Stock Market Highlights Live: Sensex slips over 300 points, Nifty settles below 17,650 – HDFC Bank among top losers

Rupee ends at all-time low:

Rupee tanks 99 paise to close at an all-time low of 80.95 (provisional) against the US dollar. Domestic currency post biggest single-day fall in seven months.

Market At Close:

The BSE Sensex dipped over 300 points or 0.57 per cent to 59,119.72, while Nifty50 settled at 17,629.8, down 88 points or 0.5 per cent.

USDINR Price: Rupee hits record lows, may test 82, says expert

US Dollar Index has gained strength after the US Federal Reserve on Wednesday raised the interest rates by 75 bps to the range 3.00-3:25 per cent. The strength in the Dollar Index has led to the weakness in other major currencies including the Indian Rupee which hit its all-time low on Thursday. Full Report

Market Update:

The benchmark indices staged a recovery from the day’s low, to trade marginally lower an hour before market close today as US Futures extend gains, Dow Futures up nearly 400 points from lows. The Sensex was down by 64 points to 59,392, while Nifty50 is trading above 17650, down 50 points. 

LIC share price hits new all-time low since listing

LIC share price: Life Insurance Corporation of India (LIC) share price on Thursday touched an all-time low of Rs 648 per share on the NSE and BSE. The stock price declined over 1 per cent intraday to trade at a fresh low. The state-owned company’s share price has slumped around 32 per cent from its issue price of Rs 949 per share and has been trading at the lowest level since its market debut on May 17, 2022. Full Report

Derivative Outlook:

Nifty weekly contract has the highest open interest at 18100 for Calls and 17100 for Puts while monthly contracts have highest open interest at 18100 for Calls and 17400 for Puts. Highest new OI addition was seen at 18000 for Calls and 17500 for Puts in weekly and at 18000 for Calls and 17500 for Puts in monthly contracts. FIIs increased their future index long position holdings by -4.17%, increased future index shorts by 15.11% and in index options by 15.19% in Call longs, 6.80% in Call short, 36.36% in Put longs and -5.01% in Put shorts.

Heatmap - Top 10 Gainers/Losers

Fortis Healthcare share price tumbles over 19% on NSE – Here's what happened!

Fortis Healthcare share price witnessed a free fall during Thursday’s trading session as the scrip fell up to 19 per cent to Rs 250.35 and 255.75 per share levels on the NSE and BSE, respectively. The drag in the stock came after the Supreme Court ordered a continuation of the stay on the IHH open offer. Full Report

Sanjiv Bhasin stocks on Zee Business: BUY TCS, Anupam Rasayan, Godrej Consumer | Check price targets

Market expert and IIFL Securities Director Sanjiv Bhasin on Thursday picked three stocks for investors that can yield high returns in short term. In a special segment ‘Bhasin Ke Hasin Share' aired on Zee Business with Managing Editor Anil Singhvi, he said India is an outperformer and global volatility is an opportunity to buy good shares. Full Report

Banking and Financials Drag

Nifty Bank and Nifty Financial Services were the top sectoral losers on NSE, dragging the Nifty Index most. The former dipped by over 1.5 per cent and the latter by around 2 per cent. The fall in Nifty Bank has spooked a decline in Nifty Private Bank and PSU Bank indices - both down over 1.5 per cent. 

Image Source - Stockedge

Nifty FMCG & Media outperform

Nifty FMCG and Media outperformed in a negative market as the former gained around 0.75 per cent, while the latter was up nearly 1 per cent at around 12:20 PM on Thursday. 

Infosys share price hits 52-week low, stock down 27% in 2022 – should you buy?

Infosys share price touched a new 52-week low of Rs 1,360.05 and 1360 per share on the BSE and NSE, respectively, after crashing 1 per cent intraday in today's session. Infosys share price has dropped over 27 per cent so far in 2022 amid a mute outlook. Full Report

Rupee Outlook:

The Indian rupee has plunged to a fresh record low of 80.61 mark amid signs of escalating Russia-Ukraine tensions and a hefty rate hike of 75 bps by the US Fed for the third time in a row, which has led to a vertical rally in the greenback towards two-decade highs of 111.78 level. Further ahead, a move past the 80.10 mark has opened the doorway for depreciation in the Indian rupee towards the 81-mark in the coming days.- Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking Ltd.

Nifty Outlook: 

The feeble bounce off 17700 vicinity did not inspire confidence in extending upsides. Neither did the distribution pave way for a collapse. But we have been trading closer to +2 standard deviation band of the last 100 days for a while, which has increased the odds of a turn lower. Meanwhile, prospects of a surprise bounce back will improve, should the Nifty float above or pull back from below 17560. Else, expect 17000, which is in the vicinity of the 200-day sma, to keep pulling prices lower. - Anand James - Chief Market Strategist at Geojit Financial Services.

ITC share price hits new 52-week; stock up 40% in 6 months

ITC share price on Thursday hit a fresh 52-week high of Rs 348.74 as the stock gained over 2 per cent post-opening. ITC share price has been making fresh highs since February as the counter has moved around 40 per cent -- from Rs 249.75 to Rs 348.75. Full Report