ICICI, HDFC Bank lift Sensex off lows, ends 617pts down; Tata Steel dips 4%

CLOSING BELL: Bajaj Auto, HDFC Bank, ICICI Bank, Axis Bank, HDFC, Nestle India, Bharti Airtel, and Kotak Bank were the only gainers, rising up to 2 per cent

9:32 AM

Market view: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

>> Globally markets turned weak with the big cut in the mother market US last Friday.

>> Markets are worried about the increasing hawkish messages from the Fed which indicate higher-than-expected rate hikes by the Fed this year.

>> There are concerns that aggressive monetary tightening might even push the US economy into a recession in 2023. These fears are impacting risky assets.

 

>> India cannot be immune to a probable global market correction. But India is relatively resilient.

>> Monetary tightening in India would be mild compared to that of the US. There are indications of good recovery in the economy.

>> ICICI Bank's excellent results also reflect the improving asset quality and growing credit demand in the banking sector. Top quality banking stocks are at buyable valuations.

>> Sharp market corrections caused by global factors can be used to buy quality names in a calibrated manner.

9:27 AM

Opening bell: Britannia, BPCL, HUL top Nifty 50 losers

9:25 AM

Opening bell: Bajaj Auto, ICICI Bank, Hero Moto top Nifty 50 gainers

9:22 AM

Opening bell: Broader markets subdued; India Vix spikes above 9%

9:21 AM

Opening bell: All sectors drown in red; FMCG, Realty stocks bleed

9:19 AM

Opening bell: Only 3 out of 30 Sensex stocks open positively

9:18 AM

Opening bell: Over 750 points downfall for Sensex

9:17 AM

Opening bell: Nifty 50 slips below 16,950 levels

9:09 AM

Pre-open session: Only 1 out of 30 Sensex stocks in green

9:07 AM

Pre-open session: Sensex sheds over 400 points

9:06 AM

Pre-open session: Nifty 50 sinks in red, slips below 17,050

9:03 AM

Currency at open: Rupee opens 10 paise weaker at 76.58 against USD

source: bloomberg

8:58 AM

Stocks on radar today: ICICI Bank, RIL, Tejas Network, Tata Metaliks, Religare

Reliance Industries: The Mukesh Ambani-led company called off its agreement to buy Future Retail for almost Rs 25,000 crore after lenders rejected the deal.

 

Aurobindo, Sun Pharma, Jubilant: The three pharma majors have been recalling different products in the US market for various reasons, according to the latest enforcement report by the US Food and Drug Administration (USFDA). READ MORE

 

HDFC Bank: The bank has declared a dividend of Rs 15.50 per share, and set May 13 as the record date for the same. Read here

8:55 AM

DIIs hold ground: Buy Rs 1,602 crores of equities Friday

8:53 AM

FII selloff: FIIs sell Rs 2,462 crores of shares Friday