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Sensex falls 388 pts, Nifty holds 17,500; private banks shine, metals crack

CLOSING BELL: Axis Bank, Kotak Bank, Maruti Suzuki, Power Grid, SBI Life, and ICICI Bank were the top winners on the benchmark indices, rising upwards of 0.5 per cent each

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Equity markets extended their decline into second straight day, but managed to end sharply off lows on Tuesday, as private banks reversed losses in the second half of the session. 

The S&P BSE Sensex, which had hit a low of over 600 points at 58,298 levels in the intra-day deals, closed the session at 58,576, down 388 points or 0.66 per cent. On the NSE, the Nifty50 bounced back from the low of 17,442 and ended at 17,530, down 145 points or 0.8 per cent. 

Axis Bank, Kotak Bank, Maruti Suzuki, Power Grid, SBI Life, and ICICI Bank were the top winners on the benchmark indices, rising upwards of 0.5 per cent each. However, losses in Hindalco, Coal India, Tata Steel, Tata Motors, Grasim, L&T, Bajaj Auto, BPCL, Wipro, Tech M, JSW Steel, UPL, Bharti Airtel, and RIL put a lid on recovery. All these shares skid between 1.8 per cent and 6 per cent. 

ALSO READ | Sensex slides 871 pts in 2 days: Key factors spooking the markets

In the broader markets, the BSE MidCap and SmallCap indices slipped 1.5 per cent each, dragged by JSW Energy, Bajaj Holdings, Godrej Properties, Mindtree, YES Bank, Birlasoft, GSFC, and Neuland Labs. 

Sectorally, the Nifty Bank and Private Bank indices advanced 0.4 per cent each while the Nifty Metal index slumped 2.7 per cent.

Buzzing stocks
Shares of Tata Consultancy Services ended mildly lower on the BSE on Tuesday in an otherwise weak market after the information technology (IT) major reported its highest-ever order book and crossed the revenue milestone of Rs 50,000 crore in the last quarter of 2021-22 (Q4FY22). The company also logged highest incremental revenue addition of Rs 350 crore in a year. READ MORE

Shares of Bandhan Bank hit six-month high of Rs 335 in an otherwise weak market, up 4 per cent on the BSE in Tuesday's intra-day trade. The stock of the private sector lender rebounded 6 per cent from its intra-day low of Rs 317.40. READ MORE

ALSO READ | Dollar index back above 100 ahead of expected red-hot US inflation data

Shares of shipbuilding & allied services companies are in focus as they rallied up to 14 per cent on the BSE in Tuesday’s intra-day trade on expectations of strong earnings. These companies are likely to report highest ever turnover for the financial year 2021-22 (FY22). READ MORE
Global markets
European markets sank Tuesday morning as traders monitored heaving selling in the banking sector, and looked ahead to key central bank meetings and US inflation prints. The pan-European Euro Stoxx 600 index was down 1.2 per cent in early deals, with the German DAX dropping 1.8 per cent and the banking sector falling 2.3 per cent. 

On Wall Street, Nasdaq Composite Futures were mildly higher, while Dow Jones and S&P500 Futures were up to 0.12 per cent lower.

Earlier in Asia, Japan's Nikkei slipped nearly 2 per cent, South Korea's Kospi dropped 1 per cent, and Australia's ASX200 fell 0.4 per cent. China's CSI300 and Hong Kong's Hang Seng, however, rose up to 2 per cent. 
4:03 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty slipped lower as it broke the support of 17600. On the lower end, it found support around 17400 before closing about 90 points off the day's low. The bias, however, remains weak as the Nifty ended below the support of 17600, which is likely to act as resistance going forward. On the lower end, 17400 may continue to act as support below which the Nifty may witness a serious correction.

Between December 2020 and February 2021, traders were supposed to maintain at least 25 per cent of the peak margin

4:02 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

Hyperinflation & risk of a policy rate hike are placing the global market on its toes and are impacting the performance of equities with a rise in yield.  Inflation in India is also expected to be on the higher side in Q1FY23, it is expected to subside due to a reversal of commodity prices and improvement in supply. The domestic market is also cautious in anticipation of Q4 results.

3:56 PM

Rupee depreciates 23 paise against US dollar

3:53 PM

Closing bell: Over 1,500 stocks declined whereas 545 advanced

3:50 PM

Closing bell: Hindalco, Coal India, Grasim top Nifty 50 losers

3:49 PM

Closing bell: Axis Bank, Kotak Bank, Power Grid top Nifty 50 gainers

3:47 PM

Closing bell: Nifty Realty ends as worst sectoral performer

3:43 PM

Closing bell: Broader markets trade tepid; India Vix slips in red

3:40 PM

Closing bell: Barring banks and autos, all sectors close in negative zone

3:38 PM

Closing bell: Sensex closes lower by over 350 points

3:38 PM

Closing bell: Only 8 Sensex stocks close in positive territory

3:33 PM

Closing bell: Nifty 50 slips below 17,550 levels

3:21 PM

Bandhan Bank hits 6-month high; gains 9% in 3 days post HDFC stake sale

Shares of Bandhan Bank hit six-month high of Rs 335 in an otherwise weak market, up 4 per cent on the BSE in Tuesday's intra-day trade. READ MORE HERE

Bandhan Bank

3:18 PM

Energy basket lose steam; Tata Power slips below 3%

3:04 PM

Coal India's capital expenditure grows 12% to Rs 14,834 cr in FY22

The capex boost of Coal India was to catalyse the output growth and align it with evacuation outlets. READ MORE HERE

Photo: Bloomberg

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First Published: Apr 12 2022 | 8:15 AM IST

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