Indian equity benchmarks settled on a lower note today, in line with the weaker trend in global markets. The domestic indices extended their fall as losses in auto and banking stocks countered gains in pharma and consumer shares. Asian shares mostly traded lower in early deals as Japan's Nikkei Index fell 0.71 per cent, South Korea's KOSPI was down 1.39 per cent and Hong Kong's Hang Seng Index dropped 0.83 per cent, tracking overnight losses on Wall Street.
Here are the stock market highlights:
* Market breadth: The overall market breadth stood positive as 2,132 shares advanced while 1,323 declined on BSE. The market capitalization (m-cap) of BSE listed companies stood at Rs 280.90 lakh crore.
* Top gainers & losers: On the stock-specific front, Tata Motors was the top Nifty loser as the stock cracked 2.52 per cent to close at Rs 446.20. Bajaj Auto, IndusInd Bank, M&M and Maruti were also among the laggards. In contrast, Shree Cement, UltraTech Cement, Adani Ports, Coal India and Grasim Industries were among the top gainers.
* Sectoral indices: Six out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty Auto and Nifty Bank underperformed the NSE platform by falling as much as 1.15 per cent and 0.53 per cent, respectively.
* Mid & small-cap: Mid- and small-cap shares, however, finished on a strong note as Nifty Midcap 100 rose 0.50 per cent and small-cap climbed 0.78 per cent.
* Market closing: Sensex falls 168 points or 0.28 per cent to close at 59,029 today; Nifty down 31 points or 0.18 per cent to settle at 17,624; automobile, banking stocks drag.
* 2:59 pm: Sensex falls 201 points or 0.34 per cent to trade at 58,996 in late deals, Nifty down 43 points or 0.25 per cent to trade at 17,612; banking, auto stocks drag
* Shree Cement: Shares of Shree Cement were the top gainers today even as broader market indices were trading in the red. Shree Cement gained 7.04 per cent to hit an intraday high of Rs 23,179 from its previous close of Rs 21,654 on NSE.
* 2 pm: The initial public offer (IPO) of Tamilnad Mercantile Bank was oversubscribed 2.11 times on the final day of bidding today. The initial share sale received bids for 1,83,42,016 shares against 87,12,000 shares on offer, according to data available with the BSE. The quota for Retail Individual Investors (RIIs) was booked 5.19 times, while that for Qualified Institutional Buyers (QIBs) received 1.11 times subscription and non institutional investors 2.05 times.
* 1:36 pm: Sensex falls 42 points or 0.07 per cent to trade at 59,155, Nifty down 8 points or 0.04 per cent to trade at 17,648
* From 1 lakh to Rs 5 crore in 10 years: Hopes of strong demand along with China+1 tailwinds, opportunity in contract research and manufacturing services (CRAMS) and import replacement prospects may continue to support the chemical sector which has produced over 55 multi-baggers in the past 10 years.
* Infosys, TCS or HCL Technologies: Which stock do analysts recommend? Shares of IT majors TCS, HCL Technologies, and Infosys have been majorly affected by the economic and political turbulences across the globe. The ongoing Russia-Ukraine war, economic slowdown, highly volatile global markets and bleak earnings outlook have dampened sentiment around the IT sector.
* 12:26 pm: Sensex falls 90 points or 0.15 per cent to trade at 59,107, Nifty down 26 points or 0.15 per cent to trade at 17,630. Sub-indexes Nifty FMCG, Nifty IT and Nifty Consumer Durables were up as much as 0.43 per cent, 0.31 per cent and 0.31 per cent, respectively.
* Salasar Techno Engineering: The construction and engineering company has allotted shares via Qualified Institutional Placement (QIP) route to select foreign porfolio investors (FPIs). Salasar has issued and allotted 3,00,00,000 equity shares with a face value of Re 1 each for Rs 27.3 each. It has raised Rs 81.90 crore through the qualified institutional placement.
* Tamilnad Mercantile Bank IPO: The initial public offer (IPO) of Tuticorin-headquartered Tamilnad Mercantile Bank was oversubscribed 1.77 times on the final day of bidding today. As of 11:06 am, the initial share sale received bids for 1,54,22,820 shares against 87,12,000 shares on offer, according to data available with the BSE. The quota for Retail Individual Investors (RIIs) was booked 4.40 times, while that for Qualified Institutional Buyers (QIBs) received 98 per cent subscription and non institutional investors 1.60 times.
* Nifty Bank: The sub-index slipped below the key psychological level of 40,000 to trade at 39,410.35. It had touched the 40,000-mark for the first time since November 2021 on Tuesday.
