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    Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%

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    Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%

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    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 fell on Wednesday as the market returned to trade after a day's holiday. Geopolitical tensions escalated as Russia further advanced its invasion of Ukraine that began last week, sending jitters across global equities. Crude oil prices surged more than seven percent to their highest since 2014. Losses in financial, auto and pharma stocks pulled the headline indices lower, though gains in oil & gas and metal shares lent some support. Broader markets were mixed at the close with the Midcap 100 index finishing flat, failing to stay in the green. The Nifty Smallcap 100 index rose 0.5 percent.

    Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on March 2, 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

    • Some stocks available at attractive valuations for long-term investors: Manish Shah

      Independent technical analyst Manish Shah says the Nifty is showing a bullish ABCD harmonic pattern on the weekly chart, and a bullish butterfly one on the daily timeframe. "Support at 16,400 holds and we are waiting for the index to play out its hand. Any small hint of cessation of hostilities between Russia and Ukraine could mean a sharp rebound. For long-term investors, some stocks are now available at very attractive valuations," he says.

      "We will take each day as it comes for some time. Trade cautiously as the Nifty could get volatile beyond comprehension over the next couple of days," Shah adds. 

    • Have loved Asian Paints story for many years, one of the most resilient stocks: Prakash Diwan 

      Market expert Prakash Diwan is bullish on Asian Paints. Crude oil's such significant rise in such a short period will not be very comfortable for a company like Asian Paints, he says.

      "We have already seen the company take so many price hikes in the last 24 months and at some point, its ability to pass on the prices will start to taper off. That will start to impact the revenue growth in a significant way while margins are under pressure... The best time to buy Asian Paints is when you start seeing FII flows come back,” he adds. 

    • 5-7% correction in pharma should give a good opportunity with 2-year view: Devang Mehta 

      Devang Mehta of Centrum Wealth Management believes corrections to the tune of 5-7 percent in pharma stocks because of overall volatility in the market should provide an opportunity to investors with a two-year view. 

      “The pharma basket has already suffered a lot in the last one year when there was a risk-on phase in the market," he says. 

    • Maintain cautious stance on market, enough macro headwinds left to play out: Amit Khurana
       
      Amit Khurana, Head-Equities at Dolat Capital Market, maintains a cautious stance on the market. He is of the view that there are enough macro headwinds left to play out, which will limited upside potential. 
       
      "We think that banks will eventually bottom out sooner than later in the sense that some of these are now beginning to report pretty attractive valuations; we have been overweight there and will continue like that. That's one sector that is is pretty large," he says. 
    • UPL board approves share buyback at up to Rs 875 apiece

      UPL's board plans to buy back up to 1.26 crore shares through the open market route, by spending up to Rs 1,100 crore.

      UPL shares finished 3.8 percent higher at Rs 691 prior to the news.

    • Deepak Parekh resigns as HDFC Ergo Non-Executive Chairman

      The mortgage lender nominates Keki Mistry as Non-executive Chairman.

    • Rupee drops to 75.70 against vs US dollar

      The rupee finishes the day at 75.70 against the greenback. On Monday, it had settled at 75.34.

      Anindya Banerjee, DVP-Currency and Interest Rate Derivatives at Kotak Securities, is of the view that the RBI's intervention may have been responsible for the USD-INR pair not breaking above 75.85. "Over the near term, we expect the prices to trade with an upward bias. We see a range of 75.40-76.30 for the pair," he says. 

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Market At Close | Sensex, Nifty50 off day’s lows after Russia says ready for talks 

      Here are some highlights: 

      --Dr Reddy’s falls 5 percent over concerns related to Russia, Ukraine exposure

      --Auto stocks fall after mixed set of monthly sales; Maruti Suzuki, Bajaj Auto, Hero MotoCorp Top Losers

      --Financial stocks remain major drag; FII selling continues; ICICI Bank, HDFC twins top losers

      --Insurer stocks gain on reports of delay in LIC IPO; SBI Life, HDFC Life up 6-7 percent

      --Metal price rise lifts stocks; Tata Steel, Hindalco, NMDC top gainers

      --Coal India top Nifty gainer after improved monthly sales data, up 8 percent

      --MCX rises 7 percent with increased gold, crude volumes

      --Oil India, ONGC, HOEC see healthy gains as crude continues to rise

      --Market breadth neutral; advance-decline ratio at 1:1

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Russia-Ukraine War | Russia says ready to resume talks tonight, has no claim on other countries’ borders

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

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Coal India surges; HDFC Life, SBI Life, Tata Steel other blue-chip gainers

      Hindalco, UPL, JSW Steel and Titan also among the gainers. On the other hand, Maruti, DRL, Bajaj Auto, Asian Paints, Hero MotoCorp and ICICI Bank the worst hit among the 34 laggards in the Nifty50 pack. 

