Sensex, Nifty end flat after volatile session; metal, energy stocks shine

CLOSING BELL: M&M, Tech M, Dr Reddy's Labs, Reliance Industries, HCL Tech, and Tata Steel were the top gainers on the 30-pack index

CLOSING BELL

Stock market highlights: After three consecutive days of sharp upmoves, markets took a breather on Tuesday. The benchmark indices whipsawed wildly in the intra-day trade before ending flat with a positive bias.

The frontline S&P BSE Sensex oscillated within a band of 530 points during the day. It, eventually, ended at 53,177, up 16 points or 0.03 per cent. 

M&M, Tech M, Dr Reddy's Labs, Reliance Industries, HCL Tech, and Tata Steel were the top gainers on the 30-pack index, up between 1 per cent and 3 per cent. Meanwhile, Titan Company, Asian Paints, Bajaj Finserv, Kotak Bank, Bajaj Finance, and ICICI Bank were the laggards, down up to 3.5 per cent.

On the NSE, the Nifty50 shut shop at 15,850, up 18 points or 0.11 per cent. Further, in the broader markets, the Nifty MidCap added 0.3 per cent, but the Nifty SmallCap fell by equal percentage.

Among major sectoral indices, the Nifty Metal index advanced around 2 per cent, while the Nifty Private Bank index dropped 0.8 per cent.

BS Special :: Liquor stocks in focus

Shares of liquor companies have tumbled between 6 per cent and 33.5 per cent thus far in calendar year 2022 (CY22), as pinching raw material prices and low demand hit breweries and distilleries. Analysts believe the worst may be behind the sector with out-of-home (OOH) consumption picking up, and select state governments reducing taxes, giving room to related companies to pass on cost pressure to consumers. READ MORE

Newsmaker :: Zomato
Shares of Zomato extended their decline as they shed 8 per cent on Tuesday on the BSE. The stock has declined 14.4 per cent in two days, losing $1 billion in market-cap, after it announced the acquisition of quick commerce firm Blinkit. READ MORE

      

4:10 PM

Closing view: Weakened rupee, rising bonds capped investors risk appetite

After a gap down opening, domestic indices were lifted by positive global peers while oil prices rose over renewed supply concerns.

The weakened rupee and rising bond yield limited domestic investors’ risk appetite.

Gains in commodity-linked stocks and optimism over easing Covid restrictions in China aided the global up-move.

Views by Vinod Nair, Head of Research at Geojit Financial Services.

Imaging: Ajay Mohanty

4:07 PM

Closing view: As rupee hit new low, export oriented sectors saw buying interest

While the confluence of factors like war, oil and currency weakness of India tempted FIIs to book profits on the back of premium valuations relative to its peers, the narrative could likely change if any of the above factors were to alter going forward.

As the rupee hit fresh lows today, we did see selective buying interest in exporting companies as smart investors begin bargain hunting by putting global macro worries behind.

In a rather range-bound trading session today as deliberations of the GST council gets underway, Autos displayed strength yet again on the back of new launches ahead of their monthly numbers.

Views by S Ranganathan, Head of Research at LKP securities

4:03 PM

Expert take on what led to a surge in upstream and refinery companies today

Upstream companies are currently benefited by higher spot prices of oil, leading to strong earnings, while refiners are benefited from higher GRMs.

This trend is expected to continue in FY23, as OPEC will continue to maintain its current production levels.

Going ahead, if oil prices remain elevated, the oil marketing companies (OMCs) will be impacted by higher under-recoveries unless we have a calibrated hike in retail fuel prices.

We remain positive on upstream companies in the short term but over the medium to long term, we expect oil prices to correct as the supply constraints and geopolitical tensions relieve. Given higher volatility in earnings, overall, we have a neutral view on the sector.

Views by Vinod Nair, Head of Research at Geojit Financial Services

4:01 PM

Rupee tanks 46 paise to close at record low of 78.83 against US dollar

Persistent foreign capital outflows and a surge in crude oil prices led to the slump. Read here

4:00 PM

Sterling Tools sinks 5% after arm Sterling Gtake E-mobility forays into E-LCV segment

 

3:56 PM

Manappuram Finance ends with cuts; co to consider $100 mln bond issue Thursday

3:54 PM

Route Mobile falls 2.6% ahead of board meet for buyback of shares

3:52 PM

Adani Ports sheds 1.5%; co approaches SC for Navi Mumbai tender plea

Adani Port Trust and Special Economic Zone has approached Supreme Court aggrieved by Bombay High Court's order of dismissing its plea challenging the disqualification in the tender for upgradation of the container terminal in Navi Mumbai.

3:50 PM

Wockhardt slips nearly 4% as Glenmark Pharma buys co's key OTC brands in US

3:45 PM

Sectoral trends: Auto, metals, oil & gas packs help Nifty turn green

 

3:43 PM

Broader markets finish tepidly higher after erasing day's losses

3:42 PM

Nifty losers: Titan, Asian Paints, Bajaj twins top drags

 

3:40 PM

Nifty top winners: ONGC top gainer for 2nd day, auto majors lend hand

 

3:38 PM

Sensex Heatmap: 18 of 30 shares end in green; M&M, Reliance top winners

3:36 PM

Closing Bell: Nifty reclaims 15,850 with gains of 18-odd points