Sensex Today: Live Stock Market Updates: Sensex Slips for 3rd Day, Down 550bps on Losses in RIL, IT and Bank Stocks; Nifty approaches 17,800; AGS Transact IPO fully subscribed on Day 2
Taking the recent drop for the third day in a row, benchmarks opened lower on Thursday amid lingering worries about inflation and Fed rate hikes. The BSE Sensex lost the psychological bar of 60,000 while the NSE Nifty50 barometer reigned below the 17,900 level. Analysts advised investors to stick to the safety of high-quality large caps in performing sectors such as IT, finance and construction. Meanwhile, the primary issue of AGS Transact sailed.
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Porinju Veliyath, the founder of Equity Intelligence India, was busy revamping his portfolio in the December 2021 quarter as there were potentially up to four companies while he bought new stakes in three others. According to the latest shareholding scheme, Equity Intelligence India’s name was missing from the list of key shareholders of four companies, namely Agro Tech Foods, Eastern Treads, Danlaw Technologies India and IRIS Business Services.
Brent crude oil futures turn positive, recouping over $1 in losses earlier in the session
Tejas Networks announced the appointment of N. Ganapathy Subramaniam and Amur S. Lakshminarayanan as appointed directors of Panatone Finvest Limited, a subsidiary of Tata Sons Private Limited.
Price as of Jan 20, 2022 11:47, Click on company names for their live prices.
Sensex loses 600 points
Nifty IT worst sector loser, down more than 1%
IPO UPDATE: AGS Transact IPO Hits Day 2
TATA STEEL LONG PRODUCTS: Q3 EARNINGS AND DEAL UPDATE
- The long-term issuer rating of Tata Steel Long Products has been upgraded by India Ratings and Research to ‘IND AA+’ with a stable outlook.
- At the end of December 2021, one of the blast furnaces at the Adityapur facilities started experiencing operational issues and after a detailed technical and expert assessment, the company decided to immediately shut down the blast furnace for the next 2-3 weeks . Following the judgment, the Q4 FY2022 production volume will be approximately 15-20% lower.
Fed to raise rates three times this year, poll shows
The U.S. Federal Reserve will tighten monetary policy at a much faster pace than thought a month ago to rein in persistently high inflation, now seen by economists polled by Reuters as the biggest threat to the U.S. economy over the coming year. Encouraged by the apparent lesser severity of the Omicron variant, governments and central banks around the world are trying to return their economies to some version of normalcy. Fed Chairman Jerome Powell recently said he sees an economy that “works through these waves of COVID-19.”
JUST IN: Transformers and Rectifiers (India) received orders of Rs 73 crores from MP Power Transmission Package – II Limited
Glenmark Pharmaceuticals Ltd announced on Thursday that its Swiss subsidiary has entered into an exclusive licensing agreement with Lotus International Pte Ltd for the commercialization of its innovative Ryaltris nasal spray in Singapore, Hong Kong and Vietnam.
Price as of Jan 20, 2022 10:32, Click on company names for their live prices.
Zydus Receives Final USFDA Approval for Vigabatrin Tablets
Price as of Jan 20, 2022 10:30 a.m., Click on company names for their live prices.
Sensex extends decline, down nearly 350 points
PTC India Financial Services plunges 19%; here’s why
Shares of PTC India Financial Services fell more than 19% in first trades on Thursday after the company’s three independent directors resigned. In an unusual development, all three independent directors on the board of PTC India Financial Services (PFS) resigned on Wednesday over corporate governance and other matters.
YES Sec keeps BUY on CEAT post revenue
CEAT 3QFY22 was operationally weak largely due to weak demand and declining gross margins. However, CEAT is playing on healthy replacement/OE prospects going forward as the supply chain normalizes, timely addition of capacity and focus on market share gains in margin segments high like 2W, PCR and OHT (~60% mix over next 4-5 years) . CEAT is trading at ~13.1x consol FY23 EPS. We have a buy rating on the stock with TP at Rs1,465.
