Stock Market HIGHLIGHTS: Sensex ends 774 pts lower, Nifty cracks below 17,900 as market halts 2-day winning run on expiry day
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 halted a two-day winning run in a volatile session on Wednesday as the monthly derivatives (futures & options) contracts expired at the end of the day. Investors lost Rs 3.7 lakh crore in a day as the market capitalisation of BSE-listed companies decreased to Rs 276.7 lakh crore at the end of the session, according to provisional exchange data.
Here are 10 key things to know about the January 25 session:
1) Both headline indices finished the F&O expiry day 1.3 per cent lower. The Sensex shed 773.7 points to end at 60,205.1, and the Nifty50 settled at 17,892, down 226.4 points from its previous close.
2) Thirty five stocks finished the day in the red. Adani Ports, SBI, IndusInd, HDFC Bank, HDFC, Cipla, Axis Bank, Tech Mahindra, Apollo Hospitals and UltraTech were the top laggards, falling around 2-6 per cent.
3) Bajaj Auto, Hindustan Unilever, Hindalco, Britannia, Maruti Suzuki, JSW Steel, ONGC, Hero MotoCorp, Tata Steel and Sun Pharma were the top gainers, rising between 0.5 per cent and 1.5 per cent.
4) All of NSE's sectoral indices succumbed to the red zone, with the Nifty PSU Bank being the top laggard, down 3.6 per cent. The Nifty Bank — whose 12 constituents include SBI, HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank — closed 2.5 per cent lower.
5) Among heavyweights, the HDFC twins, Reliance, ICICI Bank and SBI were the biggest drags on both main gauges.
6) Overall market breadth remained in favour of the bears throughtout the session, with an advance-decline ratio of 1:2 at the close as 1,128 stocks rose and 2,387 fell on BSE.
7) The India VIX — known in market parlance as the fear index — surged 7.3 per cent to settle at 14.7.
8) European markets began the day in the red on Wednesday following muted earnings from Microsoft and concerns about more of steep hikes in benchmark interest rates. The pan-European Stoxx 600 was down 0.%, heading lower for a second day with technology (.SX8P) and telecom (.SX8P) declining the most.
9) S&P 500 futures were down 0.7 per cent, suggesting a gap-down opening ahead on Wall Street.
10) Indian financial markets will remain shut on Thursday for the Republic Day holiday.
Cach highlights of the session on Dalal Street, market commentary and analysis, financial results, expert views, investment and trading ideas, and much more on Zeebiz.com's blog:
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 halted a two-day winning run in a volatile session on Wednesday as the monthly derivatives (futures & options) contracts expired at the end of the day. Investors lost Rs 3.7 lakh crore in a day as the market capitalisation of BSE-listed companies decreased to Rs 276.7 lakh crore at the end of the session, according to provisional exchange data.
Here are 10 key things to know about the January 25 session:
1) Both headline indices finished the F&O expiry day 1.3 per cent lower. The Sensex shed 773.7 points to end at 60,205.1, and the Nifty50 settled at 17,892, down 226.4 points from its previous close.
2) Thirty five stocks finished the day in the red. Adani Ports, SBI, IndusInd, HDFC Bank, HDFC, Cipla, Axis Bank, Tech Mahindra, Apollo Hospitals and UltraTech were the top laggards, falling around 2-6 per cent.
3) Bajaj Auto, Hindustan Unilever, Hindalco, Britannia, Maruti Suzuki, JSW Steel, ONGC, Hero MotoCorp, Tata Steel and Sun Pharma were the top gainers, rising between 0.5 per cent and 1.5 per cent.
4) All of NSE's sectoral indices succumbed to the red zone, with the Nifty PSU Bank being the top laggard, down 3.6 per cent. The Nifty Bank — whose 12 constituents include SBI, HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank — closed 2.5 per cent lower.
5) Among heavyweights, the HDFC twins, Reliance, ICICI Bank and SBI were the biggest drags on both main gauges.
6) Overall market breadth remained in favour of the bears throughtout the session, with an advance-decline ratio of 1:2 at the close as 1,128 stocks rose and 2,387 fell on BSE.
7) The India VIX — known in market parlance as the fear index — surged 7.3 per cent to settle at 14.7.
8) European markets began the day in the red on Wednesday following muted earnings from Microsoft and concerns about more of steep hikes in benchmark interest rates. The pan-European Stoxx 600 was down 0.%, heading lower for a second day with technology (.SX8P) and telecom (.SX8P) declining the most.
9) S&P 500 futures were down 0.7 per cent, suggesting a gap-down opening ahead on Wall Street.
10) Indian financial markets will remain shut on Thursday for the Republic Day holiday.
Cach highlights of the session on Dalal Street, market commentary and analysis, financial results, expert views, investment and trading ideas, and much more on Zeebiz.com's blog:
Latest Updates
Investors lose Rs 3.7 lakh crore in a day as market crashes
Investors lost Rs 3.7 lakh crore worth of wealth in a day as the market capitalisation of BSE-listed companies decreased to Rs 276.7 lakh crore on Wednesday, according to provisional exchange data.
Hindustan Unilever, Maruti Suzuki, Tata Steel buck the trend, emerge top Sensex gainers
Overall market breadth extemely negative
Market breadth remained in favour of the bears throughtout the session, with an advance-decline ratio of 1:2 as 1,128 stocks rose and 2,387 fell at the close on BSE.
