Indian benchmark indices ended sharply lower on Wednesday 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. The BSE midcap and smallcap indices fell 1.69 per cent and 1.6 per cent, respectively. On the sectoral front, all the indices ended in red, with realty and metal falling nearly 3 per cent, each. 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.
"Indian market witnessed across-the-board selling amidst high volatility owing to weak global cues and spike in Covid cases. All sectors barring pharma witnessed selling as 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," says Vinod Nair, Head of Research at Geojit Financial Services.
On the global front, Asian market ended on mixed note on Wednesday, with Chinese market closed higher, while markets in Japan and Hong Kong settled in negative terrain. The China's Shanghai Composite rose 1.14 per cent, while Japan's Nikkei 225 and Hong Kong's Hang Seng dropped 2.07 per cent and 0.27 per cent, respectively.
Check highlights of Sensex and Nifty trading on Wednesday:
3:25 pm: YES Bank shares down 2%
Shares of YES Bank were trading 1.68 per cent lower at Rs 14.65 on the BSE. The private sector lender on Tuesday announced the launch of YES Essence Plus - a unique accelerator program to support women-led startups in partnership with SHEROES, the women-only social network. "Over a 10-week period, the cohort startups will receive customised training through virtual workshops conducted by industry experts. The curriculum will focus on building skills such as financial management, legal, fundraising, marketing, and effective leadership. The accelerator culminates with a final Demo Day, where the startups will then present their ideas to venture capital partners, Bharat Innovation Fund, CIIE A and 3one4 Capital. Leading accelerators like the GAIN, Strategy Garage and WSquare will support in outreach as ecosystem partners," YES Bank said.
3:05 pm: Sensex, Nifty near day's low
The Indian benchmark indices extended loss in final hour of day's trade on Wednesday, tracking weak global cues. The BSE Sensex was at 49235.85, down by 815.59 points or by 1.63 per cent, and the NSE Nifty was at 14648.55, down by 166.2 points or by 1.12 per cent. In line with benchmark indices, the broader markets were bleeding in red. The BSE midcap and smallcap were trading lower by 0.99 per cent and 0.72 per cent, respectively. On the sectoral front, realty and bank stocks were among top losers, falling 2 per cent each. Among the individual stocks, ICICI Bank, IndusInd Bank, State Bank of India, Axis Bank, Ultratech Cement, Infosys, Reliance Industries, HDFC, Maruti, TCS were among top losers, while Asian Paints, Power Grid Corporation of India, Bharti Airtel, HUL, NTPC were among top gainers.
3:00 pm: Top gainers and losers sector wise
The BSE healthacare index was top gainer, up by 0.03%. Solara Active Pharma Sciences Ltd. (Rs. 1301.55,+4.87%), IOL Chemicals and Pharmaceuticals Ltd. (Rs. 590.15,+3.77%), FDC Ltd. (Rs. 281.95,+2.94%), Neuland Laboratories Ltd. (Rs. 2020.00,+2.03%), Cipla Ltd. (Rs. 791.05,+1.90%).
The BSE Realty index was top loser, falling by 2.57%. Indiabulls Real Estate Ltd. (Rs. 84.60,-6.05%), DLF Ltd. (Rs. 287.25,-3.62%), Godrej Industries Ltd. (Rs. 1392.55,-3.32%), Sunteck Realty Ltd. (Rs. 302.45,-3.19%), Oberoi Realty Ltd. (Rs. 576.30,-2.45%).
2:28 pm: Barbeque Nation IPO subscribed 70% so far on day 1
The initial public offering (IPO) of Barbeque Nation Hospitality was subscribed 70 per cent on the first day of bidding so far as investors bid for 35 lakh equity shares against the offer size of 49.99 lakh shares, the exchanges data showed.
2:10 pm: Cadila Healthcare shares gain on reduction in price of COVID-19 drug
Shares of Cadila Healthcare were trading 0.86 per cent higher after the pharma major said that it has reduced the price of COVID-19 drug to make it more affordable. In a significant move, Zydus has made its brand of Remdesivir, Remdac more affordable at Rs 899 for a 100 mg lyophilized injection. Remdac, which was launched in August 2020 at Rs 2,800, continues to be India's most economical brand of Remdesivir and a critical drug in the treatment of COVID-19. This move to further revise the prices will go a long way in helping patients during these critical times, the drug maker said.
n June 2020, Zydus had entered into a non-exclusive agreement with Gilead Sciences Inc., to manufacture and sell Remdesivir, the investigational drug, which has been issued an Emergency Use Authorization by the US Food and Drug Administration (FDA) to treat patients suffering from severe symptoms of COVID 19. The API for the drug has been developed and manufactured at the group's API manufacturing facilities in Gujarat.
2:00 pm: Lupin shares edge high on pact with Uttarakhand Police to promote hand hygiene
Shares of Lupin were trading 0.59 per cent higher at Rs 1021.05 on BSE after the drug maker y announced its association with the Uttarakhand Police for Kumbh Mela 2021. During the Kumbh, LupinLife will provide five lakh LupiSafe hand sanitizers to policemen and frontline workers deployed at strategic locations - parking spots, food centres, health centres and bathing areas - in Hardwar to keep them safe from COVID-19 and other infections, it said.
