Indian equity market lost three per cent for the second straight week in tandem with global selloff after the US Federal Reserve signalled policy tightening from March.
The benchmark BSE Sensex tumbled 1,836.95 points, or 3.11 per cent, to 57,200 on January 28 against 59037.18 on January 21. Likewise, the 50-share NSE Nifty index retreated 515.20 points, or nearly 3 per cent, to 17,101.95 during the same period.
Here's a look at the updates of the market action on BSE and NSE today.
3: 45 pm: Market update
Sensex ends 813 points higher at 58,014 and Nifty adds 237 points to close at 17,339.
3: 34 pm: Budget expectations
Abhishek Jain, Fellow & Director - Powering Livelihoods, CEEW says, "Following on from the COP 26 announcements, we hope that the government would not limit India's greening ambitions to large power plants or industries, but also leverage the green solutions to drive incomes and jobs at the bottom of the pyramid. We hope to see strong budgetary support for mainstreaming green technologies such as biomass-based cold storage, solar looms, solar power milking machines and milk chillers to solar-powered agro-processing units such as mills, dryers and much more. We must make the green transition an inclusive one and make it work to further jobs and livelihoods."
3: 22 pm: AGS Transact Technologies share falls 12% on listing day
Shares of AGS Transact Technologies fell 12.68% on their market debut today. The share which listed flat at Rs 176 fell further to Rs 153.80 during the day on BSE.
3: 17 pm: Expert quote
Vijay Dhanotiya, Category Lead- HNI Products at CapitalVia Global Research said, "The market continues to trade in a narrow range. Nifty breached the level of 17400 but could not maintain the crucial levels and saw a sideways movement thereafter. The bullish movement in the market is still likely to continue after a decisive breakout above the zone of 17,400-17,450. The momentum indicators like RSI, MACD indicating a positive outlook to continue and market breadth to improve further after the decisive level breakout of the resistance zone."
3:11 pm: Sensex trading 829 points higher at 58,030 and Nifty adds 232 poinst to 17,334.
2: 53 pm: Rally adds over Rs 4 lakh crore to investor wealth
Investors became richer by Rs 4.13 lakh crore today, a day ahead of Union Budget 2021.
Market cap of BSE listed firms rose to Rs 265.20 lakh crore today against the market cap of Rs 261.07 lakh crore in the previous session.
2: 25 pm : Budget Expectations
Mr Vinay Kumar Gupta, Director Trustline Securities said, "It is budget time and the countdown for the Union Budget 2022-23 has started. With increasing Covid19 cases due to a new variant of concern, the Indian market would be having a bumpy ride ahead. As lockdowns and restrictions would be imposed, the real estate sector is expecting the government to increase capital expenditure and a push to both affordable and rental housing projects with similar expectations by infrastructure, defence and health care industry. Aviation, travel industry want some tax relief and subsidies from government. Moreover, market wants soaring inflation to be contained within limits set by RBI framework. Apart from that, market expects accommodative instance from RBI, strong vaccination drive, strong corporate earnings drive, support from the government via various incentives and more liquidity so as to sustain & the support broad base upward rally ahead."
1: 45 pm: Capital markets have done well: Economic Survey
India’s capital markets, have done exceptionally well and have allowed record mobilization of risk capital for Indian companies. The Sensex and Nifty scaled up to touch their peaks at 61,766 and 18,477 on October 18, 2021.
1: 42 pm: NMDC increases price of lump ore from Rs 4900 to Rs 5200.
1:25 pm: Govt projects 8-8.5% growth in FY23
Finance Minister Nirmala Sitharaman tabled the Economic Survey 2021-22 in the Lok Sabha today. This comes ahead of the Budget announcements on February 1, scheduled to begin from 11am. The survey that details the state of the economy ahead of the Union Budget, projected an 8-8.5 per cent growth rate for the Indian economy in fiscal year 2022-23.
Economic Survey 2021-22: Govt projects 8-8.5% growth in FY23
1: 15 pm: Marico shares zoom 5% post Q3 earnings
Shares of Marico Limited rose 5 per cent to hit an intraday high of Rs 494.75 on BSE after the company posted its earnings for the quarter ended December 2021. FMCG firm Marico reported a marginal increase of 1.6 per cent in its consolidated net profit to Rs 317 crore for the third quarter ended December 2021. Profit in the year-ago period stood at Rs 312 crore. Revenue from operations jumped 13.43 per cent to Rs 2,407 crore, compared with Rs 2,122 crore in the year-ago period.
Also read: Marico shares zoom 5% post Q3 results; here's what brokerages say
1:00 pm: Airtel buys 25% stake in SD-WAN start-up Lavelle Networks, share rises 2%
Share of telecom giant Bharti Airtel rose 2.21% to Rs 731.70 against the previous close of Rs 715.90 on BSE today. The rally in the stock came after the firm announced an agreement to buy around 25 per cent equity in Bengaluru-based technology start-up Lavelle Networks. Lavelle Networks, which was founded in 2015, specialises in Software-defined Wide Area Network (SD-WAN) solutions and serves a range of industry segments.
Through this deal, Lavelle aims to utilise its enterprise data network as Digital India is racing away to applications, cloud and software. The technology start-up also expects that its early market access will be accelerated due to its partnership with Bharti Airtel.
12: 34 pm: Union Budget Expectations
Vikram Gidwani, Country Head, BioCatch says, "The Indian Banking and Fintech Industry is in the midst of a huge digital revolution and the regulators have done a great job in coming up with new regulations like Video KYC etc to aid this. But with digitisation comes a huge threat of increase in cyber crimes. In the upcoming budget, we are expecting the government to allocate a budget and invest for building the cybersecurity infrastructure of the country. Simultaneously, additional incentives or SOPs for the BFSI Sector (in terms of taxation or otherwise) can be proposed to further promote and fuel this digital transformation, while keeping the security and privacy of consumers at priority."
12: 25 PM: Sensex surges over 1,000 points
Sensex rises 1,041 points to 58,242 and Nifty gains 299 poinst to 17,401. All Sensex stocks except IndusInd Bank and Kotak Bank are trading in the green. Top Sensex gainers are Tech Mahindra, Infosys, Wipro and Bajaj Finserv, rising up to 4.55%.
12:05 pm: Marico shares zoom 5% post Q3 results
Shares of Marico Limited rose 5 per cent to hit an intraday high of Rs 494.75 on BSE after the company posted its earnings for the quarter ended December 2021.
FMCG firm Marico Ltd reported a marginal increase of 1.6 per cent in its consolidated net profit to Rs 317 crore for the third quarter ended December 2021.
The company had posted a net profit of Rs 312 crore in the corresponding quarter a year ago, Marico said in a BSE filing.
Its revenue from operations during October-December 2021 jumped 13.43 per cent to Rs 2,407 crore, compared with Rs 2,122 crore in the year-ago period.
11:30 am: Tata Motors stock rises 2% ahead of Q3 earnings
Shares of homegrown auto major Tata Motors were trading higher ahead of the firm's Q3 earnings set to be announced today. The stock has gained 5.33% in the last four days.
The large-cap stock touched an intraday high of Rs 507, rising 1.93% against the previous close of Rs 497.40 on BSE.
Also read: Tata Motors stock rises 2% ahead of Q3 earnings, here's what to expect
11:00 am: Will the salaried class get income tax relief this year?
Union Budget 2022, to be presented on February 1, is going to be closely watched by the salaried class which is keenly awaiting the announcement regarding the personal taxation.
Income tax relief, standard deduction hike, and tax relief for saving for kids' education are some of the expectations of the salaried class from finance minister Nirmala Sitharaman, all the more in the wake of the ongoing COVID-19 pandemic.
Salaried class taxpayers are expecting that the Union Budget 2022 will give them relief by providing a reduction in the income tax rates and surcharges as inflation continues to increase.
10:30 am: AGS Transact Technologies makes flat market debut, stock lists at Rs 176
Payments solutions provider AGS Transact Technologies made a flat market debut today. Shares of AGS Transact Technologies listed at Rs 176 on BSE compared to the issue price of Rs 175. The company offered its shares in a price band of Rs 166-175. This is the first stock market listing of 2022.
The market cap of the firm stood at Rs 2,118 crore. Total 0.51 lakh shares of the firm changed hands amounting to a turnover of Rs 88.90 crore on BSE.
10:15 am: Market check
The benchmark indices were trading sharply higher on Monday. Sensex zoomed over 800 points to 58,048 and Nifty jumped 250 points to 17,353.
9:25 am: Parliament session to begin from today; Economic Survey to be out
The Budget Session of the Parliament will begin from today with the address by President Ram Nath Kovind to the Lok Sabha and the Rajya Sabha in the Central Hall. The President will address both the Houses today at 11 am.
The Lok Sabha will sit for business half an hour after the President’s Address. The Economic Survey 2021-22 will be tabled by Finance Minister Nirmala Sitharaman in the Lok Sabha today, and she will present the Budget 2022 on February 1 at 11 am.
9:16 am: Market Opening
Indian benchmark indices opened sharply higher on Monday. At 09:16 hours, the 30-share BSE index was trading 645 points higher at 57,845.91, and the broader NSE Nifty was up 199 points to 17,301.05.
Wipro was the top gainer in the Sensex pack, advancing over 3 per cent, followed by IndusInd Bank, Infosys, Tata Steel, Bajaj Finserv and Tech Mahindra.
L&T was the only loser on Sensex.
9:00 am: Earnings today
Shares of Sun Pharma, Tata Motors, Indian Oil Corporation, DLF, Bharat Petroleum, UPL, Hindustan Petroleum, Vinati Organics, Navin Flourine International, Ajanta Pharma, KPIT Technologies, UCO Bank, Exide Industries, KEC International and Poly Medicure will be in focus as these firms will announce their Q3 earnings today.
8:45 am: Global updates
Wall Street surged on Friday, notching its best day so far in 2022 after another zigzag session, ending a tumultuous week marked by mixed corporate earnings, geopolitical turmoil and an increasingly aggressive Federal Reserve.
The Dow Jones Industrial Average rose 564.69 points, or 1.65%, to 34,725.47, the S&P 500 gained 105.34 points, or 2.43%, to 4,431.85 and the Nasdaq Composite added 417.79 points, or 3.13%, to 13,770.57.
In Asia, Nikkei Weighted index was up 0.99 per cent and Hang Seng was trading 0.80 per cent higher. Shanghai Composite was down 0.97 per cent.
8:40 am: Rupee closes almost flat at 75.07
The rupee snapped its three-day losing streak to close 2 paise higher at 75.07 against the U.S. dollar on Friday amid expectation of better dollar inflows from upcoming IPOs.
However, the rebound in the rupee was restricted amid weakness in domestic equities, analysts said.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 5,045.34 crore on January 28, and domestic institutional investors (DIIs) bought shares worth Rs 3,358.67 crore, as per provisional data available on NSE.
Overseas investors withdrew a whopping Rs 28,243 crore from Indian equities in the month of January so far as the US Federal Reserve indicated towards an interest rate hike.
The foreign portfolio investors (FPIs) pulled out Rs 28,243 crore from equities between January 3-28, according to the depositories data.
8:30 am: SGX Nifty
The Indian equity market is likely to open on a positive note as SGX Nifty was up 149.25 points to 17,266.80 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 Friday
Benchmark indices ended lower after trading with massive gains during the majority of session on Friday. Sensex crashed 884 points from the day's peak to close Friday's highly volatile session 77 points lower at 57,200. The late sell-off was triggered mainly in banking and auto shares.
Starting off on a high note, Sensex rallied to trade briefly above the key 58,000-level in afternoon trade, before plunging to a low of 57,119.28. The index finally closed 76.71 points or 0.13 per cent lower at 57,200.23 amid highly volatile trade.
Nifty too moved between gains and losses before closing 8.20 points or 0.05 per cent lower at 17,101.95. Maruti, Tech Mahindra, PowerGrid, ICICI Bank, Axis Bank and SBI - were the top Sensex losers falling up to 3 per cent.