Fag-end selling drags Sensex for 6th day, dips 69 pts; RIL slips 1%

Closing Bell: The frontline S&P BSE Sensex fell 69 points to settle at 57,232 levels while the Nifty50 shut shop at 17,063 down 29 points

Market LIVE updates: Sensex, Nifty slip into red; Auto, IT stocks weaken

CLOSING BELL

A sharp slide in the fag end of the session dragged equities lower for the sixth straight day. Despite starting higher amid cautious global cues, benchmark indices failed to hold on to their gains as investors sold IT, financial, and auto stocks in the later half of the session.

Besides, a volatile situation between Russia and Ukraine also kept investors on their toes as they monitored the implications of the first batch of sanctions on Vladimir Putin's country.

The frontline S&P BSE Sensex fell 501 points from the day's high and settled 69 points lower at 57,232 levels. The Nifty50, meanwhile, shut shop at 17,063, down 29 points.

Kotak Bank (up 2.5 per cent) was the top Sensex gainer today, followed by Titan Company, IndusInd Bank, Maruti Suzuki, Wipro, and Infosys.

On the downside, NTPC, L&T, Bajaj Finserv, Nestle India, ICICI Bank, HDFC Bank, HDFC, and RIL were the biggest laggards, sliding between 0.6 per cent and 1.4 per cent.

The broader markets, however, outperformed the frontline indices with the BSE MidCap and SmallCap indices ending up to 1 per cent higher.

Among individual stocks, shares of Butterfly Gandhimathi Appliances (Butterfly) hit a record high of Rs 1,419 after Crompton Greaves Consumer Electricals made an open offer to acquire 26 per cent equity stake (4.65 million shares) of the company at Rs 1,433.90 per share. READ MORE

That apart, shares of Adani Wilmar freezed at 10 per cent upper circuit at Rs 345.80 on the BSE with only buyers seen on the counter. The stock of the Adani Group edible oil major had closed at Rs 314.40 on Tuesday, correcting 25 per cent from its record high level of Rs 419.90 on February 11, 2022. READ MORE

On the flipside, shares of Dhani Services continued to reel under pressure, freezing at 10 per cent lower circuit for a third straight day. The shares were quoting at down limit of Rs 74.50 on the National Stock Exchange (NSE) on Wednesday after foreign portfolio investor (FPI) sold shares of the company via open market. READ MORE

Overall, over 2,100 stocks advanced on the BSE while 1,169 stocks declined. Over 90 stocks settled unchanged on thee BSE.

Sectorally, the Nifty Auto and Financial Services indices ended 0.2 per cent down each, and the Nifty IT index slipped 0.04 per cent. On the upside, thee Nifty Realty index added 3 per cent on the NSE today.

4:23 PM

Expert closing comments by Mohit Nigam, Head - PMS, Hem Securities

>> Markets trimmed some of their gains in late afternoon session and closed below the neutral line with the loss of 0.17%.

>> Traders were cautious after Finance Minister Nirmala Sitharaman’s statement that the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India.

>> On technical front, Nifty50 may take immediate support and resistance at 16,850 level and 17,300 level, respectively. In case of Bank Nifty, 36,900 and 37,600 level will act as immediate support and resistance.

Equity, Markets, Stock Markets, Investors

Illustration: Binay Sinha

4:15 PM

Here's Nifty technical view from LKP Securities

"Nifty remained volatile as it failed to move beyond 17,200 decisively. On the daily chart, a red candle has formed on top of the previous green candle. The momentum indicator is in bearish crossover on the daily timeframe. On the higher end resistance is likely to remain at 17200-17250. On the lower end support is seen at 16,900-16,850", said Rupak De, Senior Technical Analyst at LKP Securities.

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4:11 PM

DCB Bank extends losses, dips 2% & hits 52-week low

4:08 PM

PNC Infra soars 11% on winning orders worth Rs 4,300 crores

4:05 PM

Dhani Services slips 10% for third day on FPI selling

4:03 PM

Crompton Greaves gains 8% on plan to acquire majority stake in Butterfly Gandhimathi

Crompton Greaves Consumer Electricals (Crompton) made an open offer to acquire 26 per cent equity stake (4.65 million shares) of Butterfly Gandhimathi Appliances at Rs 1,433.90 per share. Post acquisition, Crompton will hold up to a majority stake of 55 per cent in the company. Butterfly Gandhimathi also hit a 52-week high today on the development.

3:56 PM

Sugar stocks rally on reports PM may hold meeting to discuss ethanol blending roadmap

Reports said PMO is likely to chair a meeting for further action on 20% targetted ethanol blending.

3:51 PM

Overall market breadth positive with 2:1 advance-decline ratio on BSE

3:49 PM

Sectoral trends | Nifty Realty gains 3%, Auto, IT, Financials pare gains & turn negative

3:45 PM

BSE broader indices end in green; BSE SmallCap up 0.9%, snaps 4-day losing streak

3:42 PM

Broader NSE indices mostly in green, VIX cools off 8%

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3:40 PM

Sensex Heatmap: 17 shares close in negative zone, select banks, IT counters outperform

3:37 PM

Closing Bell: Nifty closes with marginal loss of 29 points, holds 17,050

The Nifty50 turned volatile by close after touching an intra-day high of 17,221 in the day.

3:34 PM

Closing Bell: Benchmarks slip for a sixth session, Sensex ends 69 pts lower

The benchmark remained in the green throughout the day in a broad range, but slipped into red in the fag end as volatility seeped in ahead of monthly F&O expiry.

3:27 PM

Market check :: Sharp slide in indices; financials, auto, IT crack

3:21 PM

Kansai Nerolac hits 52-week low, falls 17% in February on weak Q3 results

Shares of Kansai Nerolac Paints hit a 52-week low of Rs 468.85, down 3 per cent on the BSE in Wednesday’s intra-day trade due to weak demand. The stock of the paint company fell below its previous low of Rs 470.75 hit on February 14, 2022. READ MORE

Kansai Nerolac sells its Chennai land to SPV floated by Brigade & GIC Singapore

3:09 PM

Market check : Sensex turns volatile in fag end; Nifty below 17100

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2:58 PM

Chambal Fertilisers up 3%: Promoter SIL Investments said to have bought 75k shares on Tuesday

2:43 PM

India could export $500-bn green energy over 20 years: Mukesh Ambani

Indian companies including Reliance have announced plans worth billions of dollars to boost India's renewable energy capacity including building battery storage, fuel cells and producing green hydrogen at less than $1 per kilogram. READ MORE

2:29 PM

NEWS ALERT :: Ukraine calls on its citizens to 'immediately' leave Russia

>> Ukraine calls up military reservists

>> The Ukrainian military issues order to mobilise reservists after Russia ordered its forces to prepare to secure rebel-held areas in the country's east.

>> Ukraine's foreign minister asks for more sanctions to be imposed on Russia, calls on partners to 'stop Putin' and to 'hit his economy and cronies'

Source: AFP

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