Share Market LIVE: Sensex drops over 150 pts, Nifty holds 17,000; HUL tanks 4%

Good morning!

Benchmark indices snapped two sessions of gaining streak on Monday as rising oil prices played spoilsport amid prolonged Russia-Ukraine war. 

Sensex plunged 571.44 points to close at 57,292.49. During the day, it crashed 634.85 points or 1.09 per cent to 57,229.08.

Nifty declined 169.45 points or 0.98 per cent to end at 17,117.60.

What's next? Here are the latest updates!

11:15 am: Paytm shares hit all-time low

Shares of Paytm declined 3 per cent to hit an all-time low of Rs 550.5 on BSE. 

Recently, global financial major Macquarie slashed its price target for the digital major citing regulatory headwinds including a falling probability of getting a banking licence. 

Interestingly, this is the second time that the global major has slashed its target for Paytm. It initiated coverage on the stock in November last year with a target price of Rs 1,200, which was cut to Rs 700 last month and now has been further slashed to Rs 450. 

“Recent developments significantly reduce the probability of getting a banking license to lend, in our view,” stated the Macquarie report while highlighting the recent Reserve Bank of India (RBI) action against the fintech firm's subsidiary, Paytm Payments Bank and the problem of Chinese ownership, which is in excess of 25 per cent. 

11:00 am: Zomato in focus

Shares of Online food aggregator Zomato were in focus on Tuesday after the company said it will soon launch 'Zomato Instant' for delivery of food within 10 minutes. The company will pilot Zomato Instant with four stations in Gurugram from next month onwards.
 
In a blog, Zomato CEO Deepinder Goyal said customers are increasingly demanding "quicker answers to their needs", and that sorting restaurants by fastest delivery time is one of the most used features on the Zomato app. 
 
"Nobody in the world has so far delivered hot and fresh food in under 10 minutes at scale, and we were eager to be the first to create this category, globally!" he said.

10:30 am: Trading in Sintex Industries stock suspended on BSE, NSE 

Trading in shares of Sintex Industries was suspended on BSE and NSE with effect from Tuesday after approval of the insolvency resolution plan by the members of committee of creditors (CoC). Stock of Sintex Industries closed at Rs 7.82 on Monday, down 4.98 per cent against the previous close of Rs 8.23 on BSE. It opened at Rs 7.82 and was stuck at the same level through the session.

Total 9.10 lakh shares of the firm changed hands amounting to a turnover of Rs 71.18 lakh.

Market cap of Sintex Industries stood at Rs 468.59 crore on BSE.

"Members of the Exchange are hereby informed that the trading in equity shares of Sintex Industries Limited shall be suspended w.e.f. March 22, 2022, pursuant to approval of the resolution plan by the CoC members, under Section 30(4) of the Insolvency and Bankruptcy Code, 2016 (Code) read with Regulation 39(3) of the CIRP Regulations, as the successful resolution plan subject to approval of Honorable NCLT Ahmedabad, proposes that existing share capital of the Company shall be reduced to Zero and the Company will be delisted from the stock exchanges," the firm said in a communication to the bourses.

10:00 am: HUL in focus

According to some newspaper reports, Hindustan Unilever Ltd is in talks with Mahashian Di Hatti (MDH) to buy a majority stake in the maker of MDH Spices.

Shares of HUL were trading 4 per cent lower at Rs 1970 on BSE. The stock was the top loser on Sensex.

9:16 am: Market opening

Equity benchmark Sensex opened 149 points lower at 57,142.60. However, Nifty opened flat at 17,120.40 , up 2.80 points. 

HUL was the top loser on Sensex, declining over 2 per cent, followed by UltraTech Cement, Asian Paints, Axis Bank and M&M.

Tata Steel and Wipro were the top gainer on Sensex.

8:40 am: Global Updates

US stocks declined broadly while oil prices and Treasury yields pushed higher on Monday as investors refocused on risks from conflict in Ukraine and the US Federal Reserve's actions on inflation.

The Dow Jones Industrial Average fell 201.94 points, or 0.58%, to 34,552.99, the S&P 500 lost 1.94 points, or 0.04%, to 4,461.18 and the Nasdaq Composite dropped 55.38 points, or 0.4%, to 13,838.46.

Shares in Asia-Pacific rose in Tuesday morning trade, though shares of China Eastern Airlines in Hong Kong fell after the carrier’s Boeing 737 passenger jet crashed in southern China on Monday.

Japanese stocks led gains regionally, with the Nikkei 225 jumping 1.56% while the Topix index climbed 1.31%. Mainland Chinese stocks were mixed, as the Shanghai composite sat fractionally higher while the Shenzhen component dipped 0.449%. South Korea’s Kospi advanced 0.7%. In Australia, the S&P/ASX 200 gained 1.17%.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) bought shares worth Rs 2,962.12 crore on March 21, and domestic institutional investors (DIIs) sold shares worth Rs 252.91 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open flat today as SGX Nifty was trading 26.6 points higher at 17,194.50.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

Benchmark indices snapped two sessions of gaining streak on Monday as rising oil prices played spoilsport amid prolonged Russia-Ukraine war. 

Sensex plunged 571.44 points to close at 57,292.49. During the day, it crashed 634.85 points or 1.09 per cent to 57,229.08.

Nifty declined 169.45 points or 0.98 per cent to end at 17,117.60.

Power Grid, Asian Paints, UltraTech Cement, Nestle, Hindustan Unilever Limited and HCL Technologies were among the top Sensex losers, falling up to 2.93%.

Sun Pharmaceutical, HDFC Bank, Maruti, Titan and NTPC were the only gainers, rising  up to 0.41%.