Sensex ends 365pts lower, Nifty holds 16,300; RIL cracks 4%, Infy gains 2%

The broader markets ended with deeper losses, with both the BSE Midcap and Smallcap indices down over 1.5 per cent each; the breadth too at 2:1 was in favour of the bears.

Sensex ends 365pts lower, Nifty holds 16,300; RIL cracks 4%, Infy gains 2%

The key benchmark indices ended off the day's low led by renewed buying interest in select IT and financial shares. Earlier in the day, the indices fell sharply tracking weak cues from the overseas markets.

The S&P BSE Sensex tumbled to a low of 53,918 in the opening trades dragged by index heavyweight Reliance Industries and FMCG majors. The BSE index recouped partly and ended 364 points lower at 54,471. The NSE Nifty was down 109 points at 16,302.

Among the Sensex 30 stocks, Reliance Industries plunged over 4 per cent after the Mukesh Ambani-led oil-to-chemicals (O2C) company on Friday reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022 (Q4 FY22), up 22.5 per cent over the year-ago period’s Rs 13,227 crore, but slightly short of expectations. READ TECH VIEW

Nestle India and IndusInd Bank tanked 3 per cent each. Tata Steel, Tech Mahindra, SBI, Hindustan Unilever, ITC and Axis Bank were the other major losers.

On the positive front, PowerGrid Corporation and HCL Technologies zoomed over 3 per cent each. Infosys jumped nearly 2 per cent. Maruti, Bajaj Finserv and HDFC were other other prominent gainers.

Also read: Mid, smallcaps may outperform in 2022 despite near-term headwinds: Analysts

The broader markets ended with deeper cuts. The BSE Midcap and Smallcap indices were down over 1.5 per cent each. The breadth too was fairly negative, with more than two declining stocks for every advancing share on the BSE.

Among other stocks, LTI Infotech and Mindtree tanked over 5 per cent each following merger announcement by Larsen & Toubro. As per the merger agreement, shareholders of Mindtree will receive 73 shares of LTI in exchange for 100 shares in the former. LTI finally ended 3.4 per cent lower, while Mindtree shed 5.3 per cent at close. READ MORE

Sectorally, the BSE Energy and Power indices plunged over 2 per cent each. The Consumer Durables, FMCG and Metal indices were the other major losers in trade on Monday. The IT and Telecom indices were the only gainers.

Meanwhile, in the currency market, Rupee fell below the 77/$ mark for the first time ever, hitting a record low of 77.5 against USD.

Primary market update

As of 3:30 PM, the LIC IPO, that closes for subscrption today, was subscribed 2.8 times. Categories reserved for policyholders and employees were subscribed over 6 times and 4.3 times, respectively. The retail invetsor portion was subscribed 1.9 times. QIB and NII categories also got fully subscribed, by nearly 3 times each.

4:07 PM

Technical view: Kunal Shah-Senior Technical & Derivative Analyst at LKP Securities

The Bank Nifty index yesterday filled the previous gap of 34000 and needs to sustain above this level for a relief rally. The immediate resistance on the upside stands at the 34600-34800 zone and a break above this will lead to short covering towards the levels of 35500. The index, however, if breaks the level of 34000 will witness further downside towards the levels of 32500.

4:00 PM

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

The market continued its downward rally amid lingering concerns over the weakening rupee, global interest rate hikes and tightening lockdowns in China. The relentless rise in the US dollar index owing to interest rate hikes and rising US treasury yield hammered investor's risk appetite. Strong US jobs data indicated possibilities of faster rate hikes forcing investors to opt for safe-haven assets.

3:52 PM

Closing bell: Over 2,400 stocks declined whereas 1,047 stocks advanced

3:49 PM

Closing bell: RIL, Nestle, Hero Moto top Nifty 50 losers

3:46 PM

Closing bell: Power Grid, HCL Tech, Infosys top Nifty 50 gainers

3:42 PM

Closing bell: Broader markets tepid; India Vix shoots over 3%

3:41 PM

Closing bell: Nifty Energy worst sectoral performer

3:39 PM

Closing bell: Barring Nifty IT, all sectors drown in red

3:36 PM

Closing bell: 14 out of 30 Sensex stocks close in positive zone

3:34 PM

Closing bell: Sensex sheds over 300 points

3:33 PM

Closing bell: Nifty 50 closes in red, sinks below 16,350

3:26 PM

As LIC IPO nears to close, foreign investors steer clear over market risk

With just hours to go until end of the subscription period for the $2.7 billion initial public offering of LIC, foreign institutional funds have put in orders for merely 8% of the shares. READ MORE HERE