LupinLife will also provide brochures to the tourists to ensure they have access to critical information. These include road traffic routes to and from adjoining cities, major bathing dates, demarcated parking spots, etc to help tourists navigate their way easily.
1:30 pm: KPIT Technologies share jumps 12%
KPIT Technologies share price rallied 12 per cent to hit 52-week high of Rs 185 in intraday trade on BSE, in an otherwise weak market, breaching its previous high of Rs 174 touched on March 10, 2021.
1:15 pm: Zydus Wellness share rises 1%
Shares of Zydus Wellness were trading 0.83 per cent higher at Rs 1928 on BSE after drug maker an announced settlement of patent litigation for Generic Revlimid in the US.
"Cadila Healthcare Limited and its subsidiary Zydus Pharmaceuticals (USA) Inc. (Zydus Cadila) today announced that they have reached an agreement with Celgene Corporation (Celgene), a wholly owned subsidiary of Bristol Myers Squibb (NYSE: BMY) relating to patents for REVLIMID (lenalidomide). As part of the settlement, the Parties will file Consent Judgments with the United States District Court for the District of New Jersey that enjoin Zydus Cadila from marketing generic lenalidomide before the expiration of the patents-in-suit, except as provided for in the settlement," it said in a filing to BSE.
12:55 pm: Rossari Biotech share price falls 5%
Rossari Biotech share price declined as much as 5 per cent to Rs 1,056.8 on BSE as investors resorted to profit booking after the company board gave nod to issue equity shares aggregating to Rs 300 crore on preferential basis.
12:10 pm: Top gainers and losers on BSE Sensex
Oil And Natural Gas Corporation Ltd. (Rs. 103.05,-3.83%), State Bank of India (Rs. 361.75,-2.89%), Mahindra & Mahindra Ltd. (Rs. 821.00,-2.80%), Axis Bank Ltd. (Rs. 710.45,-2.78%), ICICI Bank Ltd. (Rs. 570.65,-2.67%) were among top losers on BSE Sensex pack.
On the other hand, Asian Paints Ltd. (Rs. 2453.05,+1.81%), Power Grid Corporation of India Ltd. (Rs. 221.20,+0.94%), Sun Pharmaceutical Industries Ltd. (Rs. 591.65,+0.64%), Dr. Reddy's Laboratories Ltd. (Rs. 4390.75,+0.43%), Bharti Airtel Ltd. (Rs. 529.45,+0.05%) were among top gainers.
12:00 pm: Adani Green shares trade lower in line with Sensex
Shares of Adani Green Energy were trading 0.54 per cent lower at Rs 1,305.05 on the BSE even after the company announced that it will acquire 74.94 MW solar projects from sterling & wilson at Rs 446 crore.
11:45 am: Angel Broking on Adani Green Energy's latest acquisition
Adani Green Energy Limited (AGEL), one of the largest renewables companies in India, today announced that it has signed a share purchase agreement for the acquisition of 100% stake in two SPVs holding 74.94 MW operating solar projects of Sterling & Wilson. The acquisition is at an enterprise valuation of approximately Rs446cr. With this acquisition, AGEL will have operating renewable capacity of 3,470 MW with a total renewable portfolio of 15,240 MW. This is a positive development for the company, which would support revenue growth for FY22.
11: 20 am: Jhunjhunwala-backed Nazara Technologies IPO share allotment likely today
Ace investor Rakesh Jhunjhunwala-backed Nazara Technologies is likely to finalise allotment of its shares today. The share of India-based gaming and sports media platform is likely to be listed on March 30, 2021. The allotment of shares today will leave many investors disappointed since the initial public offer (IPO) was subscribed 175.46 times on the last day. For 29.20 lakh equity shares available, the share sale received bids for 51.20 crore equity shares.
10:50 am: Barbeque Nation IPO opens today
Rakesh Jhunjhunwala-backed Barbeque Nation Hospitality to launch IPO today, which will close on March 26. The issue comprises a fresh issue of Rs 180 crore and an offer for sale of up to 54,57,470 equity shares by existing shareholders. The price band of the offer has been fixed at Rs 498 - Rs 500 per share. At the upper price band, the casual dining chain will garner Rs 452.87 crore from the IPO. Allotment of shares in the IPO is likely to be held on April 1 and market debut expected on April 7.
10:35 am: Anupam Rasayan shares make muted debut, lists at 6% discount
Anupam Rasayan share price opened at a 6.3 percent discount at Rs 520 on the National Stock Exchange, against the issue price of Rs 555 per share. The stock opened at a 3.6 per cent loss on the BSE at Rs 534.70.
10:20 am: Sensex, Nifty extend fall
The BSE Sensex was at 49,566.06, down by 485.38 points or by 0.97 per cent, and the NSE Nifty was at 14,673.05, down by 141.7 points or by 0.96 per cent.
