Stock Market HIGHLIGHTS: Sensex ends volatile day 335 pts lower, Nifty sinks below 17,800; Adani group stocks a mixed bag
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 ended a volatile session around half a per cent below the flatline on Monday mirroring weakness across global markets, as upbeat macroeconomic data from the US brought back fears of more of steep hikes in benchmark interest rates.
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 ended a volatile session around half a per cent below the flatline on Monday mirroring weakness across global markets, as upbeat macroeconomic data from the US brought back fears of more of steep hikes in benchmark interest rates. IT and metal shares were at the forefront of the overall weakness on Dalal Street.
Here are 10 things to know about the February 6 session:
Losses in IT and metal shares pulled the headline indices lower,
1) The 30-scrip index finished the day down 335 points or 0.6 per cent at 60,506.9, having gyrated in a range of more than 500 points during the session. The Nifty50 lost 89.5 points or 0.5 per cent to settle at 17,764.6, after broadly moving in the 17,650-17,850 band during the session.
2) A total of 34 stocks in the Nifty50 basket finished the day in the red. Divi's, JSW Steel, Hindalco, Tata Steel, Infosys, Adani Enterprises, Kotak Mahindra Bank, Eicehr and HDFC Life were the top laggards, falling around 1-4 per cent.
3) On the other hand, Adani Ports was the top gainer with a rise of 8.6 per cent at the close. IndusInd, Bharat Petroleum, Apollo Hospitals, Hero MotoCOrp, Bajaj Finance, PowerGrid, Cipla and ITC, rising between 0.8 per cent and 2.5 per cent, were some of the other top losers in the 50-scrip universe.
4) Among heavyweights, Infosys, Reliance, ICICI Bank and Kotak Mahindra Bank were the biggest drags on both headline indices. On the other hand, ITC, Bajaj Finance and IndusInd brought the biggest support.
5) Overall market breadth as skewed in favour of the bulls, as 1,900 stocks rose and 1,695 fell at the close on BSE.
6) Adani group stocks saw mixed moves, with Adani Ports soaring 9.5 per cent, and each of Adani Power, Adani Transmission, Adani Green, Adani Total and Adani Wilmar finishing the day locked in the lower circuit. ACC and Ambuja rose around two per cent each.
7) Broader markets strengthened, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising one per cent and 0.5 per cent respectively.
8) The rupee depreciated by 90 paise or 1.1 per cent to end at 82.73 against the US dollar.
9) Analysts awaited more of corporate financial results from India Inc for domestic cues, after ITC, SBI, Bank of Baroda and Paytm reported their quarterly numbers last week. Tata Steel, Bharti Airtel, Adani Transmission, Adani Green, Ambuja, Adani Ports, Adani Green, Bharti Airtel and Hero MotoCorp are some of the major companies due to report their financial results this week.
10) S&P 500 futures were down 0.9 per cent at the last count, suggesting a gap-down start ahead on Wall Street. European markets began the day in the red amid fears that the current cycle of hikes in benchmark interest rates may last much longer than anticipated earlier. The pan-European Stoxx 600 was down 0.8 per cent, following weakness across Asian markets.
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How Sensex & Nifty50 moved in intraday trade on February 6
Sensex
Nifty50
Stock Market Closing Bell | Sensex down 335 pts at 60,507, Nifty50 below 17,800
The 30-scrip index finishes the volatile day with a loss of 335 points or 0.6 per cent at 60,506.9, having gyrated in a range of more than 500 points around the flatline during the session.
The Nifty50 settles at 17,764.6, down 89.5 points or 0.5 per cent from its previous close.
Adani group stocks a mixed bag
Stock Change (%) CMP Adani Transmission -10 1261.40 Adani Power -5 182.45 Adani Green -5 887.55 Adani Total -5 1544.70 Adani Wilmar -5 380.40 Adani Ent -1.9 1554.00 Ambuja 0.9 377.00 ACC 2.1 1967.00 Adani Ports 8.5 541.50 Stock Market Update | Nifty50 74 pts off day's low
The 50-scrip headline is quoting at 17,772.5, down 81.6 points or 0.5 per cent on the day, less than 25 minutes before the closing bell.
