Stock Market HIGHLIGHTS: Nifty50 sinks below 17,400, Sensex ends 176 pts lower as market extends losses to 7th day
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 suffered sharp losses on Monday, extending losses to a seventh back-to-back session, mirroring weakness across Asian markets as fears about more of aggressive hikes in benchmark interest rates kept investors nervous. Investors back home await a key India GDP data due on Tuesday evening for domestic cues.
Adani Enterprises was the top loser in the Nifty50 basket, finishing the day almost 10 per cent lower. Bajaj Auto, UPL, Tata Steel and Infosys were some of the other top blue-chip laggards. On the other hand, ICICI Bank, PowerGrid, Kotak Mahindra Bank, HDFC Life and SBI rose the most among the 17 gainers in the 50-scrip universe.
Almost all of Adani group shares recmained under heavy selling pressure throughout the day, with Adani Enterprises (ADANIENT), Adani Transmission (ADANITRANS), Adani Green Energy (ADANIGREEN) and Adani Total Gas (ATGL) being the worst hit stocks from the basket. Read more on Adani shares
Among heavyweights, Infosys, TCS and Reliance were the biggest drags on the market, posing maximum pressure on Sensex.
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 closed 0.7 per cent and 1.1 per cent lower respectively. Overall market breadth extremely favoured the bears, with an advance-decline ratio of 2:5 as 956 stocks rose and 2,593 fell at the close on BSE.
LIC shares slumped to a record closing low of Rs 567.8 apiece on the bourse.
Marico shares ended lower by Rs 8.8 or 1.8 per cent at Rs 490 apiece after the FMCG company declared a dividend of Rs 4.5 per share.
Global markets: European markets began the day in the green, shrugging off losses across their Asian peers, with the pan-continent Stoxx 600 index rising0.9 per cent at the last count.
The futures of Dow Jones, S&P 500 and Nasdaq Composite were up around half a per cent each, suggesting a positive start ahead on Wall Street.
Catch all the market action, market commentary and analysis only on Zeebiz.com's blog here, besides the views of Zee Business Managing Editor Anil Singhvi and other experts, financial results, investment ideas and stock picks:
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 suffered sharp losses on Monday, extending losses to a seventh back-to-back session, mirroring weakness across Asian markets as fears about more of aggressive hikes in benchmark interest rates kept investors nervous. Investors back home await a key India GDP data due on Tuesday evening for domestic cues.
Adani Enterprises was the top loser in the Nifty50 basket, finishing the day almost 10 per cent lower. Bajaj Auto, UPL, Tata Steel and Infosys were some of the other top blue-chip laggards. On the other hand, ICICI Bank, PowerGrid, Kotak Mahindra Bank, HDFC Life and SBI rose the most among the 17 gainers in the 50-scrip universe.
Almost all of Adani group shares recmained under heavy selling pressure throughout the day, with Adani Enterprises (ADANIENT), Adani Transmission (ADANITRANS), Adani Green Energy (ADANIGREEN) and Adani Total Gas (ATGL) being the worst hit stocks from the basket. Read more on Adani shares
Among heavyweights, Infosys, TCS and Reliance were the biggest drags on the market, posing maximum pressure on Sensex.
Broader indices Nifty Midcap 100 and Nifty Smallcap 100 closed 0.7 per cent and 1.1 per cent lower respectively. Overall market breadth extremely favoured the bears, with an advance-decline ratio of 2:5 as 956 stocks rose and 2,593 fell at the close on BSE.
LIC shares slumped to a record closing low of Rs 567.8 apiece on the bourse.
The futures of Dow Jones, S&P 500 and Nasdaq Composite were up around half a per cent each, suggesting a positive start ahead on Wall Street.
Catch all the market action, market commentary and analysis only on Zeebiz.com's blog here, besides the views of Zee Business Managing Editor Anil Singhvi and other experts, financial results, investment ideas and stock picks:
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Stock Market Update | Sensex ends 176 pts lower at 59,288, Nifty50 sinks below 17,400; headline indices extend losses to 7th day in a row
The Sensex finishes the weak session with a loss of 175.6 points or 0.3 per cent at 59,288.4, having moved in a range of more than 500 points below the flatline during the session. The 30-scrip index hit 58,937.6 on the downside at the weakest level of the day. The Nifty50 settles at 17,392.7 for the day, down 73.1 points or 0.4 per cent from its previous close, after moving broadly in the 17,300-17,450 band during the session.
The Nifty50 Bank ends with a gain of one per cent at 40,307.1, after quoting in a range of more than 600 pts around the flatline.
