Stock Market LIVE Updates: Sensex tumbles below 57,000, Nifty50 gives up 17,000 as COVID variant spooks market

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15:38:22 IST

Rupee ends lower at 74.87 vs US dollar

The rupee ended at 74.87 against the greenback, as against its previous close of 74.51.

15:37:18 IST

Closing Bell | Sensex plummets 1,688 points, Nifty50 at 17,026

The 30-scrip index ended 1,687.9 points or 2.9 percent lower at 57,107.2 and the broader Nifty50 benchmark settled at 17,026.5, down 509.8 points or 2.9 percent from its previous close.  

15:32:16 IST

Bitcoin, Ethereum tank 5% 

The price of Bitcoin — the world’s largest cryptocurrency — slumped five percent to $55,000 amid renewed concerns over a new COVID variant. Ethereum also slumped five percent, to $4,000.

15:26:03 IST

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Reliance Industries, HDFC twins, ICICI Bank, Infosys, Kotak Bank biggest drags on Nifty50

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

15:23:00 IST

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Dr Reddy’s bucks the trend, up 3%

Nearly all of the 30 Sensex constituents were below the flatline, with IndusInd, Tata Steel, Maruti Suzuki, NTPC and HDFC being the worst hit.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

15:21:26 IST

Market Update | Sensex tanks over 1,800 points, cracks below 57,000 mark; Nifty50 gives up 17,000

The 30-scrip index plunged as much as 1,801.2 points or 3.1 percent to hit 56,993.9 on the downside, and the broader Nifty50 benchmark tumbled to as low as 16,985.7, down 550.6 points or 3.1 percent from its previous close. 

15:02:18 IST

Tarsons Products shares extend gains to Rs 840, premium at 27% over issue price

Tarsons Products shares continued to rise after making a strong debut in the secondary market, despite a broad-based sell-off on Dalal Street amid concerns about a new COVID variant.

The Tarsons Products stock was locked in the upper circuit at 20 percent in afternoon deals, having listed at a premium of six percent earlier in the day. Tarsons shares were in high demand after its IPO received a robust response from investors. (Read more on Tarsons Products shares)

15:01:26 IST

ITC to buy 16% stake in Mother Sparsh for Rs 20 crore

ITC has entered into a share subscription agreement to acquire 16 percent of the share capital of Mother Sparsh (on a fully diluted basis) for Rs 20 crore.

“The said acquisition will, inter alia, enable access to the fast growing direct to consumer (D2C) space in the ‘personal care’ category, which has been identified by the Company as an area of interest,” ITC said in an exchange filing.

Shares of the FMCG company were down nearly 3 percent on the BSE.

14:55:00 IST

Amit Gupta of ICICI Securities on Markets:

“Nervousness on the new variant of Corona virus and expectations of US increasing the pace of tapering have led to recent market weakness. This trend may take some time to recover as the WHO meeting on the new mutant variant impact and hospitalization rates in US and Europe will be watched by the market very closely,” said Amit Gupta, Fund Manager – PMS, ICICI Securities.

India is on higher earnings growth trajectory and this is the only major risk which can spoil the sentiments, he said.

The current dollar strength also suggests the risk-off sentiment and is leading to FII flows currently.

“Nifty has new base at 16,000-16,500 now which may be tested in this weakness,” Gupta said.

The recent commodity prices correction can lower the raw material cost for certain sectors like Consumer and help them to recover after a period of consolidation, he pointed out.

14:43:56 IST

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Buzzing in trade: Engineers India shares jumps 4% after alliance with Chempolis Oy for green fuels 14:35:10 IST

Zee Entertainment Enterprises shares up nearly 2%

14:27:26 IST

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Bank of Baroda raises Rs 1,997 cr via Basel III-compliant bonds 14:18:51 IST

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Bank Nifty ends November F&O series down 5%; first fall in 4 months 14:08:07 IST

IRCON International has emerged as the lowest bidder for two projects aggregating to over Rs 1,400 crore.

13:54:32 IST

Sanofi India shares gain 1%; Sanofi Group to sell Soframycin, SofradeGroup brands to Encube Ethicals 

Sanofi India shares were up 0.8 percent at Rs 8,240 apiece on BSE in late afternoon deals. 

13:51:18 IST

Expect recovery in pharma, healthcare, largecap IT to continue: Himanshu Gupta of Globe Capital

Pharmaceutical and healthcare shares have been seeing a lot of buying after a correction that lasted many weeks. “There are visible signs today that a lot of buying is happening in this sector… In largecap IT, there are some stocks which are near their long-term support, such as TCS, Infosys and Tech Mahindra. That is the second space where I think recovery can be seen in following days,” he said. 

“Steel is a contra buy at this point of time but if you see charts of some largecap steel and commodity stocks, they are very close to their long-term supports.

Cement stocks are also under pressure today but I think after a decline of nearly 3-5 percent from here, they will be a very good buy from a short- to medium-term perspective,” he said.

