Indices end at 9-wk lows ahead of CPI inflation data; Sensex drops 1,158pts

CLOSING BELL :: The S&P BSE Sensex opened gap-down and sunk 1,386 points intra-day to hit a low of 52,702 levels

CLOSING BELL

Stock market highlights: Inflationary and interest rate hike headwinds, that have emerged as a fallout of the Ukraine-Russia war and easy monetary policy, are biting into equity returns. As a result, bear-run on the bourses entered its fifth straight day on the weekly F&O expiry day, with the benchmark indices sliding over 2 per cent each. They also closed at their respective 9-week lows.

The S&P BSE Sensex opened gap-down and sunk 1,386 points intra-day to hit a low of 52,702 levels. It, eventually, closed at 52,930, down 1,158 points with 28 constituents in the red zone. On the NSE, the Nifty50 breached below the 15,750-mark in the intra-day trade before ending at 15,808, down 359 points. 

While Wipro and HCL Tech was the sole gainers (up 0.7 per cent and 0.1 per cent, respectively) on frontline indices, losses were led by IndusInd Bank and Adani Ports (down 6 per cent each), Tata Steel, Tata Motors, Bajaj twins, Hindalco, Axis Bank, HDFC duo, Titan, L&T, JSW Steel, and SBI.

In the broader markets, the BSE MidCap index fell 2.2 per cent and the BSE SmallCap index shed 1.9 per cent.

Sectorally, all the key indices closed in the negative zone with the Nifty PSU Bank index seeing the worst knock, down over 5 per cent.

IPO update

Delhivery: The Rs 5,235-crore initial public offer of the logistic company with a tech-based model has failed to garner investor interest. The issue, so far, has been subscribed just 23 per cent with none of the portions reserved for employees, retail, and QIBs, getting fully subscribed at the end of day 2. 

Prudent Corporate Advisory: The issue managed to sail through on the final day with 1.09 times subscription at 3:30 PM. Retail, Employee, and QIB quotas have been subscribed over 1x each while NII quota has seen 50 per cent subscription level.

Venus Pipes and Tubes: This IPO has seen subscription levels of 4x on Day 2 with retail investors applying for 6.8 times the shares reserved for them. NIIs, too, bid for 2x the shares reserved for them.   

4:07 PM

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

Nifty continues its downwards journey as the benchmark Index has closed sharply in the red for the day. However, the Nifty has reached near the previous swing low on the daily chart. Bounce may come in the market if the Nifty manages to hold above the previous swing low of 15671. Failure to maintain above 15650 may trigger a further correction on the flip side.

4:04 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

Yesterday’s release of higher-than-expected US CPI data suggests that the inflationary pressure will persist in the near term. However, it is presumed to have peaked and will gradually decline in-line with the ongoing fall in crude and other commodity prices, and slowdown in the economy. The Fed surprised the market with a hawkish stance, limiting liquidity, which limits further setbacks in the future. We can expect the market to stabilize as FIIs may reduce selling factoring inflation & Fed policy.

3:59 PM

Closing bell: Over 2,600 stocks declined whereas 748 advanced

3:53 PM

Closing bell: Broader markets muted; India Vix climbs above 8%

3:47 PM

Closing bell: Adani Ports, IndusInd Bank, Tata Motors top Nifty 50 losers

3:45 PM

Closing bell: Wipro, Eicher Motors, HCL Tech top Nifty 50 gainers

3:40 PM

Closing bell: Nifty PSU Bank worst sectoral performer; PNB, BoI hit 52-week low

3:38 PM

Closing bell: All sectors nosedive in red

3:36 PM

Closing bell: Only 2 Sensex stocks close in positive lane

3:35 PM

Closing bell: Sensex slides over 1,000 points

3:32 PM

Closing bell: Bears grip street! Nifty 50 closes below 15,850 levels

3:25 PM

PSBs extend slide; Nifty Bank slips below 4%

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