Sensex, Nifty Updates: Benchmark Sensex and Nifty gave up initial gains on Wednesday to trade on a tepid note, amid volatility in global markets, as investors fretted upon the rising geopolitical trade tensions between US-China. Extending fall for the third straight session, Sensex fell 25 points lower at 30,584 and Nifty fell 4.6 points to 9,018. On Tuesday, Sensex closed 63 points lower at 30,609, while the broader Nifty50 index ended 10 points down at 9,029. Overseas, markets were trading on a mixed note on Wednesday.
Here's a look at the updates of the market action on BSE and NSE today
11.22 AM: Technical outlook
As per technical charts, Nifty's support levels are at 8,960-8,900, while its resistance levels line up at 9,130-9,230. As per experts, bearish conditions will activate below 8,900 and from there the index can accelerate towards 8,800 level.
11.00 AM: Losers and gainers today
ITC, Reliance Industries, M&M, Ultratech Cement, Asian Paints, Titan and NTPC were among the top losers today. WhileHCL Tech, HDFC Bank, Maruti, IndusInd Bank, Bajaj Finance, Birla Corporation, MMTC, Meghmani Organicswere among the top gainers.
10. 48 AM: Titan shares drop over 2%
Titan share price touched an intraday low of Rs 868, falling 2.82% on BSE after the company announced in a BSE filing that its operations were hit substantially from 17th March 2020 till the 1st week of May 2020, when lockdown was gradually lifted.
Company was able to get only very marginal sales through its online channel at the end of April but delivery for these have been affected due to classification of our products as non-essential so far.
10.34 AM: Rupee opens flat at 75.67 per dollar
Indian Rupee opened flat at 75.67 per dollar at the interbank forex exchange, as compared to the last closing of 75.66 per dollar.
10. 23 AM: Fitch slashes growth of Indian economy by 5%
Fitch has contracted India's GDP by 5 per cent, which is a sharp decline from 0.8 per cent growth, earlier projected by the global rating agency in late April. This was on account of slump in economic activities following a "very severe" lockdown that has lasted much longer than expected."The biggest contribution to the downward revision in global GDP for 2020 comes from EM (emerging markets) excluding China, where we now see GDP falling by 5 per cent in India and Russia and by 6-7 per cent in Brazil and Mexico," Fitch said.
Coronavirus impact: Indian economy to contract 5% in FY21, says Fitch Ratings
10.11 AM: VIP Industries shares fall over 5% post results
VIP Industries share price touched an intraday low of Rs 203, falling 5.71% intraday on BSE after reporting results.
The company reported 62% drop in net profit at Rs 9.5 crore during the quarter ended March 31, 2020, as against profit of Rs 25.28 crore, recorded in a year-ago period.
Company's total income fell 27% (YoY) to Rs 316 crore in the January-March quarter of the current fiscal as compared to Rs 436 crore in a year ago period.
10.00 AM: Earnings Today
Sun Pharma, Dabur, Heritage Foods, India Grid Trust, Foseco, Aditya Birla Fashion and Retail, Vaibhav Global, United Spirits, Tata Investments, Quess, Ujjivan Financial Services among others will be reporting March earnings today.
9.48 AM: Market turns red
Benchmark Sensex and Nifty gave up initial gains to turn red on Wednesday, amid volatility in global markets, as investors fretted upon the rising geopolitical trade tensions between US-China. Extending fall for the third straight session, Sensex fell 25 points lower at 30,584 and Nifty fell 4.6 points to 9,018.
9.33 AM: Coronavirus toll
India's total coronavirus cases have now surpassed 1.45 lakh including 60,490 recoveries and 4,167 death toll. Globally, there are 56.84 lakh confirmed cases and 3.52 lakh deaths from the coronavirus COVID-19 outbreak as of today.
9.15 AM: Opening bell
Benchmark Sensex and Nifty started Wednesday's trade on a positive note, amid mixed global cues, backed by buying pressure in banking stocks. Where Sensex traded 185 points higher at 30,800, Nifty climbed 50 points higher at 9,080.
9. 07 AM: Stocks in news today on May 27
Torrent Pharma, Blue Dart, Sun Pharma, Dabur, United Spirits, Bharti Airtel, VIP Industries among others are the top stocks to watch out for in Wednesday's trading session
9.04 AM: Pre-open session
Where Sensex pre-opened 215 points higher at 30,826, Nifty rose 72 points higher at 9,100
9:02 AM: Global cues
Overseas, markets were trading on a mixed note on Wednesday.
US markets closed sharply higher yesterday as optimism grew about the reopening of the economy and a potential coronavirus vaccine. US Futures (Dow Jones) traded at 25059, up 57 points or 0.23%.
Asian stocks, on the contrary, were witnessing mixed trend over concerns of rising geo-political trade tensions between the world's two biggest economies. Where, SGX Nifty, Kospi and Taiwan turned green, Shanghai, Nikkei, Hang Seng and Strit Times were trading marginally in red.
8. 50 AM: DII/ FII action
On a net basis, FIIs bought Rs 4,716.13 crore, while DIIs purchased Rs 2,841.09 crore worth in equities on Tuesday
8. 40 AM: Rupee closing
Indian Rupee closed at 75.66 per dollar at the interbank forex exchange, as compared to the last closing of 75.95 per US dollar
8.30 AM: Closing bell
Benchmark Sensex and Nifty erased early gains and closed lower on Tuesday, barring the positive strong global cues, on back of weakeness in SGX Nifty and selling pressure in IT and media stocks. Sensex closed 63 points lower at 30,609 and Nifty ended 10 points lower at 9,029.
Sensex, Nifty shed early gains, IT stocks slip; here's what led to last hour fall