Covid-19, growth concerns push Sensex 635 pts down, Nifty below 18,200
CLOSING BELL: The Pharma index advanced over 2 per cent today as diagnostics and healthcare firms climbed amid rising Covid-19 cases globally
 "MARKET LIVE: Sensex down 600 pts, Nifty tests 18,200; Financials weigh")
CLOSING BELL
Stock market highlights: Weak global sentiment amid fresh Covid-19 scare continued to haunt domestic equities. Markets, largely, saw a broad-based sell-off on the bourses on Wednesday with the S&P BSE Sensex falling 635 points, or 1.03 per cent, to end at 61,067. The Nifty50, meanwhile, settled at 18,199, down 186 points or 1.01 per cent.
Stock market highlights: Weak global sentiment amid fresh Covid-19 scare continued to haunt domestic equities. Markets, largely, saw a broad-based sell-off on the bourses on Wednesday with the S&P BSE Sensex falling 635 points, or 1.03 per cent, to end at 61,067. The Nifty50, meanwhile, settled at 18,199, down 186 points or 1.01 per cent.
Both the indices hit their respective intra-day low of 60,938 and 18,163. India VIX, the volatility gauge, jumped over 12 per cent.
Stocks fell across-the-board dragged by Adani Enterprises, Adani Ports, Maruti Suzuki, Britannia, IndusInd Bank, BPCL, ICICI Bank, Bajaj Finaserv, Tata Motors, Ultratech Cement, and Axis Bank. Pharma and IT stocks were the only gainers on the bourses today led by Divis Labs, Apollo Hospitals, Cipla, Sun Pharma, HCL Tech, and Dr Reddy's Labs.
Given this, the Pharma index advanced over 2 per cent today, followed by the IT index, up 0.7 per cent. On the downside, the PSU Bank and Metal indices fell over 2 per cent each.
The pain was more pronounced in the broader markets as the BSE MidCap and SmallCap indices dropped 1.4 per cent and 2.18 per cent, respectively.
Primary market update
KFin Tech: The three-day issue got 2.5 times subscription till 3:30 PM on the final day of the issue. Retail portion was subscribed 1.3x, NII was 23 per cent, and QIB 4 times.
Elin Electronics: The issue was subscribed over 70 per cent on day 2 of the offer with retail portion at 1.09 times, NII portion at 90 per cent, and QIB at 1 per cent.
BS BFSI Summit Insight
Stocks fell across-the-board dragged by Adani Enterprises, Adani Ports, Maruti Suzuki, Britannia, IndusInd Bank, BPCL, ICICI Bank, Bajaj Finaserv, Tata Motors, Ultratech Cement, and Axis Bank. Pharma and IT stocks were the only gainers on the bourses today led by Divis Labs, Apollo Hospitals, Cipla, Sun Pharma, HCL Tech, and Dr Reddy's Labs.
Given this, the Pharma index advanced over 2 per cent today, followed by the IT index, up 0.7 per cent. On the downside, the PSU Bank and Metal indices fell over 2 per cent each.
The pain was more pronounced in the broader markets as the BSE MidCap and SmallCap indices dropped 1.4 per cent and 2.18 per cent, respectively.
Primary market update
KFin Tech: The three-day issue got 2.5 times subscription till 3:30 PM on the final day of the issue. Retail portion was subscribed 1.3x, NII was 23 per cent, and QIB 4 times.
Elin Electronics: The issue was subscribed over 70 per cent on day 2 of the offer with retail portion at 1.09 times, NII portion at 90 per cent, and QIB at 1 per cent.
BS BFSI Summit Insight
The two-day Business Standard BFSI Insight Summit kicked off earlier today with Reserve Bank of India (RBI) governor Shaktikanta Das sharing his views on the Indian economy. According to Das, the wide gap between credit and deposit growth is because of their respective bases and both reflect the fundamentals of the Indian economy.
“Just as credit growth looks very high because of the low base of the previous year, deposit growth also looks pretty low because of the base effect of the previous years. This is because in the Covid period, deposits were growing by around 10 or 11 per cent,” Das said during a fireside chat. READ MORE
“Just as credit growth looks very high because of the low base of the previous year, deposit growth also looks pretty low because of the base effect of the previous years. This is because in the Covid period, deposits were growing by around 10 or 11 per cent,” Das said during a fireside chat. READ MORE
4:18 PM
Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
NIFTY VIEW: Index may test crucial support of 18K in the short-term
The Nifty had a gap up opening on December 21 however the index stumbled near the hourly upper Bollinger Band.
