Indian benchmark indices ended lower for the fourth consecutive session on Wednesday, weighed down by sharp losses in oil and gas and PSU stocks as well as weak global cues. The BSE Sensex closed 562.34 points or 1.12 per cent lower at 49,801.62, and the NSE Nifty ended at 14,721.30, down by 189.15 points or 1.27 per cent. The broader markets underperformed the BSE benchmark as midcap and smallcap indices declined 2.33 per cent and 2.16 per cent, respectively. Caution prevailed in the market ahead of US Federal Reserve meeting outcomes slated to be released later today coupled with a resurgence in COVID-19 cases. Losses in heavyweights like Reliance Industries, State Bank of India, Asian Paints, Kotak Mahindra Bank, Bajaj Finance and Bharti Airtel further dampened market sentiment.
S Ranganathan, Head of Research at LKP Securities, says, "Ahead of the FOMC meeting, the Bank Nifty fell for the third consecutive day to drag Indices down almost 1.5 per cent today. Metals and PSU stocks succumbed to profit-taking today. The broader market did witness value-buying by savvy investors expecting acceleration in the pace of vaccination."
On the sectoral front, all the indices settled in negative terrain, while oil and gas and PSU stocks emerging as top losers, falling 3.35 per cent and 3.29 per cent, respectively.
"Indian market remained in negative territory as investors traded cautiously ahead of the US Fed meeting coupled with a resurgence in COVID-19 cases. Adding to that, the rise in international crude prices is also dragging the Indian market. Global markets also displayed a weak opening as it awaits the final decision of the FOMC meeting today, which will decide the trend of the market in the short-term. On a consensus basis, an accommodative policy is expected by FED, which will help the global market to stabilize," says Vinod Nair, Head of Research at Geojit Financial Services.
On the global front, Asian markets ended lower on Tuesday as investors remained wary ahead of ahead of the US Federal Reserve's policy meeting. Investors will closely monitor indications of comments on interest rate hikes and rising bond yields. Among Asian market, Hong Kong was top loser, with Hang Seng falling by 0.04 per cent, while China's Shanghai Composite and Japan's Nikkei 225 ended lower by 0.03 per cent and 0.02 per cent, respectively.
Check highlights of Sensex and Nifty here:
3:15 PM: Sensex slumps 600 points, Nifty tests 14,700
The BSE Sensex was at 49,736, down by 627 points or by 1.25 per cent, and the NSE Nifty was at 14,701, down by 209 points or by 1.4 per cent.
2:30 PM: Sensex, Nifty extend fall
The BSE Sensex was at 50027.34, down by 336.62 points or by 0.67 per cent, and the NSE Nifty was at 14,778.75, down by 131.7 points or by 0.88 per cent. The BSE Sensex touched intraday high of 50561.12 and intraday low of 49939.85 The NSE Nifty touched intraday high of 14956.55 and intraday low of 14764.95.
2:20 PM: Indigo Paints share hits 52-week low
Shares of Indigo Paints declined as much as 2.65 per cent to hit 52-week low of Rs 2,377.70 in intraday trade on the BSE. The stock has fallen 5.5 per cent in the last four sessions.
2:00 PM: Sensex, Nifty stay under stress
The BSE Sensex was at 50,222.41, down by 141.55 points or by 0.28 per cent, and the NSE Nifty was at 14,843.2, down by 67.25 points or by 0.45 per cent.
1:30 PM: Dalmia Bharat share rises 11% to hit record high
Shares of Dalmia Bharat surged 11.15 per cent to hit 52-week high of Rs 1,690.60 on the BSE after the Supreme Court ordered restoration of mutual fund units to Dalmia Bharat Group
1:00 pm: Vedanta shares hit 52-week high after promoter raises open offer price
Shares of Vedanta rose 2 per cent to hit a fresh 52-week high of Rs 230 in intraday trade on the BSE after the promoter raised the open offer price for buying shares in the company to Rs 235 per share. The shares were currently trading 0.29 per cent lower at Rs 225.90.
12:40 pm: Reliance Industries share price down 1.5%
Shares of Reliance Industries (RIL) were trading 1.56 per cent lower at Rs 2,067.90 on the BSE. Analyst at Jefferies has recommended a buy rating with a target price of Rs 2,600.
12:30 pm: IPO subscription updates: Laxmi Organics, Kalyan Jewellers and Craftsman Automation
The initial public offer (IPO) of Laxmi Organics was subscribed 6.05 times on the second day of the bidding process on Tuesday.
Kalyan Jewellers IPO was subscribed 60 per cent at the end of the first day of bidding process on Tuesday.
The IPO of Craftsman Automation was subscribed 126 per cent on Tuesday, the second day of the bidding process.
Suryoday Small Finance Bank (SSFB) has started its IPO today, which will close on March 19. The lender has fixed a price a band of Rs 303-305 a share for the issue, which will close on March 19. Ahead of IPO, the company has raised around Rs 170 crore from anchor investors.
11: 15 am: Kalyan Jewellers IPO subscribed 60% on Day 1
Kalyan Jewellers initial public offer (IPO) was subscribed 60 per cent at the end of the first day of bidding process on Tuesday. The issue received bids for 5,72,26,464 shares which was 60 per cent of the issue size of 9,57,09,301 shares.
