Share Market updates: Sensex rises 581 pts, Nifty ends above 16K; Sun Pharma, TCS, TechM top gainers
The Indian equity market looks set to snap the four-session losing streak in volatile trade today
- Mar 8, 2022,
- Updated Mar 8, 2022 3:39 PM IST
Good afternoon!
Sensex opened over 110 points lower at 52,720 and Nifty slipped over 34 points to 15,827 amid weak global cues.
On Monday, the domestic equity market declined for the fourth straight week as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment.
The benchmark BSE Sensex plunged 2.72 per cent to 54,333.81 for the week ended March 4. Likewise, the NSE Nifty index lost 2.48 per cent to 16,245.35 during the same period.
What's next? Here's a look at the latest updates of the market today!
3:30 pm: Sensex ends 581 points higher at 53,424 and Nifty jumps 150 points to 16,013.
3:19 pm: Nifty rises 144 pts to 16,007 and Sensex gains 585 points to 53,427.
2:50 pm: Market turns green
Sensex rises 480 points at 53,323 and Nifty gains 116 points to 15,979.
2:20 PM: Gold rises over $2,000
Palladium prices surged on Tuesday as the Russia-Ukraine crisis fuelled supply worries, with the conflict also powering safe-haven gold back through the key $2,000 level.
Spot palladium jumped 5.9% to $3,173.02 per ounce by 0716 GMT, resuming its rally after slipping from an all-time high of $3,440.76 to close marginally lower on Monday. Platinum rose 2.2% to $1,147.31. READ MORE
1:50 pm: Small investors lost up to 70% of wealth in these little-known stocks
As the tide turns in the global equity market, a couple of stocks took a heavy beating amid the ongoing correction on Dalal Street since the middle of October 2021. Data shows that at least 25 little-known stocks, in which retail investors held over 50 per cent stake in the December quarter, have plunged somewhere between 10 per cent-72 per cent in less than five months. With a fall of 71.48 per cent, Mayukh Dealtrade emerged as the top loser in the list. Shares of the company tanked to Rs 12.69 on March 7, 2022 from Rs 44.50 on October 19, 2021, when the benchmark BSE Sensex scaled its record high of 62,245.43. READ MORE
1:27 pm: Top sectoral losers
Banking, consumer durables and metal shares are the top sectoral losers in the afternoon session, with BSE bankex, BSE consumer durables and BSE metal indices falling 728 points, 747 points and 645 points, respectively.
1:05 pm: Market update
In afternoon session, Sensex lost 499 points to 52,343 and Nifty fell 165 points to 15,697. Market breadth is positive with 1,684 shares against 1499 shares falling on BSE.
12:44 pm: SBI Cards & Payment Services stock rises after four days
Shares of SBI Cards & Payment Services rose in early trade today after global brokerage Morgan Stanley maintained a buy call on the stock with a target price of Rs 1,225. The new target price amounts to an upside of over 67 per cent from its previous close of Rs 731 on March 7. The brokerage has maintained an overweight stance on the large cap stock.
SBI Cards stock has gained after four days of consecutive fall. The stock gained 2.85 per cent intraday to Rs 747.5 against the previous close of Rs 730.45 on BSE. READ MORE
12:27 pm: Market down for fifth session
The Indian equity market has fallen for the fifth consecutive session amid a spike in crude oil prices.
12:15 pm: Rakesh Jhunjhunwala-backed stock rises over 2% on nod to interim dividend
Shares of Rakesh Jhunjhunwala-backed footwear retail chain Metro Brands rose over 2% in an otherwise weak market today after board of the firm approved an interim dividend of Rs 1.50 per equity share on its face value of Rs 5 each for FY22.
The stock rose 2.34% to Rs 530 against the previous close of Rs 517.90 on BSE. Rekha Jhunjhunwala, wife of the ace investor, is the third-largest shareholder in the company, owning a 14.42 per cent stake at the end of December quarter. READ MORE
11:50 am: Market check
The benchmark indices were trading lower amid weak global cues. Sensex slipped over 350 points to 52,466 and Nifty plunged over 120 points to 15,734.
