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Stock Market Highlights: Sensex ends 145 pts lower, Nifty50 gives up 17,350; Vedant Fashions at 9% premium

Stock Market Highlights: Sensex ends 145 pts lower, Nifty50 gives up 17,350; Vedant Fashions at 9% premium

Stock Market Highlights: Sensex ends 145 pts lower, Nifty50 gives up 17,350; Vedant Fashions at 9% premium
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Summary

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 failed to hold on to intraday gains in a volatile session on Wednesday, despite strength across global markets amid easing Russia-Ukraine tensions. Losses in financial and IT shares pulled the headline indices lower though gains in oil & gas and pharma shares lent some support. Broader markets were mixed. The Nifty Midcap 100 index finished the day 0.3 percent lower, though its smallcap counterpart managed a gain of 0.7 percent. Vedant Fashions shares made a strong debut in the secondary market, ending the listing day at a premium of nine percent over its issue price.

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Feb 16, 2022 5:49 PM

Rupee ends higher at 75.07 vs US dollar

The rupee rises to settle at 75.07 against the greenback. On Tuesday, it had ended at 75.33. (Read more on the rupee)

Feb 16, 2022 5:48 PM

Vedant Fashions finished listing day at 8-9% premium

Vedant Fashions close at Rs 934.9 on BSE and Rs 943.1 on NSE, a premium of 8-9 percent over the issue price. 

Feb 16, 2022 5:07 PM

Definitely won't buy Vedant Fashions at current valuations: Prakash Diwan

Market expert Prakash Diwan says he will definitely not buy Vedant Fashions at current valuations. "I am quite happy that retail stayed away from something which was quite expensive, and it just got more expensive. My sense is that there are better opportunities even on the consumption theme and these high P/E stocks can disappoint you when things go wrong," he adds. 

Feb 16, 2022 5:05 PM

Definitely won't buy Vedant Fashions at current valuations: Prakash Diwan

Market expert Prakash Diwan says he will definitely not buy Vedant Fashions at current valuations. "I am quite happy that retail stayed away from something which was quite expensive, and it just got more expensive. My sense is that there are better opportunities even on the consumption theme and these high P/E stocks can disappoint you when things go wrong," he adds. 

Feb 16, 2022 5:05 PM

8 out of 10 specialty chemical stocks expensive: Viraj Mehta

Viraj Mehta, Managing Director-PMS at Equirus, says specialty chemicals are not a homogeneous sector but a heterogeneous one. "We have been owners of some of the specialty chemical companies for a pretty long time, but we are not adding any of them now. Also there is a very thin line of difference between a specialty chemical and a commodity chemical, and it keeps going back and forth in terms of where it is trading... We need to be very careful and we need to be very specific. I would say on an average, if you will tell me 10 names of specialty chemicals, I would think eight are expensive... As a basket, in terms of the valuations, the best is behind them. The business may still keep doing very well but the valuation today captures a lot of that upside, at least for the next couple of years," he adds. 

Feb 16, 2022 4:53 PM
Stock Market Highlights: Sensex ends 145 pts lower, Nifty50 gives up 17,350; Vedant Fashions at 9% premium
Feb 16, 2022 4:28 PM

Market At Close | Sensex, Nifty fail to stay in the green

Here are some highlights: 

--Nifty Bank falls 216 Points to 37,954 

--Midcap index down 86 points at 29,290

--Most sectoral indices in the red

--Nifty PSU Bank top losing index

--Financial stocks remain under pressure; ICICI, SBI among top losers

--ONGC up; crude oil rises amid Russia-Ukraine tensions

--Bharti Airtel, Indus Tower gain after brokerage upgrade

--Nestle, Ambuja Cements little changed ahead of earnings

--RBI extends new NPA rule implementation deadline; M&M Financial up over 5 percent

--Market breadth remains in favour of bulls; advance-decline ratio at 3:2

Stock Market Highlights: Sensex ends 145 pts lower, Nifty50 gives up 17,350; Vedant Fashions at 9% premium
Feb 16, 2022 3:53 PM

BofA Securities makes 11% cut in Nifty50 target for December 2022

BofA Securities revised its target for the Nifty50 index to 17,000 from 19,100, citing "a fast Fed hiking cycle" that could lead to a contraction in market valuations.

The brokerage highlighted a faster hike or tightening cycle by the US central bank as a key risk. It said the revised target for the 50-scrip index implies muted downside potential. (Read more)

Feb 16, 2022 3:34 PM

Closing Bell | Sensex down 145 points, Nifty below 17,350

Both benchmarks fail to hold on to positive territory at the close. The Sensex ends 145.4 points or 0.3 percent lower at 57,996.7 and the Nifty50 settles at 17,322.2, down 30.3 points or 0.2 percent from its previous close.

Losses in financial and IT stocks pull the headline indices lower, though gains in oil & gas and pharma shares arrest the fall. (Read more on the closing bell)

Feb 16, 2022 3:33 PM

Healthcare up 1%, PSU Bank falls 1% as Sensex turns red amid volatility

BSE Healthcare index rose nearly 1 percent led by the Solara Active Pharma Sciences, Unichem Laboratories, Indoco Remedies while PSU Bank index fell 1 percent dragged by the Bank of Baroda, SBI, Canara Bank.

Feb 16, 2022 3:23 PM

Movement of Russian forces alone does not confirm withdrawal, NATO says

NATO Secretary-General Jens Stoltenberg urged Moscow again on Wednesday to prove that it is pulling back troops amid tensions over a military build-up on Ukraine's borders, saying soldiers and tanks often move about, reported Reuters.

Feb 16, 2022 3:19 PM

Midcap Index erases gains, falls back in red territory

Feb 16, 2022 3:16 PM

Hiranandani Group enters technology-led consumer services with Tez Platforms

Hiranandani Group on Wednesday announced the launch of their new technology-led consumer services with Tez Platforms. Darshan Hiranandani, the company's CEO in an exclusive talk with CNBC-TV18 discussed more on the new launch. "In the time of COVID-19, the move towards the digital universe has become more rapid and the opportunity is very large," he said. According to him, consumer entertainment is going to be one of the first journeys in that direction.

Feb 16, 2022 3:12 PM

GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023

State-owned GAIL India Ltd up 1 percent after the company said that it plans to lay a pipeline to Srinagar to take the environmentally friendly natural gas to the Kashmir Valley as it doubles down on efforts to expand infrastructure to helm the government vision of a gas-based economy.

Feb 16, 2022 3:06 PM