Sensex slumps 765pts, Nifty ends below 17,200; Reliance, FMCG, banks weigh

Closing Bell

The key benchmark indices reversed their two-day winning streak with losses in excess of a per cent. Index heavweight Reliance Industries, banking and FMCG shares were responsible for a significant amount of the losses.

The BSE benchmark index, the Sensex, had started trade on a positive note and soon rallied to a high of 57,757 (up almost 300 points from the previous close). Selling emerged towards the end of the first-hour of trades, and thereafter it accentuated in noon deals. The BSE 30 index slumped to a low 56,641 in late trade – down 1,116 points from the day’s high. The Sensex finally ended with a loss of 765 points at 57,696.

The NSE Nifty tumbled 309 points from the day’s high of 17,490 to a low of 17,181, and evenutally settled 205 points lower at 17,197.

The broader indices, however, outperformed the key benchmark indices. The BSE Midcap index ended almost flat, while the Smallcap index added 0.3 per cent. The overall market breadth was also positive, with 1,778 advancing shares versus 1,475 declining stocks on the BSE.

Market Dashboard: Snapshot of key movers and shakers in trade today

Among the Sensex 30 stocks, PowerGrid Corporation was the major loser, down 4 per cent at Rs 206. Reliance Industries shed 2.8 per cent at Rs 2,414.

Asian Paints, Kotak Bank, Tech Mahindra, Maruti, Bharti Airtel, ITC, Sun Pharma, Dr.Reddy’s and Mahindra & Mahindra were the other prominent losers, down 1.5 per cent to 2 per cent, each. Larsen & Toubro and IndusInd Bank were two out of the five notbale gainers.

In the broader markets, Vodafone Idea zoomed another 12 per cent and hit a 52-week high in trades today. The stock has rallied as much as 32 per cent this week. The stock has been in demand post tariff hike. READ MORE

Shares of Tata Teleservices Maharashtra (TTML) were locked at the 5 upper circuit for the 14th straight trading session, up 5 per cent at Rs 129.45, also its new high on the BSE on Friday. The Tata Group telecom services stock has nearly doubled or up 97 per cent from level of Rs 65.70 on November 12, 2021. READ MORE

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Primary Market Update

In the primary market, Tega Industries IPO was subscribed a whopping 204.7 times as of 3:20 PM on the final day of the offer today, with strong demand from wealthy investors (NIIs) and Qualified Institutioanl Buyers (QIBs), the quota was subscribed 612.7 times and 207.6 times, respectively. The retail quota was subscribed 28.2 times.

Anand Rathi Wealth IPO was subscribed 2.6 times so far on the second day of the issue. The retail portion was subscribed 4.1 times and wealthy investors 2.6 times.

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Markets at 02:30 PM

LIVE market update: The key benchmark indices continued to drift lower as the selling has been getting broad-based.

The BSE Sensex was down 650 points at 57,811, and the NSE Nifty had shed 176 points at 17,226. The overall breadth, however, remains positive. Out of 3,344 stocks traded on the BSE so far, 1,793 had advanced and 1,413 declined.

Reliance and HDFC twins have accounted for half the losses on the BSE Sensex. Reliance Industries has dropped 2.7 per cent to Rs 2,416. HDFC has slipped 1.4 per cent, and HDFC Bank was down 0.8 per cent.

PowerGrid, Asian Paints, Kotak Bank, Bharti Airtel and Tech Mahindra were the other prominent losers.

In the broader market, NXTDIGITAL has soared 19 per cent to Rs 509.80, and was up 40 per cent in two days after the company’s rights issue was subscribed by 1.94 times or 194 per cent. READ MORE

Meanwhile, the European markets have started trade on a positive note. FTSE 100, DAX 30 and CAC 40 were up 0.4 per cent to 0.6 per cent, each. As of 02:20 PM IST, Dow futures were up 35 points, while Nasdaq futures were up 45 points.

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Markets at Lunch (01:30 PM)

LIVE market update: The key benchmark indices have weakened in early noon deals owing to persistent selling in index heavyweights Reliance Industries, HDFC and ITC.

The BSE Sensex had shed 440 points at 58,021, and the NSE Nifty had declined 111 points to 17,291. The broader indices too had pared gains, the BSE Midap and Small were up 0.2 per cent and 0.6 per cent, respectively.

PowerGrid Corporation had shed 2.7 per cent at Rs 209. Reliance and Sun Pharma had slipped around 2 per cent each. Tech Mahindra, Bharti Airtel, Asian Paints, ITc, Dr.Reddy’s, HDFC and HCL Technologies were the other prominent losers.

