Stock Market updates: Sensex closes 187 points higher, Nifty above 17,250; Adani Wilmar zooms 15%

Sensex crashed over 1,000 points on Monday to close below the 58,000 level, led by sell-off in banking and financial stocks amid mixed global cues.

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

3: 40 pm: Arijit Malakar, Head of Retail Equity Research, Ashika Group on the LIC IPO

"We are anticipating the momentum in the opening of new retail broking accounts to get a boost on observing the interest that the LIC IPO is generating. 25 crore LIC policyholders and eight crore Demat accounts are currently present in India. With the government's decision to reserve 10% of the total issue for policyholders, we are expecting some discount to the issue price for policyholders.  Most importantly, policyholders will need to update their PAN number on the LIC website and link it to their policy number. There will also be a need to open a Demat account to ensure that LIC shares are credited into their accounts."

3: 35 pm: Sensex closes 187 points higher at 57,808  and Nifty rises 53 poinst to 17,266.

3:29 pm: Escorts consolidated net profit falls 32% in Q3

Escorts Ltd on Tuesday reported 32 per cent year-on-year decline in consolidated net profit at Rs 194 crore in the quarter ended 31 December 2021. The company had posted a net profit of Rs 287 crore in the year-ago period.

Sequentially, the net profit was up 12 per cent from Rs 173 crore.

3: 20 pm: Bharti Airtel stock trading flat ahead of Q3 earnings

Country's leading telecom player will report its earnings for Q3 today. Ahead of the results, the stock was trading 0.24% higher at Rs 708.20 on BSE.

2: 45 pm: Adani Wilmar share surges 15.30% post tepid market debut

Share of Adani Wilmar rose up to 15.30% to Rs 265.20 against the issue price of Rs 230 on BSE in afternoon session.

Also read: Adani Wilmar makes tepid market debut: Right time to buy the stock?

2: 10 pm: Vedant Fashions IPO sails through

Vedant Fashions IPO was subscribed 153% on the last day as the issue saw bidding for 3,88,26,368 shares against total size of 2,54,55,388 shares at 2:09 pm

1: 20 pm: Sensex down 136 points to 57,484 and Nifty down 46 points to 17,166. PowerGrid, L&T, Kotak Mahindra Bank top Sensex losers, falling up to 2.06%.

1: 00 pm: Policybazaar stock tanks 6% post weak Q3 show

Shares of Policybazaar (listed as PB Fintech Limited) tanked 5.59 per cent to hit an intraday low of Rs 845.90 on BSE after the company reported a weak set of numbers for the quarter ended December 2021.

The company reported a consolidated net loss of Rs 298 crore for the quarter ended December 2021. The firm had posted a net loss of Rs 195.9 crore in the year-ago period. However, revenue from operations jumped 73 per cent to Rs 367 crore on a year-on-year basis.

12:30 pm: TVS Motor stock surges 7%

Shares of TVS Motor Company rose over 7% today after the auto firm reported a 9 per cent rise in its net profit for the quarter ended December.  TVS Motor Company stock climbed 7.57% to Rs 685 against the previous close of Rs 636.80 on BSE. Net profit climbed to Rs 288.31 crore in the quarter ending 31 December, 2021. The automaker had reported a net profit of Rs 265.62 crore in the year-ago.

12:15 pm: Market check

Equity benchmark Sensex was trading flat at 57,615.72 in afternoon trade. Likewise, Nifty fell 18 points to 17,195.

Bajaj twins were the top gainers on Sensex. Power Grid was the top loser on Sensex, declining over 2 per cent.

11:30 am: Rupee gains 10 paise to 74.59

The rupee appreciated 10 paise to 74.59 against the U.S. dollar in opening trade on February 8, tracking the weakness of the American currency in the overseas market.

However, the surge in the rupee was restricted amid elevated crude oil prices and muted domestic equities.

At the interbank foreign exchange, the rupee opened at 74.65, then gained further ground to touch 74.59 against the American dollar, registering a rise of 10 paise from the last close.

11:00 am: PolicyBazaar stock tanks 6% post weak Q3 show; down 14% from issue price

Shares of  Policybazaar (listed as PB Fintech Limited) tanked 5.59 per cent to hit an intraday low of Rs 845.90 on BSE after the company reported weak set of numbers for the quarter ended December 2021.

