Share Market HIGHLIGHTS: Sensex crashes over 900 pts, Nifty below 17,600 as rate hike woes hit global equities; Adani stocks bleed
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 suffered deep losses on Wednesday, mirroring weakness across global markets, as the worst day of 2023 overnight on Wall Street sent sell signals to Asian markets. The slide in global markets came about after a key PMI reading showed a rebound in US business activity, sparking fears of a prolonged period of aggressive hikes in benchmark interest rates. Major central banks such as the Fed and the RBI are scrambling to raise interest rates in a bid to control red-hot inflation without hurting GDP growth.
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 suffered deep losses on Wednesday, mirroring weakness across global markets, as the worst day of 2023 overnight on Wall Street sent 'sell' signals to Asian markets. Investors await an official quarterly reading of India's GDP for more clarity on the state of the economy, and the future course of interest rates.
Barring ITC, Bajaj Auto and Cipla, which managed gains of up to 0.5 per cent, all of the 50 stocks in the Nifty basket finished the day in the red. Adani Enterprises and Adani Ports, falling 11 and seven per cent respectivel, were the top laggards in the pack. Grasim, Bajaj Finance, Bajaj Finserv, JSW Steel, Reliance, Wipro, HDFC Bank and HDFC were some of the other blue-chip stocks that fell the most. ALSO READ: All Adani group stocks bleed; a look at latest in Adani vs Hindenburg
Among heavyweights, Reliance, the HDFC twins, ICICI Bank, Infosys, Bajaj Finance and Adani Enterprises posed the maximum pressure on the 50-scrip index.
Global market update: European markets started the day lower, mirroring negative moves across their Asian peers, amid weakness in mining stocks thanks to falling metal prices.The pan-European Stoxx 600 index fell 0.5 per cent at the last count. Dow Jones futures were flat, indicating a muted opening ahead on Wall Street.
The slide in global markets came about after a key PMI reading showed a rebound in US business activity, sparking fears of a prolonged period of aggressive hikes in benchmark interest rates. Major central banks such as the Fed and the RBI are scrambling to raise interest rates in a bid to control red-hot inflation without hurting GDP growth.
All eyes are on minutes of the latest FOMC review due for release later in the day.
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RBI MPC Meeting: Minutes of the February 2023 review due shortly
Economists and investors alike will closely look out for details on the views of the six MPC members, including RBI Governor Shaktikanta Das. In the February 6-8 review, the RBI's rate-deciding planel voted 4:2 to increase the repo rate as well as continue with its existing policy stance of "withdrawal of accommodation".
They will also track the MPC members' remarks on consumer inflation and economic growth.
Read more on RBI MPC minutes
Global Market Update | European shares mirror Asian peers amid global sell-off
European markets begin the day in the red, tracking negative moves across their Asian peers, weighed down by mining stocks as metal prices drop and as strong economic data sparks worries that benchmark interest rates could stay higher for longer.
The pan-European Stoxx 600 index is down 0.5 per cent at this hour.
- UK's FTSE: down 1.2 per cent
- France's CAC: down 0.9 per cent
- Germany's DAX: down 0.7 per cent
All eyes are on minutes of the latest FOMC review due for release later in the day.
BEWARE! | Cyber-criminals misusing Anil Singhvi's name to scam WhatsApp users with fraudulent messages
Read more on this shocking newsWorst day for Adani Enterprises shares in two weeks as group stocks bleed
Shares in the Adani group flagship, Adani Enterprises (ADANIENT), finish weaker by Rs 163.6 or 10.4 per cent at Rs 1,404.9 apiece on BSE — their worst percentage fall since February 9, 2023.
Simply put, today's fall in ADANIENT shares is the worst in almost two weeks.
Stock Change (%) Closing price Adani Enterprises -10.4 1,404.9 Adani Ports -6.3 546.9 Adani Transmission -5 788.8 Adani Green Energy -5 539.3 Adani Total Gas -5 835 Adani Wilmar -5 390.4 Adani Power -5 162.6 NDTV -4.9 202 Ambuja -4.9 335.6 ACC -4 1,755.2 Read more on Adani shares
Share Market Update | Sensex crashes 928 pts to end at 59,745 ahead of F&O expiry day, Nifty50 slumps to 17,553
Both headline indices finish the wild session on Dalal Street 1.5 per cent weaker.
The Sensex loses 927.7 points to settle at 59,745 and the Nifty50 ends at 17,552.6, down 274.1 points from its previous close.
