ICICI, HDFC Bank lift Sensex off lows, ends 617pts down; Tata Steel dips 4%

CLOSING BELL: Bajaj Auto, HDFC Bank, ICICI Bank, Axis Bank, HDFC, Nestle India, Bharti Airtel, and Kotak Bank were the only gainers, rising up to 2 per cent

CLOSING BELL

Equity markets fell for a second day on Monday as high commodity prices, fears of tighter policy regime, and rising Covid-19 cases weighed on the investor sentiment.

The frontline S&P BSE Sensex tumbled over 800 points intra-day before closing at 56,580, down 617 points or 1.08 per cent. The NSE Nifty50, on the other hand, breached below the 16,900-mark intra-day to hit a low of 16,888. It ended at 16,985, down 187 points or 1.09 per cent.

ALSO READ: Sensex plunges 1,500 pts in two days; key factors denting market sentiment

Bajaj Auto, HDFC Bank, ICICI Bank, Axis Bank, HDFC, Nestle India, Bharti Airtel, and Kotak Bank were the only gainers on the Nifty50 index, rising up to 2 per cent. On the downside, Coal India, BPCL, Tata Steel, SBI Life, Hindalco, Tata Motors, and Sun Pharma shed up to 6.5 per cent.

The broader indices, meanwhile, underperformed on the bourses and slipped 1.8 per cent each with Tata Communications, Jubilant Foodworks, Cummins India, Oberoi Realty, Future Group shares, and Birla Tyres sliding between 5 per cent and 20 per cent.

SEE MARKET SNAPSHOT HERE

Sectorally, only the Nifty Private Bank index ended the day in the green zone, up 0.44 per cent. The Nifty Realty index was the worst hit, down 4 per cent, followed by the Nifty Metal index (down 3 per cent).

Global markets

Mainland Chinese indexes led losses as Asia-Pacific markets fell sharply on Monday following a sell-off on Wall Street on Friday. The Shenzhen component tumbled 6.08 per cent to 10,379.28 while the Shanghai composite declined 5.13 per cent to 2,928.51. 

Meanwhile, the pan-European Stoxx 600 index opened 1.3 per cent lower with all sectors in negative territory. 

4:09 PM

BOND MARKET COMMENT

After touching a 3-year level of 7.28%, India's 10-year bond yield has cooled off to near 7% levels. The monetary policy stance by global central banks has changed, so RBI's policy stance can’t be on a different page. 
 

The fall in the yields could also be due to RBI buying or infusion of liquidity into the system. We are still expecting the G-Secs to touch 7.35% first and if it does not sustain that level it could rise to as high as 7.60 levels

Views by: Vishal Amarnani, Head -Fixed Income, Emkay Wealth Management

4:08 PM

MARKET COMMENT

Global markets were painted red due to below-par earnings results, adding fresh concerns to elevated inflation, oil prices, war uncertainties and supply issue. Fear of waning demand due to prolonged covid lockdown in China led to oil prices tumbling. Continued FII selling in India along with other global uncertainties is favouring bear trend in the short-term.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:07 PM

Tech View :: A fall below 35,800 will lead to a fresh round of selling in Nifty Bank

The Bank Nifty index was the outperformer in yesterday's trading session. The index near-term support is placed at 35,800 and a breach below this will lead to a fresh round of selling. The upside resistance is placed at the 36,500-37,000 zone and a close above this will resume the uptrend.

Views by: Kunal Shah-Senior Technical & Derivative Analyst at LKP Securities

 

4:06 PM

Tech View :: Nifty moves suggest a rise in bearish bet

Nifty started lower and fell below 200-days moving average, which suggests a rise in bearish bet. The daily RSI is in bearish crossover. On the lower end, Nifty has support at 16,800, a fall below which may trigger a further fall in the market. On the higher end, resistance seen at 17,200.

Views by: Rupak De, Senior Technical Analyst at LKP Securities 

 

3:55 PM

Rupee closing

>> Rupee ends at 76.69 per US dollar against Friday’s close of 76.48/$

3:54 PM

All Tata Group stocks down in the dumps today

3:52 PM

Future Group stocks bleed after RIL backs out from Future Retail-RRVL deal

3:51 PM

Hindustan Zinc slides over 6% as Q4 nos miss Street estimates

3:50 PM

ICICI Bank pares gains, still ends about 1% up post Q4 nos

3:49 PM

BSE Stats :: Nearly 3 sellers for every 1 buyer on the BSE today

3:45 PM

Broader market check :: BSE SmallCap index ends near day's low

>> Index closes at 28,699.35, down 548.63 points or 1.88%

3:44 PM

Broader market check :: BSE MidCap index ends at 24,239, down 1.86%

3:43 PM

Sector check :: HDFC, ICICI, Axis Bank help Nifty Bank reverse losses

3:38 PM

Sensex Heatmap :: Here're the top gainers and losers of today's trade

3:34 PM

CLOSING BELL

The frontline S&P BSE Sensex tumbled over 800 points intra-day before closing at 56,580, down 617 points or 1.08 per cent.

The NSE Nifty50, on the other hand, breached below the 16,900-mark intra-day to hit a low of 16,888. It ended at 16,985, down 187 points or 1.09 per cent.