Axis Bank and Maruti Suzuki were the top losers on Sensex.
IT stocks were among the top gainers.
11:40 am: Future Enterprises shares in focus
An Indian court has cleared the path for Future Enterprises' stake sale in its general insurance joint venture with Italy's Generali, an exchange filing showed on Monday.
A Mumbai city court late last month put on hold Future's planned sale of its 25% stake in Future Generali India Insurance Company to Generali for 12.52 billion rupees ($162.82 million), after a legal challenge from some bondholders of Future companies that had defaulted.
11:00 am: Dish TV shares on a roll
Shares of Dish TV, the satellite service provider which the Zee Group operates, jumped over 9 per cent to hit an intraday high of Rs 15.36 on BSE after Sebi directed the company to immediately disclose the results of its annual general meeting (AGM) held on December 30, 2021 to the exchanges.
The stock opened a tad higher at Rs 14.15 against the previous close of Rs 14.10 on BSE. With a market capitalisation of Rs 2,761 crore, the shares stand higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
The order comes after Sebi received complaints from Yes Bank Ltd (YBL), IndusInd Bank and other shareholders alleging that Dish TV has wrongfully withheld the results of voting on various proposals put forth in the AGM.
10:30 am: Crypto markets recover slightly after steep decline over weekend
Cryptocurrency markets have recovered slightly on Tuesday after crashing over the weekend. The global market cap was up by 0.51 per cent in the last 24 hours, and is at $1.72 trillion as of 8:00 AM IST, CoinMarketCap data showed.
Bitcoin rose by 1.61 per cent, while the ETH token also showed a slight uptrend in the last 24 hours. Ethereum went up by 0.70 per cent. Bitcoin is trading at $38,718 and Ethereum is trading at $2557.
10:00 am: Natco Pharma stock zooms 9% on launch of first generic version of Revlimid in US
Shares of Natco Pharma rose 9% in early trade on Tuesday after the pharma firm along with its marketing partner Arrow International launched its first generic version of Revlimid (Lenalidomide capsules), in the US market. The capsules are used in the treatment of multiple myeloma in combination with the medicine dexamethasone, certain myelodysplastic syndromes and mantle cell lymphoma.
Natco Pharma share price rose 8.97 per cent to Rs 920 against the previous close of Rs 844.30 on BSE. The market cap of the firm climbed to Rs 15,953 crore on BSE.
9:16 am: Market opening
Sensex opened over 110 points lower at 52,720 and Nifty slipped over 34 points to 15,827 amid weak global cues.
HDFC Bank and Maruti Suzuki were the top losers on Sensex.
HCL Tech was the top gainer on Sensex, advancing over 2 per cent.
9:00 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities
In keeping with today's generally negative Asian markets and SGX Nifty trends, Indian markets could open considerably lower. The whole global market closed in the red yesterday, including the Indian market, which sank dramatically down and lost about 2%, following a persistent rise in petroleum and feeble global cues.
Markets have been rocked by a sharp increase in crude oil prices, as investors fear more penalties against Russia. Furthermore, there is no sign that the two countries' hostilities are diminishing.
According to most pollsters, the BJP is anticipated to return to power with majority, but a setback for the party in the UP elections could be seen negatively by large investors, especially in terms of reform momentum.
Prices for everything from gasoline to aluminum to wheat have risen dramatically, marking the most significant weekly increase in raw materials since the 1974 oil crisis. Russia's growing isolation is cutting it off from a vital supply of energy, metals, and agriculture, prompting fears of long-term shortages and rising global prices.
As the war between Russia and Ukraine pushed crude prices to multi-year highs around the world, the Indian rupee dropped to its lowest level ever versus the US dollar yesterday.
On the technical front, Immediate support and resistance in Nifty 50 are 15,700 and 16,500 respectively. Bank Nifty immediate support and resistance are 33,500 and 35,100 respectively.
