Sensex shed 1,316pts from day's high, ends 196pts down; Nifty gives up 17k

Closing Bell

The key benchmark indices, reversed course in intra-day deals as global cues turned bearish after US pharma major Moderna warned that Covid-19 shots seemed less effective against Omicorn. The Dow Jones futures tumbled 1.4 per cent (497 points) and Nasdaq futures were down 90 points as of 03:20 PM IST.

Elsewhere, the key European markets - the FTSE 100, DAX 30 and CAC 40 declined 1.3 per cent each. Taking cues from the same, the BSE Sensex which had rallied to a high of 58,184 (up 923 points at the day's high), tumbled to a low of 56,868 - down 1,316 points from the day's high owing to the late sell-off. The Sensex eventually settled with a loss of 196 points at 57,065.

The NSE Nifty tanked 394 points from its high of 17,325 to a low of 16,931. The Nifty 50 index finally ended with a loss of 71 points at 16,983.

Despite paring gains, the broader markets outperformed the benchmark indices in trade on Tuesday on the back of selective buying. The BSE Midcap index gained 0.3 per cent, while the Smallcap index rallied 1.5 per cent. The overall breadth was marginally positive, as 1,772 stocks advanced on the BSE, while 1,478 declined.

Market Dashboard: Snapshot of key movers and shakers in trade today

Debutant Go Fashion (India) ended Day 1 of trade with a smart gain at Rs 1,253, up 81 per cent from its issue price of Rs 690 per share. The stock touched a high of Rs 1,341 and a low of Rs 1,144 in trades today. READ MORE

Tata Steel was the major loser among the Sensex 30 stock, it plunged nearly 4 per cent to Rs 1,072. Kotak Bank too dropped nearly 3 per cent to Rs 1,962. Bajaj Auto, Mahindra & Mahindra, Bharti Airtel, Reliance Industries and IndusInd Bank were the other major losers.

PowerGrid Corporation, however, was the top gainer up 3.3 per cent at Rs 206.50. Titan, Bajaj Finserv, Nestle India, Bajaj Finance, Infosys and Axis Bank were the other notable gainers.

Reliance Capital was locked at the 5 per cent lower circuit at Rs 18.10 on the BSE after the Reserve Bank of India (RBI) on Monday superseded the board of industrialist Anil Ambani-promoted Reliance Capital, a non-banking financial company (NBFC), owing to defaults and governance issues. READ MORE


Shares of IOL Chemicals & Pharmaceuticals (IOLCP) hit a fresh 52-week low of Rs 442 on the BSE in Tuesday’s intra-day trade in an otherwise range-bound market on growth concerns. The stock has more-than-halved from its record high level of Rs 898 touched on August 25, 2020. READ MORE

Click here for more market news

Among sectors, the BSE Metal index shed 2.3 per cent. The Bankex and the Energy index were was down a per cent each, while the Telecom index slipped 0.7 per cent. The Consumer Durables index, however, surged 2.3 per cent.


Markets at 02:30 PM

LIVE market updates: The broader markets continue to outperform in trades on Tuesday amid selective buying. The BSE Midap and Smallcap indices were up 1.2 per cent and 1.6 per cent, respectively.

The key benchmark indices, were up around 0.5 per cent each, with Sensex was up 371 points at 57,632, and the NSE Nifty up 100 points at 17,154.

Within the midcap space, Rajesh Exports has zoomed 8 per cent to Rs 772. Indian Hotel, Castrol, JSW Energy, CRISIL, Container Corporation, Yes Bank and IRCTC were the major gainers, while Supere Industries and Glaxo Pharma were the prominent losers, down 2 per cent each.

Among smallcaps, Dhanvarsha Finvest was locked at the 20 per cent upper limit at Rs 117.30. Asahi India Glass, Alankit, ABB Power Products, Shriram City Union Finance, Mastek and TeamLease were the major gainers. Whereas, Pilani Investment, Aurum Proptech, EKC, Reliance Capital, Urja Global, Gokul Agro Resources and JP Associates were the significant losers.

Shares of Ratnamani Metals & Tubes soared 9 per cent to Rs 2,203 on the BSE in the intra-day trade on Tuesday after the company said it has received new domestic orders aggregating to Rs 297.87 crore from the oil & gas sector. READ MORE

Meanwhile, the European markets had logged significant losses in opening deals mirroring the negative cues from the US counterparts. The FTSE 100, DAX 30 and CAC 40 were down 0.9 - 1 per cent, each.


Markets at Lunch (01:30 PM)

LIVE market updates:
The key benchmark indices continue to hold marginal gains, even as global markets have logged sharp losses.

The BSE Sensex was up 219 points at 57,480, and the NSE Nifty had gained 56 points at 17,111.

Among the Sensex 30 stocks, PowerGrid  and Bajaj Fin twins were the major gainers. Nestle India, Axis Bank, TCS and Titan were the other prominent gainers. Tata Steel and Kotak Bank had declined 2 per cent each.

The broader markets were outperforming the benchmarks today. The BSE Midcap and Smallcap indices were up 1.1 per cent and 1.3 per cent, respectively.

Elsewhere in Asia, Nikkei and Hang Seng tumbled 1.6 per cent and 1.9 per cent, respectively. Kospi plunged 2.4 per cent, and Straits Times shed 1.4 per cent. Taiwan, however, gained 0.6 per cent, while Shanghai ended flat.

The US futures continue to reel under selling pressure on the back of Moderna news break.


