Stock Market LIVE Updates: Sensex down over 250 points, Nifty50 near 17,350 as market recovers most of initial losses

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10:58:41 IST

Vedanta shares up 8% as promoters look to up stake in co by up to 4.57%

Vedanta surged 7.74 percent to a high of Rs 354 in early deals on the BSE on Tuesday on reports that promoters of Vedanta, Vedanta Netherlands Investments BV and Twin Star Holdings are looking to purchase up to 170 million equity shares of Vedanta at Rs 350 each, for a total valuation of Rs 5,950 crore.

10:45:34 IST

A Long way to go before one should start to get seriously worried about market: Shankar Sharma 

Shankar Sharma of First Global told CNBC-TV18 that the market has to take a breather and there is still a long way to go before one should start to get seriously worried. This is nothing more than a small correction in the long run, he said. 

10:41:20 IST

GST fitment committee proposes raising GST slab of 5% to 7%, 18% to 20%

The GST fitment committee has proposed to raise the GST slab of five percent and 18 percent to seven percent and 20 percent respectively, 

sources said. The feasibility of merging the 12 percent and 18 percent slabs to a single slab of 17 percent is yet to be examined, they said. 

The fitment committee has also proposed to hike the GST on gold and silver to five percent from three percent, the sources said. 

10:32:53 IST

GST Fitment Committee proposes raising GST slab of 5% to 7% & 18% to 20%. There is also a proposal of hiking GST on gold/silver to 5% from 3%.

10:20:18 IST

Market technically oversold right now, keep an eye out for PSUs: JM Financial’s Rahul Sharma

Rahul Sharma of JM Financial told CNBC-TV18 the market appears to be in an oversold condition technically. Some consolidation is a must after sharp correction, he said. 

Sharma expects PSU stocks to do well going forward. 

10:15:49 IST

Long-term investors should hold Latent View Analytics shares: Swastika Investmart’s Santosh Meena

Santosh Meena, Head of Research at Swastika Investmart, suggests long-term investors to hold Latent View Analytics shares. Those who played for a listing gain should keep a stop loss at Rs 490. 

“It is another stellar listing after a disappointment from Paytm that indicates the market is ready and has an appetite to reward quality IPOs. The strong part of the company is that it is a one-of-its-kind listed company with an experienced management and quality corporate governance practices. It has a strong client base from Fortune 500 but there is concentration risk because 55 percent of its revenue comes from the top five clients. Revenue growth has been muted for this company however it has a strong margin with more than 20 percent RoE. The overall outlook is bullish but the valuations look expensive after a strong listing,” he said.

10:10:41 IST

Paytm parent One97 Communications’ shares rise 5%

Paytm parent One97 Communications’ shares were up 4.8 percent at Rs 1,425.5 apiece on BSE, rebounding after a series of losses following its weak listing. 

10:00:31 IST

Latent View Analytics makes strong debut, shares list at 169% premium over issue price

Latent View Analytics’ shares made a strong market debut on Tuesday. On BSE, the stock of Chennai-based data analytics company Latent View listed at Rs 530 apiece, a premium of 169 percent over the issue price of Rs 197. On NSE, Latent View shares began their secondary market journey at Rs 512.2, a premium of 160 percent. (Read more on Latent View Analytics IPO listing)

09:41:33 IST

IndusInd Bank says Shalabh Saxena, Ashish Damani have not tendered resignations

IndusInd Bank shares traded 0.2 percent lower at Rs 1,004.9 apiece on BSE.

09:35:07 IST

Buy Cipla Rs 900 call option, target Rs 32: Quantsapp Advisory’s Shubham Agarwal

Here are three options trading calls from Shubham Agarwal, CEO and Head of Research at Quantsapp Advisory:

–Buy RBL Bank Rs 190 strike put option for a target of Rs 13 with a stop loss at Rs 5

–Buy IDFC First Bank Rs 45 strike put option for a target of Rs 2.25 with a stop loss at Rs 0.5

–Buy Cipla Rs 900 strike call option for a target of Rs 32 with a stop loss at Rs 18

09:28:44 IST

Stock Tips | Indian Hotels, Hindalco among Shrikant Chouhan, Mitessh Thakkar’s top picks

–Shrikant Chouhan of Kotak Securities recommends buying Hindalco shares for a target of Rs 440-442 with a stop loss at Rs 430.

