MARKET LIVE: Sensex below 61K, down 400pts; Reliance, Infosys, TCS drag

Markets at 11 AM:

LIVE market updates: The markets continue to trade on a wobbly note as valuations fear and possible spike in inflation spook investors. The BSE Sensex was down 370 points at 60,890, and the NSE Nifty was down 106 points at 18,161.

Reliance Industries, Infosys and TCS accounted for almost 70 per cent of the fall in BSE Sensex, while Kotak Bank lended notable support.

Meanwhile, reuters report indicated that China Evergrande Group had secured a 3-month extension on a defaulted bond, offering rare respite to the developer a day after a deal to sell a $2.6 billion stake in its property services unit failed.

Back home, IT and consumer Durables shares lead the fall. MindTree down 8 per cent at Rs 4,393 was the biggest loser in the IT space. L&T Technology Services, NELCO, Coforge and Sonata Software were the other major losers.

Among the consumer durables, Volatas led the fall with a near 5 per cent decline. Crompton Greaves, VIP Industries, Shela Foam and Symphony were the prominent losers, down 2-3 per cent each.

__________________________________________________________________________________________







Markets at 10 AM:

LIVE market updates: The BSE benchmark index, the Sensex, touched a high of 61,621 in opening trades, and then slipped to a low of 61,164. The 30-share index was now down 21 points at 61,239.

The NSE Nifty was more of less unmoved at 18,267.

Vinod Nair, Head of Research at Geojit Financial Services says that, the ongoing market correction is not an overreaction and can sustain in the near-term due to high valuations. However, in the future Indian corporates will benefit from the reforms & China plus one strategy which happened during 2020-21. Alongside, the long-term economy & market trend is intact due to further re-opening of the economy, low-interest cycle and fiscal & private spending. This correction will give leeway for value-buying, defensives and upcoming stocks & sectors that evolved from this new demand.

Among the Sensex 30 stocks, Kotak Bank has rallied 2 per cent to Rs 2,055. HDFC, Sun Pharma, PowerGrid Corporation and NTPC are the other prominent gainers. On the flip side, HCL Technologies and Reliance Industries are down over a per cent each.

In the broader markets, Havells India has dipped 9 per cent to Rs 1,279 in intra-day trade on profit booking after the consumer electronics company reported a weak operational performance in the July-September quarter (Q2FY22). READ MORE

Shriram City, Sonata Software, Oil India and Jubilant Foodworks were some of the other significant losers.

On the positive front, IRB Infrastructure and Shoppers Stop have zoomed over 15 per cent each. Coffee Day and Rail Vikas Nigam were some of the major gainers.

____________________________________________________________________________________________

(Updated at 09:25 AM)

Opening Trades:

LIVE market updates: The BSE benchmark index opened 298 points higher at 61,558, and touched a high of 61,621. The index has since pared gains and was up 135 points at 61,395.

The NSE Nifty touched a high of 18,384, and was up 42 points at 18,309.

Among the Sensex 30 stocks, Sun Pharma, PowerGrid Corporation, Kotak Bank, NTPC and HDFC up around a per cent each were the prominent gainers, while HCL Technologies and TCS were the notable losers.

The broader indices were marginally up, with BSE Midcap index up 0.2 per cent, and the Smallcap index up 0.4 per cent.

Among sectors, the BSE Oil & Gas, Power and Realty indices were up over a per cent each in early morning trade on Thursday.

____________________________________________________________________________________________

Pre-open Session: (Updated at 09:04 AM)

LIVE market updates: The BSE Sensex was quoted 409 points higher at 61,669 in pre-open trades on Thursday. The NSE Nifty 50 was up 142 points at 18,409.

Sun Pharma, Bharti Airtel, PowerGrid Corporation, Tata Steel, ONGC and Infosys indicated a positive start for trade in the pre-open trades, while Bajaj Finance, NTPC and Sun Pharma seemed set for a negative start.

_______________________________________________________________________________________________

(Updated at 08:10 AM)

LIVE market updates: Market participants expect another day of choppy trading due to the weekly expiry and earnings of some of the index majors. Uninspiring global cues will likely keep sentiments subdued back home. At 8:05 am, SGX Nifty was up 41 points at 18,358 levels.