On Tuesday, the Indian market snapped its five-day losing streak amid mixed global cues. Sensex rebounded 366 points to 57,858.15 and Nifty ended 128.85 points higher at 17,277.95.
Here's a look at the updates of the market action on BSE and NSE today.
3: 47 pm: Expert quote
S Ranganathan, Head of Research at LKP Securities said, "As the Fed left key interest rates near zero, its hawkish commentary quickly washed away gains in global markets leading to a gap down opening in indices back home. As FPIs continue to book profits from Indian equities, value stocks made a comeback with the PSU Bank Index rallying over 5% in afternoon trade today supported by auto stocks to stage a smart recovery. As IT & pharma stocks witnessed profit taking, textile stocks were sought after in the broader market on the back of earnings."
3: 45 pm: IT, consumer durables top losers
IT and consumer durables shares top losers with their BSE indices falling over 1,000 points each. BSE IT index and BSE consumer durables indices ended 1,073 points and 1,083 points lower, respectively.
3: 30 pm: Sensex ends 581 points lower to 57,276 and Nifty loses 125 points to 17,152.
3:25 pm: Expert quote
Sameer Kaul, MD & CEO, TrustPlutus Wealth said, "The fall in the Indian markets is in line with global markets. The markets were eagerly awaiting the outcome of the US Federal Reserve meeting on Monetary Policy which was held on 25th and 26th January, 2022. The Federal Reserve has indicated that they will begin hiking interest rates in the near future and that there will be multiple rate hikes this year. Along with that the Fed has also stated that they will end the asset purchase program in March and will also look to reduce the size of the Fed Balance Sheet from sometime later this year. The combination of these measures is what has spooked markets globally as it would mean moving from a scenario of easy and excess liquidity to a scenario of liquidity tightening. As stated earlier, we expect 2022 to be a much more challenging year from a returns perspective as compared to 2021. We suggest investors stick to their asset allocation and invest in high quality companies and also pay close attention to valuations."
2: 25 pm: Budget expectations
Vinay Kumar Gupta , Director, Trustline Securities said, "Union Budget will attract a lot of attention from different stakeholders in the economy particularly as it comes at a time when India is in the grip of a third Covid wave. The Budget is expected to provide a push to both the affordable and rental housing ecosystem as well as bolstering existing financial infrastructure; the hospitality sector is seeking lower taxation and incentives. The government could provide tax relief to Covid patients and their families as well as more deductions for the medical treatment expenses. Insurance industry wants GST on the health insurance to be slashed from existing 18% to 5%. Disinvestment of various public assets is also government's top-notch agenda. On the macro level, there would be expectations from the government to bring down its fiscal deficit to 4.5% of gross domestic product (GDP) by 2025-26 as per its fiscal consolidation path going ahead."
2: 15 pm: Market update
Indices pare losses in afternoon session. Sensex falls 650 pts to 57,210 and Nifty loses 192 points to 17,085. HCL Tech, TechM and Dr Reddy's are the top Sensex losers, falling up to 3.70%.
1: 50 pm: Attractive stocks amid correction
Vinay Kumar Gupta , Director, Trustline Securities said,"Equities markets are definitely attractive after meaningful corrections. Those who are timing the market, they must consider these falls a good opportunity to buy. Investors should stay invested in good quality stocks as fundamentals business for instance TCS, Wipro, Infosys, Tech Mahindra HDFC Bank & ICICI bank, Tata Chemicals, Aarti Industries, KPR Mills, Shoba KNR Construction, Sobha Limited, Oberoi Realty and so on."
1; 40 pm: Larsen & Toubro Infotech, IIT Madras collaborate for 5G research
Larsen and Toubro Infotech has partnered with IIT Madras for collaborative research in the field of 5G. Through this partnership, LTI and IIT Madras will innovate in the 5G space and enable 5G frameworks validation. Both LTI and IIT Madras will promote research towards development of a low-cost and low-frequency 5G network setup for better connectivity in rural areas.
1: 15 pm: Torrent Pharma shares fall over 16%
Shares of Torrent Pharmaceuticals Limited (TRP) plunged over 16 per cent to hit an intraday low of Rs 2,642.05 today after the firm reported a weak set of numbers for the quarter ended December 2021. The company reported a 16 per cent year-on-year decline in its consolidated net profit for the October-December quarter at Rs 249 crore as its US business registered a 20 per cent decline in revenue.
