A Weak Close But Off Day's Lows
Indian equities ended lower for the fifth straight day as benchmark indices looked for support at lower levels. Highest addition to new Covid-19 cases in the last three months, a spike in U.S. bond yields and volatility related to the weekly options expiry kept sentiment risk-off.
The S&P BSE Sensex ended 1.2% lower at 49,216 while the NSE Nifty 50 fell 1.1% in today's session to end at 14,557. The Sensex has declined over 2,000 points over the last five trading sessions while the Nifty has seen a correction of over 600 points.
Losses in today's session were led by technology stocks along with drugmakers. The Nifty I.T. index was the top sectoral laggard, ending 3.1% lower while the Nifty Pharma index declined 2.3% at the close of trading. The PSU Bank index fell 1% while the Nifty Bank saw losses of 1.1% after a brief recovery from the day's low.
The Realty index too saw losses of 1.5%. FMCG and Metal indices managed to end little changed.
Broader markets fell in-line with the benchmark indices. The Nifty Midcap index fell 1.4% while the Smallcap index declined 1.3% at the close of trade.
The India Volatility Index ended little changed for the second day in a row, at 20.08.
1,462 stocks on the NSE ended with losses while 444 managed to buck the trend and close higher.
How Did The Sectoral Indices Fare
Rise Fund To Invest In Airtel Africa's Moile Money Business
- To invest $200 million at a valuation of $2.65 billion
- Airtel Africa to explore potential listing of mobile money business within four years.
- Rise Fund will hold a minority stake in AMC BV upon completion of the transaction.
- In discussion with other potential investors in relation to possibly further minority investments into Airtel Money.
- Proceeds from this transaction will be used to reduce group debt and invest in network and sales infrastructure.
Most Stocks On The Pharma Index Decline
Over 35,000 New Covid-19 Cases In India Today
All Stocks On The I.T. Index Decline
Adani Green Energy Raises $1.35 Billion
- One of Asia's largest project financing deals
- Senior debt facility involved participation from 12 international banks to finance its under-construction renewable portfolio.
- Facility will initially finance the 1.69 GW hybrid portfolio of solar and wind renewable projects to be setup in four SPVs in Rajasthan
- Facility will be the first certified green hybrid project loan in India.
Benchmark Indices Fall To The Day's Low
- Nifty down 1.1% at 14,559
- Sensex down 1.2% at 49,209
- Nifty Bank down 1.5% at 33,739
- Nifty Midcap index down 1.3%
- Nifty Smallcap index down 1.4%
- India Volatility Index up 1.6% to 20.48
- PSU Bank index is the top sectoral laggard; down 2.5%
- Nifty Pharma and Nifty Realty indices down 1.7% each
- Nifty Auto, Nifty Media along with Nifty Metal indices pare gains to trade little changed
- Hindalco remains the top Nifty gainer; up 2.7%
- Infosys is the top Nifty laggard; down 3.6%
- 35 out of the 50 index constituents decline
- 1,469 stocks on the NSE decline while 425 are trading with gains
Markets Fall To The Day's Low
Impact Of The Crypto Fever
Dixon Technologies Trades Ex-Stock Split
- Second best performer on the Nifty Smallcap index
- Gained as much as 11% to Rs 4,457 - a record high
- Today's volumes are 20 times its 20-day average
- Relative Strength Index (RSI) of the stock at 64
- Has gained in five out of the last seven trading sessions
- 14 out of the 20 analysts tracking the stock have a buy rating; 1 sell call
- The stock trades 24.5% higher than its 12-month Bloomberg consensus price target of Rs 3,148.5
Edelweiss Clarifies On ARC Investigation
The Biggest Risk For Equity Markets
Zee Entertainment Leads Gains On The Media Index
A Different Looking Nifty?