      Here's how the 30-strong basket fared:

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Closing Bell | Sensex down 778 points at 55,469, Nifty50 slides below 16,650

      The 30-scrip index ends the volatile session down 778.4 points or 1.4 percent at 55,468.9 and the broader Nifty50 settles at 16,606, down 188 points or 1.1 percent from its previous close.

      Losses in financial, auto and pharma stocks pulled the headline indices lower, though gains in metal and oil & gas shares kept the downside in check. (Read more on how the market fared at the close)

       
    • Buy MCX crude oil March futures, target Rs 8,750: Amit Sajeja

      Amit Sajeja, VP-Technical Commodities and Currencies Analyst, Commodities, Motilal Oswal Financial Services, suggests buying MCX crude oil futures (March) at Rs 7,900 for a target price of Rs 8,750 with a stop loss at Rs 7,500. 

      MCX crude has been in an extended uptrend hitting a life-time highs near Rs 8,400, he sayd. The short-term bias remains bullish above immediate support at Rs 7,600 and the contract can possibly test resistance around Rs 8,750 possible in the near term, he adds.

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Coal India shares surge 10%, extend gains to third straight day

      Coal India shares surge as much as almost 10 percent to Rs 185.5 with huge volume, on track to finish higher for the third session in a row. 

      By 3:15 pm, as many as 29.7 lakh CIL shares changed hands for the day, as against a daily average of 7.8 lakh in the past two weeks, exchange data shows.(Read more on Coal India shares)

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Insurance co shares jump on reports of likely delay in LIC IPO

      SBI Life, HDFC Life and ICICI Prudential rise 2-6 percent in late afternoon deals. 

      Here's how other stocks in the BFSI space fared:

      Stock Change (%)
      MUTHOOTFIN 1.6
      HDFCAMC 1.2
      PEL 0.2
      BAJAJFINSV -0.6
      AXISBANK -0.7
      PFC -0.8
      RECLTD -0.9
      ICICIGI -1
      M&MFIN -2
      CHOLAFIN -2
      SBIN -2.6
      KOTAKBANK -2.9
      BAJFINANCE -2.9
      SRTRANSFIN -3.1
      HDFC -4.2
      HDFCBANK -4.6
      ICICIBANK -4.6
      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Moody's puts ratings of 51 Russian corporates on review for downgrade

    • Maruti Suzuki bets on strong bookings, says market share in non-SUV segment up at 66%

      Shashank Srivastava, ED-Marketing and Sales at Maruti Suzuki, tells CNBC-TV18 that bookings are strong for the company. They are in excess of 2.5-2.6 lakh at the moment, he says. 

      Srivastava highlights that Maruti Suzuki has seen a slight dip of around 2.7 percent on a year-on-year (YoY) basis. However, the non-SUV segment has grown to 66 percent as compared to 57 percent five years ago, he adds. (Read more)

      Maruti Suzuki shares fall as much as 6.6 percent to Rs 7,765.

      On Tuesday, Maruti Suzuki reported total sales of 1,64,056 units in February, as against 1,64,469 in the corresponding period a year ago. Its total PV sales in the domestic market stood at 1,33,948 units last month, as against 1,44,761 units in the year-ago period. 

    • Buy PI Industries, HDFC Life: Aditya Agarwala

      Aditya Agarwala of Yes Securities shares two stock recommendations: 

      --Buy PI Industries for a target of Rs 2,640 with a stop loss at Rs 2,440 

      --Buy HDFC Life for a target of Rs 757 with a stop loss at Rs 530 

    • Chip shortage hurting premium segment by 15-20%, expect recovery in 3-4 months: Bajaj Auto

      Rakesh Sharma, ED at Bajaj Auto, tells CNBC-TV18 that retail weakness continued in February. The auto industry witnessed a decline of 13-15 percent during the month, he says.

      Sharma also says the industry saw a double-digit decline in the first two months of 2022. (Read more)

      Bajaj Auto shares down 4.5 percent at Rs 3,372.1. 

      Earlier in the day, the auto maker reported a 16 percent year-on-year decline in total sales last month to 3.16 lakh units. Analysts in a CNBC-TV18 poll had estimated its total sales at 3.50 lakh units. 

    • Appalled at personal nature of BharatPe statement but not surprised: Ashneer Grover To CNBC-TV18

      Ashneer Grover tells CNBC-TV18 that BharatPe's board needs to be reminded of the secondary shares investors bought from him. 

