Share Market LIVE: Sensex tanks 800 pts, Nifty reclaims 17,700; IT shares tumble

Indian benchmark indices tumbled in afternoon session today. Sensex crashed 827 points to 59,271 and Nifty slipped 213  points to 17,725. Earlier, Indian market opened lower amid weak global cues. At 09:18 hours, the 30-share BSE index was trading 119.8 points lower at 59,978.95, and the broader NSE Nifty was down 31 points to 17,907.50.

The Indian market ended lower for the second consecutive session on Wednesday amid weak global cues. Sensex closed 656 points lower at 60,098 and Nifty fell 174 points to 17,938.

Here's a look at the updates of the market action on BSE and NSE today.

3:00 pm: Market breadth

Market breadth is negative with 1,569 stocks rising against 1,803 stocks falling on BSE. 86 shares were unchanged.

2: 51 pm: Sectoral losers

IT and consumer durables shares were the top sectoral losers with BSE IT index falling 714 points and BSE consumer durables index slipping 485 points.

2: 50 pm: Market cap of BSE-listed firms falls to Rs 272.23 lakh crore.  Of 30 Sensex stocks, 22 ended lower.

2: 45 pm: IT stocks top losers on a sectoral basis. BSE IT index slips 714 points to 36,425.

2: 40 pm: Sensex crashes 998 points to 59,100 and Nifty slips 285 points to 17,653.

2: 15 pm : Crude price trading flat

NYMEX crude trades little changed near $85.5/bbl after yesterday's rally to 2014 highs. Crude oil has paused as API weekly report noted an unexpected increase in US crude oil stocks and as supply flow resumed on the Iraq-Turkey oil pipeline shut earlier this week. However, supporting price are supply risks relating to Russia and Middle-east, weakness in US dollar and severe cold weather in the US. Crude has stalled and may remain sideways ahead of inventory report. We may see a correction only if US EIA also reports a build-up in US crude stocks.

1: 45 pm: SBI Cards stock falls to a fresh 52-week low

SBI Cards share fell to a fresh 52 week low of Rs 858.45  in afternoon trade today .

1: 15 pm: Gold price trading flat

COMEX gold trades little changed near $1840 after a sharp 1.7% rally yesterday when it hit Nov.2021 highs. Gold jumped to near 2-month high as US bond yields retreated from Jan.2020 highs pressurizing US dollar index. Also supporting gold was ETF inflows, weakness in equities, rising inflation concerns, geopolitical issues and virus concerns. After days of range bound movement, gold has given a breakout which shows positive momentum however the rally yesterday was largely as part of buying seen across precious metals and without any major trigger so it may not continue for long.

12: 45 pm: Tata Communications stock slips 5% post Q3 earnings

Tata Communications stock fell nearly 5% today after the firm's Q3 earnings came below street expectations. Share of Tata Communications slipped 4.71% to Rs 1,450 against previous close of Rs 1,522.45 on BSE. Tata Communications stock trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

12: 15 PM: Bajaj Auto share falls over 3% post Q3 earnings

Bajaj Auto reported a 21.9 per cent year-on-year decline in its standalone net profit at Rs 1,214 crore for the quarter ended 31 December, 2021 against Rs 1,556 crore in the year-ago period. Revenue from operations rose marginally to Rs 9,022 crore against Rs 8,910 crore year ago.

 The stock was trading 3.44% lower at Rs 3325 against previous close of Rs 3,443 on BSE.

11:40 am: Market check

The benchmark indices were trading sharply lower. Sensex crashed over 600 points to hit an intraday low of 59,476.94 and Nifty fell 162 points to 17,776.

11:30 am: Tata Steel in focus

Tata Steel stated that its revenue for the first nine months of the fiscal year (9MFY22) crossed Rs 5,000 crore. Its production was up year-on-year and its net debt decreased. Tata Steel said in a filing that its earnings before interest, taxes, depreciation, and amortisation was lower on a quarter-to-quarter basis.

Crude steel production grew 12 per cent year-on-year and total deliveries went up by 6 per cent year-on-year on the back of continued recovery in 9MFY22. However, in the quarter under review, crude steel production and deliveries were marginally lower by 2 per cent quarter-on-quarter due to a shutdown for maintenance. 

Revenue from operations amounted to Rs 1,677 crore, which is an increase of 2 per cent quarter-on-quarter due to mix enrichment and higher steel prices.

Shares of Tata Steel were trading flat on BSE. 

10:55 am: Budget 2022: Fiscal consolidation shouldn’t be the only focus, say SBI economists

State Bank of India (SBI) economists have urged the Centre to not focus much on fiscal consolidation in the upcoming Budget 2022-23 as there is a need for more stabilisation measures to sustain economic recovery. SBI chief economist Soumya Kanti Ghosh said in a pre-Budget note that one of the best ways to begin this fiscal is to complete LIC share sale this fiscal.
 
He added this will repair the overstretched balance sheet which, in turn, will lower the fiscal deficit to 6.3 per cent in FY23 and the exchequer will have a cash surplus of at least Rs 3 lakh crore. Ghosh further noted that the Union Budget should not correct fiscal deficit by over 30-40 basis points as most sectors still need support.

10:35 am: PTC India Financial shares tank 19%

Shares of PTC India Financial tanked 19 per cent in early trade after the company's three independent directors resigned.

