Stock Market HIGHLIGHTS: Sensex plunges 1,648 pts in two days, Nifty gives up 17,650 as market sinks to three-month lows
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 tumbled to three-month lows on Friday amid a broad-based sell-off in the market. Gains in select auto, FMCG and pharma stocks, however, lent some support.
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 tumbled to three-month lows on Friday amid a broad-based sell-off on Dalal Street. Losses in financial, oil & gas and metal shares were the biggest contributors to the sell-off, though gains in auto and select FMCG shares lent some support. Among heavyweights, losses in ICICI Bank, Adani Enterprises, Adani Ports, Reliance, the HDFC twins, SBI and Infosys were at the forefront of the market fall.
Here are 10 key things to know about the January 27 session on Dalal Street:
1) The Sensex finished the day with a loss of 874.2 points or 1.5 per cent at 59,330.9, and the Nifty50 settled at 17,604.4, down 287.6 points or 1.6 per cent from its previous close — their lowest closing levels since October 21, 2022. During the session, both headline indices plummeted around two per cent.
2) A total of 37 stocks in the Nifty50 basket ended in the red, with Adani Enterprises and Adani Ports being the top laggards, falling 18.3 per cent and 15.2 per cent respectively. SBI, ICICI Bank, IndusInd Bank, ONGC, Bharat Petroleum, Kotak Mahindra Bank and Hindalco were some of the other worst hit stocks in the 50-scrip pocket.
3) Tata Motors, Bajaj Auto, Dr Reddy's, ITC, Cipla, Divi's, Apollo Hospitals, UPL, Mahindra & Mahindra and HDFC Life were the top gainers, rising between 0.5 per cent and 6.3 per cent for the day.
4) ICICI Bank, Reliance, HDFC Bank and SBI were the biggest drags on both headline indices, accounting for nearly 600 points in the fall in the 30-scrip gauge.
5) Overall market breadth sharply favoured the bears, with an advance-decline ratio of 1:3 as 784 stocks rose and 2,783 fell on BSE.
6) Adani group stocks nosedived, losing Rs 4.2 lakh crore of their combined market value.
7) The rupee inched higher to end at 81.52 against the US dollar.
8) Official data released on Thursday showed the US economy expanded 2.9 per cent in the quarter ended December 2022, slower than the growth rate of 3.2 per cent registered in the previous three months. Most economists think the world's largest economy will slow further in the quarter ending March 2023, and eventually slide into at least a mild recession by midyear. (Read more on US GDP data)
9) European markets edged higher on Friday led by energy and materials stocks ahead of central bank meetings next week. The pan-European Stoxx 600 index was up 0.1 per cent at the last count, extending gains to a second straight day.
10) S&P 500 futures were down 0.4 per cent, suggesting a weak start ahead on Wall Street.
Catch highlights of the session, minute-by-minute market commentary and analysis, financial results, expert views, investment and trading ideas, and much more, on Zeebiz.com's blog:
Latest Updates
Investors lose Rs 10.5 lakh crore in two sessions as market extends losses
Investors have lost Rs 10.5 lakh crore in wealth since Wednesday, with the fall in the market capitalisation of BSE-listed companies to Rs 269.9 lakh crore, according to provisional exchange data.
Stock Idea | Buy Hindustan Zinc, target Rs 365, says Arpit Beriwal
Arpit Beriwal of Motilal Oswal Financial Services suggests buying HZL shares for a target of Rs 365 with a stop loss at Rs 333.
Stock Buy/Sell | Buy ITC, sell Jubilant FoodWorks, says Ruchit Jain
Ruchit Jain of 5Paisa has two recommendations:
- Buy ITC for a target of 360 with a stop loss at Rs 337
- Sell Jubilant FoodWorks at Rs 485 for a target of Rs 450 with a stop loss at Rs 497
Stock Idea | Buy VIP Industries, says Astha Jain
Astha Jain of Hem Securities has a 'buy' on VIP Industries at Rs 690 for a target of Rs 760-770 with a stop loss at Rs 630.
Stock Idea | Buy TVS Motor Company, says Chandan Taparia
Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Financial Services, suggests going long on TVS shares for a target price of Rs 1,090 with a stop loss at Rs 1,025.
Overall market breadth extremely negative
Only 710 stocks are in the green zone less than 25 minutes from the closing bell and 2,827 are in the red.
Sensex plunges over 1,200 points, Nifty50 sinks below 17,450
The Sensex nosedives as much as 1,230.4 points or two per cent to 58,974.7 and the Nifty50 sheds 398.4 points or 2.2 per cent to 17,493.6 — their weakest intraday levels since October 20, 2022.
Sensex
Nifty
Bajaj Finance shares fall amid market crash; NBFC to report Q3 results today
The Bajaj Finance stock falls by as much as Rs 116.8 or two per cent to Rs 5,680.1 apiece on BSE.
Bajaj Finance's earnings report today.
Adani group stocks fall for second straight session
Adani Ports and Adani Wilmar locked in the five per cent lower circuit.
