Sensex sheds 656 pts, Nifty ends below 18K amid weak global cues; PSBs soar

Closing Bell

Benchmark indices ended lower for a second straight day on Wednesday as rising bond yields continued to shift investors away from riskier asset classes. The 10-year US Treasury yield hit 1.9 per cent today, its highest point since December 2019. Brent crude futures, too, topped the $88 per barrel-mark.

Given this, the frontline BSE Sensex index plunged 656 points, or 1.08 per cent, to 60,099. The Nifty50, on the other hand, shut shop at 17,943, down 170 points or 0.9 per cent.

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The broader markets, however, outperformed the headline indices with the BSE MidCap index declining 0.34 per cent but the BSE SmallCap rising 0.04 per cent.

Among individual stocks, SBI rose around 2 per cent to end as the top Sensex gainer today. This was followed by Maruti Suzuki, Tata Steel, Axis Bank, Tech M, and M&M. All these stocks were up in the range of 0.3-1.6 per cent.

On the downside, the shares of Infosys and Asian Paints slipped nearly 3 per cent each, while Asian Paints, HUL, Bajaj Finance, Kotak Bank, TCS, and Nestle India fell up to 2.5 per cent.

Within the pack, the shares of Bajaj Finance had hit a record high of Rs 8,043.50, after they rallied 4 per cent in Wednesday's intra-day trade on the back of a strong 85 per cent year-on-year (YoY) jump in consolidated net profit at Rs 2,125 crore in the October-December quarter (Q3FY22), beating Street estimates. READ MORE

Within the broader market pack, shares of Paytm ended at Rs 997 level, down 4.5 per cent. Earlier today, the shares of company had hit a new low of Rs 990 on the back of heavy volumes. READ MORE

That apart, the shares of Adani Green Energy (AGEL) hit a new high of Rs 1,955.90, up 2.6 per cent on the BSE in Wednesday's intra-day trade. With this, the company's market cap has topped the Rs 3-trillion m-cap mark and stands at Rs 3.03 trillion, the BSE data showed. READ MORE

Sectorally, the Nifty PSU Bank index rose 2.2 per cent today and was the top index gainer. The Nifty Auto and Metal indices also gained about a per cent each. On the downside, the Nifty IT index was the biggest laggard, down over 2 per cent.

Global markets
European stocks nudged higher on Wednesday, seemingly shrugging off concerns about rising bond yields while digesting a slew of corporate earnings. The pan-European Stoxx 600 was up 0.2 per cent by mid-morning after starting the day in the red. 

Futures linked to the US indices, meanwhile, were also marginally higher. Dow Jones Futures were up 0.09 per cent; S&P500 Futures 0.15 per cent; and Nasdaq Composite 0.3 per cent.  

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Markets at 02:30 PM

LIVE market updates: The key benchmark indices continue to languish near the lows of the day dragged by persistent selling pressure in select index heavyweights, financial and IT shares.

The BSE Sensex was down 694 points at 60,061, and the NSE Nifty had shed 190 points at 17,923.

Infosys and ICICI Bank together accounted for almost 50 per cent of the losses on the BSE benchmark. HDFC twins, TCS and Hindustan Unilever were the other chief draggers.

However, the broader indices had recouped some of the losses. The BSE Midcap index was down 0.7 per cent at 25,381, as against the day's low of 25,248. Similarly, the Smallcap index was down 0.3 per cent at 30,465, as against the day's low of 30,185.

In the broader markets, OnMobile Global, Precision Wires, SPL Industries and Khandwala Securities were the major gainers, up 16-20 per cent each. Orbit Exports, Menon Bearings, Indo Tech Transformers, Pooja Western Metaliks, Ganesha Ecosphere, Kelton Tech Solutions, Orient Bell, Alpha Laboratories, Electrosteel Castings, Shriram Properties, 20 Microns, DC Shriram, Dilip Buildcon, HSIL, Tata Elxsi, Unichem Laboratories, TV18 Broadcast, Himadri Speciality Chemicals, Jai Corp and Elgi Equipments were the other significant gainers, up over 6 per cent each.

On the flip side, newly listed Paytam hit a new all-time low, and was down 5 per cent in intra-day trades. The stock has shed 26 per cent in the last three weeks. READ MORE

Hindusthan National Glass was locked at the 10 per cent lower circuit. PolicyBazaar, Ajmera Realty, ANG Lifesciences, Deep Polymers, Anand Rayons, DCM Nouvelle, MT Educare, Hindustan Motors, Salsteel, Jaypee Infratech, HCL Infosys, GTL, Hilton Metal Forging, TGB Banquets, Aptech, Strelite Technologies, Ahluwalia Contracts, Jaiprakash Power Ventures, Shipping Corporation of India, L&T Technology Services, ICICI Prudential Life, Deepak Fertilisers, Suzlon, Trident, Jamna Auto, Affle India, Birlasoft, Westlife Development, Naukri, Shakti Pumps and Filatex India were the major losers.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices continued to reel under selling pressure on the back of weakness in global markets. World over stocks remained under pressure amid rising crude oil prices, tensions in the Middle-East, Russia and upcoming US Federal tapering.

