Good morning! The benchmark indices ended sharply lower as selling pressure intensified amid profit-booking in IT and financials on Thursday.
The 30-share BSE index ended 770 points lower at 58,788.02, and the broader NSE Nifty ended 219.8 points to 17,560.20.
Here's a look at the latest updates of the market action on BSE and NSE today.
15:30 pm: Market closing
Equity benchmark Sensex ended 143 points lower after a choppy session today. Likewise, the Nifty fell 43 points or 0.25% to 17,516.30.
SBI was the top loser in the Sensex pack, shedding 1.92%, followed by M&M, NTPC, Kotak Mahindra Bank and Bajaj Finserv.
15:00 pm: Aditya Birla Fashion and Retail Ltd in focus
Aditya Birla Fashion and Retail Ltd (ABFRL) announced on Friday that it will set up a platform to foray into the Direct-to-Consumer (D2C) business. The plan was approved unanimously in a board meeting today. The company will set up a new subsidiary towards building a portfolio of new-age, digital brands across categories such as beauty, fashion and other allied lifestyle segments.
ABFRL said that the D2C portfolio will be built through organic and inorganic means, and will initially be funded through the company’s internal accruals.
14:30 pm: Market check
The benchmark indices were trading lower amid a volatile session. Sensex was trading over 170 points lower at 58,613 and Nifty also fell over 48 points to 17,512.
SBI and M&M were the top losers on Sensex, declining over 2 per cent.
13:30 pm: Coal India plans to directly export bulk output to Bangladesh, Sri Lanka, Bhutan
Coal India Ltd, the world's largest coal miner, plans to directly export output to neighboring countries, according to sources and documents seen by Reuters, after decades of exclusively supplying domestic consumers.
The state-run company plans to export to Bangladesh, Nepal and Bhutan, according to a draft policy sent to the secretary of India's coal ministry and reviewed by Reuters, as a part of India's "neighborhood first" policy, which seeks to counter China's growing economic influence in South Asia.
13:00 pm: L&T Infotech 22nd strongest IT services brand globally with $1 bn valuation
Larsen & Toubro Infotech (LTI) has consolidated its position as one of the fastest growing IT Services brands of the year, as per the latest report by brand valuation and strategy consultancy firm, Brand Finance.
The report further states that the IT services and consulting company has been ranked 22 among the top 25 most valuable IT services brands in the Brand Finance IT Services 25 2022 ranking, the company said in a statement.
12:50 pm: Meta loses $230 billion in value in the biggest single-day crash, following Q4 earnings
Meta's financial results for the fourth quarter of 2021 has led to a rather dramatic chain of events for the company and its co-founder. Since Meta released the results showing a drop in the daily active users for Facebook, its shares are now 25 per cent down than before. It is now being reported as the biggest one-day crash in stock market history.
12:30 pm: Godrej Properties tank 8%
Shares of Godrej Properties were trading 8 per cent lower at Rs 1,526.05 against the previous close of Rs 1,669.25 on BSE.
"Godrej Properties was down by more than 14% in the last two sessions, on the back of disappointment on Q3FY22 numbers and investment in D B Realty," said Mr. Yash Gupta- Equity Research Analyst, Angel One Ltd.
"The market doesn't not like this investment decision of Godrej properties limited, as there are several issues with the DB realty. Earlier in Jan 2022 D B Realty had made a default on the payment of ₹698 crores. We expect some more clarity from Godrej Properties in the coming month, till the time we suggest retail investors hold their investment in Godrej Properties and not make any fresh investment at this level," he added.
12:15 pm: Market check
Equity benchmark Sensex declined over 220 points in afternoon trade on February 4, tracking weakness in index heavyweights ICICI Bank, Wipro, TCS, Infosys and RIL amid a mixed trend in the global market.
The BSE gauge was trading 220.21 points or 0.37% lower at 58,568 in early trade. Likewise, the Nifty fell 63 points or 0.36% to 17,496.
11:30 am: Rupee gains 17 paise to 74.71
The rupee appreciated 17 paise to 74.71 against the U.S. dollar in opening trade on Friday, tracking the weakness of the American currency in the overseas market.