Markets at noon

LIVE market updates:
Indices have turned volatile in noon deals amid a sudden fall in the global markets. The sharp fall in the markets was likely triggered after US-based vaccine producer, Moderna, told Financial Times that effectiveness of vaccines would likely struggle against the Omicron variant of Covid-19. READ MORE

The BSE Sensex is at 57,374 levels, up 112 points. Earlier in the day, the index had hit a high of 58,184, but it reversed all the gains and hit a low of 57,043. The index gave up 1,141 points during the course.

The Nifty50, too, has oscillated between 17,324 and 16,987 during the day. It is now at 17,079, up 26 points.

Sectorally, auto and metal stocks are trading in the negative zone.

Globally, Japan's Nikkei has turned sharply lower, and is down 1.6 per cent, while South Koreak's Kospi is down 2.6 per cent. Both the indices had started higher on Tuesday.

Hang Seng index, too, is down 2.3 per cent. On Wall Street, Dow Jones Futures are down 400 points or over 1 per cent, indicating a weak start in the US markets.


Markets at 11 AM

LIVE market updates: An across-the-board buying lifted Indian equities to day's high level in late morning deals. The S&P BSE Sensex was at 57,836 levels, up 575 points, while the Nifty50 index was above the 17,200-mark.

In intra-day deals, the indices hit highs of 58,184 and 17,325, respectively.

Power Grid, Bajaj twins, Axis Bank, Tech M, IndusInd Bank, and Titan were leading the list of gainers on the Sensex. Dr Reddy's Labs was the only loser on the index.

In the broader markets, the BSE MidCap and SmallCap indices advanced 1.6 per cent each. Overall, the volatility index has eased over 6 per cent.

Individually, shares of Macrotech Developers (Lodha) rallied 6 per cent to Rs 1,516, hitting a new high on the BSE in Tuesday’s intra-day trade, on strong growth plans. READ MORE

Star Health IPO: Rakesh Jhunjhunwala-backed Star Health Insurance company's three-day public offer has been subscribed 6 per cent so far on the first day of the issue. 


Markets at 10 AM

LIVE market updates: Benchmark indices extended their gains and were trading near the day's high level, lifted by realty, IT, and PSU Bank stocks.

The S&P BSE Sensex was at 57,957 level, up 697 points or over 1 per cent. The Nifty50, on the other hand, hovered above 17,250-mark, up 200 points.

The Nifty Realty index is up 4 per cent; IT index 2.2 per cent; PSB Index 1.8 per cent.

New listing: Shares of Go Fashion clocked a solid listing on the bourses today, debuting at 91 per cent premium on the BSE. The shares listed at Rs 1,316 per share compared with the issue price Rs 690. On the NSE, the shares debuted at Rs 1,310 apiece. READ MORE


Opening Bell

LIVE market updates: Riding on positive global momentum, the benchmark indices advanced in early deals on Tuesday. The S&P BSE Sensex added 227 points, or 0.4 per cent, to quote at 57,487 levels while the Nifty50 was at 17,128-mark, up 74 points.

Post opening, the Sensex and the Nifty extended their gains to hit their respective highs of 57,679 (up over 400 points) and 17,191 (up 133 points).

Power Grid (up 3 per cent) was the top gainer on the Nifty50 index, followed by Tata Motors, Titan, SBI, Bajaj twins, BPCL, and Axis Bank.

On the downside, Dr Reddy's Labs, Hero Moto Corp, HUL, and Cipla were the top laggards. 

In the broader markets, the BSE MidCap and SmallCap indices snapped their losing streak and gained up to 0.8 per cent.

However, individually, shares of Reliance Capital hit 5 per cent lower circuit after the Reserve Bank of India (RBI) on Monday superseded the board of industrialist Anil Ambani-promoted company, owing to defaults and governance issues.

On the contrary, shares of Dish TV rose 2 per cent after the Supreme Court agreed to hear the petition filed by YES Bank to appeal against an Allahabad High Court order which dismissed the bank's petition to de-freeze its voting rights in Dish TV India. 

Sectorally, the Nifty Realty index climbed 3.4 per cent; the Nifty PSU Bank and Consumer Durable index (2 per cent each); and the Nifty IT index (up 1.3 per cent).


Pre-open session

LIVE market updates:
The frontline indices were flat in pre-open trade, although with a positive bias. The BSE benchmark closed the session 23 points higher at 57,284 while the Nifty50 index was 3 points down at 17,051.


LIVE market updates:
Given the uncertainties around the impact of Omicron variant of Covid-19, domestic equities may remain volatile on Tuesday.

Although the global set-up is supportive of an upmove, the World Health Organisation's (WHO's) statement that the new variant poses a "very high" global risk and could have "severe consequences" may limit upside.

At 8:10 AM, SGX Nifty was at 17,065 levels compared with the Nifty's spot close of 17,054 on Monday.

Primary market action

Go Fashion is set to debut on the bourses today with an issue price of Rs 690. The public issue of the company had seen tremendous response from investors, and was subscribed 135.46 times during its IPO last week.

That apart, Star Health IPO will open for subscription today in a price band of Rs 870-900. READ MORE

Global cues

Wall Street bounced back in trade on Monday after US President Joe Biden said there's no need for Covid omicron lockdowns for now. The Dow Jones gained 0.7 per cent, while the S&P 500 and Nasdaq surged 1.3 per cent and 1.9 per cent, respectively.

Meanwhile, markets in Asia were largely positive this morning. Nikkei and Taiwan had surged over a per cent each. Shanghai was up 0.4 per cent and Straits Times added 0.1 per cent. Hang Seng, however, slipped 0.3 per cent and Kospi was flat.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel