Stock Market Today Highlights: Sensex plunges over 600 points, Nifty below 18,200 level as coronavirus fears grip D-Street
Stock Markets Today Updates: Indian shares dropped sharply on Wednesday as fears emanating from a sharp rise in cases of coronavirus in China, South Korea, US and other countries gripped the Street.
The benchmark 30-share BSE Sensex slipped nearly 1000 points from the day's high level of 62,006.46, while the broader Nifty50 plunged over 250 points from the day's high level of 18,473.35.
At the market close, the Sensex was down 635 points or 1 per cent to 61,067, while Nifty50 was down 185 points or 1 per cent to 18,199 levels today
Broader market indices fell in tandem with frontline indices with Nifty MidCap 100 and SmallCap 100 down over 1.5 per cent each. Among sectors, the banking gauge Nifty Bank dropped 1.5 per cent. Only Pharma and IT sector traded in the green, up around 2.5 and 0.5 per cent, respectively.
Among stocks, Adani Ent, Adani Ports and UltraTech were top laggards while healthcare stocks such as Divis Laboratories, Apollo Hospital advanced in today’s trade.
Asian markets closed mixed with Japan's Nikkei settling 0.68 percent, South Korea's Kospi down by 0.19 per cent. Hong Kong's Hang Seng was up 0.34 per cent.
European markets opened with deep/minor cuts. Wall Street futures were also trading lower/higher.
Catch all the LIVE action from the stock markets here. For other top news related to business, politics, sports, tech, auto and others, visit Zeebiz.com.
Stock Markets Today Updates: Indian shares dropped sharply on Wednesday as fears emanating from a sharp rise in cases of coronavirus in China, South Korea, US and other countries gripped the Street.
The benchmark 30-share BSE Sensex slipped nearly 1000 points from the day's high level of 62,006.46, while the broader Nifty50 plunged over 250 points from the day's high level of 18,473.35.
At the market close, the Sensex was down 635 points or 1 per cent to 61,067, while Nifty50 was down 185 points or 1 per cent to 18,199 levels today
Broader market indices fell in tandem with frontline indices with Nifty MidCap 100 and SmallCap 100 down over 1.5 per cent each. Among sectors, the banking gauge Nifty Bank dropped 1.5 per cent. Only Pharma and IT sector traded in the green, up around 2.5 and 0.5 per cent, respectively.
Among stocks, Adani Ent, Adani Ports and UltraTech were top laggards while healthcare stocks such as Divis Laboratories, Apollo Hospital advanced in today’s trade.
Asian markets closed mixed with Japan's Nikkei settling 0.68 percent, South Korea's Kospi down by 0.19 per cent. Hong Kong's Hang Seng was up 0.34 per cent.
European markets opened with deep/minor cuts. Wall Street futures were also trading lower/higher.
Catch all the LIVE action from the stock markets here. For other top news related to business, politics, sports, tech, auto and others, visit Zeebiz.com.
Latest Updates
Market Close: Sensex, Nifty50 End 1% Lower
Finance Minister Nirmala Sitharaman In Rajya Sabha
Supplementary demand for grants is for food security, fertiliser requirements and providing support to Indian economy.
Gross non-performing assets (NPAs) of banks fall to a 6-year low of 5.9% in March 2022.
The government's targeted approach to deal with Covid impact helped India in reviving growth without going into recession.
Private investment capex is happening in India because of favourable policies like PLI.
We are keeping an eye on inflation that is purely extraneous nowadays because of fuel, fertiliser prices.
With PTI Inputs
Finolex Shares Hit 10-Month high
Finolex Industries shares price on Wednesday touched over 10-month high of Rs 190.95 per share, after rallying more than 8 per cent on the BSE intraday during Wednesday's trading session on the back of heavy volumes in otherwise weak market.
The plastic products manufacturing company stock was apparently trading at its highest level since January 25, 2022.
KFinTech IPO Fully Subsribed
The initial public offer of KFin Technologies was fully subscribed by more than 1 times on third day of subscription on Wednesday at around 1:50 PM. The initial share-sale received bids for 2,43,50,760 shares against 2,37,75,215 shares on offer, according to BSE data.
The category meant for Qualified Institutional Buyers (QIBs) was nearly subscribed 1.5 times, while the portion for Retail Individual Investors (RIIs) was fully subscribed by 1 times subscription and non-institutional investors by 0.09 times.
The Rs 1,500-crore Initial Public Offer (IPO) was opened on December 19, 2023 with a price range of Rs 347-366 a share. Financial services platform KFin Technologies has raised Rs 675 crore from anchor investors.
Heatmap: Except Two All Other Indices In Red
Except for Nifty Pharma and IT indices all other sectors saw a deep cut. In this, Nifty FMCG, Auto, Bank, and Financials were down almost 1 per cent each during Wednesday's trading session. While Metal and Privat Bank indices were down over 1 per cent intraday today.
