FII selling, rising US bond yields, soaring oil prices, and concerns over inflation have spooked the market. The benchmark S&P BSE Sensex sank for a third straight day on Thursday, falling 634 points to end at 59,465 levels. With this, the 30-pack index has shed 1,844 points in three days.
On the NSE, the Nifty50 dropped 181 points to settle at 17,757. Both the benchmarks fell 1 per cent today.
Analysts, however, expect markets to recover from here on as they have reached their key support zones.
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"If we look at the trend of last three years, then the market starts to correct between 15-20th January and then it witnesses post-Budget rally. A similar trend is visible for this year as well. However, I believe the market may witnesses recovery from here as we are near critical support levels. Nifty is trading near critical support of 176,50 which was the previous breakout level while 17,500 is another important support level. On the upside, 18,000-18,200 is an immediate resistance area. Above this, we can expect a move towards an all-time high. The texture of Bank Nifty is strong and it may outperform from here and I believe we can expect strong earnings by banking names," said Parth Nyati, Founder, Tradingo.
Among sectors, only the Nifty Metal index (up 0.5 per cent) and Realty index (up 0.2 per cent) ended in the green. The Nifty IT and Pharma indices, on the other hand, were the worst hit sectors, down 1.6 per cent each.
PowerGrid ended as the top Sensex gainer today, up 5 per cent. Bharti Airtel, Asian Paints, Maruti Suzuki, and UltraTech Cement were the other top gainers.
Bajaj Finserv, on the downside, tumbled 4.6 per cent to end as the biggest laggard on the BSE benchmark index. Infosys, TCS, Dr Reddy's Labs, HUL, and Sun Pharma were other major drags.
That apart, the shares of packaging company HSIL hit a new high of Rs 350.20, up 9 per cent in Thursday's intra-day trade. The stock has zoomed 50 per cent in four days on the BSE after the company announced divesting its building products division for Rs 630 crore. READ MORE
Shares of SBI Cards and Payment Services (SBI Cards) hit a 52-week low at Rs 857, down nearly 2 per cent on the BSE in Thursday's intra-day trade. The stock has fallen below its previous low of Rs 860.05 hit on December 20, 2021. READ MORE
Markets at 02:30 PM
LIVE market updates: The key benchmark indices continue to languish near the lows of the day, as major index heavyweights were down considerably in red.
The BSE Sensex touched a low of 59,154, and down 878 points at 59,221. The NSE Nifty had shed 250 points at 17,693.
Bajaj Finserv extended losses and was down 4.7 per cent at Rs 17,246 after the company reported 2.6 per cent YoY drop in Q3 consolidated net at Rs 1,255.79 crore as against Rs 1,289.96 crore in Q3FY21. Total income, however, was up 10.4 per cent at Rs 17,619.64 crore on a Year-on-Year basis.
Index heavyweights Infosys and HDFC had dropped over 2.5 per cent each to Rs 1,818 and Rs 2,554, respectively. Mahindra & Mahindra, Reliance Industries, Hindustan Unilever, Sun Pharma, TCS, HCL Technologies, Dr.Reddy's and IndusInd Bank were the other prominent losers, down over 2 per cent each.
In the broader markets, Just Dial had zoomed nearly 13 per cent. La Opala RG, HIL, Himadri Speciality, Tata Elxsi, HSIL, Time Technoplast, Cholamandalam Investment, Bharat Dynamics, Jaiprakash Power Ventures, Angel One, Trident, Anant Raj, Greaves Cotton, Kesoram Industries, Suzlon, Ambica Agarbathies, Intense Technologies,IFB Agro, Andhra Sugar, Indo Tech Transformers, Shreyas Shipping, Shiva Mills, Biofil Chemicals, Signet Industries and KM Sugar Mills were the major gainers.
On the other hand, PTC India Financial Services tanked over 17 per cent. Hikal, Sterlite Technologies, Mastek, PTC India, Oracle Financial Services, Rallis India, Arvind, Ujjivan Financial Services, Tejas Networks, Tata Communications, Jamna Auto, Bajaj Auto, Hindusthan National Glass, TTL, Electrosteel Castings, Manaksia Steel, Menon Bearings, Chembond Chemicals, Deep Polymers, Anand Rayons, DCM Nouvelle, Alkali Metals and GTL were the significant losers.
Meanwhile, the major markets in Europe too had started trade on a quiet note. The FTSE 100 and DAX 30 were flat, while CAC 40 was down 0.3 per cent. In the US, Dow futures had pared gains and were up 0.3 per cent, while Nasdaq indicated a possible 0.5 per cent gain at the opening bell later tonight.