The BSE Sensex plunged to a low of 59,955, and was down 661 points at 60,094. The NSE Nifty had declined 188 points to 17,925.

In the neighbouring Asia, Japan's Nikkei tumbled 2.8 per cent. Kospi and Taiwan were down 0.8 per cent each. Hang Seng, Shanghai and Straits Times were down marginally in the range of 0.1-0.3 per cent, each.

The US futures indicated, losses for the Dow and Nasdaq in opening trades later in the day. The former was down 0.5 per cent, while the latter futures had shed 0.8 per cent.

Back home, Asian Paints and Hindustan Unilever were the major losers, down over 2.5 per cent each, a day ahead of the Q3 results. Analysts expect HUL to report up to 12 per cent rise in Q3 revenue. READ MORE

UltraTech Cement, Infosys, HCL Technologies and Bajaj Finance were the other major losers, down over 2 per cent each among the Sensex 30 shares. ITC, Maruti and Tata Steel were the only gainers, up marginally.

The broader markets were also considerably down. The BSE Midcap index had declined a per cent, while the Smallcap index had slipped 0.6 per cent. The overall breadth was also fairly bearish, with 2,085 stocks declining versus 1,231 advancing shares on the BSE.

Among sectoral indices, the BSE IT index had dropped 1.8 per cent and was the chief loser. The Bankex, Telecom and Realty indices were also down over a per cent each. The Oil & Gas index was the only notable gainer.
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Markets at 12 noon

LIVE market updates: The headline indices continued to reel under selling pressure and were up to 0.7 per cent lower. The BSE Sensex was at 60,313, down by 440 points, while the NSE Nifty was 120 points lower at 17,992.

Among the losers on the Sensex, Asian Paints, Ultratech Cement, Infosys remained on top and were joined by Bajaj Finance, which was now trading nearly 2 per cent lower, shedding its early gains. The stock was down over Rs 400 from its day's high level.

On the flip side, Tata Steel was the top gainer, up 1 per cent, followed by Maruti M&M and HDFC Bank. Bajaj Auto was also up 1 per cent ahead of its Q3 numbers. 

ALSO READ: HUL Q3 preview: Revenue may rise up to 12% YoY; margins to contract, analysts say

Sector-wise, only Auto, metals and energy stocks were trading higher. Meanwhile, Nifty IT index, down nearly 2 per cent , was still the biggest loser. 

That apart, in the primary market, the IPO of AGS Transact Technologies was subscribed 62 per cent so far, on the first day itself. The portion reserved for retail investors was subscribed 0.8 times, while that of non-instituitonal investors was subscribed 0.9 times. However, the quota for qualified institutional buyers was not subscribed at all. 

Among stocks, shares of Adani Green Energy (AGEL) continued their upward movement, hitting a new high of Rs 1,955.90, up 2.6 per cent on the BSE. A sharp rally in stock price of the company has seen, AGEL become the first Adani Group company to cross the Rs 3-trillion market capitalisation (market cap) today. READ MORE HERE.

Further, Tata Elxsi hit a new high of Rs 7,171 on rallying 13 per cent on the BSE after the company delivered another quarter of strong and consistent growth. The company saw 33.2 per cent year-on-year revenue growth and profit after tax (PAT) growth of 43.5 per cent in the December quarter. READ MORE. 
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Markets at 11 AM

LIVE market updates: The benchmark indices continued to hold losses in morning trade. The BSE Sensex was 474 points lower at 60,280, and the NSE Nifty was at 17,977, down by 135 points. 

Asian Paints and Ultratech Cement were now the top losers on the Sensex, down over 2 per cent each, whereas Infosys, HDFC, ICICI Bank, TCS and Kotak Bank contributed the maximum to the index's loss of 450 points. 

The broader markets, meanwhile, were outperforming the benchmarks. The BSE MidCap index was down 0.6 per cent, while the SmallCap index was lower by 0.2 per cent. In comparison, the Sensex and Nifty were around 0.8 per cent lower. 

Among stocks, shares of TV18 Broadcast surged 12 per cent to Rs 55.15 on the BSE after the company reported its highest-ever consolidated operating earnings before interest, taxes, depreciation, and amortization (ebitda) at Rs 355 crore with margins of 22.7 per cent for the December quarter. READ MORE.

Further, Triveni Engineering & Industries (TEIL) hit a new high of Rs 269.35, on soaring 6 per cent on expectations of a healthy growth in operating profits as well as strengthening of debt protection metrics in FY2022 and FY2023. READ MORE.

On the flip side, shares of L&T Technology Services were trading nearly 7 per cent lower on the BSE after the company reported its Q3 earnings, which failed to impress investors. 

