Sensex ends choppy day 145 pts down; Vedant Fashions up 9%, SBI falls 2%

CLOSING BELL

Equity markets ended an extremely volatile day on a subdued note as investors monitored situation between Russia and Ukriane. Though reports suggested Russian military vehicles leaving annexed Crimea, Western officials and Ukrainian President Volodymyr Zelenskyy urged caution in taking Russia's claims at face value.

Against such diverse developments, the S&P BSE Sensex oscillated 789 points intra-day before closing at 57,997 levels, down 145 points or 0.25 per cent. The NSE Nifty, too, gyrated 233 points and eventually ended at 17,322, down 30 points or 0.17 per cent.

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Among individual stocks, Bharti Airtel, M&M, HDFC, Kotak Bank, Nestle India, and Dr Reddy's Labs were the only Sensex gainers today as they rallied between 0.5 and 1 per cent. On the Nifty, Divis Labs, ONGC, Adani Ports, HDFC Life, and IOC were the additional gainers, rising up to 3 per cent. 

On the downside, ICICI Bank, SBI, NTPC, Ultratech Cement, Tata Steel, UPL, Tata Motors, Bajaj Finance, and Sun Pharma declined in the range of 1 to 1.8 per cent.

The BSE MidCap and the BSE SmallCap indices ended mixed with the former dipping 0.03 per cent and the latter advancing 0.42 per cent.

Among sectors, the Nifty Realty and Pharma ended in the green, adding 1 per cent and 0.5 per cent, respectively. On the downside, the Nifty PSB index slipped 1.2 per cent.

Buzzing stocks

Shares of Vedant Fashions, the owner of ethnic wear brand Manyavar, listed at Rs 936, an 8 per cent premium over its issue price of Rs 866 per share on the BSE. On the National Stock Exchange (NSE), the stock opened at Rs 935 per share. Soon after the listing, the shares surged to a high of Rs 993 before settling at Rs 944, up 9 per cent from its issue price.

Shares of FSN E-Commerce Ventures, the parent company of beauty e-tailer Nykaa, hit a new low of Rs 1,456 after it fell over 2 per cent in intra-day trade. The shares ended 1 per cent higher at Rs 1,509.

Shares of Innovators Facade Systems were locked in 10 per cent upper circuit band, at Rs 66.8 per share, on the BSE on Wednesday after the company announced order win worth over Rs 70 crore. Ace investor Vijay Kedia held 2.01 million shares, representing 10.66 per cent stake, in the company at the end of December quarter (Q3FY22).

Shares of Firstsource Solutions (FSL) continued to reel under pressure hitting an over nine-month low of Rs 135.70, down 4 per cent on the BSE in Wednesday’s intra-day trade in an otherwise firm market.   

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Markets at 02:30 PM

LIVE market updates: The key benchmark indices rallied smartly to fresh highs for the day amid reports of easing Russia-Ukraine tensions after former said that it had pulled back troops after its military drills near the Ukraine border.

The BSE Sensex from a low of 57,780, rallied to a high of 58,569 - up 7896 points from the day's low. The 30-share index was up 283 points at 58,425. The NSE Nifty added 96 points to 17,448.

Among the Sensex 30 stocks - Dr.Reddy's, Mahindra & Mahindra and Bharti Airtel were the top gainers, up 2 per cent each. HDFC, Kotak Bank, Tech Mahindra and Axis Bank were the other prominent gainers.

Whereas, UltraTech Cement was down a per cent. SBI, ICICI Bank, Tata Steel and NTPC were some of the notable losers. 

The broader indices also held steady gains. The BSE Midcap index was up 0.6 per cent, while the Smallcap index jumped 1.1 per cent.

In the broader markets, Times Guaranty, Krebs Biochemicals, IVP, Almondz Global Securities and Mawana Sugars were locked at the respective 20 per cent upper limits on the BSE. Keynote Financial Services, Technocraft Industries, Shree Pushkar Chemicals, Balaji Telefilms, Mirza International, Indo Rama Synthetics, BPL, Reliance Infrastructure, Biofil Chemicals, Monarch Networth, Coffee Day, California Software, Omax Autos, Shreyas Shipping, Zuari Global, PNB Housing Finance, Adani Power, Cerebra Integrated, Surya Roshni, GMDC, Shoppers Stop, Ramco Systems, Va Tech Wabag, Indoco Remedies,  MMTC, Tanla Platforms, Eveready Industries and  Jaiprakash Associates were some of the major gainers.

On the other hand, Prakash Pipes, Arrow GreenTech, Digjam, Sintex, Anand Rayons, PBA Infrastructure, Balkrishna Industries, Firstsource, Varroc Engineering and Bajaj Consumer Care were some of the notable losers.

A total of 387 stocks hit the respective upper limits on the BSE so far, while 216 shares hit the maximum lower limits for the day.

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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices firmed-up in mid noon deals amid reports of easing Russia-Ukraine tensions. 

The AFP news agency tweeted, "Russia says military drills in Moscow-annexed Crimea have ended and soldiers are returning to their garrisons, a day after it announced a first troop pullback from Ukraine's borders. State television shows images of military units crossing a bridge back to the mainland."

