Sensex ends 372 pts lower; Paytm down 27%; Sapphire gains 4%, Escorts 10%

The broader markets ended with deeper cuts, the BSE Midcap and Smallcap indices were down 1.5 per cent each

Closing Bell

The key benchmark indces exhibited high volatility in trades on Thursdya. The key indices witnessed wilted under severe selling pressure in the first-half of the day, before staging a partially mid-way, only to lose ground once again.

The BSE benchmark index, the Sensex, touched a high of 60,178 in early deals, and soon slipped into the negative zone. The index dropped to a low of 59,377, and eventually ended lower for the third straight trading session, down 372 points at 59,636.

In the process, the Sensex shed 1,082 points in the last three trading sessions, and was down 1.7 per cent (1,051 points) for the week. The markets will be shut for trading tomorrow on account of GuruNanak Jayanti.

The NSE Nifty declined 134 points to 17,765, and was down 1.9 per cent (338 points) for the week.

Mahindra & Mahindra, Tech Mahindra, HCL Technologies, Larsen & Toubro, Tata Steel, IndusInd Bank, Maruti and Bajaj Finserve were the major losers among the Sensex 30 stocks, down 2-3 per cent each. Bajaj Finance, Dr.Reddy's, TCS and Kotak Bank were the other prominent losers. SBI, however, gained a per cent.

Debutant Paytm had a disappointing outing. The stock listed at a 9 per cent discount at Rs 1,950 when compared to its issue price of Rs 2,150, and went on to extend losses throughout the day. The stock finally ended at the day's low at Rs 1,564 - a huge 27.3 per cent discount to its issue price.

Given the offer's aggressive pricing and the fact that One97 Communications, the parent company of Paytm, still remains a loss-making entity, most analysts had expected a sub-par listing. As an investment strategy, they advise investors who got an allotment book loss at the current levels and invest in more promising counters. READ MORE

Meanwhile, the other debutant, Sapphire Foods operator of popular food brands Pizza Hut and KFC ended with at a premium of 4.2 per cent at Rs 1,229 versus its issue price of Rs 1,180. The stock had scaled an intra-day high of Rs 1,384. READ MORE

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In the broader markets, Escorts rallied to a fresh all-time high at Rs 1,825 and ended 10.3 per cent higher at Rs 1,797 after Japan-based Kubota Corporation acquired stake in the company through the preferential route for a consideration of Rs 1,872 crore.

The broader indices ended with deeper cuts, the BSE Midcap and Smallcap indices were down 1.5 per cent each. Among sectors, the Metal index shed 2.8 per cent, and the Auto index tumbled 2.3 per cent. All sectoral indices ended in the negative zone.

In the primary market, Go Fashion India IPO was subscribed 5.8 times as of 3:30 PM, with strong demand from the retail investors. The retail quota was subscribed 23.2 times and the wealthy investor portion 1.9 times.
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Markets at 02:30 PM

LIVE market updates: The key benchmark indices have recouped some of its losses in the last half-hour of trades or so on the back of renewed buying interest in banks and index heavyweight Reliance Industries.

The BSE Sensex was down 375 points at 59,633, and the NSE Nifty had slipped 132 points to 17,767.

PowerGrid Corporation has advanced over a per cent. Reliance, Asian Paints and SBI were the other notable gainers among the Sensex 30. On the flip side, Mahindra & Mahindra, Tata Steel, HCL Technoglogies and IndusInd Bank remain the prominent losers.

The broader indices, however, continue to under-perform. The BSE Midcap index was down 1.4 per cent, and the Smallcap index had slipped 1.2 per cent.

Meanwhile, the European markets started trade on a mixed note. The DAX 30 and CAC 40 were up 0.2 per cent and 0.1 per cent, respectively, while the FTSE 100 was down 0.2 per cent.
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Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices have recouped some of its losses in the last half-hour of trades or so on the back of renewed buying interest in banks and index heavyweight Reliance Industries.

The BSE Sensex, which, touched a low of 59,377, was down 350 points at 59,658. The NSE Nifty also recovered from the day's low of 17,689, and was quoted at 17,778, down 121 points.

In the broader markets, Paytm down 14.7 per cent from its issue price was the major loser. Aurum Proptech, Vedanta, JSW Energy, Aurobindo Pharma, Tata Power, CoForge, Zensar Technologies, IDFC, Gujarat Alkalies and Spandana Sphoorty Financial were the other prominent losers.

Whereas, Escorts was trading at a fresh life-time after Japan-based Kubota Corporation hiked stake in teh company by acquiring 96.64 lakh shares through the preferential route for a consideration of Rs 1,872.74 crore. READ MORE

MTNL, Shipping Corporation of India, Tarapur Transformers, TCI Express, Tanla Platforms and Chambal Fertilisers were the other prominent gainers.

Elsewhere in Asia, Hang Seng shed 1.4 per cent, while Nikkei and Shanghai Composite were down 0.3 per cent and 0.4 per cent, respectively. Kospi too slipped 0.3 per cent. On the other hand, Taiwan gained 0.4 per cent, and Straits Times was flat.
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Markets at Noon

LIVE market updates: The key benchmark indices so far in the day have extended losses as the trading sesion progressed amid a board-based selloff. The BSE Sensex was down 483 points at 59,525, and the NSE Nifty had declined 162 points to 17,737.

