Stock Market Highlight: Sensex ends 585 pts lower at 49,216, Nifty at 14,557; Reliance, TCS, Infy top losers

Indian benchmark indices, Sensex and Nifty, erased day's gains to end sharply lower for fifth consecutive session on Thursday, weighed down by sell-off in IT, Teck and pharma stocks. Worries related to rising bond yields and spike in COVID-19 cases also injected negativity in the market. The S&P BSE Sensex ended 585.10 points or 1.17 per cent lower at 49,216 and NSE Nifty 50 index fell 163 points or 1.11 per cent to settle at 14,557. The broader markets also witnessed bloodbath, with midcap and smallcap indices declining 1.1 per cent and 1.45 per cent, respectively. Among the individual stocks, HCL Technologies, Infosys, Dr. Reddy's Laboratories, Reliance Industries, Tata Consultancy Services were among top losers, while ITC, Bajaj Auto, Bharti Airtel, Mahindra & Mahindra and Maruti Suzuki India were among notable gainers.

Also read: Top losers today: 5 shares fall up to 6%; HCL Tech, Infy, Dr. Reddy's, TCS, Tech Mahindra

On the global front, Asian markets were trading higher, tracking strong cues from the US stocks which settled at record highs after Federal Reserve signaled that there would be no interest rate hikes through 2023. The China's Shanghai Composite was up 0.34 per cent, while the Hang Seng was trading 1.23 per cent higher. The Nikkei 225 was closed today.

Also read:Sensex, Nifty end 1% lower for fifth session: Five factors behind the market crash

In the overnight trade, Wall Street settled at record highs as US Fed expected a fast economic recovery from the COVID-19 pandemic and assured that it would keep interest rate at close to zero. The Dow Jones Industrial Average ended up 0.58 per cent at 33,015 points, while the S&P 500 rose 0.29 per cent to 3,974. The Nasdaq Composite added 0.4 per cent to 13,525. 

Also read: Stocks in news: PNB, BHEL, Future Retail, DLF, SBI Cards, Mindtree

Check highlights of Sensex and Nifty here:

3:00 pm: IT, Teck index slips over 3% on profit booking

IT and Teck sectors plunged over 3 per cent as investors resorted to profit booking. The BSE IT index fell as much as 3.68 per cent or by 977.62 points to 25,612. In a similar trend, BSE TECk index dropped by 390.62 points or by 3.26 per cent to 11,610, led by decline in Infosys, TCS, HCL Tech and Affle (India).

2:30 pm: Top loser and gainers on Sensex

The top gainers of the BSE Sensex pack were ITC Ltd. (Rs. 214.40,+1.83%), Bajaj Auto Ltd. (Rs. 3624.90,+1.38%), Maruti Suzuki India Ltd. (Rs. 7098.85,+0.51%), Mahindra & Mahindra Ltd. (Rs. 839.15,+0.29%), Power Grid Corporation of India Ltd. (Rs. 220.95,+0.16%), among others.

The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 1324.30,-4.53%), HCL Technologies Ltd. (Rs. 944.90,-4.31%), Tata Consultancy Services Ltd. (Rs. 3011.50,-3.25%), Dr. Reddy's Laboratories Ltd. (Rs. 4226.50,-2.99%), Mahindra & Mahindra Ltd. (Rs. 992.50,-2.72%), among others.

2:00 pm: Bajaj Auto share rises over 3% on amendment in dividend distribution policy

Shares of Bajaj Auto rose over 3 per cent in intraday trade on the BSE on Thursday amid spurt in volume trade. In an exchange filing, the auto major said that it has amended the dividend distribution policy of the company.

1:30 pm: Astral Poly Technik drops 8% as stock turns ex-bonus

Shares of Astral Poly Technik declined as much as 8 per cent to Rs 1,701 in intraday trade on the BSE after the stock turned ex-bonus in ratio of 1:3 i.e. 1 bonus share for every 3 existing equity shares. The company has fixed Friday, March 19 as the record date for the bonus share issue.

1:05 PM: Sensex, Nifty slip in red

The BSE Sensex was trading lower by 160 points or by 0.32 per cent at 49,641, and the NSE Nifty was at 14,675, down by 46 points or by 0.31 per cent. In line with benchmark indices, the broader markets also slipped into negative terrain. The BSE MidCap and SmallCap indices were down by 0.34 per cent and 0.63 per cent, respectively.

