Sensex sheds 1,190pts, Nifty ends near 16,600; financials, Tata Steel tank

The NSE index has now declined nearly 11 per cent from its all-time in the last two months; Midcap and Smallcap indices were down over 3 per cent each

Closing Bell

The key benchmark indices extended Friday's losses as the market sentiment was dented amid fears of a severe-than-expected economic impact owing to the Omicron variant, recently announced hawkish policy stances by global central bankers and persistent FIIs selling.

The BSE benchmark, the Sensex, nose-dived to a low of 55,133 on the back of across-the-board sell-off led by heavy losses in financial shares. The BSE index which had tanked 1,879 points at the low's of the day, eventually recouped some of the losses but still ended 1,190 points lower at 55,822. In the process, the BSE Sensex has slumped 3.6 per cent (2,079 points) in the last two straight trading sessions.

The NSE Nifty tumbled to a low of 16,410 in intraday deals, and finally finished with a loss of 371 points at 16,614. The Nifty has now shed 10.7 per cent (1,990 points) from its all-time high of 18,604 recorded on October 19.

"The current sell-off is due to rapid rise in FIIs selling that has been triggered by hawkish world central banks’ policy, cautious view on Indian market due to high valuation compared to peers and a drop in retail inflows. We are reaching the last phase of this consolidation in terms of price correction. Some pockets have become fair. Long-term investors can buy high quality stocks with a focus on defensives and India-focused businesses," said  Vinod Nair, head of research at Geojit Financial Services.

Stock watch

Tata Steel was the major loser among the Sensex 30 stocks, down over 5 per cent. IndusInd Bank, Bajaj Finance, SBI, HDFC Bank, NTPC and Kotak Bank were the other major losers, down 3-4 per cent each.

Index heavweights, Larsen & Toubro, Reliance Industries, ITC, HDFC and ICICI Bank were also down around 2.5 per cent. On the positive front, Hindustan Unilever gained 1.6 per cent, and Dr.Reddy's added a per cent.

Bajaj Auto plunged hit a fresh 52-week low at Rs 3,028, down 5 per cent, as the two-wheeler (2W) major was replaced with Wipro in the 30-share S&P BSE Sensex with effect from today. READ MORE

Market Dashboard: Snapshot of key movers and shakers in trade today

The broader indices - the BSE Midcap and the Smallcap -  also recovered partially but still ended with losses in excess of 3 per cent each. The breadth was extremely negative, with nearly 4 declining stocks for every advancing share on the BSE.

The Nifty Bank index tumbled to a six-month low and was down over 4 per cent in intraday trades amid a sharp correction in private sector banks as foreign investors continued pulling out funds from Indian equities. AU Small Finance Bank, Bandhan Bank, Federal Bank and RBL Bank were the major losers. READ MORE

Debutant Shriram Properties had a disappointing day. The stock ended at Rs 99 - a 16 per cent discount to its issue price of Rs 118. READ MORE

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Meanwhile, in the primary market, Surya Lifescience IPO was subscribed 45.65 times as of 03:20 PM on the final day of the offer period on strong investor response. The retail quota received bids up to 50.48 times. The NIIs (wealthy investors) portion was subscribed 98.46 times, and the QIBs quota was subscribed 17.63 times.
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Markets at 02:30 PM

LIVE market updates: There was some respite in the selling pressure in the last one hour of trades, with stocks and indices recouping some of the losses.

The BSE Sensex which tumbled to a low of 55,133, was down 1,322 points at 55,690. The NSE Nifty had declined 417 points at 16,568.

Steel major - Tata Steel was the top loser among the Sensex 30 stocks, down 5.3 per cent. Among index heavyweights, Reliance Industris (down 3.4 per cent), HDFC Bank (down 2.9 per cent), HDFC (down 3.2 per cent) and ICICI Bank (down 2.8) accounted for a loss of 650 points on the BSE benchmark.

On the positive front, Hindustan Unilever gained a per cent and Dr.Reddy's was the other notable gainer.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices continued to languish near the lows of the day on account of unabated selling pressure across-the-board.

The BSE Sensex was down 1,539 points at 55,473, and the NSE Nifty had dropped 482 points to 16,503.

