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Stock Market Highlights: Sensex, Nifty at 4-month closing lows; SBI, Tata Steel, IndusInd, Bajaj Finance drop 4-5%

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 slumped to more than four-month closing lows on Monday tracking a sell-off across global markets amid renewed concerns about the Omicron variant of COVID-19. All of NSE's sectoral indices were deep in the red, with the Nifty Bank falling 3.3 percent to a five-month low. Broader markets also plunged with teh Nifty Midcap 100 and Smallcap 100 barometers dropping nearly five percent each. Volatility gauge VIX surged 16.1 percent to the 19 mark. Shriram Properties shares finished the listing day on BSE and NSE at a discount of around 16 percent to the issue price.

Stock Market Highlights: Sensex, Nifty at 4-month closing lows; SBI, Tata Steel, IndusInd, Bajaj Finance drop 4-5%
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  • Indian market strong enough, investors should hold on to quality stocks: Equity99's Rahul Sharma
     
    Rahul Sharma of Equity 99 is of the view the Indian market is strong enough and investors should hold on to quality stocks now. "The market is currently setup in a high volatile zone. It has been in a correction mode for the last many sessions, but the recovery at the end of the day on Monday is a good sign. We can see a bounceback on Nifty for the next few sessions followed by a dip. Tuesday's session will be very important to see if the bulls are taking over the bears," he said.  
     
    "The market needs to open and end in the green, else we can see more dips in the coming days. Inflation, the estimation of high Fed rate increasing risk, the Omicorn fear and continuous selling by FIIs are leading to the fall in the Indian market... Every correction is in fact a good opportunity to add more quality stocks in your portfolio," he said.
  • Maintain cautious view on market for next couple of days: Siddhartha Khemka

    Siddhartha Khemka, Head-Retail Research at Motilal Oswal Financial Services, has maintained his cautious view on the market for the next couple of days. "The market has corrected by around 10 percent from its peak driven by consistent FIIs selling, tightening of monetary policy by central banks globally and concerns over the impact of rising Omicron cases on a recovery. The overall market breadth remains negative, and it would require strong positive triggers to change the current negative trend. Selling pressure is intact at higher levels and any recovery or bounce is being used by traders to go short," he said.

  • Explained: Sebi ban on futures trading in 7 agri commodities and its impact

    Capital and commodities market regulator SEBI has added soybean and crude palm oil (CPO) to the list of agri commodities in which futures trading has been banned, taking the total number of banned agri commodities to seven.

    Soybean and CPO have been added to the list of agri commodities in which no futures trading will be allowed. Chana, mustard, paddy, wheat and moong are already on the list. (Read more)

  • Rising COVID cases, FII outflow impacting market sentiment, next major support for Nifty at 16,300: Ajit Mishra

    Ajit Mishra, VP-Research at Religare Broking, said the market has reacted to the news of a sharp jump in COVID cases globally which may result in a lockdown. "Though the situation is under control domestically at present, any impact on the global economic recovery would dent our prospects too. Besides, the continuous outflow of foreign funds was also weighing on the sentiment," he said. 

    "We reiterate our cautious view on the market and suggest focusing more on risk management. Investors, on the other hand, can start to accumulate quality stocks selectively from a long-term perspective. The Nifty has the next major support at 16,300," he added.

  • Market trend remains bearish, higher levels can be used to go short for 16,150-16,200 target: Manish Hathiramani 

    Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, said the Nifty50 almost hit the target of 16,400 witnessed a bounce. "The trend however continues to be bearish and we could use higher levels to go short for the next target of 16,150-16,200. The upside for the index is currently capped and the trend is clearly down," he said.

