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MARKETS: Sensex off days low, down 650pts; Airtel, Bajaj Fin lead recovery – Business Standard

Markets at Lunch (01:30 PM)LIVE market updates: The key benchmark indices were marginally off the day’s low on account of gains in telecom major Bharti Airtel and select financial shares.

The BSE Sensex, which touched a low of 59,290, was down 600 points at 59,620. The NSE Nifty had shed 180 points at 17,746Among the Sensex 30 shares, UltraTech Cement was the major loser, down almost 3 per cent. It was followed by IT stocks, with the likes of Tech Mahindra, HCL Technologies, TCS and Infosys all down over 2 per cent each. The Nifty IT index had declined 4 per cent in the last two days. READ MOREKotak Bank, HDFC, Reliance, NTPC, PowerGrid and Tata Steel were the other prominent losers. On the positive side, Bharti Airtel had gained 1.7 per cent. Maruti and Bajaj Finance were also up around a per cent each.Among sectoral performance, other than IT, the BSE Realty index had dropped 2 per cent. The Bankex, Energy and Power indices were the other significant losers. The Telecom index was up 1.3 per cent.Also read: India Cement, ACC: Breakout in cement stocks signal up to 11% riseMeanwhile, the most of the major markets in Asia ended with significant losses. Japan’s Nikkei tumbled nearly 3 per cent. Kospi shed 1.1 per cent, Taiwan slipped 0.7 per cent and Shanghai Composite was down 0.3 per cent. On the other hand, Hang Seng recouped losses and was up 0.3 per cent. Straits Times also gained 0.6 per cent.
___________________________________________________________________________________________Markets at 12 noonLIVE market updates: The benchmark indices remained firm in losses around the same levels in noon trade. The BSE Sensex was 850 points down at 59,371, while the NSE Nifty was 244 points lower at 17,680.
In the broader markets, the BSE MidCap and SmallCap indices, on the other hand, were seen holding losses, lower than that of the benchmarks. The two indices were down 0.4 and 0.2 per cent, respectively, as compared to a 1.3 per cent fall in the benchmarks.

Among MidCaps, Gujarat Gas, Vodafone Idea, Aditya Birla Capital, Gland Pharma, RBL Bank, Bharat Forge, and GMR Infra were the top gainers, up between 1.8-3 per cent.NHPC, too was trading 2 per cent higher after the company on Wednesday said that it has signed a promoters agreement with Green Energy Development Corporation of Odisha (GEDCO) for the formation of a joint venture company. NHPC will hold 74 per cent stake in JV and the rest will be held by GEDCO.

Sectorally, all indices were in red, led by Nifty IT and Realty indices, which were 2 per cent lower each. However, the BSE Telecom index was an outperformer and was trading over 2 per cent higher. Mahanagar Telephone, MTNL, Vodafone Idea, Bharti Airtel, GTL Infra, Indus Tower, HFCL and GTPL Hathway were trading 0.8-5 per cent higher.

Markets at 11 AMLIVE market updates: The frontline indices remained steady with heavy losses in morning deals with heavyweights RIL, HDFC Bank down nearly 2 per cent each, followed by banks and IT stocks. The BSE Sensex was 820 points lower at 59,402, and the NSE Nifty50 was at 17,691, down 234 points.

Other laggards included realty shares. Sobha, Oberoi Realty, IndiaBulls, Prestige, Macrotech Developers, DLF, Brigade and Phoneix, were trading down between 1.3-4 per cent on the NSE. The Realty index was down 2.2 per cent, followed by IT and Financials, down 1.8 and 1.5 per cent, respectively.

Apart from Bharti Airtel and Maruti, all Sensex shares remained in the negative zone.On the flip side, Future group companies were trading higher after the Delhi High Court on Wednesday stayed the arbitration proceedings in Singapore that passed the judgement in favour of Amazon. Future Retail, Future Enterprises, Future Consumer, and Future Lifestyle were up between 5-7 per cent on the BSE.

Asian markets
Shares in Asia-Pacific declined in Thursday trade following losses overnight that saw the Dow Jones Industrial Average registering its first decline of 2022.

In Japan, the Nikkei 225 slipped 2.6 per cent, while the Topix index dipped 1.88 per cent. Hong Kong’s Hang Seng index shed 0.36 per cent. Hong Kong-listed shares of debt-ridden developer China Evergrande Group fell 0.63 per cent. The Shanghai composite in mainland China declined 0.16 per cent, while the Shenzhen component slipped 0.54 per cent.
_______________________________________________________________Markets at 10 AMLIVE market updates: The benchmark indices were deep in the red as they ended a streak of four-day gains with sharp losses on Thursday. The BSE Sensex was 680 points lower at 59,542, and the NSE Nifty was 17,730, lower by 195 points. The two indices were down over 1 per cent each.