8:40 am: Global updates
Wall Street's main indices fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fuelled concerns about rising inflation.
Nasdaq ended down 20.1 percent from its November 19 record high close, confirming that the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq's first bear market since 2020, when the coronavirus outbreak crushed global economies.
The Dow Jones Industrial Average fell 797.42 points, or 2.37%, to 32,817.38, the S&P 500 lost 127.79 points, or 2.95%, to 4,201.08 and the Nasdaq Composite dropped 482.48 points, or 3.62%, to 12,830.96.
Shares in Asia-Pacific mostly dipped in Tuesday trade, following heavy losses for the major indexes overnight stateside as the Russia-Ukraine war continues to keep investors on edge. In Japan, the Nikkei 225 slipped 0.14% while the Topix index shed 0.41%. South Korea’s Kospi dipped 0.33%.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 7,482.08 crore on March 7, and domestic institutional investors (DIIs) bought shares worth Rs 5,331.03 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open lower as SGX Nifty was trading 0.95 per cent lower at 15,742.20.
The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Monday
The Indian equity market ended lower for the fourth straight session today, led by losses in banking, auto, consumer durables and capital goods stocks. A spike in oil prices on the likelihood of energy sanctions on Russia roiled markets across the globe.
Sensex fell 1,491 points to 52,842 and Nifty slipped 382 points to 15,863.
IndusInd Bank, Axis Bank, Maruti, Bajaj Finance and Bajaj Finserv were the top Sensex losers, falling up to 7.63 per cent.
Bharti Airtel, HCL Tech , Tata Steel, and Infosys were the top Sensex gainers, rising up to 3.46%. Of the 30 Sensex stocks, 26 ended lower.
Brent crude prices hit a fresh high of $139.13 per barrel as West was considering sanctions over oil and gas exports from Russia.
BSE mid-cap and small-cap indices lost 509 points and 605 points, respectively.
On the sectoral front, banking, auto, capital goods and consumer durables shares led the losses today. BSE bankex crashed 1816 points to 37,726 and BSE auto plunged 908 points to 21,669. BSE consumer durables index lost 858 points to 40,114. BSE capital goods index fell 840 points to 25,709.
Good afternoon!
Sensex opened over 110 points lower at 52,720 and Nifty slipped over 34 points to 15,827 amid weak global cues.
On Monday, the domestic equity market declined for the fourth straight week as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment.
The benchmark BSE Sensex plunged 2.72 per cent to 54,333.81 for the week ended March 4. Likewise, the NSE Nifty index lost 2.48 per cent to 16,245.35 during the same period.
What's next? Here's a look at the latest updates of the market today!
3:30 pm: Sensex ends 581 points higher at 53,424 and Nifty jumps 150 points to 16,013.
3:19 pm: Nifty rises 144 pts to 16,007 and Sensex gains 585 points to 53,427.
2:50 pm: Market turns green
Sensex rises 480 points at 53,323 and Nifty gains 116 points to 15,979.
2:20 PM: Gold rises over $2,000
Palladium prices surged on Tuesday as the Russia-Ukraine crisis fuelled supply worries, with the conflict also powering safe-haven gold back through the key $2,000 level.
Spot palladium jumped 5.9% to $3,173.02 per ounce by 0716 GMT, resuming its rally after slipping from an all-time high of $3,440.76 to close marginally lower on Monday. Platinum rose 2.2% to $1,147.31. READ MORE
1:50 pm: Small investors lost up to 70% of wealth in these little-known stocks
As the tide turns in the global equity market, a couple of stocks took a heavy beating amid the ongoing correction on Dalal Street since the middle of October 2021. Data shows that at least 25 little-known stocks, in which retail investors held over 50 per cent stake in the December quarter, have plunged somewhere between 10 per cent-72 per cent in less than five months. With a fall of 71.48 per cent, Mayukh Dealtrade emerged as the top loser in the list. Shares of the company tanked to Rs 12.69 on March 7, 2022 from Rs 44.50 on October 19, 2021, when the benchmark BSE Sensex scaled its record high of 62,245.43. READ MORE
1:27 pm: Top sectoral losers
Banking, consumer durables and metal shares are the top sectoral losers in the afternoon session, with BSE bankex, BSE consumer durables and BSE metal indices falling 728 points, 747 points and 645 points, respectively.
