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    Stock Market Highlights: Sensex, Nifty50 hit over 1-week closing lows; Nifty IT bucks trend, up 1%

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    Stock Market Highlights: Sensex, Nifty50 hit over 1-week closing lows; Nifty IT bucks trend, up 1%

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    Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 suffered sharp losses on Friday amid a sell-off in global markets, amid concerns about policy tightening and the Omicron variant of COVID around the globe. Barring IT, losses across sectors pulled the headline indices lower, with financial, auto, oil & gas and consumer shares being the worst hit. IT stocks bucked the trend after Accenture reported a strong set of quarterly numbers and upgraded its guidance. Broader markets also weakened, with the Nifty Midcap 100 and Smallcap 100 indices ending around 2.5 percent lower each.

    Stock Market Highlights: Sensex, Nifty50 hit over 1-week closing lows; Nifty IT bucks trend, up 1%
    • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on December 17. Stay tuned for other updates on our website: CNBCTV18.com.

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    • Market This Week | Sensex, Nifty fall 3-4%, broader indices down 4%

      --Most Nifty stocks see weekly cuts; Bajaj Finserv leads losses

      --ITC among top Nifty losers on after company’s maiden analyst day

    • India offers fantastic opportunities for longer-term investors: Jonathan Schiessl

      Jonathan Schiessl, Deputy Chief Investment Officer at Westminster Asset Management, believes the Indian market offers fantastic opportunities for longer-term investors, buy timing valuations is difficult. "We have always favoured a mix of sectors, including consumption and IT. Some of the consumer facing sectors clearly have fantastic growth opportunities ahead. Then also some of the financial sectors and the private sector banks still look good to me on a medium- to longer-term basis," he said. 

      He also thinks that some of the new e-commerce plays are among interesting areas. "But we just need to see some of those counters settle down a bit and start to establish a bit history before we aggressively look at those," he added.

    • Policy tightening, Omicron among factors impacting markets: Westminster Asset Management's Jonathan Schiessl

      Jonathan Schiessl, Deputy Chief Investment Officer at Westminster Asset Management, believes the markets are impacted by multiple factors including the tightening of policy by the Fed and other central banks to tackle inflation and the surge of the Omicron. "It is a difficult time for the markets to ingest and clearly, we have been having this debate everywhere about whether inflation is transitory," he said.

      There is still a lot of uncertainty out there on the COVID front. "I guess we are coming up to the traditional slightly quieter period, coming into the festive season that we have got ahead of us where the markets close down and liquidity dries up... We are seeing a bit of liquidity withdrawal from the markets in the short term, which is exasperated by a lack of buying because of these uncertainties," he added.

    • Hopeful on ITC but need to be patient: Dipan Mehta 

      Dipan Mehta, Director at Elixir Equities, is hopeful on ITC but believes that one needs to be "a bit more patient" on the stock.

      “I thought there was hardly any downside to ITC but it has still corrected further from these levels. Investors will reap the full benefits when the company is actually split and we get fresh investors who are focused on ESG to invest in the non-tobacco business," he said. 

    • Positive on HCL Tech, TCS, Wipro: PPFAS Mutual Fund's Raunak Onkar 

      Raunak Onkar, Co-Equity Fund Manager and Head-Research at PPFAS Mutual Fund, is positive on HCL Tech, TCS and Wipro. "These companies look attractive and given the right opportunity and valuations, we will keep on adding. We have been trimming down our holdings in Persistent Systems and Mphasis over the past few months because of valuations," he said. 

    • Market At Close | Sensex, Nifty at 1-week lows

      Here are some highlights: 

      --Nifty Bank at lowest level in over 15 sessions; HDFC Bank drags index the most

      --RIL, HDFC, HDFC Bank, Kotak Mahindra, ICICI top contributors to Nifty’s loss 

      --Wipro, HCL Tech, Infosys top gainers after positive results from Accenture

      --Nifty IT only sectoral gainer; all other sectoral indices down over 1% 

      --Apollo Hospitals, Adani Enterprises, Info Edge, Divi’s top midcap index losers

      --Bharti Airtel falls despite pre-payment of deferred liabilities for 2014 spectrum

      --Market breadth improves slightly but remains in favour of bears; advance-decline ratio at 1:4

      (Check out the complete list of stocks that moved the most on December 17)

    • Brace for more downside, valuations have been at alarming levels: Ambit Capital's Dhiraj Agarwal

      Dhiraj Agarwal, Co-Head Equities at Ambit Capital, believes the primary reason behind the market sell-off is the valuations. That is why, relatively speaking, the Indian market is seeing a sharper fall than its peers, he said. "Remember, on a YTD basis, we are still amongst the best performing markets in the world?  We have been flashing warning signs on the market for the last couple of months now. They have been warning signs on valuations. I think there is a little bit more downside, in my opinion," he said. 

      "This will probably result in a bit of a multi-month correction, and not a multi-week correction, and this is not going to go away so easily. Valuations need to settle down and expectations need to settle down... More importantly, even in the domestic context, the WPI-CPI gap, which is running at a record high of 600-700 basis points, will put pressure on margins for domestic earnings. We will see some pressure on the earnings as well going forward," he said.

