Share Market Highlights: Sensex ends 1,939 points lower, Nifty at 14,529; ONGC, M&M, Axis Bank top losers

Sensex, Nifty LIVE Updates on February 26: After three straight sessions of gains, share market indices slipped majorly and closed deep in red on Friday, tracking weakness from global equities. Sensex ended 1,939 points lower at 49,099 and Nifty fell by 586 points to 14,529. Yesterday, Sensex ended 257 points higher at 50,039 and Nifty gained 115 points to 15,097. Both the indices recorded biggest single day drop in nine months. Sectorally, all the other indices were trading with major losses. PSU Bank, private and financial indices declined around 4-5% today. The market breadth, indicating the overall health of the market, is weak on the BSE, with 431 shares rising, 1,267 shares falling and a total of 51 shares were unchanged. IndusInd Bank, Axis Bank, HDFC, SBI, M&M, ICCI Bank and HDFC Bank were among the top losers, while UltraTech Cement, Sun Pharma and Dr Reddy were trading among top gainers. Global markets fell after rising bond yields triggered a broad sell-off in technology and communications companies.

Sensex logs sixth-biggest fall ever: Five factors behind the market crash today

Here's a look at the LIVE updates of the market action on BSE and NSE today

3.53 PM: Closing on Friday

After three straight sessions of gains, share market indices slipped majorly and closed deep in red on Friday, tracking weakness from global equities. Sensex ended 1,939 points lower at 49,099 and Nifty fell by 586 points to 14,529.

Top losers today: 5 shares fell up to 6.5%; ONGC, M&M, Axis Bank, Bajaj Finserv, Kotak Bank

3. 43 PM: MArket outlook

Devang Mehta,  Head Equity Advisory, Centrum Broking said,"On Thursday, the US 10-year yield climbed to 1.614 per cent, which is the highest in a year. Concerns over inflation in the US is the reason behind rising of bond yields The bond market is expecting the likely rise in inflation to push the US Federal Reserve to either lower monthly bond-buying or hike interest rates, an adverse factor for markets like India, which have been a major recipient of foreign inflows of late. This is despite the US Fed's reassurance of keeping the low cost of money intact.

Indian markets have seen a stellar rally in the past couple of months due to strong foreign flows, improving macros & return of corporate earnings growth. The ingredients of a structural bull market remain intact for India. Such ebbs & corrections will provide opportunities for long-term investors to take advantage of volatility and accumulate quality businesses at reasonable valuations & price points."

3. 34 PM: HDFC Bank share price drops 2.4%

HDFC Bank share price touched an intraday low of Rs 1567.25 (-2.4%) on BSE. The lender has bought 4,995 shares at Rs 10 each issued by Ferbine Pvt. Ltd. Ferbine has been incorporated to make an application to the Reserve Bank of India to set up a pan-India Umbrella Entity for retail payments.

3. 23 PM: Hatsun Agro share price rises over 3%

Hatsun Agro share price opened with a gain of 3.25% today and touched an intraday high of Rs 735 (3.25%) on BSE. The company has commenced commercial production at its new facility in Maharashtra set up at a cost of Rs 130 crore, the company said on Thursday.

3. 19 PM: HCL Tech share price falls 2.4%

HCL Tech share price fell after 2 days of consecutive gain and touched an intraday low of Rs 906 (-2.42%) on BSE. The IT services major said its subsidiary HCL America Inc has approved a proposal for issuing senior unsecured notes of up to USD 500 million.

3.08 PM: Bank of Baroda share price drops over 5%

Bank of Baroda share price fell after 2 days of consecutive gain. The stock opened with a loss of -2.95% today and later hit touched an intraday low of Rs 85.2 (-5.23%) on BSE. The bank's board approved the opening and issue price of its share sale on Thursday. 'The issue price was fixed at Rs 85.98 per share and the bank may offer a discount of not more than 5% on the floor price.

2. 54 PM: Jet Airways share pricedrops 5%

Jet Airways share price opened with a gain of 4.59% today and hit an intraday high of Rs 139.5. Later , the shares erased early gains and touched an intraday low of Rs 126.3 (-4.97%) on BSE. The National Company Law Tribunal (NCLT), which is hearing the resolution plan of the grounded carrier has granted time till March 2 to aviation regulator DGCA to respond on the airline's slots issue.

