Sensex tanks 1,170pts, Nifty below 17,450; RIL, Paytm slide, Airtel up 4%

Closing Bell

The key benchmark indices went into free fall mode as market participants resorted to heavy selling on dis-appointment over IPO valuations, cancellation of RIL-Saudi Aramco deal and persistent selling by foreign investors.

The BSE benchmark index, the Sensex, tocuhed a high of 59,778 during its extreme brief stay in the positive zone this morning, thereafter the index dropped to lower levels as the day progressed. The selling pressure was so intense, that the BSE benchmark slumped to a low of 58,012 – down 1,766 points in intra-day trades.

The Sensex, however, recovered a wee bit towards the close, but still ended the Monday’s trading session with a significant loss of 1,170 points at 58,466. In the process, the BSE index has shed 2,253 points (3.7 per cent) in the last four straight trading sessions.

The NSE Nifty tanked below the 17,500 level, to end with a loss of 348 points at 17,417.

“Nifty now needs to sustain above 17,450 to stay positive in the short-term. If it is unable to do so, the 50-share index can correct till the levels of 17,350 – 17,250. Technical indicators suggest a volatile movement in the market over the next few sessions,” said Vijay Dhanotiya, lead of technical research at CapitalVia Global Research.

Stock watch

Among stocks, index heavyweight Reliance was the major dragger, the stock alone accounted for one-fourth of the day’s loss on the BSE Sensex. It ended 4.4 per cent lower at Rs 2,365, after the Mukesh Ambani-led firm called-off its plans to hive-off 20 per cent stake in its oil to chemicals business to Saudi-based Aramco. The stock has shed 14 per cent from its all-time high of Rs 2,750. READ MORE

In terms of per centage losers, Bajaj Finance was the major loser, down almost 6 per cent. Bajaj Finserv also plunged 5 per cent. NTPC, Titan, SBI, Bajaj Auto and Maruti were the other major losers among the Sensex 30 stocks, down 3-4 per cent each.

On the positive front, Bharti Airtel rallied 4 per cent after the telecom major announced a 20-25 per cent rate hike across prepaid tariff plans. Asian Paints and PowerGrid Corporation were the only other gainers.

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

The broader markets ended with deeper cuts compared to the benchmark indices. The BSE Midcap and Smallcap indices were down 2.5 per cent and 2.9 per cent, respectively. The breadth too was extremely negative – out of 3,567 stocks traded on the BSE, over 2,500 stocks ended with losses.

Among sectors, the BSE Realty and Energy indices were the major losers, down around 4 per cent each. The Bankex, Healthcare, Auto, Consumer Durables and Oil & Gas indices also plunged over 2 per cent each.

16 out of the BSE 500 stocks registered a fresh 52-week low in trades on Monday. Prominent among these were Hero MotoCorp, Lupin, Colgate, Aurobindo Pharma and Amara Raja Batteries. READ MORE

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Primary market update: The three-day issue of Go Fashion was subscribed 130 times on final day of the issue. Retail quota was subscribed 48.3 times, while QIBs and wealthy investors portion recieved bids for 98x and 249x, respectively.

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Markets at 02:20 PM

LIVE market updates: The key benchmark indices are languishing near the lows of the day on the back of unabated selling pressure. The Sensex had plunged 1,324 points to 58,312, and the Nifty had tanked 389 points at 17,376.

All sectoral indices, the BSE Consumer Durables had plunged 4 per cent followed by the Energy index down 3.7 per cent. The Healthcare, Bankex, Auto and Oil & Gas indices were down over 2 per cent each. The Telecom index, however, was up 2.7 per cent.

A sharp correction in equity markets have dragged half or four out of seven newly listed companies, that made stock market debut in November, below their respective issue prices. The likes of Paytm, Fino Payments Bank and SJS Enterprises were the major losers. READ MORE

Meanwhile, the European markets have started the day on a positive note despite fresh Covid related restrictions announced in select countries. FTSE 100 and CAC 40 were up 0.4 per cent each, while DAX 30 had gained 0.2 per cent.

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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices continue to languish at lower levels on the back of a broad-based sell off. The Sensex was down 1,091 points at 58,545, and the Nifty had shed 318 points at 17,447.

Among the key index heavyweights, Reliance Industries, HDFC Bank, Bajaj Finance and ICICI Bank were the chief draggers, accounting for a loss of near 600-point on the BSE benchmark.

The broader indices were also deep in red, with BSE Midcap and Smallcap down 2.2 per cent and 2.5 per cent, respectively. The breadth too was fairly negative, with 2,426 declining stocks versus 893 advancing shares on the BSE.

In the broader markets, Paytm, Fino Payments Bank, Policybazaar, HT Media, Pricol, Mastek, Welspun India, Sadbhav Engineering, Brigade Enterprises, Oil India and Zomato were some of the major losers.

