Homemarket newsstocks news

Stock Market Highlights: Sensex sheds 871 pts in 2 days, Nifty gives up 17,550; TCS slips into the red

This article is more than 2 month old.

Stock Market Highlights: Sensex sheds 871 pts in 2 days, Nifty gives up 17,550; TCS slips into the red

Mini

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 extended losses to a second straight day on Tuesday tracking weakness across global markets as investors started the holiday-shortened week in a risk-off mood. Losses in oil & gas, IT tand metal shares pulled the headline indices lower, though a fag-end recovery in financial stocks limited the downside. Broader markets also bore the brunt of selling pressure, with the Nifty Midcap 100 dropping 1.9 percent and its smallcap counterpart 1.6 percent. Globally, news flow on the Russia-Ukraine war, a rise in bond yields and increasing COVID infections in China remained on investors' radar.

  • Thank you, readers! That's all from CNBCTV18.com's live market coverage on April 12, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

    You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

    And on FacebookLinkedInInstagram and Telegram

    Download our mobile app for Android and iOS platforms

    Catch latest from CNBCTV18.com's coverage of Russia-Ukraine war

  • Positive on largecap IT space: Neeraj Deewan 

    Quantum Securities Director Neeraj Deewan is positive on largecap IT. "Infosys has seen a good correction. At the end of March, it was trading around Rs 1,860-1,870, and has fallen a lot from those levels. The earnings expectation for Infosys is not that great as far as the topline is concerned and the margin should also be little less than what the Street is expecting... That is what is getting priced into the stock," he says. 

    "If you get some disappointment in the numbers, you will get some more correction, which will be an opportunity to invest," he says. 

    Valuation-wise, there is comfort in Infosys among largecap IT names, he adds. 

  • Positive on IT from 3-4 year view: Mehraboon J Irani

    Market expert Mehraboon J Irani remains positive on the IT story from a perspective of 3-4 years, and sees great opportunities in the midcap IT space. He says people are chasing Mindtree, Persistent Systems, L&T Tech, L&T Infotech and Tata Elxsi, but it it yet to become a decent trading opportunity from the buying side at some point of time. 

  • Rupee ends lower at 76.13 vs US dollar

    The rupee finishes the day at 76.13 against the greenback. On Monday, it had settled at 75.95.

  • Market At Close | Sensex, Nifty50 off day’s lows but extend losses to 2nd day 

    Here are some highlights: 

    --41 Nifty stocks in the red; Hindalco, Coal India, Grasim top losers

    --Metal stocks slip on fall in global prices; Hindalco down 6 percent

    --IT stocks under pressure ahead of earnings; Infosys down 1.5 percent 

    --Banking stocks support market; Axis, Kotak, IndusInd, ICICI Bank rise

    --Tata Motors among top Nifty losers following weak JLR global wholesales

    --Midcap index posts biggest single-day fall in over a month

    --Birlasoft, L&T Tech, Mindtree, Firstsource top midcap IT losers

    --NSE advance-decline ratio at 1:3

  • Market At Close | Hindalco, Coal India, Grasim, Tata Motors, Tata Steel top blue-chip laggards

    Bajaj Auto, Tech Mahindra, Wipro, Bharti Airtel and BPCL also among the top losers. On the other hand, Axis Bank, Kotak Mahindra Bank, PowerGrid, ICICI Bank, IndusInd, Maruti Suzuki and Mahindra & Mahindra rise the most among the 11 gainers in the Nifty50 basket. 

    Here's what the 30-scrip pack looks like at the close: 

  • Closing Bell | Sensex down 388 pts, Nifty50 below 17,550

    Both headline indices finish the day down 0.8 percent, though off their lowest levels of the day. The Sensex sheds 388.2 points to end at 58,576.4 and the Nifty50 settles at 17,530.3, down 144.7 points from its previous close.

    Losses in oil & gas, IT and metal shares pull the main indices lower, though a fag-end rebound in financial shares limited the downside. (Read more on the closing bell)

  • CNBC-TV18 Exclusive | Chief Economic Adviser says possible that government has not passed on entire increase in oil rates to consumer

  • Sensex, Nifty50 off day's lows helped by financial stocks; Nifty Bank up 0.5%

    The Nifty Bank up 0.5 percent in a comeback after struggling below the flatline for much of the session. Earlier in the day, the banking index fell as much as 0.9 percent. 

