India’s stock market extended losses for the fifth straight session today amid negative global indices. Sensex was down 1465 points at 57,571 and Nifty was down 446 points at 17,170 in the afternoon session. All 30 Sensex components were trading in the red. Bears dominated Dalal Street last week, with benchmark equity indices falling more than 3% amid bets on faster rate hikes from the US Federal Reserve in 2022.
The 30-stock BSE Sensex index plunged 2,185.85 points, or 3.57%, to 59,037.18 on Jan. 21 from 61,223.03 on Jan. 14. .
Here’s a look at the market action updates on BSE and ESN today.
1:55 p.m.: Expert quote
Parth Nyati, Founder of Tradingo, said, “We are seeing a significant correction in the market and the selling intensity is very high due to massive FII selling. tightening by the US Fed. We are underperforming today and the main reason is global weakness, while another reason is that some margin calls have been triggered, especially in new peak companies, this which causes a ripple effect.Anecdotally, Monday remains lousy in a weak market as a lot of unwinding is seen by those postponing the weekend in hopes of recovery.
Technically, 17150 will be a critical support level which is a 61.8% retracement of the previous rally from 17410 to 18350; below, we can expect Nifty to head towards its 200-DMA which could coincide with the 16800 level. If Nifty manages to recover from the 16150 level, we can expect a pullback rally where 17600-17800 will be an area of immediate resistance.”
1:50 p.m.: Update on the market
Sensex drops 1465 points to 57,571 and Nifty slips 446 points to 17,170 in the afternoon session.
1:40 p.m.: Reliance Industries shares fall 2.95% after third-quarter results
Shares of RIL fell 3% today amid the market meltdown, despite the energy-to-telecommunications giant reporting year-on-year growth of 41.58% ( YoY) of consolidated net profit (attributable to owners of the company) at Rs 18,549 crore. The company had recorded a profit of Rs 13,101 crore during the same period last year.
1:20 p.m.: Sensex losers
All 30 Sensex components are trading in the red. Bajaj Finance, Tata Steel and Tech Mahindra are Sensex’s biggest losers, falling to 5.37%.
12:45 p.m .: ICICI Bank stock rises after third quarter results
Shares of ICICI Bank rose more than 1% in a stock market crash today after the private sector lender announced a 25% year-on-year (YoY) increase in its net profit for the quarter. October to December. ICICI Bank shares climbed 1.76% to Rs 818.80 from the previous close of Rs 804.60 on BSE.
12:30 p.m .: Sensex, Nifty extend losses
Sensex drops 1,294 points to 57,742 and Nifty drops 381 points to 17,235.
12:25 p.m.: Budget forecasts
Puneet Maheshwari, Director of Upstox, said: “Over the past year, digital brokers have provided investors with easy and convenient access to a range of products and services. In a welcome development, SEBI announced a shorter settlement cycle, called T+1, as an incentive to the investment community. The government could consider exempting traders from securities transaction tax (STT). By doing so, new investors would be encouraged to start trading. There needs to be more participation in indices or exchange traded funds. By providing blocking and tax incentives modeled on equity-linked tax savings schemes, the government can encourage long-term savings in Nifty or Sensex. Greater allocation of provident funds and state-owned pension funds to stock markets could also help.
In view of the huge increase in medical expenses due to Covid-19, we urge the government to increase the standard deduction from the current Rs 50,000 to Rs 1,00,000. This will further reduce the tax burden and put more money between hands of the salaried class. The government should remove the concept of speculative income and limit the classification of income from financial market transactions to business income, long-term capital gains and short-term capital gains. We hope the government considers a tax exemption of up to £1,000,000 on short-term capital gains tax as well as a tax exemption on dividends of up to £50,000 for the elderly. »
00:05: Sensex crashes 1000 points
Sensex crashed more than 1,000 points to 57,945 amid weak global indices. Nifty had over 300 points at 17,294.
Tech Mahindra and Titan were Sensex’s biggest losers, dropping more than 4% each.
11:40 a.m.: market check
Benchmarks were trading sharply lower on Monday. Sensex fell more than 800 points to 58,209 and Nifty fell 260 points to 17,353.
11:00 a.m.: the rupee falls to 9 paise
The rupee fell 9 paise to 74.52 against the US dollar when trading opened on Jan. 24 as muted domestic equities and high crude oil prices weighed on investor sentiment.
Forex traders said the Indian rupee was trading in a tight range ahead of the US Federal Reserve meeting later this week.
10:30 am: Vodafone Idea shares slide 5%
Shares of telecoms giant Vodafone Idea fell more than 5% in early trading after the company reported an increase in loss to Rs 7,231 crore for the quarter ended December 2021.
