Sensex drops 519pts, Nifty below 18,200; Easy Trip up 20%, Archean Chem 12%

CLOSING BELL: Over 35 stocks fell on the Nifty50 index, led by Adani Ports, Hindalco, TCS, HDFC, Tech M, Reliance Industries, Hero MotoCorp, Infosys, Grasim, JSW Steel, and Bajaj Finance

CLOSING BELL

Stock market highlights: Domestic equity markets languished in the red on Monday as cautious global approach, ahead of the release of the minutes of the US Federal Reserve's last policy meeting, kept investors on the sidelines. Besides, Goldman Sachs Group Inc's downward revision in its forecast for India's economic growth next year, dented sentiment.
 

Gross domestic product may expand by 5.9 per cent in calendar year 2023 from an estimated 6.9 per cent this year, Goldman economists led by Andrew Tilton wrote in a report Sunday, citing a hit to consumer demand from higher borrowing costs and fading benefits from pandemic reopening. READ MORE

Against this backdrop, the benchmark S&P BSE Sensex fell over 550 points intra-day, before closing at 61,145, down 519 points or 0.84 per cent. The NSE Nifty50, meanwhile, hit a low of 18,133, before settling at 18,160, down 148 points or 0.81 per cent.

Over 35 stocks fell on the Nifty50 index, led by Adani Ports, Hindalco, TCS, HDFC, Tech M, Reliance Industries, Hero MotoCorp, Infosys, Grasim, JSW Steel, and Bajaj Finance. These stocks fell in the range of 1.5 per cent to 2 per cent.

In the broader market, the BSE MidCap, and SmallCap indices outperformed the benchmarks as the former fell just 0.15 per cent, while the latter added 0.01 per cent.

Sectorally, the Nifty PSU Bank index rose 1.4 per cent, while all others shut shop in the negative zone. The Nifty IT and Realty indices slipped the most, down up to 1.5 per cent. 

New listing
Shares of Archean Chemical Industries (ACIL) listed at Rs 450, a 11 per cent premium to its issue price of Rs 407 per share on the NSE. The shares hit a high of Rs 476 apiece, before settling at Rs 458, up 12.5 per cent against the issue price. Read here

Global cues

European markets were marginally lower on Monday as investors continued to assess inflationary pressures and the possible trajectory of central bank interest rates. The pan-European Stoxx 600 was down 0.1 per cent by mid-morning, with basic resources dropping 1.3 per cent to lead losses while health care stocks gained 0.5 per cent. 

Earlier, shares in the Asia-Pacific mostly fell amid growing Covid concerns in China as its central bank kept the benchmark lending rates, or loan prime rates, on hold.

4:18 PM

COMMENT:: US Fed, China Covid worries weigh on the markets

"The sharp decline in crude prices is a huge positive for the domestic economy. However, the market did not respond favourably due to stronger headwinds from the global market. The prospect of a prolonged tightening cycle by the US Federal Reserve and the Chinese COVID restrictions affected the world market. Along with other major sectors, metal stocks traded with cuts despite the government's decision to remove export duty on iron and steel."

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:07 PM

Tech view: Nifty may drift to 17,750; near support seen at 18,100

"The Nifty started lower following weak global cues and remained sideways during the day. On the lower end, it slipped towards the previous swing high (18,100). The trend looks a bit weak with a rounding top formation on the daily timeframe. The bearish crossover in RSI with a negative divergence suggests weak momentum. Going forward, 18,100 may provide immediate support below which the index may drift down towards 17,750. On the higher end, resistance is visible at 18,200/ 18,450."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:05 PM

Rupee ends a tad weaker, down 16 paise at 81.8475/$

Source: Bloomberg

4:00 PM

Archean Chemical lists at 11% premium on debut, ends with a gain of 12.5%

Archean Chemical Industries make a strong stock market debut, with its shares listed at Rs 450, a 11 per cent premium to its issue price of Rs 407 per share on the National Stock Exchange (NSE). READ MORE

3:57 PM

Five-Star Business Finance gains 3% on debut after a weak start

Five Star Business Finance Ltd (FSBF) made a muted debut as shares got listed below its issue price of Rs 474 per share on the bourses. The stock, however, rebounded into the positive zone, touched a high of Rs 539.90, and finally settled with a 3.3 premium to the issue at Rs 489.50 on the BSE. READ MORE

3:52 PM

Removal of export duty boosts steel stocks; analysts see limited upside

Shares of steel companies were firm in an otherwise weak market after the government removed export duty on steel products and raw materials after almost six months. However, analysts caution that the government's decision to remove export duty on steel products, and raw materials may not have a positive impact on earnings in the near-term, as they fear a worsening global situation may limit upside. READ ANALYSIS

3:49 PM

Easy Trip Planners hit 20% upper limit on turning ex-date for split, bonus issue

Shares of Easy Trip Planners, which operates EaseMyTrip.com, were locked at the 20 per cent at Rs 57.15 in Monday's trade after they turned ex-date for 3:1 bonus issue, and 1:1 stock split. READ MORE

3:45 PM

Nifty IT Index slips over 1.5%; LTI, Tech Mahindra top losers

3:43 PM

Nifty PSU Bank index gains 1.4%; UCO Bank zooms 20%

3:41 PM

Broader markets outperform; Midcap, Smallcap indices ended nearly flat

3:39 PM

Nifty 50 Gainers:: Only 4 stocks finished with gains in excess of over 1%

3:38 PM

Nifty 50 Losers:: Adani Ports, Tech Mahindra, Hero MotoCorp slip over 2% each

3:37 PM

Sensex 30 Heatmap:: 22 Losers v/s 8 Gainers

3:34 PM

NSE Nifty50 settles at 18,160, down 148 points

3:32 PM

Closing Bell:: Sensex ends 518 pts lower at 61,145