However, the surge in the rupee was restricted amid elevated crude oil prices and muted domestic equities.
At the interbank foreign exchange, the rupee opened at 74.71 against the American dollar, registering a rise of 17 paise from the last close.
11:00 am: Oil prices reach above $90/bbl as winter storm sweeps through US
Oil prices climbed on Friday, extending sharp gains in the previous session sparked by persistent supply concerns and as frigid weather cascades across the United States, threatening to further disrupt fragile oil supplies.
Brent crude was up 16 cents, or 0.2%, to $91.27 a barrel by 0102 GMT, after rising $1.16 on Thursday.
US West Texas Intermediate crude rose 28 cents, or 0.3%, to $90.55 a barrel, having gained $2.01 cents the previous day to settle above $90 for the first time since Oct. 6, 2014.
10:30 am: Titan shares tank 2% post Q3 earnings
Shares of Titan Company Limited tanked 2 per cent to hit an intraday low of Rs 2,430 on BSE after the company posted its earnings for the quarter ended December 2021.
Titan Company Ltd reported a 135 per cent year-on-year rise in its net profit for the quarter ended December 2021 at Rs 987 crore. Revenue from operations grew 36 per cent to Rs 9,381 crore, while total income rose 31 per cent to Rs 9,570 crore.
The stock opened higher at Rs 2,516.35 against the previous close of Rs 2,475.45 but failed to hold the early gains. With a market capitalisation of Rs 2,20,570 crore, the shares stand higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.
9:20 am: Tata Steel, Paytm in focus
Shares of Tata Steel and Paytm are among the companies which will announce their December quarter earnings today.
9:16 am: Market opening
The benchmark indices opened flat amid mixed global cues. At 09:16 hours, the 30-share BSE index was trading 51 points higher at 58,839.45, and the broader NSE Nifty was up 30 points to 17,590.20.
ITC was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Power Grid, UltraTech Cement, Dr Reddy, Tata Steel and HDFC Bank.
Infosys and TCS were among the top losers.
8:45 am: Global Updates
Wall Street snapped a four-session winning streak on Thursday, with all three benchmarks ending lower after Facebook-owner Meta Platforms' dour forecast sent its stock plummeting and halted a nascent recovery built on upbeat earnings from another big tech.
The Dow Jones Industrial Average fell 518.17 points, or 1.45 percent, to 35,111.16, the S&P 500 lost 111.94 points, or 2.44 percent, to 4,477.44 and the Nasdaq Composite dropped 538.73 points, or 3.74 percent, to 13,878.82.
In Asia, the Nikkei Weighted index was down 0.03 per cent and Hang Seng was trading 2.41 per cent higher. Shanghai Composite was down 0.97 per cent.
8:40 am: Rupee pares initial gains to settle flat at 74.83
The rupee declined 5 paise to close at 74.88 (provisional) against the U.S. dollar on Thursday, weighed down by the strength of the American currency and muted domestic equities.
Forex traders said elevated crude oil prices also dragged down the local unit.
At the interbank foreign exchange, the rupee opened at 74.84 against the American dollar, and later witnessed an intra-day high of 74.75 and a low of 74.92 against the greenback.
The local unit finally ended the day at 74.88, down 5 paise from the previous close of 74.83.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 1,597.54 crore on February 3, and domestic institutional investors (DIIs) bought shares worth Rs 370.58 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open on a flat note as SGX Nifty was up 28 points at 17,585 at 8:30 am.
Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Thursday
The benchmark indices ended sharply lower as selling pressure intensified amid profit-booking in IT and financials on Thursday. The 30-share BSE index ended 770 points lower at 58,788.02, and the broader NSE Nifty ended 219.8 points to 17,560.20.
ITC was the top gainer in the Sensex pack ahead of the Q3 show. Maruti Suzuki, Asian Paints, SBI and Titan were the other top gainers.
HDFC, in contrast, was the top laggard in the Sensex pack, shedding over 3 per cent, followed by Infosys, L&T, Kotak Bank, Bajaj Finserv and Tech Mahindra.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today