Sensex slips 314pts, Nifty ends below 17,900; RIL drops 2%, pvt banks fall

Closing Bell

After moving in a tight range for most part of the trading day, the key benchmark indices ended near the day's low for the second straight trading session.

The BSE Sensex dropped to a low of 59,945, and ended 314 points lower at 60,008. The NSE Nifty was down 100 points at 17,899.

For the second straight day, Reliance Industries accounted for almost 50 per cent of the Sensex loss. The stock ended 2 per cent lower at Rs 2,462. Axis Bank and Kotak Bank were also down around 2 per cent each.

Maruti and Asian Paints were the top gainers among the Sensex 30 stocks, up 2.3 per cent each. PowerGrid, NTPC and ITC were the other prominent gainers.

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

In the broader markets, smallcaps bucked the trend. The BSE Smallcap index managed to end with wee bit gains, while the Midcap index slipped 0.2 per cent. The overall breadth was negative - with 1,855 stocks ending in red, while 1,494 advanced on the BSE.

Among secotoral indices, the Energy, Realty and Oil & Gas indices shed 1.8 per cent, 1.8 per cent and 1.4 per cent, respectively. The Auto and Power indices were up 0.6 per cent each.

1,000 per cent returns in one year - This Tata group stock, Tata Tata Teleservices (Maharashtra) was locked at the 5 per cent upper circuit at Rs 75.95 for a third straight day. The stock has gained 44 per cent in the last one month, and was up a mammoth 1,000 per cent in the last one year. READ MORE

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In the primary market, Go Fashion India IPO was subscribed 1.9 times on Day 1 of the public issue as of 03:20 PM, largely on account of strong demand from retail investors. The retail quota was susbcribed over 10 times.  

Tarson Products IPO was subscribed 71 times on its final day of the issue. QIBs and wealthy investors portion was subscribed heavily - up to 102 times and 174 times, respectively. The retail portion was susbcribed almost 10 times.
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Markets at 02:30 PM

LIVE market updates: The key benchmark indices have been swinging between zones albiet in a tight range. The BSE Sensex was down 112 points at 60,210, and the NSE Nifty was down 43 points at 17,956.

Maruti was up 3.3 per cent at Rs 8,315. The stock was up for the fourth straight day amid reports of the company getting government nod to set-up its third plant in Haryana. READ MORE

ITC, Asian Paints and PowerGrid Corporation were the other major gainers among the Sensex 30 stocks. On the flip side, Reliance Industries continues to weigh, the stock was down 1.5 per cent at Rs 2,474.

Smallcaps were out-performing the mid- and large-cap indices in trades on Wednesday. The BSE Smallcap index was up 0.5 per cent, while the Midcap and benchmark Sensex were flat.

NRB Bearings, Time Technoplast were the major gainers, up over 14 per cent each. Apollo Hospitals, Welspun Corp, Kitex Garments, KPIT Technologies, Birlasoft, Pricol and Lux Industries were the other major gainers.

On the other hand, RPSG Ventures, Eris Lifesciences, Spandana Sphoorty Financial, Lemon Tree, Chambal Fertilisers and Mangalam Cement were the notable losers.

Meanwhile, the European markets have started the day on a mixed note. DAX 30 was up 0.1 per cent, while FTSE 100 was down 0.1 per cent and CAC 40 was flat.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices have been swinging between zones albiet in a tight range. The BSE Sensex was up 12 points at 60,334, and the NSE Nifty was down 5 points at 17,994.

Maruti was the top gainer for the second straight day, up 3.7 per cent at Rs 8,347. ITC and PowerGrid Corporation also surged 3 per cent each to Rs 243 and Rs 193, respectively. On the flip side, Axis Bank, Kotak Bank and Reliance Industries were the prominent losers.

Among sectors, the Energy and Realty indices were down around a per cent each. The Power index, however, had rallied 1.5 per cent.

Elsewhere in Asia, Nikkei and Hang Seng slipped 0.4 per cent each. Kospi declined 1.2 per cent, and Straits Times was down 0.3 per cent. On the positive side, Shanghai Composite gained 0.4 per cent, and Taiwan Weighted added 0.2 per cent.
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Markets at NOON

LIVE market updates: Range-bound trade is back on Dalal Street as market bulls find it difficult to bring indices out of resistance zones. 

The BSE Sensex was at 60,210 levels, down 114 points, at noon while the Nifty50 was testing 17,950. In the broader markets, the BSE MidCap index, too, gave up gains and was in the red. The SmallCap index, meanwhile, was still up.

Sectorally, all the indices, barring the Auto and IT indices, were in the red.

IPO update: As of 12 PM, the issue of Go Fashion has been subscribed 100 per cent. Tarson Products' issue's subscription stands at 5.3 times.  

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Markets at 11 AM

LIVE market updates: Bulls were trying to wrestle back on Dalal Street in late morning deals amid buying in financial, auto, and FMCG stocks. However, selling pressure in Reliance Industries (RIL), HDFC twins, Axis Bank, and TCS capped upside.