So far in intraday trade, the Nifty50 has broadly moved within the 17,650-17,850 band.
Stock Market Update | Sensex down 300 pts as market off day's lows
Here's how the 30-scrip index has moved so far today:
Buy L&T Finance Holdings, sell Indian Hotels futures: Nirmal Bang Securities' Nirav Chheda
Nirav Chheda, AVP Derivatives and Technical Research at Nirmal Bang Securities, shares two trading calls:
- Buy L&T Finance Holdings for a target of Rs 96 with a stop loss at Rs 84
- Sell Indian Hotels futures for a target of Rs 290 with a stop loss at Rs 325
Varun Beverages shares surge after PepsiCo bottling company reports strong results, announces dividend
The Varun Beverages stock gains by as much as Rs 77 or 6.6 per cent to Rs 1,238 apiece on BSE, building on to the day's gains after the earnings announcement.
Buy IndusInd Rs 1,140 call option: Angel One's Sneha Seth
Sneha Seth, Derivative Analyst at Angel One, suggests buying the Rs 1,140 call option of IndusInd for a target of Rs 59 with a stop loss at Rs 17.
ITCTC starts service that enables pasengers to order food using WhatsApp
The stock traders firmly in the green, having gained by as much as Rs 8.5 or 1.3 to Rs 635.6 apiece on BSE earlier in the day.
Suven Pharma profit falls 32.5%, margin plummets by 2,480 bps
The drug maker reports a net profit of Rs 108 crore for the quarter ended December 2022, as against Rs 160 crore for the corresponding period a year ago. Its income shrinks 9.7 per cent to Rs 354 crore, according to a regulatory filing.
Suven Pharma's margin shrinks to 41.5 per cent for the December quarter, from 66.3 per cent for the year-ago period.
The stock briefly traders in the green after the earnings announcement.
STock Market Update | Vodafone Idea, Indus Towers, P&G Health, M&M Financial rise the most among some 280 gainers in BSE 500 universe
On the other hand, Adani Transmission (ADANITRANS) is the worst hit in the space, locked in the lower circuit of 10 per cent. Among other Adani group stocks, Adani Total Gas, Adani Power and Adani Green are also among the top laggards in the basket.
Infosys, Mahindra & Mahindra, Kotak Mahindra Bank, Tata Steel worst hit among top Sensex laggards
Here's what the rest of the 30-scrip pack looks like:
Bank of Baroda Q3 Results | Net profit jumped 75% to Rs 3,853 crore
During market hours on Friday, the state-run lender reported a 31 per cent jump in interest income to Rs 23,540 crore for the quarter ended December 2022 compared with the corresponding period a year ago.
Its asset quality improved. Bank of Baroda's gross bad loans as a percentage of total loans contracted 272 basis points sequentially to 4.53 per cent.
Read more on Bank of Baroda Q3 results
Analysts see up to 39% upside in Bank of Baroda shares from Friday's closing price
Here's what brokerages recommend on Bank of Baroda after the PSU bank's quarterly results:
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Bank of Baroda shares jump as Street cheers state-run lender's 75% jump in profit with improving asset quality
Bank of Baroda shares gain by as much as Rs 4.9 or three per cent to Rs 168.6 apiece on BSE.
ITC shares rise after cigarette maker's Q3 earnings beat
ITC shares are in high demand today after the cigarettes-to-hotels conglomerate reported a strong set of financial results for the quarter ended December 2022. The ITC stock gains as much as two per cent to Rs 388.2 apiece on BSE. (Read more on ITC shares)
Stock Market LIVE | Vodafone Idea shares surge after government gives nod to convert Rs Rs 16,000 crore dues into equity
Vodafone Idea shares jump as much as 24.4 per cent to Rs 8.6 apiece on BSE.
The government will have a 33 per cent stake in the private sector telecom services provider.
