Share Market update: Sensex falls 700 pts, Nifty ends below 17,000; HDFC twins, ITC top losers

Good afternoon!

Benchmark indices slipped into the red again amid mixed global cues today. Sensex closed 703 points lower at 56,463 and Nifty fell 215 points to 16.958.

Sensex ended 1,172.19 points lower on Monday, dragged down by heavyweights Infosys and HDFC twins amid a weak trend in Asian markets.

The 30-share BSE Sensex tanked 1,172.19 points or 2.01 per cent to settle at 57,166.74. During the day, it plummeted 1,496.54 points or 2.56 per cent to 56,842.39. The broader NSE Nifty plunged 302 points or 1.73 per cent to finish at 17,173.65.

What's next? Here are the latest updates!

3:30 pm: Market ends lower

Sensex ends 703 points lower at 56,463 and Nifty falls 215 points to 16.958.

2:20 pm: Market update

Sensex rises 202 points to 57,369 and Nifty gains 68 points to 17,241.

1:30 pm: P&G India appoints LV Vaidyanathan as new CEO

Procter & Gamble India on Tuesday appointed LV Vaidyanathan as its new chief executive officer (CEO) effective 1 July 2022 for five years.

Vaidyanathan will take over from Madhusudan Gopalan, who is going to take on an important leadership role within P&G as Senior Vice President - Grooming & Oral Care, P&G Japan & Korea, and "has tendered his resignation as Managing Director of the Company effective June 30, 2022," the company said in a statement.

12:55 pm: Market update

Sensex rises 49 points to 57,216 and Nifty jumps 35 points to 17,209. 

12:50 pm: Market breadth is positive with 2,117 stocks rising against 1188 falling on BSE. 132 shares were unchanged.

12:20 pm: Paytm shares zoom 4% as Citi starts coverage with 'Buy' rating; good time to invest?

Shares of fintech major Paytm jumped over 4 per cent to hit an intraday high of Rs 691.70 on BSE after global financial major Citi initiated its coverage with a 'Buy' rating and a target price of Rs 910.

Currently, the stock is down over 65 per cent from its all-time high of Rs 1,961.05. It opened a tad higher at Rs 675 against the previous close of Rs 661.85. With a market capitalisation of around Rs 44,000 crore, the shares stand higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages. READ MORE

11:55 am: Market update

Sensex was trading over 160 points higher at 57,326 and Nifty also was trading over 60 points higher at 17,234.

Reliance Industries was the top gainer on Sensex, advancing over 4 per cent.

ICICI Bank, SBI, UltraTech Cement and Axis Bank were among the other gainers.

11:30 am: Rail Vikas Nigam stock rises five per cent after firm inks MoU with Mahanadi Coalfields

Shares of Rail Vikas Nigam Ltd (RVNL) rose over 5 per cent in early trade after the state-owned firm inked an MoU with Mahanadi Coalfields Limited (MCL) for entrusting Project Management Consultancy for Rail Infrastructure works of MCL to RVNL from concept to commissioning.

Rail Vikas Nigam stock climbed 5.09 per cent to Rs 36.10 against the previous close of Rs 34.35 on BSE. Earlier, the stock opened 3.2 per cent higher at Rs 35.45. Rail Vikas Nigam share is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. Market cap of the firm rose to Rs 7,433.10 crore on BSE.

11:00 am: Brent reaches $113.77/bbl

Oil prices rose on Tuesday as investors fretted over tight global supply after Libya was forced to halt some exports and as factories in Shanghai prepared to reopen post a COVID-19 shutdown, easing some demand worries.

Brent crude futures rose 61 cents, or 0.5%, to $113.77 a barrel at 0349 GMT, while US West Texas Intermediate (WTI) crude futures gained 33 cents, or 0.3%, to $108.54 a barrel.

Gains were limited with the dollar trading at a fresh two-year high. A stronger dollar hurts oil buyers holding other currencies.

10:30 am: Citi initiates coverage on Paytm

Global financial major Citi believes that the concerns are “too pessimistic” and has initiated coverage on Paytm with a buy rating and a target price of Rs 910 – an upside of over 34 per cent from the current market price.  