The BSE Sensex was little changed at 60,290 levels, while the Nifty50 was hovering 18,000-mark. Both the indices hit an intra-day high of 60,427 and 18,023, respectively.

Tata Motors was the top gainer on the Nifty as the shares hit an over four-year high of Rs 536.50, up 3 per cent on the BSE in Wednesday's intra-day trade, having gained 6 per cent in the past two days on demand recovery hope. READ MORE

Besides, strength in broader markets also tilted market breadth in the favour of buyers. In absolute terms, shares of around 1,750 companies are trading higher on the BSE as against shares of 1,265 companies that were in the red.

In the currency market, the rupee was off early morning lows and was wquoting at 74.41 per US dollar. The domestic currency had opened at 74.50/$ compared with Tuesday's close of 74.37 per $.

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Markets at 10 AM

LIVE market updates: After a gap-down start, benchmark indices were trying to gain their ground amid fresh buying in PSU banks and auto stocks.

At 10:05 AM, the BSE Sensex index was down 114 points at 60,209 level while the Nifty was back above 17,950-mark. In the broader markets, the BSE MidCap and SmallCap indices were comfortably trading in the green.

Among individual stocks, shares of Apollo Hospitals Enterprises (AHEL) continued at their upward march, with the stock hitting a fresh record high of Rs 5,460 on the BSE on Wednesday. They rallied 7 per cent in today's intra-day trade and have surged 20 per cent in the past four days. READ MORE
 
Meanwhile, in the primary market, Go Fashion's Rs 1,013-crore IPO will open today with a price band of Rs 665 to Rs 690. CHECK BROKERAGES' TAKE HERE

Tarsons Products' Rs 1,024 crore IPO is also active and will close later today. So far, the issue has been subscribed 3.6 times with the retail portion seeing subscription level of 4.7 times. 

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Opening Bell

LIVE market updates: The downtrend in the domestic equities extended on Wednesday as global rating agency, Fitch rating's, negative oulook on India weighed on sentiment. Besides, Sebi's proposal to tweak rules governing initial public offerings (IPOs) to bring in more transparency and accountability kept investors on the edge.

The BSE Sensex fell 210 points, or 0.35 per cent, in early deals at 60,113 levels while the Nifty50 was at 17,939-mark. Trends in the broader markets was mixed with the Midap index down 0.02 per cent and SmallCap index up 0.25 per cent.

Axis Bank, RIL, Grasim Industries, UPL, HDFC twins, and Divis Labs were the top laggards on the Nifty while Asian Paints, SBI Life, Maruti Suzuki, and Eicher Motors helped limit downside.

In the broader market space, shares of IndiGo airlines and Spicejet fell 0.6 per cent and 0.4 per cent, respectively, amid reports that Akasa Air, the Indian low-cost airline backed by billionaire investor Rakesh Jhunjhunwala, has placed an order for 72 Boeing 737 MAX aircraft. 

On the contrary, shares of Pfizer gained 0.3 per cent after it allowed generic manufacturers to supply its experimental antiviral Covid-19 pill to 95 low- and middle-income countries through a licensing agreement with international public health group Medicines Patent Pool (MPP).

Sectorally, the Nifty Private Bank index was the biggest loser (down 0.7 per cent). The Nifty IT index (up 0.2 per cent), meanwhile, was the top gainer on the NSE.

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Pre-open session

LIVE market updates: BSE Sensex fell 136 points, or 0.23 per cent, at 60,186 levels in pre-open session, suggesting a negative start for Dalal Street on Wednesday. The NSE Nifty, meanwhile, was down 56 points at 17,943.

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Updated at 8:20 AM

LIVE market updates: The benchmarks are eyeing  gap-down start on Wednesday amid a slew of negative news flow. For instance, global rating agency, Fitch Ratings, has retained India's ratings at the lowest investment grade with a negative outlook due to high debt and limited fiscal headroom of the central and the state governments.

Besides, given the IPO rush wherein the companies have raised more than Rs 1 trillion so far this year, the market regulator, Sebi has proposed to tweak rules governing IPOs to bring in more transparency and accountability.

High crude oil prices, inflation concerns and FII outflows continue to weigh on the market sentiment as well.

Againt this backdrop, SGX Nifty was down 70 points at 17,935 levels at 8:20 AM

Global cues

The US markets logged gains on Tuesday on the back of upbeat retail data despite rising inflation. The Dow Jones and the S&P 500 gained 0.2 per cent and 0.4 per cent, respectively. Nasdaq jumped 0.8 per cent. The dollar index which tracks the USD versus six global currencies rose to a 16-month high.

Asian markets were down with marginal losses this morning. Nikkei and Hang Seng were down 0.3 per cent each, while Shanghai Composite and Straits Times slipped 0.1 per cent, each. Kospi dropped 0.8 per cent. Taiwan, however, was up 0.1 per cent.