Share Market Updates: Sensex falls 621 points, Nifty ends below 17,750; IT stocks top losers

Indian benchmark indices ended lower after four days of gains amid Covid 19 worries and Federal Reserve's hawkish stance. Sensex fell 621 points to 59,601 and Nifty closed 179 points lower at 17,745. Of 30 Sensex stocks, 23 ended in the red.

At 09:16 hours, the 30-share BSE index was trading 504 points lower at 59,718.29, and the broader NSE Nifty was down 156 points to 17,768.50.

Here are all the live updates from Dalal Street!

3:32 pm: Market breaks four-day gaining streak

Sensex falls 621 points to 59,601 and Nifty ends 179 points lower at 17,745. IT stocks are the top sectoral losers.

3: 00 pm:  Market update

Sensex trading 563 points lower at 59,659 and Nifty falls 173 points to 17,751.

2: 20 pm: IT stocks crash

BSE IT index plunges 620 points to 37,037. The Nifty IT index, which was among the top performing sectors last year, extended losses to the second session today. Nifty IT index falls  637 points to 37,969.

2: 10 pm: Expert comment

"Indian markets are likely to consolidate till the budget is announced... the first two quarters of the financial year saw brilliant earnings growth despite margin contractions and the same is expected this quarter as well," said Amit Gupta, a fund manager at ICICI Securities.

1: 50 pm: Spike in Covid-19 cases hits market sentiment

India's daily COVID-19 cases jumped 57% in a day to 90,928, raising fears of more restrictions and concerns about its impact on the economic recovery.

1: 30 pm : Market update

Sensex trading 772 points lower at 59,450 and Nifty falls 208 points to 17,716 in afternoon session. UltraTech Cement, Tech Mahindra and HCL Tech  are the top Sensex losers, losing up to 2.69%.  Of 30 Sensex stocks, 23 trading lower.

12:50 pm: Market cap of BSE listed firms fell to Rs 270.33 lakh crore amid the market crash today.

12:20 pm: Spandana Sphoorty stock slips 5% on Rs 58-crore loss in Q2

Shares of Spandana Sphoorty Financial fell nearly 5% today after the microfinance firm reported a loss of Rs 58 crore for the quarter ended September 2021. It reported a profit of Rs 66.76 crore during the corresponding period of previous fiscal.

The share opened with a loss of 3.58%  at Rs 399.95 against the previous close of Rs 414.80 on BSE. It touched an intraday low of Rs 395, falling 4.77% in early trade.

11:45 am: Shares of IT companies trade lower

The selling pressure on IT companies continued on Thursday. Shares of HCL Tech, Infosys, Tech Mahindra and TCS were trading 2 per cent lower on BSE.

Infosys was the top loser on Sensex. The stock declined 2 per cent to hit an intraday low of Rs 1801.45 on BSE.

11:20 am: Rupee falls 6 paise

The rupee declined by 6 paise to 74.44 against the U.S. dollar in opening trade on Thursday, tracking the strength of the American currency in the overseas market after hawkish U.S. Fed minutes.

11:15 am: Market check

Sensex was trading 780 points lower at 59,440 and Nifty was trading below 17,700.

UPL and Bharti Airtel were the top gainers on Nifty, rising up to 2 per cent.

11:05 am: NHPC shares zoom 3%

Shares of NHPC zoomed 3 per cent to hit an intraday high of Rs 32.50 on BSE. NHPC and Green Energy Development Corporation of Odisha (GEDCOL) have inked a promoters' pact for forming a joint venture firm for the development of 500 MW floating solar power projects in various water reservoirs in Odisha, the company said.

10:45 am: Future Group in focus

Shares of Future Group recovered after the Delhi High Court stayed the Amazon-Future arbitration over the appeals filed by Future Retail and its promoters. The arbitration proceedings in the Amazon-Future dispute were scheduled between January 5 and 8, 2022 which have now been terminated by Singapore International Arbitration Center (SIAC) after the court's order.

Shares of Future Retail rose 8.59% to Rs 55 on BSE. The stock trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

While the shares of Future Consumer rose up to 4.40% to Rs 7.83, Future Lifestyle stock zoomed 13.81% to Rs 58.5 on BSE.

Future Consumer shares are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

10:30 am: RIL shares slip 2%

Shares of Reliance Industries were trading 2 per cent lower at Rs 2420 on BSE in early trade. The company informed that it has launched a mega bond sale targeting to raise $3-$5 billion from offshore investors. The proceeds will be used to refinance existing debt with a likely funding cost-benefit.

