Share Market LIVE: Sensex falls 280 points, Nifty below 17,150; Titan slips 3%

Good afternoon!

Equity benchmarks were trading lower in afternoon session today. Sensex slipped 283 points to 57,311 and Nifty fell 90 points to 17,132.

Earlier, Sensex opened 192 points higher at 57,788.25 and Nifty also jumped 66 points to 17,289. However, the benchmark indices slipped into the red in early trade.

Reliance Industries and SBI were the top gainers. On the other hand, Titan and Maruti Suzuki were the top losers.

What's next? Here are the latest updates.

3:07 pm: EXPERT QUOTE

Shibani Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company said,"Domestic equity markets remained volatile on account of the heightened geo-political tensions and inflation concerns. India's 10-year bond yield inched higher and the Indian Rupee  depreciated tracking high global crude oil prices.

While Russia- Ukraine war has limited direct impact on Indian economy given our lower dependence of imports from these countries, higher commodities inflation poses a key risk both in terms of macro parameters such as balance of payments and inflation as well as corporate earnings estimates on account of higher input costs. India is net-importer of crude oil and it is estimated that every 10% increase in crude oil prices impacts the current account deficit by 30 bps and CPI inflation by 40 bps and GDP by  20 bps, all else remaining constant. However, unlike the past, this time around there are a few offsets from a domestic stand point which includes high forex reserves, strong FDI flows and improvement in export growth."

2:32 pm:  Market check

Sensex down 283 points to 57,311 and Nifty falls 90 points to 17132. Of 30 Sensex stocks, 24 were trading in the red.

2:15 pm : ED attaches assets worth Rs 11.35 cr to Shiv Sena MLA in NSEL Scam

The Enforcement Directorate (ED) has attached assets worth Rs 11.35 crore of Pratap Sarnaik, a Shiv Sena MLA, including 02 flats and a parcel of land in Thane, under the Prevention of Money Laundering Act (PMLA) in the National Spot Exchange Limited (NSEL) fraud worth Rs 5,600 crore.

The central agency said one of the defaulters of NSEL, Aastha Group, diverted Rs 21.74 crore to Vihang Aastha Housing Project LLP between 2012-2013. Out of this, Rs 11.35 crore was transferred to Vihang Enterprises and Vihang Infrastructure Pvt Ltd, controlled by Sarnaik and his family. The agency added that the remaining amount of Rs. 10.50 crore from Aastha Group was paid to Yogesh Deshmukh.

Aastha Group owes Rs 242.66 crore to NSEL, it said.

1:45 pm: Petrol, diesel prices hiked by 80 paise for third time this week

Petrol and diesel prices were hiked on Friday yet again by 80 paise a litre. This is the third time in the week that petrol and diesel prices went up -- witnessing an overall increase of Rs 2.4 per litre, after a four-month hiatus.

After today's hike, petrol in Delhi will now cost Rs 97.81 per litre as against Rs 97.01 previously on Wednesday, while diesel rates have gone up from Rs 88.27 per litre to Rs 89.07, according to a price notification of Rajdhani service station, state-owned fuel retailers.

1:26 pm: Market check

Sensex falls 336  points to 57,259 and Nifty loses 95 points to 17,126.

1:18 pm: Market breadth is negative with 1,458 shares advancing and 1,841 stocks falling on BSE.

12:59 PM: Board of Atul Ltd clears share buyback of up to Rs 70 crore at Rs 11,000 per share. Stock trading 1.29% lower at Rs 9,756 against the previous close of Rs 9,757 on BSE.

12:47 pm: Sensex losers

Top Sensex losers are Titan, Maruti and PowerGrid, falling up to 3.20%.Top Sensex gainers are RIL, Kotak Bank and SBI, rising up to 0.78%. Of 30 Sensex stocks, 22 were trading in the red.

12:44 pm Market cap of BSE-listed firms stood at Rs 260 lakh crore.

12:30 pm: Market check

Sensex falls 277 points to 57,317 and Nifty lost 90 points to 17,132. 

12:21 pm: This Jhunjhunwala stock doubled investor wealth in a year, hit 52-week high today

Shares of Delta Corp hit a fresh 52 week high in early trade today. The stock, which forms part of ace investor Rakesh Jhunjhunwala's portfolio, rose 2.22 per cent to a fresh high of Rs 319.75 against the previous close of Rs 312.80 on BSE.

Jhunjhunwala and his wife Rekha Jhunjhunwala held 1.15 crore shares (4.31 per cent stake) and 85 lakh shares (3.18 per cent stake) in Delta Corp at the end of quarter ended December 31. READ MORE

11:50 am: Paytm shares down over 70% from issue price; is there any hope for an upside now?

