Sensex drops 715 pts, Nifty holds 17150 in broad-based sell-off; banks sink

CLOSING BELL: SBI, HUL, IndusInd Bank, Axis Bank, Dr Reddy's Labs, Bajaj Finserv, and ICICI Bank fell in the range of 2-3 per cent

Image SI Reporter New Delhi
MARKET LIVE: Sensex sheds over 700pts, Nifty below 17,200; all sectors sink

CLOSING BELL

Benchmark indices, which seemed to be recovering from morning losses, lost ground yet again in the fag-end of the session as investors dumped stocks across the board. Sentiment remained tepid throughout the day after Federal Reserve Chair Jerome Powell said overnight that a half-percentage point rate hike is "on the table" for next month.

Click here for market snapshot

While Bank, Financial Services, Pharma, and Metal indices were the worst hit (down around 2 per cent each), Auto, FMCG, and IT indices were the least hit sectors, down 0.6 per cent each.

Overall, the S&P BSE Sensex index shed 714.5 points to end at 57,197, and the Nifty50 index tumbled 221 points to shut shop at 17,172. Both the indices hit intra-day lows of 57,135 and 17,149, respectively.

ALSO READ: 5 Nifty50 stocks that can rally up to 30% in coming days

In the broader markets, the BSE MidCap index and Smallcap index slipped 0.7 per cent and 0.4 per cent, respectively. 

Meanwhile, in the money market, 10-year government bond yield hardened by 0.46 per cent to hit 7.17 per cent-mark in India. Globally, the 5-year US Treasury yield topped 3 per cent-mark in early deals.

Market strategy by Milind Muchhala, Executive Director, Julius Baer
The markets seem to be slightly cautiously positioned, as the Q4FY22 earnings season has begun on a mixed note with small disappointments from a couple of large sectoral majors. Also, the impending concerns of elevated commodity prices due to geopolitical situation and supply chain challenges, and with increasing expectations of a harsher hike by the US Fed, the market may continue to witness higher volatility in the near term. We have been slightly cautious on the markets since the past few weeks and suggest creating some liquidity in the recent pullback, as the uncertainty and volatility is likely to continue for some more time.
4:04 PM

Technical view: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

The Nifty index witnessed fresh selling pressure at higher levels and closed near the day's low. The bearishness will continue to remain as long as the index stays below the level of 17400. The downside levels of 17000-16800 will act as support and if breached will witness further downside.

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

4:00 PM

US equity futures trade on a negative note

3:58 PM

Closing bell: Over 1,200 stocks declined whereas 797 advanced

3:54 PM

Closing bell: Adani Enterprises, Adani Wilmar, Adani Power hit 52-week high

3:52 PM

Closing bell: Nifty Bank worst sectoral performer; AU SFB declines over 4%

3:48 PM

Closing bell: Hindalco, SBI, HUL top Nifty 50 losers

3:46 PM

Closing bell: Adani Ports, HCL Tech, M&M top Nifty 50 gainers

3:38 PM

Closing bell: All sectors drown in sea of red

3:36 PM

Closing bell: Only 5 Sensex stocks close in green

3:32 PM

Closing bell: Sensex closes below 700 points

3:31 PM

Closing bell: Nifty 50 closes below 17,200 levels

3:24 PM

STOCK UPDATE :: Nykaa to acquire stake in 3 companies

3:19 PM

Will the RBI's efforts to tame inflation, manage growth fail? UBS thinks so

While the RBI's monetary policy committee kept rates steady in its recent policy review in April, UBS expects the Indian central bank to hike rates starting June 2022. READ MORE HERE

Photo: Bloomberg
 

3:13 PM

Private InvIT IRB Infrastructure Trust completes Rs 243 crore fund raising

IRB Infrastructure Developers in a statement said that post fundraise, IRB and GIC affiliates will continue to hold 51 per cent and 49 per cent, respectively, in the InvIT. READ MORE HERE

road financing

3:04 PM

March Quarter Result :: Hindustan Zinc

>> Consolidated profit: Rs 2,982 crore

>> Consolidated revenue: Rs 8,613 crore
3:04 PM

Sterlite Technologies zooms over 17% amid heavy volume on stake sale buzz

The company's board is scheduled to meet on April 28 to consider a proposal for raising funds. READ MORE HERE

Sterlite Tech

2:57 PM

All sectors drown in negative territory

2:48 PM

CRISIL gains nearly 3% on strong Q1 results

2:40 PM

Sugar stocks defy market mood; Shree Renuka Sugars soars above 10%

2:40 PM

MARKET CHECK :: Sensex tumbles to day's low

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First Published: Apr 22 2022 | 8:04 AM IST

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