Here's how the gauges moved through the day:
Sensex
Share Market Tips LIVE | Ruchit Jain recommends buying Symphony shares
Ruchit Jain of 5aisa has one 'buy' call for Zee Business viewers:
Buy Symphony for targets of Rs 1,200 and Rs 1,240 with a stop loss at Rs 1,070
Did you know NSE has extended interest rate derivatives timings by 90 minutes?
NSE has extended the market hours for trading in interest rate derivatives by 90 minutes, to 9 am-5 pm from 9 am-3:30 pm. The change will come into effect from February 23.
The move is aimed at converging the timings of the segment with those of the underlying market, which is the money market.
Read more on NSE's move on currency derivatives trading hours
RBI to release minutes of first MPC review of 2023 today
RBI Governor Shaktikanta Das-led Monetary Policy Committee — the interest rate-setting panel of the central bank — is all set to release minutes of its first review of 2023 later in the day.
The minutes come just ahead of the release of an official quarterly GDP reading scheduled for February 24.
Read more on upcoming RBI MPC review minutes
Nifty Bank Today | Banking index slides below 40,000 for first time since February 2; HDFC Bank, ICICI Bank, Kotak Mahindra Bank, SBI lead losses
Nifty LIVE Today | All but four Nifty50 stocks in the red amid stock market crash
ITC, Divi's, Sun Pharma and Cipla, holding on barely to the green with gains of up to 0.4 per cent, are the only gainers in the Nifty50 basket at this hour. Here's a look at the top 10 laggards in the 50-scrip basket at this hour:
Stock Change (%) CMP TATASTEEL -1.7 111.2 HDFCBANK -2 1,614.3 RELIANCE -2 2,385.1 BAJAJFINSV -2.3 1,362.5 NTPC -2.4 169.1 BAJFINANCE -2.7 6,206.2 JSWSTEEL -2.9 699.6 GRASIM -3.5 1,576 ADANIPORTS -4.9 554.7 ADANIENT -9.7 1,419.2 Reliance, HDFC twins, ICICI Bank, Infosys and Bajaj Finance weigh on the Nifty50 gauge the most.
Here's what the heatmap looks like:
Stock Market LIVE | Nifty50 plunges more than 250 pts, near 17,550 amid market crash
The Nifty50 benchmark slides to 17,562.5 at the weakest level of the day, shedding 264.3 points — or 1.5 per cent — from its previous close.
Stock Market Tips LIVE | Swati Hotkar recommends buying Nocil shares, selling Apollo Tyres shares
Swati Hotkar of Nirmal Bang Securities shares two stock picks with Zee Business viewers:
- Buy Nocil for a target price of Rs 240 with a stop loss at Rs 222
- Sell Apollo Tyres for a target of Rs 312 with a stop loss at Rs 332
Sensex LIVE Today | 30-scrip index slides below 60,000 mark for first time in three weeks
The Sensex slides as much as 720.3 points or 1.2 per cent to 59,952.4 — cracking below the 60,000 mark for the first time since February 2.
Adani-Hindenburg Saga | Give details on loans, securities of Adani group firms: Sebi to rating agencies
Market regulator Sebi asks credit rating agencies to share details of all the ratings on the Adani group's local loans and securities.
Read more on this big story on Adani group companies
All Adani group stocks in the red; Sebi asks rating agencies to share details on their take on group companies
Stock Change (%) CMP Adani Enterprises (ADANIENT) -6.8 1,461.4 Adani Transmission (ADANITRANS) -5 788.8 Adani Green Energy (ADANIGREEN) -5 539.3 Adani Total Gas (ATGL) -5 835 Adani Wilmar (AWL) -5 390.4 Adani Power (ADANIPOWER) -4.7 163.1 NDTV -3.7 203 Adani Ports (ADANIPORTS) -3.6 562.5 Ambuja (AMBUJACEM) -3.2 341.8 ACC -2.4 1,784.1 Read more on Adani group stocks
Brokerage Calls | Maruti, ONGC, Delhivery, Oil India, HPCL shares in focus today
UBS retains a 'buy' rating on Maruti Suzuki with a target price of Rs 12,600 — implying upside potential of 45 per cent from the auto major's closing price on Tuesday. The brokerage expects Maruti Suzuki's appeal in the SUV segment to rise with the real driving emission norms, set to come into force from April 1, 2023.Share Market Recommendation LIVE | Shubham Agarwal positive on Marico shares
In an interaction with Zee Business Managing Editor Anil Singhvi, Shubham Agarwal of Quantsapp Advisory suggests buying FMCG company Marico's shares for a target price of Rs 575 with a stop loss at Rs 470.