Thereon it witnessed downside pressure throughout the day. It breached certain short term supports on the way down & ended marginally below the level of 18200.
India VIX shot up today & can lead to increased volatility in the short term.
Thus the index can have a short term range shift on the downside & can test 18000 on the downside, which is a crucial support. On the other hand, short term resistance zone shifts lower to 18450-18500.
Thereon it witnessed downside pressure throughout the day. It breached certain short term supports on the way down & ended marginally below the level of 18200.
India VIX shot up today & can lead to increased volatility in the short term.
Thus the index can have a short term range shift on the downside & can test 18000 on the downside, which is a crucial support. On the other hand, short term resistance zone shifts lower to 18450-18500.
Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
4:15 PM
Views by Vinod Nair, Head of Research at Geojit Financial Services.
COMMENT: IT stocks withstand selloff on bargain buying
Bears continued to cause havoc in the domestic market while Wall Street snapped its losing streak ahead of the release of the US GDP numbers.
Though all other sectors bled, pharma stocks were on a high owing to renewed fears of a global COVID outbreak, and IT witnessed bargain buying.
The market also anticipates the release of the RBI meeting minutes for more clarity on the central bank’s thought process.
Though all other sectors bled, pharma stocks were on a high owing to renewed fears of a global COVID outbreak, and IT witnessed bargain buying.
The market also anticipates the release of the RBI meeting minutes for more clarity on the central bank’s thought process.
Views by Vinod Nair, Head of Research at Geojit Financial Services.
4:13 PM
Sensex closes at 1-month low since Nov 21st closing
4:11 PM
IPO WATCH: Elin Electronics issue subscribed 81% so far on day 2
4:09 PM
IPO WATCH: KFin Tech offer subscribed 2.6x so far on last day; QIB portion subscribed 4x
4:06 PM
Rajnish Wellness edges 2% up on receiving eastern Railway nod to set up business centres
The company has been allowed to set its business centres at over 500 railway stations.
4:05 PM
BS BFSI Summit LIVE: Rising interest rates will buoy the deposit markets, says IDFC Bank MD
4:01 PM
Thyrocare jumps 16%, Dr Lal Pathlabs 6% as health minister bats for bolstering Covid surveillance
4:00 PM
BS BFSI Summit LIVE: Discussion on wanting to become a bank
We should be called BFC - Bank Life Finance Company, says Ramesh Iyer, Managing Director of M&M Financial Services
Always believed we have to work within regulatory frameworkd. We are very happy where we are, says Rajiv Sabharwal, CEO and Managing Director of Tata Capital
3:59 PM
Glenmark Pharma surges 8% on launch of triple FDC drug for type-2 diabetes
3:59 PM
BS BFSI Summit LIVE: Data privacy and regulation a roadblock to fintech growth, says IDFC Bank MD
3:56 PM
BS BFSI Summit LIVE: Discussion on lack of re-financing option
On the liability side, there is a question mark every 4-5 years on NBFCs, says Rakesh Singh, CEO of Aditya Birla Finance. For banks RBI is there as a last resort, for NBFCs there is no such window, Singh adds.
3:55 PM
Shyam Metalics closes off day's high; says 4 capacities ready for production
3:55 PM
BS BFSI Summit LIVE: Partnership with neo-banks will be a crucial step in future, says Axis Bank MD & CEO
>> Acquisitions of neo-banks have declined due to new regulation
>> Partnership with neo-banks will be a crucial step
>> Partnership with neo-banks will be a crucial step
3:53 PM
IT stocks hold fort; lead gains on Sensex
Topics : Sensex Inflation MARKET LIVE MARKET WRAP Nifty BSE NSE Market trends Trading strategies stock market trading Indian markets FII flows DIIs Crude Oil Price Rupee vs dollar Shyam Metalics & Energy Ltd. Bharti Airtel stocks to watch Buzzing stocks
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First Published: Dec 21 2022 | 8:13 AM IST