"We are in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent update will be communicated to all the stakeholders appropriately," the company said.

10:15 am: Rallis India shares tank 6%

Rallis India shares fell over 6% today after the subsidiary of Tata Chemicals reported a 13.3 per cent fall in net profit for the quarter ended December 2021. The stock has fallen after five days of consecutive gain.

The shares opened with a loss of 4.63% at Rs 281 against the previous close of Rs 294.65 on BSE. It touched an intraday low of Rs 276.3, down 6.23% in early trade.

10:00 am: Market check

Sensex was trading over 300 points lower at 59,754 and Nifty also declined 75 points to 17,852.

Infosys and Reliance Industries were the top Sensex losers, declining over 2 per cent each.

9:45 am: L&T Infotech shares gain 3% post Q3 earnings

Shares of L&T Infotech (LTI) rose 3.5 per cent to hit an intraday high of Rs 6,928 on BSE after the company reported its earnings for the quarter ended December 2021.

LTI, the infotech arm of EPC major Larsen & Toubro, reported an 18 per cent growth in its net profit to Rs 612.5 crore for the December 2021 quarter, on higher revenues.

The city-based company's revenue from operations increased 31.2 per cent to Rs 4,137 crore, and was 9.8 per cent higher than the preceding September 2020 quarter.

9:18 am: Market opening

Indian benchmark indices opened lower amid weak global cues. At 09:18 hours, the 30-share BSE index was trading 119.8 points lower at 59,978.95, and the broader NSE Nifty was down 31 points to 17,907.50.

Infosys was the top loser in the Sensex pack, declining over 2 per cent, followed by Asian Paints, HCL Tech, RIL, Wipro and Dr Reddy.

Power Grid and UltraTech Cement were among the top Sensex gainers.

9:10 am: Market at Pre-open

The benchmark indices were trading lower in the pre-open session. Sensex was trading 84 points lower at 60,014.43 and Nifty was down 17 points at 17,921.

8:55 am: Pre-Market Comment by Mohit Nigam Head - PMS, HEM Securities

Benchmark Indices are expected to start their day in the red as trends on the SGX Nifty indicate a negative opening for the broader index in India with a loss of 76 points. Asia-Pacific Markets were mixed on Thursday, impacted by China's cut in its key lending rates. 

US markets impacted by a diverse set of corporate earnings and investors' concern about higher US Treasury yields and the Federal Reserve tightening monetary policy, main indices ended sharply lower on Wednesday, with the tech-heavy Nasdaq confirming it was in a correction, closed 10% below its record closing level.

Traders and investors may remain worried as a top WHO official said that it is not possible to end the COVID-19 virus as such viruses never go away and end up becoming part of the ecosystem, but asserted that it is possible to end this year the public health emergency caused by COVID-19 with a collaborative approach to fix inherent inequities in the system.

Hindustan Unilever, Biocon, Asian Paints, Bajaj Finserv, Havells India, Persistent Systems, PNB Housing Finance, Agro Tech Foods, Reliance Industrial Infrastructure, Sasken Technologies, Shoppers Stop, South Indian Bank, Vimta Labs, VST Industries and some others are going to announce their quarterly numbers on January 20 which might add volatility in the market.

On the technical front, the key resistance levels for Nifty50 are 18,300 followed by 18,500 and on the downside 17,700 followed by 17,300 can act as strong support. Key resistance and support levels for Bank Nifty are 38,500 and 37,500 respectively.
 

8:45 am: Global Markets

Wall Street's main indexes ended sharply lower on Wednesday, with the tech-heavy Nasdaq confirming it was in a correction, after a diverse set of corporate earnings and as investors continued to worry about higher U.S. Treasury yields and the Federal Reserve tightening monetary policy.

On Wall Street, the S&P 500 ended 44.35 points lower at 4,532.76, the Nasdaq Composite declined 166.64 points to 14,340.26 and the Dow Jones dropped 339.82 points to 35,028.65.

In Asia, Nikkei Weighted index was up 0.46 per cent and Hang Seng was trading 1.75 per cent higher. Shanghai Composite was down 0.23 per cent.

8:40 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 2,704.77 crore on January 19, and domestic institutional investors (DIIs) offloaded shares worth Rs 195.07 crore, as per provisional data available on NSE.

8:35 am: Rupee snaps 3-day losing streak

The rupee snapped its 3-day losing streak to settle 14 paise higher at 74.44 (provisional) against the U.S. dollar on Wednesday, tracking positive regional peers, even as the domestic equity market settled with significant losses.

At the interbank foreign exchange market, the rupee opened lower at 74.70 a dollar, registering a decline of 12 paise from the last close. During the day, it pared losses and witnessed an intra-day high of 74.32.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a flat note as SGX Nifty was down 54 points to 17,919 at 8:30 am.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

The Indian market ended lower for the second consecutive session on Wednesday amid weak global cues. Sensex closed 656 points lower at 60,098 and Nifty fell 174 points to 17,938. Infosys, Asian Paints, HUL, Nestle India and Bajaj Finance were the top Sensex losers, falling up to 2.77%.

SBI, Tata Steel and Maruti Suzuki were the top Sensex gainers, rising up to 1.83% . BSE mid cap and small cap indices fell 87 points and rose 8 points, respectively.

 Of 30 Sensex stocks, 22 ended lower. Market cap of BSE-listed firms fell to Rs 274.77 lakh crore.