Also read: Here's why Torrent Pharma shares tanked over 16% today
1: 11 pm : Expectations from Union Budget 2022-23
Appalla Saikiran, Founder & CEO of SCOPE says, "We expect the government will insist on the Start-up India Seed Fund Scheme to promote startups that registered a remarkable feat despite the adverse impact of the pandemic. The Budget should also introduce a way forward to develop an easy regulatory system, policies, and norms for startups so that it smoothens their job to run the business without obstacles at the administrative level. The government can also think about formulating policies and mechanisms to assist startups in domestic capital participation and the creation of a favorable investment climate."
1: 10 pm: Market update
Sensex falls 1,051 points to 56,806 and Nifty down 305 points to 16,972.
12: 35 pm : Ukraine crisis: US offers no concessions to Russia's demands
The Biden administration and Nato told Russia on Wednesday there will be no US or Nato concessions on Moscow's main demands to resolve the crisis over Ukraine.
In separate written responses delivered to the Russians, the US and Nato held firm to the alliance's open-door policy for membership, rejected a demand to permanently ban Ukraine from joining, and said allied deployments of troops and military equipment in Eastern Europe are nonnegotiable.
12:15 pm: Expert quote
Parth Nyati, Founder, Tradingo said, "The market is not going in the budget with any euphoria. So, there is a good chance of a post-budget rally and if we look at the last three years' trend then the Market corrects ahead of budget then it witnesses a post-budget rally. Nifty is trying to find its feet near a strong support zone of 16850-16600 after a brutal fall. The market was looking much oversold as PCR was slipped below the 0.7 mark and FIIs' long exposure in the index future dipped below 45% therefore a bounceback is due. Technically, 16800 is long-term trendline support and a previous demand zone while 200-DMA is placed around 16600 level therefore we can expect a pullback rally from here. On the upside, the 17500-17600 area will be the first resistance zone while above 17800, we will get confidence that the market has reversed and is ready to go higher."
12:10 pm: Market check
The benchmark indices were trading sharply lower on Thursday. Sensex slumped over 1200 points to 56,532.83 and Nifty plunged over 300 points to 16,900.
HCL Tech was the top loser on Sensex, declining 4 per cent followed by Titan, Wipro, Tech Mahindra and Tata Steel.
11:25 am: Torrent Pharma shares tank 16%
Shares of Torrent Pharmaceuticals Limited plunged over 16 per cent today after the firm reported its earnings for the quarter ended December 2021.
The reported a 16 per cent year-on-year decline in its consolidated net profit for October-December quarter at Rs 249 crore as its US business registered a 20 per cent decline in revenue. The company's total revenue rose 6 per cent to Rs 2,108 crore during the quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell 5 per cent to Rs 585 crore.
11:00 am: Investors lose Rs 21 lakh crore
Investors have lost over Rs 21 lakh crore since January 17 as Indian equity market suffered losses in line with global equities. Sensex which stood at 61,308 on January 17 has tumbled 4,468 points till date in a series of loss-making sessions except the one on January 25.
The crash has wiped out Rs 21.28 lakh crore from investor wealth in seven trading sessions. Market cap of BSE listed firms fell to Rs 258.74 lakh crore today against Rs 280.02 lakh crore on January 17.
10:30 am: Wipro in focus
Wipro Limited, one of the leading IT companies in India, has appointed Badrinath Srinivasan (Badri) as the Managing Director for Southeast Asia. Srinivasan joins Wipro from Infosys and, in his new role, will focus on Wipro’s vision for business growth, revenue expansion, client and influencer relationships, talent development and brand building.
He will also be responsible for strengthening the key markets of Southeast Asia, focusing on large deals and strategic transformational engagements. He is based in Singapore and will report to NS Bala, CEO, APMEA (Asia Pacific, Middle East, India and Africa).
10:10 am: Dollar reaches near five-week high as US Fed flags hikes
The dollar was perched near a five-week high on Thursday, bolstered after Federal Reserve chair Jerome Powell primed investors for US interest rate hikes beginning in March.
Overnight the Fed left policy unchanged but Powell foreshadowed a sustained battle to tame inflation.
He told reporters there was "quite a bit of room to raise interest rates without threatening the labour market" and said the Fed was of a mind to begin lifting rates in March.
9:40 am: Adani Wilmar IPO opens today: Should you subscribe to the issue?
The initial public offer (IPO) of edible oil major Adani Wilmar Ltd (AWL) will open today. The Adani Group firm has already collected Rs 940 crore from anchor investors. It plans to raise Rs 3,600 crore through the IPO. The issue will close on January 31.
AWL is a 50:50 joint venture company between Ahmedabad-based Adani group and Singapore's Wilmar group. The company, which sells cooking oils under the Fortune brand, cut its IPO size to Rs 3,600 crore from the Rs 4,500 crore planned earlier.
