Sensex dips 80pts, Nifty holds 18K; Nykaa ends 96% higher over issue price

Debutant Nykaa almost doubled from its issue price of Rs 1,125 at the day's high of Rs 2,248, and finally ended with a 96 per cent premium over its issue price

Closing Bell

The BSE Sensex opened 138 points lower amid subdued global cues and persistent selling by foreign funds. The BSE index dropped to a low of 59,967, and then recouped losses as the day progressed. Renewed buying interest in select index heavyweights like Bharti Airtel, Reliance Industries and ITC helped the BSE benchmark rebound into the positive zone to a high of 60,507 - up 539 points from the day's low. The Sensex finally ended with a loss of 80 points at 60,353. It's counterpart NSE Nifty settled with a loss of 27 points at 18,017.

Debutant Nykaa almost doubled from its issue price of Rs 1,125 at the day's high of Rs 2,248. In the process, the company's market capitalisation crossed Rs 1-trillion mark and entered the top-60 most valuable companies on the BSE. The stock finally ended with a solid premium of 96 per cent at Rs 2,206, on the back of heavy volume of around 34.32 million shares on the BSE. READ MORE

Bharti Airtel was the major gainer among the Sensex 30 stocks, it surged 3.3 per cent to Rs 737. Mahindra & Mahindra gained 2.7 per cent. Sun Pharma, Reliance and ITC were the other notable gainers. On the other hand, IndusInd Bank slipped over 3 per cent to Rs 1,034. Tata Steel shed 2.8 per cent. Asian Paints, Titan, SBI, PowerGrid Corporation, HDFC Bank, Kotak Bank and Maruti were the other prominent losers.

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

Among sectoral indices, the Metal index shed 2 per cent, and the Realty index was down 1.6 per cent. On the positive side, the Telecom index jumped 2 per cent, and the Energy index was up a per cent.

The BSE Midcap index index declined 0.6 per cent, while the Smallcap index ended flat. The breadth was marginally positive, 1,720 stocks advanced, while 1,587 declined on the BSE.

In the broader markets, Shares of Strides Pharma Science hit a 52-week low of Rs 503.25, as they slipped 9 per cent on the BSE in Wednesday’s intra-day trade after the company reported a consolidated net loss of Rs 84.7 crore in September quarter (Q2FY22), due to lower revenues. The pharmaceutical company had posted profit after tax of Rs 79.2 crore in a year ago quarter.

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Primary Market Update

Latent View Analytics IPO opened to a rousing start, the issue was fully subscribed in the first hour itself. As of 3 PM, the issue was subscribed 5 times, with strong demand from retail investors (25 times).

Meanwhile, One97 Communications IPO sailed through on the last day of the issue, and was subscribed 1.5 times. Sapphire Foods was subscribed 88 per cent on the second day of the issue, with retail quota subscribed 4.5 times.
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Markets at 02:20 PM

LIVE market updates: The key benchmark indices rebounded into the positive zone on the back of fresh buying in select heavyweights like - Bharti Airtel, Reliance and ITC. The BSE Sensex was up 10 points at 60,443, and the Nifty down two points at 18,042.

Mahindra & Mahindra and Bharti Airtel surged around 3 per cent each and were the top gainers among the Sensex 30 stocks. Sun Pharma, Reliance Industries and ITC were the other major gainers, up over a per cent each.

On the flip side, IndusInd Bank and Tata Steel declined nearly 3 per cent each. UltraTech Cement, Hindustan Unilever and Maruti were the other notable losers.

In the broader markets, Adani Enterprises extended rally for the eighth straight trading day, and was up 3 per cent at a five month high of Rs 1,686. READ MORE

Meanwhile, the European markets have opened on a positive note. The FTSE 100 was up 0.3 per cent, and CAC 40 added 0.1 per cent. DAX 40 was flat.
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Markets at Lunch (01:30 PM)

LIVE market updates: The markets have been lacklustre for most part of the trading day. The BSE Sensex was down 210 points at 60,223, and the NSE Nifty was down 64 points at 17,980.

The broader indices also remain lacklustre, with Midcap index down 0.3 per cent, and Smallcap up 0.2 per cent.

Among sectors, the Metal and Realty indices were down 2 per cent each. Tata Steel, SAIL, Hindalco, Jindal Steel, JSW Steel, NMDC and Coal India shed 2-3 per cent in the metal pack, while Oberoi Realty, Godrej Properties, Phoenix, Mahindra Lifespace and Indiabulls Realestate dropped 2-3 per cent each in the realty space.

In the broader markets, HEG soared 13 per cent to Rs 2,316.65 in intra-day trades after the company reported a consolidated net profit of Rs 131.52 crore for September quarter (Q2FY22), on healthy revenue growth. Meanwhile, Graphite India also surged 9 per cent to Rs 567.70. READ MORE
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Markets at 12 NOON

LIVE market updates: The key benchmark indices continue to languish in the negative zone, but off the day's low as select index heavyweights like Bharti Airtel and Reliance logged gains. The BSE Sensex was down 320 points at 60,113, and the NSE Nifty had declined 96 points at 17,948.

Mahindra & Mahindra had surged 3 per cent. Bharti Airtel and Reliance were up 1.5 per cent and a per cent, respectively. On the flip side, Tata Steel remains weak, down 3 per cent.

Broader indices remain in divergent mode, with BSE Midcap index down 0.4 per cent, and the Smallcap index up 0.3 per cent. The breadth was marginally positive, with 1,730 advancing shares versus 1,401 declining stocks on the BSE.