13:45:29 IST

Buy Ipca Labs, Abbott India: Hemen Kapadia

Here are two trading calls from Hemen Kapadia of KRChoksey Securities: 

–Buy Ipca Labs for a target of Rs 2,100 with a stop loss at Rs 2,040 

–Buy Abbott India for a target of Rs 20,400 with a stop loss at Rs 19,800 

13:22:40 IST

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Hotel, airline, cinema stocks take a hit as new COVID variant triggers lockdown fears

Hotel, airline and cinema stocks suffered sharp losses on Friday amid a broad-based selloff on Dalal Street. Global markets followed news of a new COVID variant, which triggered fears of stricter lockdown restrictions once again to curb the spread of the pandemic. Headline indices Sensex and Nifty50 hit nearly three-month lows, as the news of the new coronavirus variant spooked investors. (Read more)

13:19:34 IST

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Reliance Industries, HDFC twins, ICICI Bank, Kotak Bank top drags on Sensex; Dr Reddy’s, TCS lend support

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

13:14:21 IST

A lot of profit taking in market, should not try to predict how far this fall goes: Alok Jain

Alok Jain, Founder of WeekendInvesting.com, believes there is a lot of profit taking happening in the market. Right now, it is based on the news of a new COVID variant, he said. 

“One should not be trying to predict how far this falls. In fact, rather, try to follow the price and follow the strategy of your trade. So without trying to double guess where the market may turn back from, as long as you are following your plan, you are following your strategy and your risk management is in place, I think traders should be doing very well,” he said. 

Jain also said that in the last one month, the market has been off by about nine percent, and several stocks have come off dramatically. “Some sharp trading could have been done in this last one month and a lot of money made here,” he said. 

13:02:47 IST

Tarsons Listing | Input costs have been on the rise for past 16-18 months, says Tarsons Products’ Rohan Sehgal 

Tarsons Products’ Rohan Sehgal told CNBC-TV18 input costs have been on the rise for the past 16-18 months. The company hopes to continue the same momentum going forward and sustain margins at the current levels, he said. 

12:52:31 IST

Mitessh Thakkar of earningwaves.com on market Sell-off

 

A few days back, I was talking about a test of 17,200, which we have got on Tuesday and then tested again today and now we are breaking below that. Typically I will wait for an hourly closing but assuming that this level breaks, I think you have already highlighted 17,088 that is one level, but the logical retracement level is close to about 16,900. So I think that is the next area where the markets could possibly go ahead. Of course, everything down at the bottom could give some bounce back from there. But now unless we start getting past 17,350, I think remain negative. 16,900 is the near term target. But in the worst-case scenario, I am even pencilling in 16,380-16,400 levels to be tested on the index. The structure of the medium-term charts is very weak. So I think eventually you will see this kind of pattern evolve that bounce backs on an intraday basis will get sold into.”

12:32:40 IST

COVID was a bear argument when it began, but became a bull argument later: Avendus Wealth Management’s Suveer Chainani

Suveer Chainani of Avendus Wealth Management told CNBC-TV18 that COVID was a bear argument when it began, but became a bull argument later due to central bank actions globally. Domestic cyclicals, led by realty, manufacturing and capital goods shares, look exciting, he said. 

He also cautioned investors against anything that is expensive in the market. 

12:30:32 IST

Nifty media index down 4%; Inox Leisure falls 8%, PVR 7%

Nifty media declined over three percent on Friday led by a fall in the shares of PVR, Inox Leisure, Hathway and Zeel. This followed the overall fall in the equity benchmark Sensex, which plummeted over 1,300 points on heavy across-the-board selling amid a negative trend in global markets and unabated foreign fund outflows.

At 11:30 am, Nifty media was trading down by 73.30 points, or 3.17 percent lower at 2,238.35. INOX Leisure Ltd was down 32.75 points, or 7.91 percent, at Rs 381.25. PVR Limited was down 110.95 points, or 7.11 percent, at Rs 1,450.05.

12:11:57 IST

Indiabulls Housing Finance locked in 10% upper circuit

Indiabulls Housing shares were locked in the upper circuit at 10 percent. The stock was frozen at Rs 249.2 apiece on BSE, up by Rs 22.7 from its previous close. 

11:58:03 IST

Buy HDFC Bank, HCL, Divi’s Lab, says Jay Thakkar, Marwadi Shares & Finance

– Buy HDFC Bank with a stop loss of Rs 1,495 and a target of Rs 1,570.

– Buy HCL Technologies with a stop loss of Rs 1,100 and a target of Rs 1,190.

– Buy Divi’s Laboratories with a stop loss of Rs 4,690 and a target of Rs 4,800-4,850.

11:58:00 IST

Buy HDFC Bank, HCL, Divi’s Lab, says Jay Thakkar, Marwadi Shares & Finance

– Buy HDFC Bank with a stop loss of Rs 1,495 and a target of Rs 1,570.

– Buy HCL Technologies with a stop loss of Rs 1,100 and a target of Rs 1,190.

– Buy Divi’s Laboratories with a stop loss of Rs 4,690 and a target of Rs 4,800-4,850.

11:53:16 IST

Market makes minor recovery from lows

11:50:13 IST

Market Watch | Jay Thakkar, Marwadi Shares & Finance

– Buy Lupin with a stop loss of Rs 890 and a target of Rs 975-1,000.

– Sell LIC Housing Finance with a stop loss of Rs 407 and a target of Rs 360.

11:49:05 IST

Vodafone Idea shares decline 6%, Airtel down 3%; Why telco stocks are down

Vodafone Idea and Bharti Airtel shares declined over 6 and 3 percent, respectively, on Friday as Indian shares registered their biggest meltdown since early April. The benchmark 30-share BSE Sensex tumbled over 1,300 points as wary investors resorted to selling amid mounting fears over the discovery of a new coronavirus variant in South Africa that threatens to stall fragile global recovery.