1:00 pm: Indian Oil shares down 1%

Shares of Indian Oil Corporation (IOC) were trading 0.8 per cent lower at Rs 97.40 on the BSE. The company on Wednesday announced it has entered into a collaboration with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air/zinc-air battery systems, to form IOC Phinergy Private Limited.

12: 45 pm: IPO subscription updates:

Laxmi Organics IPO was subscribed 106.74 times on the third and last day of the bidding process on Wednesday. The IPO of Craftsman Automation was subscribed 3.81 times on Wednesday, the last day of the bidding process.

Laxmi Organics, Kalyan Jewellers and Craftsman Automation IPO subscription updates

12: 30 pm: Expert take

Gaurav Garg, Head of Research at CapitalVia Global Research said, "Indian market opened with a considerable gap up at 14855.50 after yesterday's close in the global market. Despite the growth in inflation, the Fed expects the growth to be highest in nearly 40 years. Policymakers have confirmed that there will be no hike in the rates and that has come as positive news for the markets globally. Asian markets have also been trading in the green after the positive sentiments in the market Fed has confirmed no hike in the rates. IT and Energy sectors have been trading in the red zone; all other major sectoral indices have shown positivity. Hindalco and Tata Motors are the top gainers while Dr. Reddy's and Infosys are the top losers on Nifty."

12: 08 pm : Kalyan Jewellers IPO update

Kalyan Jewellers initial public offer (IPO) was subscribed 1.21 times on the second day of issue on March 17. The IPO, which concludes today, received bids for 11.56 crore equity shares against the offer size of 9.57 crore equity shares, data available on the exchanges showed.

Kalyan Jewellers IPO closes today: Price band, GMP; should you subscribe?

11:50 am: Dixon Technologies share rises 14% as stock turned ex-stock split

Dixon Technologies India shares jumped over 14 per cent to hit 52-week high of Rs 4,588 on the Bombay Stock Exchange in early trade on Thursday, in line with consumer durables index which was up 1 per cent. The stock turned ex-stock split in the ratio of 1:5 i.e. from Rs 10 to Rs 2.

Why Dixon Technologies share zoomed 14% today

11:15 am: BHEL share jumps 7%

Bharat Heavy Electricals Limited (BHEL) share price rose over 7% today after the engineering firm said it emerged as the lowest bidder for supply of equipment for 6x700 MW nuclear power projects of Nuclear Power Corporation of India.

BHEL share rises 7% after firm emerges lowest bidder for NPCIL's Rs 10,800-crore tender

10:50 am: Reliance Industries shares stay under stress

Shares of Reliance Industries extended loss for second session on Thursday. RIL share price was traing 0.5 per cent lower at Rs 2045.05 apiece on BSE.

10:40 am: SBI Cards share price rises 3%

SBI Cards shares surged 3.03 per cent to Rs 1,006.35 in opening trade after CA Rover Holdings divested stake in the credit card company.

Also read: SBI Cards shares jump 3% in opening trade

10:20 am: Hindalco share price jumps 3.5%

Shares of Hindalco Industries were trading 3.4 per cent higher at Rs 337.65 apiece on the BSE after opening higher at Rs 330.

10:05 am: Expert view on market from Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

"The outcome of the FOMC meet is very positive for equity markets. Fed chief's comments that the accommodative monetary stance is appropriate and will continue through 2023 mean the ample liquidity condition & low-interest rate will sustain for an extended period of time. The better than expected news is the Fed raising US GDP growth to 6.5% and the clear message that inflation rate above 2% will be tolerated for some time. Very good news for the bulls! A concern in India is the second wave of Covid attack in parts of the country, particularly in Maharashtra. But, going by experiences this is unlikely to impact the market much. The second wave in the US & Europe, much less in intensity, didn't impact markets. In brief, "Advantage Bulls". FIIs are likely to resume buying in the days ahead. For retail investors, there is buying opportunity in quality financials, telecom & IT."

9:50 am:Future Retail share price up 1%

Shares of Future Retail were trading 1.08 per cent higher at Rs 65.25 apiece on the BSE in opening trade amid report that Future Group has asked a Singapore arbitration court to remove the retail arm from its order that temporarily blocked the deal with Mukesh Ambani-led firm.

9:35 am: Top gainers and losers on Sensex   

Bajaj Finance Ltd. (Rs. 5495.00,+2.54%), Asian Paints Ltd. (Rs. 2465.00,+1.75%), Axis Bank Ltd. (Rs. 740.15,+1.69%), State Bank of India (Rs. 373.15,+1.39%), IndusInd Bank Ltd. (Rs. 1022.65,+1.35%), were among top gainers of the BSE Sensex pack.