Glenmark Pharma Top Nifty Pharma Gainer
Glenmark Pharmaceuticals shares were among the top Nifty Pharma gainers as it surged over 7 per cent to Rs 439.20 per share on Wednesday as the company launched triple fixed-dose combination Teneligliptin with Pioglitazone and Metformin in India for diabetic patients.
This fixed-dose combination offers patients with Type 2 diabetes the convenience of once-daily dosing to improve their glycemic control. It is priced at Rs 14.90 per day, thereby reducing the daily cost of therapy by 40 per cent, making it more affordable to the masses, the company said in a statement.
Lupin Shares Jump Over 3%
Shares of Lupin on Wednesday jumped more than 3 per cent to Rs 750 per share on the BSE intraday after the company announced that it has received approval from the United States Food and Drug Administration for its Abbreviated New Drug Application (ANDA) for Brivaracetam Tablets.
The product will be manufactured at Lupin’s facility in Nagpur, India, the pharma company said in a media release today.
Market Update: Pharma Stocks Top Gainers
Healthcare majors such as Divi’s Laboratories, Apollo Hospital, Cipla, Sun Pharma, and Dr Reddy were among the top gainers on Nifty, while FMCG and Bank stocks such as Britannia, ITC, ICICI Bank were among the top laggards on the index.
Nifty Technical View
On the daily chart, The Nifit index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a sustained up trend. The chart suggests that if Nifty crosses and sustains above 18500 level it would witness buying which would lead the index towards 18600-18700 levels.
Nifty is trading above 50, 100 and 200 day SMA indicating positive bias in the medium term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be preferred strategy.
The daily strength indicator RSI is at a verge of crossover above its reference line. Sustaining above its reference line will turn bias positive.
Indian IT Stocks Tumble Around 27% In 2022
On the back of multiple global headwinds, Indian IT stocks were one of the weak sectoral performers this year. The Nifty IT Index slumped nearly 27 per cent year to date as of December 20, 2022, after hitting a life high in December 2021.
Similarly, S&P BSE Information and Technology slipped almost 25 per cent Year To Date (YTD). Among the heavyweights, Wipro posted the weakest performance as it tumbled around 46 per cent, followed by Tech Mahindra down 42 per cent on the NSE.
RBI Governor Shaktikanta Das On Economy & Inflation
The Reserve Bank of India (RBI) Shaktikanta Das on Tuesday said that underlying economic activity in India continues to be strong, but external factors will cause some dent to economy. He added, there has been a 'very coordinated approach' between RBI and the government to check inflation.
According to Das, there is no big gap between deposit and credit growth in absolute terms, base effects make growth numbers on the two-look divergent.
With PTI Inputs
Domino’s Pizza-Maker Jubilant Foods Gains - Here's Why?
Shares of Domino’s Pizza maker Jubilant FoodWorks gained around 2.5 per cent each on NSE and BSE intraday to touch a day’s high level of Rs 533 per share on Wednesday. The buying sentiment in the stock was mainly due to QSR company’s expansion plan and quick delivery service.
The company on Tuesday had announced its 20-minutes delivery service across 20 zones in 14 Indian cities. Earlier, Domino’s had pioneered 30-minute delivery and established itself as a market leader in the Quick Service Restaurant (QSR) sector. Read More
Elin Electronics IPO Review By Anil Singhvi: Subscribe Or Avoid?
Zee Business Managing Editor Anil Singhvi has recommended that risk-bearing investors can subscribe to the initial public offer (IPO) of Elin Electronics. The market guru Singhvi sadi that if the shares list at a lower level, then it would be a good buy.
The electronics manufacturing services company Elin Electronics IPO was booked 37 per cent on the first day of an offer on Tuesday. The IPO got bids for 52,35,360 shares against 1,42,09,386 shares on offer, as per NSE data.
The managing editor further said that the electronic company has experienced promoters and are in business for a long time and added that the revenue of the company has grown almost 33 per cent year-on-year in the past five years. Read More
Axis Bank Share Price Hits Life High
Shares of private lender Axis Bank touched a record high on Wednesday, December 21, amid strong recommendations by analysts and domestic brokerage firm Sharekhan. Shares of Axis Bank opened at Rs 953.10 apiece on NSE, up marginally by 0.44 per cent from the previous close of Rs 949.75.
Reporting a stellar performance among private lenders this year. Analysts and brokerage houses are bullish on the Axis bank - a third largest private bank. It has gained nearly 40 per cent in 2022. Read More
Top Nifty Gainers: Divi's Laboratories and Apollo Hospital
Health Minister to hold a review meeting on COVID-19 at 11:30 am today amid rising cases globally, in China & US
Divi's Lab Intraday Chart
Apollo Hospital Intraday Chart