The Nifty Bank index tumbled to a six-month low, down over 4 per cent dragged by a sharp correction in private sector banks as foreign investors continued pulling out funds from Indian equities.  AU Small Finance Bank, Bandhan Bank, Federal Bank and RBL Bank from the Nifty Bank index tanked between 6 per cent and 10 per cent on the NSE. READ MORE

Among other sectoral indices, the BSE Realty index had slumped 6.7 per cent. The Metal, Oil & Gas and Capital Goods indices had plunged over 4 per cent each. All sectoral indices were down over 2 per cent each.

Among the broader indices, the BSE Midcap index had tanked 4.4 per cent, and the Smallcap index had shed 4.2 per cent. The overall breadth was also extremely negative, with nearly 5 declining stocks versus a advancing share on the BSE.
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Markets at 12 Noon

LIVE market updates: The BSE benchmark index, the Sensex, continued to reel under selling pressure, with just two out of the 30 stocks in positive zone. The 30-share index had touched a low of 55,548, and was down 1,416 points at 55,596.

The NSE Nifty had tumbled 430 points to 16,555.



Financial shares, led by Bajaj Finance and IndusInd Bank were the major losers, while Tata Steel also traded with a deep cut of 4 per cent.

In the broader markets recently listed IPOs - Nykaa, PolicyBazaar, Tega Industries, Tarsons Products and seven others registered a fresh all-time low in trades today. READ MORE

Meanwhile, Surya Lifescience IPO was subscribed 9.39 times as of 12 noon on the final day of the offer period. The retail quota was subscribed 38.12 times and NIIs 7.36 times.
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Markets at 11 AM

LIVE market updates: The key benchmark indices had extended losses on the back of relentless selling in financial and metal shares. The BSE Sensex had slumped 1,264 points to 55,748, and it's counterpart NSE Nifty had plunged 384 points to 16,601.

Among financials, Bajaj twins were the
major losers, down 4.3 per cent each. IndusInd Bank had shed 3.8 per cent. Axis Bank, SBI, Kotak Bank, HDFC Bank and HDFC were all down over 3 per cent each.

In the broader markets, AU Bank and Bandhan Bank were the major losers, down 9 per cent and 6.3 per cent, respectively. Federal Bank and Bank of Baroda were also down over 4 per cent each.

Tata Steel was the other major loser in the Sensex 30 followed by Mahindra & Mahindra, NTPC, Larsen & Toubro, ITC, UltraTech Cement and Reliance Industries.

The broader indices had also witnessed deep cuts. The BSE Midcap and Smallcap were down over 3 per cent each. Declining stocks outnumbered advancing shares in the 4.5:1 ratio on the BSE.
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Markets at 10 AM

LIVE market updates: Investors suffered heavy losses in morning deals on Monday as bears tightened their grip over Dalal Street. After a gap-down start, the BSE Sensex dropped 1,089 points at 55,923 levels while the Nifty50 breached the 16,700-mark to quote at 16,661. Both the indices were down 2 per cent.

25 of the 30 Sensex constituents were in the red, led by Tata Steel, Bajaj Finance, and SBI. On the flipside, Dr Reddy's Labs, Sun Pharma, Wipro, TCS, and Power Grid were the only gainers with up to 0.4 per cent rise. 

In the broader markets, the MidCap and SmallCap indices around 2.5 per cent each.

The market breadth favoured sellers with nearly 2,500 stocks in the red on the BSE against 500 stocks in the green. Volatility index, India VIX, meanwhile, zoomed over 9 per cent. 

Sectorally, the Nifty Pharma index was up just 0.02 per cent while all other indices were in the red.

Currency market
Rupee opened 5 paise weaker at 76.14 per US dollar compared with Friday's close of 76.09/$.

New listing

Shares of Shriram Properties listed at a 20 per cent discount on the BSE at Rs 94 per share. The issue price was Rs 118. "The IPO saw a muted demand on the back of losses where other real estate companies have been booming in the last two years. In the upcoming years, real estate is likely to perform better, and only aggressive investors are advised to look at Shriram Properties. Investors can hold the stock for the long term while short-term investors should take a stop loss of Rs. 80 on a closing basis," said Santosh Meena, Head of Research, Swastika Investmart.

