Closing Bell: Profit Booking At Higher Levels
Indian equity markets ended near the lowest point of the day after profit booking at higher levels dragged them lower from fresh record highs.
The S&P BSE Sensex ended 1.6% lower at 43,828 while the NSE Nifty 50 index fell nearly 300 points from its record high to end below the 13,000 mark. The50-stock gauge fell 1.5% to close at 12,858. Both benchmark indices snapped a three-day gaining streak. 43 out of the 50 Nifty stocks ended with losses.
All sectoral indices ended lower with the exception of the PSU Bank index which ended off the day's high, but with gains of 1.7%.
Among the rest of the indices that fell, the Nifty Realty was the top laggard, ending 2.5% lower. The Nifty Pharma index fell 2% while the Nifty I.T. and Nifty Auto indices fell over 1.5% each.
The Nifty Bank index fell close to 550 points in today's session, ending with cuts of 1.8%.
Broader markets too declined in today's session. The Nifty Midcap index fell 1.6% while the Smallcap index ended with losses of 0.9%
The India Volatility Index is witnessing its longest winning streak in five months. The index gained for the fifth straight day, ending 10% higher at 23.14.
1,196 stocks on the NSE ended with losses while 652 stocks reported gains.
How Did The Sectoral Indices Fare
Auto Index Snaps Three-Day Gaining Streak
The Amazon-Future-Reliance Saga
Bucking The Trend: Emami
- Trading at the highest level in nearly two years
- Gains as much as 7.2% to Rs 432.9
- Up for the fourth straight day
- Has gained 11% in the last four trading sessions
- Today's volumes are more than double its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 79
- Out of the 31 analysts tracking the stock; 21 have a 'buy' recommendation; eight say 'hold' while the other two have a 'sell' call
- The stock crossed its 12-month consensus price target of Rs 415.8 in today's trading session
Markets At 2:10 P.M.
- Benchmark indices fall to the day's low
- Nifty down 1.2% at 12,904
- Sensex down 1.2% at 43,973
- Nifty Bank down 1.5% at 29,282
- Nifty Midcap index down 1.2%
- Nifty Smallcap index down 0.8%
- India Volatility Index up 7.5% to 22.62
- Nifty PSU Bank remains the only sectoral gainer; up 2.6%
- Nifty Realty is the top sectoral laggard; down 2%
- Nifty Pharma, Nifty I.T., Nifty Auto decline over 1.2% each
- ONGC remains the top Nifty gainer; up 5.2%
- Kotak Mahindra Bank is the top Nifty laggard; down 3.5%
- 39 out of the 50 index stocks are declining
- 1,175 stocks on the NSE are trading with losses while 663 are advancing
In Focus: Indian Hotels
I.T. Index Among Top Laggards
In Focus: Prestige Estates
Buzzing Stock: Tata Power
- Top performing stock on the Nifty Midcap index
- Gains as much as 6.3% to Rs 63.75
- Biggest single-day gain in three months
- Trading at the highest level since September 2019
- Up for the third straight day
- Today's volumes are more than triple its 20-day average
- One-month implied volatility at 56%
- 15 out of the 18 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 3.7%
Nifty Pharma Among Top Laggards
In Focus: HDFC Life
Markets At Noon
- Benchmark indices give up gains to trade with losses
- Nifty down 0.5% at 12,994
- Sensex down 0.5% at 44,286
- Nifty Bank down 0.3% at 29,637
- Nifty Midcap index down 0.9%
- Nifty Smallcap index down 0.6%
- India Volatility Index up 8.6% to 22.86
- Nifty PSU Bank remains the top sectoral gainer; up 2.2%
- Nifty Pharma and Nifty I.T. index down over 1% each
- Nifty Realty and Nifty FMCG index fall 0.8% each
- ONGC remains the top Nifty gainer; up 4.9%
- Eicher Motors is the top Nifty laggard; down 2.2%
- 32 out of the 50 index constituents decline
- 627 stocks on the NSE are trading with gains while 1,170 decline
The Consequences Of Elevated Inflation
Demand For Insurance Remains Intact
Stock In Focus: Larsen & Toubro
PSU Bank Index Among Top Gainers
Markets At 10:10 A.M.
- Benchmark indices see a slight cool-off from opening highs
- Nifty up 0.4% at 13,103
- Sensex up 0.3% at 44,672
- Nifty Bank up 1.3% at 30,124
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.5%
- India Volatility Index up 1.75% to 21.42
- Nifty PSU Bank index is the top sectoral gainer; up 3.2%
- Nifty Media is the other major sectoral gainer; up 1.8%
- Nifty Metal and Nifty Realty index up 1% each
- Nifty I.T. is the top sectoral laggard; down 0.7%
- ONGC is the top Nifty gainer; up 4%
- Tech Mahindra is the top Nifty laggard; down 1.6%
- 1,088 stocks on the NSE are trading with gains while 637 are declining
Stock Reaction: Ingersoll Rand India
The company's Offer for Sale for retail investors has opened today. The OFS for non-retail investors saw demand for 273% of the shares on offer, as per data from Bloomberg.
The bids were received at a price of Rs 603.5 per share, as per Bloomberg data.
The company's promoters had planned to sell 4.5% stake in the company with a floor price being at a 12% discount to Monday's closing levels.
Shares of the company gained as much as 7.7% to Rs 660.8, in early trade, before cooling off.
Opening Bell: Gains Extend
Indian equity markets have opened higher, extending their gains from Tuesday's record high, led by positive global sentiment. Global equities are on track to post their best month on record.
The S&P BSE Sensex opened 0.5% higher at 44,749 while the NSE Nifty 50 opened above the mark of 13,100, up 0.6% at 13,130. Both benchmark indices have opened higher for the fourth day in a row.
Both Nifty Bank and the PSU Bank index have opened with gains of 1%, while the Nifty Auto and Nifty Media index are up 0.7%. The Pharma index too is up 0.8% at the start of trade.
Broader markets have opened in tandem with benchmark indices with both Nifty Midcap and Nifty Smallcap indices opening with gains of 0.6% each.
1,146 stocks on the NSE have opened with gains while 471 stocks are declining.
Current Market Update
In Unchartered Territory
Good Morning!
Indian equity markets had a record-breaking day on Tuesday with the NSE Nifty 50 scaling the 13,000 mark for the first time ever. Both benchmark indices ended higher for the third straight day.
On the penultimate day of the monthly F&O expiry, the markets may open higher for the fourth day in a row, as suggested by futures. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.5% to 13,150 as of 8:00 a.m.
Cues from the F&O Space. The 13,000 Put options for this Thursday's expiry now has 37 lakh shares in Open Interest, which is higher than that on the Call side. The 13,500 Call now has 34 lakh shares while the 13,200 Call has close to 30 lakh shares.
Indiabulls Housing Finance and Bank of Baroda are out of the F&O Ban while Tata Motors has entered the ban. The five stocks currently in the ban are Adani Enterprises, Federal Bank, NALCO, SAIL, Tata Motors.
Global equities are on course for the best month on record as the markets extend overnight gains in the U.S. Shares are higher across the Asia Pacific, with energy and raw material stocks leading the gains.
Futures on the Dow Jones are currently trading higher by 130 points, after it crossed the 30,000 mark on Tuesday to end at a record high.
West Texas Intermediate crude rose 0.3% to $45 per barrel while Copper traded at a six-year high.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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