Banks, IT drag Sensex 678 pts down, Nifty gives up 17,700; IRCTC falls 8%

The BSE Sensex has now shed 5 per cent (2,938 points) from its recent peak of 62,245. The Nifty has declined 3.8 per cent (677 points) in the last two weeks.

Closing Bell

The markets exhibited high amount of volatility for the second day in row on the back of unabated selling pressure in select index heavyweights. The BSE Sensex tumbled to a low of 59,089, but eventually ended 678 points lower at 59,307. In the process, the BSE index has now shed 5 per cent (2,938 points) from its recent peak of 62,245.

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The NSE Nifty logged its second straight weekly loss, down 185 points at 17,672. The Nifty has declined 3.8 per cent (677 points) in the last two weeks. In intra-day trades on Friday, the 50-share index dipped to a low of 17,613, and was within striking distance of its 50-DMA (Daily Moving Average) at 17,570-odd levels.

“Equity markets trended lower for the week owing to selling pressure from FIIs. The FIIs have sold over Rs 20,000 crore worth of stock in October. The valuation risks have been one the main concerns for foreign investors, triggered by the downgrading of Indian equity markets from “overweight” to “neutral” by key global brokerages. The valuation risks are specifically coming to the fore now as few sections of the markets expect growth momentum to slow in the wake of sticky inflation,” said Dr. Joseph Thomas, Head of Research, Emkay Wealth Management.

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

The broader markets outperformed the benchmark indices in trades today. The BSE Midcap index edged 0.2 per cent higher, while the Smallcap index ended slipped 0.4 per cent, as against a 1.1 per cent decline in the Sensex.

Among sectors, the BSE Energy index plunged 1.9 per cent, and the IT index shed 1.6 per cent. The Bankex was down over a per cent. The Auto, Healthcare and Realty indices ended marginally in the positive zone.

The overall breadth was marginally negative at close. Out of 3,399 stocks traded on the BSE, 1,796 declined, while 1,452 advanced.

Tech Mahindra, NTPC, IndusInd Bank, Kotak Bank, Larsen & Toubro, Reliance Industries, Axis Bank, Infosys and HDFC were the major losers among the Sensex 30 stocks, down around 2-3 per cent each. Whereas, UltraTech Cement, Dr.Reddy's, Maruti, Tata Steel and Titan were the prominent gainers.

IRCTC tanked nearly 30 per cent in early trades after RailMin asked the company to share 50% of the convenience fee with the ministry, and staged an equally swift recovery after the ministry rolled-back its decision. The stock finall ended 7.5 per cent lower at Rs 846.

7 out of 8 New F&O Entrants Kick-off November Series on a Negative Note

Atul Ltd cracked 7.5 per cent, and SBI Cards dropped 5.5 per cent. Birla Soft, Firstsource, Laurus Labs and Whirlpool India were down 3-4 per cent each. GSPL declined 2 per cent. Chambal Fertilisers, however, surged 4 per cent.

Primary Market Update

Nykaa was subscribed 2.2X as of 15:30 hrs on Day 2 of the issue, the retail quota was 3.4X, QIBs were 2.5X and non-institutional investors were 0.9X.

Fino Payments Bank IPO was off to a subded start, with 0.25x subscription as of 15:30 hrs, with interest only from retail investors, the quota was subscribed 1.4x.
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Markets at 02:30 PM

LIVE market updates: The key benchmark indices continued their south-bound journey on the back of unabated selling pressure in select index heavyweights. The BSE Sensex touched a fresh intra-day low at 59,089, and was down 645 points at 59,340. The NSE Nifty had slumped 171 points to 17,686.

Dr.Reddy's however has surged 7 per cent in trade to Rs 4,885 on the back of 30 YoY jump in Q2 net at Rs 992 crore. READ MORE

UltraTech Cement, Maruti and Tata Steel were the other major gainers, while Kotak Bank, Reliance, IndusInd Bank, NTPC and Tech Mahindra were the major losers.

The breadth too has turned negative, with 1,931 advancing shares versus 1,254 declining stocks on the BSE.
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Markets at Lunch (01:30 PM)

LIVE market updates: The markets have once again weakened in trade on the back relentless selling pressure in select index heavyweights, mainly Reliance and HDFC. The BSE Sensex was down 540 points at 59,445, and the NSE Nifty had dropped 133 points to 17,724.

Kotak Bank was down 3.4 per cent, and Reliance Industries had shed  2.5 per cent. NTPC, IndusInd Bank, HDFC, Sun Pharma, Axis Bank and Larsen & Toubro were the other major losers. Whereas, UltraTech Cement, Maruti, Tata Steel and Dr.Reddy's were the prominent gainers.

The broader markets were out-performing the benchmark indices. The BSE Midcap was up 0.2 per cent, while the Smallcap index was down 0.5 per cent as against the 1 per cent fall in the Sensex.

Elsehwere in Asia, the markets have exhibited a mixed trend. The S&P/ASX 200 index was down 1.4 per cent, and the Kospi index shed 1.3 per cent. The Hang Seng slipped 0.7 per cent, while the Taiwan Weighted index declined 0.3 per cent. On the positive front, the Shanghai Composite index gained 0.8 per cent, and the Nikkei added 0.3 per cent.

Meanwhile, markets in Europe have started trade on a mildly negative note. The FTSE 100, DAX 30 and CAC 40 were down 0.2-0.3 per cent each. The Euronext 100 index was down 0.5 per cent.
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Markets at NOON

LIVE market updates: The markets were seen consolidating in the last one-hour of trades, after the early morning volatiltiy.