On the other hand, Infosys Ltd. (Rs. 1375.80,-0.82%), Dr. Reddy's Laboratories Ltd. (Rs. 4344.15,-0.29%) were among top losers.

9:15 am:  Sensex, Nifty open higher

Snapping four sessions losing streak, Indian benchmark indices opened higher on Thursday, tracking firm cues from Asian markets which surged on dovish stance by the US Federal Reserve. The BSE Sensex opened at 50,273.50, higher by 471 points or by 0.95 per cent, and the NSE Nifty was at 14,845, up by 125 points or by 0.86 per cent. Outperforming the benchmark indices, the broader markets were trading on strong note. The BSE MidCap and SmallCap indices were up by 1.21 per cent and 1.24 per cent, respectively. Among the individual stocks, Bajaj Finance, Asian Paints, Axis Bank, State Bank of India, IndusInd Bank were among top gainers, while Infosys and Dr. Reddy's Laboratories were among notable losers. On the sectoral front, all the indices opened in green, while consumer durables and metal stocks were top gainers, rising nearly 2 per cent in opening trade.

9:10 am: Kalyan Jewellers IPO subscribed 90% on Day 2

Kalyan Jewellers's IPO was subscribed 90 per cent on the second day of the bidding process on March 17. The issue received bids for 8.61 crore equity shares against the offer size of 9.57 crore shares, as per data available on NSE. The quota reserved for retail investors was subscribed 1.56 times and that of non-institutional investors was subscribed 89 percent at end of day.

9:05 am: Easy Trip Planners share allotment finalised

The allotment for Easy Trip Planners IPO is likely has been finalised. Investors can check their allotment status on the issue's registrar KFin Technologies Private Limited's website as well as BSE.

9:00 am: FIIs investment trend

The foreign institutional investors (FIIs) stood as net buyer in both equity and debt on Wednesday. The net investment of equity and debt reported were Rs 7257.37 crore and Rs 613.82 crore. 

8:50 am: Stock to watch

Shares of Punjab National Bank, BHEL, Future Retail, SBI Cards, DLF, Vedanta, Mindtree will be in focus in Thursday's trading session.

8:40 am: Asian markets trade higher on positive cues from US markets

Asian markets were trading higher, tracking strong cues from the US stocks which settled at record highs after Federal Reserve signaled that there would be no interest rate hikes through 2023. The China's Shanghai Composite was up 0.34 per cent, while the Hang Seng was trading 1.23 per cent higher. The Nikkei 225 was closed today.

8:30 am: US stocks ended higher on Fed policy stance

In the overnight trade, Wall Street settled at record highs as US Fed expected a fast economic recovery from the COVID-19 pandemic and assured that it would keep interest rate at close to zero. The Dow Jones Industrial Average ended up 0.58 per cent at 33,015 points, while the S&P 500 rose 0.29 per cent to 3,974. The Nasdaq Composite added 0.4 per cent to 13,525.

8:25 am: Stocks in focus

Shares of DLF, Vedanta, PNB, Future Retail will be in focus on today's trade.

8:20 am: SGX Nifty indicates higher opening for Sensex, Nifty

Indian benchmark indices are expected to open higher on Thursday, tracking firm cues from Asian markets which surged on dovish stance by the US Federal Reserve. Positive trading at Singapore Nifty futures also indicated a positive start at Dalal Street. At 8:20 AM, the Nifty futures were trading 195.5 points or 1.32 per cent higher at 14,951.50 on the Singapore Stock Exchange.

Indian benchmark indices ended lower for fourth straight session on Wednesday as investors traded cautiously ahead of the US Fed meeting coupled with resurgence in COVID-19 cases. The BSE Sensex ended 562.34 points or 1.12 per cent lower at 49,801.62, and the NSE Nifty ended at 14,721.30, down by 189.15 points or 1.27 per cent. Among the individual stocks, ONGC, NTPC, Sun Pharmaceutical Industries, State Bank of India, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank, Bajaj Finance and Bharti Airtel were among top losers on BSE Sensex pack. On the other hand, ITC, Infosys, TCS, HDFC were among notable gainers.

Top losers on March 18: 5 shares fall up to 6%; ONGC, NTPC, Sun Pharma, SBI, IndusInd Bank

Stock Market Highlights: Sensex ends 562 pts lower at 49,801, Nifty at 14,721; Reliance, SBI, ONGC top losers