1:05 pm: Market update
In afternoon session, Sensex lost 499 points to 52,343 and Nifty fell 165 points to 15,697. Market breadth is positive with 1,684 shares against 1499 shares falling on BSE.
12:44 pm: SBI Cards & Payment Services stock rises after four days
Shares of SBI Cards & Payment Services rose in early trade today after global brokerage Morgan Stanley maintained a buy call on the stock with a target price of Rs 1,225. The new target price amounts to an upside of over 67 per cent from its previous close of Rs 731 on March 7. The brokerage has maintained an overweight stance on the large cap stock.
SBI Cards stock has gained after four days of consecutive fall. The stock gained 2.85 per cent intraday to Rs 747.5 against the previous close of Rs 730.45 on BSE. READ MORE
12:27 pm: Market down for fifth session
The Indian equity market has fallen for the fifth consecutive session amid a spike in crude oil prices.
12:15 pm: Rakesh Jhunjhunwala-backed stock rises over 2% on nod to interim dividend
Shares of Rakesh Jhunjhunwala-backed footwear retail chain Metro Brands rose over 2% in an otherwise weak market today after board of the firm approved an interim dividend of Rs 1.50 per equity share on its face value of Rs 5 each for FY22.
The stock rose 2.34% to Rs 530 against the previous close of Rs 517.90 on BSE. Rekha Jhunjhunwala, wife of the ace investor, is the third-largest shareholder in the company, owning a 14.42 per cent stake at the end of December quarter. READ MORE
11:50 am: Market check
The benchmark indices were trading lower amid weak global cues. Sensex slipped over 350 points to 52,466 and Nifty plunged over 120 points to 15,734.
Axis Bank and Maruti Suzuki were the top losers on Sensex.
IT stocks were among the top gainers.
11:40 am: Future Enterprises shares in focus
An Indian court has cleared the path for Future Enterprises' stake sale in its general insurance joint venture with Italy's Generali, an exchange filing showed on Monday.
A Mumbai city court late last month put on hold Future's planned sale of its 25% stake in Future Generali India Insurance Company to Generali for 12.52 billion rupees ($162.82 million), after a legal challenge from some bondholders of Future companies that had defaulted.
11:00 am: Dish TV shares on a roll
Shares of Dish TV, the satellite service provider which the Zee Group operates, jumped over 9 per cent to hit an intraday high of Rs 15.36 on BSE after Sebi directed the company to immediately disclose the results of its annual general meeting (AGM) held on December 30, 2021 to the exchanges.
The stock opened a tad higher at Rs 14.15 against the previous close of Rs 14.10 on BSE. With a market capitalisation of Rs 2,761 crore, the shares stand higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.
The order comes after Sebi received complaints from Yes Bank Ltd (YBL), IndusInd Bank and other shareholders alleging that Dish TV has wrongfully withheld the results of voting on various proposals put forth in the AGM.
10:30 am: Crypto markets recover slightly after steep decline over weekend
Cryptocurrency markets have recovered slightly on Tuesday after crashing over the weekend. The global market cap was up by 0.51 per cent in the last 24 hours, and is at $1.72 trillion as of 8:00 AM IST, CoinMarketCap data showed.
Bitcoin rose by 1.61 per cent, while the ETH token also showed a slight uptrend in the last 24 hours. Ethereum went up by 0.70 per cent. Bitcoin is trading at $38,718 and Ethereum is trading at $2557.
10:00 am: Natco Pharma stock zooms 9% on launch of first generic version of Revlimid in US
Shares of Natco Pharma rose 9% in early trade on Tuesday after the pharma firm along with its marketing partner Arrow International launched its first generic version of Revlimid (Lenalidomide capsules), in the US market. The capsules are used in the treatment of multiple myeloma in combination with the medicine dexamethasone, certain myelodysplastic syndromes and mantle cell lymphoma.