The company reported a consolidated net loss of Rs 298 crore for the quarter ended December 2021. The firm had posted a net profit of Rs 195.9 crore in the year-ago period. However, revenue from operations jumped 73 per cent to Rs 367 crore on an year-on-year basis.

10:40 am: Market check

Equity benchmark Sensex plunged over 400 points in early trade on Tuesday. Likewise, the Nifty fell 116 points or 0.68 per cent to 17,096.95.

10:00 am: Adani Wilmar makes muted market debut, stock lists at 4% discount to issue price 

The shares of Adani Wilmar listed at a 3.91% discount to their issue price on BSE and NSE today. Shares of the Adani Group firm made their market debut at Rs 221 on BSE. The issue price of the IPO stood at Rs 230.

The company offered its shares in a price band of Rs 218-Rs 230. Market cap of the firm stood at Rs 28,722 crore. Total 3.19 lakh shares of the firm changed hands amounting to a turnover of Rs 7.03 crore on BSE.

9:16 am: Market opening

The benchmark indices opened higher amid mixed global cues. At 09:16 hours, the 30-share BSE index was trading 191 points higher at 57,812.51, and the broader NSE Nifty was up 66 points to 17,279.85.

Maruti Suzuki was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Tata Steel, Bajaj Finserv, Wipro, Tech Mahindra and Titan.

HDFC and Nestle India were among the top losers.

8:55 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

Benchmark Indices are expected to open on a flat to positive note as suggested by trends on SGX Nifty. US stock markets closed lower on Monday, as investors are digesting recent quarterly results from Facebook and other companies. Meta (facebook) fall by an additional 5.1%. NASDAQ dropped by 0.58% to 14015.6 levels. Asian markets are trading at mixed levels as investors in the region continue to assess the inflation and central bank policy outlook. Straits Times, Taiwan Weighted up 0.5%.

Adani Wilmar, one of the largest FMCG companies in India, is expected to start the first day of trade with around 15 percent premium.
Oil prices settled lower on Monday on faint signs of progress in nuclear talks between the United States and Iran, which could lead to the removal of US sanctions on Iranian oil sales.

Results today: Bharti Airtel, IRCTC, Bata India, Jindal Steel & Power, Bajaj Electricals, Ajmera Realty & Infra India, Aster DM Healthcare, Astrazeneca Pharma, Borosil Renewables, Data Patterns (India), Endurance Technologies, Escorts, Glenmark Life Sciences, Godrej Consumer Products, Granules India, Gujarat Gas, HeidelbergCement India, Indraprastha Gas, Jammu & Kashmir Bank, Jagran Prakashan, J Kumar Infraprojects, JK Paper, Kolte-Patil Developers, Latent View Analytics, Mahanagar Gas, NCC, NMDC.

On the technical front, 17,045 and 17,350 are immediate support and resistance in Nifty 50. For Bank Nifty 37,500 and 38,400 are immediate support and resistance respectively.
 

8:40 am: Global updates

Wall Street ended lower on Monday, as investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped following reports of interest from potential buyers, including Amazon. Meta Platforms fell 5.1 percent, adding to losses after its bleak forecast last week caused a record plunge in the social media company's stock market value.

The Dow Jones Industrial Average remained unchanged to end at 35,091.13 points, while the S&P 500 lost 0.37 percent to 4,483.87. The Nasdaq Composite dropped 0.58 percent to 14,015.67.

In Asia, the Nikkei Weighted index was up 0.43 per cent and Hang Seng was trading 1.19 per cent lower. Shanghai Composite was down 0.55 per cent.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 1,157.23 crore on February 7, and domestic institutional investors (DIIs) offloaded shares worth Rs 1,376.49 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a flat note as SGX Nifty was up 25 points at 17,238.

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 Monday

Sensex crashed over 1,000 points on Monday to close below the 58,000 level, led by sell-off in banking and financial stocks amid mixed global markets. Concerns over unabated foreign capital outflows also affected the market sentiment, traders said.

Investors remained cautious ahead of the RBI's policy meet from February 8. Sensex ended 1,023 points lower at 57,621 and Nifty slumped 302.70 points to 17,213.

HDFC Bank was the top  Sensex loser shedding over 3.5 per cent, followed by Bajaj Finance, L&T, HDFC, Bajaj Finserv, HDFC and Kotak Bank.

PowerGrid, NTPC, Tata Steel, SBI and Ultratech Cement were the top Sensex gainers, rising up to 1.88 per cent.

Of 30 Sensex stocks, 25 shares closed in the red.