Indian benchmark indices lower for the second straight session on Thursday amid board-based selling as futures and options (F&O) monthly contracts expire today. The S&P BSE Sensex ended 740 points or 1.51 per cent lower at 48,440, and NSE Nifty 50 index fell 224.5 points or 1.54 per cent to settle at 14,324. The broader markets also witnessed bloodbath, with midcap and smallcap indices declining 2.19 per cent and 1.81 per cent, respectively. All sectoral indices ended in red, with auto and oil and gas stocks emerging as top losers, falling 2.7 per cent, each. Out of 30 stocks on BSE Sensex pack, only Dr. Reddy, HDFC, ICICI Bank and L&T ended in green, while remaining 26 shares ended lower. Maruti Suzuki, Bharti Airtel, Reliance Industries, HUL, Bajaj Finance, ONGC, NTPC, Ultratech Cement were among the top laggards. Positive cues from global markets failed to cheered market as spike in COVID cases and worries over lockdowns in several cities dampened investor sentiment. On the global front, Asian markets ended mostly higher while European markets too opened on a positive note.
On Wednesday, Indian benchmark indices ended sharply lower amidst high volatility owing to weak global cues and spike in COVID-19 cases. The BSE Sensex closed at 49,180, down by 871 points or by 1.74 per cent, and the NSE Nifty ended at 14,549, down by 265 points or by 1.79 per cent. The market witnessed broader-based selling with 28 out of 30 BSE index heavyweights ending in red amid fear that second and third wave infections in India and Europe, respectively, are bound to hamper economic recovery. Reports of a potential tax hike in the US also impacted the market sentiment. Among the individual stocks, Mahindra & Mahindra was top loser, falling 4 per cent, followed by ICICI Bank, IndusInd Bank, and State Bank of India which dropped nearly 3 per cent. Among others, Larsen & Toubro, ITC, NTPC, Tech Mahindra, ONGC, Bajaj Finance, Reliance and Bajaj Auto fell up to 2 per cent.
Check highlights of Sensex and Nifty trading:
1:40 pm: Barbeque Nation IPO booked 1.6 times so far on day 2
Rakesh Jhunjhunwala-back Barbeque Nation Hospitality IPO was oversubscribed 1.6 per cent on the second day of the issue so far. The offer received bids for 82 lakh equity shares against the offer size of 49.99 lakh equity shares, as per data available on National Stock Exchange. The quota for qualified institutional buyers (QIB) was subscribed 37 per cent, while that of non-institutional investors (NII) by 8 per cent. The issue saw surge in demand from retail investors as portion reserved for them was subscribed 7.92 times and quota for employees was booked 47 per cent.
1:00 pm: Expert views on real estate sector
Ankit Kansal, MD, 360 Realtors, says "Indian Real Estate registered whiplash-like numerous other sectors during the pandemic. There was a steep decline in sales during the mandatory lockdown period despite some limited resilience showed by the industry players. However, as the lockdown was suspended a host of positive socio-economic helped the sector to stage a faster comeback."
"The liquidity infusion initiative by the GOI resulted in a reduction in home loan rates that helped in an upturn in sales volume. Similarly, attractive payment plans by the developers in conjunction with stamp duty reduction in states like Maharashtra and Karnataka further helped the industry in recovering fast. The correction in the value of the Indian rupee also helped in expanding revenue streams from the NRI market," he said.
"In FY22, most of the major markets will show a northward movement in sales. IT-driven markets like Pune, Bangalore, and Hyderabad will see strong uptake in the affordable and mid-income projects, especially in the vicinity of the IT corridors. These entailed minimal impact of the COVID-19 even during the crisis, which has helped in their quicker revival. MMR is seeing a growth in momentum due to a reduction in stamp duty and development premiums."
12:20 pm: Mid-Market: Sensex, Nifty extend fall
Extending early morning losses, the Indian benchmark indices, Sensex and Nifty, were reeling under selling pressure on Thursday. The BSE Sensex was at 48,391.95, down by 788.36 points, or by 1.6 per cent, and the NSE Nifty was quoting at 14301.2, down by 248.2 points or by 1.71 per cent. The broader were down over 2.5 per cent, each.
11:15 am: Market insight from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The uncertainty in the market continues with increasing risk arising from the second wave of Covid attack in India in the context of a third wave in parts of Europe. But the relief is that the second wave is less intense than the first. This and the fact that vaccination is accelerating is likely to support markets. In this race between Covid spread and vaccination, the latter will eventually succeed. The market knows that. So, volatility is here to stay for some time before stability emerges. A major trend in the market now is the comeback of pharma stocks in recent days and the weakness in banking stocks. Pharma may continue to find favour, but high quality banking stocks are unlikely to languish. Q4 results of IT, banking majors and top-rung FMCG would be good. Market response will happen before the results are announced."
11:00 am: Laxmi Organic debuts at 20% premium against issue price
Shares of Laxmi Organic Industries made a decent opening on stock exchanges on Thursday, listing at Rs 156.20, a 20 per cent premium over its issue price of Rs 130 per share on the BSE. In a similar trend, the stock opened 20 per cent higher at Rs 155.50 on the National Stock Exchange (NSE).