The overall breadth was also fairly negative - with declining stocks out-numbering advancing shares in nearly 3:1 ratio.

All sectoral indices were in the negative zone - the BSE Auto index was the biggest loser, down 2.5 per cent. Healthcare, IT, Capital Goods, Consumer Durables, Metal and Realty indices were the other major losers.

In the primary market, Go Fashion India IPO was subscribed 3.4 times on Day 2 of the public issue so far. The retait quota was subscribed 16.6 times and the wealthy investor portion 1 times.

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Markets at 11 AM

LIVE market updates: Bears tightened their grip over the markets as investors engaged in across-the-board selloff. The BSE Sensex fell 393 points, or 0.66 per cent, at 59,614 level while the Nifty50 gave up 17,750-mark. In the intra-day trade, the indices hit low of 59,481 and 17,720.

In the broader markets, the BSE MidCap and SmallCap indices dropped 2 per cent each. 

Volatility index, India VIX, was up 3 per cent and market breadth was heavily skewed towards seller. Over 2,200 shares declined on the BSE compared with only 800 stocks that rose.

Paytm: What next for the stock?
Given the offer's aggressive pricing and the fact that One97 Communications, the parent company of Paytm, still remains a loss-making entity, most analysts had expected a sub-par listing. As an investment strategy, they advise investors who got an allotment book loss at the current levels and invest in more promising counters. READ MORE

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Markets at 10 AM

LIVE market updates: Benchmark indices turned volatile as losses in the private bank, auto, and pharma stocks outweighed gains in PSU bank, and FMCG stocks.

After hitting a high of 60,177, the BSE Sensex index dropped around 70 points to quote at 59,939 levels. The Nifty50, on the other hand, was testing the 17,850-mark.In the broader markets, the MidCap and SmallCap indices on the BSE also reversed their gains and were down 0.49 per cent and 0.33 per cent, respectively.

The new debutants on the bourses, however, displayed contrasting trend at listing. Shares of One97 Communications, or Paytm, debuted at a 9 per cent discount at Rs 1,955 on the BSE relative to the issue price of Rs 2,150 per share. Analysts at global brokerage. Post listing, the shares extended declined and tumbled 23 per cent against issue price to hit a low of Rs 1,657.

Macquarie has initiated coverage of One 97 Communications with an "underperform" rating. It has a target of Rs 1,200, suggesting 44 per cent potential downside from the issue price of Rs 2,150.

Sapphire Foods, meanwhile, listed at 14.4 per cent premium at Rs 1,350 on the NSE. It's issue price was Rs 1,180 per share. The shares extended gains and hit a high of Rs 1,384, up 17.2 per cent against issue price.

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Opening Bell

LIVE market updates: Frontline indices started higher on Dalal Street on Thursday amid gains in PSU Bank, FMCG, and metal stocks.

The S&P BSE Sensex added 76 points, or 0.13 per cent, to quote at 60,084 levels in early deals while the Nifty50 hovered around 17,900-mark. In the broader markets, the BSE SmallCap index extended its outperformance into third day, up 0.32 per cent.

Among individual stocks, ITC rose 1 per cent and was the top performer on the Sensex index, followed by SBI, Asian Paints, Power Grid, and Titan Company. On the downside, M&M was the biggest laggard, down 1.2 per cent.

Shares of Vedanta, meanwhile, slipped around 2 per cent on the Nifty on profit booking after the company said it has appointed a committee of directors to evaluate and recommend a range of options and alternatives, including demergers, spin-offs or strategic partnerships of its aluminium, iron & steel, and oil & gas businesses.

In the broader market space, shares of Zomato advanced over 2 per cent as it has completed closure of its UK-arm, Zomato UK. Further, according to reports, the food-delivery firm is in talks to invest as much as $500 million in Grofers.

Phoenix Mills shares also jumped 2 per cent after Canada Pension Plan Investment Board (CPPIB) completed its first tranche of investment worth Rs 787 crore in the company's subsidiary.

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Pre-opening session

LIVE market updates: The BSE Sensex fell 39 points in pre-open deals at 59,969 levels. The Nifty50, meanwhile, dipped 8 points at 17,890. 

Britannia Industries, Asian Paints, Hindalco, and Adani Ports are the top stocks on the Nifty in pre-open deals.

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Updated at 8:15 AM

LIVE market updates: Amid lack of triggers, domestic equities are expected to trade sideways and track global cues for further moves. All eyes, however, will be on the listing of Paytm and Sapphire Foods today. 

At 8:05 AM, SGX Nifty was at 17,877, down 7 points. 

Primary Market Update

Go Fashion (India) IPO was subscribed 2.5 times at the end of Day 1. The retail quota received bids for 12.1 times.

Meanwhile, Tarsons Products’ Rs 1,024 crore IPO was subscribed 77.5 times at closure on strong demand from institutions and HNIs.

Global cues

The US markets ended lower on Wednesday amid fears of possible early rate hikes by the Federal Reserve. The Dow Jones declined 0.6 per cent, while the Nasdaq and the S&P 500 slipped 0.3 per cent, each.

In Asia, Nikkei and Hang Seng were down 0.5 per cent and 1 per cent, respectively, while Shanghai Composite was up 0.4 per cent. Kospi and Straits Times slipped 0.5 per cent and 0.2 per cent, respectively. Taiwan, however, was up 0.2 per cent.