The BSE benchmark index, the Sensex, which slid to a low of 57,780 in morning trades, rebouded into the positive zone and was up 160 points at 58,302. The NSE Nifty gained 59 points at 17,411.

The broader markets were outperforming the benchmarks by a marginal margin. The BSE Midcap and Smallcap indices were up 0.6 per cent and 1.1 per cent, respectively, as against a 0.3 per cent gain on the BSE Sensex.

Among sectoral indices the BSE Telecom and Realty were up over 1.5 per cent each. The Oil & Gas and Power indices were also up over a per cent each. The BSE Metal and Capital Goods indices were the only losers.

Among real-estate shares, Lodha, Godrej Properties, Oberoi Realty and Indiabulls Real Estate were up 2-4 per cent each. 

A total of 105 stocks registered new 52-week high in trades so far, including the likes of GMDC, Keynote Financial Services, Mirza International, Milk Foods and Transcorp International. Whereas, Indigo Paints, Muthoot Capital Services and Nykaa were among 17 stocks to hit a fresh 52-week low on the BSE.

The overall breadth was also extremely positive. Out of 3,391 stocks traded on the BSE, 2,322 advanced and 960 declined on the BSE so far.

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Markets at 12:45 PM
 

LIVE market updates: The benchmark indices were seen recouping day's losses and edging higher after reports said that Russia has announced end of its military drills near the Ukraine border and the troops are pulling back. 

The BSE Sensex rose 190 points at 58,332, while the NSE Nifty50 was 63 points higher at 17,415. The two indices were up to 0.36 per cent up.

The broader markets, meanwhile, were firmly higher. The BSE MidCap and SmallCap indices were trading 0.3 per cent and 0.7 per cent up, respectively. From the former, Adani Power, Crisil, M&M Finance, Motilal Financial Services, IDBI, Abott India, Endurance, Crompton Greaves, and Godrej Properties were the top gainers, up 3-13 per cent. 

On the Sensex, SBI, ICICI Bank, L&T, and Ultratech Cement were the top losers in percentage terms, down 1-1.6 per cent. M&M, meanwhile , was the top gainer, up 1.76 per cent, followed by Bharti Airtel, Dr Reddy's, and HDFC, up 1-1.5 per cent.

Sectorally, Nifty Pharma, Metals, Oil & Gas indices were the only major gainers. Nifty IT, Metals and Auto were flat. Nifty Bank was down 0.7 per cent. 

Among stocks, shares of Surya Roshni surged 14 per cent to Rs 504.85 on the BSE and has rallied 18 per cent in the past two trading days, after the company reported a healthy 29 per cent year-on-year (YoY) growth in consolidated revenue at Rs 2,030 crore in December quarter. READ HERE.

This apart, FSN E-Commerce Ventures, the parent company of beauty e-tailer Nykaa, hit a new low of Rs 1,458.10, down 2 per cent on the BSE in Wednesday’s intra-day trade. With an over 20 per cent decline, the stock has now corrected 43 per cent from its record high level of Rs 2,574 touched on November 26, 2021. READ MORE.

IDBI Bank was up 4 per cent on the BSE as the government announced that it will start roadshows with investors for the strategic disinvestment of IDBI Bank from February 25 as the Centre and Life Insurance Corporation of India (LIC) look to sell their stake in the lender to a private buyer.
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Markets at 11AM

LIVE market updates: The headline indices extended losses in morning deals in a volatile market. The BSE Sensex was down 343 points at 57,798, while the NSE Nifty was at 17,267, lower by 85 points. 

On the Sensex, 25 stocks were in the red zone, with losses in ICICI Bank, RIL, HDFC Bank, L&T, SBI and Infosys, trading 0.5-1.5 per cent. On the Nifty, Eicher Motors was the additonal loser. 

Sectorally, Nifty Bank, IT, FMCG were in the negative territory, whereas, realty index continued to trade 1 per cent higher. Nifty Auto and Financials were now muted. 

In the broader markets, the BSE MidCap and SmallCap indices continued to outperform the benchmarks and were trading 0.15 per cent and 0.6 per cent higher, respectively. 

New listing: Vedant Fashions, the owner of ethnic wear brand Manyavar, made a good stock market debut on Wednesday, with shares of the company getting listed at Rs 936, an 8 per cent premium over its issue price of Rs 866 per share on the BSE. On the National Stock Exchange (NSE), the stock opened at Rs 935 per share. READ DETAILED REPORT HERE

This apart, shares of Va Tech Wabag surged 16 per cent to Rs 342 on the NSE on the back of heavy volumes on strong order book position of over Rs 10,000 crore. The company, a leading Indian multinational company in the water sector, said it has a order book of Rs 10,067 crore including framework contracts and have 3x revenue visibility. The nine month (April-December) order intake was of Rs 2,832 crore. READ MORE

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Markets at 10 AM

LIVE market updates: The benchmark indices turned choppy in early morning trades after they started on a higher note. The BSE Sensex was down 67 points at 58,074, and the NSE Nifty was at 17,342, lower by 10 points. 

