Share Market Live: Sensex tanks 700 pts, Nifty below 16,400; Titan, Dr Reddy's top losers

The Indian market opened lower today. Sensex opened 352 pts lower at 55,323 and  Nifty fell 127 points to 16,442. Benchmark indices closed lower in volatile trade on Monday amid positive global cues. Sensex declined 93.91 points to close at 55,675. During the day, the 30-stock index tanked 473.49 points to 55,295.74. Nifty fell 14.75 points to finish at 16,569.55.

Asian Paints, UltraTech Cement, Bajaj Finserv, Dr Reddy's, Nestle, Larsen & Toubro, HUL and Axis Bank were the top Sensex losers, falling up to 2.36 per cent. Tata Steel, IndusInd Bank, M&M and Kotak Mahindra Bank were among the major gainers, rising up to 0.99 per cent.

Stocks in news: SBI Cards, Tata Motors, Tech Mahindra, Bharti Airtel and more

Here's a look at live market updates today.

11:25 am: Latest update 

Sensex falls 695 pts to 55,117 and Nifty declines 189 points to 16,380 in early trade.

10:52 am: Policybazaar stock tanks 10% in early trade

 

Shares of PB Fintech, which operates online insurance broker Policybazaar and loan marketplace Paisabazaar, plunged 10 per cent in early trade today after chairman executive and CEO Yashish Dahiya disclosed his plan to sell 3.77 million equity shares through open market.

PB Fintech stock touched an intraday low of Rs 595, down 9.62 per cent against the previous close of Rs 658.35 on BSE.

The large-cap stock is trading lower than 5-day, 20-day, 50 day, 100-day and 200-day moving averages. It has fallen 36.3 per cent in 2022 and lost 8.62 per cent in a week.

10:12 am: Adani Enterprises stock rises on nod to open data center in Bengal's Silicon Valley

Shares of Adani Enterprises rose in an otherwise weak market today after the firm received nod from the West Bengal government for setting up a hyper-scale data centre at Bengal Silicon Valley in the New Town area on the outskirts of the city.

Adani Enterprises stock gained 1.34 per cent to Rs 2254.40 against the previous close of Rs 2224.10 on BSE.

Shares of Adani Enterprises have been trading in the green for the last two sessions. The large-cap the stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

10:08 am: Market update

Sensex falls 557 pts to 55,117 and Nifty declines 153 points to 16,416 in early trade.

9:45 am: Expert take

VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "Two crucial numbers coming this week are significant - RBI's rate hike tomorrow and the inflation rate in the US expected on Friday. RBI's rate hike is a foregone conclusion; the only unknown is the quantum of the rate hike. Even if the rate hike is by a steep 50 bps, the market is unlikely to be impacted much since frontloading of the rate hike will be more effective in anchoring inflation expectations.

The market direction is likely to be influenced more by the inflation in the US, which, in turn, will decide how far the Fed will go in raising rates. This will be the key determinant of possible 'risk on' or 'risk off' in equity markets globally.

A rising rate scenario will improve the margin of the banking sector since deposit rates lag lending rates. The most attractively valued segment in the market now is financials, particularly banking."

9:32 am: Sensex falls 479 pts to 55,195 and  Nifty declines 143 points to 16,425 in early trade.

9:17 am: Market opens in red

Sensex opens 352 pts lower at 55,323 and  Nifty falls 127 points to 16,442.

8:35 am: Expert take

Prashanth Tapse, Vice President (Research), Mehta Equities said," Technically speaking, after Monday’s consolidation, the downside risk on Nifty is seen at the 16,371. Alternatively, if Nifty’s make-or-break support at 16,371 holds then expect bulls to re-group with aggressive targets seen at 16897-17250 zone with interweek perspective.”

8:30 am: SGX Nifty

The Indian market is likely to open lower today as SGX Nifty fell 114 points to 16,458. 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 closed lower in volatile trade on Monday amid positive global cues. Sensex declined 93.91 points to close at 55,675. During the day, the 30-stock index tanked 473.49 points to 55,295.74. Nifty fell 14.75 points to finish at 16,569.55.

Asian Paints, UltraTech Cement, Bajaj Finserv, Dr Reddy's, Nestle, Larsen & Toubro, HUL and Axis Bank were the top Sensex losers, falling up to 2.36 per cent. Tata Steel, IndusInd Bank, M&M and Kotak Mahindra Bank were among the major gainers, rising up to 0.99 per cent.