Sensex recoups 350pts from day's low, ends flat; Nifty holds 18K; SBI up 2%

CLOSING BELL: IT, Power stocks logged significant losses, even as select financial stocks gained.

STOCK MARKET HIGHLIGHTS

The S&P BSE Sensex opened with a negative gap of 420 points at 60,485, weighed by weak global cues after the US Federal Reserve hiked interest rates by 75 baiss points. 

The BSE index, however, soon recouped losses and rebounded into the positive zone, gaining as much as 509 points from the day’s low. However, the benchmark evenutally slipped back into red, and ended with a minor loss of 70 points at 60,836.

The NSE Nifty 50 was down 30 points at 18,053 at close on Thursday.

"Fed's refusal to tone down the rate hike narrative shattered the global markets as investors were in expectation of a dovish commentary. Powel cautions that the desired fed rate level is higher than expected, even though he indicated a rate hike of less than 75 bps in the upcoming meetings. On the back of concerns about the US recession, IT stocks led the domestic selloff, while FII support helped limit the losses", said Vinod Nair, Head of Research at Geojit Financial Services.

Among the Sensex 30 stocks, Tech Mahindra shed 2.5 per cent. PowerGrid Corporation, NTPC, Infosys, Wipro, HDFC and TCS were down 1-2 per cent each. On the positive front, SBI gained nearly 2 per cent ahead of its Q2 results. READ MORE

Titan, Bharti Airtel and Hindustan Unilever were the other prominent gainers.

In the broader market, the BSE Midcap and Smallcap indices ended marginally higher. The overall breadth too was slightly positive, with nearly 1,800 shares advancing versus 1,670-odd declining stocks on the BSE.

Sectorally, the BSE IT and Power indices slipped over a per cent each. The Auto index was the other notable loser.  

Among individual stocks, shares of M&M Financial Services soared 13.5 per cent despite 55 per cent YoY decline in net profit to Rs 492 crore in Q2FY23. READ MORE

Besides, shares of Varun Beverages extended its rally to the third day after the company reported a strong set of numbers for the third quarter ended September 2022 (Q3CY22). READ MORE

4:13 PM

IPO Update :: Global Health subscribed around 20% so far on Day 1

4:11 PM

IPO Update :: Bikaji Foods subscribed 48% till 4 PM on Day 1

4:09 PM

IPO Update :: Fusion microfinance subscribed only 23% on Day 2

4:06 PM

COMMENT :: What all happened in the markets today?

Fed’s refusal to tone down the rate hike narrative shattered the global markets as investors were in expectation of a dovish commentary. Powel cautions that the desired fed rate level is higher than expected, even though he indicated a rate hike of less than 75 bps in the upcoming meetings. On the back of concerns about the US recession, IT stocks led the domestic selloff, while FII support helped limit the losses.

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

4:04 PM

Commodity Heatmap :: Silver falls 2.5%, Gold 1%

4:01 PM

Bond Market :: Yields on 10-year G-Sec rise 1%

4:00 PM

Currency check :: Rupee weakens further; ends at 82.89/$

>> This is against Wednesday's close of 82.79/USD

3:58 PM

Buzzing stock :: Tata Motors DVR plunges over 9%; TaMo 1%

3:57 PM

Buzzing stock :: Indigo Paints ends sharply higher; Profit zooms 174% YoY

>> Operating income rises 24% YoY to Rs 243 crore

>> Gross profit margin flat YoY at 41.7%

>> Ebitda increases over 44% YoY to Rs 34 crore

>> PAT at Rs 37 crore

3:52 PM

Buzzing stock :: HDFC slips marginally as Q2 result comes in-line

Mortgage lender HDFC Ltd on Thursday said its consolidated net profit increased by 24 per cent to Rs 7,043 crore in the September 2022 quarter. It had reported a Rs 5,670 crore net profit in the year-ago period, HDFC said in a regulatory filing. READ MORE
 

3:49 PM

Buzzing stock :: Relaxo hits 52-week low, recovers partially later

Shares of Relaxo Footwears hit a 52-week low of Rs 908 on declining 7 per cent in Thursday’s intra-day trade owing to weak September quarter results. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) margins declined to 8.9 per cent, down 445 bps year-on-year (YoY) and 400 bps on quarter-on-quarter (QoQ), due to higher raw material cost. READ MORE

3:47 PM

Buzzing stock :: M&M Financial Services leaps 13.5% post Q2

Shares of Mahindra & Mahindra Financial Services (Mahindra Finance) surged 13.5 per cent after the company reported healthy business growth in September quarter (Q2FY23), with disbursement up 83 per cent year-on-year (YoY) and 25 per cent sequentially at Rs 11,824 crore. READ MORE

3:44 PM

Buzzing stock :: Cochin Shipyard cools off after hitting all-time high intra-day

Shares of Cochin Shipyard (CSL) hit an all-time high of Rs 616.6 after it rallied 6 per cent on the BSE in Thursday’s intra-day trade in an otherwise subdued market on the back of heavy volume. In the past two trading sessions, the stock of the shipbuilding company has surged 12 per cent. READ MORE

3:41 PM

Sectoral trends :: PSBs shine in a weak market; all constituents end in positive zone

3:39 PM

Sectoral trends :: IT index sheds 1%; Tech M, Mphasis fall 2% each