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Share Market updates: Sensex falls 778 pts, Nifty ends at 16,500; banking shares top losers

Share Market updates: Sensex falls 778 pts, Nifty ends at 16,500; banking shares top losers

On Monday, Sensex rebounded 1,414 points from the day's low to close in the green for the second consecutive session. 

Share Market LIVE: Sensex, Nifty likely to open lower today Share Market LIVE: Sensex, Nifty likely to open lower today

Good afternoon!

On Monday, Sensex rebounded 1,414 points from the day's low to close in the green for the second consecutive session. 

Equity benchmark Sensex, which slipped 1,025 points to 54,833, closed 388 points higher at 56,247. Nifty ended 135 points higher at 16,793. Earlier, the index had slipped 302 points to 16,356. 

What's next? Here's a look at the latest updates of the market today!

3:32 pm: Sensex closes 778 points lower at 55,468 and Nifty falls 188 points to 16,605.

2:54 pm: India VIX, a signal of volatility in Indian market,  rises 4.69% to 29.88 in the afternoon session.

2:45 PM: We continue to remain biased towards large caps, says Motilal Oswal

Stock markets globally are going through unprecedented volatility amid the Russia-Ukraine crisis and the Indian market is no exception.

According to a recent report by the brokerage house Motilal Oswal, the Russia-Ukraine conflict has resulted in a global risk-off, with equity markets undergoing intermittent bouts of correction and elevated volatility. The uncertainty over the duration and magnitude of the extant conflict could keep the market jittery and dependent on news flow.

From India's viewpoint, it noted that a sharp spike in crude oil prices poses key risks on the external balance front and can play a spoilsport with the assumptions made in the FY23 Union Budget.READ MORE


2:30 pm: Mindtree co-founders raise Rs 320 cr for early-stage start-up fund

Mela Ventures, an Alternative Investment Fund (AIF) founded by Mindtree co-founders Krishnakumar Natarajan and Parthasarathy NS, has closed its maiden fund by raising Rs 320 crore. The fund, which will invest in early-stage start-ups, was oversubscribed 1.6 times its initial target. It received capital commitments by a diverse group of global investors, government institutions, professionals from the technology sector and family offices. READ MORE 

2:01 pm: Top gainers and losers

Banking stocks are the top losers in the afternoon session, with the BSE bankex tanking 1203 points to 40,432. However, metal shares are the top gainers on BSE. BSE metal index is up 1024 points to 21,808.

1: 56 pm:BSE midcap and small cap indices fall 81 points and 6 points in afternoon session, respectively.

1: 53 pm: Market breadth is negative with 1,587 shares rising against 1,684 stocks falling on BSE.

1:17 pm: Market in the red

Tata Steel, Titan, Reliance Industries, PowerGrid are the top Sensex gainers, rising up to 5.77% in the afternoon session today. Of 30 Sensex stocks, 24 are trading in the red.

1:10 pm: Media stocks defy market crash as Adani Group to buy stake in Quint Digital Media

Shares of media companies were among the major gainers after  Quint Digital Media stock was locked at 20 per cent upper circuit in trade today.

The rally in the Quint Digital Media stock came after the firm said Adani Group would acquire a minority stake in Quintillion Business Media Private Limited (QBM), an indirect subsidiary of Quint Digital.

The media firm did not mention the quantum of stake involved in the deal.

Stock of Quint Digital Media touched an intraday high of Rs 483.4 , rising 20% against the previous close of Rs 402.85 on BSE. READ MORE

12:35 pm: Market update

 Sensex loses 1,152 points to 55,094 and Nifty falls 289 points to 16,504

12:20 pm: Market cap of BSE-listed firms stands at Rs 250.63 lakh crore on BSE.

12:06 pm: Panacea Biotec shares hit upper circuit

Shares of Panacea Biotec rose 5% in early trade today after its arm Panacea Biotec Pharma Ltd (PBPL) inked agreements for the sale of its pharmaceutical formulations brands for India and Nepal, to Mankind Pharma Limited at a total consideration of Rs 1,872 crore.

