Sensex drops 519pts, Nifty below 18,200; Easy Trip up 20%, Archean Chem 12%

CLOSING BELL: Over 35 stocks fell on the Nifty50 index, led by Adani Ports, Hindalco, TCS, HDFC, Tech M, Reliance Industries, Hero MotoCorp, Infosys, Grasim, JSW Steel, and Bajaj Finance

4:18 PM

COMMENT:: US Fed, China Covid worries weigh on the markets

"The sharp decline in crude prices is a huge positive for the domestic economy. However, the market did not respond favourably due to stronger headwinds from the global market. The prospect of a prolonged tightening cycle by the US Federal Reserve and the Chinese COVID restrictions affected the world market. Along with other major sectors, metal stocks traded with cuts despite the government's decision to remove export duty on iron and steel."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:07 PM

Tech view: Nifty may drift to 17,750; near support seen at 18,100

"The Nifty started lower following weak global cues and remained sideways during the day. On the lower end, it slipped towards the previous swing high (18,100). The trend looks a bit weak with a rounding top formation on the daily timeframe. The bearish crossover in RSI with a negative divergence suggests weak momentum. Going forward, 18,100 may provide immediate support below which the index may drift down towards 17,750. On the higher end, resistance is visible at 18,200/ 18,450."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:05 PM

Rupee ends a tad weaker, down 16 paise at 81.8475/$

Source: Bloomberg

4:00 PM

Archean Chemical lists at 11% premium on debut, ends with a gain of 12.5%

Archean Chemical Industries make a strong stock market debut, with its shares listed at Rs 450, a 11 per cent premium to its issue price of Rs 407 per share on the National Stock Exchange (NSE). READ MORE

3:57 PM

Five-Star Business Finance gains 3% on debut after a weak start

Five Star Business Finance Ltd (FSBF) made a muted debut as shares got listed below its issue price of Rs 474 per share on the bourses. The stock, however, rebounded into the positive zone, touched a high of Rs 539.90, and finally settled with a 3.3 premium to the issue at Rs 489.50 on the BSE. READ MORE

3:52 PM

Removal of export duty boosts steel stocks; analysts see limited upside

Shares of steel companies were firm in an otherwise weak market after the government removed export duty on steel products and raw materials after almost six months. However, analysts caution that the government's decision to remove export duty on steel products, and raw materials may not have a positive impact on earnings in the near-term, as they fear a worsening global situation may limit upside. READ ANALYSIS

3:49 PM

Easy Trip Planners hit 20% upper limit on turning ex-date for split, bonus issue

Shares of Easy Trip Planners, which operates EaseMyTrip.com, were locked at the 20 per cent at Rs 57.15 in Monday's trade after they turned ex-date for 3:1 bonus issue, and 1:1 stock split. READ MORE

3:45 PM

Nifty IT Index slips over 1.5%; LTI, Tech Mahindra top losers

3:43 PM

Nifty PSU Bank index gains 1.4%; UCO Bank zooms 20%

3:41 PM

Broader markets outperform; Midcap, Smallcap indices ended nearly flat

3:39 PM

Nifty 50 Gainers:: Only 4 stocks finished with gains in excess of over 1%

3:38 PM

Nifty 50 Losers:: Adani Ports, Tech Mahindra, Hero MotoCorp slip over 2% each

3:37 PM

Sensex 30 Heatmap:: 22 Losers v/s 8 Gainers

3:34 PM

NSE Nifty50 settles at 18,160, down 148 points

3:32 PM

Closing Bell:: Sensex ends 518 pts lower at 61,145

3:23 PM

Global Check:: US, UK stock futures marginally down

Source: Investing.com

3:14 PM

BSE 500:: Easy Trip Planners, Zensar among volume shockers

Easy Trip Planners, on turning ex-bonus-cum-split, witnessed unusually high volume of around 64.33 lakh shares so far as against its five-day average volume of around 1.56 lakh shares on the BSE. Similarly, Zensar Technologies, Punjab & Sindh Bank, RHI Magnesita and KIOCL saw a significant spike in volume in trades today.