10:45 am: GMM Pfaudler share jumps 8% on acquiring HDO Technologies' assets
Shares of GMM Pfaudler surged 8 per cent to Rs 4,550 in intraday trade on BSE after the company said it has acquired assets of HDO Technologies in liquidation for Rs 58.46 crore.
10:35 am: Nazara Technologies IPO opens today
Rakesh Jhunjhunwala-backed Nazara Technologies begins its three-day initial public offer (IPO) on March 17. The online gaming firm plans to raises Rs 582 crore from IPO through offer for sale (OFS) of up to 5,294,392 equity shares. Price band has been fixed at Rs 1,100-01. The bid lot size is of 13 shares and in multiple thereof.
10:20 am: SBI Cards shares drop 4% on stake sale by Carlyle
SBI Cards and Payment Services share price declined over 4 per cent in opening trade on Bombay Stock Exchange (BSE) on Wednesday amid report that US private equity fund CA Rover Holdings, an arm of Carlyle Asia Partners, to sell stake in the company through a block deal.
9:50 am: Top gainers and losers on BSE
The top gainers of the BSE Sensex pack were HCL Technologies Ltd. (Rs. 1021.90,+1.55%), Larsen & Toubro Ltd. (Rs. 1482.60,+1.48%), Tata Consultancy Services Ltd. (Rs. 3150.05,+1.33%), Mahindra & Mahindra Ltd. (Rs. 1040.80,+1.25%), Infosys Ltd. (Rs. 1396.00,+0.85%), among others.
On the other hand, Oil And Natural Gas Corporation Ltd. (Rs. 112.20,-2.52%), Asian Paints Ltd. (Rs. 2426.10,-1.81%), NTPC Ltd. (Rs. 108.15,-1.37%), Power Grid Corporation of India Ltd. (Rs. 221.65,-1.16%), Sun Pharmaceutical Industries Ltd. (Rs. 596.15,-0.98%), were among notable losers.
9:30 am: Expert view on market: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The FOMC meet outcome expected today is likely to have an impact on markets. The Fed is likely to emphasise it's highly accommodative stance and signal that inflation is not a concern. That will be positive. Any departure from this stance can be negative. The US 10 year yield, firm at around 1.62%, will deter equity bulls from going aggressive. The second wave of Covid cases in parts of the country, though not serious, is an area of concern. Issues relating to the Astra Zenaca vaccine in parts of Europe is another concern. FIIs turning buyers again is positive but that is negated by DII selling. In brief, investors have to be cautious."
9:18 am: Sensex, Nifty open lower
Indian benchmark indices opened marginally lower on Wednesday, tracking mixed cues from Asian peers. At 9:16AM, the BSE Sensex was at 50315.14, down by 48.82 points or by 0.1 per cent, and the NSE Nifty was at 14,895, down by 15.45 points or by 0.1 per cent. The BSE MidCap opened 0.08 per cent lower, while the BSE SmallCap higher by 0.18 per cent.
9:00 am: Kalyan Jewellers IPO subscribed 60% on Day 1
Kalyan Jewellers's IPO was subscribed 60 per cent on the first day of the bidding process on March 16. The issue received bids for 5.72 crore equity shares against the offer size of 9.57 crore shares, as per data available on NSE. The quota reserved for retail investors was subscribed 1.1 times and that of non-institutional investors was subscribed 20 percent at end of day.
8:50 am: Easy Trip Planners share allotment to be finalised today
The allotment for Easy Trip Planners IPO is likely to be finalised today. Investors can check their allotment status on the issue's registrar KFin Technologies Private Limited's website as well as BSE.
8:40 am:FIIs investment trend
The foreign institutional investors (FIIs) stood as net buyer in debt, but turned net seller in equity on Tuesday. The net investment of equity and debt reported were Rs -961.68 Crore and Rs. 348.96 crore.
8:30 am: Global markets
Asian markets were trading higher on Tuesday with Japan's Nikkei, Hong Kong's Hang Seng index and Australia's ASX 200 index edged higher in early trading.
8:20 am: Stocks in focus
Shares of State Bank of India, BPCL, Tata Communications, Tech Mahindra, Gland Pharma, AU Small Finance Bank, Shriram City Union Finance will be in focus on Wednesday's trade
8:10 am:SGX Nifty indicates higher opening for Sensex, Nifty
Indian benchmark indices are seen opening flat to higher on Wednesday, tracking mixed cues from Asian peers and positive trading at Singapore Nifty futures. At 8:10 AM, the Nifty futures were trading 13.25 points or 0.09 per cent higher at 14,987.80 on the Singapore Stock Exchange, indicating a positive start at Dalal Street.
On Tuesday, the Indian benchmark indices ended lower for third straight session, weighed down by losses in metal and bank stocks. The BSE Sensex ended at 50,363, down 31 points or by 0.06 per cent, and the NSE Nifty ended 19 points or 0.3 per cent lower at 14,910. Among the individual stocks Asian Paints, Dr. Reddy's Laboratories, HCL Technologies, Hindustan Unilever, ITC were among top gainers on BSE Sensex pack. On the other hand, ICICI Bank, State Bank of India, Kotak Mahindra Bank, HDFC Bank, NTPC were notable losers.