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Thursday, January 27, 2022

Market Highlights: Sensex crashes 765 points, Nifty settles below 17,200; financials, FMCG and IT stocks dip

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By: Express Web Desk | New Delhi |
Updated: December 3, 2021 4:17:58 pm
Bombay Stock Exchange building. (Express archive photo)

Share/Stock Highlights: The frontline equity indices on the BSE and National Stock Exchange (NSE) ended over 1 per cent lower on Friday dragged by losses in index-heavyweights Reliance Industries, HDFC twins and Kotak Bank, after the discovery of two cases of the new Omicron variant in the country a day earlier.

The S&P BSE Sensex crashed 764.83 points (1.31 per cent) to end at 57,696.46 while the broader Nifty 50 fell 204.95 points (1.18 per cent) to settle at 17,196.70. Both the indices had opened marginally higher earlier in the day but soon gave up their gains and turned red.

PowerGrid was the top loser in the Sensex pack, shedding over 4 per cent, followed by Reliance Industries, Asian Paints, Kotak Bank, Tech Mahindra and Bharti Airtel. On the other hand, L&T, IndusInd Bank, Tata Steel and UltraTech Cement were among the gainers.

Among sectors, the Nifty Financial Services index fell 1.13 per cent weighed by Kotak Mahindra Bank, HDFC Life Insurance Company and SBI Life Insurance Company. The Nifty FMCG index too slipped 1.04 per cent dragged by Varun Beverages. The Nifty IT dipped 0.86 per cent due to a fall in Tech Mahindra and L&T Technology Services.

(with inputs from agencies)

Live Blog

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

16:17 (IST)03 Dec 2021
MARKET QUOTE | Vinod Nair, Head of Research at Geojit Financial Services on Friday's market performance

"Following a positive opening, benchmark indices gave up all gains led by losses in heavyweights in anticipation of the RBI meet next week. Meanwhile, investors were also cautious after India reported Omicron cases. However, global equities traded with slight gains recovering from yesterday’s broad based sell-off led by fears on new covid variant and Fed chair’s comment on the bond-buying program. RBI’s monetary policy meeting will be a key market driver as investors await MPC’s policy decision which is broadly expected to hold an accommodative stance considering the uncertainty surrounding the new variant."

15:55 (IST)03 Dec 2021
Equity markets at close

The S&P BSE Sensex ended at 57,696.46, down 764.83 points or 1.31 per cent, while the Nifty 50 settled at 17,196.70, down 204.95 points or 1.18 per cent.

14:25 (IST)03 Dec 2021
India’s services sector activity in Nov registers second-fastest pace of growth since July 2011: Survey

India’s services sector activity expanded at the second-fastest pace in more than a decade during November, driven by sustained rise in new work and improvement in market conditions, a monthly survey said on Friday.

The seasonally adjusted India Services Business Activity Index was at 58.1 in November, fractionally down from 58.4 in October. The November figure points to the second-fastest rise in output since July 2011. Click here to read

12:56 (IST)03 Dec 2021
Petrol and diesel prices steady

Prices of petrol and diesel across the country were unchanged on Friday, December 3, 2021.

The price of petrol in Delhi stands at Rs 95.41 per litre while that of diesel is at Rs 86.67. In Mumbai, petrol currently costs Rs 109.98, while diesel is retailing at Rs 94.14, data available on Indian Oil Corporation’s website showed. Click here to read

11:04 (IST)03 Dec 2021
Rupee trades in narrow range in early trade against US dollar

Indian rupee was trading in a narrow range in morning trade on Friday amid uncertainties over the global economic recovery in the wake of the emergence of Omicron.

At the interbank foreign exchange, the rupee opened at 74.98 against the dollar. It touched an early high of 74.96 and a low of 75.01 in initial deals. The rupee on Thursday settled at 75.02 against the US dollar.


10:46 (IST)03 Dec 2021
Mobile payments exceeded ATM cash withdrawals for the first time last year: PM Modi

Prime Minister Narendra Modi on Friday inaugurated the InFinity Forum, a thought leadership Forum on FinTech. In his keynote address, the prime minister said that last year, mobile payments exceeded ATM cash withdrawals for the first time in India. He added that fully digital banks, without any physical branch offices, are already a reality and may become commonplace in less than a decade.

In his speech, Modi said that India proved to the world that it is second to none when it comes to adopting technology or innovating around it and added that transformational initiatives under Digital India have opened doors for innovative Fintech solutions to be applied in governance. Click here to read

10:14 (IST)03 Dec 2021
RCap referred to NCLT, Reliance Power defaults

Even as the Reserve Bank of India (RBI) on Thursday referred Reliance Capital Ltd to the Mumbai Bench of the National Company Law Tribunal (NCLT), another Anil Ambani group firm, Reliance Power, said it defaulted on interest payment to 2 banks.

“The Reserve Bank has today (2 December) filed an application for initiation of corporate insolvency resolution process (CIRP) against Reliance Capital,” the RBI said in a statement. Click here to read

10:08 (IST)03 Dec 2021
Explained: What market balancing act by domestic institutions signals

Domestic institutional investors (DIIs) have emerged as a bulwark against foreign investors, which comes as a reassurance for retail investors in India. When global markets witnessed a sell-off last week and foreign portfolio investors (FPIs) pulled out a net of Rs 30,255 crore ($4 billion) over eight trading sessions, DIIs counter-balanced this by emerging as net investors. The lesson: long-term retail investors should follow domestic institutions and continue with their investments. Click here to read

09:54 (IST)03 Dec 2021
Global market update

Stocks fell on Friday after Chinese ride-hailing giant Didi said it would delist in New York, renewing concern about U.S.-China tensions and tech regulation, while oil headed for a sixth consecutive weekly drop on Omicron and rate hike worries.

S&P 500 futures fell about 0.5%. Hong Kong's Hang Seng dropped 1.3%, dragged by big tech names. MSCI's index of Asia shares outside Japan fell 0.7%.


09:49 (IST)03 Dec 2021
Equity market at open

Sensex surges 262.86 pts to 58,724.15 in opening session; Nifty rises 68.45 pts to 17,470.10.


The benchmark equity indices on the BSE and National Stock Exchange (NSE) extended their bull run for the second consecutive day and settled over 1 per cent higher on Thursday aided by a rally in the shares of information technology (IT), metals, fast moving consumer goods (FMCG) and auto mobiles despite largely negative cues from global peers amid fears about the new Omicron variant.

The S&P BSE Sensex surged 776.50 points (1.35 per cent) to end at 58,461.29 while the Nifty 50 climbed 234.75 points (1.37 per cent) to settle at 17,401.65.

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