  • Worst Days On D-Street | A look at biggest crashes during the pandemic and before

    Bloodbaths on D-Street: Headline indices Sensex and Nifty50 have witnessed several crashes in the recent past that remind Dalal Street investors of the global financial crisis of 2008. The latest plunge, of December 20, for instance, is the 15th time this year that the 30-scrip index shed more than 1,000 points in a single day. Here's a look at some of the worst crashes during the COVID-19 period and beyond. (Read more on market bloodbaths)

    Stock Market Highlights: Sensex, Nifty at 4-month closing lows; SBI, Tata Steel, IndusInd, Bajaj Finance drop 4-5%
  • Market At Close | BSE companies erase market cap of Rs 7 lakh crore 

    Here are some highlights:

     --Sensex, Nifty, midcap index at 4-month closing lows 

    --Nifty Bank falls 1,179 points to 5-month low of 34,440, midcap index drops 1,101 points to 28,838

    --Overall market cap of BSE companies slips to levels seen in early September

    --All sectoral indices in the red; volatility index surges 16%

    --47 of 50 Nifty stocks down; BPCL, Tata Steel, Tata Motors, IndusInd Bank top losers

    --Cipla, HUL, Dr Reddy’s gain 

    --Barring few pharma stocks, most F&O stocks take huge cuts

    --AU SFB, L&T Tech, Delta Corp, Bandhan, Firstsource top midcap losers

    --Zee-Sony non-binding term sheet period ends on Tuesday; stock down 3%

    --Reports say axis highest bidder for Citi’s India retail biz; stock 2% off lows

    --Market breadth firmly in favour of bears; advance-decline ratio at 1:8

  • Rupee closes higher at 75.91 against US dollar

    The rupee ended at 75.91 against the greenback as against Friday’s close of 76.09.

    Stock Market Highlights: Sensex, Nifty at 4-month closing lows; SBI, Tata Steel, IndusInd, Bajaj Finance drop 4-5%
  • Market At Close | BPCL, Tata Motors, Tata Steel, IndusInd, Bajaj Finance, Coal India, IOC, SBI top blue-chip losers

    Cipla, Hindustan Unilever and Dr Reddy's were the only gainers in the Nifty50 universe, up between one percent and 3.7 percent. 

    Here's how the 30-member gauge fared: 

    Stock Market Highlights: Sensex, Nifty at 4-month closing lows; SBI, Tata Steel, IndusInd, Bajaj Finance drop 4-5%
  • Closing Bell | Sensex down 1,190 points at 55,822, Nifty50 at 16,614

    The 30-scrip index ended 1,189.7 points or 2.1 percent lower at 55,822 and the broader Nifty50 benchmark settled at 16,613.7, down 371.6 points or 2.2 percent from its previous close.  

  • Banks recovered Rs 5.49 lakh crore in last 7 years: Nirmala Sitharaman

    Banks recovered Rs 5.49 lakh crore through the resolution of bad loans in the last seven years: Finance Minister Nirmala Sitharaman, in the winter session of the Parliament

  • Future Group shares jump up to 20%

    Shares of Future Group companies on Monday zoomed up to 20 per cent after the Competition Commission suspended its more than two-year-old approval for Amazon’s deal with Future Coupons and imposed a Rs 202-crore penalty on the e-commerce major.

  • Explained: Why are FIIs selling and what can reverse this trend

    Foreign outflows have been hurting investor sentiment on Dalal Street of late. In December so far, foreign institutional investors (FIIs) have sold net shares worth Rs 13,470 crore ($1.8 billion), according to provisional exchange data. That makes December 2021 a third straight month of outflows - the first such instance since late 2016. (Read here for more)

  • Nifty Realty index falls over 5%

    While Lodha tanked over 7 percent, DLF slumped over 6 percent, Godrej and Sobha Ltd fell over 5 percent and Phoenix Ltd, Sunteck fell over 4 percent.

  • TVS Motors partners with what3words; aims to provide better navigation experience to customers

    TVS Motor Company on Monday said it has partnered with location technology provider what3words to offer a seamless and accurate navigation experience to its two-wheeler customers.

  • HUL, Dr Reddy's Lab in the green

    Hindustan Unilever and Dr Reddy's Laboratories were the only two Sensex stocks trading in the green on Monday afternoon. While HUL was up nearly 0.80%, Dr Reddy's gained 0.47%. All other Sensex stocks were down in red.

  • Balrampur Chini gets order to supply 1.57 lakh kilolitres of ethanol to public & private sector OMCs

  • Market Watch: Jay Thakkar of Marwadi Shares & Finance

    - Gland Pharma is a buy with a stop loss of Rs 3,550 and a target of Rs 4,100-4,200.

