Tuesday, December 24, 2024 | 06:07 AM ISTEN Hindi

Sensex drops 483 pts as yields hit 3-yr high; IT stks drag, Paytm leaps 12%

CLOSING BELL: More than 20 of the 30 Sensex stocks and 30 of the 50 Nifty counters ended in the negative zone. These included HCL Tech, Infosys, L&T, Wipro, Asian Paints, HDFC, and HDFC Bank

SI Reporter New Delhi

MARKET LIVE: Sensex down 450 pts, Nifty tests 17650; Infy, HCL Tech slip 2%

CLOSING BELL

Benchmark indices were back in the red after a one-day hiatus on Monday as tepid global sentiment and rising bond yields dented the rally in equities. European and Asian markets traded lower today, marking the beginning of a week with key central bank meetings and US inflation prints.

Meanwhile, yields on 10-year government securities hit their 3-year high of 7.192 per cent in the money market, reflecting inflationary concerns and expectations of faster rate hikes by the RBI in months ahead.

Against this backdrop, the BSE Sensex index fell 483 points, or 0.8 per cent, to end the day at 58,965. On the NSE, the Nifty50 index closed at 17,683, down 101 points or 0.6 per cent. Both the indices had hit a low of 59,356 and 17,651, respectively.

More than 20 of the 30 Sensex stocks and 30 of the 50 Nifty counters ended in the negative zone. These included HCL Tech, Infosys, L&T, Wipro, SBI Life, Asian Paints, HDFC, HDFC Bank, and Axis Bank, falling up to 2.7 per cent.

On the upside, Grasim, Adani Ports, JSW Steel, UPL, Cipla, Apollo Hospitals, and BPCL were the top large-cap gainers, adding between 1 and 3 per cent.

In the broader markets, though, the BSE Midcap and SmallCap indices advanced 0.4 per cent each. Among sectors, the Nifty IT and Financial Services indices were the worst hit, falling 1.4 per cent and 0.5 per cent, respectively. On the flipside, the Nifty Oil and Gas, and Realty indices gained the most in a weak market, rising up to 1.8 per cent.

Overall, more than 2,000 stocks ended in the positive zone on the BSE, while around 1,500 stocks ended in the red. BSE's total market-cap reached Rs 275.37 trillion.

Buzzing stocks

Shares of Veranda Learning Solutions opened 15 per cent higher at Rs 157 against its issue price of Rs 137 per share on the BSE on Monday. They ended at the day's high level of Rs 165. READ MORE

Hindustan Aeronautics hit a fresh all-time high following reports that the company emerged as the lowest bidder to make five Polar Space Launch Vehicles (PSLVs) for ISRO. The stock rallied to almost 4.50 per cent to hit a high of Rs 1,693 in intra-day trade. READ MORE

Shares of ITC hit an over two-year high of Rs 273.10, up nearly 2 per cent on the BSE on Monday in an otherwise weak market. The stock has rallied 6 per cent in the past two sessions on expectation of strong earnings due to improved cigarette volumes. READ MORE

4:13 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

The market remained sideward throughout the session as the benchmark Nifty failed to give a directional move. On the higher end, the index found resistance around the previous closing on the daily chart. However, Nifty on the daily chart has formed an inside day bar which suggests indecisiveness. On the lower end, support is visible at 17600/17400. On the higher end, the resistance is seen at 17800.

4:11 PM

With Rs 4.2 trn m-cap, Adani Green is now India's 10th most valued firm

Adani Green Energy entered the list of top-10 most valued companies, in terms of m-cap, in the country on Monday after the stock price of the company zoomed 20 per cent to hit a new high. READ MORE HERE

4:10 PM

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

The market is wary ahead of the ECB meeting, the release of US inflation data, and the start of the domestic Q4 result season. Indian IT sector dragged due to weak result expectations on a QoQ basis. In this shortened week, the market is cautious as trading at the upper side of the trend and momentum has shifted from broad to stock-specific.

4:09 PM