Among sectors, the BSE Energy index has slipped 1.4 per cent. The Bankex and Telecom index were the other prominent losers. The Capital Goods index was up nearly a per cent, and the Metal index was the other notable gainer.

Elsewhere in Asia, markets had largely recouped early morning losses. Nikkei and Shanghai Composite had rallied a per cent each. Kospi had gained 0.8 per cent, and Straits Times had added 0.3 per cent. Hang Seng, however, slipped 0.5 per cent, and Taiwan was down 0.2 per cent.

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Markets at 12 NOON

LIVE market update: The key benchmark indices witnessed choppy movement albiet in a narrow band in late morning deals.

The BSE Sensex was down 96 points at 58,365, and the NSE Nifty had slipped 17 points to 17,385. Among the broader indices, the BSE Midap had advanced 0.7 per cent, while the Smallcap index gained 1 per cent.

The overall market breadth too was extremely positive, with more than two advancing shares for every declining stocks on the BSE.

Larsen & Toubro, UltraTech Cement, Tata Steel and IndusInd Bank were the major gainers among the Sensex 30, while PowerGrid Corporation, Bharti Airtel, Dr.Reddy’s and Reliance Industries were the major losers.

In the broader market, Unichem Labs has zoomed 15 per cent on receiving ANDA approval for its Aripiprazole tablets USP from the United States Food and Drug Administration (USFDA). READ MORE

In the primary market, Tega Industries IPO was up to 28 times, with demand for retail quota at 22 times, and wealthy investors up to 73.6 times. The QIB portion was subscribed 4.2 times.

Anand Rathi Wealth IPO was subscribed 2.1 times as of 12 noon on day 2 of the issue. The retail portion was subscribed 3.3 times and wealth investors 2.3 times.

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Markets at 10 AM

LIVE market updates: Frontline indices were quick to reverse their gains as heavyweights such as Reliance Industries, Bharti Airtel, HDFC, ITC, and Asian Paints witnessed profit booking.

After hitting an intra-day high of 58.757, the BSE Sensex erased gains and was down 100 points at 58,362. The Nifty50, too, gave up 17,400-mark and was at 17,373.

Nestle India (down 2 per cent), Bharti Airtel, Asian Paints, Dr Reddy’s Labs, Maruti Suzuki, and RIL were the worst hit stocks on the Sensex.

The broader markets, however, were holding gains. The MidCap and SmallCap indices on the BSE gained up to 0.3 per cent.

Individually,Shares of Indian Exchange Energy (IEX) soared 10 per cent to Rs 267.30 on the BSE in Friday’s intra-day trade, as the stock turned ex-date for 2:1 bonus shares. READ MORE

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Opening Bell

LIVE market updates: Equities extended their buying spree into third straight session on Friday amid broad-based buying. The S&P BSE Sensex advanced 253 points, or 0.43 per cent, at 58,714 levels in early deals. The NSE Nifty, meanwhile, was at 17,461, up 60 points.

L&T, BPCL, Axis Bank, Kotak Bank, and L&T were the top gainers on the 50-pack index while Nestle India, Hindalco, Tata Consumer Products, Bajaj Auto, and HUL were the top laggards.

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Benchmark indices are looking poised to extend their winning ways into third straight session. The BSE Sensex was up 99 points at 58,560 in pre-market session. The Nifty50 was up 23 points at 17,425.

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(Updated at 8:15 AM)

LIVE market updates: After two days of back-to-back rallies, the markets may look to take a breather on Friday, given the weekend factor and uncertainty surrounding the Omicron variant.

At 8:10 AM, SGX Nifty was at 17,374 compared with Nifty’s Spot close of 17,402 on Thursday.

Services PMI data, the outcome of OPEC+ meeting, and other global cues will sway the indices today.

Primary market activity

Today is the final day for subscription for the Tega Industries IPO, and second day for Anand Rathi Wealth IPO. Both the IPOs were fully subscribed on Day 1 of the issue itself.

Global cues

US stocks rallied on Thursday on hopes that Omicron may not severely impact economic recovery and continued dip in jobless claims. Dow Jones soared 1.8 per cent and the S&P 500 surged 1.4 per cent, while Nasdaq gained 0.8 per cent.

Oil prices exhibited high volatility on Thursday and eventually ended higher even as OPEC+ stuck to its decision to raise output in January. Brent Crude rose 1.2 per cent to $69.67 a barrel, and WTI Crude added 1.4 per cent to $66.50 a barrel.

However, markets in Asia had started trade on a negative note. Hang Seng has slipped over a per cent. Nikkei and Kospi were down 0.3 per cent each. Taiwan and Straits Times were marginally in red, while Shanghai Composite advanced 0.3 per cent.