MARKET: Sensex off lows, down 100pts, Nifty holds 17150; Pharma stocks gain

Markets at 12 noon

LIVE market updates: The headline indices were off day’s lows in noon trades but continued to be under selling pressures for the fourth straight session and uneven global cues. The BSE Sensex was down 68 points at 57,544, while the NSE Nifty50 was lower by 25 points at 17,189 levels.

Of the 30-Sensex shares, 13 were in the green led by gains in Bajaj Twins, Titan, Asian Paints, Wipro, Maruti, RIL and Tata Steel, trading up between 0.6-2 per cent. On the Nifty, Divis Labs, Cipla and Britannia were the additonal gainers.

In the broader markets, the BSE MidCap and SmallCap indices continued to underperform, trading 0.5 and 1.2 per cent lower, respectively. From midcaps, Tata Power, Sona BLW Precision, Bhel, Gujarat Gas, Adani Power, PFC, GlaxoSmithKline, Union Bank of India and Bank of India were the top losers, down 2-6 per cent.

Sectorally, the Nifty Pharma and Healthcare indices were the sole gainers, higher up to 0.2 per cent. Realty, Metals, IT, and Banks continued to reel under pressure and were trading up to 1 per cent lower.

Among individual stocks, shares of Biocon hit an over six-month high of Rs 410.50, up 3 per cent on the BSE in Tuesday’s intra-day trade after its subsidiary Biocon Pharma received approval of its ANDA for Posaconazole Delayed-Release tablets from the US Food & Drug Administration (USFDA). READ MORE HERE.









Global markets

In the US, stock index futures were muted in early morning trading as investors await key inflation data later this week. Futures contracts tied to the Dow Jones Industrial Average were flat. S&P 500 futures shed 0.04 per cent, while Nasdaq 100 futures were down 0.02 per cent.

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The key benchmark indices extended losses in morning deals in a volatile session. The BSE Sensex was now 523 points down at 57,079, while the NSE Nifty was at 17,051, lower by 162 points. The two benchmarks were down up to 0.9 per cent.

Private banking majors HDFC Bank and ICICI Bank were the top contibutors to the indice downmove. They were followed by IT majors–Infosys and TCS. Other counters that were also weighing on the benchmarks included L&T, HDFC, Kotak bank and SBI.

Further, post a tepid listing of edible oil major Adani Wilmar, what should investors do? READ HERE TO WHAT EXPERTS SAY.

This apart, the broader markets were significantly underperforming the benchmarks. The BSE MidCap index was down 1.2 per cent while the SmallCap index trading over 2 per cent lower.

Sectorally, all Nifty indices were in the red zone led by Nifty Realty, PSU banks, Private banks, Financials, IT and Metal.

In the primary market, the IPO of Vedant Fashions had been subscribed only 22 per cent so far on the last day, with the retail investor category receiving a subscription of 33 per cent.

Among stocks, shares of TVS Motor Company (TVCL) surged 8 per cent to Rs 685 on the BSE in Tuesday’s intra-day trade after the company registered highest-ever operating earnings before interest tax and depreciation and amortization (Ebitda) of Rs 568 crore during December quarter (Q3FY22). READ MORE.

On the other hand, GlaxoSmithKline Pharmaceuticals was down 2 per cent on the BSE after company reported a 3.9 per cent YoY decline in consolidated net profit at Rs 150.35 crore in the third quarter ended December 31, 2021. Total income was up 2.5 per cent YoY at Rs 826.24 crore.

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Markets at 10 AM

LIVE market updates: Frontline indices were oscillating between gains and losses in early deals as mixed cues from global markets kept investment sentiment in check.

The S&P BSE Sensex was at 57,637 level, up 16 points or 0.03 per cent, at 10:02 AM. The NSE Nifty, on the other hand, was testing 17,200. It was down 2 points.

Bajaj Finserv, up over 2 per cent, was the top Sensex gainer, followed by Bajaj Finance, Bharti Airtel, Asian Paints, Wipro, and Dr Reddy’s Labs.

On the downside, Power Grid, SBI, NTPC, TCS, and Infosys slipped up to 1.4 per cent and capped upside.

The broader markets were, however, underperforming and were down up to 0.5 per cent.

Sectorally, the Nifty Pharma index was the top gainer, up 0.6 per cent. The Nifty PSB index was worst hit, down over 1 per cent.

NEW LISTING

Shares of Adani Wilmar debuted on the bourses on a tepid note, listing at Rs 221 on the BSE, as against the issue price of Rs 230. It, however, rose to a high of Rs 248 soon after debut.

FOREX MARKET

Rupee opened higher at 74.61 per US dollar vs Friday’s close of 74.70/$.

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Opening Bell

LIVE market updates: The benchmark indices opened on a fairly positive note on Tuesday after a day of huge sell-off. The BSE Sensex was 201 points higher at 57,822, while the NSE Nifty was at 17,288, up by 74 points.

Sectorally, the Nifty Auto, Metal and Pharma indices were the top gainers, trading up to 0.7 per cent higher. On the downside, Nifty PSU Bank and Nifty Bank indices were the losers.

Among stocks, PolicyBazaar parent PB Fintech was trading 2.6 per cent lower after the company posted yoy revenue growth of 73 per cent to Rs 367 crore in the quarter ended December 2021. Investors, however, seem unimpressed with its performace.

On the flip side, TVS Motor was up 3 per cent on the BSE after the two-wheeler maker posted a 9 per cent YoY rise in net profit for Q3FY22 at Rs 288 crore when compared with Rs 266 crore in the corresponding quarter of FY21. The company also reported a highest-ever operating revenue of Rs 5,706 crore in the third quarter of FY22.

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LIVE market updates: The key benchmark indices are expected to open on a quiet note on Tuesday as per trends indicated by the SGX Nifty futures, which were quoting 17,238 levels, around 20 points up from Nifty’s spot close.

Investors may choose to be in wait and watch mode ahead of the RBI MPC meet that is slated to begin today.

In the market, Adani Wilmar is set to make its public debut. The issue had garnered 17.4x subscriptions, and the GMP (Grey Market Premium) indicates a likely 10 per cent listing gain for the stock.

Among individual shares, Bata India, Bharti Airtel, Escorts, Gujarat Gas, Indraprastha Gas, IRCTC, Jindal Steel, Godrej Consumer products and TTML are likely to be on investor radar ahead of their Q3 earnings. READ MORE.

In the primary market, the IPO of Vedant Fashions had been subscribed just 21 per cent on day 2. The offer ends for subscription today.

Global cues

The US stocks ended with marginal losses on Monday amid mixed corporate earnings. The underlying tone remained nervous with analysts suggesting that the markets were pricing in a one-in-three chance of 50 bps rate hike in March itself.

Whereas, oil prices eased a wee bit as concerns over tight supply were offset by signs of progress in nuclear talks between the US and Iran. Brent crude was down 0.6 per cent at $92.69 a barrel, and WTI oil futures slipped 1.3 per cent to $91.32 a barrel.

Most of the major markets in Asia were up this morning. Kospi soared over a per cent. Nikkei, Straits Times and Taiwan too gained 0.7-0.9 per cent each.