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    Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%

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    Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%

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    Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 finished a volatile session on Wednesday with cuts of half a percent each, as the mood across global markets turned sour after a promising start. Losses in financial, IT and auto stocks dragged the headline indices though gains in oil & gas and metal shares limited the downside. Broader markets were mixed, with the Nifty Midcap 100 rising 0.6 percent for the day but its smallcap counterpart declining 0.2 percent. Investors remained focused on news updates about the Russia-Ukraine war and rising coronavirus infections in China.

    Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Thank you, readers! That's all from CNBCTV18.com's live market coverage on March 23, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

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

    • Expect rupee to move within 75.80-76.50 range in near term: Anindya Banerjee

      Anindya Banerjee, VP-Currency Derivatives and Interest Rate Derivatives at Kotak Securities, expects the rupee to move within a range of 75.80-76.50 against the greenback in the near term. Weakness in stocks and higher oil prices responsible for weakness in the rupee today, he says. 

    • Adani Wilmar valuation challenging: Prakash Diwan

      Market expert Prakash Diwan says that the magical first name of the Adani Wilmar stock has kind of built so much of high expectations around the price behaviour. Even though there's no denying that the company is in a very strong leadership position in FMCG, its valuation appears to be challenging at the current juncture, he says. 

      "Food is a complex business; every acquisition might not be accretive. I would not really pay so much for this, but then, when there's flight to safety of capital, you will probably see a lot of these FMCG names seeing much more money flow coming in. And that's exactly why they tend to get priced in a much more higher way... You have much more balanced portfolios in the FMCG space, which probably will turn around very quickly and give you an upside, whether it's Nestle, HUL or Britannia. So on a like-to-like comparison, I would give it a pass at this point," he adds. 

    • Positive on UPL: Mayuresh Joshi 

      Mayuresh Joshi of William O'Neil says the market is expecting that UPL’s international operations in the aftermath of the Ukraine crisis will play out more favorably for agro-chemical companies. "As exports of agro-chemicals out of Russia and Ukraine start to get hit, you are probably going to see more exports come through from UPL as it has a wider presence globally, especially in Latin America and Eastern Europe. Probably this is playing out in favour of UPL,” he says. 

    • Positive on RHI Magnesita: Rajesh Kothari 

      Rajesh Kothari, MD at AlfAccurate Advisors, believes there are many companies that are beneficiaries of commodity upcycles, and many specialised companies with more resilient business models are not as volatile as commodity prices.

      RHI Magnesita India is the biggest beneficiary of upcycle in steel industry, he says.

      "We have been investing into that company for the last one and a half-two years. I am not recommending at current levels, but what I am trying to say is that there are opportunities that one can pick and choose from," Kothari adds. 

    • Market At Close | Sensex, Nifty50 near day’s lows

      Here are some highlights: 

      --Financial stocks a major drag on Nifty; HDFC twins top losers

      --Auto stocks fall on rising input costs; Maruti Suzuki, M&M top losers

      --Metal stocks outperform; Hindalco, Tata Steel, JSW rise 2 percent

      --L&T Finance posts biggest single-day gain in 10 years on promoter share buy

      --Indian Hotels rises 4 percent after co announces QIP 

      --City Union Bank, Tata Communications, AU SFB, JSPL top midcap gainers

      --Chambal Fertilisers, Info Edge, JK Cement, GNFC, Atul top midcap losers

      --Market breadth favours bears; advance-decline ratio at 2:3

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Rupee ends lower at 76.30 against US dollar

      The rupee finishes at 76.30 against the greenback. On Tuesday, it had setted at 76.18.

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Explained | Why steel cos are considering force majeure to call for fresh contracts and last-mile impact

      Coking coal prices have seen a sharp hike due to the Russia-Ukraine war. As coking coal is an essential input for the production of steel, Indian steel companies are now in a quandary as a large part of input requirements are met through imports. VR Sharma of JSPL expects the steel market to only improve over the next 6-8 months.

      Steelmakers are planning to invoke the force majeure clause, and renegotiate short- and long-term contracts with customers following a surge in raw material costs, including coking coal prices. (Read more)

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Market At Close | Nifty Auto, Bank, Financial Services top laggards among sectoral indices; metal gauge jumps over 1%

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Kotak Mahindra Bank, HDFC, Britannia, Bharti Airtel top blue-chip laggards

      Sun Pharma, Maruti, Bajaj Auto, Cipla and Mahindra & Mahindra also among the worst hit among the 29 losers in the Nifty universe. 

      On the other hand, Divi's, Hindalco, Tata Steel, Dr Reddy's, UPL and ITC among the top gainers. 