Closing Bell | Sensex down 774 pts, Nifty50 below 17,900 on F&O expiry day
Both headline indices finish the session 1.3 per cent lower. The Sensex loses 773.7 points to end at 60,205.1 and the Nifty50 settles at 17,892, down 226.4 points from its previous close.
Here's how the 30-scrip index moved during the session:
Nifty50
CIpla shares hit day's low after results
Cipla reports a net profit of Rs 801 crore for the October-December period, marking an increase of 9.9 per cent compared with the corresponding period a year ago but missing analysts' estimates.
Its revenue grows six per cent on a year-on-year basis to Rs 5,810.1 crore, according to a regulatory filing.
The company's EBITDA margin improves by 190 bps sequentially to 24.2 per cent.
According to Zee Business research, the drug maker's quarterly net profit was estimated at Rs 914 crore and revenue at Rs 6,168 crore with a margin of 24 per cent.
TVS Motor shares buck weak market trend
Most brokerages have positive views on TVS Motor after the company's earnings announcement.
Jefferies maintains a 'buy' rating with a target price of Rs 1,550 apiece — implying an upside potential of more than 57 per cent from Tuesday's closing price. The brokerage expects TVS to be a key beneficiary of a demand recovery in the country's two-wheeler market.
Goldman Sachs retains a 'neutral' rating on TVS and raises its target price by Rs 20 to Rs 1,050. (Read more on TVS shares)
HDFC twins, ICICI Bank alone responsible for 350-point fall in Sensex
Buy and hold on to ITC shares: Rakesh Bansal
Market expert Rakesh Bansal believes a good base for ITC shares lies at Rs 320, where he suggests investors to place a closing stop loss for a one-year target of Rs 450.
Sumeet Bagadia bullish on Bajaj Auto, target Rs 4,150
Sumeet Bagadia of Choice Broking suggests going long on Bajaj Auto for a target of Rs 4,000-4,150 from a perspective of the next one year.
The auto maker is slated to report its financial results later in the day.
Buy Larsen & Toubro for conservative targets of Rs 2,300-2,500: Sumeet Bagadia
Sumeet Bagadia of Choice Broking has a 'buy' call on L&T shares with a one-year view. He has a target price of Rs 2,300-2,500 for the stock — implying upside potential of 4-13 per cent.
He expects even higher levels in L&T shares. "These are conservative targets," Bagadia adds.
The Larsen & Toubro stock has rewarded investors with a return of almost 22 per cent in the past six months. The 30-scrip benchmark has risen 8.2 per cent during this period. 
Buy Techno Electric, Zensar, Carysil: Vikas Sethi
Vikas Sethi of Sethi Finmart suggests going long on three stokcs from a one-year perspective: Techno Electric, Zensar Tech and Carysil.
Techno Electric
Sethi has assigned a target of Rs 500 to the stock. The company's order book as well as fundamentals look strong, he points out.
Zensar Tech
He has a target of Rs 325 for the stock. The company has staged a strong quarterly performance, has an experienced CEO and is available at a reasonable valuation, Sethi adds.
Carysil
Sethi has a target price of Rs 575 for the stock.
Avinash Gorakssakar suggests buying Garden Reach Ship, HBL Power, Kirloskar Pnuematic
Avinash Gorakssakar of Profitmart Securities shares three stock ideas with Zee Business viewers: Garden Reach Ship Builders (target: Rs 600), HBL Power (target: Rs 165) and Kirloskar Pnuematic (target: Rs 650).
Garden Reach Ship Builders
It is a premier shipbuilding company primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard, with an order book of Rs 23,000 crore, says Gorakssakar.
He pegs the company's earnings per share (EPS) at Rs 56 for the year ending March 2023, and Rs 68 the next year, which makes it an attractive long-term buy in his view.
The stock has nearly doubled in value in the past six months, a period in which the Sensex benchmark has risen 8.2 per cent.
HBL Power
Gorakssakar points out that the company has orders of around Rs 800 crore with good revenue visibility for the next 12-18 months. He remains positive on the long-term prospects of the company.
Kirloskar Pnuematic
Gorakssakar estimates the company's earnings per share at Rs 17.05 for the year ending March 2023, and at Rs 22 and Rs 26 for the next two years respectively.
Egg prices surge to record high
Due to rising global rates, most of the companies are focusing on exports to capitalise on this opportunity.
Eggs — which come in the segment of cheap nutritious food — were sold in bulk last year at around Rs 450 per hundred units. The prices have soared to as high as Rs 630 per hundred in January 2023 so far. (Read more on egg prices)
Egg prices surge to record high
Due to rising global rates, most of the companies are focusing on exports to capitalise on this opportunity.
Eggs — which come in the segment of cheap nutritious food — were sold in bulk last year at around Rs 450 per hundred units. The prices have soared to as high as Rs 630 per hundred in January 2023 so far. (Read more on egg prices)
Egg prices surge to record high
Due to rising global rates, most of the companies are focusing on exports to capitalise on this opportunity.
Eggs — which come in the segment of cheap nutritious food — were sold in bulk last year at around Rs 450 per hundred units. The prices have soared to as high as Rs 630 per hundred in January 2023 so far. (Read more on egg prices)