The stock opened with a gain of 4.05% at Rs 196.70 against the previous close of Rs 189.05 on BSE. Panacea Biotec shares touched an intra day high of Rs 198.5 , up 5% on BSE

11:56 am: Sensex down over 1000 points

Sensex crashed over 1000 points to 55,236 and Nifty fell over 250 points to 16,543 as the Russia-Ukraine crisis stirred anxiety among investors on Dalal Street.

Nifty Media and Nifty Metal were the only sectoral indices trading in the green. All the other sectoral indices were trading in the red.

11:45 am: Market check

Equity benchmark Sensex tanked over 900 points to 55,299 and Nifty also plunged over 230 points to 16,562.

Banking stocks were the top losers on the Sensex pack. 

Maruti Suzuki, Asian Paints, ICICI Bank and HDFC Bank were among the top losers on Sensex.

11:30 am: Tata Steel shares on a roll

Shares of Tata Steel Limited zoomed over 6 per cent to hit an intraday high of Rs 1,294.4 on BSE. Market cap of the firm rose to Rs 1,57,861 crore.

Tata Steel, through its wholly-owned subsidiary, Tata Steel Advanced Materials, has acquired 90 per cent equity stake in Ceramat Pvt Ltd, a company focused on advanced ceramics with healthcare. The deal is expected to be closed in 60 days.

11:15 am: India's manufacturing PMI improves to 54.9 in Feb

India’s manufacturing PMI increased to 54.9 in February, a slight improvement from January's 54.0, signalling a stronger improvement of the sector. "The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index® (PMI®) was at 54.9 in February, up from 54.0 in January and signalling a stronger improvement in the health of the sector. Growth has now been seen in each of the latest eight months, with the headline figure remaining above its long-run average of 53.6," stated IHS Markit in its report.

11:00 am: Vedant Fashions reports first earnings post market debut, stock gains

Shares of Vedant Fashions rose over 2 per cent in an otherwise weak market today after the operator of ethnic wear brand Manyavar reported a 24 per cent growth in consolidated profit for the December quarter.

This is the first set of earnings after the firm made its stock market debut on February 16 this year.

Vedant Fashions stock gained 2.34 per cent to Rs 913.25 against the previous close of Rs 892.35 on BSE. Total 0.15 lakh shares of the firm changed hands amounting to a turnover of Rs 1.34 crore on BSE.

Market cap of the firm stood at Rs 21,625 crore on BSE. Consolidated profit rose to Rs 127.8 crore in Q3 against Rs 102.947 crore in the third quarter of the previous fiscal.

10:30 am: Maruti Suzuki shares tank 4% on weak February sales

Shares of country's leading automaker Maruti Suzuki India Limited (MSIL) tanked over 4 per cent to hit an intraday low of Rs 7,975 on BSE after  reported a 7.4 per cent year-on-year decline in total passenger vehicle sales at 133,948 units in February 2022. The automaker had sold a total of 144,761 units in the corresponding month last fiscal.

10:00 am: Hero MotoCorp shares fall nearly 4% on weak February sales 

Shares of two-wheeler maker Hero MotoCorp fell over 3% in early trade today after the firm reported a 29 per cent fall in February sales.

Total wholesales units rose to 3,58,254 in February against 5,05,467 units in February 2021. Hero MotoCorp shares touched an intraday low of Rs 2,443.8, falling 3.64% on BSE.

9:30 am: Here's a look at stocks that are likely to remain in news today.

Reliance Industries: Reliance Retail Ventures, a subsidiary of the Mukesh Ambani-led conglomerate, has picked up a majority stake in homegrown designer brand Abraham & Thakore Exports, for an undisclosed amount.