2.48 PM: SBI share price falls over 3%

SBI share price fell after 3 days of consecutive gain and hit an intraday low of Rs 394.3 (-3.18%) on BSE today. State Bank of India and Shapoorji Pallonji Real Estate on Thursday signed a Memorandum of Understanding (MoU) to enable faster processing of home loans, approvals and to provide other benefits.

2. 31 PM: Dewan Housing share rises 5%

Share price of debt-ridden mortgage lender Dewan Housing Finance Corporation Ltd (DHFL) hit a 5% upper circuit on Friday. The stock rose after the lender said it has received no objection from the Reserve Bank and has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Ltd (PCHFL) with the National Company Law Tribunal.

Dewan Housing share rises 5% as lender files resolution application with NCLT

2.26 PM: Rs 5 lakh crore investor wealth wiped out

Investors lost nearly Rs 5 lakh crore in afternoon trade today after Sensex crashed over 1,800 points amid sell-off in global markets. Market cap on BSE, which hit an all-time closing high of Rs 206.18 lakh crore on February 25,  fell to Rs 201.36 lakh crore in afternoon trade, reflecting widespread selling across the sectors and indices. While Sensex crashed 1,848 points to 49,191, Nifty slipped 543 points to 14,554.

Rs 5 lakh crore investor wealth wiped out after global sell-off spooks Sensex, Nifty

2.13 PM: Bharti Airtel share climbs 2%

Bharti Airtel share rose 2 percent intraday after the telco said it had raised $1.25 billion through debt instruments.  The large cap stock rose up to 1.98% to Rs 584.45 against previous close of Rs 573.05 on BSE.

Airtel share has risen 2.95% in two days. Market cap of the telco rose to Rs 3.16 lakh crore. The share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.

Bharti Airtel share climbs 2% after telco raises $1.25 billion via debt instruments

1. 53 PM: HDFC Bank share price drops over 2%

HDFC Bank share price touched an intraday low of Rs 1567.25 (-2.4%) on BSE. The lender has bought 4,995 shares at Rs 10 each issued by Ferbine Pvt. Ltd. Ferbine has been incorporated to make an application to the Reserve Bank of India to set up a pan-India Umbrella Entity for retail payments.

1. 41 PM: Infosys share price falls marginally

Infosys share price fell 0.50% to RS 1,268 on BSE after 3 days of consecutive gain today. The IT services major said it will add 300 local jobs in Pennsylvania as part of its ongoing hiring plans in the US.

1. 34 PM: YES Bank share falls 3% amid market crash

YES Bank shares fell almost 3 per cent amid Friday's sharp correction, ranking among the most active banking scrips in terms of volumes on BSE and NSE.

Extending fall for the second consecutive session, YES Bank stock opened lower at Rs 15.80 as against its previous close of Rs 16.10. Later, the stock declined 2.8 per cent to the intra-day low of Rs 15.65, amid high volatility. It also hit an intraday high of Rs 15.95 in early session.

YES Bank share falls 3% amid market crash

1. 21 PM: Mahindra Lifespace Developers share price gains over 1%

Mahindra Lifespace Developers share price gained over 1% and traded 1.12% away from 52 week high of Rs 524.5 on BSE today. The realty firm said it has acquired 7.89 acres of land to develop a residential project in Bengaluru. The project will offer about 5 lakh sq ft of carpet area. The launch of the project is planned for FY 2022, the company said in a regulatory filing.

1.08 PM: DHFL share price gains over 4%

Dewan Housing Finance Corp. Ltd share price gained 4.76% to Rs 19.80 on BSE today. The company has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Ltd (PCHFL) with the National Company Law Tribunal.

12. 46 PM: Global markets deep in red

Asian markets are trading deep in red with SGX Nifty down over 1.5% tracking overnight US markets and on news that Biden orders airstrike against Iran backed militia in Syria. US markets closed sharply lower led by technology stocks and due to rise in US bond yields which spooked investor sentiments. Biden orders airstrike against Iran backed militia in Syria. European markets closed lower as investors more cautious due to rise in US bond yields. Corporate earnings from Bayer, Axa, AB InBev also remained in focus.

Oil prices hovered around the 13 month high with minor profit booking seen on comments that US interest rates will remain low and also due to drop in crude output.

12. 34 PM: Ashok Leyland share price falls over 3%

Ashok Leyland share price touched an intraday low of Rs 126.9 (-3.24%)on BSE today. The company has completed the acquisition 38% of Hinduja Tech Ltd's (HTL) share capital from Nissan International Holding BV for a total consideration of Rs 70,20 crore. HTL has now become a wholly owned subsidiary of Ashok Leyland.