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Updated at 09:20 AM

LIVE market updates: Indian benchmarks opened lower on Monday as investors continue to track the spread of the Omicron Covid variant. The World Health Organization recently warned that the number of cases is doubling in 1.5 to 3 days in areas with community spread.

That apart, Asian stocks dropped in early trading today after China slashed its benchmark lending rate for the first time in more than one-and-a-half years. The move likely indicates policymakers concerns around the slowing economic growth in China, which worried investors.

The BSE Sensex quoted 653 points lower at 56,358 level while the Nifty50 broke below the 16,800-mark at 16,795, down 190 points. Both the indices were down over 1 per cent each.

Post opening, the indices extended decline and hit lows of 56,112 (down nearly 900 points) and 16,706 (down 285 points).

Tata Motors (fell 3.5 per cent), Tata Steel, JSW Steel, SBI, HDFC Bank, Hindalco, IndusInd Bank, Bajaj twins, Axis Bank, Coal India, Adani Ports, Maruti Suzuki, ONGC, and Ultratech Cement were the top laggards (all down over 2 per cent).

In the broader markets, the BSE MidCap and SmallCap indices fell 2 per cent each.

"Rising inflation, hawkish central banks, exploding Covid cases caused by the Omicron variant, sustained selling by FIIs and slowing growth momentum in the developed economies combined to produce the perfect storm for the markets. These negative factors persist, causing concerns about further downtrend in the market, particularly if FIIs continue to sell. But negative sentiments are unlikely to last long. Omicron variant, though fast spreading, has not proved to be highly virulent as feared. Also, FIIs will turn buyers soon when valuations become attractive. Retail investors can use the corrections to buy high quality stocks, particularly financials, whose valuations have become attractive," says VK Vijayakumar, Cheif investment Strategist at Geojit Financial Services.

Among individual stocks, shares of Future Retail zoomed 20 per cent after India's antitrust body competition commission of India (CCI) on Friday said Amazon's 2019 deal with Future will remain in abeyance, citing US e-commerce major's failure to notify certain commercial arrangements as part of 2019 deal. The competition watchdog has also imposed ₹200 crore penalty on Amazon.

That apart, Cipla added 1 per cent after the drug major received approval from the USFDA to market the Lanreotide injection, used for the treatment of acromegaly and gastroenteropancreatic neuroendocrine tumors, in the American market.

Among sectors, the Nifty Bank tanked 2.6 per cent, at 34,672 level. Meanwhile, all the sectoral indices are in the red with the Nifty Metal index down 3.5 per cent.

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Pre-open session

LIVE market session: Benchmark indices are suggesting a weak start for the Indian markets. The BSE Sensex is down nearly 550 points at 56,669 levels. The Nifty50, too, was below 16,800-mark at 16,796 level.

BREAKING NEWS: 
According to TV reports, the Finance Ministry has asked market regulator Sebi to halt trading in certain commodity derivatives (Paddy, Wheat, Chana, Mustard Seeds, Soya Bean, Crude Palm Oil & Moong) for 1 year.

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LIVE market updates: A gap-down start could be on cards for key benchmark indices as global sentiment remains cautious amid rising Omircon coronavirus cases wordlwide.

At 8:10 AM, SGX Nifty was down around 100 points at 16,900 levels, compared with Nifty's spot close of 16,985 on Friday.

Stock-specific news flow, FII activity, primary market action, and global cues will guide investors today.

Primary market action
Shriram Properties will be in focus today as the stock makes its debut on Monday. 

Besides, Supriya Lifescience IPO, which so far has received subscription up to 5.69 times the issue size, will close today.

Global cues

The US markets ended with significant losses on Friday. The S&P 500 was down a per cent, while Dow Jones plunged 1.5 per cent. The Nasdaq, however, was down just 0.1 per cent.

Meanwhile, oil prices rose on the back of upbeat US Fed economic outlook. Brent crude was up 1.5 per cent at $75.02 a barrel, and WTI crude added 2.1 per cent to $72.38 a barrel.

Major markets in Asia this morning were largely negative. Kospi had shed 0.9 per cent.  Nikkei had slipped 0.6 per cent, while Hang Seng and Straits Times were down 0.5 per cent each. Taiwan was down 0.1 per cent, while Shanghai was up 0.1 per cent.