    Here's what the BFSI basket looks like 25 minutes before the closing bell: 

    Stock Change (%)
    AXISBANK 1.5
    KOTAKBANK 1.2
    ICICIBANK 0.6
    SBILIFE 0.5
    HDFC 0.1
    ICICIGI -0.1
    HDFCBANK -0.1
    SBIN -0.2
    CHOLAFIN -0.3
    ICICIPRULI -0.6
    HDFCLIFE -0.8
    SBICARD -0.9
    BAJFINANCE -0.9
    HDFCAMC -1.5
    BAJAJFINSV -1.6
    MUTHOOTFIN -1.7
    PEL -1.9
    RECLTD -2
    PFC -2
    SRTRANSFIN -3.4
  • Nifty off day's low but still some 127 pts below 5 DMA

    The 50-scrip index down 109.7 points or 0.6 percent at 17,565.3, recovering more than half of the day's losses after dropping to as low as 17,442.4. At the current level, the benchmark still 126.8 points below its five-day simple moving average. 

    Period (No. of days) Simple moving average Signal
    5 17,692.1 Bearish
    10 17,710.5 Bearish
    20 17,431.6 Bullish
    50 17,163.2 Bullish
    100 17,299.4 Bullish
    200 17,149.8 Bullish
  • Sustained hikes in petrol, diesel rates may not be needed if crude stabilises: Sources

    Retail prices of petrol and diesel are nearing global crude oil levels, and sustained hikes may not be needed if crude oil stabilises, say sources. The retail pass-through is close to $95 a barrel. Petrol and diesel cost Rs 105.4 a litre and Rs 96.7 a litre respectively.

    Around a month more of losses may still be recoverable by oil marketing companies (OMCs), they add. (Read more on fuel rates)

  • Buy Voltas, target Rs 1,330-1,350: Shrikant Chouhan

    Shrikant Chouhan of Kotak Securities recommends buying Voltas shares for a target of Rs 1,330-1,350 with a stop loss at Rs 1,280.

  • India valuations expensive, inflation may hit US growth too: Credit Suisse's Suresh Tantia

    Suresh Tantia, Senior Investment Strategist at Credit Suisse, is cautious on India citing expensive valuations. As yields rise, there will be some pressure on the Indian market, he says. "The Indian equity market is trading at a higher valuation than S&P 500 and with the RBI withdrawing its accommodative stance, I think going forward, as yields go higher, we are going to see some pressure on the valuation of the Indian equity market.” (Read more)

  • Indian Oil removes Russian urals from latest tender: Sources to Reuters 

    Catch latest from CNBCTV18.com's coverage of Russia-Ukraine war

  • Sebi comes up with new guidelines to assess risk value of gold and gold-related instruments

    On Monday, the Sebi released a new framework for assessing the risk level of commodities — gold and gold-related securities — in which mutual funds are allowed to invest based on the risk-o-meter. The markets regulator stated in a circular that mutual fund schemes investing in such commodities will be assigned a risk score proportional to the annualised volatility of the price of such commodities.

  • Delta Tech to soon file draft papers with SEBI

    Delta Tech formerly known as Gaussian Network Pvt Ltd will soon file draft papers with Securities Exchange Board of India to raise funds via initial public offering, Hardik Dhebar Group CFO of Delta Corp said in an interview with CNBC TV18. Delta Tech, which operates the online poker site 'Adda52', is the 100 percent subsidiary of Delta Corp Ltd. Delta Corp bought Gaussian Network in 2017 for around Rs 224 crore. Dhebar expects to list at the firm at the end of 2022.

  • JSW Steel subsidiary receives environmental clearance

    JSW Steel shares were down over 3 percent on Tuesday after JSW Utkal Steel, a subsidiary of JSW Steel, received the environmental clearance for setting up of a greenfield integrated steel plant (ISP) with a capacity of 13.2 million tonnes per annum (MTPA) crude steel, from the Union Ministry.  The capital expenditure for the said steel plant project is expected to be Rs 65,000 crore. 

  • IT stocks under pressure as earnings season begins; TCS bucks the trend

    IT stocks were largely under pressure on Tuesday except Tata Consultancy Services (TCS), a day after the country's largest software services exporter reported its financial results for the quarter ended March. Barring TCS shares, which rose more than one percent during the session, most stocks in the IT basket struggled below the flatline amid overall weakness in the market.

  • GM Breweries Q4 earnings | 11.6% fall in Q4 net profit

    GM Breweries has posted an 11.6 percent fall in its Q4 net profit at Rs 40.1 crore against Rs 45.3 crore and revenue was up 11 percent at Rs 142 crore against Rs 127.7 crore. Earnings before interest, tax, depreciation and amortization (EBITDA) was down 16 percent at Rs 23.1 crore against Rs 27.5 crore and margin at 16.2 percent versus 21.5 percent, YoY. The board has recommended a dividend of Rs 5 per share.

  • Skymet forecasts India likely to get average monsoon rains in 2022

    India is likely to get average monsoon rains this year, according to private weather forecasting agency Skymet. The agency's statement raises prospects of higher farm and economic growth in Asia's third-biggest economy.

