Stock Market update: Sensex tanks 1,747 points, Nifty ends below 16,850; Tata Steel, HDFC, SBI top losers

Indian market halted its three-day winning streak on Friday as sentiments turned nervous on global bourses amid fears of an aggressive rate hike by the Federal Reserve. Sensex closed 773 points lower at 58,153 and Nifty lost 231 points to end at 17,374.

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

3:47 pm: Top losers

Tata Steel, HDFC, SBI, ICICI Bank, IndusInd Bank and Kotak Bank are the top Sensex losers, falling up to 5.49%.

3: 30 pm: Market ends deep in red

Nifty slips 560 points to 16,814 and Sensex tanks 1,747 points to 56,405.

3: 29 pm: Market extends losses

Sensex slips 1855 pts to 56,297 and Nifty loses 561 pts to 16,813.

2:50 pm: Sensex tanks 1,600 points, Nifty below 16,900; HDFC, ICICI Bank, Tata  Steel top losers

 2:21 pm: Market update

Sensex tanks 1578 pts to 56,574 and Nifty falls 490 pts to 16,884.

2:00 pm: WPI inflation falls in January

The wholesale price-based inflation (WPI) eased to 12.96 per cent in January, which is a continuous decline from November's 14.87 per cent and December's 13.56 per cent. Although on a decline, the rate of inflation in January is primarily due to rise in prices of mineral oils, crude petroleum & natural gas, basic metals, chemicals and chemical products, food articles, etc. compared to the corresponding month of the previous year, the Ministry of Commerce and Industry stated.

1:53 pm: European stocks slide 2% on Russia-Ukraine tensions; Germany’s DAX down 2.7%.

1: 20 pm:

Sensex and Nifty turn negative for 2022

Sensex slips 2.16% or 1257 points and Nifty loses 2.13% or 367 points to 16,987.

1:15 pm: Expert quote

Mohit Ralhan, Managing Partner, TIW Captial Group said,"The volatility has gone up with increase in uncertainty over tensions between Russia and Ukraine. The market is under downward pressure due to looming threat of war. It is likely to have a short-term impact since a risk of actual elongated war between two nuclear powers is quite limited. It is expected that the tensions will get dissipated through geopolitical manoeuvres over next few weeks, but market volatility will be high during this period."

1: 13 pm: Midcaps and small caps tumble

 BSE midcap and small cap indices fall 537 points and 752 points, respectively.

1:08 pm: Expert  quote on market crash

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The element of uncertainty is very high. If the Ukraine crisis aggravates into conflict, it can inflict damage to the market in the short run. The consequences of  severe sanctions on Russia in the event of a Russian invasion can be debilitating for the Russian economy. This may restrain Putin from misadventure in Ukraine.

Long-term investors who can ignore the present short-term gyrations can buy  high quality financials and IT stocks now."

12:51 pm: LIC IPO price band likely at Rs 1,700 to Rs 3,500

Life Insurance Corporation of India (LIC) filed its draft red herring prospectus (DRHP) on Sunday for its mega initial public offering (IPO). As per the DRHP, the government-owned insurer will have up to 31,62,49,885 (31.62 crore) equity shares of the face value of Rs 10 on offer through the offer for sale (OFS), representing 5 per cent of equity stake. There will be no fresh issue of shares. The DRHP also disclosed the LIC's embedded value at Rs 5,39,686 crore as of September 30, 2021.

Also read: LIC IPO could be priced in the range of Rs 1,700 to Rs 3,500

11: 55 am: ONGC stock hits 52-week high post stellar Q3 earnings

ONGC share hit a 52 week high today after the state energy firm reported nearly seven-fold jump in third quarter net profit as higher oil and gas prices offset a fall in production. ONGC stock rose 4.84% to a 52 week high of Rs 176.4 today.

11:21 am: Of 30 Sensex stocks, 28 are trading in the red .

11:15 am: Top Sensex losers are HDFC, ICICI Bank, Tata  Steel and IndusInd Bank falling up to 3.73%.

