24/05/2022

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MARKET: Sensex off high, up 450 pts; Auto stocks gain, IT, Pharma slide

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Markets at 12 Noon

LIVE market updates: The benchmark indices steadily held their strong gains in noon trade, as rising covid cases did not seem to deter market participation. The BSE Sensex was higher by 502 points at 61,119, while the NSE Nifty was up 137 points at 18,193.


In the broader market too, the BSE MidCap and SmallCap indices were up 0.6 and 0.5 per cent, respectively. On the NSE, Nifty 100 and MidCap 100 were the leading gainers, up 0.7 per cent. Other indices too were in the green zone.


Continued buying support in heavyweight RIL and banking and financial counters kept indices maintain their gains.


Auto stocks were now seen inching upwards, after being tepid early in the day. M&M was the top gainer on the Sensex, up 2.4 per cent. The Nifty Auto index was up 0.8 per cent. Banks, Realty and Energy stocks too continued to be among the prominent gainers.


On the flip side, HDFC Bank, Titan, Nestle, TCS, Wipro, Tech M, and pharma majors Dr Reddy’s and Sun Pharma were in the negative territory. Cipla and Divis Labs were also down 1.4 and 0.6 per cent, respectively, on the Nifty.


Among stocks, the shares of Adani Green Energy (AGEL) hit a new high of Rs 1,666, up 6 per cent, surging as much as 16 per cent in the past two days on the BSE after the company announced a provisional operational update for the third quarter ended December 2021 (Q3FY22). READ MORE.








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Markets at 11 AM

LIVE market updates:

The benchmark indices extended gains in morning trade and were rallying up to 0.8 per cent. The BSE Sensex was up 496 points at 61,113, while the NSE Nifty was higher by 137 points at 18,193.


The up move in the indices was on the back of continued buying in financial stocks and heavweights RIL, Infosys and HDFC. The three were trading 0.9-2.3 per cent higher.


Among financials, Bajaj Finance and Bajaj finserv were the top gainer, up 2.4 per cent and 1.8 per cent, respectively. Kotak Bank, IndusInd, ICICI, SBI, PowerGrid, Tata Steel, Bharti Airtel, M&M and L&T were the other leading gainers on the Sensex. Steel stocks Hindalco and JSW Steel were the additonal gainers on the Nifty.


Among laggards were pharma and IT pack, the two indices were trading flat.


Individually,shares of Steel Exchange India were locked at the 5 per cent upper circuit at Rs 238, also its new high on the National Stock Exchange (NSE) after a foreign portfolio investor bought 5 million equity shares of the company via open market. READ MORE

Similarly,shares of DLF gained 4 per cent at Rs 426.70 on the BSE after the company said it clocked sales worth approximately Rs 1500 crore for towers in the first phase of the newly launched luxury residential project, ONE Midtown.READ MORE.

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Markets at 10 AM

LIVE market updates: The benchmark indices were firm in early morning deals holding their opening gains on the back of buying in heavweight RIL, private lender HDFC and select banking counters such as ICICI Bank, Kotak Bank and SBI. All of these were up between 0.9-1.6 per cent.


The BSE Sensex was up 343 points 60,960, after reclaiming the 61,000 mark at open. The NSE Nifty was nearly 100 points higher at 18,154.


The BSE MidCap and SmallCap indices too were firmly positive and were up 0.7 and 0.8 per cent, respectively.


Sectorally, on the NSE, the Realty index was the leading gainer, up nearly 3 per cent, followed by metals, energy and PSU Banks.


On the flip side, IT and Pharma indices were largely muted, down 0.1 per cent each. IT majors TCS, Wipro, and HCL Tech were trading lower up to 0.7 per cent, except Infosys, which was up 0.6 per cent.


Among stocks, the shares of Tata Teleservices (Maharashtra) were locked at the 5 per cent lower circuit at Rs 276.50 on the BSE after the company decided to convert interest related to adjusted gross revenue (AGR) dues of Rs 850 crore into equity.


The government will hold approx. 9.5 per cent stake as per company’s estimates. In October, the company had decided to opt for deferment of these dues. READ MORE.

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Opening Bell

LIVE market updates: Deriving support from robust global cues, the benchmark indices opened higher on Wednesday extending gains for the fourth straight day. The BSE Sensex was up 327 points at 60,944 while the NSE Nifty was 106 points higher at 18,162. The two indices were rallying up to 0.5 per cent.

In the broader market, the BSE MidCap and SmallCap indices were also in the green zone and were up 0.4 and 0.6 per cent, respectively.


Among Sensex-30 shares, only Titan, Dr Reddy’s, HUL, TCS and Nestle were in the red, all other stocks were trading up with highest gains in Ultratech Cement, Tata Steel, IndusInd Bank, Bajaj Finance, SBI, Kotak Bank, Bharti Airtel, Sun Pharma, L&T and RIL, up between 0.8-1.6 per cent.


On the Nifty, Hindalco, ONGC, Grasim, BPCL and IOC were the additonal gainers. On the downside, Cipla, UPL and some auto stocks were among the losers.




All Nifty sectoral indices too were trading in the positive territory, with highest gains in metals and realty, up 1.3 and 2 per cent, respectively, followed by oil and gas and bank indices.




Among stocks, Delta Corp was up over 3 per cent on the BSE on the back of strong Q3 earnings.


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Pre-open session

LIVE market updates: The benchmark indices were positive in the pre-open trade amid strong global sentiment. The BSE Sensex was up 443 points at 61,060, while the NSE Nifty was 110 points higher at 18,166.


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LIVE market updates: The benchmark indices are likely to start higher on Wednesday extending gains for the fourth straight session amid strong cues from their global peers. At 8:10 am, the SGX Nifty futures were quoted 150-odd points higher at 18,237, when compared to Nifty’s spot close the previous day.


Positioning in IT stocks will likely be visible today ahead of their quarterly earnings to be announced after market hours.


Further, macroeconomic data on inflation, manufacturing and IIP numbers will also be watched out to gauge possible policy action by the RBI.


Telecom stocks too could be in focus with the three leading telcos seeking 90-95 per cent reduction in base price of 5G spectrum auction.




Global cues



The US markets bounced back on Tuesday after Powell’s comments likely reassured investors that the Fed was not going to prioritize inflation reduction above everything else, including employment. The Dow Jones advanced 0.5 per cent, the S&P 500 added 0.9 per cent and Nasdaq jumped 1.4 per cent.




Meanwhile, oil prices rose sharply in trade on Tuesday supported by tight supply and easing fears of lesser economic impact due to Omicron. Brent Crude surged 2.9 per cent to $83.72 a barrel, and WTI Crude rallied 3 per cent to $81.22 a barrel.




The major Asian markets painted a rosy picture on Wednesday morning. Nikkei and Hang Seng had rallied 1.2 per cent and 1.6 per cent, respectively. Kospi too had jumped over a per cent. China’s Shanghai Composite, Straits Times and Taiwan Weighted were up 0.3-0.4 per cent each.