The company has decided to allocate around 4.09 crore equity shares to anchor investors at Rs 230 apiece, aggregating the transaction size to Rs 940 crore.
9:18 am: Market Opening
The benchmark indices opened sharply lower amid weak global cues. Sensex crashed over 1000 points to 56,809 and Nifty slipped below 17,000.
HDFC Bank was the top loser on Sensex, declining 3 per cent, followed by Dr Reddy, Titan, Wipro, HCL Tech and HDFC.
Except Nifty PSU Bank, all the sectoral indices were trading in the red.
9:00 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities
Benchmark Indices are expected to open in the red as trends on SGX Nifty indicate a gap-down opening for the broader index in India with a loss of 243 points. Markets have seen 5.5 percent fall in the previous five consecutive sessions before seeing a recovery on Tuesday.
Global markets- US Market and Asian Markets are under pressure on Wednesday after the Federal Reserve indicated an interest rate hike could be seen in March and supply concerns rising from the tension between Russia and Ukraine. Oil rose on Wednesday, touching $90 a barrel for the first time in seven years as tight supply and rising political tensions between Russia and Ukraine.
The International Monetary Fund (IMF) has raised its forecast for growth in India's gross domestic product (GDP) in FY23 by 50 basis points (bps) to 9 percent and FY24 by 50 bps to 7.1 percent this will provide some support.
Results for today: Punjab National Bank, RBL Bank, Canara Bank, Indus Towers, Accelya Solutions India, Laurus Labs, LIC Housing Finance, Mahindra Logistics, CE Info Systems, Motilal Oswal Financial Services, Vaibhav Global, Wabco India, Wockhardt and some others.
On the technical front, the key resistance levels for Nifty50 are 17,500 followed by 17,800 and on the downside 17,000 followed by 16,600 can act as strong support. Key resistance and support levels for Bank Nifty are 38,000 and 37,100 respectively.
8:50 am: Rupee falls by 16 paise
The rupee on Tuesday depreciated by 16 paise to close at 74.76 (provisional) against the U.S. dollar due to month-end dollar demand from oil importers and a stronger dollar in overseas markets.
Investors' weak appetite for riskier assets also weighed on the rupee. Moreover, market participants are now eyeing the U.S. Fed's meeting outcome for further cues.
At the interbank foreign exchange market, the local currency opened at 74.60 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.80 during the session.
8:45 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 7,094.48 crore on January 25, and domestic institutional investors (DIIs) bought shares worth Rs 4,534.53 crore, as per provisional data available on NSE.
8:40 am: Global Updates
The Federal Reserve on Wednesday said it is likely to hike interest rates in March and reaffirmed plans to end its bond purchases that month in what U.S. central bank chief Jerome Powell pledged will be a sustained battle to tame inflation.
"The committee is of a mind to raise the federal funds rate at the March meeting assuming that the conditions are appropriate for doing so," Powell said in a news conference, pinning down a policy statement from the central bank's Federal Open Market Committee that only said rates would rise "soon."
The S&P 500 ended lower on Wednesday, taking an abrupt nosedive that reversed earlier solid gains after the U.S. Federal Reserve released its statement at the conclusion of its two-day policy meeting.
All three major U.S. stock indexes gyrated wildly in the final minutes of a session that ended with the Dow joining the S&P in negative territory and the Nasdaq eking out a nominal gain.
The Dow Jones Industrial Average (.DJI) fell 129.64 points, or 0.38%, to 34,168.09, the S&P 500 (.SPX) lost 6.52 points, or 0.15%, to 4,349.93 and the Nasdaq Composite (.IXIC) added 2.82 points, or 0.02%, to 13,542.12.
8:30 am: SGX Nifty
The Indian equity market is likely to open on a negative note as SGX Nifty was down 249.75 points to 16,935.50 at 8:30 am.
Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Tuesday
Indian market snapped its five-day losing streak amid mixed global cues. Sensex rebounded 366 points to 57,858.15 and Nifty ended 128.85 points higher at 17,277.95.
The broader indices were boosted by strong gains in Maruti Suzuki, Axis Bank and SBI amid a supportive trend in European equities.
Maruti Suzuki was the top Sensex gainer, rising around 7 per cent, followed by Axis Bank, SBI, IndusInd Bank, Bharti Airtel and NTPC. Wipro, Bajaj Finserv, Titan, Infosys and Tech were among the top losers, falling up to 1.75%. Of 30 Sensex stocks, 18 ended higher.