Stock Change (%) Price Adani Total -20 2,934.6 Adani Transmission -19.3 2,028.2 Adani Green -18.7 1,508.2 Adani Enterprises -13.5 2,932.4 Adani Ports -12.9 621 Adani Wilmar -5 517.3 Adani Power -5% 248.1 Editor's Take | Anil Singhvi says trading is not for unskilled participants, one must be aware of own risk appetite
In India, nine out of 10 people who foray into stock futures & options (F&Os) end up on the losing side, according to a report by market regulator Sebi.
The report highlights that derivative traders made an average loss of Rs 1.1 lakh in the financial year 2022, and 90 per cent of active traders incurred an average loss of Rs 1.25 lakh.
Here's a lowdown from Zee Business Managing Editor Anil Singhvi on what market participants must keep in mind before moving to F&O trading.
Don't miss it, traders!
Do not trade in futures and options without thoroughly understanding how derivatives really work, warns Anil Singhvi. "It's not something you learn along the way," he says.
"It is a full time... Don't make the mistake of believing you can do it on a part-time basis," adds Singhvi.
Sustained FII selling continues on Dalal Street
Foreign institutional investors have again taken to persistent selling of Indian shares after intermittent buying for a few days earlier this month. As of Wednesday, FIIs have net sold Indian shares to the tune of Rs 5,377 crore in four back-to-back session, though their domestic counterparts continue to lend support to the market, with net purchases of Rs 4,468 crore, according to provisional exchange data. (Read more on key factors fuelling the crash in the Indian market)
So far in January 2023, FIIs have net sold Indian equities worth Rs 23,254 crore, whereas DIIs have made net buys of Rs 19,141 crore, the data shows.
Date Net purchase/sales (in crore rupees) FII DII 25-Jan-23-2,393.9 1,378.5 24-Jan-23 -760.5 1,144.8 23-Jan-23 -219.9 435 20-Jan-23 -2,002.3 1,510 19-Jan-23 400 -129 18-Jan-23 -319.2 1,226 17-Jan-23 211.1 90.8 16-Jan-23 -750.6 686.0 13-Jan-23 -2,422.4 1,953.4 12-Jan-23 -1,662.6 2,127.7 11-Jan-23 -3,208.2 2,430.6 10-Jan-23 -2,109.3 1,806.6 09-Jan-23 -203.1 1,723.8 06-Jan-23 -2,902.5 1,083.2 05-Jan-23 -1,449.5 -194.1 04-Jan-23 -2,620.9 773.6 03-Jan-23 -628.1 350.6 02-Jan-23 -212.6 743.4 30-Dec-22-2,950.9 2,266.2 29-Dec-22 -572.8 515.8 28-Dec-22 -872.6 372.9 27-Dec-22 -867.7 621.8 26-Dec-22 -497.7 1,285.7 23-Dec-22 -706.8 3,399 22-Dec-22 928.6 2,206.6 21-Dec-22 -1,119.1 1,757.4 20-Dec-22 455.9 494.7 19-Dec-22 -538.1 687.4 16-Dec-22 -1,975.4 1,542.5 15-Dec-22 -710.7 260.9 14-Dec-22 372.2 926.5 13-Dec-22 619.9 36.8 12-Dec-22 -138.8 695.6 09-Dec-22 -158 501.6 08-Dec-22 -1,131.7 772.3 07-Dec-22 -1,241.9 388.9 06-Dec-22 -635.4 -558.7 05-Dec-22 -1,139.1 2,608 02-Dec-22 214.8 712.3 01-Dec-22 -1,565.9 2,665 In fact, in December 2022, domestic institutions more than compensated for selling by foreign institutions. Buying by DIIs stood at Rs 24,159 crore whereas FIIs sold equities worth Rs 14,231 crore.
Is a recession coming? Here's what the latest US GDP reading looks like
According to official data released on Thursday, growth momentum in the US economy slowed down, reflected in annual GDP growth of 2.9 per cent in the October-December 2022 period as against 3.2 per cent in the previous quarter. The latest GDP data on the world's largest economy comes amid fears of at least a mild recession this year.
Sensex, Nifty50 Crash | What's spooking the market? Here's a look at key factors at play on Dalal Street
Adani group shares continue to fall for a second straight session — all of the seven listed stocks of the group fall 3-17 per cent. Adani Total Gas is the top loser.
The recent slide in Adani group stocks has weighed on the banking and financial shares, with its total gross debt in the financial year 2021-2022 at around Rs 2 lakh crore. Elevated valuations of Adani groups stocks have been a concern for investors.
The Nifty Bank slides below the 41,000 mark for the first time in intraday trade since November 3, 2022, with all of its 12 constituents deep in the red.
Read more on what's causing the sea of red on Dalal Street today
Only three gainers in Sensex basket: Tata Motors, ITC, Sun Pharma
Nifty50 slips below 17,600 for first time in three months as market sell-off deepens
The 50-scrip benchmark sheds 296.4 points or 1.7 per cent to 17,595.6 at the weakest level of the day so far.
The Sensex sinks to as low as 59,260.3, down 944.7 points or 1.6 per cent from its previous close.
