BSE clarifies on Price Band rule; Sensex ends flat, SmallCap index down 1%

Stock market updates: Clarification provided by the BSE, related to its new Add-on Price Framework for broader market-securities, helped equities claw back gains on Wednesday. READ ABOUT IT HERE

From a low of 54,167, the S&P BSE Sensex clocked a swift recovery in the later-half of the session to end at 54,526 levels, down 29 points or 0.05 per cent. On the NSE, the Nifty50 index hit a low of 16,162 in the intra-day trade but returned in the positive territory to close 2 points, or 0.01 per cent, higher at 16,282 levels.

In the broader markets, the BSE SmallCap index, which was down over 3 per cent at one point during the day, ended just 0.83 per cent lower. The BSE MidCap index, on the other hand, closed 0.22 per cent down.

Sectorally, the Nifty Metal index was the top gainer, up 3.14 per cent while the Nifty Pharma index was the top laggard, down 1.5 per cent.

 

4:10 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with a gap but unable to sustain on highs & witnessed some profit booking and after a good volatile session managed to close at 16282 forming a hanging man sort of candle pattern on the daily chart which represents bearish reversal. The index breached its narrow consolidation zone in the beginning but again backed in the same which shows strong support is placed at 16200-16150 zone and if managed to hold above-said levels we may touch upper band of the range which is at 16350 zone.

4:09 PM

Market View :: Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty has closed in the band of 16238-16280 for the sixth session after seeing some downward volatility earlier in the day. Advance decline ratio continues to be negative but has improved compared to the previous day. The broader markets may be close to making a short term bottom and this may enable the Nifty to rise mildly in the near term.

4:08 PM

MARKET CLOSING VIEW:: Vinod Nair, Head Of Research at Geojit Financial Services

Following continued selling in broader markets and weak Asian and US peers, Indian indices shed its early gains, however, late recovery helped the market to close the day on a flat note. Measures taken by BSE to curb excessive price movement in smaller stocks nudged selling pressure in small and mid-cap stocks while a clarity from BSE on limiting its restrictions to penny stocks gave some relief. Mainstream sectors succumbed to profit-booking while metal, energy and infra sectors traded against the trend. 

4:07 PM

IPO CHECK

COMPANY	SUBSCRIPTION STATUS
CarTrade Tech	20.25 times
Nuvoco Vistas	1.70 times
Chemplast Sanmar	0.24 times
Aptus Value Housing	0.36 times

*Source: Exchanges; Data as of 4 pm

4:03 PM

Pidilite adds 2% on strong Q1 earnings

>> PAT: Rs 217.6 crore vs Rs 15.8 crore YoY

>> Revenue: Rs 1936.8 crore vs Rs 877.8 crore YoY

4:00 PM

India Cements slips 2% even as Q1 profit swells by 121% YoY

>> India Cements posted a 121 per cent rise in consolidated net profit for the first quarter of the current financial year (Q1FY22) to Rs 43.05 crore as compared to Rs 19.47 crore during the the corresponding period last year.

 

3:58 PM

Lupin tanks 6% on poor operational performance in Q1

>> Ex-licensing income, Ebitda (earnings before interest, taxes, depreciation, and amortization) margins remained subpar at 14 per cent YoY. Decline in gross margins largely offset by lower employee cost, ICICI Securities said in a note.

3:57 PM

Zomato jumps 9% post Q1 earnings

>> While the company's loss swelled by over three times to Rs 356 crore in the June quarter (Q1), investors focussed on the better-than-expected revenue performance, driving the stock higher

3:53 PM

Market breadth favours sellers; advance-decline ratio at 1:2

3:51 PM

Only stock ends in the green in Nifty Pharma pack

>> Lupin, Torrent Pharma worst performers

3:50 PM

Nifty Metal index snaps 2-day losing run, rallies over 3%

>> Vedanta, SAIL, NALCO among top gainers

3:45 PM

SECTOR WATCH :: Metals rally, pharma bleeds

3:43 PM

BSE Midcap and Smallcap indices recover from day's low but end in red

>> The Midcap and Smallcap index recovered after BSE clarification but the indices still ended lower for the third day in a row

>> BSE clarified on its new 'Add-on Price Band Framework' and said the new framework shall be applicable to companies with a market-capitalisation of less than Rs 1,000 crore and on securities in groups -- X, XT, Z, ZP, ZY, and Y. The move, analysts say, may stop the bloodbath in the broader markets.

3:37 PM

Sensex Heatmap | Top gainers & losers at close

>> RIL, Tata Steel and TCS help cut Sensex losses, biggest contributors in trade today

>> Top gainers: Tata Steel, NTPC, Power Grid

>> Top losers: Kotak Bank, Sun Pharma, Bajaj Auto

3:35 PM

CLOSING BELL :: Sensex gyrates 591 points, ends 29 points down

The BSE barometer Sensex swung 591 points to end the volatile session 29 points or 0.05 per cent lower at 54,526. Meanwhile, NSE Nifty eked out 2 points or 0.01 per cent gain to settle at 16,282.