Banks, RIL drag Sensex 311 pts down, Nifty below 17,850; Adani Ent falls 6%

CLOSING BELL: Maruti Suzuki, Kotak Bank, SBI, HDFC, Axis Bank, Titan, Bajaj Finance, HDFC Bank, ICICI Bank, Nestle India, and RIL were the top Sensex laggards, falling in the range of 1 - 1.4 per cent

CLOSING BELL

Stock market highlights: Sell-off engulfed equity markets in the second half of the session with banking and financial services stocks taking the deepest plunge. The S&P BSE Sensex index fell 311 points, or 0.5 per cent, to settle at 60,692, while the Nifty50 index gave up 17,850-mark to close at 17,845, down 100 points or 0.56 per cent.

Maruti Suzuki, Kotak Bank, SBI, HDFC, Axis Bank, Titan, Bajaj Finance, HDFC Bank, ICICI Bank, Nestle India, and RIL were the top Sensex laggards, falling in the range of 1 per cent to 1.4 per cent. Tech M, Ultratech Cement, Power Grid, and Infosys, meanwhile, lent some support. 

In the broader market, the S&P BSE MidCap and SmallCap indices outperformed the benchmarks as they fell 0.12 per cent and 0.16 per cent, respectively.

Individually, shares of Cipla dipped 7 per cent to Rs 956.20 on the BSE in Monday's intra-day trade after the company said that the United States Food and Drug Administration (USFDA) issued Form 483 with 8 observations after the inspection of its Pithampur manufacturing facilities. READ MORE

Shares of Samvardhana Motherson International (SAMIL), on the flipside, surged 6 per cent at Rs 84.20 on the BSE in Monday's intra-day trade after the company announced the acquisition of 100 per cent stake of SAS Autosystemtechnik GmbH, Germany (SAS) at an enterprise value of € 540 million(around Rs 4,800 crore). The transaction will be funded by a mix of debt and internal accruals. READ MORE

Among sectoral indices, the Nifty PSU Bank index fell over 1 per cent, followed by the Nifty Bank, Financial Services, Private Bank, and Realty indices dipped 0.9 per cent each. The Nifty IT index, on the other hand, gained 0.54 per cent. 

4:12 PM

Bank Nifty:: Adopt 'sell on rise' approach as long as index remains below 41,500

"The BANK NIFTY bears continued to attack at the higher levels and the index witnessed selling pressure throughout the day. The trend remains negative and one should keep a sell-on-rise approach as long the index stays below the level of 41,500 where the highest open interest is built up on the call side. The next support is visible at 40,000 where some amount of put writing is visible."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:06 PM

COMMENT:: Stocks weaken ahead of US Fed minutes; near-term trend cautious

"Stocks are getting beaten ahead of the release of Fed minutes on Wednesday. Maintaining its guard against inflation, the Fed is expected to remain hawkish. As expected, it is unlikely to have a dire effect on the global stock market. However, the consequence of constant high interest rates is causing a slowdown in demand & the earnings outlook, hence the near-term trend will be cautious."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:03 PM

Are the markets ignoring the possibility of higher inflation?

Globally, too, sticky inflation seems to be a cause for concern. Last week, two Federal Reserve (US Fed) officials suggested that the US central bank may need to keep interest rates elevated ahead. READ MORE 

4:01 PM

Sonata Software surges 26% in one month; stock nears record high

The new CEO has reiterated that he is planning to double IT services revenue in four years as he is looking to accelerate the growth from hereon. READ MORE

4:00 PM

NMDC's demerged Chhattisgarh unit hits 5% upper circuit on market listing

Under the Scheme of Arrangement, NMDC Iron & Steel Plant at Nagarnar, Chhattisgarh demerged from NMDC into NMDC Steel. The former had issued one equity share of Rs 10 each of NMDC Iron & Steel Limited for every one equity share of face value of Rs 10 each to shareholders of NMDC. READ MORE

3:58 PM

Cera Sanitaryware soars 8%, hits new high in weak market on healthy outlook

In past one month, the stock price of Cera has surged 20 per cent. The company reported healthy Q3 earnings. READ MORE

3:56 PM

Samvardhana Motherson gains 3% on acquisition of SAS Autosystemtechnik

ICICI Securities said the implied valuation of the acquisition is pegged at 5.2x EV/EBITDA, which, the brokerage firm believe, is inexpensive. READ MORE

3:55 PM

Cipla sheds 6% after Pithampur unit receives 8 USFDA observations

The company said it will work closely with the USFDA and is committed to address these comprehensively within stipulated time. READ MORE

3:53 PM

Lumax Auto soars 11% on acquiring majority stake in IAC Group's India biz

IAC India is a well-established Tier-1 interior systems and components supplier to key automotive OEMs in India including Mahindra, Maruti Suzuki, Volkswagen and Volvo Eicher Commercial Vehicles. READ MORE

3:51 PM

BSE Smallcap Heatmap:: Sumitomo Chem zooms 11%; Data Patterns dips 6%

3:49 PM

BSE Midcap Heatmap:: Adani Power, Delhivery shine; Rajesh Exports whines

3:47 PM

Market Breadth fairly negative; nearly 2,200 stocks declined on the BSE

3:46 PM

Bank Nifty slips over 1%; AU Bank, IDFC First top losers

3:45 PM

Nifty Midcap indexes outperform; VIX jumps 2.3%

3:42 PM

Nifty 50 Losers:: Adani Enterprises, Cipla tank over 6%