3:03 PM

RHI Magnesita soars 14% post acquisition of Dalmia's Indian refractory biz

Shares of RHI Magnesita India soared 14 per cent to Rs 735 per share in Monday’s intra-day trade, after the company announced acquisition of the Indian refractory business of Dalmia Bharat Refractories Limited (DBRL) for Rs 1,708 crore. READ MORE

2:54 PM

BSE 500:: Top weekly losers so far

Gland Pharma down 15 per cent was the top loser among the BSE 500 stocks in the last one week. Similarly, Nykaa, Schaeffler India, Dlhivery and Prince PPipes were the other major losers, down 9 - 13 per cent each.

2:45 PM

Export duty removal will lead to era of growth for steel industry: Scindia

Removal of export duty on steel products will lead to a new era of growth for the domestic steel industry which has gained footprint internationally, Union minister Jyotiraditya Scindia said on Monday. READ MORE

2:37 PM

Global Check:: Most Asian markets end in red; Hang Seng slumps 1.9%

Source: Yahoo Finance

2:27 PM

BSE 500:: Top gainers so far

UCO Bank up over 16 per cent and was the top gainer among the BSE 500 stocks so far on Monday. It was followed by Swan Energy, RHI Magnesita, Bank of Maharashtra and Punjab & Sindh Bank, up over 10 per cent each.

2:17 PM

Deepak Fertilisers, Aarti Industries soar up to 8% on plans to ink Rs8,000 cr deal

Both parties plan to execute the formal agreement before the close of this calendar year and the supply arrangement comes into effect from 1st April 2023. READ MORE

2:06 PM

ALERT :: China calls on banks to support manufacturing & services sectors, reports Bloomberg

>> China’s financial regulators have asked banks to stabilize lending to property developers and construction firms, the latest effort by policymakers to turn around the real-estate crisis and bolster economic growth.

>> Authorities support the "reasonable" extension of existing real estate development loans and trust loans, according to a statement posted on the People’s Bank of China’s website after a Monday meeting with commercial banks. 

>> The call is the latest in a slew of actions taken by the government to try to stop the more than year long slump in the property market that’s dragging down China’s economic growth and undermining local government income. 

1:55 PM

Opinion :: Will the dream run continue for banks?

As the war for deposits escalates, the cost of money will rise and banks' NIM will be under pressure. Also, a few banks may invite trouble by aggressively growing their retail books without necessary READ MORE

1:45 PM

Sovereign investors favour US, India as top 2022 investment markets: Study

Average annual returns for sovereign investors over the past decade stood at 6.5% and, for sovereign wealth funds alone, at 10% in 2021, Invesco found. However, 2022 could prove to be a turning point with higher inflation and tighter monetary policy hitting long-term expected returns. READ MORE

1:34 PM

With crypto in retreat, central banks take a quantum leap to cryptography

The idea of security without identification had come from privacy pioneer David Chaum, who invented the so-called blind signature in 1982. A decade later, eCash, the world’s first digital currency, would deploy the technique. READ MORE

1:22 PM

FTX fallout: Crypto markets on the back foot as investors pull funds

Crypto markets are on the back foot, holding Sunday losses that have pushed Bitcoin -- the largest token -- to about $16,000. Second-ranked Ether is also struggling amid indications that some of the $663 million drained from FTX as it slid into bankruptcy is now being transferred out of the token. READ MORE

1:10 PM

Q&A | Fed downshift, China easing may cause India to underperform, says Raychaudhuri

There are two pivots investors are awaiting with bated breath. The first is the Fed pivot. The Fed has to unequivocally signal that it is getting out of the hawkish stance on monetary policy. It’s unlikely to happen any time before the first quarter of next year. READ INTERVIEW HERE

12:57 PM

Kabra Extrusion soars 17% as Battrixx inks pact with Hero Electric

The target is to supply 300,000 battery packs and chargers in the next financial year based on Hero Electric's projections. READ MORE