Share Market updates: Sensex falls 575 pts, Nifty ends below 17,650; Titan, HDFC, HDFC Bank top losers

Good afternoon!

Indian equity market closed lower for the third consecutive session on Thursday. amid weak global trends. Sensex ended 575 points lower at 59,034 and Nifty slipped 168 points to 17,639

What's next? Here are the latest updates.

3:30 pm: Sensex ends 575 points lower at 59,034 and Nifty slips 168 points to 17,639.

2:18 pm: Sensex losers

Titan, Wipro, HDFC top losers falling up to 3.06% in the afternoon session. Of 30 Sensex stocks, 23 were trading in the red.

2:13 pm: Market check

Sensex was trading 515 points lower at 59,095 and Nifty fell 138 points to 17,669.

1:15 pm: Market outlook

Likhita Chepa, Senior Research Analyst, Capitalvia Global Research said, "Equity market saw a negative momentum. Simultaneously, Asian markets are facing negative cues. The gaining sector includes power, realty, PSU and banks while IT and auto moving in a downward direction. Defence stocks showed a southward movement after the government announcement of banning import of 100 weapons. HDFC Twins may face a lower movement in the market as credit rating firm Moody's shared in their report that the proposed merger of HDFC Bank and HDFC will moderately hurt the lender's profitability in the coming years."

12:53 pm: Market check

Sensex was trading over 213 points lower at 59,396 and Nifty fell 50 points to 17,759.

 12:51 pm: YES Bank share rallies 11%

YES Bank stock rallied as much as 11 per cent on Thursday, hitting a new 52-week high after CARE Ratings upgraded the lender's credit rating.

Care Ratings has revised the ratings for its infrastructure bonds worth Rs 5,000 crore a notch to 'BBB+' with a positive outlook, from 'BBB' with the same outlook earlier.

Its Lower Tier II Bonds and Tier II Bonds (Base III) too have received a similar upgrade from the agency, the lender said in a regulatory filing on BSE. The rating for Upper Tier II bonds has been revised to 'BB+' with a positive outlook.

12:30 pm: Swastika Investmart acquires the business of Safal Capital

Leading stockbroker, Swastika Investmart, has signed an agreement to acquire the business of Safal capital, a 100 years vintage entity of India. This acquisition will enhance the customers base of Swastika by around 5%. While on the other side, Safal capital's customers will get the advantage of Swastika's stock research team, technology platform, compliances, and customer support service. 

12:12 pm: JSPL stock hits 52-week high

Shares of Jindal Steel and Power Ltd (JSPL) hit a fresh 52-week high amid a market selloff today. The large cap stock rose 0.86% to Rs 566.10 against the previous close of Rs 561.25 on BSE. Market cap of the firm stood at Rs 56,533 crore. JSPL share has gained 46.3 per cent since the beginning of this year and risen 42 per cent in one year.

Last week, JSPL won three out of the five coal blocks auctioned in four states under the fourth tranche of the commercial auction by the central government. JSPL won the bids for Utkal B1 and B2 coal blocks in Odisha. JSPL also bagged the bids for Gare Palma IV/6 coal block in Chhattisgarh which turned sentiment positive around the stock. Post the coal block auction, Centrum Broking gave a buy call on Jindal Steel & Power with a target price of Rs 674 compared to the then market price of Rs 552. READ MORE

12:00 pm: Market check

Sensex was trading over 250 points lower at 59,357.18 and Nifty fell over 73 points to 17,734.

Titan and HDFC were the top losers on Sensex.

NTPC and Axis Bank were among the top gainers.

11:00 am: Titan shares tank 3% post quarterly business update

Shares of gems and jewellery maker Titan Company, a part of Big Bull Rakesh Jhunjhunwala's portfolio declined 3 per cent after the company posted its quarterly business update.

The stock opened 1 per cent lower at Rs 2,517 against the previous close of Rs 2541.25 on BSE. With a market capitalisation of more than Rs 2,20,000 crore, the shares stand higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages.

Titan informed that it finished the quarter on a satisfactory note despite Q4 FY22 getting disrupted twice - first due to the partial lockdowns caused by the Omicron wave in January and again during the month of March in which consumer sentiments got affected adversely due to a sharp increase and volatility in gold prices and uncertainty due to a fragile ge0-political situation. Read more

10:30 am: Uma Exports makes strong debut, stock lists at 17% premium to issue price 

The shares of Uma Exports listed at a premium of 17% to their issue price on BSE today. Stock of Uma Exports made its market debut at Rs 80 on BSE. The issue price of the IPO stood at Rs 68. Market cap of Uma Exports rose to Rs 276.56 crore.

