Sensex ends 277pts lower, Nifty 73pts; L&T, Bajaj twins slip; banks rebound

In the primary market, Venus Pipes & Tubes IPO was subscribed 2 times on Day 1 of the offer period; Delhivery IPO was off to a slow start.

The key benchmark indices ended lower for the fourth straight trading day as global cues remained subdued ahead of key macro-economic data. The US is slated to release its April inflation numbers later today. 

Meanwhile, China's consumer price index (CPI) for April grew 0.4 per cent month-on-month compared to 0.6 per cent in March due to Covid-19 induced supply disruptions.

Back home, the BSE Sensex dropped to a low of 53,519, dragged by aggressive selling in IT, FMCG and select index heavyweights like Reliance, Tata Steel and Larsen & Toubro. The BSE 20-share index recovered partially led by gains in banking shares and eventually ended with a loss of 276 points at 54,088. In the process, the Sensex has declined 1,614 points in the last four trading sessions.

The NSE Nifty dipped below the 16,000-mark briefly in intra-day deals but finally ended with a minor loss of 73 points at 16,167.

Among the Sensex 30 stocks, NTPC, Larsen & Toubro, Bajaj Finserv and Bajaj Finance declined around 2 per cent each. PowerGrid Corporation, Maruti, Infosys and ITC were the other prominent losers. 

On the other hand, Axis Bank gained over 2 per cent. IndusInd Bank, HDFC and Kotak Bank were the other notable gainers.

The broader markets too came off the day's low but eventually ended with notable losses. The BSE Midcap index was down 0.3 per cent, and the Smallcap index declined 2.2 per cent. The overall breadth was extremely negative, with more than three declining stocks for every advancing share on the BSE.

Primary Market Update

The Rs 5,235 crore Delhivery initial public offer (IPO) was subscribed up to 20 per cent at the end of Day 1 of the offer period.

The Delhivery IPO consists of a fresh issue of shares worth Rs 4,000 crore, and an offer-for-sale of Rs 1,235 crore. The price band of the issue is set at Rs 462-487 a share. Should you subscribe to Delhivery IPO? READ ABOUT IT HERE

Venus Pipes & Tubes which also opened for subscription today received a strong response from retail investors. The issue was subscribed up to 2 times, with demand from the retail segment up to 3.4 times of the alloted quota.

Meanwhile, Prudent Corporate Advisory Services was subscribed up to 52 per cent as of 03:30 PM on Day 2 of the offer period. The retail quota was almost fully subscribed.

4:04 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty recovered smartly from the day's low before closing with a marginal loss. On the lower end, it found support at 16000 as it closed at 175 points off the day's low. On the daily chart, a large lower wick indicates buying at the lower level. On the higher end, the Nifty is likely to move towards 16400. On the lower end, support is seen at 16100/15950.

 

4:01 PM

Market view: S Ranganathan, Head of Research at LKP Securities

Indices displayed extreme volatility today ahead of the CPI & IIP data this week. While we did see a sharp recovery in Indices during afternoon trade, the market breadth was very weak with several stocks in the broader market taking a big knock-on selling pressure as the small-cap index lost 3 per cent today.

4:00 PM

European markets trade on a positive note

3:58 PM

US equity futures edge higher ahead of inflation data

3:55 PM

Closing bell: Over 2,500 stocks declined whereas 806 advanced

3:49 PM

Closing bell: Smallcaps underperform Midcaps; India Vix climbs above 2%

3:46 PM

Closing bell: Shree Cements, Bajaj Finserv, L&T top Nifty 50 laggards

3:45 PM

Closing bell: ONGC, Axis Bank, IndusInd Bank top Nifty 50 leaders

3:40 PM

Closing bell: Nifty Realty best sectoral performer

3:37 PM

Closing bell: Nifty IT worst sectoral performer

3:35 PM

Closing bell: Sectors swing between gains and losses

3:34 PM

Closing bell: Only 10 out of 30 Sensex stocks close in positive territory

3:32 PM

Closing bell: Sensex closes lower by over 250 points

3:32 PM

Closing bell: Nifty 50 slips below 16,250 levels

3:27 PM

Venus Pipes IPO fully subscribed within first few hours of opening

The category meant for retail investors received 2.59 times subscription, while the portion for non-institutional investors got subscribed 34% and QIBs 30%. READ MORE