There is a distinct downtrend in the US parent market. The Nasdaq is down 10.7% from its November 2021 highs and Russel 2000 is at a 52-week low. This does not necessarily have to translate to a similar trend in India as well. But investors should be cautious as rising global inflation and expected monetary tightening will be major headwinds for markets at least in the first half of 2022. The picture could change in the second half if supply disruptions unfold. subside and inflation falls. Meanwhile, investors can stick with the safety of high-quality, large-cap stocks in well-performing sectors like IT, finance and construction. Many low-quality small caps driven by speculation are headed for disaster.
– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Impact on profits
Price as of Jan 20, 2022 09:22, Click on company names for their live prices.
The most active shares on NSE in opening
Price as of Jan 20, 2022 09:21, Click on company names for their live prices.
Sector watch: IT, pharma the worst losers
OPENING BELL: Sensex drops 200 points, Nifty below 17,900; Mastek dips 10%, CEAT 5%
Pre-open session: Sensex declines 190 points, Nifty below 17,900
SGX Nifty reports a negative start
Nifty futures on the Singapore Stock Exchange traded 73.50 points, or 0.41%, at 17,904, signaling Dalal Street was heading for a negative start on Thursday.
Tech View: Nifty50 Bears Take Over
After forming a bearish engulfing candle in the previous session, Nifty50 formed a “Bearish Belt Hold” on the daily chart on Wednesday, reflecting early selling pressure. The bears appear to have taken over, analysts said. During the day, the index crossed the 10-day exponential moving average (EMA) for the first time since December. Also, two consecutive significant red candles on the daily chart indicate weakness.
Hong Kong shares at the opening
Hong Kong stocks started Thursday morning with gains as tech companies benefited from more buying, having endured a torrid 2021, although investor confidence was dampened by lingering worries over the prospect of a rise in US interest rates. The Hang Seng Index added 0.56%, or 135.30 points, to 24,263.15. The Shanghai Composite Index fell 0.05%, or 1.95 points, to 3,556.23.
Japan stocks open lower in mixed trade
Tokyo’s key Nikkei index opened slightly lower on Thursday after falling nearly 3% in the previous session, but with some support from bargain-seeking buying. The benchmark Nikkei 225 index fell 0.16% or 42.90 points to 27,424.33 in early trading, while the broader Topix index gained 0.11% or 2.18 points to 1 921.90.
Dollar index pauses as rally in bond yields stalls
Rising commodity prices supported the Canadian and Australian dollars on Thursday, while a pause in this week’s rally in US Treasury yields meant the dollar was also marking time. Yields on the 10-year U.S. benchmark note hit a two-year high of 1.902% early Wednesday before pausing, and were last at 1.8611% overall, leaving the dollar index which measures the greenback against six major peers at 95.506.
Wall St extends losses as investors brace for rate hikes
Stocks closed broadly lower on Wall Street on Wednesday and deepened losses for major indexes this year after another choppy day of trading. The tech-heavy Nasdaq fell 166.64, or 1.1%, to 14,340.26 and is now 10.7% below the all-time high it hit on November 19. The S&P 500 fell 44.35 points, or 1%, to 4,532.76, with 77% of stocks in the benchmark losing ground. The Dow Jones Industrial Average fell 339.82, or 1%, to 35,028.65.
Rupee posts first gain in four days, up 14 paise against dollar
The Indian rupee ended its three-day losing streak to settle at 74.44 against the US dollar on Wednesday, up 14 paise, in line with its positive Asian counterparts against the greenback. The rupiah’s gain, however, was limited by a host of factors, including weakness in domestic equities, soaring crude oil prices and FII-backed selling in domestic markets. sses and witnessed an intraday high of 74.32.
Sensex, Nifty on Wednesday
The ESB Sensex gauge fell more than 656 points and the NSE Nifty fell below 18,000 points on Wednesday as the global market rout cast a shadow over domestic stocks. Starting on a positive note, the BSE benchmark gave up early gains and briefly slipped below the 60,000 psychological barrier before closing at 60,098.82, falling 656.04 points or 1, 08% – its lowest level since January 7.