Citi believes that the valuations look attractive and has priced in most of the downside. 

“The stock has declined 70 per cent since IPO, in-sync with global fintech de-rating in the last six months, compounded by potential regulatory headwinds and concern about profitability in the payments vertical. We think these views may be too pessimistic and at CMP (current market price), valuations look attractive & pricing in most of the downside,” stated the report. Read here

10:00 am: Mindtree shares trade lower post Q4 results

Shares of Bengaluru-based company Mindtree tanked over 3 per cent to hit an intraday low of Rs 3,858 in early trade after the company reported its earnings for the quarter ended March 2022. However, the stock opened 3 per cent higher at Rs 4,080.

With a market capitalisation of Rs 64,632 crore, the shares stand lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The IT firm reported a 49 per cent year-on-year rise in consolidated net profit at Rs 473.1 crore for the quarter ending 31 March, 2022 on the back of robust demand and aggressive customer mining. The company had posted a net profit of Rs 317 crore in the same quarter last year.

The company saw its revenue grow 37 per cent to Rs 2,897 crore in the quarter under review from Rs 2,109 crore in the year-ago period. Read here

9:16 am: Market opening

The benchmark indices opened higher amid mixed global cues. Sensex opened over 195 points higher at 57,362.28 and Nifty jumped over 85 points to 17,258.95.

Bajaj Finserv and Ultratech Cement were the top gainers, followed by Bajaj Finance, Tech Mahindra, Axis Bank and Tata Steel.

HDFC twins were among the top losers.

9:00 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities

Benchmark Indices are expected to open on a positive note as trends on SGX nifty indicate a gap-up opening with 42 points gain. Asian shares traded cautiously on Tuesday, with investors weighing China's measures to cushion an economic slowdown and the prospect of aggressive Federal Reserve monetary policy tightening. 

Gold climbed to $1,998.10 on Monday, buoyed by safe-haven demand, as the Ukraine crisis dragged on and inflation concerns mounted. However, the metal later gave up most gains as the dollar and U.S. 10-year Treasury yields firmed. USDINR shall trade in a range between 75.90 to 76.50 levels.  

Key companies announcing their quarterly results are ACC, Mastek, LTI etc. Crucial support for Nifty 50 is 17,000 while Nifty may face some resistance at 17,500.

8:45 am:  FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 6,387.45 crore on April 18, and domestic institutional investors (DIIs) bought shares worth Rs 3,341.96 crore, as per provisional data available on NSE.

8:40 am: Global updates

Wall Street ended the day lower in a choppy trading day on Monday, while US Treasury yields jumped as investors juggled strong earnings with what Russia's invasion of Ukraine could mean for global growth.

The Dow Jones Industrial Average ended down 0.11 percent, while the S&P 500 dipped 0.02 percent and the Nasdaq Composite slid 0.14 percent.

Shares in Asia-Pacific edged higher in Tuesday morning trade, as investors watched for market reaction to China’s central bank announcing financial support for COVID-hit sectors.

The Nikkei 225 in Japan jumped 1.11 percent in early trade while the Topix index gained 0.99 percent. South Korea’s Kospi climbed 0.72 percent. In Australia, the S&P/ASX 200 advanced 0.22 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.13 percent higher.

8:30 am: SGX Nifty

The Indian equity market is likely to open flat today as SGX Nifty was trading 35 points higher at 17,251.20.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

Equity benchmarks tumbled for the fourth consecutive session on Monday, dragged down by heavyweights Infosys and HDFC twins amid a weak trend in Asian markets. Sensex tanked 1,172.19 points or 2.01 per cent to end at 57,166.74. 

During the day, the 30 stock index tanked 1,496.54 points or 2.56 per cent to 56,842.39. Nifty crashed 302 points or 1.73 per cent to close at 17,173.65.

Infosys, HDFC, HDFC Bank, Tech Mahindra, Wipro and TCS were the top Sensex losers falling up to 7.27 per cent. NTPC, Tata Steel, Maruti, Titan, Nestle, Titan and M&M were among the top Sensex gainers, rising up to 6.11 per cent.

Of 30 Sensex stocks, 20 ended in the red.