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Markets at 10 AM

LIVE market updates: The benchmark indices extended their opening losses and were 0.5 per cent lower in early morning trade. The BSE Sensex was down 285 points at 60,469 while the NSE Nifty was at 18,044 lower by 68 points. The index slipped below 18,000 to a low of 17,950 earlier.

Infosys, Asian Paints, HCL Tech, Wipro, Ultratech Cement, Sun Pharma, Kotak Bank, L&T, TCS, HDFC, HUL, Airtel were the top laggards of the Sensex-30 pack and were trading 0.7-2 per cent lower. On the Nifty, Tata Consumer, Adani Ports, HDFC LIfe, SBI Life and Shree Cement were the additonal losers.  

"High volatility is in store for markets in the coming days. Globally inflation is becoming a worse-than-expected threat and this is reflected in the sharp spike in US 10-year yield. The consequent correction in US markets has also been sharp," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
 

He added that the steep spike in crude is posing major threats to inflation, fiscal and current account balances back home. 

"On the positive side, the Q3 results indicate a smart pick up in earnings. While, this strong fundamental can support the market, investors have to be cautious since at the current high valuations negative triggers can derail the rally", he said. 
 

That apart, barring Nifty Metal and Oil & Gas index, rest of the sectoral indices were trading lower led by IT and healthcare, down 1.6 and 0.8 per cent, respectively. 

Among stocks, the shares of Bajaj Finance hit a record high of Rs 8,043.50, up 4 per cent on the BSE after the NBFC reported a strong 85 per cent year-on-year (YoY) jump in consolidated net profit at Rs 2,125 crore in the October-December quarter (Q3 of FY22), beating Street estimates. READ MORE.

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Opening Bell

LIVE market updates: The benchmark indices opened lower on Wednesday continuing their losses from the previous session. The BSE Sensex was down 235 points at 60,519, while the NSE Nifty was lower by 55 points at 18,058. 

In the broader markets, the BSE MidCap and SmallCap indices were also down 0.7 per cent and 0.6 per cent, respectively.

Among the 30-sensex pack, Bajaj Finance, Tata Steel, M&M, Bajaj Finserv, RIL, Maruti, PowerGrid and Axis Bank were the major gainers, up between 0.3-2.8 per cent. Infosys, Wipro, IndusInd Bank, HCL Tech, Asian Paints, Tech M, HDFC, Kotak Bank and TCS were, meanwhile, the top losers, down between 0.5-1.4 per cent.
 

Sectorally, the Nifty IT and Realty index were the biggest losers, down 1 per cent each.  Auto, energy and metals were in the green zone. 

Among notable stocks, Bajaj Finance was the top gainer on the bourses, up over 3 per cent on strong Q3 numbers. The NBFC reported a sharp 85 per cent surge in consolidated net profit to Rs 2,125 crore in the October-December quarter, beating Street estimates. 

Further, DCM Shriram was trading over 7 per cent higher on the BSE after the company reported 38 per cent rise in PAT at Rs 350 crores in the December quarter. 

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Pre-open session

LIVE market updates: The benchmark indices were seen holding marginal gains in pre-open trades. The BSE Sensex was up 70 points at 60,825, while the NSE Nifty was higher by 66 points at 18,179. 
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LIVE market updates: Amid weak global cues, the key benchmark indices are likely to start trade on a mute note after they ended with significant losses the previous day. At 8:00 am, the SGX Nifty futures quoted 18,140 level, which is only 26 points up from Nifty's spot close on Tuesday.

High oil prices and sustained FII outflows are also seen to be weighing on investor sentiments.

Among individual stocks today, Bajaj Auto, L&T Infotech, Mastek, Ceat and Tata Communications are some of the major companies to announce December quarter results. 

Bajaj Finance could see some action after the NBFC beat street estimates by reporting a 85 per cent YoY surge in consolidated net profit to Rs 2,125 crore for Q3FY22. Consolidated NII also jumped by 40 per cent to Rs 6,000 crore.

In the primary market, the IPO of AGS Transact Technologies will also open for subscription. This is the first IPO to open in the new year 2022. 

Global cues

The US stocks fell sharply on Tuesday as yields continued its northbound journey. Earnings disappointment by Goldman Sachs also dampened the sentiment for financial shares. The Dow Jones dropped 1.5 per cent. The S&P 500 plunged 1.8 per cent, and Nasdaq tumbled 2.6 per cent.

Meanwhile, Oil prices soared to a 7-year high amid supply concerns on the back of tensions in the Middle-East and Russia. According to reports, OPEC+ sources indicated that prices can shoot up to $100 a barrel. On Tuesday, Brent Crude gained 1.2 per cent at $87.51 a barrel, and WTI Crude jumped 1.9 per cent to $85.43 a barrel.

However, the major markets in Asia were mixed in early deals on Wednesday. Japan’s Nikkei had dipped 1.8 per cent, Taiwan was down 0.3 per cent and Shanghai Composite had slipped 0.1 per cent. Whereas, Hang Seng, Straits Times and Kospi were up 0.1-0.2 per cent each.