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Market LIVE: Sensex extends opening losses, tanks 1,400 pts; Nifty nears 14,200; ICICI Bank, SBI top drags – The Financial Express

India VIX surged on Monday morning.
(Image: REUTERS)
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity markets started the day’s trade deep in red with Sensex giving up 48,000 and diving over 1,100 points. Nifty was below 14,300 on the opening bell. All Sensex stocks were deep in red, led by banking and finance stocks such as IndusInd Bank, Bajaj Finance, ICICI Bank, and SBI. Sun Pharma, TCS, Dr Reddy’s, Infosys, and HCL Technologies were the best performing Sensex constituents, all down less than 1%. India VIX skyrocketed 10% during the early hours of trade to breach 22.5 levels. All sectoral indices and broader markets on NSE were performing worse than the benchmark NSE Nifty 50.Shares of Macrotech Developers will make their stock exchange debut today. The issue was subscribed 1.36 times earlier this month as the company raised Rs 2,500 crore from the market. Shares of Macrotech Developers were sold in the price band of Rs 483-486 per share in a lot size of 30 stocks. Macrotech Developers is the first initial public offering for the new fiscal year and is expected to make a tepid listing amid the second coronavirus wave in the country. 

Nifty pharma index was up in the green while all other sectoral indices on the NSE were deep in the red. Nifty PSU Bank index was down 5.4% and Nifty Bank was down 4.5%. 

While the market momentum was negative, Linde India, KPR Mill, and Astrazeneca were seen surging higher. Future Consumer, Fortis, Pfizer were among other gainers on BSE 500.

“The health crisis India is going through and localised lockdowns & restrictions on economic activity warrant a market correction. The targets of around 11% GDP growth and above 30% earnings growth for FY 22 that the market had assumed pre-second wave are likely to fall short. The steady rise in test positivity cases and the steady decline in recovery rates are areas of serious concern. But, this negativity need not reflect fully in the market since the global clues are positive. The sharp recovery in global growth led by the US and China augurs well for markets globally. The decline in US 10-year yield from the recent high of 1.75 % to 1.56% presently is a major relief & support to markets. Bulls would be reluctant to go long; bears would hesitate to go short massively. Time to wait & watch,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Discount brokerage firm Zerodha was facing issues on Monday morning with the trading application of the brokerage firm not updating Sensex figures. 

Bank Nifty is down 4% while the Benchmark Nifty and Sensex have slipped 2.5% each. Nifty PSU Bank index and the Nifty Private Bank indices were also in the negative. 

The volatility index surged a massive 10% during the initial minutes of trade to breach 22.5 levels. India VIX had closed on 20.4 on Friday. 

All Sensex constituents were sitting in the red. These were lead by banking and finance sector stocks. IndusInd Bank, Bajaj Auto, Bajaj Finance, ICICI Bank, Axis Bank, SBI were among the top drags. 

Sensex was down more than 1,200 points on the opening bell, giving up 48,000 levels. Nifty tanked to give up 14,300 during the initial minutes of trade. bank stocks were the worst performers. 

Pre-open session took Sensex down 891 points, giving up 48,000 levels. Nifty was at 14,306.

Sensex and Nifty have dives further during the pre-open session with Sensex down 950 points and Nifty threatening to give up 14,300.

Sensex and nifty began the pre-open session on Monday in the red. Nifty gave up 14,400 while Sensex was down over 500 points. 

Commodity prices traded higher during the week passed by with most of the commodities in Non-agro segment witnessing strong buying on a weaker dollar. Bullion prices gained amid inflation hedge while base metals rallied on lower supply and higher demand outlook. Crude oil prices traded up with rising hopes for fuel demand recovery.

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Dalal Street has remained range-bound for the last few weeks now. Nifty faces resistance in the range of 14,700 – 14,850 on the charts, according to technical analysts. Bulls will only be able to regain the momentum once this barrier is broken by the index. In such a scenario, analysts have been advising investors to be stock specific in their trades and avoid aggressive bets. With SGX Nifty down deep in the red on Monday morning, Sensex and Nifty look poised to open with losses once again on Monday.

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SGX Nifty was down 195 points earlier today but has now trimmed losses and is now trading at a loss of 168 points. 

While investors are looking forward to the proposed listing of Life Insurance Corporation (LIC) in FY22, the government may still be racing against time to complete all the relevant processes, including restating the insurer’s finances in an investor-friendly manner, sources told FE.LIC listing, originally planned for FY21, was later rescheduled to FY22.

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Macrotech Developers Ltd’s, erstwhile Lodha Developers, which recently raised Rs 2,500 crore through initial public offering (IPO), on Friday informed that it will list its equity shares on stock exchanges on Monday, April 19, 2021. The issue was sold from April 7-9, in the price band of Rs 483-486 per share. The public issue received a lukewarm response from investors and was subscribed 1.36 times. The reserved portion of qualified institutional buyers (QIBs) was subscribed 3.05 times and that of non-institutional investors subscribed 1.44 times. While the portion set aside for retail individual investors saw a subscription of 40 per cent and employees 17 per cent.

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