Markets at Lunch (01:30 PM)
LIVE market updates: The key benchmark indices continue to wilt under selling pressure despite a sharp rebound in select Asian peers.
The BSE Sensex hovered near the low's of the day and was down 753 points at 59,346. The NSE Nifty had plunged 217 points to 17,726.
Elsewhere in the neighbourhood, Hong Kong's Hang Seng surged 3.2 per cent, and Japan's Nikkei rallied over a per cent. Kospi and Straits Times were also up 0.7 per cent and 0.3 per cent, respectively. Tawian and Shanghai, however, were flat.
In the US too, Dow Jones futures were up 0.4 per cent and the Nasdaq futures had gained 0.7 per cent.
Also read: Insurance related stocks can rally up to 11%
Back to our markets, private lenders major Bajaj Finserv and HDFC were the major losers, down 3.1 per cent and 2.3 per cent, respectively.
Infosys, Dr.Reddy's, Hindustan Unilever, HCL Technologies and TCS were the other major losers, down over 2 per cent each.
Index heavyweight Reliance Industries was down 1.8 per cent at Rs 2,477, and along with Infosys and ICICI Bank was responsible for more than 50 per cent of the losses on the Sensex.
PowerGrid Corporation, however, continued to trade firm, up 3.3 per cent. Bharti Airtel and Maruti were the other notable gainers.
The broader markets were outperforming the benchmark indices. The BSE Midcap index was down just 0.2 per cent, and the Smallcap index was flat, while the Sensex was down 1.2 per cent. The overall breadth too was marginally positive, with 1,710 advancing shares versus 1,627 declining stocks on the BSE so far.
Markets at 12 noon
LIVE market updates: Amid relentless selling, the benchmark indices extended their losses at noon. The BSE Sensex fell 530 points at 59,568. It touched an intra-day low of 59,478 before. The NSE Nifty was at 17,794, lower by 143 points.
In the broader markets, the BSE MidCap index was now trading in red too, while the SmallCap index trimmed its gains but remained 0.12 per cent up.
Top laggards continued to be IT majors Infosys and HCL Tech, down 2 per cent now. Bajaj Finserv, meanwhile, was the top loser ahead of its Q3 earnings, and was 2.3 per cent lower. Similarly, HUL, HDFC, RIL and Dr Reddy's were also trading nearly 2 per cent down, having extended their losses.
Sectorally, only metals and realty were in the green , while Nifty IT and pharma indices were trading over 1 per cent lower. From the latter, Lupin, Divis Labs, Gland Pharma, Cipla, Laurus Labs, Biocon and Sun Pharma were down 1-2 per cent.
That apart, in the primary market, the IPO of AGS Transact Technologies was subscribed 1.18 times so far, with the retail investor and NII portions being subscribed 1.66 and 1,03 times. The QIB quota, meanwhile, was subscribed 0.47 times.
Among stocks, shares of Mastek tumbled 15 per cent to Rs 2,750 on the BSE after the IT company reported muted earnings for the October-December quarter. Its revenue grew 3.7 per cent in constant currency (CC) sequentially. In rupee terms, revenue was up 3.4 per cent, while dollar revenue grew by 2.2 per cent. READ MORE.Further, Transformers and Rectifiers (India) was up 5.6 per cent on the BSE after it received orders of ₹73 cr from MP Power Transmission Package - II.
Markets at 11 AM
LIVE market updates: The frontline indices continued to tread in the red zone with the BSE Sensex down by 431 points at 59,667, and the NSE Nifty at 17,827, lower by 110 points.
Infosys, RIL, HDFC, TCS, ICICI Bank, HCL Tech, Bajaj Finserv, Asian Paints, L&T and Bajaj Finance accounted for the maxium loss in the BSE benchmark. All these were trading 0.6-2 per cent lower. Meanwhile, Bajaj Auto, ONGC were the additonal Nifty losers.
On the other hand, the broader markets were seen putting up an outperformace instead. The BSE MidCap and SmallCap indices were up 0.12 and 0.34 per cent, respectively. Among midcaps, Chola Finance, Apollo Hospital, Ashok Leyland, Mindtree, Jindal Steel, Trent, Tata Consumer, ICICI Securities, Astral, ACC and Canara Bank were the top gainers, up between 1-6 per cent.
Sectorally, barring metals, PSBs and realty, all indices were trading lower, led by Nifty IT and Pharma, down nearly 1 and 0.8 per cent.
Among stocks, shares of PTC India Financial Services slumped 19 per cent to Rs 20.65 on the BSE in Thursday’s intra-day trade after three independent directors of the non-banking finance company (NBFC) resigned from the board with immediate effect citing instances of alleged serious lapses in corporate governance and compliance.READ MORE.