      Here's how the 30-scrip basket looks like:

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Closing Bell | Sensex down 304 points, Nifty at 17,224

      Both headline indices finish the volatile session half a percent lower. The Sensex sheds 304.5 points to end at 57,684.8 and the Nifty settles at 17,245.7, down 69.9 points from its previous close. Losses in financial, IT and auto shares pull both indices lower though gains in oil & gas and metal stocks lend some support. (Read more on the closing bell)

    • Aviation minister says cargo Revenue has jumped over last 2 years

      The aviation minister also says that 150 passenger aircraft have been converted to cargo aircraft. 

    • Key factors impacting steel market 

      --Reports suggest another steel prices hike of approximately Rs 1,500/tonne 

      --Coking coal prices down 11 percent in two days from $700/tonne

      --Tangshan under temporary lockdown due to spread of COVID

      According to PhillipCapital, Tangshan accounted for 13 percent of Chinese production in 2021, and six percent of global steel production. A prolonged lockdown will further squeeze out the already tight steel market, the brokerage says. 

      It also says coking coal and iron are likely to face pressure in the near term due to a drop in demand from China. 

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Government says monthly steel production has reached pre-COVID levels

      How steelmakers fare in the last hour of trade:

      Stock Change (%)
      SAIL 4.7
      JSPL 3.8
      Tata Steel 3.2
      JSW Steel 1.8
      Jindal Stainless 1.6
      APL Apollo Tube -2.7
      Ratnamani Metal -1.9
    • Sharp dips opportunities to buy more: Chandresh Nigam

      Chandresh Nigam, MD and CEO, Axis AMC, believes it is a good time to buy Indian shares. "While we never know, things can get worse; they can get worse than what we have seen in the past but there is no certainty whether that will happen or not... Sharp dips are opportunities to buy more and even if there are no sharp dips, take a 3-5 year view," he says. 

    • Large Trade | HDFC Bank shares worth Rs 1,437 crore change hands 

      A total of 97.4 lakh Housing Development Finance Corp (HDFC) shares worth Rs 1,437 crore, representing 0.2 percent of the company's equity, change hands on NSE. 

      HDFC shares down 2.1 percent at Rs 2,351.5.

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Buy Jubilant FoodWorks, target Rs 2,850: Aditya Agarwala

      Aditya Agarwala of Yes Securities recommends buying Jubilant FoodWorks for a target of Rs 2,850 with a stop loss at Rs 2,600. 

    • Nifty hovers around 17,250 mark, holds 50 DMA

      The Nifty some 40 points off its intraday low. Currently, it is above five-, 10-, 20, 50- and 200-day moving averages.

      Period (No. of days) Simple moving average Signal
      5 17,195.8 Bullish
      10 16,908.4 Bullish
      20 16,708.3 Bullish
      50 17,226.5 Bullish
      100 17,351.6 Bearish
      200 17,021.7 Bullish
    • Sell MCX gold futures at Rs 51,600: Amit Sajeja

      Amit Sajeja, VP-Technical Commodities and Currencies Analyst-Commodities at Motilal Oswal Financial Services, recommends selling the April contract at Rs 51,600 for a target price of Rs 50,700 with a stop loss at Rs 52,050. "MCX gold has corrected sharply from recent peak near Rs 55,550 and is holding below resistance at Rs 52,000 forming lower highs and lower lows on shorter timeframes. Momentum indicator RSI is on the verge of breaching support near the 50 mark on the daily chart. The current correction is likely to extend lower with a test of support at Rs 50,700 looking possible," he tells CNBCTV18.com

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Financial, auto stocks pull headline indices lower; Nifty Pharma top gainer among sectoral indices

      Here's how NSE's sectoral indices look like at this hour:

      Index Change (%)
      NIFTY AUTO -0.8
      NIFTY FINANCIAL SERVICES -0.7
      NIFTY BANK -0.4
      NIFTY PRIVATE BANK -0.4
      NIFTY IT -0.3
      NIFTY FMCG -0.2
      NIFTY REALTY -0.1
      NIFTY CONSUMER DURABLES 0.2
      NIFTY OIL & GAS 0.3
      NIFTY PSU BANK 0.4
      NIFTY METAL 0.6
      NIFTY MEDIA 0.9
      NIFTY HEALTHCARE INDEX 0.9
      NIFTY PHARMA 1.1
    • Buy Torrent Pharma, Divi's: Prakash Gaba

      Prakash Gaba of prakashgaba.com shares two trading calls: 

      --Buy Torrent Pharma for a target of Rs 2,900-2,950 with a stop loss at Rs 2,800 

      --Buy Divi’s Labs for a target of Rs 4,700 with a stop loss at Rs 4,500 

    • GVK Power board approves merger of 4 arms with company

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Large Trade | L&T Finance shares worth Rs 33.7 crore change hands on BSE and NSE

      A total of 42.4 lakh shares change hands on the bourses. 