Trident, Vodafone Idea, NRB Bearings, Ashai India, HBL Power, Mercator Lines and 3i Infotech were some of the notable gainers. JBM Auto surged to a high of Rs 972, and was up 3.6 per cent at Rs 923 on the back of company’s plan to consider stock split of equity shares. READ MORE

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Markets at noon

LIVE market updates: It was a sea of red on Dalal Street as bear hammering entered into fourth day. Expensive valuation on the domestic front and fresh spurt in Covid cases across the globe has fretted investors, leading to a panic selling across-the-board.

The BSE Sensex was down 1,021 points, or over 1 per cent, at 58,615 levels while the Nifty50 was breached 17,500 levels on the downside. India VIX was up 8 per cent.

In the broader markets, the BSE MidCap and SmallCap indices were down 2 per cent each.

Sectorally, the Nifty PSU Bank index was the top laggard, down 3.5 per cent. This was followed by the Nifty Auto index, down 2.6 per cent.

Primary market update: The three-day issue of Go Fashion has been subscribed nearly 13 times on final day.

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Markets at 11 AM

LIVE market updates: Equities were languishing in the red on Monday amid across-the-board selloff. The S&P BSE Sensex was down 666 points at 58,969 levels with 26 of the 30 index constituents trading in the red. In the intra-day trade, the index hit a low of 58,940.

It’s NSE counterpart, Nifty50, was at 17,570 levels, down 194 points. It hit a low of 17,563 level. The index is now down 1,000 points from record high level of 18,604 level.

Volatility index, India VIX, is also up 5.6 per cent, suggesting turbulence in the markets.

Among individual stocks, shares of One97 Communications, the parent company of digital payments major Paytm, and Fino Payments Bank continued to trade under pressure, falling up to 12 per cent on the BSE in Monday’s intra-day trade, after a weak market debut last week. READ MORE

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Markets at 10 AM

LIVE market updates: The benchmark indices were hovering around the lowest point of the day amid sustained selling in RIL, Bajaj twins, Kotak Bank, and Infosys. The BSE Sensex was at 59,122 levels, down 513 points, at 10:05 AM while the Nifty50 quoted at 17,625 levels, down 139 points.

23 of the 30 Sensex constituents and 32 of the 50 Nifty constituents were trading with a negative bias. RIL (down 3 per cent) was the top laggard, followed by Bajaj Finance, Eicher Motors, Kotak Bank, Bajaj Finserv, Titan, Hero MotoCorp, and Maruti Suzuki in the large-cap space.

In the broader markets, where the indices on the BSE were down 0.9 per cent each, shares of GMR Infra, JSW Energy, Endurance Tech, Oil India, and Jubilant Ingrevia were the top losers.

Sectorally, metal pack is clocking a recovery (up 0.6 per cent) while all other indices are still in the red.

In the currency market, rupee opened weaker at 74.35 per US dollar relative to Thursday’s close of 74.24/$.

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Opening Bell

LIVE market updates: Equity markets started the week on a negative note amid across-the-board selloff. The frontline S&P BSE Sensex fell 259 points, or 0.43 per cent, to quote at 59,377 levels in opening deals. The index extended its decline further and tumbled 495 points to hit a low of 59,125.

The Nifty50, on the other hand, gave up 17,700-mark, down 87 points.

Shares of RIL dropped 4 per cent after the company, late on Friday, called-off the deal with the global oil giant Saudi Aramco for a 20 per cent stake acquisition by the Saudi firm in the oil to chemicals (O2C) business of the former company.

Sectorally, all the indices were in the red, led by Realty index (down 2.5 per cent) and Auto index (1.4 per cent).

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Pre-open session

LIVE market updates: Benchmark indices were in the green in pre-opening session. The BSE Sensex was at 59,647 levels, up 11 points at 9:06 AM while the Nifty50 was at 17,767-mark.

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Updated at 8:20 AM

LIVE market updates: Markets are eyeing a flat but positive start on Monday after an extended weekend. Relative to Nifty50’s spot close of 17,765 on Thursday, the SGX Nifty Futures were at 17,778 at 8:10 AM

Individually, Reliance Industries is likely to hog the limelight and may dictate the market trend today, after the company decided to shelve its $15 billion Saudi Aramco deal. Analysts suggest that the move may be a minor setback for the stock.

Primary Market Update

At the end of Day 2, Go Fashion (India) IPO was subscribed 6.87 times, with retail quota receiving bids up to 24.6 times. The issue will close later in the day.

Global cues

China’s Shanghai Composite soared 1.1 per cent, and Kospi jumped 0.7 per cent. Taiwan, Hang Seng and Straits Times were marginally up, while Nikkei was down 0.4 per cent.