10:45 am: Craftsman Automation lists at 9% discount against issue price
Craftsman Automation share price kicked off trade on domestic bourses on weak note, listing at Rs 1,350, a 9 per cent discount over its issue price of Rs 1,490 per share on the BSE. On the NSE, the stock debuted 8.8 per cent lower at Rs 1,359 compared to issue price. Following the listing, the stock hit high and low of Rs 1487.80 and Rs 1,349.20. As much as 1.04 lakh shares were traded on BSE, while market cap stood at Rs 3,079.03 crore.
10:30 am: DHFL share price hits 5% lower circuit
Shares of Dewan Housing Finance Corporation (DHFL) was locked in 5 per cent lower circuit at Rs 16.65 on the BSE after the Central Bureau of Investigation (CBI) booked the company and its directors for allegedly creating over 2.60 lakh fictitious home-loan accounts, some of which were used to claim interest subsidies in the Pradhan Mantri Awas Yojna (PMAY).
10:00 am: Top gainers and losers on BSE Sensex
The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 105.80,+1.00%), Dr. Reddy's Laboratories Ltd. (Rs. 4361.35,+0.24%), Larsen & Toubro Ltd. (Rs. 1370.70,+0.16%), Asian Paints Ltd. (Rs. 2445.05,+0.03%).
On the other hand, IndusInd Bank Ltd. (Rs. 941.55,-1.89%), Kotak Mahindra Bank Ltd. (Rs. 1753.00,-1.64%), State Bank of India (Rs. 354.25,-1.57%), HCL Technologies Ltd. (Rs. 960.80,-1.55%), Bajaj Finance Ltd. (Rs. 5191.00,-1.50%), were among top losers.
9:50 am: Jubilant FoodWorks share rises 4%
Shares of Jubilant FoodWorks rose 3.86 per cent to Rs 2,980.25 in opening trade on BSE after the company said it has entered into an exclusive master franchise and development agreement with PLK APAC Pte. to introduce American multinational chain of fried chicken fast food restaurants 'Popeyes', to India.
9:40 am: Petrol, diesel prices cut for second day
The oil marketing companies (OMCs) have lowered petrol and diesel prices for the second straight day on Thursday across all four metros. The petrol price was slashed by 21 paise per litre, while diesel was cut by 20 paise a litre in the national capital.
9:30 am: Crude oil prices extend fall
Oil prices plunged nearly 2 per cent on muted demand and rising concerns about fresh coronavirus pandemic lockdowns. Brent crude futures fell by 1.8% to $63.27 a barrel, while West Texas Intermediate (WTI) crude futures slipped by 2.1% to $59.91 a barrel.
9:15 am: Sensex, Nifty open flat
After making bearish start, Indian benchmark indices fell sharply in opening trade on Thursday, tracking muted cues from Asian markets. The BSE Sensex dropped 293 points or 0.6 per cent to 48,886, and the NSE Nifty fell 91 points or 0.61 per cent to 14,457. Among the individual stocks, listing of Craftsman Automation and Laxmi Organic Industries will be eyed. Anupam Rasayan made a weak opening at Dalal Street on Wednesday. Among others, shares of Bank of India, TVS Motors, Adani Group, Cadila Healthcare, InterGlobe Aviation, Adani Green, L&T will in focus today.
9:10 am: Adani Green, Cadila, TVS Motors, Bank of India, Jubilant FoodWorks stocks to be in focus today
Shares of Craftsman Automation, Anupam Rasayan, Laxmi Organic Industries, Adani Green, Cadila, TVS Motors, Bank of India, Jubilant FoodWorks will be in focus in Thursday's trading session.
8:45 am: FIIs investment trend
The foreign institutional investors (FIIs) stood as net buyer in debt, but turned net seller in debt market on Wednesday. The net investment of equity and debt reported were Rs -29.46 Crore and Rs 181.30 crore.
8:30 am: SGX Nifty trades in green
Indian benchmark indices are expected to open flat to higher on Thursday, tracking muted cues from Asian markets and firm trading at Singapore Nifty futures. At 8:15 AM, the Nifty futures were trading 99 points or 0.68 per cent higher at 14,667 on the Singapore Stock Exchange.
8:20 am: Asian markets edge higher
Asian market were trading higher, paring early losses, undermining weak cues from the US market. The Shanghai Composite was up 0.13 per cent, while Japan's Nikkei 225 and Hong Kong's Hang Seng were trading 1.07 per cent and 0.06 per cent, respectively.
8:15 am: US stocks ended lower
In the overnight trade, Wall Street ended lower, with tech-heavy NASDAQ index fell 2 per cent, while S&P 500 dropped 0.55 per cent and Dow Jones closed flat.
8:10 am: IPO listing
Listing of Craftsman Automation and Laxmi Organic Industries will be eyed. Anupam Rasayan made a weak opening at Dalal Street on Wednesday.
8:05 am: Stock in focus
Shares of Bank of India, TVS Motors, Adani Group, Cadila Healthcare, InterGlobe Aviation, Adani Green, L&T will in focus today.