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Tuesday, December 07, 2021

Market Highlights: Sensex falls 678 points, Nifty ends below 17,700-mark weighed by banks, financials and IT stocks

Share Market, Stock Market Highlights: The S&P BSE Sensex ended at 59,306.93, down 677.77 points (1.13 per cent), while the Nifty 50 settled at 17,671.65, down 185.60 points (1.04 per cent).

By: Express Web Desk | New Delhi |
Updated: October 29, 2021 5:50:27 pm
BSE in Mumbai. (Express photo by Ganesh Shirsekar)

Share/Stock Highlights: The frontline equity indices on the BSE and National Stock Exchange (NSE) corrected for the third successive day, declining over 1 per cent on Friday led by a decline in the banking, financial and information technology (IT) stocks amid weakness in the global markets.

The S&P BSE Sensex tanked 677.77 points (1.13 per cent) to end at 59,306.93 while the Nifty 50 tumbled 185.60 points (1.04 per cent) to settle at 17,671.65.

Reliance Industries (RIL) was the top contributor to the fall in Sensex on Friday. It was followed by Infosys, Housing Development Finance Corporation (HDFC), Kotak Mahindra Bank, Larsen & Toubro (L&T) and HDFC Bank. On the other hand, ICICI Bank, Ultratech Cement, Maruti Suzuki India, Tata Steel and Dr. Reddy’s Laboratories were the top gainers.

Among sectors, the key Bank Nifty fell 1 per cent weighed by RBL Bank, IndusInd Bank and Kotak Mahindra Bank. The Nifty Financial Services too declined 1.03 per cent dragged by Mahindra & Mahindra Financial Services, Shriram Transport Finance Company and HDFC. Apart from these, the Nifty IT index too fell 1.45 per cent due to a fall in Coforge and Tech Mahindra.

(with inputs from agencies)

Live Blog

Stocks, BSE Sensex, NSE Nifty, Crude oil prices, gold, silver prices, commodity market and money markets LIVE updates:

17:14 (IST)29 Oct 2021
Fino Payments Bank IPO update: End of Day 1

Fino Payments Bank IPO: At the end of Day 1, the IPO of Fino Payments Bank has been subscribed 0.51 times.

Details:

Qualified Institutional Buyers (QIBs) subscribed 0.00 times

Non Institutional Investors subscribed 0.05 times

Retail Individual Investors (RIIs) subscribed 2.73 times

Employee reserved subscribed 0.25 times

Total subscribed 0.51 times

Source: BSE

17:11 (IST)29 Oct 2021
Nykaa IPO update: End of Day 2

Nykaa IPO: At the end of Day 2, the IPO of FSN E-Commerce Ventures, which operates online beauty e-commerce platform Nykaa, has been subscribed 4.82 times.

Details:

Qualified Institutional Buyers (QIBs) subscribed 4.72 times

Non Institutional Investors subscribed 4.17 times

Retail Individual Investors (RIIs) subscribed 6.32 times

Employee reserved subscribed 1.18 times

Total subscribed 4.82 times

Source: BSE

16:20 (IST)29 Oct 2021
MARKET QUOTE | Vinod Nair, Head of Research, Geojit Financial Services on Friday's market performance

"The domestic market continued to witness selling as energy and private bank stocks remained under pressure following dull global sentiments. European markets opened weak even as the ECB decided to keep policy rates unchanged despite the inflationary pressure. US futures are trading in red following slow GDP growth and disappointing earnings from tech giants. Decisions of the Fed in its meeting next week will be a major factor that will drive global equities in the coming days"

15:36 (IST)29 Oct 2021
Equity markets at close

The S&P BSE Sensex ended at 59,306.93, down 677.77 points or 1.13 per cent, while the Nifty 50 settled at 17,671.65, down 185.60 points or 1.04 per cent.

12:30 (IST)29 Oct 2021
IRCTC shares sharply recover after Govt scraps order on 50% convenience fee revenue sharing

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) staged a sharp recovery in the late morning trade on Friday after the government withdrew its order seeking a 50 per cent share in the convenience fee revenue with the Ministry of Railways.

“Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee,” Secretary of Department of Invesment and Public Management (DIPAM) informed in a tweet. Click here to read

11:00 (IST)29 Oct 2021
Fino Payments Bank IPO opens today: All you need to know

The initial public offering (IPO) of Fino Payments Bank will open for subscription on Friday, October 29, 2021, at a price band of Rs 560-577 per share. The offer will be available till Tuesday, November 2, 2021.

Through the offer, Fino Payments Bank aims to raise Rs 1,200 crore. The IPO comprises a fresh issue of equity shares worth Rs 300 crore and an offer for sale (OFS) of 15,602,999 equity shares by its promoter Fino Paytech. The offer also includes a reservation of Rs 3 crore worth of shares for its eligible employees. Click here to read

10:59 (IST)29 Oct 2021
Rupee rises 15 paise against US dollar in early trade

The rupee surged 15 paise to 74.77 against the US dollar in opening trade on Friday on expectation of better inflows into high profile initial public offerings (IPOs).

At the interbank foreign exchange, the rupee opened strong at 74.78 against the dollar and inched further to 74.77 in early deals, a rise of 15 paise over its previous close. On Wednesday, the rupee had settled at 74.92 against the US dollar.

(PTI)

09:52 (IST)29 Oct 2021
MARKET QUOTE | V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services on Friday's morning view on market

"With the Nifty moving below the 20 Day Moving Average, the market has turned distinctly weak. The major drag on the market now is the sustained FII selling which touched Rs 3,818 cr yesterday. This comes after foreign brokerages like Morgan Stanley, Nomura and UBS downgrading India on excessive valuations. When smart money selling turns aggressive, retail exuberance would be overwhelmed. This is happening now. Investors need not rush in to buy now; the 'buy on dips' strategy, which worked well since April last year, may not work when FIIs are selling massively. So investors may wait and watch the trend before taking decisions. However, switching from expensive stocks in the broader market to high quality large-cap growth stocks may be a good idea.

Government asking IRCTC to share 50% convenience fee with the Railway Ministry is yet another instance which should warn investors of undue optimism while investing in PSU stocks. Enhancing shareholder return is not the objective of PSUs. So investors have to be careful while chasing PSU stocks, even if they are cheap"

09:48 (IST)29 Oct 2021
Govt extends tenure of RBI governor for three years till Dec 2024

The government Friday extended the tenure of RBI Governor Shaktikanta Das for three years till December 2024. The re-appointment will be effective from December 10 or until further orders, whichever is earlier.

“The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as Reserve Bank of India Governor for a period of three years beyond 10.12.2021 or until further orders, whichever is earlier,” read an official statement. Click here to read

09:42 (IST)29 Oct 2021
Global market update

Asian shares and U.S. stock futures slipped on Friday, as Amazon and Apple quarterly earnings bucked a recent strong trend and growth and inflation fears continued to weigh. Investors, particularly in bond and currency markets, are also worried about varied responses by central banks worldwide to rising inflation.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% in early trading and was on track for a weekly loss of 1.3%, snapping three weeks of gains. Japan's Nikkei reversed early losses to trade flat.

Asian shares were weighed by a fall in Nasdaq futures, which lost 0.73% as Apple Inc and Amazon Inc posted results after the close that missed expectations. S&P 500 futures lost 0.4%.

(Reuters)

09:39 (IST)29 Oct 2021
Equity market at open

Sensex tanks 626.18 pts to 59,358.52 in opening session; Nifty tumbles 180.75 pts to 17,676.50.

(PTI)

On Thursday, the benchmark equity indices on the BSE and National Stock Exchange (NSE) had fallen for the second consecutive session and ended nearly 2 per cent lower led by a cross-sector selloff amid the expiry of October-series futures and options (F&O) contracts.

Weakness in other Asian indices too weighed on market sentiments, analysts said.

The S&P BSE Sensex crashed 1,158.63 points (1.89 per cent) to settle below the 60,000 level mark at 59,984.70. The broader Nifty 50 fell 353.70 points (1.94 per cent) to end at 17,857.25.

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