12. 24 PM: Nifty technical outlook

Geojit Financial said in its note today,"The pull back yesterday after the opening surge and subsequent close below 15123, suggest that buyers are less keen to chase prices higher, and could be waiting for dips to 14934, the entry point suggested yesterday. Dips below the same could render the trend vulnerable for falls to 14481."

12. 18 PM: RailTel IPO listing outlook

Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"We had given a subscribe rating to RailTel Corporation IPO, today the stock made a listing on the exchange at 11.3% above its issue price and is currently trading at 21.4% above issue price at the higher price band. Currently, stock is trading at 26 PE on FY20 trailing basis. Considering this, Company has a diversified portfolio of services and solutions. It is a key partner to the Indian Railways in digital transformation.  We are positive on the long term prospects of the Company, so we advise long term investors to hold the stock."

12.10 PM: Market outlook

Ajit Mishra, VP - Research, Religare Broking said,"The rising bond yields in the US have spooked investors sentiments which has led to a sell off in global markets. Moreover, the geo-political tensions between US and Iran have also weighed on sentiments.Nifty may see a short term trend reversal below 14,600. We thus advise keeping existing long positions hedged."

11. 50 AM: Sensex tanks over 1,400 points

Sensex tanked over 1,400 points in early trade today amid a sell-off in global markets.While Sensex crashed 1,429 points to 49,610, Nifty slipped 418 points to 14,679. On Thursday, Sensex ended 257 points higher at 50,039 and Nifty gained 115 points to 15,097.

Global markets fell after rising bond yields triggered a broad sell-off on Wall Street. Nasdaq fell 3.5% on Thursday while the S&P 500 dropped 2.4%, led lower by heavy selling in technology and communications companies.

BREAKING NEWS: Sensex tanks over 1,400 points amid sell-off in global markets

11. 40 AM: Indian Bank share price drops 3%

Indian Bank share price opened with a loss of -3.36% and later touched an intraday low of Rs 138 (-3.5%) on BSE today. The lender has decided to exercise the call option on its outstanding AT 1 perpetual bonds worth Rs 2500 crore on March 30.

11. 30 AM: Global market outlook

CapitalVia Global Research said in its morning note," Oil prices are set for their fourth straight monthly advance. Brent crude is set for its best February since 2015 while West Texas Intermediate will have its best February, Dollar index trading flat near $90.20.

Asian equities have opened lower on the final trading day of the week as global bonds continued to sell-off and the U.S. Dollar strengthened. Benchmark indices in Japan, Australia and South Korea have declined over 2% each this morning. Australian bonds slumped while Japan's10-year yield rose to the highest since early-2016. The 10-year benchmark treasury surged as much as 23 basis points to 1.6% on Thursday."

11. 20 AM: Currency outlook

CapitalVia Global Research said in its morning note,"The rupee likely to open at 72.90 against the US dollar in opening trade on this morning, yesterday the 10-year benchmark treasury surged as much as 23 basis points to 1.6% on Thursday. Technically, USDINR March Future closed at 72.74 on previous trading session, market could see Bullish momentum up to 72.90 levels once it gives close above 72.90 then market likely to go towards 73.10 in today's session."

11.07 AM: GameStop shares rally 50%

GameStop Corp shares surged more than 50% in early deals on Thursday as amateur investors jumped back into the stock weeks after an unprecedented short squeeze triggered a 1,600% rally in the video game retailer.

The latest moves build on Wednesday's rally in GameStop and other so-called "stonks" - an intentional misspelling of "stocks" - favored by retail traders on social media sites such as Reddit's WallStreetBets.

GameStop shares rally 50% after puzzling ice-cream cone tweet

10. 51 AM: Bharti Airtel share price gains 1%

Bharti Airtel share price gained 1% to Rs 585.50 on BSE. The telecom operator will conduct an extraordinary general meeting 19 March to seek the approval of board members on the proposal of issuance of equity shares of the company on preferential basis through special resolution. The company had raised $1.25 billion overseas, it said on Thursday.

10. 45 AM:Kotak Mahindra Bank share price drops 2.8%

Kotak Mahindra Bank share price touched an intraday low of Rs 1842.4 (-2.79%) on BSE. The lender has agreed to buy 4,995 shares in payments infrastructure company Ferbine Pvt. Ltd for Rs 49,950 translating into an equity shareholding of 9.99%.