10:00 am: Market check

The 30-share index was trading 670 points lower at 59,549 and Nifty was down 194 points to 17,731.

HDFC twins were the top losers on Sensex, declining 2 per cent each. 

HDFC Bank informed that it sold distressed retail loans worth Rs 2,188 crore to asset reconstruction companies (ARCs) in the last three quarters.

9:35 am: Sensex tanks over 800 points

Sensex tanked over 800 points to 59,386.39 and Nifty was trading 240 points lower at 17,683.80.

9:25 am: Be ready for a 15-20% correction in markets: Raamdeo Agrawal

Indian markets will see new highs and set new records this year, says ace market veteran Raamdeo Agrawal, silencing naysayers who preach otherwise. Speaking exclusively with Business Today TV's Udayan Mukherjee, the co-founder of Motilal Oswal Financial Services said that the NSE Nifty, which is hovering at earnings per share (EPS) of around Rs 750, will rise to an EPS of Rs 850 this calendar year, pulling the index up along with it.

9:16 am: Market opening

Indian benchmark indices opened sharply lower amid weak global cues. At 09:16 hours, the 30-share BSE index was trading 504 points lower at 59,718.29, and the broader NSE Nifty was down 156 points to 17,768.50.

HCL Tech was the top loser on Sensex, declining 2 per cent, followed by Infosys, Wipro, Tech Mahindra and HDFC Bank.

Bharti Airtel and Sun Pharma were among the top Sensex gainers.

9:10 am: Market at Pre-open

The benchmark indices were trading sharply lower in the pre-open session. Sensex was trading 415 points lower at 59,807.80 and Nifty was down 156 points at 17,768.

8:50 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. The American Market ended negative while the European market closed positive on the previous trading day.  

US market fell more than 3% yesterday after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected. 

We can see movement in Jet Airways as the company stated that Captain Sudhir Gaur has resigned as the Interim CEO. The Reserve Bank of India may defer plans to increase policy rates to the next financial year starting April to avoid a potential hit on the economy, as the rapid spread of the Omicron variant has already led to pandemic curbs in several states that will crimp economic activity.

On the technical front, Nifty's immediate support and resistance can be 17,600 and 18,200 respectively. While for Bank Nifty 37,300 and 38,200 may act as immediate support and resistance.

8:45 am: Rupee jumps 23 paise

The rupee surged 23 paise to close at 74.35 against the US dollar on Wednesday, tracking gains in domestic equity markets.

At the interbank forex market, the local unit opened up at 74.54 against the greenback and witnessed an intra-day high of 74.30 and a low of 74.55. It finally settled at 74.35, a rise of 23 paise over its previous close.

8:40 am: Global Markets

U.S. stocks fell sharply on Wednesday, with the Nasdaq plunging more than 3% in its biggest one-day percentage drop since February after U.S. Federal Reserve meeting minutes signaled the central bank may raise interest rates sooner than expected.

On Wall Street, the S&P 500 ended 92.9 points lower at 4,700.58, the Nasdaq Composite declined 522.54 points to 15,100.17 and the Dow Jones fell 392.5 points to 36,407.11.

In Asia, Nikkei 225 was down 2.08 per cent and Hang Seng was trading 0.82 per cent lower. Shanghai Composite was down 0.75 per cent too.
 

8:35 am: FII and DII action

Foreign institutional investors (FIIs) bought shares worth Rs 336.83 crore on January 5, and domestic institutional investors (DIIs) purchased shares worth Rs 1,271.95 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a negative note as SGX Nifty was down 94 points to 17,803.20 at 8:30 am.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Benchmark indices rose for the fourth straight session led by strong gains in banking and financial stocks amid a supportive trend in European equities.

Sensex zoomed 367 points to reclaim the 60,000-mark. The index ended 0.61 per cent higher at 60,223. Nifty rose 120 points to 17,925.

Bajaj Finserv was the top Sensex gainer, rising 5.09 per cent, followed by Bajaj Finance, Kotak Bank, Axis Bank, Tata Steel, HDFC Bank, Asian Paints and ICICI Bank.

Tech Mahindra, Infosys, HCL Tech, Wipro and PowerGrid were among the top Sensex losers, falling up to 2.87%.

Market cap of BSE-listed firms rose to Rs 272.44 lakh crore.