Share Market Update: Sensex falls 388 pts, Nifty ends below 17,550; Tata Motors slips 3%

Good afternoon!

Benchmark stock indices ended lower on Monday due to selling in IT, capital goods and banking shares amid losses in global equities.

The Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. During the day, it tumbled 552.78 points or 0.92 per cent to 58,894.40. The 50-issue Nifty declined by 109.40 points or 0.62 per cent to finish at 17,674.95 as 29 of its stocks declined.

What's next? Here are the latest updates!

3:38 pm: Sensex fell 388 points to 58,576 and Nifty lost 144 points to 17,530 today.

3:24 pm: Market breadth was negative with 1,140 shares trading higher against 2,269 stocks in the red. 101 shares were unchanged.

2:46 pm: Tata Motors stock falls 4% despite growth in global sales

Shares of Tata Motors fell nearly 4 per cent today despite the group reporting a 2 per cent year-on-year growth in global wholesales. Tata Motors stock touched an intraday low of Rs 435, down 3.77% against the previous close of Rs 452.05 on BSE. The share opened at Rs 418.80.

Tata Motors stock is trading higher than 20 day and 200 day moving averages but lower than 5 day, 50 day and 100 day moving averages.

The stock has gained 53.33 per cent in one year but lost 9 per cent since the beginning of this year. Market cap of the firm fell to Rs 1.45 lakh crore on BSE.

1:54 pm: Market update

Sensex down 562 points to 58,402 and Nifty loses 198 points to 17,476.

1:15 pm: Sunil Bharti Mittal calls on FM after TRAI recommends 35% cut in 5G spectrum price

Chairman of Bharti Enterprises Sunil Bharti Mittal met Union Finance Minister Nirmala Sitharman today. The development was confirmed by Sitharaman's office in a tweet. The tweet read, "Shri Sunil Bharti Mittal, Chairman-Bharti Enterprises, calls on Smt Nirmala Sitharaman."

The meeting comes a day after telecom regulator Telecom Regulatory Authority of India (TRAI) recommended a 35 per cent cut in the reserve price for prime 5G spectrum frequencies in 3,300-3,670 MHz band at Rs 317 crore per MHz, 35 per cent lower than Rs 492 crore per MHz suggested by TRAI last time.

12:48 pm: Market cap of BSE-listed firms fell to Rs 272.38 lakh crore in the afternoon session.

12:39 pm: Market check

Sensex was trading 479 points lower at 58,485 and Nifty was down 172 points to 17,502.

12:33 pm: TCS Q4: Brokerages see double-digit return; is it time to buy the stock?

Analysts on Dalal Street have retained their bullish view on Tata Consultancy Services (TCS) after it posted a 7.35 per cent year-on-year (YoY) growth in consolidated net profit at Rs 9,926 crore for the quarter ended March 31, 2022. It had reported a profit of Rs 9,246 crore in the corresponding quarter last year. On the other hand, revenue from operations grew 16.57 per cent YoY to Rs 50,951 crore.

Shares of the IT major traded 0.78 per cent up at Rs 3,725.25 at around 11.15 am (IST) on Tuesday, while the benchmark BSE Sensex was down 490.96 points, or 0.83 per cent, at 58,473.61 at around the same time.

While maintaining a 'Buy' call on TCS, brokerage Motilal Oswal Financial Services has set a target price of Rs 4,240, indicating an upside of nearly 14 per cent from the current market price. Mitul Shah, head of research, Reliance Securities is also positive on TCS with a target price of Rs 4,400. READ MORE

12:21 pm: Shiva Texyarn stock zooms 20% after firm wins order from defence ministry

Shares of Shiva Texyarn zoomed 20% in early trade today after the firm won an order worth Rs 11.90 crore from the defence ministry. The order relates to supply of 35,000 bags for defence personnel.

Shiva Texyarn stock climbed 19.8% to Rs 272 against the previous close of Rs 227.05 on BSE.

The microcap stock has gained after three days of consecutive fall. The stock opened with a gain of 3.5% at Rs 235 on BSE. Shiva Texyarn shares are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The stock has gained 69.77% in one year and risen 5.53% since the beginning of this year.READ MORE

12:00 pm: Market check

Sensex was trading over 400 points lower at 58,555.82 and Nifty was down over 140 points to 17,528.85.

TCS was the top gainer on Sensex after it posted results for the quarter ended December 2021. Tata Steel was the top loser, declining over 4 per cent.

11:30 am: Rupee falls 14 paise to 76.05 against U.S. dollar in early trade

The rupee declined 14 paise to 76.05 against the U.S. dollar in the opening trade on Tuesday tracking the strengthening of the American currency in the overseas market and a negative trend in domestic equities.

At the interbank foreign exchange, the rupee opened lower at 76.05 against the U.S. dollar, registering a decline of 14 paise over its previous close.

On Monday, the rupee rose marginally to 75.91 against the U.S. dollar.

"Most Asian and emerging market peers are trading weaker against the US dollar this Tuesday morning, and rebounding crude oil prices could weigh on sentiments," said Sriram Iyer, Senior Research Analyst at Reliance Securities.