The company reported a net loss of Rs 4,532 crore in the prior year period. The stock lost 5.04% to Rs 11.30 against the previous close of Rs 11.90 on BSE.
9:40 a.m.: Zomato shares the 19% tank
Shares of Zomato Limited tumbled 19% to an all-time low of 91.70 rupees on BSE.
According to Abhay Agarwal, founder of Piper Serica, the sharp correction seen in recently listed internet and technology stocks like Zomato is mainly due to a more than 10% correction in the Nasdaq over the past month. With interest rates rising, tech investors seem to be taking money off the table at the moment.
“With all the technical indicators flashing red, we don’t see any sharp rebound in tech stocks. At the same time, it’s a good opportunity for long-term investors to add stocks like Zomato to the portfolio because it’s a leader in a fast-paced market a growing industry that has only one other player.Also, given that the company is well-funded and has profitable unit-level metrics, we are not worried about the valuation correction,” he added.
9:16 am: Opening of the market
Indian benchmarks opened lower amid weak global indices. At 09:16, the 30-stock BSE index traded down 228 points to 58,808.81, and the broader NSE Nifty index was down 70 points to 17,546.55.
Asian Paints was the biggest loser in the Sensex pack, down more than 2%, followed by Tech Mahindra, Dr Reddy, HCL Tech, Wipro and Infosys.
Maruti Suzuki and ICICI Bank were among Sensex’s top earners.
8:55 a.m.: Pre-market commentary by Mohit Nigam, Head – PMS, Hem Securities
Benchmarks should open on a negative note, as trends on SGX Nifty suggest. US stock markets closed lower on Friday, NASDAQ fell -2.72% followed by a plunge from Netflix.
European indices also closed lower on Friday. Asian markets were also trading lower on Monday morning, with Hang Seng trading at -1.12%, Nikkei trading at -0.55% and Kospi trading at -1.63%. Markets therefore seem to be under pressure today, mainly due to the surge in bond yields, FII sales and average Q3 results.
Some stock-specific actions due to Q3 earnings can be seen in Reliance Industries, JSW Steel, ICICI Bank, Yes Bank, etc. Earnings to watch today include HDFC AMC, Axis Bank, SBI Cards, Deepak Nitrite, IEX, etc.
On the technical front, 17,400 and 17,800 are immediate support and resistance in Nifty 50. For Bank Nifty, 37,000 and 38,000 are immediate support and resistance respectively.
8:45 a.m.: World markets
Wall Street’s major indexes ended sharply lower on Friday as Netflix shares plunged after a weak earnings report, capping a brutal week for stocks that saw the S&P 500 and Nasdaq post their biggest weekly declines. as a percentage since the start of the pandemic in March 2020.
On Wall Street, the S&P 500 fell 1.89%, the Nasdaq Composite 2.72% and the Dow Jones 1.3%.
Asian stock markets fell on Monday, with the Federal Reserve expected to confirm that it will soon start draining the massive liquidity that has fueled huge gains in growth stocks in recent years.
In Asia, the Nikkei Weighted Index was down 0.55% and Hang Seng traded down 1.18%. Shanghai Composite rose 0.11%.
8:40 am: Action FII and DII
Foreign institutional investors (FII) sold shares worth Rs 3,148.58 crore on January 21, and domestic institutional investors (DII) bought shares worth Rs 269.36 crore, according to provisional data available on NSE.
8:35 am: the rupee rises 8 paise to close at 74.43
The rupee advanced 8 paise to close at 74.43 (provisional) against the US dollar on Friday, as crude oil prices fell and banks and exporters sold dollars.
However, the rupiah’s further recovery has been limited by continued outflows of foreign funds and heavy selling of domestic equities, analysts said.
In the interbank foreign exchange market, the rupiah opened at 74.50 to the dollar and during the day saw an intraday high of 74.40 and a low of 74.55 against the US currency. .
8:30 am: SGX Nifty
The Indian stock market is expected to open on a negative note as SGX Nifty fell 83.9 points to 17,564 as of 08:30.
Singapore Nifty (SGX Nifty) is the Indian Nifty Index which is traded on the Singapore Stock Exchange and is considered the first indication of the opening of the Indian market.
8:15 a.m.: Market on Friday
On Friday, Sensex closed down 427 points to 59,034 and Nifty fell 139 points to 17,617.
The BSE mid cap and small cap indices fell 512 points and lost 598 points, respectively. Of 30 Sensex shares, 22 ended lower.
The market capitalization of BSE-listed companies fell to Rs 269.84 lakh crore from Rs 273.28 lakh crore in the previous session.