Sensex ends below 60k, slips 433pts, Nifty gives up 17,900; SBI falls 3%

Closing Bell

A late recovery helped key benchmark indices trim losses at the end of the trading session on Thursday. For most part of the trading day, the key indices drifted lower on the back of weakness in financial and healthcare shares.

The BSE benchmark index, the Sensex, started 60-odd points in the negative zone and went on to extend losses as the day progressed. The BSE benchmark touched a low of 59,656, and then recovered partially to end 433 points lower at 59,920.

The NSE Nifty dipped to a low of 17,798, but eventually settled with a loss of 143 points at 17,874.

SBI was the major loser among the Sensex 30 stocks, it dropped 2.8 per cent to Rs 510. Bajaj Finserve, Tech Mahindra, Sun Pharma, Bajaj Finance and Axis Bank were the other prominent losers. Titan, however, gained 1.7 per cent. Tata Steel ended flat ahead of its Q2 results.

Market Dashboard: Snapshot of key movers and shakers in trade today

The broader indices also recouped losses at close. The BSE Midcap and Smallcap indices were down 0.6 per cent and 0.5 per cent, respectively. The overall breadth was negative - 1,882 stocks declined, while 1,399 advanced on the BSE.

In the broader markets, Monte Carlo hit the 20 per cent upper circuit on the back of near 8-fold jump in Q2 net profit. READ MORE

Alembic Pharmaceuticals dipped 5 per cent to Rs 757 on the BSE after the company's consolidated profit declined 49 per cent YoY at Rs 169 crore in September quarter (Q2FY22), due to lower revenue. READ MORE

Click here for more market news

Among sectoral indices, the BSE Realty index plunged 2.5 per cent. The Bankex, Healthcare and Telecom indices were down over a per cent each. The Consumer Durables index was the sole prominent gainer.

In the primary market, Sapphire Foods was subscribed 6.2x on the last day of its public issue as of 3:30 PM. The retail quota was subscribed 8.5x.

Latent View Analytics continued to recieve strong response. The issue was susbcribed 18.6x on Day 2, with demand from the retail semgent up to 61x.
___________________________________________________________________________________________
Markets at 02:30 PM

LIVE market updates: The key benchmark indices extended losses in late trades. The BSE Sensex shed 582 points at 59,771, and the NSE Nifty was down 182 points at 17,835.

SBI has tumbled over 3 per cent to Rs 508. Tech Mahindra too has shed 3 per cent. Bajaj Finserv, NTPC, Bajaj Finance, PowerGrid Corporation, Sun Pharma and ICICI Bank were the other prominent losers.

The broader markets too have weakened, with the BSE Midcap index down a per cent and Smallcap index down 0.7 per cent.

Meanwhile, the European markets have started trade with a slightly positive bias. The FTSE 100 and CAC 40 were up 0.3 per cent and 0.2 per cent, respectively. DAX 30 was flat.
____________________________________________________________________________________________
Markets at Lunch (01:30 PM)

LIVE market updates: The key benchmark indices were off the day's low with Reliance Industries and select IT heavyweights recovering from lows of the day. The BSE Sensex was down 430 points at 59,923 as against the day's low of 59,745. It's counterpart, the NSE Nifty was down 141 points at 17,876.

Tech Mahindra remains the top loser in the Sensex pack, down 2.5 per cent at Rs 1,525. SBI and Bajaj Finserv were the other major losers, down over 2 per cent each.

The market breadth was also negative, with 1,779 declining stocks versus 1,420 advancing shares on the BSE.  

Among sectors, the Realty index remains worst hit, down 2.5 per cent. Bankex, Healthcare and Oil & Gas indices were the other notable losers.

In the primary market, Sapphire Foods IPO was susbcribed 2.13 times, with 7x demand for the retail quota. Latent View Analytics IPO was subscribed 12.68 times, with strong retail demand over 52x subscription.
______________________________________________________________________________________________
Markets at 12 NOON

LIVE market updates: The key benchmark indices continue to languish with notable losses. The BSE Sensex was down 464 points at 59,889, and the NSE Nifty had declined 146 points to 17,871.

Tech Mahindra, Bajaj Finserv, HDFC, Asian Paints, PowerGrid Corporation, Bajaj Finance and SBI were the prominent losers among the Sensex stocks. Tata Steel has moved up 1.7 per cent ahead of its Q2 results.

The broader indices were also down notably. The BSE Midcap and Smallcap indices were down 0.6 per cent and 0.4 per cent, respectively.

CRISIL has zoomed over 11 per cent to Rs 3,197 post September quarter results. While the company's bottomline was flat, total income grew 15.7 per cent YoY to Rs 603.80 crore.

Yes Bank was up 2 per cent at Rs 13.29 after Moody's Rating upgraded the private sector lender’s long-term foreign currency issuer rating from “B3” to “B2”, factoring in substantial improvement in funding and liquidity, which has strengthened depositor and credit confidence in the bank.

MonteCarlo and Aurum Proptech were locked at the 20 per cent upper circuit in the Smallcap space.
Thermax, Narayana Hrudayalaya, Nahar Polyfims, NIIT, Garden Reach Shipbuilders and Timken were the other major gainers, up 7-13 per cent each.

Elsewhere in Asia, the major markets were mostly up. China's Shanghai Composite was up a per cent. Nikkei advanced 0.6 per cent. Hang Seng and Straits Times were more or less unchanged. Kospi and Taiwan were down 0.4 per cent and 0.6 per cent, respectively.
____________________________________________________________________________________________
Markets at 11 AM

LIVE market updates: The key benchmark indices remain under pressure as the weakness spread across the sectors. The BSE Sensex was down 479 points at 59,874, and the NSE Nifty had shed 152 points at 17,865.

