Indices turn negative for 2021 as Sensex tanks 938 pts, Nifty gives up 14k

All that happened in the markets today

Stock market LIVE updates: The Indian markets closed lower for the fourth consecutive session, with the benchmark indices plunging nearly 2 per cent on Wednesday -- on the back of broad-based selling -- and turning negative for the year 2021.

Meanwhile, volatility remained elevated ahead of the January F&O expiry, on Thursday. India VIX jumped 4.93 per cent to 24.39 level.

Among headline indices, the S&P BSE Sensex fell 938 points, or 1.94 per cent, to 47,410. The Nifty50 index also gave up the 14,000-mark, for the first time since January 4, and ended the session at 13,967.5. Axis Bank dipped 4 per cent and was the top Sensex laggard, followed by Titan, IndusInd Bank, HDFC Bank, Dr Reddy's, HDFC, Asian Paints, and Mahindra & Mahindra (all down 3%).

All the Nifty sectoral indices, except Nifty FMCG index, were painted red, with Nifty Bank index, down 2.93 per cent, being the top loser.

In the broader markets, the S&P BSE MidCap and SmallCap indices fell 1.38 per cent and 0.52 per cent, respectively.

Commenting on Wednesday's session, S Ranganathan, Head of Research at LKP Securities, said "Markets witnessed a 2 per cent cut in Indices today even as the IMF put out an impressive 11.5 per cent growth for India in 2021, the highest for any major economy globally. Autos, Metals and Financials bore the brunt of selling as we saw unwinding ahead of the Union Budget. Absence of FII buying this week too added to the nervousness in Wednesday's afternoon trade".

Global markets

Europe’s share indexes opened lower on Wednesday, while investors focused on the U.S Federal Reserve meeting and U.S. tech giants’ earnings.

MSCI world equity index, which tracks shares in 49 countries, was down 0.1 per cent, having edged down in the last week after it hit a new all-time high on January 21.

In the Asian session on Wednesday, shares were hurt by some profit-taking, as investors grew wary of stretched valuations. European share indexes opened in the red. The STOXX 600 was down around 0.3 per cent on the day. London’s FTSE 100 was down 0.2 per cent while Germany’s DAX was down 0.5 per cent.

(with inputs from Reuters)

3:54 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"It is well-known that a fall in FIIs inflows will be the biggest risk to the liquidity-driven rally. Indian bourses mirrored mixed sentiment from global peers with a downward rally owing to consecutive days of FII selling. Barring defensive FMCG segment, all sectors traded in the red zone with banking and pharma stocks being the worst hit. The global markets were mixed today ahead of the US Fed meeting amid uncertainty over the US stimulus. We should expect higher volatility in the coming days' given pre-budget event risk"

3:50 PM

HDFC twins, RIL top contributors to Sensex's fall today

3:48 PM

Nifty sectoral indices at close

3:45 PM

Heatmap: S&P BSE Sensex gainers and losers

3:39 PM

CLOSING BELL

The benchmark S&P BSE Sensex settled the session at 47,410, down 938 points, or 1.94 per cent. The Nifty50, meanwhile, gave up the 14,000-mark and closed at 13,967.5, down 271 points, or 1.91 per cent.

3:25 PM

IndiGo Q3 preview: Server hack, fleet expansion among key monitorables

IndiGo, India’s biggest aviation firm by market share, is set to report its December quarter (Q3FY21) results on Thursday, January 28. Amid improved traffic and cost saving measures, analysts are baking in a strong sequential growth in the airline’s earnings even as the figures may be half of the previous year. In the December quarter of FY20, IndiGo had reported a profit of Rs 490.5 crore, on the back of Rs 9,931.7 crore-revenue, and Rs 1,669.9 crore-EBITDA. READ MORE

 

3:14 PM

Q3 EARNINGS | Bank of Baroda net profit at Rs 1,061.1 crore

-- Net NPA at 2.39%  2.51 (QoQ)

-- NII up 8.6% YoY at Rs 7,749 crore

-- Gross NPA at Rs 63,182 crore vs Rs 16,795 cr (QoQ)

-- Provisions at Rs 3,957 crore

3:10 PM

India VIX jumps nearly 5% to 24.35

-- VIX is a volatility measure

2:48 PM

Sensex tanks over 1,000 points: Key factors behind the market crash

Led by losses in index heavyweight Reliance Industries, private lenders and select IT stocks, benchmark indices extended their losses to the fourth day on Wednesday. Weak global markets, a mixed set of Q3 earnings and selling by foreign institutional investors (FIIs) dented the domestic market mood in today's session. Meanwhile, investors chose to book profits ahead of the Union Budget on Monday, February 1. READ MORE

2:42 PM

Top losers on BSE at this hour

Company	PRICE(rs)	CHG(%)
C P C L	97.05	-18.75
ICICI Securities	410.10	-8.05
JK Tyre & Indust	132.30	-6.70
Kansai Nerolac	572.65	-6.34
DCM Shriram	444.40	-6.11

2:33 PM

SECTOR WATCH:: Nifty Bank index falls over 1,000 pts from day's high

2:19 PM

MARKET UPDATE:: Sensex at day's low, turns negative for 2021

2:16 PM

NEWS ALERT | Nifty breaches 14,000 for the first time since Jan 4

2:12 PM

Q3 EARNINGS | Marico's profit increases 13% YoY to Rs 312 crore

-- Revenue up 16.3 per cent at Rs 2,122 crore

 

-- Ebitda up 10.7 per cent at Rs 413 crore

 

-- Ebitda margin at 19.5% vs 20.4% (YoY)

1:58 PM

Route Mobile hits new high as FPIs increase stake; zooms 100% since listing

In the past six trading days, Route Mobile has outperformed the market by surging 16 per cent after the shareholding pattern revealed that foreign portfolio investors (FPIs) have increased their stake in the company by 540 basis points (bps) during October-December quarter (Q3FY1). FPIs held 15.74 per cent stake in Route Mobile as on December 31, 2020, as against 10.34 per cent at the end of September 2020 quarter, according to the data filed by the company. They held 4.32 per cent stake in Route Mobile on listing date. READ MORE