Only the future can say whether shares of digital payment firm Paytm will be able to recover investors’ steep losses on Dalal Street or not. However, Dolat Capital sees a lucrative opportunity after the stock witnessed a steep fall since listing.

The company has witnessed an erosion of more than Rs 1 lakh crore of market value since listing due to several events like RBI barring the onboarding of new customers and brokerages downgrading its price.

Dolat Capital has set a price target of Rs 1,620 for Paytm, indicating an upside of over 185 per cent from the current market price of Rs 566.15. At present, shares of the company traded nearly 74 per cent down against the issue price of Rs 2,150. Meanwhile, the scrip hit an all-time low of Rs 520 on March 23, 2022.

Read: Paytm shares down over 70% from issue price; is there any hope for an upside now?

11:30 am: Top Gainers and losers

Reliance Industries and SBI were the top gainers on Sensex, followed by Kotak Mahindra Bank, IndusInd Bank, Bharti Airtel and Bajaj Finance.

On the other hand, Titan was the top loser on Sensex, declining over 3 per cent, followed by Maruti Suzuki, ITC, Power Grid and Nestle India.

10:30 am: Zen Technologies stock rises 5% as firm wins order from Indian Army

Shares of Zen Technologies hit the upper circuit of 5% in early trade today after the firm said it received a project sanction order (PSO) from the Indian Army for the design and development of a prototype of Integrated Air Defence Combat Simulator (IADCS).

Zen Technologies stock surged 5% to Rs 205.35 against the previous close of Rs 195.60 on BSE. The shares have gained after five days of consecutive fall.

10:00 am: Motherson Sumi shares zoom 5% on order win from Boeing

Shares of Motherson Sumi Systems were trading 5 per cent higher in the early trade on Friday after the company announced that it won an order to manufacture, supply aftermarket molded polymer parts for commercial plane interiors. This is the first order for the company from Boeing.    

9:40 am: Crypto markets continue to boom; global m-cap crosses $2 trillion

Cryptocurrency markets have continued their rally in the last 24 hours. The global market cap rose by 2.55 per cent in the last 24 hours and is over $2 trillion as of 8:00 AM IST, CoinMarketCap data showed.

Bitcoin is up by 2.47 per cent and is trading at $43,918. Ethereum is up by 3.30 per cent and is trading at $3,121.

Read: Crypto markets continue to boom; global m-cap crosses $2 trillion

9:16 am: Market opening

Equity benchmark Sensex opened 192 points higher at 57,788.25 and Nifty also jumped 66 points to 17,289.

Bajaj Finance and SBI were the top gainers on Sensex, followed by HDFC, HUL, Kotak Mahindra Bank and Bharti Airtel.

Titan and Power Grid were the top losers.

8:40 am: Global Updates

US stocks rose following choppy trading abroad on Thursday, and oil prices pulled back, as investors watched western leaders present a unified front against Russia's invasion of Ukraine. Technology companies lifted US stock indices after a sharp fall in the previous session, with the tech-heavy Nasdaq Composite up 269.24 points, or nearly 2 percent, to 14,191.84.

The Dow Jones Industrial Average rose 349.44 points, or about 1 percent, to 34,707.94 and the S&P 500 gained 63.92 points, or 1.43 percent, to 4,520.16.

Stocks in Japan rose in early trade Friday as Wall Street stocks rallied overnight and oil prices fell. Japan’s Nikkei 225 was up 0.3 percent, while the Topix rose 0.24 percent. 

Japan reported inflation data, showing its core consumer price index hit a two-year high in March, according to Reuters. Australia’s S&P/ASX 200 stayed in positive territory as it inched up 0.13 percent, with some gains in miners.

8:35 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 1,740.71 crore on March 24, and domestic institutional investors (DIIs) bought shares worth Rs 2,091.07 crore, as per provisional data available on NSE.

8:30 am: SGX Nifty

The Indian equity market is likely to open higher today as SGX Nifty was trading 88 points higher at 17,310.

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

8:15 am: Market on Thursday

Benchmark indices ended lower for the second straight session on Thursday amid concerns over inflation and supply constraints. Sensex fell 89.14 points to close at 57,595 and Nifty dipped 23 points to 17,222.

Kotak Bank, Titan and HDFC Bank were the top Sensex losers, falling up to 3.09 per cent. Dr Reddy's Laboratories, UltraTech Cement and RIL were the top Sensex gainers, rising up to 4.90%.

Of 30 Sensex stocks, 15 ended lower.

BSE mid-cap and small-cap indices gained 81 points and fell 45.56 points, respectively.

On the sectoral front, IT and metal shares were the top gainers with the BSE metals index rising 364 points and IT index slipping 362 points, respectively. Banking and consumer durables shares were the top losers with BSE bankex falling 700 points and consumer durables index declining 689 points.