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Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5 day winning streak; Paytm below Rs 600/share

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
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Summary

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 finished a volatile session sharply lower on Tuesday, putting an end to a winning streak that lasted for four consecutive sessions. Losses in metal, IT,  oil & gas and select financial shares pulled the headline indices lower, though gains in auto stocks lent some support. Broader markets also bore the brunt of the overall weakness. The Nifty Midcap 100 and Nifty Smallcap 100 indices finished the day 0.9 percent and 1.4 percent lower respectively. Increasing COVID-19 cases in China hurt the confidence of investors already nervous about the Russia-Ukraine war and a widely expected hike in pandemic-era interest rates in the US that could be announced this week.

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Mar 15, 2022 5:35 PM

Prefer sugar, agri commodities: Mehraboon J Irani

Market expert Mehraboon J Irani likes sugar and agri commodities at the current juncture. His view: The sugar story is one of the best among commodities, and looks very good.

"If one believes that things could settle down earlier than what most of us are expecting right now, I think some more cooling off can definitely happen but I personally believe that correction, as far as stock prices of commodity stocks go, could provide decent opportunities certainly for traders. Raw sugar futures have gone up sharply and then cooled down a little bit but the story is very good and if somebody thinks of possibly increasing the blending percentage a little bit, I think despite the sharp run and a decent correction, there could possibly be a next move on the upside," he says.

Mar 15, 2022 5:23 PM

Paytm issue was overpriced, lots of questions about sustainability of co's biz model: Vikas Khemani

Carnelian Capital Advisors Founder Vikas Khemani is of the view that Paytm's IPO was overpriced. There are a lot of questions the sustainability of the company's business model, he says.

"We have stayed away and we will stay away. It has lost already 50-60 percent of the value from its listed price. We will stay away from some of these names, because we don't understand how to value these (new age) companies; we still have not got any idea about the sustainability and scalability of these businesses," he says.

"The moment we understand any new tech business, and we think it's in the right risk-reward range of investing, we will definitely jump in," he adds. 

Mar 15, 2022 5:01 PM

Metal prices may not have too much upside: Anand Tandon

Market expert Anand Tandon is of the view that metal rates may not have too much upside ahead. However, he doesn't see the rates falling falling anytime soon.

Metals of industrial use can continue to rise more because of the deglobalising world, he says. "Markets will become more and more local, which means that overall prices can sustain at higher levels than you assume. For precious metals, of course, it's more a question of being an alternative to currency, and they have their own drivers. But broadly, aluminum for India is something that may continue to remain quite bullish. Even if the prices don't rise, I think the companies will do reasonably well," he adds. 

Mar 15, 2022 4:28 PM

Market At Close | Sensex, Nifty50 snap 5-day winning streak

Here are some highlights:

--Metal, select financial stocks drag indices lower; Nifty Metal down 4 percent

--ONGC, Oil India remain under pressure; crude slips to 2-week low

--Hindalco, Tata Steel, ONGC, Coal India, JSW Steel top Nifty losers

--Four-wheeler auto stocks rise; Ashok Leyland up 3 percent

--Bandhan Bank seen benefitting from RBI MFI norms, stock up 7 percent

--Indiabulls Housing rises after Samir Gehlaut announces resignation

--Cipla hits record high, stock up 2 percent

--Paytm falls 13 percent despite CEO’s clarification on no data access

--Ruchi Soya up 30 percent in 2 days, co gets Maharashtra Registrar of Companies nod for FPO

--Market breadth in favour of bears; advance-decline ratio at 2:5

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
Mar 15, 2022 4:14 PM

Tata Steel, Hindalco, ONGC, Coal India, JSW Steel top blue-chip laggards

Kotak Mahindra Bank, Tech Mahindra, Infosys and BPCL also among the top losers. On the other hand, Tata Consumer, Mahindra & Mahindra, Cipla, Shree Cement and Maruti Suzuki rise the most among the 14 gainers in the Nifty50 basket. 

