Tuesday, December 24, 2024 | 07:44 PM ISTEN Hindi

Sensex gyrates 1,227pts, ends 779pts down; Maruti dips 6%, Coal India up 9%

Closing Bell: The benchmarks were bogged down by Maruti Suzuki, Dr Reddy's Labs, Bajaj Auto, Hero MotoCorp, ICICI Bank, HDFC twins, Eicher Motors, and Sun Pharma

SI Reporter New Delhi

Sensex gyrates 1,227pts, ends 779pts down; Maruti dips 6%, Coal India up 9%

CLOSING BELL

Domestic equities languished in the red on Wednesday as the Russia-Ukraine conflict entered its 7th day today. Besides, soaring Brent crude prices (above $110 a barrel now) and feeble global cues also dented the market sentiment.

The S&P BSE Sensex plummeted over 1,200 points intra-day but recouped some of the losses after reports suggested Russia was ready to resume talks with Ukraine tonight.

The index ended 778 points, or 1.38 per cent, lower at 55,469 levels. The broader Nifty50, too, bounced back from its intra-day low of 16,479 to close at 16,606, down 188 points or 1.12 per cent.

The benchmarks were bogged down by Maruti Suzuki, Dr Reddy's Labs, Bajaj Auto, Hero MotoCorp, ICICI Bank, HDFC twins, Eicher Motors, and Sun Pharma. All these stocks were down between 3 per cent and 6 per cent.

Metal and energy-related stocks, however, helped to trim losses with Coal India, Tata Steel, Hindalco, UPL, JSW Steel, Titan, and Reliance Industries closing up in the range of 1.7 per cent to 9 per cent.

In the broader markets, the BSE MidCap and SmallCap indices ended 0.1 per cent lower each. Sectorally, the Nifty Metal index was the top gainer on the NSE today (up 4 per cent) while the Nifty Auto index slumped 3 per cent. The Nifty Bank, Financial Services, and Pharma indices dipped 2 per cent each.

Buzzing stocks

Shares of HDFC Bank dipped 5 per cent to Rs 1,358 on the BSE in Wednesday’s intra-day trade on the back of persistent selling pressure in financial shares. The stock of private sector lender hit its lowest level since April 2021 and was close to its 52-week low of Rs 1,353.10 touched on April 12, 2021. READ MORE

Shares of Nuvoco Vistas Corporation moved higher by 12 per cent to Rs 387 on the National Stock Exchange (NSE) in Wednesday's intra-day trade, extending their rally into third straight day. Since last Thursday, the stock has rallied 30 per cent after one of the promoters bought over 50,000 shares of the company via open market. READ MORE

Shares of state-owned oil exploration & production companies – Oil Natural Gas Corporation (ONGC) and Oil India – rallied up to 10 per cent on the BSE in Wednesday’s intra-day trade as oil prices surged to their highest levels since 2014. READ MORE

Global markets

European stocks were uncertain on Wednesday as the geopolitical crisis between Russia and Ukraine continues. The pan-European Stoxx 600 hovered around the flatline by mid-morning after dropping 0.9 per cent at the open.

On Wall Street, futures linked to all three main indices were up around 0.6 per cent each.

Earlier in Asia, Japan's Nikkei ended 1.7 per cent down, South Korea's Kospi gained 0.16 per cent, and Australia's ASX200 added 0.28 per cent. China's Shanghai Composite and Hong Kong's hang Seng slipped 0.13 per cent and 1.8 per cent, respectively.

4:13 PM

Nifty technical view : Crossing 16,700 can show further upside

<< Technically, Nifty has formed a Doji kind of candle on a daily time frame which suggests confusion between buyers & sellers.

<< On an hourly chart, the index has formed an Open Bullish Marubozu candle which suggests upside movement can be seen. Moreover, it has faced resistance from the falling trendline as well as 21-HMA, crossing above the same can show upside movement.

<< The index has tested the physiological level of 16500 levels, crossing above 16700 can show further upside. It may find support around 16,450/16,300 levels , while on the upside 16,800 may act as an immediate hurdle for the index.

Views by Palak Kothari, Research Associate, Choice Broking.

markets, stock market, brokers, brokerages, sensex, correction, nifty, shares, growth, profit, economy, gain

4:12 PM

Ace investor Rakesh Jhunjhunwala hikes stake in Escorts; stock closes in green

4:09 PM

Banks bleed in trade; Bandhan Bank nosedives by over 4%

4:08 PM

Panacea Biotec hits 5% upper circuit as investors give thumb up to Mankind deal

Mankind Pharma will buy formulations brands of Panacea Biotec Pharma Ltd, subsidiary of Panacea Biotec Ltd, for India and Nepal markets for Rs 1,872 crore.

4:04 PM

Dr Reddy's, HDFC, HDFC Life, Nerolac Paints hit 52-week lows

4:03 PM

Market view: Vinod Nair, Head Of Research at Geojit Financial Services

The strengthening of war drowned the global market, alarming the Indian market to start with substantial weakness. The negative effect was more on large-caps in-line with weak Q3 GDP data and downgrade of FY22 growth to 8.9% from 9.2%, by NSO. Mid & Smallcaps outperformed, in the context of the recent carnage of the broad market, making it a better pick. It makes sense to deploy the surplus cash in your portfolio in a step-by-step manner assuming stability in the future on a medium to long-term basis. The weakness subsided by the end of the day. However, volatility is expected in the near term given boiled crude price, state election outcome, and Fed policy status in the coming weeks

4:02 PM

India Ratings upgrades Chemplast Sanmar's long-term rating; stock climbs 10%

India Ratings and Research (Ind-Ra) has upgraded Chemplast Sanmar Limited's Long-Term Issuer Rating to 'IND A+' with Positive outlook.

4:00 PM

GAIL, Adani Transmission fuel energy basket by over 5% gains

3:59 PM

Weak February sales volume hits Maruti Suzuki; stock bleeds by 6%

3:57 PM

NMDC jumps 6% on reporting 22% iron ore YoY sales growth in February

Mining major NMDC produced 4.31 million tonnes(MT) of iron ore and registered sales of 3.97 MT in February. This was an increase of 11.7% and 22.2% respectively, on a yearly basis, and these were the best production and sales numbers for February since inception, the company said.

3:53 PM

Airline stocks sulk as ATF fuel prices hiked by 3.3% to new highs

Amid rising global crude prices, aviation turbine fuel (ATF) prices have been hiked by 3.3 per cent, to an all time high levels across the country. ATF price was hiked by Rs 3,010.87 per kilo litre to ₹ 93,530.66 per kl in the national capital. Jet fuel makes up for almost 40 per cent of running expenses of airlines.