Here's how the headline gauges moved through the day:
Sensex
Nifty50
Read more on the February 27 session
Global Market Update | Dow Jones, S&P 500, Nasdaq Composite futures rise around 0.5%, indicate a positive start ahead on Wall Street
- Dow Jones futures: up 0.4 per cent
- S&P 500 futures: up 0.5 per cent
- Nasdaq Composite futures: up 0.6 per cent
Share Market LIVE Update | Lodha, RHIM, Sanofi, Chemplast Sanmar rise most among around 130 gainers in BSE 500 universe
Nifty LIVE | ICICI Bank, HDFC, SBI among stocks saving headline index from deeper cuts
Stock Market LIVE Today | Sensex, Nifty50 off day's lows aided by financial stocks
Here's what the headline gauges' intraday charts look like 30 minutes ahead of the closing bell:
Sensex
Nifty50
Stock Market LIVE Today | Bajaj Auto shares plummet amid reports of 25% production cut from next month
Bajaj Auto shares succumb to selling pressure after reports suggest the Pune-based auto maker may trim production by 25 per cent from the next month. The Bajaj Auto stock falls by as much as Rs 213.7 or 5.5 per cent to Rs 3,637 apiece on BSE — their worst intraday fall in percentage terms since June 14, 2022.
According to reports, the production cut is likely in the motorcycle as well as three-wheeler segments. Uncertainty in the company's biggest market, Nigeria, owing to demonetisation and elections have reportedly led to the decision.
Share Market Tips LIVE | Sell PFC, says Mehul Kothari
Mehul Kothari of Anand Rathi Shares & Stock Brokers shares two stock picks with Zee Business viewers:
- Sell Power Finance Corp (PFC) between Rs 141 and 142 for a target of Rs 132 with a stop loss at Rs 146
- Buy Triveni Turbines (TRITURBINE) on declines towards Rs 300 for a target of Rs 340 with a stop loss at Rs 280
Stock Market Tips LIVE | Mehul Kothari recommends buying Nifty Bank 40,000 put option
Mehul Kothari of Anand Rathi Shares & Stock Brokers suggests buying the 40,000 put option of Nifty Bank at Rs 140 for targets to the tune of Rs 250-300 with a stop loss at Rs 40.
Kothari also recommends buying the Rs 47 PNB put option at Re 0.25 for a target of Re 1.
PNB shares have moved in a range of Rs 47.2-48.3 so far today.
Share Market LIVE Today | Market has turned distinctly weak owing to FII selling gathering pace, says Geojit's VK Vijayakumar
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, believes the global market construct remains unfavourable with sharp cuts in the US on Friday after the release of US inflation data.
"Data that is hugely significant from the Indian market perspective is the declining influence of Indian retail investors. In 2021 and 2022, sustained retail buying helped in absorbing FII selling and this kept the market resilient... Since the Indian economy continues to be strong, investors can use weakness in the market to accumulate high quality stocks in banking, capital goods, IT, cement and across sectors," he says.
Share Market LIVE Update | SpiceJet board approves raising of Rs 2,500 crore via QIP; shares zoom
SpiceJet shares soar more than six per cent to Rs 42.2 apiece on BSE, after the airline's board approves a proposal to raise Rs 2500 crore through a qualified institutional placement (QIP), and a debt-to-equity swap with aircraft lessor Carlyle Aviation at Rs 48 per share.
Under the deal with Carlyle, SpiceJet will issue shares worth $2.95 crore against debt and convert compulsorily convertible debentures (CCDs) worth $6.55 crore towards lease liabilities, according to a regulatory filing.
Nifty50 LIVE | Adani Enterprises, Bajaj Auto, Eicher Motors worst hit among 39 losers in 50-scrip basket
Top Nifty50 losers
| Stock | CMP | Change (%) |
| ADANIENT | 1,231.4 | -6.4 |
| BAJAJ-AUTO | 3,659.8 | -4.9 |
| EICHERMOT | 3,109.2 | -3.0 |
| UPL | 717.5 | -2.8 |
| TATASTEEL | 106.8 | -2.7 |
Top Nifty50 gainers
| Stock | CMP | Change (%) |
| KOTAKBANK | 1,723.1 | 1.5 |
| ICICIBANK | 851.7 | 1.4 |
| SBIN | 526.1 | 1.0 |
| HDFC | 2,600.2 | 0.9 |
| NTPC | 172.0 | 0.6 |
Sensex LIVE | Infosys, Tata Steel, Tata Motors, Mahindra & Mahindra, TCS top laggards in 30-scrip pack
Stock Market LIVE Update | Marico board declares dividend of Rs 4.5 per share
Marico shares extend the day's losses after the news, falling by as much as Rs 10.8 or 2.2 per cent to Rs 488 apiece on BSE. At the weakest level of the day so far, the FMCG stock changes hands within Rs 20 of a 52-week low, hit in March 2022.
Stock Market Tips Today | Sneha Seth recommends buying GSPL shares
Sneha Seth of Angel One recommends buying Gujarat State Petronet shares for a target of Rs 294 with a stop loss at Rs 280.