Benchmark Indices Off Day's High But Hold Gains
- Nifty up 0.5% at 14,800
- Sensex up 0.5% at 50,050
- Nifty Bank up 0.9% at 34,531
- Nifty Midcap index up 0.5%
- Nifty Smallcap index up 0.3%
- India Volatility Index down 5.1% to 19.1
- Nifty Media index is the top sectoral gainer; up 2%
- Metal index gains 1.6% while the Auto index is up 1.3%
- PSU Bank and FMCG indices gain 0.7% each
- Hindalco remains the top Nifty gainer; up 3.5%
- Infosys remains the top Nifty laggard; down 1.7%
- 858 stocks on the NSE trade with gains while 974 are declining
Investigations At Edelweiss ARC
Bajaj Auto Amends Dividend Distribution Policy
Before the amendment, the policy referred to the dividend payout of around 50% of Profit After Tax on standalone financials, to the extent possible.
The board will now arrive at a dividend payout as a percentage of Profit After Tax on the company's standalone financials, taking into account the surplus funds available with the company, on the following lines:
- Surplus funds of over Rs 15,000 crore to have a dividend payout of up to 90%
- Surplus funds between Rs 7,500 crore to Rs 15,000 crore to have a dividend payout of up to 70%
- Surplus funds less than Rs 7,500 crore to have dividend payout of up to 50%
- Surplus funds comprise of investments in financial assets other than equity shares of group companies and strategic investments.
ACC Remains Cautious
Hindalco, JSPL Lead Gains On The Metal Index
Biggest India Fund Goes Long Cash
Welspun Corp Wins Multiple Orders
- Orders of approximately 93 KMT worth Rs 777 crore
- Single order of approximately 50 KMT from a large client in the middle east. This order will be executed from the company's Saudi facility.
- Most of the other orders will be executed from the facilities in India for the domestic market.
- Order book now at 586 KMT worth nearly 5,300 crore.
- Shares gained as much as 5.2% to Rs 136.25, post the announcement.
Bechmark Indices Gain After Four-Day Drop
- Nifty up 0.7% at 14,821
- Sensex up 0.7% at 50,137
- Nifty Bank up 1.3% at 34,660
- Nifty Midcap index up 0.8%
- Nifty Smallcap index up 0.9%
- India Volatility Index down 4.3% to 19.29
- PSU Bank index is the top sectoral gainer; up 1.8%
- Nifty Media and Nifty Metal indices up 1.7% each
- Nifty Auto index gains 1.1% while FMCG index is up 0.5%
- Hindalco is the top Nifty gainer; up 3.6%
- Infosys is the top Nifty laggard; down 1.6%
- 1,234 stocks on the NSE trade with gains while 538 are declining
Oil Tax Bonanza For The Government
Markets Open With Gains
Indian equities began the weekly options expiry session on a strong note, after declining for four straight days. Sentiment across the Asia-Pacific is positive after the Federal Reserve projected interest rates to be near zero through 2023.
The S&P BSE Sensex opened 0.7% higher at 50,161 while the NSE Nifty 50 index rose 0.9% to 14,855 at the start of trade.
Most sectoral indices have opened higher. The Nifty Bank index rose 350 points or 1% on opening while the PSU Bank index - which was the top sectoral laggard on Wednesday, opened with gains of 1.4%. The Metal index rose 1% while the Auto index gained 0.9% in the early minutes of trade.
Broader markets too have opened higher, in-line with the benchmark indices. Both Nifty Midcap and Nifty Smallcap indices are up 1% each.
1,332 stocks on the NSE have opened with gains while 335 stocks decline.
Current Market Update
Weekly Options Expiry Session
Good Morning!
Indian equities ended lower for the fourth straight day on Wednesday, their longest losing streak in nearly a month. All sectoral indices also declined.
The S&P BSE Sensex dropped nearly 3,000 points from its record high, while the NSE Nifty 50 fell close to 1,000 points from its peak.
Futures, however, are indicating a gap-up opening to Thursday's weekly options expiry session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 1.1% to 14,934, as of 8:10 a.m.
Asian equities have opened higher this morning as the Federal Reserve projected for interest rates to remain near zero through 2023. Japan's topix index rose past 2,000 for the first time since 1991. Technology stocks led the rally on the MSCI Asia-Pacific index.
Futures on the Dow Jones are trading with gains of 130 points. The index rose 0.6% on Wednesday to end at a record high.
Treasury yields were steady, while the U.S. dollar held losses.
West Texas Intermediate crude fell 0.4% to $64.34 per barrel as the International Energy Agency said there is plenty of supply globally.
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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