Total 4.69 lakh shares of the firm changed hands amounting to a turnover of Rs 3.77 crore on the BSE.

On NSE, the stock listed at Rs 76, up 11.76% to the IPO issue price. Market cap of the firm rose to Rs 269 crore. Total 9.73 lakh shares of the firm changed hands amounting to a turnover of Rs 7.79 crore on the NSE.

The issue was open for subscription between March 28-March 30 in a price range of Rs 65-68 per share. The Rs 60-crore IPO was subscribed 7.67 times on the final day. Read more

10:00 am: Coffee Day stock slips 9% after firm defaults on Rs 479-crore loan

Shares of Coffee Day Enterprises fell over 9% in early trade today after the firm said it has defaulted a total of Rs 479.68 crore on repayment of loans and unlisted debt securities in the quarter ended March 31, 2022.

The stock opened with a loss of 9.4% at Rs 54 today against the previous close of Rs 59.60 on BSE. At 9:28 am, the stock was trading 5.03% lower at Rs 56.60.

The company in a regulatory filing said it has defaulted on Rs 224.88 crore of repayment of loans or revolving facilities like cash credit from banks and financial institutions, along with a default in interest amount for the same at Rs 5.78 crore.

Additionally, there was a default of Rs 200 crore on payments of unlisted debt securities -- non-convertible debentures and non-convertible redeemable preference shares. Read more

9:16 am: Market opening

The benchmark indices opened lower amid weak global cues. Sensex opened over 300 points lower at 59,303.26 and Nifty fell over 84 points to 17,723.30.

Titan was the top loser, declining 2 per cent, followed by HDFC twins, Maruti Suzuki and RIL.

Dr Reddy's and Tata Steel were 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 today as suggested by trends on SGX Nifty.  NASDAQ closed -2.22% lower yesterday after minutes from FED’s March meeting showed that Central Bank will move aggressively to head off inflation. 

European Indices also closed in red yesterday. All the major Asian markets are trading in negative territory in the early Thursday trade.

Veranda Learning and Uma Exports will list on bourse today. Some of the stock specific actions can be witnessed in stocks such as Godrej Consumer Products (double-digit sales growth expected in Q4FY22), Motherson Sumi Systems (completed acquisition of a 55 percent stake in CIM Tools Private Limited), Zee Entertainment Enterprises (Invesco Developing Market Funds will launch a block deal to sell 7.8 percent stake in the company).

On the technical front, Immediate support and resistance in Nifty 50 are 17,500 and 18,000 respectively. Bank Nifty immediate support and resistance are 37000 and 38000  respectively.

8:45 am:  FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 2,279.97 crore on April 6, and domestic institutional investors (DIIs) purchased shares worth Rs 622.92 crore, as per provisional data available on NSE.

8:40 am: Global updates

Wall Street's main indices fell on Wednesday, with steep declines in tech and other growth stocks, after minutes from the Federal Reserve's March meeting sharpened investors' focus on the US central bank's plans to fight inflation. The tech-heavy Nasdaq logged a decline of over 2 percent for a second straight day.

The Dow Jones Industrial Average fell 144.67 points, or 0.42 percent, to 34,496.51, the S&P 500 lost 43.97 points, or 0.97 percent, to 4,481.15 and the Nasdaq Composite dropped 315.35 points, or 2.22 percent, to 13,888.82.

Asia-Pacific markets dropped on Thursday following two days of declines on Wall Street. The Nikkei 225 in Japan fell 1.87 percent in early trade, while the Topix slid 1.98 percent. Australia’s S&P/ASX 200 was down 0.58 percent. In Korea, the Kospi slipped 0.93 percent, while the Kosdaq declined 1.02 percent.

8:30 am: SGX Nifty

The Indian equity market is likely to open lower today as SGX Nifty was trading 91 points lower at 17,768.80.

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

8:15 am: Market on Wednesday

Indian equity market closed lower for the second consecutive session on Wednesday led by a sell-off in banking and IT stocks amid weak global trends. Sensex tumbled 566 points to end at 59,610.41. During the day, it fell 666.66 points or 1.10 per cent to 59,509.84.

Nifty declined 149.75 points or 0.83 per cent to settle at 17,807.

HDFC Bank, HDFC, HCL Technologies, Tech Mahindra, Infosys, TCS, M&M, Kotak Mahindra Bank, Axis Bank were the top Sensex losers, falling up to 3.51%.

NTPC, Tata Steel, Power Grid, Bharti Airtel, Nestle and Larsen & Toubro were the top Sensex gainers rising up to 2.61% in trade today.