10. 30 AM: Market outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"15100 acted as a stiff resistance yesterday - we were unable to close above that level. I still feel traders should not take a position in either direction. We should evaluate the markets on Monday. Due to the volatility the stops are going to be large and hence the risk element is high. Hence a fresh view should be taken in a couple of days."

10. 22 AM: Stocks to watch today on February 26

RailTel, Bharti Airtel, Infosys, HCL Tech, SBI, Ashok Leyland, DHFL among others are the top stocks to watch out for in Friday's trading session

Stocks in news: RailTel, Bharti Airtel, Infosys, HCL Tech, SBI, Ashok Leyland, DHFL

10. 13 AM: Wall Street slips on tech sell-off as bond yields soar

Wall Street's main indexes fell on Thursday, with the Nasdaq slipping about 2.5%, as technology-related stocks remained under pressure following a rise in U.S. bond yields.

The benchmark 10-year Treasury yields hit a one-year high of 1.48%, prompting investors to lock in profits on some high-flying growth stocks due to concerns over heightened valuations.

The Treasury note yield also rose above S&P 500 dividend yield, wiping out a historically strong advantage that the stock market yield has held.

Wall Street slips on tech sell-off as bond yields soar, Nasdaq falls 2.5%

10. 04 AM: RailTel shares debut today

RailTel Corporation of India share price made its market debut on Friday. The stock rose 11.28% from the issue price of Rs. 94 per share and listed at Rs 104.60 on BSE.

RailTel share makes tepid market debut, lists at 16% premium to IPO issue price

9. 54 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 188.08 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 746.57 crore in the Indian equity market on 25 February, provisional data showed.

9. 40 AM: Global markets trade deep in red amid concerns of rising bond yield

Overseas, Asian stocks are trading sharply lower on Friday following an overnight drop on Wall Street as a rapid rise in bond yields rattled investor sentiment.

U.S. stocks dropped sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names. The 10-year Treasury yield soared as high as 1.6% in a sudden move that some described as a flash spike. The yield later settled back down to around 1.52%, its highest level since February 2020.

9. 36 AM: Market update

Sectorally, all the other indices were trading with decent losses. PSU Bank fell the most at 3%, while private and financial indices declined over 2%. The market breadth, indicating the overall health of the market, is weak on the BSE, with 431 shares rising, 1,267 shares falling and a total of 51 shares were unchanged.

9. 21 AM: Opening session on Friday

After three straight sessions of gains, share market indices opened majorly bearish on Friday, amid weak global equities. Sensex was trading 1,039 points lower at 49,999 and Nifty fell by 205 points to 14,888.

9. 15 AM: Nifty technical outlook

Reliance Research said in its note,"NSE-NIFTY took support around its lower band of the rising channel and formed bullish reversal pattern. Later the index extended gain and managed to hold higher levels with the help of consolidation. Overall market breadth remained in favour of the bulls and positive trend observed across the sectors barring Financial Service and FMCG. Due to further rise in the index, major technical indicators on the near-term timeframe chart remained in buy mode. We believe that the index will continue its prior up-move. This could take the index towards 15,250-level. On the lower side, the index will find support between 14,650-14,600-levels.

As for the day, support is placed at around 15,050 and then at 15,002 levels, while resistance is observed at 15,161 and then at 15,224 levels."

9. 08 AM:Morning view on the market

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"We are now in a see-sawing market moving up & down in response to positive & negative news. But the long-term texture of the market has been ' buy on dips' and this strategy has been rewarding in this bull run. The sell-off in the US market yesterday was the market's response to 10- year yield touching 1.6%. The Fed's interpretation of the rising yield is that it is discounting better growth prospects while the market typically discounts stock prices at a lower PE when interest rates rise. Fed's declared commitment to inject liquidity and keep rates low through 2023 can ensure a buoyant market this year. So investors can utilize opportunities thrown up by corrections to buy quality stocks is performing sectors.

9. 00AM: Rupee closing

In the forex market, the rupee ended 8 paise lower at 72.43 per US dollar on Thursday, weighed down by the spike in global crude oil prices.

8. 50 AM: Closing on Thursday

Share market indices ended higher on F&O expiry day amid positive global equities. Rising for the third straight session, Sensex ended 257 points higher at 50,039 and Nifty gained 115 points to 15,097.

Sensex ends 257 points higher, Nifty at 15,097; NTPC, Axis Bank, ONGC top gainers

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