–Mitessh Thakkar of mitesshthakkar.com suggests buying Indian Hotels shares for a target of Rs 209 with a stop loss at Rs 193.50. (Catch their other stock picks)

09:23:06 IST

Sensex tumbles over 700 points, Nifty50 slides below 17,250

The 30-scrip index fell as much as 747.6 points or 1.3 percent to 57,718.3 in early deals after a weak start, and the broader Nifty50 benchmark slid to as low as 17,216.1, down 200.5 points or 1.2 percent from its previous close. 

09:16:44 IST

Pre-Open Market | Sensex down over 450 points, below 58,000; Nifty below 17,300

In the pre-opening session, the Sensex was down 481.9 points or 0.8 percent at 57,984 and the broader Nifty50 benchmark at 17,281.8, down 134.8 points or 0.8 percent from its previous close. 

08:58:50 IST

MarketBuzz Podcast With Sonia Shenoy

Catch big themes, vital news and key events you should know before the opening bell. MarketBuzz is your daily morning briefing by CNBC-TV18 research analysts and anchors to kickstart your day. (Tune in)

08:49:45 IST

SBI dual-lists $650-million green bonds on India INX, Luxembourg Stock Exchange

State Bank of India (SBI) dual-listed $650 million green bonds simultaneously on the India International Exchange (India INX) and Luxembourg Stock Exchange (LuxSE) on Monday. (Read more on SBI green bonds)

08:46:46 IST

Stocks To Watch | Latent View Analytics, Marico, Vedanta, Raymond, Marico in focus today

–Latent View Analytics shares will debut in the secondary market today. Analysts expect the stock to list at a premium over the issue price of Rs 197.

–Quess Corp increased its stake in Stellarslog Technovation Private from 36.58 percent to 49 percent by investing about Rs 4 crore.

–Marico is working on expanding its distribution network across pharmacies, beauty stores and specialised food outlets in villages, and adding a slew of new products to its portfolio. (Check out the full list of stocks to track today)

08:08:29 IST

Crude oil prices fall on expected deal to tap emergency crude reserves

Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the US, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as COVID-19 cases flare up in Europe.

US West Texas Intermediate (WTI) futures fell 0.6 percent to $76.32 per barrel. Brent futures declined 0.4 percent to $79.40 per barrel. (Read more on oil rates)

08:06:48 IST

Trade Setup | More pain ahead for Dalal Street bulls? 

The Nifty50 index has formed a big bearish candle on the daily chart, and made lower highs and lower lows for four straight sessions, according to Chandan Taparia, Vice President-Equity Derivatives and Technical, Broking and Distribution, Motilal Oswal Financial Services. Till the index remains below 17,500, weakness could continue towards 17,250 and 17,000 with a key hurdle at 17,650 and 17,777 on the upside, he said. (Check out key market cues before today’s session)

08:05:15 IST

Asian shares move largely lower; S&P 500 futures flat

Equities in other Asian markets largely declined following a jump in US Treasury yields as Federal Reserve Chairman Jerome Powell’s renomination to head the Federal Reserve fueled bets on quicker policy tightening. MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.7 percent. China’s Shanghai Composite was up 0.2 percent. 

Hong Kong’s Hang Seng was down 0.9 percent, South Korea’s KOSPI down 0.5 percent and Singapore’s Straits Times down 0.1 percent. S&P 500 futures were flat in early Asian trade.

07:58:56 IST

Sensex, Nifty50 saw their worst single-day fall since April on Monday

Indian equity benchmarks tumbled around two percent each in their worst single-day loss in seven months on Monday. A sell-off across sectors, led by financial, oil & gas, automobile and IT shares, pulled the headline indices lower. The midcap and smallcap gauges fell around three percent each.

The Sensex index shed 1,170.1 points to end at 58,465.9 and the broader Nifty50 benchmark settled at 17,416.6, down 348.3 points from its previous close — the worst single-day fall for both since April.

The market crash comes at a time when equity benchmarks have broken a series of records in a near one-sided rally in the past 18 months. Many foreign brokerages have lowered their ratings on Indian equities citing expensive valuations. (Read more)

07:47:09 IST

SGX Nifty futures down over 60 points

At 7:35 am on Tuesday, Nifty futures trading on Singapore Exchange — an early indicator of the Nifty50 index — were down 63 points or 0.4 percent at 17,383, suggesting a negative opening ahead on Dalal Street.

07:37:17 IST

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