Shares of packaging company HSIL hit a new high of Rs 350.20, up 9 per cent. The stock has zoomed 50 per cent in four days on the BSE after the company announced divesting its building products division for Rs 630 crore. READ MORE.
Markets at 10 AM
LIVE market updates: The benchmark indices were lower in early morning trade on the back of selling in IT stocks--Infosys, HCL Tech, TCS, private lender HDFC and heavyweight RIL, which were all 1 per cent lower. The BSE Sensex was 269 points lower at 59,829, while the NSE Nifty was down 65 points at 17, 872.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the bearish trend in the US market with Nasdaq 10.7 per cent down from its 2021 November highs may not translate into India but investors will have to be cautious since rising global inflation and the expected monetary tightening will be major headwinds for at least in the first half of 2022.
"The situation might change in the second half if supply disruptions ease and inflation comes down. Meanwhile investors may stick to the safety of high quality large-caps in performing sectors like IT, financials and construction. Many low-grade small-caps driven by speculation are heading for disaster," he said.
That apart, among sectors, auto, FMCG, metals, realty and PSBs were the only gainers. Energy, IT, durables, and banks were largely weak.
LIVE market updates: Taking cues from the weak global sentiment, the benchmark indices opened on a lower note and extended their losses for a third day. The BSE Sensex was 142 points lower at 59,956, while the NSE Nifty was at 17,902, lower by 35 points.
In the broader market, the BSE MidCap and SmallCap indices were, however, in the green and were higher by up to 0.2 per cent.
On the Sensex, PowerGrid, Ultratech Cement, Tata Steel, Axis Bank, Bharti Airtel, Bajaj Finserv Bajaj Finance and ITC were the top gainers, up between 0.3-2 per cent. On the Nifty, Tata Consumer, Grasim, Coal India, Hero Moto Corp and Eicher Motors were the additonal gainers.
Infosys, HCL Tech, Asian Paints, RIL, Tech M, TCS, Wipro, HDFC, M&M, Dr Reddy's, Sun Pharma were the top losers, down between 0.3- 1.8 per cent.
Sectorally, Nifty IT index was the bigggest loser, down over 1 per cent, while, Metals and Realty were leading gainers.
Among stocks, Syngene International was trading over 3 per cent higher on the BSE on strong Q3 numbers. Its December quarter PAT was up 55.9 per cent sequentially and 1.8 per cent on-year at Rs104 crores.
Meanwhile, ICICI Lombard was down 6 per cent on the BSE as the company posted weak earnings in Q3. The private sector general insurer reported a marginal 1.28 per cent YoY increase in net profit at Rs 318 crore, missing street estimates. Sequentially, the net profit was down 29 per cent.
LIVE market updates: The benchmark indices were seen weak in pre-open trades. The BSE Sensex was down 84 points at 60,014, while the NSE Nifty was at 17,919, lower by 19 points.
LIVE market updates: The benchmark indices are expected to start on a subdued note for a third day on Thursday amid downbeat global sentiment across markets. At 8 am, the SGX Nifty Futures were quoting 17,905 level, which was 70 points lower than Nifty's spot close the previous day.
Today, Q3 results of Asian Paints, Bajaj Finserv, Biocon, Hindustan Unilever, Persistent Systems and Shoppers Stop will be announced, hence, these stocks are likely to remain in focus. READ MORE HERE.
That apart, Bajaj Auto and M&M will also be on the radar, after the former reported a dismal set of Q3 numbers, wherein Q3FY22 net dropped 22 per cent on a YoY basis; while the latter is likely to earn extra revenue in the range of Rs 140-150 crore on signing a 5-year deal with Hero Electric.
The IPO of AGS Transact Technologies was subscribed up to 88 per cent on the first day of the offer on Wednesday. The retail quota was subscribed 1.3 times.
The US stocks extended losses on Wednesday on fears of a tighter monetary policy amid inflation worries as oil prices continue to soar. The Dow Jones and the S&P 500 indices declined a per cent, each, while the Nasdaq slipped 1.2 per cent. Tonight, will be a data heavy day for the US markets, with Crude inventories, jobless claims and home sales on the radar.
Meanwhile, oil prices floated around 7-year highs amid supply worries. Oil supply from the Iraq-Turkey pipeline was halted briefly owing to a fire accident. Brent Crude advanced 1.1 per cent to $88.44 a barrel, and WTI Crude added 1.8 per cent to $86.96 a barrel.
Major markets in Asia on Thursday morning were largely negative. Nikkei was down 0.7 per cent. Shanghai Composite, Straits Times, Kospi and Taiwan were down in the range of 0.3 – 0.5 per cent, each. Hang Seng, however, was up 0.6 per cent.