Stock Market LIVE: Sensex tanks over 300 pts, Nifty below 17,200; SBI slips 2%

Sensex crashed over 1,000 points on Monday to close below the 58,000 level, led by sell-off in banking and financial stocks amid mixed global cues.

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

11:00 am: PolicyBazaar stock tanks 6% post weak Q3 show; down 14% from issue price

Shares of  Policybazaar (listed as PB Fintech Limited) tanked 5.59 per cent to hit an intraday low of Rs 845.90 on BSE after the company reported weak set of numbers for the quarter ended December 2021.

The company reported a consolidated net loss of Rs 298 crore for the quarter ended December 2021. The firm had posted a net profit of Rs 195.9 crore in the year-ago period. However, revenue from operations jumped 73 per cent to Rs 367 crore on an year-on-year basis.

10:40 am: Market check

Equity benchmark Sensex plunged over 400 points in early trade on Tuesday. Likewise, the Nifty fell 116 points or 0.68 per cent to 17,096.95.

10:00 am: Adani Wilmar makes muted market debut, stock lists at 4% discount to issue price 

The shares of Adani Wilmar listed at a 3.91% discount to their issue price on BSE and NSE today. Shares of the Adani Group firm made their market debut at Rs 221 on BSE. The issue price of the IPO stood at Rs 230.

The company offered its shares in a price band of Rs 218-Rs 230. Market cap of the firm stood at Rs 28,722 crore. Total 3.19 lakh shares of the firm changed hands amounting to a turnover of Rs 7.03 crore on BSE.

9:16 am: Market opening

The benchmark indices opened higher amid mixed global cues. At 09:16 hours, the 30-share BSE index was trading 191 points higher at 57,812.51, and the broader NSE Nifty was up 66 points to 17,279.85.

Maruti Suzuki was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Tata Steel, Bajaj Finserv, Wipro, Tech Mahindra and Titan.

HDFC and Nestle India were among the top losers.

8:55 am: Pre-market comment by Mohit Nigam, Head - PMS, Hem Securities 

Benchmark Indices are expected to open on a flat to positive note as suggested by trends on SGX Nifty. US stock markets closed lower on Monday, as investors are digesting recent quarterly results from Facebook and other companies. Meta (facebook) fall by an additional 5.1%. NASDAQ dropped by 0.58% to 14015.6 levels. Asian markets are trading at mixed levels as investors in the region continue to assess the inflation and central bank policy outlook. Straits Times, Taiwan Weighted up 0.5%.

Adani Wilmar, one of the largest FMCG companies in India, is expected to start the first day of trade with around 15 percent premium.
Oil prices settled lower on Monday on faint signs of progress in nuclear talks between the United States and Iran, which could lead to the removal of US sanctions on Iranian oil sales.

Results today: Bharti Airtel, IRCTC, Bata India, Jindal Steel & Power, Bajaj Electricals, Ajmera Realty & Infra India, Aster DM Healthcare, Astrazeneca Pharma, Borosil Renewables, Data Patterns (India), Endurance Technologies, Escorts, Glenmark Life Sciences, Godrej Consumer Products, Granules India, Gujarat Gas, HeidelbergCement India, Indraprastha Gas, Jammu & Kashmir Bank, Jagran Prakashan, J Kumar Infraprojects, JK Paper, Kolte-Patil Developers, Latent View Analytics, Mahanagar Gas, NCC, NMDC.

On the technical front, 17,045 and 17,350 are immediate support and resistance in Nifty 50. For Bank Nifty 37,500 and 38,400 are immediate support and resistance respectively.
 

8:40 am: Global updates

Wall Street ended lower on Monday, as investors digested recent quarterly results from Facebook owner Meta Platforms and other megacaps, while Peloton jumped following reports of interest from potential buyers, including Amazon. Meta Platforms fell 5.1 percent, adding to losses after its bleak forecast last week caused a record plunge in the social media company's stock market value.

The Dow Jones Industrial Average remained unchanged to end at 35,091.13 points, while the S&P 500 lost 0.37 percent to 4,483.87. The Nasdaq Composite dropped 0.58 percent to 14,015.67.

In Asia, the Nikkei Weighted index was up 0.43 per cent and Hang Seng was trading 1.19 per cent lower. Shanghai Composite was down 0.55 per cent.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 1,157.23 crore on February 7, and domestic institutional investors (DIIs) offloaded shares worth Rs 1,376.49 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a flat note as SGX Nifty was up 25 points at 17,238.

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 Monday

Sensex crashed over 1,000 points on Monday to close below the 58,000 level, led by sell-off in banking and financial stocks amid mixed global markets. Concerns over unabated foreign capital outflows also affected the market sentiment, traders said.

Investors remained cautious ahead of the RBI's policy meet from February 8. Sensex ended 1,023 points lower at 57,621 and Nifty slumped 302.70 points to 17,213.

HDFC Bank was the top  Sensex loser shedding over 3.5 per cent, followed by Bajaj Finance, L&T, HDFC, Bajaj Finserv, HDFC and Kotak Bank.

PowerGrid, NTPC, Tata Steel, SBI and Ultratech Cement were the top Sensex gainers, rising up to 1.88 per cent.

Of 30 Sensex stocks, 25 shares closed in the red.