MARKETS: Sensex down 450pts, Nifty near 17,050; IT index sheds 2%
Last Updated on January 29, 2023 by Admin
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Markets at 12 Noon
LIVE market updates: The key benchmark indices were seen languishing near the low’s of the day on the back of persistent selling pressure in IT shares. Energy and FMCG stocks too were down notably.
The BSE Sensex was down 478 points at 57,218, and the NSE Nifty had declined 140 points to 17,057.
In the broader markets, Vodafone Idea has surged 6.8 per cent to Rs 15.38 and was trading at a fresh 31-month high. The stock has been in demand on reports that DoT (Department of Telecom) has released bank guarantee worth Rs 2,500 crore of the telecom firm. The stock has gained nearly 300 per cent from its 52-week low. READ MORE
Other prominent gainers in the broader markets were, StarLit Power Systems, Vimta Labs, Alpha Labs, Talbros Autommotive, Morepen Labs, Indo Count Industries, Kabra Extrusion, Hindustan Construction, Simplex Infra, Ansal Housing, Privi Speciality Chemicals and MMTC.
On the other hand, Prakash Industries, Sagar Cements, Synergy Green, NxtDigital, Mukta Arts, Jindal Photo, Panacea Biotech, Unichem Labs, Neogen Chemicals and HCL Infosys were the major losers.
Among sectoral indices, the BSE IT index was down nearly 2 per cent. The Oil & Gas and FMCG indices were the other significant losers.
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Markets at 11 AM
LIVE market updates: The key benchmark indices derailed the recovery process on account of sellig pressure in IT shares, even as select banking stocks recouped losses.
The BSE Sensex was down 293 points at 57,403. The NSE Nifty had declined 86 points at 17,111.
The broader indices too were off the day’s low. The BSE Midcap index was down 0.1 per cent, while the Smallcap index had added 0.1 per cent. The overall market breadth is positive, with 1,746 advancing shares versus 1,400 declining stocks on the BSE.
HCL Technologies and Asian Paints were the major losers among the Sensex 30 stocks, down nearly 2 per cent each. Maruti, IndusInd Bank, PowerGrid Corporation, Bajaj Finserv, Infosys, TCS and NTPC were the other prominent losers.
On the positive front, Tata Steel and ICICI Bank were up over a per cent each.
In the primary market, Anand Rathi Wealth IPO was subscribed 3.7 times so far on the final day of the offer. The retail portion was subscribed 5.7 times and wealthy investors 4.3 times.
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Markets at 10 AM
After starting about 100 points lower, the BSE Sensex hit a low of 57,343 (down nearly 300 points) in early deals. It, however, recouped some of the losses to trade at 57,455 levels, down 241 points at 10 AM.
The 50-share Nifty, too, hit a low of 17,095 but recovered marginally to quote at 17,129.
The gains in the broader markets were tepid with the MidCap and SmallCap indices up 0.05 per cent each.
Among individual stocks, shares of JBM Auto continued their northward movement, and rallied 11 per cent to Rs 1,147.95 on the BSE in Monday’s early morning deals, ahead of the company’s board meeting to consider stock split from face value of Rs 5 to a lower denomination. READ MORE
Besides, shares of Eris Lifesciences surged 10 per cent to Rs 773.40 on the BSE after the pharmaceutical company on Friday said it has formed a joint venture (JV) with Mumbai-based MJ Biopharm to enter the insulin segment. READ MORE
Currency market: The rupee opened at lower at 75.22 per US dollar compared with Friday’s close of 74.99/$.
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Opening Bell
Tech Mahindra (up 1 per cent) was the top gainer on the Sensex index. This was followed by HDFC, L&T, Ultratech Cement, TCS, and HUL. On the downside, Maruti Suzuki (down 2 per cent), M&M, NTPC, IndusInd Bank, HDFC Bank, and Bajaj Finance were the top laggards.
In the broader markets, the BSE MidCap index was up 0.15 per cent and the BSE SmallCap index added 0.14 per cent.
Sectorally, realty and media stocks were the only gainers. On the flipside, auto, financials, and IT stock were in the red.
The overall market breadth was in the favour of buyers with over 1,500 stocks advancing on the BSE. Meanwhile, aroind 990 stocks were in the red.
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Pre-open session
LIVE market updates: Frontline indices were trading mixed in the pre-market session on Monday. The BSE Sensex was at 57,779 levels, up 83 points. The Nifty50, on the other hand, was at 17,175, down 22 points.
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LIVE market updates: Benchmark indices may start higher on Monday even as fresh Omicron-based Covid-19 cases emerge in India. What may be comforting the bulls is the likely less-severity of the virus with no cases of serious hospitalisation so far.
That apart, investors will also track the Reserve Bank of India’s 3-day monetary policy meeting, which begins today, along with stock-specific news flow and primary market action.
At 8:20 AM, SGX Nifty was at 17,240.5 level compared with Friday’s spot close of 17,197.
Global cues
Stocks in Asia-Pacific dropped on Monday, while investors monitored bitcoin prices after they fell sharply over the weekend. Oil prices jumped during early Asia trade.
Hong Kong’s Hang Seng index fell 1.3% per cent in early trade, as tech stocks fell. Japan’s Nikkei 225 fell nearly 1 per cent, while the Topix was down 0.79 per cent. South Korea’s Kospi declined 0.57 per cent.
Australia’s S&P/ASX 200 edged down 0.39 per cent.
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