10: 30 am: Market update

Sensex falls 1,071 points to 57,080 and and Nifty slips 309 points to 17,065.

10: 20 am: Expert comment

Parth Nyati, Founder, Tradingo said, "Indian markets witnessed a sharp fall on the back of rising geopolitical tension between Russia and Ukraine. This geopolitical tension is leading to a sharp rise in crude oil prices which is another headwind for Indian equity markets. World markets were trying to digest record inflation in the US but the surge in geopolitical tension spoiled the mood. There is some sentimental impact of the bank fraud issue of ABG group on banking stocks but it doesn't have a material impact as it is already part of NPA."  

"Technically, Nifty is trading near-critical demand zone of 17000-16800, and the 'buy on dip' texture will be continued till Nifty trades above 16800 level its 200-DMA, however, there are multiple resistances on the upside till 17650 where 17300/17500 are immediate hurdles. There are no worries till Nifty trades above the 16800 level but if Nifty slips below 16800 then things may become ugly," Nyati added.

9: 41 am: Expert comment

Prashanth Tapse, Vice President (Research), Mehta Equities says, "Expect volatility and choppiness to be the hallmark at Dalal Street in the near term due to Russia's military incursion into Ukraine and US Federal Reserve's aggressive statements on its rate hike decision going ahead. Caution will continue to be the order of the day and any intraday rallies are likely to be stomach-churning. We expect the session to be a bit rocky, slightly painful as investors are seen sensing concerns of inflation on backdrop of rising oil prices. If the oil prices rise above $110 per barrel then simply expect Nifty to slip swiftly towards its December 2021 lows at 16,410 mark."

9: 35 am: Sensex down 1420 points to 56,732 and Nifty falls 388 points to 16986.

9: 30 am: FPIs net sellers in first half of Feb; pull out Rs 14,935 cr

Foreign portfolio investors (FPIs) have pulled out a net Rs 14,935 crore from the Indian market in the first half of the month of February. They have been net sellers for the fourth straight month. The overall net outflow during February 1-11 came stood at Rs 14,935 crore.

FPIs withdrew Rs 10,080 crore from equities, Rs 4,830 crore from the debt segment and Rs 24 crore from hybrid instruments, according to depositories' data.

9: 26 am: Top Sensex losers

M&M, SBI, HDFC and ICICI  Bak top  Sensex losers, falling up to 4.54%.

9: 18 am: Markets crash

Sensex down 1,182 points  to 56,969 and Nifty slips 394 points to 16,980.All Sensex stocks except TCS trading in the red.

9: 15 am : Asian markets fall

In Asia, the Shanghai Composite Index fell 0.61% and the Nikkei 225 in Tokyo lost 2.62% to 26,970. The Hang Seng in Hong faKong declined 1.16% to 24,613. The Kospi in Seoul was down 1.42% to 2,706.

8:50 am: Earnings today

Shares of Eicher Motors, Graphite India, Grasim Industries, Balkrishna Industries, Coffee Day Enterprises, Dish TV India, NBCC, SpiceJet and VST Tillers Tractors are in focus as these firms will announce their quarterly numbers today.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) bought shares worth Rs 108 crore on February 11, and domestic institutional investors (DIIs) sold shares worth Rs 696.9 crore, as per provisional data available on NSE.

8:35 am: SGX NIfty

The Indian equity market is likely to open lower today as SGX Nifty fell 116 points to 17,144.

8:30 am: Market on Friday

Indian market halted its three-day winning streak on Friday as sentiments turned nervous on global bourses amid fears of an aggressive rate hike by the Federal Reserve.

Sensex closed 773 points lower at 58,153 and Nifty lost 231 points to end at 17,374.

Tech Mahindra, Infosys and HCL Tech were the top Sensex losers, falling up to 2.94%.  Of 30 Sensex stocks, 25 ended lower.

IndusInd  Bank, Tata Steel, NTPC, M&M and ITC were the only gainers, rising up to 0.94%.

BSE mid cap and small cap indices fell 453 points and 554 points, respectively.