    Monsoon rains are expected to be 98 percent of the long-term average, and there is a 65 percent chance that India will get average rainfall, according to Skymet. New Delhi defines average, or normal, rainfall as between 96 percent and 104 percent of a 50-year average of 88 centimetres (35 inches) for the four-month season beginning June. (Read more)

  • Gains in Kotak Bank, Axis Bank, Maruti Suzuki lend some support to Sensex

  • Rakesh Jhunjhunwala has sold 3.57% stake in Escorts in open offer on April 11

  • HDFC-HDFC Bank Merger to shake up sector dynamics: Fitch Ratings

    Fitch Ratings says the recently announced merger between HDFC Bank and HDFC -- India's second largest lender and largest housing finance company respectively -- may have long-term implications for the country’s banking and non-bank financial institution (NBFI) sectors.

    The credit rating agency's commentary comes days after the financial services majors announced the the all-stock amalgamation, wherein shareholders will get 42 shares in HDFC Bank for every 25 shares held in HDFC. 

    HDFC currently holds around 21 percent of HDFC Bank. The proposed merger, subject to shareholder and regulatory approvals, is likely to complete in 12-18 months, and set to create one of the largest lenders in the world. (Read more)

  • Fear index VIX cools off 1%

    The India VIX -- known in market parlance as the fear index -- eases one percent to 18.1. Earlier on Tuesday, the gauge dropped to as low as 15.1. 

    In late February, Russia's move to invade Ukraine had sent the VIX soaring to a 20-month peak of almost 34.

  • Sell Hindalco, target Rs 530-525: Himanshu Gupta

    Himanshu Gupta of Globe Capital recommends selling Hindalco shares for a target of Rs 530-525 with a stop loss at Rs 560.

  • All sectors in the red; Nifty Metal drops over 3% 

    Index Change (%)
    Nifty Metal -3.2
    Nifty Realty -2.9
    Nifty PSU Bank -1.6
    Nifty Oil & Gas -1.6
    Nifty Media -1.3
    Nifty Auto -1.3
    Nifty Consumer Durables -1
    Nifty IT -0.9
    Nifty Healthcare -0.7
    Nifty Pharma -0.6
    Nifty FMCG -0.6
    Nifty Financial Services -0.5
    Nifty Private Bank -0.5
    Nifty Bank -0.5
  • Bond Deals | HDFC, Bajaj Finance, HPCL in the spotlight

    --HDFC to raise funds through a five-month commercial paper at a 4.65 percent coupon

    --Bajaj Finance to raise funds through a May-end commercial paper at a 3.95 percent coupon

    --HPCL to raise funds through a May-end commercial paper at a 3.88 percent coupon (Check out other key bond deals today)

  • Bond Deals | HDFC, Bajaj Finance, HPCL in the spotlight

    --HDFC to raise funds through a five-month commercial paper at a 4.65 percent coupon

    --Bajaj Finance to raise funds through a May-end commercial paper at a 3.95 percent coupon

    --HPCL to raise funds through a May-end commercial paper at a 3.88 percent coupon (Check out other key bond deals today)

  • Expect good cement demand over next couple of years: Mangesh Bhadang

    Mangesh Bhadang, Reseach Analyst at Nirmal Bang Institutional Equities, expects good demand for cement for the next couple of years. "At least a 7-8 percent number can be seen on that demand front. The demand in fact was lower in Q4 but in the first week of April, we have started seeing some pickup and it is expected that the price inputs sustain till the monsoon hits," he says. 

    He finds ACC better than Ambuja in terms of valuation and growth. "Ambuja does carry a holding company discount when you value it because it owns ACC, and so we generally give a 20-25 percent holding company discount when we value Ambuja. Within that, if you look at the growth options within the two as well as valuations, I think in ACC, we have a relatively higher upside compared to Ambuja," he adds. 

  • Buy Hero MotoCorp Rs 2,300 put, target Rs 45: Shubham Agarwal

    Here are three trading calls from Shubham Agarwal of Quantsapp Advisory: 

    --Buy Hero MotoCorp Rs 2,300 strike Put option for a target of Rs 45 with a stop loss at Rs 28

    --Buy Ipca Labs for a target of Rs 1,075 with a stop loss at Rs 1,010

    --Buy Apollo Hospital for a short-term target of Rs 4,900 with a stop loss at Rs 4,530

Stock Market Highlights
: Indian equity benchmarks BSE Sensex and NSE Nifty50 extended losses to a second straight day on Tuesday tracking weakness across global markets as investors started the holiday-shortened week in a risk-off mood. Losses in oil & gas, IT tand metal shares pulled the headline indices lower, though a fag-end recovery in financial stocks limited the downside. Broader markets also bore the brunt of selling pressure, with the Nifty Midcap 100 dropping 1.9 percent and its smallcap counterpart 1.6 percent. Globally, news flow on the Russia-Ukraine war, a rise in bond yields and increasing COVID infections in China remained on investors' radar.