* 10:46 am: Sensex sheds 316 points or 0.53 per cent to trade at 58,881, Nifty down 86 points or 0.49 per cent to trade at 17,570
* Technical View: "On the technical front, Nifty formed a high wave Doji candle suggesting indecision after a rise. There is evidence of a reversal pattern in the weekly time frame hence in coming sessions, the key thing to watch will be a faster retracement above August highs of 18,000 that will signal the end of the ongoing corrective phase. Else, prolonged consolidation in 17,200-17,800 range is expected to continue. On the oscillator front, the 14-period RSI has witnessed a sell crossover and presently trading below the 60-level mark and turned flattish indicating sluggish momentum for the short to medium term. Thus, one needs to avoid trading aggressively amid global nervousness. Considering the present situation, a bare minimum correction of 38.6 per cent of the entire rally from 15,183 to 17,992 comes around 16,900 followed by a 50 per cent correction at 16,600. On the upside present setup indicates that Nifty can move towards 17,992 followed by 18,114 in the coming days with immediate support stands at 17,350 and Index need to sustain above the said level with some authority for the bulls to strengthen their stance," said Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd.
* Suzlon Energy: Shares of Suzlon Energy rose nearly 4 per cent in early trade today despite a weak sentiment in the broader market. The renewable energy solutions provider said it has won an order to set up 180.6 MW wind energy project from Sembcorp's arm Green Infra Wind Energy. Share price of Suzlon Energy gained 3.73 per cent to Rs 11.11 against the previous close of Rs 10.71 on BSE.
* Tamilnad Mercantile Bank IPO (Final day of bidding): The initial public offer of Tamilnad Mercantile Bank was oversubscribed 1.65 times on the final day of bidding today. As of 10:27 am, the initial share sale received bids for 1,43,76,992 shares against 87,12,000 shares on offer, according to data available with the NSE. The quota for Retail Individual Investors (RIIs) was subscribed 4.06 times, while that for Qualified Institutional Buyers (QIBs) received 98 per cent subscription and non institutional investors 1.39 times.
* Dreamfolks Services: The airport services aggregator slipped as much as 5.64 per cent to hit an intraday low of Rs 436.55 today. Dreamfolks made a stellar market debut on Tuesday, listing at 55 per cent premium over its issue price.
* Market breadth: The overall market breadth was strong as 1,916 shares were advancing while 1,149 were declining on BSE.
* 10:12 am: Sensex falls 227 points or 0.38 per cent to trade at 58,970, Nifty down 67 points or 0.38 per cent to trade at 17,588; banking, auto & auto stocks drag
* Top losers: On the stock-specific front, Bharti Airtel was the top Nifty loser as the stock cracked 1.74 per cent to trade at Rs 748. ONGC, IndusInd Bank, Kotak Mahindra Bank and HDFC were also among the laggards. On the 30-share BSE index, IndusInd Bank, Airtel, HCL Tech, Kotak Bank, Axis Bank, Tech Mahindra, HDFC, Infosys, HDFC Bank, Reliance Industries, ICICI Bank and SBI were among the top losers.
* Sectoral indices: 11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red during early deals. Sub-indexes Nifty Bank and Nifty IT were underperforming the NSE platform by falling as much as 0.70 per cent and 0.69 per cent, respectively.
* Mid- & small-cap: Mid- and small-cap shares were positive as Nifty Midcap 100 edged 0.16 per cent higher and small-cap rose 0.30 per cent.
* Market opening: Sensex falls 424 points or 0.72 per cent to trade at 58,773 in initial trade, Nifty down 129 points or 0.73 per cent to trade at 17,527; banks, IT stocks drag
* Pre-opening: Sensex falls 408 points or 0.69 per cent to trade at 58,789 in pre-opening deals.
* Stocks in news: Suzlon Energy, Dreamfolks Services, Wipro, DLF and more
* Expert View: "There are near term strong headwinds for risky assets, globally. Bonds are in a strong bear market. US 10-year yield at 3.34 per cent and dollar index (above 110) are strong headwinds for capital flows to EMs like India. FPIs are buying in the cash market but hedging through increasing short positions in the derivatives market. High volatility with downward bias is in store for the markets in the near term. When globally equities correct, India too will correct. But India will fall less since falling crude, decent economic growth, impressive corporate earnings and retail investor enthusiasm will support the market at lower levels. Domestic economy-facing segments like banks, autos, capital goods, telecom and FMCG are relatively strong sectors," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
* Expert View: "Domestic equities are likely to join the global market slump in early trade, amid recurring worries of major central banks tightening interest rates to tackle rising inflation that could result in a global slowdown. Also, recession fears are getting stronger after Russia discontinued crucial oil supply to European nations. Besides, strengthening the dollar, hawkish US Federal Reserve bets and a new Covid-19 lockdown in China could also weigh on sentiment. Technically, Nifty may wobble with key support being at 17,401," said Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities Ltd.
* Global markets: Asian shares mostly traded lower in early deals, tracking overnight losses on Wall Street.
* SGX Nifty: Trends on SGX Nifty indicated a gap-down opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 194 points or 1.10 per cent to 17,481.
* Previous session: The 30-share BSE Sensex had slipped 49 points or 0.08 per cent to close at 59,197 on Tuesday; while the broader NSE Nifty had moved 10 points or 0.06 per cent to settle at 17,656.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today