Share Market Live Updates: Sensex falls over 200 points, Nifty trades below 17,600; bank, auto & IT stocks drag
Indian equity benchmarks on Wednesday staged a gap-down opening, in line with the weaker trend in global markets. Asian shares mostly traded lower in early deals as Japan’s Nikkei Index fell 0.95 per cent, South Korea KOSPI was down 1.59 per cent and Hong Kong’s Hang Seng Index dropped 1.56 per cent, tracking overnight losses on Wall Street.
Trends on SGX Nifty indicated a lower opening for the domestic indices.
Here are the stock market Live Updates:
* Tamilnad Mercantile Bank IPO (Final day of bidding): The initial public offer of Tamilnad Mercantile Bank was oversubscribed 1.65 times on the final day of bidding today. As of 10:27 am, the initial share sale received bids for 1,43,76,992 shares against 87,12,000 shares on offer, according to data available with the NSE. The quota for Retail Individual Investors (RIIs) was subscribed 4.06 times, while that for Qualified Institutional Buyers (QIBs) received 98 per cent subscription and non institutional investors 1.39 times.
* Dreamfolks Services: The airport services aggregator slipped as much as 5.64 per cent to hit an intraday low of Rs 436.55 today. Dreamfolks made a stellar market debut on Tuesday, listing at 55 per cent premium over its issue price.
* Market breadth: The overall market breadth was weak as 1,916 shares were advancing while 1,149 were declining on BSE.
* 10:12 am: Sensex falls 227 points or 0.38 per cent to trade at 58,970, Nifty down 67 points or 0.38 per cent to trade at 17,588; banking, auto & auto stocks drag
* Top losers: On the stock-specific front, Bharti Airtel was the top Nifty loser as the stock cracked 1.74 per cent to trade at Rs 748. ONGC, IndusInd Bank, Kotak Mahindra Bank and HDFC were also among the laggards. On the 30-share BSE index, IndusInd Bank, Airtel, HCL Tech, Kotak Bank, Axis Bank, Tech Mahindra, HDFC, Infosys, HDFC Bank, Reliance Industries, ICICI Bank and SBI were among the top losers.
* Sectoral indices: 11 out of the 15 sector gauges — compiled by the National Stock Exchange — were trading in the red during early deals. Sub-indexes Nifty Bank and Nifty IT were underperforming the NSE platform by falling as much as 0.70 per cent and 0.69 per cent, respectively.
* Mid- & small-cap: Mid- and small-cap shares were positive as Nifty Midcap 100 edged 0.16 per cent higher and small-cap rose 0.30 per cent.
* Market opening: Sensex falls 424 points or 0.72 per cent to trade at 58,773 in initial trade, Nifty down 129 points or 0.73 per cent to trade at 17,527; banks, IT stocks drag
* Pre-opening: Sensex falls 408 points or 0.69 per cent to trade at 58,789 in pre-opening deals.
* Stocks in news: Suzlon Energy, Dreamfolks Services, Wipro, DLF and more
* Expert View: “There are near term strong headwinds for risky assets, globally. Bonds are in a strong bear market. US 10-year yield at 3.34 per cent and dollar index (above 110) are strong headwinds for capital flows to EMs like India. FPIs are buying in the cash market but hedging through increasing short positions in the derivatives market. High volatility with downward bias is in store for the markets in the near term. When globally equities correct, India too will correct. But India will fall less since falling crude, decent economic growth, impressive corporate earnings and retail investor enthusiasm will support the market at lower levels. Domestic economy-facing segments like banks, autos, capital goods, telecom and FMCG are relatively strong sectors,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
* Expert View: “Domestic equities are likely to join the global market slump in early trade, amid recurring worries of major central banks tightening interest rates to tackle rising inflation that could result in a global slowdown. Also, recession fears are getting stronger after Russia discontinued crucial oil supply to European nations. Besides, strengthening the dollar, hawkish US Federal Reserve bets and a new Covid-19 lockdown in China could also weigh on sentiment. Technically, Nifty may wobble with key support being at 17,401,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
* Global markets: Asian shares mostly traded lower in early deals, tracking overnight losses on Wall Street.
* SGX Nifty: Trends on SGX Nifty indicated a gap-down opening for the domestic markets. The Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 194 points or 1.10 per cent to 17,481.
* Previous session: The 30-share BSE Sensex had slipped 49 points or 0.08 per cent to close at 59,197 on Tuesday; while the broader NSE Nifty had moved 10 points or 0.06 per cent to settle at 17,656.
