Sensex drops 221 pts day ahead of RBI decision; Adani Ent up 15%, Paytm 5%

CLOSING BELL: Adani Enterprises (up 15 per cent), Dr Reddy's Labs, Adani Ports, Kotak Bank, IndusInd Bank, Bajaj Finance, Bajaj Auto, ONGC, JSW Steel, and Eicher Motors led the recovery

CLOSING BELL

Stock market highlights: Equity markets gyrated between gains and losses on Tuesday as stock-specific action dominated the market mood. Besides, nervousness ahead of the Reserve Bank of India's interest rate decision added to the volatility. The S&P BSE Sensex fell 592 points from the day's high to hit an intra-day low of 60,063.5. It staged recovery in the fag-end to end at 60,286, down 221 points or 0.37 per cent.

The Nifty50, meanwhile, bounced back from the intra-day low of 17,652.5 to settle at 17,722, down 43 points or 0.24 per cent. Adani Enterprises (up 15 per cent), Dr Reddy's Labs, Adani Ports, Kotak Bank, IndusInd Bank, Bajaj Finance, Bajaj Auto, ONGC, JSW Steel, and Eicher Motors led the recovery.

In the broader markets, the BSE MidCap index added 0.02 per cent, and the BSE SmallCap index dipped 0.17 per cent. Among sectors, the Nifty FMCG index slipped 1.16 per cent, followed by the Nifty Auto index (down 1 per cent). The Nifty Realty added 0.88 per cent.

Buzzing stocks

Paytm: Shares of digital financial services firm One97 Communications, which owns Paytm, hit over three-month high of Rs 669.60 as they zoomed 20 per cent on the BSE in Tuesday's intra-day trade.The massive buying comes on the back of improved financial performance of the company in the October-December quarter (Q3FY23). The stock was trading at its highest level since October 18, 2022, having surged 28 per cent over the past two trading sessions. READ MORE

Adani group: Shares of Adani group companies were trading higher on the BSE in Tuesday's intra-day trade, recovering from the sharp fall recorded over the past eight trading sessions. READ MORE

4:20 PM

Earnings Alert: GSK Pharma Q3 net rises 19%

GlaxoSmithKline Pharma posted a 19.2 per cent growth in Q3 net at Rs 164.03 crore for the quarter ended December 2022 as against Rs 137.56 crore in the corresponding quarter a year ago. Total income marginally up at Rs 822.71 crore from Rs 818.48 crore during the same period.
 

4:17 PM

COMMENT:: Global markets currently driven by central bank policies

"Sentiments in the domestic market were hammered by bears that dominated the US market post the release of strong jobs data. Global markets are currently driven by central bank policies and the surge in bond yields in expectation of more rate actions. A recovery was seen in the second half of the day as US futures inched higher as investors await Powell’s speech."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:16 PM

Nifty view: Index needs to surpass 17,800-17,850 resistance zone

"The Nifty faces stiff resistance around the 17,800-17,850 zone where aggressive call writing is visible. The index needs to surpass this level on a closing basis to witness a short covering move toward the 18,200 level. The support on the lower end is at the 17,600 level and if breached will lead to a further correction towards 17,450-17,400 levels."

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:15 PM

Bank Nifty:: Index needs to decisively breakout from 41,000-42,000 trading range

"The BANK NIFTY index continued to trade in a broad range ahead of the RBI policy wherein 41,000 is a support and 42,000 is a resistance. The index needs to break this range on either side decisively for trending moves. The undertone remains bearish within the range and once should keep a buy-on-dip approach."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities
 

4:09 PM

Stay selective on defensives amid current market volatility: Analysts

Given the uncertainty on how the market trajectory may play out ahead, analysts believe investors can rotate allocation from high beta stocks to defensive plays albeit selectively. READ MORE

4:07 PM

Tata Steel slips 5% after disappointing Q3 performance

The disappointing performance during the quarter was on the back of a sharp drop in realisations in Europe coupled with a non-cash deferred tax expense on account of British Steel Pension Scheme. READ MORE

4:06 PM

Paytm hits over 3-mth high; surges 28% in 2 days on improved Q3 performance

Shares of digital financial services firm One97 Communications, which owns Paytm, hit over three-month high of Rs 669.60 as they zoomed 20 per cent on the BSE in Tuesday's intra-day trade. The massive buying comes on the back of improved financial performance of the company in the October-December quarter (Q3FY23). READ MORE

4:04 PM

Stock of this smallcap company has zoomed 58% in six days on strong Q3 show

Shares of Apar Industries rallied nearly 18 per cent to hit a new high of Rs 2,266 on Tuesday. In the past six trading days, the stock has zoomed almost 60 per cent after the company reported a massive 210 per cent year-on-year (YoY) jump in its consolidated profit to Rs 170 crore for the December quarter (Q3FY23) led by strong operational performance. READ MORE

4:01 PM

Balaji Amines hits 52-week low on disappointing Q3 results

Shares of Balaji Amines hit a 52-week low at Rs 2,161.35, falling 6 per cent on the BSE in Tuesday's trade, after the company reported a weak operational performance in the December quarter. The consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) declined 582 bps to 22.14 per cent, with the company attributing the fall in operating margin to de-growth in pharma and API sector. READ MORE

3:59 PM

CG Power hits new high on heavy volumes; stock surges 18% in one month

Shares of CG Power and Industrial Solutions hit a new high of Rs 319.45 on Tuesday backed by heavy volumes in an otherwise subdued market. The stock of the Murugappa Group company surpassed its previous high of Rs 315.50, touched on January 16, 2023. READ MORE

3:57 PM

Varun Beverages surges 7% on strong December quarter earnings

The strong recovery in demand post the pandemic and continued efforts towards expanding the distribution network across markets resulted in a 41% growth in consolidated sales volume in CY22. READ MORE

3:55 PM

Rupee ends almost unchanged at 82.70 versus $

Source: Bloomberg

3:53 PM

BSE Smallcap Heatmap:: Apar Inds zooms 15%; Tata Metaliks down 6%

3:51 PM

BSE Midcap Heatmap:: Gland Pharma soars 11%; Rajesh Exports dips 6%

3:48 PM

BSE FMCG slips over 1%; ITC, Dabur prominent losers