    • Rupee ends flat 76.08 vs US dollar

      The rupee settled at 76.08 against the greenback as against its previous close of 76.09.

    • Market At Close | Wipro, Infosys, HCL Tech, Power Grid, Sun Pharma only Nifty50 gainers

      In the Nifty50 pack, 45 stocks finished the day in negative territory. IndusInd Bank, Tata Motors, ONGC, Kotak Mahindra Bank, HUL and Titan were the worst hit among the blue-chip laggards. 

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

      Stock Market Highlights: Sensex, Nifty50 hit over 1-week closing lows; Nifty IT bucks trend, up 1%
    • Closing Bell | Sensex down 889 points at 57,012, Nifty cracks below 17,000

      The 30-scrip index fell 889.4 points or 1.5 percent to end at 57,011.7 and the broader Nifty50 benchmark settled at 16,985.2, down 263.2 points or 1.5 percent from its previous close. Those were their weakest closing levels since December 6. (Read more on the closing bell)

    • Positive on metal stocks, select banking names: Dhiraj Agarwal

      Dhiraj Agarwal, Co-Head Equities at Ambit Capital, is positive on metal as well as select banking stocks. He is a bit more comfortable taking a bottom-up approach than sectoral in the market for the time being. "The West facing economies continue to be strong than let us say India at this point. We have a bit of internal challenges and you can see that in various data points, despite very, very strong sentiment. At an aggregate level, our credit growth is still 7 percent which doesn't really tell us that the overall economy is very strong, that the capex cycle is fully back there is a little bit of a – I won’t say bear but we are a little bit cautious on the capex cycle," he said. 

    • Stock Market Highlights: Sensex, Nifty50 hit over 1-week closing lows; Nifty IT bucks trend, up 1%
    • KEC International wins Rs 1,041 crore orders across various businesses

      KEC International shares were up 0.8 percent at Rs 458.6 apiece on BSE.

    • Market Watch | Mayuresh Joshi of William O' Neil on Tata Steel

      I think in terms of the price action as we track that on the O' Neil methodology, Tata Steel is actually trading below all its moving averages. Obviously, I think the news that comes out of China is a huge dominant factor in terms of both prices on LME when it comes to steel, as well as input costs when it comes to coking coal and iron ore. So coking coal prices are still moving higher, iron ore prices have cooled down so there is an offsetting effect on that perspective. But demand and supply dynamics, demand expected to remain strong, at least on the domestic side, when you probably look at Tata Steel, Europe operations again, I think the EBITDA per tonne  did expand on a quarter-on-quarter basis, almost $200-205 per tonne.

      But again, I think when you are probably looking at the larger term picture, the leverage has come down significantly. Expectations of demand coming back very, very strongly in the post COVID world as manufacturing activities resume, infrastructure spent in the US, in Europe and our own economies, well, that should probably have operating leverage pare down. But I think point as per O' Neil methodology is that it's moving below it's moving averages therefore its cost price which is also the 50 DMA needs to get crossed for the stock to gain momentum.

    • Tata Motors tumbles 4%, auto shares slump; should you buy or sell?

      Likely selling by Foreign Institutional Investors (FII) ahead of the Christmas holidays resulted in a sharp fall in automobile stocks on Friday. Further, a sell-off in the overall market also had a spill-over effect on auto stocks. At 14:11 pm, Nifty Auto fell 1.8 percent to 10,745.10 points. In the past one month, the sectoral gauge has tanked 11 percent. This is in comparison to Nifty50 that has fallen 5 percent.

    • AMFI may upgrade Zomato, Policy Bazaar, Nykaa, others to large-cap category: Report

      A number of new-age companies like Zomato, PB Fintech (Policy Bazaar), One 97 Communications (Paytm) and FSN e-Commerce (Nykaa) are likely to get upgraded to the large-cap category in the upcoming bi-annual classification of shares by the Association of Mutual Funds in India (AMFI), a report said. Some other stocks that are likely to move up the ladder from the mid-to-large-cap category include Mindtree, Tata Power, IRCTC, SRF, Godrej Properties and Mphasis, research by ICICI Securities showed.

    • Market Watch: Hemen Kapadia, KRChoksey Securities

      - Buy HCL Technologies at Rs 1,175 with a stop loss at Rs 1,160 for a target of Rs 1,205.

      - Sell BPCL at Rs 390 with a stop loss at Rs 405 for a target of Rs 360.

    • Devang Mehta, Head-Equity Advisory, Centrum Wealth Management on sell-off

      I think clearly market sort of needed an excuse for correction and blame it on Omicron or blame it on the policy stance changed by the US Federal Reserve about saying that inflation was not transitory and it seems to be a phenomenon which is going to lie, inflation fears, BOE hiking rates, as well as the accommodative policies in the world, probably nearing its end somewhere in another six months, one year period. So I think what was happening in the last two- three months, moneymaking was getting easier by the day be it developed markets, be it our market as well. Some bit of gravity seems to be coming back to the proceeding. I think we are nearing about 10 percent correction, we are pretty close to now the 10- 11percent correction. I think this is first meaningful correction that we have seen in the last one and a half years.