Among sectors, the Metal and Telecom indices had jumped over a per cent each, while Energy index was down a per cent. The overall breadth was neutral with 1,523 advancing shares versus 1,537 declining stocks on the BSE.

Ujjivan Financial Services, Gayatri Projects, Esab India, Inox Winds, Canara Bank, NCL Industries, Lupin and Indigo were some of the major gainers in the broader markets, while Subex, RBL Bank, Vaibhav Global and IRCTC were the prominent losers.
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Markets at 11 AM

LIVE market updates: Equity markets returned to their winning ways in late morning deals as an across-the-board buying lifted indices to day's high.

At 11:02 AM, the frontline S&P BSE Sensex was at 60,108 levels, up 123 points, on the back of gains in Tata Steel, SBI, HCL Tech, HDFC Bank, ICICI Bank, ITC, and M&M. 

The Nifty50, on the other hand, was at 17,903 levels, up 46 points.

The broader markets returned to the positive territory, too, with the BSE MidCap and SmallCap indices up 0.8 per cent and 0.2 per cent, respectively.

Among individual stocks, shares of IRCTC pared losses and was down just 3 per cent after DIPAM Secretary said the government would roll back its decision to share 50 per cent of the company's convenience fees. Earlier in the day, the stock had tumbled 29 per cent in the intra-day trade. 

Meanwhile, those of  RBL Bank plunged 15 per cent to Rs 172.10 on the BSE in Friday’s intra-day trade after the private sector lender reported a disappointing set of numbers, with profit after tax (PAT) down as much as 95 per cent year-on-year (YoY) at Rs 31 crore in September quarter (Q2FY22), due to higher provision and weak net interest income (NII). READ MORE

IPO market update: The initial share sale of Nykaa has been subscribed nearly 2x so far on day 2 of the issue. Meanwhile, that of Fino Payments Bank has been subscribed 22 per cent so far on day 1 of the issue.

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Markets at 10 AM

LIVE market updates: Indian equities are seeing a smart recovery after a steep fall in opening deals as investors find comfort in metal, realty, and IT stocks. Their respective sectoral indices on the NSE are up 1 per cent, 1.2 per cent, and 0.65 per cent, respectively. 

At the headline level, the BSE Sensex is now down 180 points, or 0.3 per cent, at 59,797. The Nifty50, on the other hand, is at 17,795 level.

The broader BSE MidCap and SmallCap indices have trimmed their losses too and are now down up to 0.45 per cent.

The market breadth has improved with advance to decline ratio rising from 1:2.5 to nearly 1:1.

In the currency markets, rupee has opened higher at 74.80 per US dollar relative to Thursday's close of 75.02/$.

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Opening Bell

LIVE market updates: The benchmark indices extended Thursday's decline on Friday as well with the frontline S&P BSE Sensex sliding 743 points at 59,241 levels, while the Nifty50 was at 17,676-mark, down 180 points.

Only 2 constituents, Tata Steel and Asian Paints, were trading in the green on the Sensex, while Bajaj Finserv, NTPC, IndusInd Bank, and L&T fewere leading the list of losers.

In the broader markets, the BSE MidCap and SmallCap declined 1.5 per cent and 1.8 per cent, respectively. 

Dalal Street is witnessing an across-the-board sell off with banks being the worst lot. The  Nifty PSU Bank index is down 2.6 per cent while the Nifty Bank index is trading over 2 per cent lower. All other key sectoral indices were down up to 1 per cent. 

Among individual stocks, shares of IRCTC dropped 10 per cent after the Railway Minister asked the company to share 50 per cent of the convenience fee on train tickets with the ministry. 

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Pre-open session

LIVE market updates: Pre-open session is indicating yet another weak session for Dalal Street. The BSE Sensex was down 132 points at 59,852 while the Nifty50 was at 17,833, down 24 points. 

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LIVE market updates: A day after the severe near 1,200-point drubbing for the BSE Sensex, market participants would eye if the indices will correct further or is there more pain ahead.

At 08:10 AM, the SGX Nifty was up 16 points at 17,896 levels, indicating a flat to positive starton Dalal Street.

The Sensex tanked 1,158 points in trade on Thursday to end below the 60,000-mark, at 59,885 in a broad-based sell off, partly attributed to ratings downgrade by Morgan Stanley.

Earnings Today

Adani Power, Adani Transmission, Apollo Tyres, Bandhan Bank, Blue Dart, Dr.Reddy’s, Eqiutas Bank, Escorts, Exide, Gail, Nazara Technologies, Oberoi Realty, REC, SAIL, Vedanta and Voltas are some of the prominent companies scheduled to announce September quarter results today

Primary Market action

Nykaa IPO was subscribed 1.6X at the end of Day 1, with strong demand by retail investors. Retail quota was subscribed 3.5X.

Fino Payments Bank IPO opens for subscription today in the price band of Rs 560-577 per share.

Global cues

The US markets ended at record highs on the back of robust earnings. The futures, however, were down this morning ahead of key GDP data. On Thursday, the Dow Jones advanced 0.7 per cent. The S&P 500 index gained a per cent, while the Nasdaq jumped 1.4 per cent.

This morning in Asia, Nikkei was down 0.8 per cent. The S&P/ASX 200 and Kospi were also down 0.4 per cent each. Straits Times, however, was up 0.2 per cent.