Tata Steel in the red ahead of Q3 results today
Read more on Tata Steel shares and what to expect from the steelmaker's results today
Anil Singhvi Stock Pick | Buy IndusInd Bank futures for targets to the tune of Rs 1,140-1,200
Zee Business Managing Editor Anil Singhvi is positive on IndusInd Bank owing to the lender's less exposure in the Adani group. He believes there is a low risk of downside in the IndusInd Bank stock, which is also likely to get a boost from the RBI's nod to its promoters to raise their stake.
The bank's promoters have for long wanted to increase their stake, Singhvi says.
He suggests buying IndusInd Bank futures for a target of Rs 1,140-1,150 over Monday and Tuesday, and then Rs 1,180-1,200 going forward with a stop loss around Rs 1,100.
Share Market Update | IT, oil & gas, metal shares drag headline indices lower; HDFC Bank, Axis Bank, ITC lend support
Here's what the Nifty50 heatmap looks like 35 minutes into the opening bell:
Stock Market Update | Sensex falls over 400 pts, Nifty50 slides below 17,750 as market sinks to day's low
The Sensex drops 403.7 points or 0.7 per cent to hit 60,438.1 on the downside at its weakest level of the day so far. The Nifty50 declines to as low as 17,712.8, down 141.3 points or 0.8 per cent from its previous close.
Pre-Open Market Update | sensex flat near 60,850, Nifty50 down 36 pts at 17,819
The 30-scrip index finishes the pre-opening session 5.3 points higher at 60,847.2 and the Nifty50 settles at 17,818.6, down 35.5 points or 0.2 per cent from its previous close.
Anil Singhvi Market Strategy | Nifty50 support seen at 17,650-17,725 levels
Zee Business Managing Editor Anil Singhvi expects a strong buy zone for the 50-scrip headline index in the 17,500-17,600 band.
For the Nifty Bank, Singhvi sees support at 40,825-41,000, and a strong buy zone at 40,525-40,700 levels.
Tata Steel to report Q3 results today — here's what to expect
According to Zee Business research, Tata Steel is estimated to report an 89 per cent year-on-year fall in net profit to Rs 1,012 crore for the quarter ended December with a 13 per cent decrease in revenue to Rs 52,966 crore owing to lower realisations and weakness in the steelmaker's European business.
Market Update | S&P 500, Nasdaq Composite tumbled on Friday after stronger-than-expected US jobs data
The three main Wall Street indices finished lower on Friday after surprisingly strong jobs data from the world's largest economy sparked concerns about aggressive Fed action and Investors digested a mixed bag of big earnings reports.
- Dow Jones Insdustrial Average: down 0.4 per cent
- S&P 500: down one per cent
- Nasdaq Composite: down 1.6 per cent
The tech stocks-heavy Nasdaq Composite tallied its fifth straight weekly rise — its longest such streak since late 2021.
A lot of central bank remarks this week — can one hope a lower pace of interest rates in coming months?
A host of Fed officials are set to speak this week.
A speech by Fed Chairman Jerome Powell is due on Tuesday where the tone could be a bit hawkish.
Policymakers from the ECB and the BoE are also due to speak during the course of the week.
Last week, the Fed switched to a smaller hike in the Fed funds range compared with the recent past and Chair Powell switched to a rather dovish tone, though ruling out any reduction in the key rate this year.
Asian shares in the red following a weak handover from Wall Street
Shares in other major markets across Asia begin Monday on a weak note following upbeat economic data from the US, which although somewhat eased fears of a recession but also brought back concerns of more of aggressive hikes in interest rates going forward. MSCI's broadest index of Asia Pacific shares is down 1.6 per cent at this hour.
Here's what some of the main indices in the region look like:
- China's Shanghai Composite: down 0.7 per cent
- Hong Kong's Hang Seng: down 1.8 per cent
- South Korea's KOSPI: dow 0.5 per cent
- Nikkei 225: up 1.1 per cent
- Singapore's Straits Times: flat
Stock Market LIVE | SGX Nifty futures indicate a weak start ahead on Dalal Street
Indian equity benchmarks Sensex and Nifty50 are likely to open lower today amid largely negative moves across global markets.Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty50 index — are down 24.5 points or 0.1 per cent at 17,815.5 at this hour, having declined as much as 67 points or 0.4 per cent to17,773 earlier on Monday so far.
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