    • Jigar Mistry, Co-Founder, Buoyant Capital on the current sell-off in market

      I think some parts of the markets are becoming a lot more interesting after the current correction. Today looks like a give-up sort of a trade saying that look, FIIs are not stopping. How long are the domestics going to prop up their own thing and therefore there was some sort of give up, which has already happened, I think and from here on, I think we should be looking to get into businesses, that sounds interesting could be different for different people. But it is a decent time to start getting a position for that.

    • Market Watch | Jay Thakkar, Marwadi Shares & Finance

      • Buy HCL Tech with a stop loss of Rs 1,140 and a target of Rs 1,224
      • Sell Cipla with a stop loss of Rs 881 and a target of Rs 780-800
    • Market Watch: Sell ACC, Buy JSW Steel: Prakash Gaba of prakashgaba.com

      • ACC is a sell with a stop loss above Rs 2,260 and target of Rs 2,200
      • JSW Steel is a buy with a stop loss above Rs 660 and target of Rs 680
    • Have concerns around some sectors related to COVID. Broadly industry has redeemed itself very well, says Union Minister, Piyush Goyal

    • FIIs net sellers in Indian shares, December could be 3rd straight month of outflows

      Foreign investors have been net offloading Indian equities for the past several weeks. Foreign institutional investors have sold shares worth Rs 12,986 crore ($1.7 billion) so far this month, according to provisional exchange data. (Read more on FII outflow)

      The dumping of Indian shares by foreign portfolio investors (FPIs) has been one of the reasons behind the recent correction on Dalal Street. (Read more on what else is spooking the market)

    • Bharti Airtel pre-pays Rs 15,519 crore to clear deferred liabilities for spectrum bought in 2014    

      The prepayment is estimated to lead to cost savings of at least Rs 3,400 crore for the telecom operator. 

      Bharti Airtel had acquired 128.4 MHz of spectrum for Rs 1,951 crore in the 2014 auction.

      Bharti Airtel shares were down 2.1 percent at Rs 668.2 apiece on BSE, having dropped more than three percent earlier in the day. 

    • EV a big part of portfolio, expect global growth in years to come: KPIT Tech

      Electric vehicles are a big part of KPIT Tech’s portfolio, Chairman Ravi Pandit said.

      (Read more)

      Stock Market Highlights: Sensex, Nifty50 hit over 1-week closing lows; Nifty IT bucks trend, up 1%
    • EV a big part of portfolio, expect global growth in years to come: KPIT Tech

      Electric vehicles are a big part of KPIT Tech’s portfolio, Chairman Ravi Pandit said. (Read more)

      KPIT Tech shares were up 0.5 percent at Rs 508.2 apiece on BSE. In the past one year, the stock has rewarded investors with a return of 353 percent. (Check out the complete list of top performing stocks of 2021)

      Stock Market Highlights: Sensex, Nifty50 hit over 1-week closing lows; Nifty IT bucks trend, up 1%
    • Rupee depreciation an incentive to withdraw money; overlook negatives in autos: Manish Sonthalia

      If the rupee depreciates further, there will be more incentive to withdraw money, Manish Sonthalia of Motilal Oswal Asset Management told CNBC-TV18.

      “The market is in a buy-on-dips mode. How much the dip is going to be is a big call that one needs to take in the short term. The dip is a function of the rupee primarily and the rupee looks quite vulnerable at this point in time,” he said.

      The rupee depreciated by 14 paise to 76.23 against the US dollar on Friday, reversing the previous day's gain. (Read more on INR vs USD)

    • Domestic air passenger traffic at 10.52 million in November vs 6.40 million a year ago: Regulator

      Aviation regulator DGCA said domestic air passenger traffic was at 10.52 million in November, as against 6.40 million in the corresponding period a year ago. 

      IndiGo's market share improved to 54.3 percent in November from 53.5 percent in the previous month, SpiceJet's market share to 10.3 percent from three percent, data showed. 

      IndiGo shares were up 0.6 percent at Rs 1,975.5 apiece on BSE. SpiceJet was down 1.7 percent at Rs 66.4 apiece. 

    • RateGain Travel shares steady after weak listing

      RateGain Travel Technologies shares were at Rs 367.1 apiece on BSE and Rs 367.8 apiece on NSE in the afternoon. That marked a discount of about 13.5 percent to its issue price. 

      Earlier in the day, the stock debuted in the secondary market at a discount of around 15 percent. 

    Stock Market Highlights
    : Indian equity benchmarks Sensex and Nifty50 suffered sharp losses on Friday amid a sell-off in global markets, amid concerns about policy tightening and the Omicron variant of COVID-19 around the globe. Barring IT, losses across sectors pulled the headline indices lower, with financial, auto, oil & gas and consumer shares being the worst hit. IT stocks bucked the trend after Accenture reported a strong set of quarterly numbers and upgraded its guidance. Broader markets also weakened, with the Nifty Midcap 100 and Smallcap 100 indices ending around 2.5 percent lower each.

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