However, the big trigger for the markets will be Indian and US CPI inflation data, Mr. Iyer noted.
 

11:00 am: Adani Green stock climbs another 9% after firm becomes 10th largest in mcap 

Shares of Adani Green Energy zoomed to a fresh all-time high today a day after the firm became 10th largest firm in terms of market cap on BSE.

With the latest rally, the company surpassed HDFC and Bajaj Finance in terms of market cap. Adani Green Energy stock zoomed 9.27 per cent intraday to Rs 2951.9 against the previous close of Rs 2701.55 on BSE. 

10:40 am: TCS shares shine post Q4 results

IT services major Tata Consultancy Services (TCS) on Monday reported 7.3 per cent year-on-year (YoY) increase in consolidated net profit for the quarter ending 31 March, 2022 at Rs 9,926 crore as more businesses across the world leaned on technology and related services to drive their operations.

The company had reported a net profit of Rs 9,246 crore in the year-ago period. 

Sequentially, the net profit increased marginally in Q4FY22 from Rs 9,769 crore in Q3FY22.

The company's revenue rose 16 per cent YoY to Rs 50,591 crore from Rs 43,706 crore in the corresponding period last fiscal, while banking and finance segment revenue rose 11.2 per cent to Rs 19,532 crore. The unit is the company's top revenue contributor. Read here

10:20 am: Sensex tanks over 600 points

Equity benchmark Sensex tanked over 600 points in early trade amid weak global cues.

Tata Steel was the top loser on Sensex, declining over 4 per cent.

9:45 am: Delta Corp shares tank 4%

Delta Corp share fell in early trade today after the firm reported over 16% fall in net profit for the quarter ended March 2022. The casino chain player reported a profit of Rs 48.11 crore in the last quarter compared to the profit of Rs 57.77 crore in the year-ago period.

Ace investor Rakesh Jhunjhunwala and wife Rekha Jhunjhunwala held 1.15 crore shares or 4.31% stake in the company, according to the shareholding pattern in the December quarter last year. Meanwhile, Rekha Jhunjhunwala separately held 3.18% stake in the company.

The share of the casino chain player hit an intraday low of Rs 309.2, down 4.08% against the previous close of Rs 322.35 on BSE.

The midcap stock opened with a loss of 2.54% at Rs 314.15 today.

9:16 am: Market opening

The benchmark indices opened lower amid weak global cues. Sensex opened over 350 points lower at 58,594.77 and Nifty fell over 90 points to 17,584.85.

Wipro and Tech Mahindra were the top losers on Sensex, followed by Infosys, M&M, HDFC and HCL Tech.

NTPC and Asian Paints were among the top gainers.

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

Benchmark Indices are expected to open on a Negative note as suggested by trends on SGX Nifty. US stock markets ended sharply lower on monday as investors started the holiday-shortened week in a risk-off mood, as rising bond yields weighed on market-leading growth stocks ahead of crucial inflation data. Dow jones was down by 416.5 points, whereas NASDAQ was down by 2.17% to 13412.94 levels. 

Asian markets are trading on  negative side as investors continue monitoring developments surrounding the COVID situation in mainland China. Nikkei is trading 0.84% lower and Topix index is trading at 0.51% lower. Oil prices fell about 4 percent on Monday, with Brent crude tumbling below $100 a barrel on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.

On the technical front 17,400 and 17,800 are immediate support and resistance in Nifty 50. For Bank Nifty 37,200 and 37,900 are immediate support and resistance respectively.

8:45 am:  FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 1,145.24 crore on April 11, and domestic institutional investors (DIIs) bought shares worth Rs 486.51 crore, as per provisional data available on NSE.

8:40 am: Global updates

Wall Street closed sharply lower on Monday as investors started the holiday-shortened week in a risk-off mood, as rising bond yields weighed on market-leading growth stocks ahead of crucial inflation data. All three major US stock indexes ended deep in negative territory, with tech and tech-adjacent stocks pulling the Nasdaq down the most.

The Dow Jones Industrial Average fell 405.08 points, or 1.17 percent, to 34,316.04. The S&P 500 lost 74.83 points, or 1.67 percent, to end at 4,413.45 points, while the Nasdaq Composite lost 298.06 points, or 2.17 percent, to 13,412.94.

8:30 am: SGX Nifty

The Indian equity market is likely to open lower today as SGX Nifty was trading lower at 17,573.

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

8:15 am: Market on Monday

Benchmark stock indices ended lower on Monday due to selling in IT, capital goods and banking shares amid losses in global equities.

The Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. During the day, it tumbled 552.78 points or 0.92 per cent to 58,894.40. The 50-issue Nifty declined by 109.40 points or 0.62 per cent to finish at 17,674.95 as 29 of its stocks declined.

From the Sensex pack, Larsen & Toubro, HCL Technologies, Infosys, Wipro, Asian Paints, HDFC, HDFC Bank, Axis Bank were the major laggards.

In contrast, ICICI Bank, NTPC, Kotak Mahindra Bank, TCS and UltraTech Cement were among the gainers.