10:05 am: Market insight by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
"The sudden surge in Covid cases, globally, is a cause for concern. Markets had discounted sharp recovery in global GDP growth in 2021. But now, with parts of Germany, France & Italy going through the third wave and regional lockdowns, global GDP growth is likely to be below estimates. The recent crash in crude is a reflection of reduced demand emanating from declining economic activity. In India, the second wave in some prominent cities is adding to the concern. FII & DII buying are down. Investors may wait & watch. Declines may be used to buy quality large-caps in IT, pharma & financials where there is good earnings visibility."
9:45 am: Rail Vikas Nigam shares fall 7%
Shares of Rail Vikas Nigam plunged 7.56 per cent to hit low of Rs 28.10 on the BSE on government's stake sale bid announced on Tuesday. The Centre has proposed to sell 15 per cent stake in Rail Vikas Nigam via offer for sale to raise around Rs 755 crore. The floor price has fixed at Rs 27.50 a share, 9.54 per cent discount from Tuesday's closing price.
9:30 am: Bank, Realty stocks lead fall
On the sectoral front, bank and realty stocks were among top losers, falling 0.84 per cent and 0.77 per cent in opening trade.
ICICI Bank, IndusInd Bank, State Bank of India, Axis Bank Ltd., RBL Bank were among top losers on banking space.
Godrej Industries, Oberoi Realty, Prestige Estates Projects, DLF, Mahindra Lifespace Developers, were among top laggards in realty sector.
9:15 am: Sensex, Nifty open lower
Indian stock markets, Sensex and Nifty, opened lower on Wednesday, tracking bearish cues from Asian markets and muted trading at Singapore Nifty futures. The BSE Sensex opened lower at 49,714, down 337 points or 0.65 per cent and the NSE Nifty belled at 14,712, down 102 points or by 0.69 per cent. Among the individual stocks, ICICI Bank, IndusInd Bank, State Bank of India, Axis Bank, Ultratech Cement, Infosys, Reliance Industries, HDFC, Maruti, TCS were among top losers, while Asian Paints, Power Grid Corporation of India, Bharti Airtel, HUL, NTPC were among top gainers.
9:12 am: Gold price today
Gold price extended fall on Wednesday amid investors' increasing appetite for riskier assets. Gold price tumbled by Rs 800 per 10 gram in Indian on Wednesday. 22-carat Gold was quoting at Rs 43,000 per 10 gram, while the 24-carat gold price was Rs 44,000 per 10 gram.
9:05 am: Crude oil prices rise on Wednesday
Crude oil prices rise marginally on Wednesday amid bargain hunting by investors amid recent fall, while slump in demand in wake of rising COVID-19 cases restricted gains. Brent crude futures rose by 0.4% to $61.06 a barrel, while West Texas Intermediate (WTI) crude futures climbed 0.3% to $57.95 a barrel.On Tuesday, benchmark US crude oil for May delivery dropped $3.79 to $57.26 a barrel, while brent crude oil for May delivery closed $3.83 to $60.79 a barrel.
9:00 am: Banking stocks to be in focus
Banking stocks will be eyed as the government on Tuesday informed Parliament that non-performing assets of banks fell to Rs 5.70 lakh crore in December 2020 and the recovered amount stood at Rs 2.74 lakh crore on the back of preventive measures taken by the government.
8:45 am: Stocks to watch today: RIL, Bharti Airtel, ONGC, Hero MotoCorp, Rail Vikas Nigam, others
Among the individual stocks, shares of Reliance Industries, Bharti Airtel, ONGC, Hero MotoCorp, Rail Vikas Nigam, JK Tyre and Industries, Suzlon, Tata Motors will be in focus in Wednesday's trading session.
8:30 am: Asian markets trade in red
Asian markets were trading lower, tracking negative cues from the US stocks which settled lower in overnight trade. The China's Shanghai Composite was down 0.92 per cent, while the Hang Seng was trading 1.67 per cent lower. The Japan's Nikkei 225 was down 1.8 per cent.
8:25 am: US stocks ended lower on Tuesday
Wall Street ended lower on Tuesday, weighed down by fall in technology, industrial and bank stocks. The Nasdaq Composite dropped 1.1 per cent, while the S&P 500 fell 0.8 per cent. The Dow Jones Industrial Average slipped 0.9 per cent.
8:20 am: Stock in news: Future Retail, Mindtree, Piramal, IndusInd Bank, BPCL, RailTel, ONGC
Shares of Reliance Industries, Bharti Airtel, IDBI Bank, Anupam Rasayan, Rail Vikas Nigam, Hero MotoCorp, ONGC will be in focus in Wednesday's trading session.
8:15 am: FIIs turn net buyer in equity and debt
The foreign institutional investors (FIIs) were net buyer in equity and debt market on Tuesday. The net investment of equity and debt reported were Rs 276.50 crore and Rs 379.27crore.
8:10 am: SGX Nifty indicates negative opening for Sensex, Nifty
Indian benchmark indices are expected to open lower on Wednesday, tracking weak cues from Asian markets and muted trading at Singapore Nifty futures. At 8:10 AM, the Nifty futures were trading 6.2 points or 0.04 per cent higher at 14,833.20 on the Singapore Stock Exchange, indicating a negative start at Dalal Street.