Sensex slips 329pts, Nifty ends 104pts lower; Bajaj twins, ITC, TCS slip

The broader markets also weakened towards the end of the trading session; Sun Pharma, however, gained nearly 3 per cent.

Closing Bell

The key benchmark indices after declining to the lows of the day, consolidated within a narrrow band in the negative zone for the remainder of the day. Realty, IT, metal, telecom and FMCG shares weakened in trade, while select auto and banking shares firmed up.

The BSE Sensex touched a high of 58,218 in opening trades, and thereafter slipped to a low of 57,672 - down 546 points from the high's of the day. The Sensex finally settled with a loss of 329 points at 57,788.

The NSE Nifty dropped to a low of 17,192, and eventually ended 104 points lower at 17,221.

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

Bajaj Finance and Bajaj Finserv were the major losers among the Sensex 30 stocks, down 3 per cent and 2.6 per cent, respectively.



ITC shed 2 per cent at Rs 224, a day after the company's first-ever institutional investors and analyst meet. Analysts decode ITC's first-ever investor meet statements

PowerGrid Corporation, TCS, Tata Steel, Titan, HCL Technologies, HDFC, Dr.Reddy's, Infosys and ICICI Bank were the other notable losers.

On the positive front, Sun Pharma surged 2.8 per cent to Rs 777. Mahindra & Mahindra, Kotak Bank and Maruti were the other notable gainers. Larsen & Toubro also managed to end in the positive zone for the second straight day, after the company said that its water & effluent treatment business received large contracts (ranging between Rs 2,500 and Rs 5,000 crore) from the State Water & Sanitation Mission (SWSM), Uttar Pradesh.

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The broader markets also slipped in trade towards the end of the day. The BSE Midcap index declined 0.7 per cent, and the Smallcap index was down 0.4 per cent. The overall breadth, however, remained marginally positive - with 1,715 advancing shares versus 1,618 declining stocks on the BSE.

Paytm tumbled nearly 13 per cent in intraday trades to Rs 1,298 as the mandatory one-month lock-in period for anchor investors expired today. The stock, however, recouped some of its losses, and ended 7.6 per cent lower at Rs 1,382. READ MORE

Primary Market Update

HP Adhesives IPO was subscribed nearly 3 times as of 03:30 PM on day 1 of the offer period. The issue received bids up to 15.81 times from retail investors.

MedPlus Health Services IPO was subscribed 44.82 times on the final day of the offer. The retail portion was subscribed 4.65 times; QIBs 90.48 times and NIIs 78.82 times. Meanwhile, Data Patterns (India) IPO was subscribed 6.56 times on the Day 2 of the issue led by strong demand by retail and wealthy investors. The retail quota received bids up to 11 times and NIIs (wealthly investors) 3.4 times.
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Markets at 02:30 PM

Live market updates: The key benchmark indices were marginally in red in late noon deals. The BSE Sensex was down 91 points at 58,026, and the NSE Nifty was down 37 points at 17,288.

The broader indices were mixed - the BSE Midcap index was down 0.3 per cent, while the Smallcap index
was up 0.2 per cent.

Among sectoral indices, the BSE Realty index dropped 1.4 per cent, and the IT index slipped 0.9 per cent. The FMCG, Telecom, Metal, Power and Oil & gas indices were the other notable losers. On the positive front, the Auto index gained 0.8 per cent. The BSE Bankex was up 0.4 per cent, and the Capital Goods index added 0.6 per cent.

The overall market breadth was positive. Out of 3,412 stocks traded on the BSE, 1,865 advanced and 1,422 had declined so far.

Meanwhile in Europe, the DAX advanced 0.3 per cent, and CAC added 0.6 per cent. FTSE 100, however, was down 0.2 per cent.
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Markets at Lunch (01:30 PM)

Live market updates: The key benchmark indices continued to hold marginal losses in mid-noon deals on the back of weakness in select IT, FMCG and select financial shares. The BSE Sensex was down 250 points at 57,866, and the NSE Nifty had declined 85 points to 17,240.

Bajaj Finance has shed 2.7 per cent at Rs 6,873. Bajaj Finserv, ITC, TCS, HCL Technologies and Infosys were the other major losers, down 1-2 per cent each.

On the positive front, Kotak Bank had gained 1.6 per cent. Mahindra & Mahindra, Axis Bank and Sun Pharma were the other notable gainers.

In the broader markets, TVS Motor Company surged nearly 7 per cent to a high of Rs 708 on the back of heavy volumes on positive business outlook. READ MORE

Swan Energy up 16 per cent. Patel Engineering, Bajaj Electricals, Vardhaman Textiles, KPR Mills, TCI, EIH Hotel, Vakrangee, KIOCL, Suvidha Infoserv, Pearl Polymers, Nitco Tiles, NACL Industries, Raw Edge Industrial, KCP Sugar, Expleo Solutions and Bhartiya Internatinal were the other major gainers.

On the flip side, Indian Energy Exchange, Paisalo Digital, JK Lakshmi Cement, Indostar Capital Finance, Keynote Financial Services, NDTV, Pritish Nandy Communicaiton, Patel Integrated Logistics, Bhakti Gems and Jewellery, Paytm, Salona Cotspin and Palm Jewels were the major losers in trade so far.

Elsewhere in Asia the markets were mixed. Hang Seng slipped a per cent, and Shanghai Composite was down 0.4 per cent. Straits Times too was down 0.1 per cent. Taiwan gained 0.4 per cent, while Kospi and Nikkei added 0.1 per cent each.
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Markets at Noon

Live market updates: The key benchmark indices have recouped some of its losses led by fresh gains select auto and banking shares. IT, pharma, FMCG majors and the Bajaj twins remain under selling pressure.

