on rallying 15 per cent on the National Stock Exchange (NSE) in an otherwise subdued market after the company reported best ever quarterly performance in the December quarter (Q3FY22). READ MORE.

____________________________________________________________________________________________

Markets at 10 AM

LIVE market updates: The benchmark indices were extending losses amid high volatility and were down 0.5 per cent each. The BSE Sensex was at 58,343, down 300 points, while the NSE Nifty was lower by 90 points at 17,426. 

Among top gainers on the Sensex, SBI, PowerGrid, Tata Steel, NTPC, Reliance, Tech M and Bajaj Finserv were the only stocks in the green zone, up between 0.8-2 per cent.

Bajaj Finance, M&M, Dr Reddy's, L&T, Bharti Airtel, Infosys, Asian Paints, HDFC twins, Wipro and ITC were the top laggrads, down 1-2 per cent. On the Nifty, Hero MotoCorp, Bajaj Auto, Divis Labs, Cipla and Eicher Motors were the additional losers. 

This apart, BSE Auto index was down over 1 per cent and was a prominent loser sectorally.

Among stocks, airline company InterGlobe Aviation was trading 7 per cent higher on the BSE after its strong Q3 results. It reported a net profit of Rs 129.80 crore for the December quarter as against a loss of Rs 620.10 crore in the year-ago quarter. Revenue from operations came in at Rs 9,294.80 crore, a rise of 89.3 per cent over the same period last year.

Further, shares of pharma company FDC surged 8 per cent to Rs 319 on the BSE after the company said that its board will meet on February 9, 2022 to consider the proposal for buyback of equity shares of the company through tender offer route.READ MORE.

_____________________________________________________________________________________________

Opening Bell

LIVE market updates: The key benchmark indices started trade on a flattish note extending weakness from the previous session. The BSE Sensex was down 6 points at 58,638, while the NSE Nifty was at 17,513, lower by 3 points.

Among the Sensex-30 shares, Dr Reddy's, M&M, SBI, Titan, Nestle, Axis Bank, Sun Pharma, Reliance Industries and Tech Mahindra were the top gainers. Infosys, Kotak Bank, HDFC Bank, IndusInd Bank, Tata Steel, HCL Tech, HDFC, L&T and TCS were the top losers, down 0.4-1 per cent. 

In the broader markets, the BSE MidCap and SmallCap indices were, however, in the positive territory, up 0.2 and 0.4 per cent, respectively. 

Sectorally, the BSE IT and Private Bank indices were the most weak, down up to 0.4 per cent. Similarly, BSE Bankex and Finance indices were also in the red zone. On the other hand, the BSE Realty and healthcare indices were the top gainers, up 1 per cent and 0.6 per cent, respectively. 

Dr Reddy's Labs was trading over 5 per cent higher after the Drugs Controller General of India (DCGI) granted approval to the single-shot Sputnik Light vaccine for restricted use in emergency situation in India.

_______________________________________________________________________________________________

Pre-open session

LIVE market updates: The benchmark indices were holding marginal losses in the pre-open trades. The BSE Sensex was down 89 points at 58,556, while the NSE Nifty was at 17,456, lower by 60 points. 

__________________________________________________________________________________________

LIVE market updates: The key benchmark indices are likely to start trade lower on Monday amid weak global cues as US bond yields surged on Friday after a strong jobs data heightened fear of tightening of monetary policy. 

At 8:10 am, the SGX Nifty futures were quoting 17,424 level, that is nearly 100 points lower from Nifty's spot close in the previous session. 

This week, IIP data and RBI Monetary policy are important events that market particpants will watch out for amid concerns of rising inflation and possibility of hikes in key policy rates.  

Today, banking stocks may see action on the back of moves in SBI, Bank of Baroda, City Union Bank as the three reported their Q3 earnings over the weekend. 

Further, Nalco, PolicyBazaar, Tarsons Products, TVS Motor Company and Union Bank of India  are scheduled to announce its Q3 earnings today. READ MORE.

In the primary market, the IPO of Vedant Fashions had been subscribed 14 per cent on day 1, with the retail investor portion subscription standing at 22 per cent. The issue will close on Tuesday. 

Global cues

The US stocks ended mixed higher, but pared gains towards the close on Friday. Nasdaq was up 1.6 per cent led by Amazon. The S&P 500 gained 0.5 per cent, while the Dow Jones slipped 0.1 per cent.

This morning major markets exhibited a mixed trend. China’s Shanghai Composite soared 1.9 per cent. Taiwan and Straits Times were up 0.5 per cent and 0.4 per cent, respectively. Whereas, the Kospi Composite slipped over 1 per cent. Nikkei and Hang Seng were down 0.7 per cent and 0.4 per cent, respectively.

Oil prices were up near seven-year highs amid concerns about supply due to the ongoing political turmoil among major world producers. Brent saw a 2.4 per cent rise to $93.27 a barrel.