Infosys, ICICI Bank and HDFC twins were the major draggers on the BSE Sensex accounting for almost 50 per cent of the day's loss on the benchmark.

Larsen & Toubro, however, was seen holding gains for the eight straight trading session. The stock was up 1.3 per cent at Rs 1,974. Titan was the other notable gainer.

In the broader markets, Bharat Bijlee soared to a fresh 13-year high after the stock rallied 7 per cent in intraday trades to Rs 1,950 on the back of strong performance by its power systems business. READ MORE

Meanwhile in other news, stating that growth impulses and the fast-moving economic indicators are strong, RBI Governor Shaktikanta Das exuded confidence in the economy clipping at the projected 9.5 per cent growth this fiscal. The monetary authority also reiterated its strong views against cryptocurrencies saying they pose serious threats to the macroeconomic and financial stability of the country and also doubted the number of investors trading on them as well their claimed market value.
____________________________________________________________________________________________
Markets at 10 AM

LIVE market updates: Benchmark indices were trading near the day's low level as selling in IT, financials, and pharma stocks weighed on sentiment.

The S&P BSE Sensex was at 59,928 level, down 420 points, while the Nifty50 slipped below the 17,900-mark. 25 of the 30 Sensex constituents and 42 of the 50 Nifty constituents were trading in the red.

In the broader markets, the MidCap and SmallCap indices reversed course on the BSE and were now down 0.2 per cent each.

Shares of Narayana Hrudayalaya hit a new high of Rs 620, surging 13 per cent on the BSE in Thursday’s intra-day trade after the company reported consolidated net profit of Rs 99.4 crore in September quarter (Q2FY22), on the back of healthy operational performance. READ MORE

In the currency market, rupee opened weaker at 74.44 per US dollar relative to Wednesday's close of 74.38/$.

___________________________________________________________________________________________
Opening Bell

LIVE market updates: Frontline indices started lower for the third straight day on Thursday amid tepid global cues. The BSE Sensex was quoting at 60,133 levels, down 220 points or 0.36 per cent, in early deals dragged by Tech M, HDFC, ICICI Bank, HCL Tech, M&M, and Axis Bank.

On the upside, Titan Company, Maruti Suzuki, Tata Steel, L&T, and NTPC were lending some support. All these stocks were up in the range of 0.2 per cent and 1.7 per cent.

It's NSE counterpart, Nifty50, was down 75 points at 17,942 levels. In the broader markets, the BSE MidCap and SmallCap indices gained 0.05 per cent and 0.17 per cent, respectively.

Among individual stocks, shares of Zomato surged 5 per cent in the intra-day trade on the BSE after the company said it will invest $50 million in e-commerce start-up Magicpin for 16 per cent stake as part of a total funding round size of $60 million.

Those of YES Bank, meanwhile, gained 2 per cent after rating agency Moody’s upgraded private sector lender’s long-term foreign currency issuer rating from "B3" to "B2".

Birla Corp shares, on the downside, tanked 5 per cent after the company reported a consolidated net profit of Rs 85.5 crore during the September quarter of FY22 , down 49 per cent year-on-year (YoY) from Rs 166 crore last year, on the back of extended monsoon and a surge in its expenses.

Sectorally, only the Nifty Metal, Media, and PSB indices were trading in the green, rising up to 0.5 per cent. Among the losers, the Nifty Bank, Private Bank, IT, Pharma, and Financial Services indices declined 0.6 per cent each.

__________________________________________________________________________________________
Pre-market session

LIVE market updates: Frontline indices are likely to start flat with a negative bias on Thursday, the day of weekly F&O expiry, indicate trends during the pre-open session. The BSE Sensex was down 55 points at 60,298 levels while the Nifty50 was down 48 points at 17,969 levels at 9:08 AM. 

_________________________________________________________________________________________

Updated at 8:20 AM

LIVE market updates: The markets may start on a tepid note today as global cues are not so encouraging. The US markets declined for the second straight day on Wednesday amid inflation concerns as the Consumer Price Index jumped by 0.9 per cent, its fastest gain in 31 years. The S&P 500 and Dow Jones dropped 0.8 per cent and 0.7 per cent, respectively,  while the Nasdaq plunged 1.7 per cent.

In Asia, Nikkei was up 0.6 per cent, Shanghai Composite had added 0.3 per cent. On the other hand, Hang Seng and Straits Times were down 0.5 per cent each, while Kospi and Taiwan were down 0.7 per cent and 0.4 per cent, respectively.

Earnings to Watch

Aptech, Bajaj Hindusthan Sugar, CESC, Dredging Corporation, Engineers India, Godrej Consumer Products, Hindustan Construction, Indiabulls Housing Finance, IFCI, NDTV, NHPC, NLC India, NMDC, Novartis, Piramal Enterprises, PFC, PNB Gilts, PTC India, Railtel, RITES, Sundaram Fasteners, Tata Steel and Zee Entertainment are few of the major companies scheduled to report earnings today.

Primary Market Update

Latent View Analytics was subscribed 6.4x at the end of Day 1 of the issue. Meanwhile, today is the last day for subscription to the Sapphire Foods IPO. The issue so far was subscribed 1.07x, with retail quote receiving bids of 5.4x.