Here's what brokerages recommend on Bajaj Auto
Brokerage Rating Target Upside/downside vs Wednesday's closing price CLSA Buy 4,619 +24.3% JPMorgan Overweight 4,400 +18.4% Morgan Stanley Overweight 4,449 +19.7% Jefferies Buy 4,300 +15.7% Goldman Sachs Buy 4,400 +18.4% Nomura Buy 4,340 +16.7% Citi Sell 3,500 -5.8% CLSA, JPMorgan, Morgan Stanley, Jefferies and Goldman Sachs see up to 24 per cent upside potential in Bajaj Auto shares.
Bajaj Auto shares surge as most brokerages give a thumbs up to the two-wheeler maker after Q3 results
The Bajaj Auto stock gains by as much as Rs 275.7 or 7.4 per cent to Rs 3,993.1 apiece on BSE.
HDFC twins, ICICI Bank, SBI, Axis Bank top Sensex laggards
Tata Motors holds on strongly to the green, with a gain of seven per cent — the top gainer in the 30-scrip basket. ITC, mahindra & Mahindra and HCL Tech are the other top gainers in the pack.
Most brokerages have positive views on Tata Motors shares
Fear index VIX surges as headline indices extend day's losses
The India VIX — known in market parlance as the fear index — is up 6.9 per cent at 8.5, having soared as much as 13 per cent to 16.6 earlier in the day.The Sensex falls as much as 662.1 points or 1.1 per cent to 59,543 in the first 45 mintues of trade.Tata Motors shares zoom after all-round strong Q3 show
Tata Motors shares surge this morning. India's third largest carmaker reported a quarterly net profit that far exceeded analysts' expectations boosted by an all-round strong performance.
The stock stock gains by as much as Rs 34.2 or 8.2 per cent to Rs 453.2 apiece on BSE in early deals.
Most brokerages have bullish views on Tata Motors shares after the auto giant's earnings announcement.
Here's what the intraday stock chart of Tata Motors shares looks like so far today:
Traders' Diary | Buy, sell or hold strategy on Tata Motors DVR, Bajaj Auto, Dixon, Persistent, PVR, 15 other stocks today
In today's edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Friday, as Dalal Street returns to trade after the Republic Day market holiday.
Check out the full list of stock and trading ideas by Varun Dubey and Kushal Gupta
Pre-Open Market | Sensex down 38 points, Nifty50 at 17,877
Both headline indices quote 0.1 per cent lower at the end of the pre-opening session:
- Sensex: down 38.2 points at 60,166.9
- Nifty50: down 14.8 points at 17,877.2
Anil Singhvi Strategy | Key market triggers, important Nifty50, Nifty Bank levels to track today
Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. He expects support for the Nifty50 benchmark to come in at 17,800-17,850 levels, as Dalal Street returns to trade after the Republic Day holiday, and a strong buy zone in the 17,675-17,750 area.
For the Nifty Bank, he sees support at 41,550-41,650 levels, and, further below, a strong buy zone in the 41,300-41,425 band. (Read more on how Anil Singhvi views market today)
Wall Street indices rise as US GDP data eases recession worries
S&P 500 futures are down 0.3 per cent at this hour. On Thursday, the S&P 500 finished 1.1 per cent higher, the Dow Jones rose 0.6 per cent and the tech stocks-heavy Nasdaq Composite surged 1.8 per cent, as investors grappled with an onslaught of economic data and a string of mixed corporate earnings.
Asian shares rise mirroring Wall Street after US GDP data supports hopes of slower rate hikes
Equities in other Asian markets are rising this morning, following a strong handover from Wall Street, with MSCI's broadest index of Asia Pacific shares outside Japan quoting up 0.4 per cent at the last count.
- Japan's Nikkei 225: up 0.1 per cent
- China's Shanghai Composite: up 0.8 per cent
- Hong Kong's Hang Seng: up 0.2 per cent
- South Korea's KOSPI: up 0.9 per cent
- Singapore's Straits Times: up 0.4 per cent
US GDP Data | World's largest economy expands 2.9% in December quarter, 30 bps slower sequentially
Official data released on Thursday shows the US economy expanded 2.9 per cent in the October-December period, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession, as against 3.2 per cent in the previous quarter.
Most economists think the world's largest economy will slow further in the quarter ending March 2023, and slide into at least a mild recession by midyear. (Read more on US GDP data)
Sensex lost 774 pts on expiry day, Nifty50 cracked below 17,900
Both headline indices finished the January 25 session 1.3 per cent lower. Investors lost Rs 3.7 lakh crore in a day as the market capitalisation of BSE-listed companies decreased to Rs 276.7 lakh crore at the end of the session, according to provisional exchange data.
The Sensex shed 773.7 points to end at 60,205.1, and the Nifty50 settled at 17,892, down 226.4 points from its previous close. (Read more on the Jan 25 session)
Dalal Street enters February F&O series today
The Indian capital market is set to begin a new monthly derivative series today. The Sensex finished the January series with a loss of 928.8 points or 1.5 per cent, and the Nifty50 shed 299.1 points or 1.6 per cent.
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