      Earlier on Wednesday, BharatPe accused founder Ashneer Grover and his family of siphoning money away from its accounts. “The Grover family and their relatives engaged in extensive misappropriation of company funds, including, but not limited to, creating fake vendors through which they siphoned money away from the company’s account and grossly abused company expense accounts in order to enrich themselves and fund their lavish lifestyles,” the company said in a statement.

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • TCS wins 7-year deal from Mexico's CEMEX, shares off day's low

      TCS shares down 0.8 percent at Rs 3,526.7, having dropped as much as 1.3 percent earlier in the day. 

    • Auto demand has softened due to inflationary issues, expect it to improve after 1-2 quarters: Vinit Sambre

      Vinit Sambre of DSP Investment Managers tells CNBC-TV18 the escalation of the Ukraine crisis will see supply side pressure on commodities. He is of the view that demand in the auto sector, which has softened due to inflationary issues, will improve after 1-2 quarters.

      Data since 1975 suggests the current fall in the auto sector is the biggest in history. 

    • Fear gauge VIX surges nearly 8% 

      The India VIX index -- also known as the fear gauge -- surges as much as 7.9 percent to 30.8. Last week, geopolitical tensions had sent the volatility index to its highest level in 20 months

      In March 2020, the VIX had skyrocketed to 86.6 after India announced a full lockdown to tackle soaring COVID-19 cases.

    • Google blocks RT, Sputnik from Play app store in Europe

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

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Nifty Bank down 3.5%, near day's low

      Stock Change (%)
      PNB -0.3
      AUBANK -1.2
      IDFCFIRSTB -1.3
      AXISBANK -1.7
      RBLBANK -1.7
      FEDERALBNK -2.2
      SBIN -3.2
      INDUSINDBK -3.3
      BANDHANBNK -3.4
      KOTAKBANK -3.4
      HDFCBANK -4.3
      ICICIBANK -4.3
    • Buy HDFC Life, sell Asian Paints: Prakash Gaba

      Prakash Gaba of prakashgaba.com shares two trading calls: 

      --Buy HDFC Life for a target of Rs 570 with a stop loss at Rs 530 

      --Sell Asian Paints for a target of Rs 2,900 with a stop loss at Rs 3,050 

    • Biocon shares down 1%, off day's low

      Biocon shares down 1.2 percent at Rs 344.7, having declined to as low as Rs 343.1 earlier in the day. (Read more on Biocon shares)

      Stock Market Highlights: Sensex ends volatile day 778 pts lower, Nifty50 gives up 16,650; Maruti drops 6%; Coal India surges 10%
    • Can understand rationale behind Biocon-Viatris deal: Nithya Balasubramanian

      Nithya Balasubramanian of Sanford Bernstein tells CNBC-TV18 that one can understand the rationale behind the Biocon-Viatris deal. Viatris has not been able to gain dominant market share so far, and the Biocon-Serum partnership will kick in only in October 2022, she says. 

      Biocon subsidiary Biocon Biologics has entered into a definitive agreement with Viatris to acquire the US-based company's biosimilars business. The deal is worth up to $3.335 billion in stock and cash, according to the Biocon arm.

    • NSE Colocation Case | Will continue to cooperate with other enforcement agencies, says Ajay Tyagi 

      Ajay Tyagi says the market regulator tried in right earnest to investigate the NSE colocation case. The matter was complex and the regulator came out with a series of orders, he says.

      There is no question about SEBI's orders in the NSE colocation case being weak, he adds. (Read more)

    • Oil price at $100 a barrel not very well: Deven Choksey

      Deven Choksey of KRChoksey says the current oil prices around the $100 per barrel mark are "not very well". Post-election results on March 10, we are likely to see a sharp increase in petroleum product prices, he says. 

      "It is going to have an impact on other commodities and consumables. In the short term, the picture is not looking good at all. And this is not good news as well, because it is likely to result into sharp increase into the inflationary pressure also into the economy," he adds. 

    Stock Market Highlights
    : Indian equity benchmarks BSE Sensex and NSE Nifty50 fell on Wednesday as the market returned to trade after a day's holiday. Geopolitical tensions escalated as Russia further advanced its invasion of Ukraine that began last week, sending jitters across global equities. Crude oil prices surged more than seven percent to their highest since 2014. Losses in financial, auto and pharma stocks pulled the headline indices lower, though gains in oil & gas and metal shares lent some support. Broader markets were mixed at the close with the Midcap 100 index finishing flat, failing to stay in the green. The Nifty Smallcap 100 index rose 0.5 percent.

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