In tandem with this, the broader markets were also negative but were seen trimming losses. The BSE MidCap and SmallCap indices were down 0.6 and 0.4 per cent, as compared to the 1 per cent fall in the benchmarks.According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the sharp cut in the US is unlikely to lead to similar cuts in India. Here Q3 results, budget expectations and macro data are likely to influence the market in the coming days.Sectoral rotation in favour of financials, particularly leading banks, is a likely scenario in 2022. There are market signals and macro triggers favouring financials. So, market corrections may be used to buy high quality financials and large-cap IT, he said. Cement prices and demand are also firm indicating better prospects for the sector, he added.Meanwhile, among the Sensex-30 pack, Bharti Airtel, Maruti and Ultratech Cement were the only gainers and were up 0.6 per cent, 1 per cent and 0.14 per cent, respectively. UBL, Hindalco and SBI Life, meanwhile, were the only additional gainers on the Nifty.
Nifty Bank and Nifty IT were down over 1 per cent each, and were the leading losers, among sectors. Sugar stocks, on the other hand, were seen bucking the weak market trend.Dwarikesh Sugar, Renuka Sugar, Balram chini, Dalmia Bharat, Bajaj Hindusthan were trading between 4-8 per cent higher. This comes as the Centre has issued guidelines for restructuring of loans taken by mills from the Sugar Development Fund (SDF), providing a moratorium for two years and then repayment in five years to eligible defaulting factories.

Individually, the shares of Rama Steel Tubes (RSTL) hit a new high, and were frozen at the 5 per cent upper circuit at Rs 412.90 on the BSE on Thursday in an otherwise weak market on improved demand outlook. Since December 20, 2021, in 13 trading days, the stock of iron & steel products company has zoomed 89 per cent from levels of Rs 218.25. READ MORE.
__________________________________________________________________________________Opening BellLIVE market updates: Taking cues from the weak global sentiment, the benchmark indices opened sharply lower and were down up to 0.9 per cent.The BSE Sensex was 576 points lower at 59,647, while the NSE Nifty was at 17,744, lower by 180 points.
In the broader market, the BSE MidCap and SmallCap indices were also in red, and were down 0.8 and 0.9 per cent, respectively.

The volatility index on the NSE was up over 2 per cent, around 17 levels, indicating high levels of fears among investors. On the Sensex, only four stocks–Bharti Airtel, Sun Pharma, Dr Reddy’s, Tata Steel were in the positive zone, trading 0.06-1.1 per cent higher. On the Nifty, Hindalco, UPL, Cipla and Coal India were the only additional companies in the green zone. Meanwhile, on the flip side, banking and IT stocks were the top losers. HDFC, HCL Tech, Tech Mahindra, Kotak Bank, M&M, IndusInd Bank, RIL, ICICI Bank, and TCS were trading 0.9-1.8 per cent lower. Further, all sectoral indices were in the red zone, except Nifty Metals, which was up 0.3 per cent. Pharma too was flat on the NSE.
____________________________________________________________________Pre-open sessionLIVE market updates: The benchmark indices are expected to begin trade negatively on Thursday and were sharply lower in the pre-open session. The BSE Sensex was down 378 points at 59,844, while the NSE Nifty was at 17,786, lower by over 100 points. ________________________________________________________________LIVE market updates: The benchmark indices may start lower on Thursday given weak global cues. SGX Nifty futures were quoting at 17,790 level, over 100 points down, when compared to Nifty’s spot close on Wednesday.Among stocks, Bharti Airtel may be in focus as the company’s subsidiary Airtel Africa Plc has received $159 million out of $176.1 million from the sale of its tower assets in Tanzania. The company will receive the remaining amount upon the completion of the transfer of towers to the purchaser, reports said. Further, HeroMotoCorp may also be eyed as Naveen Munjal-led Hero Electric Vehicles has moved the Delhi High Court seeking an injunction against the company using the word ‘Hero’ for its upcoming electric vehicle in March 2021.That apart, stocks of a dozen firms that debuted recently may come under pressure as the mandatory one-month lock-in period for anchor investment expires from tomorrow. Five of these 12 companies — RateGain, Shriram Properties, Data Patterns, Supriya Lifesciences and CMS Info Systems – had allocated more than 10 per cent of outstanding shares to anchor investors. Global cues The US markets tanked sharply and Treasury yields jumped on Wednesday after minutes of the FOMC indicated that it may raise interest rates sooner than expected and also reduce its overall asset holdings to tame high inflation.

Meanwhile, Dow Jones slid 1 per cent, the S&P 500 index shed 2 per cent and the Nasdaq tumbled 3 per cent.

Similarly, there was a sea of red across Asia this morning. Japan’s Nikkei had plunged 1.5 per cent. Kospi and Taiwan had declined 0.8 per cent each, while Straits Times was down 0.5 per cent.