How the 30-scrip basket looks like:

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
Mar 15, 2022 3:53 PM

Closing Bell | Sensex down 709 points, Nifty50 below 16,700

Both headline indices finish the day in the red. The 30-scrip index falls 709.2 points or 1.3 percent to end at 55,776.9, and the broader Nifty50 benchmark settles at 16,663, down 208.3 points or 1.2 percent from its previous close. (Read more on the closing bell)

Mar 15, 2022 3:37 PM

Reliance New Energy move to acquire Lithium Werks step in right direction: IIFL

Reliance New Energy Solar’s acquisition of Lithium Werks is a step in the right direction, according to Harshvardhan Dole, Vice President-Institutional Equities at IIFL. "The acquisition puts one more milestone towards completing the entire value chain and that is what we have been iterating. Reliance is perhaps the only company in the sector that is taking a differentiated approach in building the entire value chain,” he says. (Read more)

Reliance Industries shares off day's low in the final hour of the session. The stock down 2.2 percent at Rs 2,365.3, having declined as much as 3.2 percent earlier in the day. 

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Mar 15, 2022 3:14 PM

Ukrainian capital Kyiv imposes curfew from 8 pm today to 7 am on March 17: Bloomberg 

Catch latest from CNBC-TV18's coverage of Russia-Ukraine war

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
Mar 15, 2022 2:58 PM

75 cos approved for auto component PLI scheme

The Heavy Industries Ministry announces a list of companies approved under the government's Production-Linked Incentive (PLI) scheme for automobiles and their components.

A total of 75 additional companies have been approved for the Component Champion Incentive scheme, including Maruti Suzuki, Hero MotoCorp, Motherson Sumi, Bharat Forge, Bosch, Toyota, Hero Cycles, Varroc, Lucas TVS, Lumax, Sona BLW, Mitsubishi, Nidek, Schaeffler, Garrett, Pinnacle and Mando. (Read more on the auto PLI scheme)

Mar 15, 2022 2:52 PM

Paytm shares briefly trade below Rs 600 mark

Paytm shares down 10.9 percent at Rs 601.8 in late afternoon deals, soon after sliding below the Rs 600 mark for the first time ever. 

Paytm parent One97 Communications' shares hit an all-time low of Rs 596.1, a discount of 72.3 percent to its issue price. 

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
Mar 15, 2022 2:50 PM

Air India to focus on select international routes to showcase new experience: Sources 

Air India is looking at adding more flights and new destinations in the US, according to sources.       

Mar 15, 2022 2:31 PM

Indiabulls Housing in a bullish trend, near term target at Rs 175: ShareIndia's Ravi Singh

Ravi Singh, Vice President and Head of Research at ShareIndia, believes the departure of the a non-executive director doesn't seems to have any influence on the company's stable business operations. "According to the company as well, the outgoing promoters are not involved in its daily activities and are not associated with the business in any manner... The stock is in a bullish trend on technical setup, and may go up to Rs 175 in the near term," he adds. 

Indiabulls Housing shares left with 3.5 percent gain at Rs 155.6, having surged as much as 12.8 percent earlier in the day.

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
Mar 15, 2022 2:11 PM

Bandhan Bank shares surge 9%; CLSA upgrades stock to 'buy'

Bandhan Bank shares rise as much as nine percent to Rs 288.5. 

CLSA raises rating on Bandhan Bank to 'buy' with a target price of Rs 340, says it is a turning point for the company's MFI business.

"The tough 3-4 years are behind, and it's better placed now cyclically. Coverage is improving, asset quality is stabilising and restructured book performance will be key," the brokerage adds.

Jefferies has a 'buy' call on Bandhan with a price target of Rs 380. The brokerage believes that the new RBI norms are most positive for NBFC-MFIs and mildly so for banks like Bandhan Bank. (Read more on Bandhan Bank shares)

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
Mar 15, 2022 1:57 PM

FII sold Rs 176.5-crore Indian shares on Monday, outflow lowest in over a month

Foreign institutional investors net sold Indian shares to the tune of Rs 176.5 crore on Monday, provisional exchange data showed. That is the lowest FII outflow from Indian shares in more than a month, bringing some relief to Dalal Street investors. Net buys by domestic institutional investors (DIIs) - which have been net purchasers for the past few months - stood at Rs 1,098.6 crore.

Sustained buying by DIIs has been saving headline indices from deeper cuts since October when both Sensex and Nifty50 scaled the last of a multitude of all-time highs in a near one-sided 18-month-long rally.

As of March 14, FIIs have already pulled out Rs 43,479.6 crore from Indian shares for the month, data shows, though DIIs have made net purchases worth Rs 31,427.7 crore. (What Raamdeo Agrawal, Ajay Bagga said on FII outflows recently)

Stock Market Highlights: Sensex ends 709 pts lower, Nifty drops below 16,700 as market snaps 5-day winning streak; Paytm below Rs 600/share
Mar 15, 2022 1:45 PM

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