On the Sensex, M&M was the top gainer, up 2 per cent, followed by financial counters--HDFC, Kotak Bank and Bajaj Finserv. ITC, Dr Reddy's, Bajaj Finance, HCL Tech, TCS and HUL were the other gainers.

On the other hand, L&T and Tata Steel were the top laggards, down up to 1.5 per cent. Other losers included SBI, ICICI Bank, Shree Cement, Wipro and Ultratech Cement, all trading 0.8-0.9 per cent lower.

The broader markets were, however, outperforming the benchmarks and were firmly in the green zone. The BSE MidCap index was up 0.3 per cent, while the SmallCap index was 0.7 per cent higher. 

Sectorally, Nifty Bank, Metals, and IT slipped into the negative territory and were the top losers now. Nifty Realty, meanwhile was the top outlier, up 1.5 per cent.

Nifty Financial Services index was another gainer. From this pack, NBFC stocks were firmly higher after the Reserve Bank of India (RBI) gave the entities additional time till September 30, 2022 to implement the new NPA rule wherein bad loans can be upgraded as ‘standard’ asset only when entire arrears of interest and principal are paid. The earlier deadline was March 31, 2022.

M&M Finance, Shriram Transport Finance, HDFC Life, Cholamandalam Investment, Piramal Enterprises, Muthoot Finance and Power Finance Corp were trading 2-7 per cent higher on the NSE.  

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Opening Bell

LIVE market updates: The benchmark indices started Wednesday's session higher extending the previous day's strong rally as concerns around Russia-Ukraine conflict eased. The BSE Sensex opened 299 points up at 58,442, while the NSE Nifty climbed 81 points to 17,433. 

However, the indices soon after the opening were seen turning volatile as they slipped into the red zone. 

From the Sensex-30 shares, M&M, Bajaj Finance, HDFC, PowerGrid, NTPC, Bajaj Finserv, HCL Tech, Kotak Bank, HDFC Bank, Nestle, ITC and Bharti Airtel were the top gainers, up 0.3-2 per cent. On the Nifty, BPCL, IOC, HDFC Life, Coal India and Grasim were the additonal gainers. 

On the downside, Titan, Tata Steel, L&T, Shree Cement, Ultratech Cement, Wipro, and ICICI Bank, meanwhile, were the top losers. 

In the broader markets, the BSE MidCap and SmallCap indices were also in the positive territory, higher up to 1 per cent. 

Sectorally, the Nifty Realty index was leading the gains, up 1.3 per cent, followed by Nifty Oil & Gas index, trading 0.8 per cent up and then Nifty Auto and Financial Services, both 0.7 per cent higher. 

Among stocks, Crisil was up 5.3 per cent on the BSE. The company’s Q3 consolidated net soared 53.2 per cent to Rs 168.63 crore in the quarter ended December 2021 when compared with Rs 110.04 crore in the corresponding quarter a year ago. Total income was up 17.5 per cent YoY at Rs 719.45 crore.

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Pre-open session

LIVE market updates: The key benchmark indices were seen holding gains in the pre-open trades. The BSE Sensex was up 215 points at 58,357, while the NSE Nifty was 51 points higher at 17,404. 

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LIVE market updates: The key benchmark indices are likely to start trade on a muted note as indicated by trends of the SGX Nifty futures, which were quoting 17,380 levels this morning, higher by 20-odd points as compared to Nifty's spot close the previous day.

On Tuesday, the markets had recovered in a sharp rally after reports of Russian troops heading back to their bases from the Ukranian border brought respite to jittery invetsor sentiment. The Sensex and Nifty benchmarks ended 3 per cent higher each. 

Among stocks today, Vedant Fashions is set to make its debut. The final issue price has been fixed at Rs 866 per share. It would be third listing in year 2022 after AGS Transact Technologies and Adani Wilmar. The IPO had received a tepid response from investors getting subscriptions of 2.57 times whereas its retail portion was subscribed only 0.39 times. 

This apart, Tech Mahindra may also be eyed as the company will acquire 80 per cent equity shares in Geomatic.ai for a consideration of A$6m.

Burger King India will also be in focus as the company has closed its qualified institutional placement issue and finalised the issue price at Rs 129.25 per share, a discount of 5 per cent to the floor price of Rs 136.05 per share. 

Global Cues

Overnight the US markets logged smart gains amid signs of de-escalating tensions along the Russia-Ukraine border. The Dow Jones rose 1.2 per cent, the S&P 500 gained 1.6 per cent and the Nasdaq rallied 2.5 per cent.

Oil prices retreated from seven-year highs. Brent crude dropped 3.3 per cent to $93.28 a barrel, and WTI crude futures slid 3.5 per cent to $92.07, a barrel.

Major markets in Asia were up smartly in early deals on Wednesday. Japan’s Nikkei surged nearly 2 per cent. Kospi and Taiwan gained 1.5 per cent and 1.3 per cent, respectively. Hang Seng advanced 0.8 per cent, while Shanghai added 0.4 per cent. Straits Times, however, was down 0.3 per cent.