Natco Pharma share price rose 8.97 per cent to Rs 920 against the previous close of Rs 844.30 on BSE. The market cap of the firm climbed to Rs 15,953 crore on BSE.
9:16 am: Market opening
Sensex opened over 110 points lower at 52,720 and Nifty slipped over 34 points to 15,827 amid weak global cues.
HDFC Bank and Maruti Suzuki were the top losers on Sensex.
HCL Tech was the top gainer on Sensex, advancing over 2 per cent.
9:00 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities
In keeping with today's generally negative Asian markets and SGX Nifty trends, Indian markets could open considerably lower. The whole global market closed in the red yesterday, including the Indian market, which sank dramatically down and lost about 2%, following a persistent rise in petroleum and feeble global cues.
Markets have been rocked by a sharp increase in crude oil prices, as investors fear more penalties against Russia. Furthermore, there is no sign that the two countries' hostilities are diminishing.
According to most pollsters, the BJP is anticipated to return to power with majority, but a setback for the party in the UP elections could be seen negatively by large investors, especially in terms of reform momentum.
Prices for everything from gasoline to aluminum to wheat have risen dramatically, marking the most significant weekly increase in raw materials since the 1974 oil crisis. Russia's growing isolation is cutting it off from a vital supply of energy, metals, and agriculture, prompting fears of long-term shortages and rising global prices.
As the war between Russia and Ukraine pushed crude prices to multi-year highs around the world, the Indian rupee dropped to its lowest level ever versus the US dollar yesterday.
On the technical front, Immediate support and resistance in Nifty 50 are 15,700 and 16,500 respectively. Bank Nifty immediate support and resistance are 33,500 and 35,100 respectively.
8:40 am: Global updates
Wall Street's main indices fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fuelled concerns about rising inflation.
Nasdaq ended down 20.1 percent from its November 19 record high close, confirming that the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq's first bear market since 2020, when the coronavirus outbreak crushed global economies.
The Dow Jones Industrial Average fell 797.42 points, or 2.37%, to 32,817.38, the S&P 500 lost 127.79 points, or 2.95%, to 4,201.08 and the Nasdaq Composite dropped 482.48 points, or 3.62%, to 12,830.96.
Shares in Asia-Pacific mostly dipped in Tuesday trade, following heavy losses for the major indexes overnight stateside as the Russia-Ukraine war continues to keep investors on edge. In Japan, the Nikkei 225 slipped 0.14% while the Topix index shed 0.41%. South Korea’s Kospi dipped 0.33%.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 7,482.08 crore on March 7, and domestic institutional investors (DIIs) bought shares worth Rs 5,331.03 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open lower as SGX Nifty was trading 0.95 per cent lower at 15,742.20.
The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Monday
The Indian equity market ended lower for the fourth straight session today, led by losses in banking, auto, consumer durables and capital goods stocks. A spike in oil prices on the likelihood of energy sanctions on Russia roiled markets across the globe.
Sensex fell 1,491 points to 52,842 and Nifty slipped 382 points to 15,863.
IndusInd Bank, Axis Bank, Maruti, Bajaj Finance and Bajaj Finserv were the top Sensex losers, falling up to 7.63 per cent.
Bharti Airtel, HCL Tech , Tata Steel, and Infosys were the top Sensex gainers, rising up to 3.46%. Of the 30 Sensex stocks, 26 ended lower.
Brent crude prices hit a fresh high of $139.13 per barrel as West was considering sanctions over oil and gas exports from Russia.
BSE mid-cap and small-cap indices lost 509 points and 605 points, respectively.
On the sectoral front, banking, auto, capital goods and consumer durables shares led the losses today. BSE bankex crashed 1816 points to 37,726 and BSE auto plunged 908 points to 21,669. BSE consumer durables index lost 858 points to 40,114. BSE capital goods index fell 840 points to 25,709.