      The L&T Finance stock up 6.5 percent at Rs 80.1. 

    • Buy Reliance, JSPL, Tech Mahindra: Chandan Taparia

      Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services, shares three recommendations: 

      --Buy Reliance Industries for a target towards Rs 2,620-2,640 with a stop loss at Rs 2,490 

      --Buy Jindal Steel for a target towards Rs 520-525 with a stop loss at Rs 482 

      --Buy Tech Mahindra for a target towards Rs 1,600 with a stop loss at Rs 1,515

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

    • Deven Choksey sees limited downside in Indian market 

      Deven Choksey of KRChoksey is of the view that the Indian market has a limited downside from current levels. "Given the kind of situation the global markets are operating in, wherein larger amount of funds are getting shifted back to equity, India is offering a very different, very strong kind of propositionto global markets. On one side, we are inviting a lot of money into the infrastructure space under a variety of programs that we have been conducting, including the Gati Shakti Yojana and also in the Budget, the provision of the amount that you are spending on infrastructure... On the industry side, the PLI scheme is attracting enough amount of local manufacturers to come into the country," he says.

      FPIs are looking at Indina markets favourably due to these two factors, he says.

      "Fortunately, sellers in FIIs have now started to like buying, so to a greater extent, I would like to believe that the market is in a stable zone for the time being. We will see the bouts of profit booking in between and also select buying subsequently," Choksey adds.

    • Buy Divi's, Bharat Dynamics: Kush Bohra

      Kush Bohra of kushbohra.com shares two trading calls: 

      --Buy Divi’s Labss for a target of Rs 4,600 with a stop loss at Rs 4,500 

      --Buy Bharat Dynamics for a target of Rs 599 with a stop loss at Rs 570 

    • Paytm shares hold on to the green

      Paytm parent One97 Communications' shares up 0.6 percent at Rs 547.4, having risen as much as 3.3 percent to Rs 562 earlier in the day. 

      One97 Communications said on Wednesday that its business fundamentals remain robust and it has from time to time made all necessary disclosures to stock exchanges within the stipulated timeline. "There is no information/announcement, which in our opinion may have a bearing on the price/volume behaviour in the scrip of the company and which is yet not disclosed to the stock exchanges. The company would also like to point out the business fundamentals remain robust as demonstrated in our last earnings release dated February 4, 2022," One97 Communications said in a regulatory filing.

      BSE had sought clarification from One97 Communications on significant movement in its stock price in a bid to safeguard investors' interest.

    • Buy Divi's, Tech Mahindra, Adani Wilmar: Himanshu Gupta

      Himanshu Gupta of Globe Capital shares three trading calls: 

      --Buy Divi's Laboratories for a target of Rs 4,600 with a stop loss at Rs 4,500 

      --Buy Tech Mahindra for a target of Rs 1,600 with a stop loss at Rs 1,535 

      --Buy Adani Wilmar for a target of Rs 440-450 with a stop loss at Rs 400 

    • Paytm in deeply oversold state, at times such hammering can be follwed by V-shaped reversal: Equity99's Rahul Sharma 

      Rahul Sharma, Co-Founder of Equity99 Advisory, says increased volume along with range contraction in Paytm means the stock is accumulated by big hands. "Currently, the price is far below the average price, which could trigger a pullback to the moving average that is currently at Rs 716. This is classic reversion to the mean that is so often seen in hugely beaten down stocks," he says. 

      He believes the Paytm stock is in a deeply oversold state. "If we apply channeling techniques, a broad range of support between Rs 510 and Rs 490 could be an attractive buying level for a counter trend rally towards the moving average at Rs 710-740... At times, price moves after such hammering can lead to a V-shaped reversal and windfall gains for an investor," he adds. 

      Stock Market Highlights: Sensex ends 304 pts lower, Nifty gives up 17,250; VIX jumps 3%; HDFC, Kotak Bank, Airtel drop 2-3%
    • Fintechs changing the paradigm for the way financial services operate: Ashish Gupta

      Ashish Gupta of Credit Suisse tells CNBC-TV18 he believes fintech companies will best operate in a partnership model and are changing the paradigm for the way financial services operate. They will change the way customers interact with a bank, he says. 

      The banking sector, in his view, is well placed to meet potential challenges.

    Stock Market Highlights
    : Indian equity benchmarks Sensex and Nifty50 finished a volatile session on Wednesday with cuts of half a percent each, as the mood across global markets turned sour after a promising start. Losses in financial, IT and auto stocks dragged the headline indices though gains in oil & gas and metal shares limited the downside. Broader markets were mixed, with the Nifty Midcap 100 rising 0.6 percent for the day but its smallcap counterpart declining 0.2 percent. Investors remained focused on news updates about the Russia-Ukraine war and rising coronavirus infections in China.

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