The BSE Sensex had recovered partially from the day's low of 57,672, and was down 210 points at 57,907. The NSE Nifty was down 68 points at 17,257.

The broader indices were mixed in late morning deals. The BSE Midcap index was down 0.2 per cent, while the Smallcap index had advanced 0.3 per cent. The overall breadth was fairly positive, with more than 1,800 shares advancing versus 1,350 declining stocks on the BSE.



In the broader markets, Expleo Solutions hit a new high of Rs 1,746, on rallying 15 per cent. The stock of information technology (IT) consulting software company has zoomed 66 per cent in the last six weeks. READ MORE

Primary Market Update

HP Adhesives IPO was fully subscribed in quick time on Day 1 of the offer on the back of strong retail demand. The public offer received bids up to 1.64, with retail quota subscribed 9.04 times.

MedPlus Health Services IPO was subscribed 1.94 times, with retail portion subscribed 3.20 times and NIIs up to 1 times, as of 11:30 AM on the final day of the offer today. Meanwhile, Data Patterns (India) IPO was subscribed 4.58 times on the Day 2 of the issue led by strong demand by retail and wealthy investors. The retail quota received bids up to 8.13 times and NIIs (wealthly investors) 2.13 times.
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Markets at 10 AM

LIVE market updates: Nervousness ahead of the US Fed outcome and increasing warning calls by the World Health Organisation (WHO) against the Omicron coronavirus variant, which is now spreading faster than the Delta variant, is keeping investors on the sidelines.

After starting with mild gains, the benchmark indices quickly slipped into the negative zone. The BSE Sensex was down 295 points at 57,821 levels, while the Nifty50 was down 79 points at 17,250.

In the broader markets, the Midcap and Smallcap indices on the BSE werw down 0.11 per cent and up 0.19 per cent, respectively.

All sectors, barring the metal index, were in the red.

Currency market: The rupee is in a downward spiral as it hit a 3-month low today. The domestic currency has passed the $76-mark and is at 76.07 level.  

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Opening Bell

LIVE market updates: Frontline indices started around flatline on Wednesday as investors begin countdown to the US Federal Reserve's policy outcome, due later today. 

The Fed is the first among the four major global central banks, set to meet this week, to discuss whether to guard against inflation and end the current era of low interest rates and central bank asset purchases or sit tight given the economic threat posed by the new variant. 

Against this backdrop, the BSE Sensex started at 58,144 level, up 27 points. The NSE Nifty, too, was little changed at 17,335.25, up 10 points.

M&M (up 2 per cent) was the top Sensex gainer, followed by ITC (1 per cent), Axis Bank, Power Grid, NTPC, and HDFC Bank.

On the flipside, Bajaj Finance (down nearly 2 per cent) was the worst hit Sensex counter for a third straight day. Dr Reddy's Labs, TCS, Tech M, Infosys, and HCL Tech were the other Sensex laggards.

"In the coming days, markets are likely to be impacted more by the message from Fed. If the Fed turns more hawkish and indicates two rate hikes in 2022, that would be negative for the markets which had factored in one rate hike and faster tapering of the asset purchases. But the Fed is unlikely to sound hawkish in the context of the uncertainty triggeted by Omicron," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

In the broader markets, the BSE MidCap and SmallCap indices were up 0.24 per cent and 0.48 per cent, respectively.  

Individually, Paytm shares tumbled over 11 per cent as the anchor lock-in period ended today.

Trent shares, on the other hand, were up 4 per cent as the company plans to reclaim ground in the beauty business it exited 23 years ago.

Sectorally, the Nifty IT index dipped 1.2 per cent, followed by the Nifty Pharma index (down 0.7 per cent). The Nifty Bank and Auto indices were up around 0.2 per cent each.

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Pre-open session

LIVE market updates: Benchmark indices were flat in pre-open session, indicating a quite start to the day. The BSE Sensex was up 5 points at 58,122 and the Nifty was at 17,324, down 1 point.  

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LIVE market updates: Stock specific action and global cues will dominate the market trend on Wednesday as investors await outcome of the US Federeal Reserve's policy meeting. Besides, Bank of England and European Central Bank meetings are also scheduled over the next few days.

As of 08:20 AM, SGX Nifty was at 17,317 levels, compared with Nifty's spot close of 17,325 on Tuesday.

Primary Market Update

HP Adhesives, one of the leading manufacturers of consumer adhesives and sealants, Rs 126 crore IPO will open for subscription today. The price band for the issue is Rs 262 – 274 per share.

Data Patterns (India) IPO was well received by the markets; the issue was subscribed 3.3 times on Day 1 of the offer. Meanwhile, MedPlus Health Services IPO was subscribed up to 1.46 times at the end of Day 2 of the offer, with demand from the retail segment up to 2.64 times the offer. 

Global cues

Wall Street ended lower on Tuesday as investors awaited cues from the US Federal Monetary Policy update later tonight. Nasdaq slipped over a per cent, while Dow Jones was down 0.3 per cent. The S&P 500 index declined 0.8 per cent.

Major markets in Asia this morning seemed subdued. Hang Seng and Nikkie were up 0.3 per cent and 0.2 per cent, respectively. On the other hand, Shanghai, Straits Times and Kospi were down 0.2 per cent each, while Taiwan slipped 0.1 per cent.