Ashok Leyland: The Hinduja flagship firm reported a 7 per cent rise in commercial vehicle sales to 14,657 units in February. The company had sold 13,703 units in the same month last year. Domestic sales were up 4 per cent at 13,281 units against 12,776 units in February 2021.

Maruti Suzuki India: The country's largest car maker reported a marginal dip in total wholesales at 1,64,056 units in February. The company had sold 1,64,469 units in February 2021.

https://www.businesstoday.in/markets/company-stock/story/stocks-in-news-hero-motocorp-reliance-industries-tata-motors-route-mobile-sensex-324400-2022-03-02

9:16 am: Market opening

Equity benchmark Sensex tanked over 600 points to 55,615.68 and Nifty fell over 200 points to 16,593.10 as the Russia-Ukraine crisis deepened and stirred anxiety among investors on Dalal Street.

ICICI Bank and Maruti Suzuki were the top losers on Sensex, declining over 3 per cent.

9:00 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

Benchmark Indices are expected to open on a negative note today as suggested by trends on SGX Nifty. Yesterday US markets fell more than 1.5% while the UK, French and German markets fell by 1.7%/3.9%/3.8% respectively. 

Asian stocks are also trading in negative territory in the early Wednesday trade. Oil prices rose around 3% on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments. 

Some of the stock-specific actions can be witnessed in stocks such as Route Mobile (successfully completed the acquisition of MR Messaging FZE), Panacea Biotec (selling the pharmaceutical formulations brands of its subsidiary to Mankind Pharma), Vipul Organics (will issue one bonus share for every four shares held by shareholders).

On the technical front, the immediate support and resistance in Nifty 50 are 16,200 and 17,000 respectively. Bank Nifty immediate support and resistance are 35,800 and 36,800 respectively.

8:45 am: Oil surges over 7% as global crude reserve release disappoints

Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine.

Members of the International Energy Agency (IEA), which includes the United States and Japan, agreed to release 60 million barrels of crude from their reserves to try to quell the sharp increase in prices that pushed major benchmarks past $100 a barrel.

8:40 am: Global updates

Wall Street ended sharply lower on Tuesday, with financial stocks bearing much of the damage for a second straight day as the Russia-Ukraine crisis deepened and stirred anxiety among investors. Ten of the 11 S&P 500 sector indexes fell, led by financials, down 3.7%.

The Dow Jones Industrial Average fell 1.76% to end at 33,294.95 points, while the S&P 500 lost 1.55% to 4,306.24. The Nasdaq Composite dropped 1.59% to 13,532.46.
 
Japan's benchmark Nikkei 225 plunged 500 points to 26,341.95. Hang Seng Index declined 1.00 per cent or 227.53 points, to 22,534.18. The Shanghai Composite Index was marginally lower, dipping 11 points to 3,477.22.
 
8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 3,948.47 crore on February 28, and domestic institutional investors (DIIs) bought shares worth Rs 4,142.82 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a negative note as SGX Nifty was down over 140 points to 16,560.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

Sensex rebounded 1,414 points from the day's low to close in the green for the second consecutive session. Sensex, which slipped 1,025 points to 54,833, closed 388 points higher at 56,247. Nifty ended 135 points higher at 16,793. Earlier, the index had slipped 302 points to 16,356.  

Tata Steel, PowerGrid,  Reliance Industries and Titan were the top Sensex gainers, rising up to 6.61 per cent.  Dr Reddy's Laboratories,  M&M and Axis Bank were the top Sensex losers, falling up to 2.81 per cent.

Of 30 Sensex stocks, 17 ended in the green. Market cap of BSE-listed firms rose to Rs 252.38 lakh crore against the previous session's Rs 250 lakh crore.

Market breadth was positive with 2,114 stocks ending higher against 1332 stocks closing lower on BSE. 146 shares were unchanged. BSE mid cap and small cap indices rose 193 points and 211 points, respectively.

Published on: Mar 02, 2022, 8:36 AM IST
Posted by: Tanya Aneja, Mar 02, 2022, 8:35 AM IST