    - Muthoot Finance is a sell with a stop loss of Rs 1,425 and a target of Rs 1,370-1,350

  • Market Watch: Sunil Subramaniam, MD & CEO of Sundaram Mutual Fund on today's market fall

    I think it is a time to wait and watch. The reason I say that is that the Fed finally admitted that they got it wrong, what they thought was temporary inflation, they realized it is permanent, what they thought was a supply side, they realized that there is demand-side pressure. So the Fed finally admitting they got it wrong and saying that now we will advance tapering, we will advance interest rate hikes, basically meant that all those FPIs, the hedge funds, those who depend on the carry trade, have got hit on both sides. Because what happens with this kind of decision is that the dollar tends to strengthen. So these kinds of hedge funds suffers currency losses in any emerging market.

  • Indian market is experiencing a routine correction post steep run. Indian market is reaching attractive levels with this fall, says Anshul Saigal of Kotak PMS

  • Indian market is experiencing a routine correction post steep run. Indian market is reaching attractive levels with this fall, says Anshul Saigal of Kotak PMS

  • Key European indices start the week with losses

  • Omicron to have a substantial impact; WPI, CPI indicate rampant inflation: Geosphere Capital
    Arvind Sanger, Managing Partner, Geosphere Capital Management, said that the anti-inflation mood is in charge at the moment as the WPI and CPI numbers indicated rampant inflation.
    Stock Market Highlights: Sensex, Nifty at 4-month closing lows; SBI, Tata Steel, IndusInd, Bajaj Finance drop 4-5%
  • SBI Cards drops nearly 5%; Morgan Stanley maintains 'overweight'; check target on credit card stock
    SBI Cards and Payment Services Ltd’s shares declined almost 5 percent even as global brokerage Morgan Stanley maintained an ‘overweight’ rating on the stock citing unclarity on RBI’s intent to cap…
    Stock Market Highlights: Sensex, Nifty at 4-month closing lows; SBI, Tata Steel, IndusInd, Bajaj Finance drop 4-5%
  • Hero MotoCorp, IndusInd Bank, Coal India, Bajaj Auto and Tata Steel down 30% from 52-week highs

  • Nirmal Bang revises stance on IT to 'overweight' from 'neutral'
     
    The brokerage has a 'buy' call on four out of the top five large IT stocks. Nirmal Bang has a 'buy' call each on HCL Tech and Tech Mahindra, and has updraged TCS and Wipro to 'buy' each from 'accumulate'. It has continued with its 'accumulate' rating on Infosys. 
     
    Here are some drivers mentioned by Nirmal Bang for its incremental positive stance on the space: 
     
    --Demand pipeline at highest level despite strong order inflow 
     
    --Massive upgrade in Accenture FY22 organic guidance from 8.5% to 15.5% in 3 months 
     
    --See higher spending as percentage of sales on tech 
     
    --See technology getting more infused into various operations of customer companies
     
    --Gartner projects IT services spend to grow at CAGR of 9.1% over 2020-2025
     
    --Higher inflationary environment in the developed markets gives leeway to IT vendors to keep asking for price increases
     
    --Risks connected with talent have been managed 
     
    --Peak of margin pressure from supply side now behind 
     
    --See organic revenue growth in FY23 lower than FY22 but still in double digits
  • Unlock stocks under pressure as concerns related to Omicron rise

  • Market Pulse

    - Hero MotoCorp, IndusInd Bank, Coal India, Bajaj Auto and Tata Steel are down around 30 percent from their 52-week highs

    - 14 other Nifty stocks have fallen more than 20 percent from 52-week highs

    - Only 5 Nifty stocks have fallen less than 10 percent from their 52-week highs

    - 52-week low to high ratio on BSE stood at 3:1

  • Market extends losses

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 slumped to more than four-month closing lows on Monday tracking a sell-off across global markets amid renewed concerns about the Omicron variant of COVID-19. All of NSE's sectoral indices were deep in the red, with the Nifty Bank falling 3.3 percent to a five-month low. Broader markets also plunged with teh Nifty Midcap 100 and Smallcap 100 barometers dropping nearly five percent each. Volatility gauge VIX surged 16.1 percent to the 19 mark. Shriram Properties shares finished the listing day on BSE and NSE at a discount of around 16 percent to the issue price.