Eslewhere in Asia, Hang Seng, Shanghai Composite and Kospi were down a per cent each. Straits Times and Nikkei had declined around 0.5 per cent each. Taiwan Weighted index, however, was up 0.1 per cent.
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Markets at 11 AM

LIVE market updates: Benchmark equity indices continue to trade in the negative zone as investors have shifted from 'buy on dips' to 'sell on rally' strategy.

At 11:05 AM, the frontline S&P BSE Sensex was at 60,141 levels, down 292 points or 0.48 per cent, dragged by Tata Steel, IndusInd Bank, ICICI Bank, HDFC, SBI, and NTPC. 

The Nifty50 index, on the other hand, was below 17,950 levels.

In the broader markets, however, the BSE SmallCap index was outperforming the benchmarks, trading 0.4 per cent higher, amid gains in Sharda Motor Industries, HEG, Banco Products, Redington, and Sandur Manganese Iron Ores. 

On the earnings front, shares of Bank of Baroda fell 1.5 per cent to Rs 104.75 apiece on the BSE in Wednesday’s intra-day trade ahead of the company’s July-September quarter (Q2FY22) results, due later in the day. Analysts largely expect the lender's Q2 performance to be remain muted amid meagre loan book expansion, elevated slippages, and margin contraction. READ MORE

Meanwhile, in the primary market, the IPO of Paytm has been subscribed 55 per cent so far on final day; Sapphire Foods (63 per cent) on day 2; and Latent View Analytics (1.65 times) on first day of the issue. 

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Markets at 10 AM

LIVE market updates: The key benchmark indices languished in the negative zone in the first hour of trades on Wednesday. The BSE Sensex was down 331 points at 60,102, and the NSE Nifty had declined 96 points at 17,948.

FSN E-Commerce Ventures promoted Nykaa, India's biggest online marketplace for beauty and personal care products, debuted at a hefty 79 per cent premium at Rs 2,018 as against the issue price of Rs 1,125. The stock was trading at highs of the day at Rs 2,093 - up 86 per cent from the issue price. The counter had seen trades of nearly 10 million shares so far on the BSE.

Tata Steel was the major loser among the Sensex 30 stocks, down 2.5 per cent at Rs 1,302. ICICI Bank, IndusInd Bank, Kotak Bank, HDFC, SBI, PowerGrid Corporation, NTPC, Hindustan Unilever, Asian Paints and HDFC Bank were the other notable losers, down over a per cent. Mahindra & Mahindra was the only steady gainer, up 1.5 per cent.

Among sectoral indices, the BSE Metal index was down 1.5 per cent. The Bankex and Realty indices were also down over a per cent each.

The broader indices were mxied. While, the BSE Midcap index was down 0.3 per cent, the Smallcap index was up 0.3 per cent.

Williamson Magor, Sharda Motor, 3i Infotech, Kennametal, Redington, HEG, S H Kelkar, Intellect Design and PTC India Financial were some of the major gainers. On the other hand, Rossell India, Mangalam Organics, BHEL and Godawari Power were the significant losers.
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Opening Bell

LIVE market updates: The BSE benchmark index, the Sensex, opened 138 points lower at 60,295, and soon extended losses in the opening trades on account of subdued global cues, spike in crude oil prices and persistent selling by foreign investors.

At 09:20 AM, the BSE Sensex was down 428 points at 60,005. The NSE Nifty once again gave-up the 18,000-mark, and was down 121 points at 17,923.

Index heavyweight, HDFC was down 1.5 per cent at Rs 2,898. Kotak Bank, Axis Bank, ICICI Bank, SBI and  IndusInd Bank were the other prominent losers in the Sensex 30 stocks.

On the other hand, Mahindra & Mahindra extended its upmove following the September quarter results. The stock was up 1.5 per cent at Rs 807.

The broader indices were a little better-off, with the BSE Midcap index down 0.3 per cent, and the Smallcap index almost unchanged.
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Pre-open session (Updated at 9:07 AM)

LIVE market update: Benchmark indices were trading in the red in the pre-open session with the BSE Sensex quoting 136 points lower at 60,297 at 9:07 AM. The Nifty50, on the other hand, was at 17,973, down 71 points.

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(Updated at 8:15 AM)

LIVE market updates: Investors may approach the markets cautiously given the possibility of further consolidation amid spike in crude oil prices and persistent selling by foreign investors. The FIIs were net sellers of stocks worth Rs 2,445 crore on Tuesday, while DIIs net bought shares to the tune of Rs 1,418 crore.

At 8:15 AM, SGX Nifty was at 17,956, down 123 points.

New listing
Nykaa will be in focus as the stock debuts on the exchanges today. The stock was reportedly commanding a solid premium in the grey market.

Earnings today
Balmer Lawrie, Bank of Baroda, Berger Paints, CRISIL, Equitas, Firstsource Solutions, Hindustan Motors, India Cements, NIIT, Oil India, PTC, RCF, Strides Pharma, Thermax, Wonderla and Zomato are few of the major companies scheduled to report earnings today.

Global cues

The US markets snapped its multi-day record breaking streak on Tuesday as inflation worries resurface. The S&P 500 and Dow Jones slipped 0.3 per cent each, while the Nasdaq declined 0.6 per cent.

Oil prices rose to a 2-week high, after US lifted travel restrictions. Brent Crude was up 0.3 per cent at $85.11 a barrel, and WTI Crude was up 0.12 per cent to $84.25 a barrel.

This morning in Asia, the Nikkei, Kospi and Straits Times were down 0.2 - 0.4 per cent each. China’s Shanghai Composite however was up 0.2 per cent, and the Taiwan Weighted index added 0.1 per cent