Share Market Tips LIVE | Jay Thakkar recommends buying Nifty50 17,800 in-the-money put option (Feb 23)
In an interaction with Zee Business Managing Editor Anil Singhvi, Jay Thakkar of Sharekhan recommends buying the 17,800 in-the-money put option, due for an expiry on Thursday, at Rs 122 for targets of Rs 177 and Rs 200 with a stop loss at Rs 73.
Here's how the Nifty50 has moved today so far:
Stock Market Recommendation LIVE | Buy SBI Life futures, says Sandeep Wagle
Sandeep Wagle, Founder and CEO of Sandeep Wagle Advisory Services, shares one stock pick with Zee Business viewers. He has a 'buy' call on SBI Life futures for a target of Rs 1,100 with a stop loss at Rs 1,146.
Stock Market Today LIVE | Investors cheer IRB Infra share split in 10:1 ratio
The IRB Infra stock rises by as much as Re 1.8 or six per cent to Rs 31.6 apiece on BSE, trading in large volumes.
As many as 17 lakh IRB Infra shares change hands on BSE within the first 25 minutes of trade, as against a daily average of 1.7 lakh in the past two weeks, according to exchange data.
Share Market Today LIVE | Larsen & Toubro, Sun Pharma, Maruti Suzuki the only gainers in Sensex basket
Stock Market Today LIVE | Sensex drops over 300 pts, Nifty50 cracks below 17,750 amid broad-based selling
Both headline indices decline as much as half a per cent in the first few minutes of trade. The Sensex slides 329.1 points to hit 60,343.6 on the downside at the weakest level of the day so far, and the Nifty50 slips to as low as 17,729.4, shedding 97.3 points from its previous close.
Here's how the gauges' intraday charts are building up 10 minutes into the opening bell:
Sensex
Nifty50
Stock Market Today LIVE | Sensex down over 250 pts pre-market, Nifty50 near 17,750
Sensex LIVE, Nifty50 Live: In the pre-opening session, the Sensex finishes with a loss of 280.9 points or 0.5 per cent at 60,391.9 and the Nifty50 settles at 17,755.4, down 71.4 points or 0.4 per cent from its previous close.
Stock Market Update | Dow Jones, Nasdaq, S&P 500 log their worst day of 2023 as rate hike fears linger
The three main Wall Street indices — the Dow Jones, the S&P 500 and the Nasdaq Composite — posted their worst performances of the year on Tuesday, as investors interpreted a rebound in business activity in the world's largest economy to mean interest rates will need to stay higher for longer to control inflation.
- Dow Jones Industrial Average: down 2.1 per cent
- S&P 500: down two per cent
- Nasdaq Composite: down 2.5 per cent
For the S&P 500 and the Nasdaq Composite, it was a third back-to-back session of a lower close. The Dow Jones turned negative for 2023.
The steep fall in the US market came about after the S&P Global PMI, reflecting business activity in the US, returned to expansion for the first time in eight months in February.
Anil Singhvi Market Strategy | Support for Nifty50 at 17,700-17,775 levels
Zee Business Managing Editor Anil Singhvi expects a strong buy zone for the Nifty50 benchmark in the 17,600-17,650 area. For the Nifty Bank, he sees support emerging in the 40,350-40,400 and 40,150-40,200 bands, and a strong buy zone in the 39,425-39,500 area.
Read more on how Anil Singhvi views the market and what he recommends
Share Market Tips | Catch recommendations on Infosys, ICICI Bank, RailTel, BEL, Berger, 15 other stocks
In this edition of Traders' Diary on Zee Business, analysts share exclusive research on 20 stocks that investors and traders can track today.
- Varun Dubey suggests buying RailTel for a target of Rs 116 with a stop loss at Rs 109
- Kushal Gupta recommends going long on Chambal Fertilisers for a six-month target of Rs 350
Check out the complete list of their trading recommendations today
Global Stock Market Today LIVE | Asian shares tumble following worst day of 2023 for Dow Jones, S&P 500, Nasdaq
Equities in other Asian markets begin the day in the red following the worst day of 2023 on Wall Street overnight, as investors worry that healthy business activity could mean a prolonged period of steep hikes in benchmark interest rates. MSCI's broadest index of Asia Pacific shares outside Japan is up 1.2 per cent at this hour.
Here's what some of the major indices in the region look like:
- Japan's Nikkei 225: down 1.3 per cent
- China's Shanghai Composite: down 0.4 per cent
- Hong Kong's Hang Seng: down 0.8 per cent
- Singapore's Straits Times: flat
- South Korea's KOSPI: down 1.5 per cent
Stock Market Today LIVE | SGX Nifty futures indicate a weak start ahead on Dalal Street
Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty50 index — are down 70.5 points or 0.4 per cent at this hour, having declined as much as 75 points to 17,770.5 earlier in the day.
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