Home >Markets >Live Blog >Sensex closes below 47K, Nifty ends 1% lower; IT, PSU bank stocks lead losses
Benchmark indices lost 2% on Wednesday to end trading at the lowest level in nearly a month as the approaching budget left investors increasingly nervous. (Photo: Mint)
Benchmark indices lost 2% on Wednesday to end trading at the lowest level in nearly a month as the approaching budget left investors increasingly nervous. (Photo: Mint)

Sensex closes below 47K, Nifty ends 1% lower; IT, PSU bank stocks lead losses

  • Under pressure from global peers, domestic equities traded in the red. Sensex gave up the 47K-level, and moved in the range of 47,172.02-46,518.48. Nifty had slipped below 13,750-level but recouped some losses to end the January series sub 13,850

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28 Jan 2021, 03:58:15 PM IST

Indian equities see another day of losses; Sensex ends below 47K, Nifty ends January series below 13,850

Indian equities ended lower for the fifth straight day, with benchmark indices closing 1% down each on Thursday, led by losses in IT stocks and PSU banks amid weak global cues.

At close, the Sensex was down 535.57 points or 1.13% at 46,874.36, while the Nifty fell 150 points or 1.07% to 13,817.50. On the Sensex, 21 of 30 stocks ended the day in the red.

HUL, Maruti Suzuki, Wipro, HDFC Bank, and Power Grid Corp were among major losers on Nifty, while gainers Axis Bank, SBI, Shree Cements, IOC and Hero MotoCorp gained.

Barring Nifty Bank, all other sectoral indices ended in the red.

BSE Midcap and Smallcap indices fell 0.4% each.

Sensex stocks at close on 28 January.
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Sensex stocks at close on 28 January.
28 Jan 2021, 03:31:18 PM IST

Boeing says 737Max's return to Indian skies will be decided by DGCA

28 Jan 2021, 03:29:28 PM IST

Trai subscriber data for November

Bharti Airtel added 43,70, 466 subscribers,

Reliance Jio added 19,36, 407 users

Vodafone Idea lost 28, 94, 231 subscribers

28 Jan 2021, 03:23:34 PM IST

BITS Pilani to invest Rs1,500 cr for new B-School in Mumbai: Kumar Mangalam Birla

28 Jan 2021, 03:15:26 PM IST

CBSE to announce exam schedule for Class 10, Class 12 on 2 Feb

28 Jan 2021, 03:05:36 PM IST

Havells India takes long-term lease of land in Andhra for ₹39 cr

28 Jan 2021, 03:04:02 PM IST

SBI asset quality remains healthy, says chairman DK Khara

State Bank of India's (SBI) asset quality remains healthy and the faster-than-expected economic recovery may limit the impact to lenders' balance sheets, chairman Dinesh Kumar Khara said on Thursday.

He, however, did not share details on the Covid-related loan restructuring for SBI citing the silent period ahead of the results.

28 Jan 2021, 03:02:27 PM IST

Economic Survey 2020-21 to be tabled on Friday

28 Jan 2021, 02:53:00 PM IST

At least 22% female workers out of job in informal sector: Survey

28 Jan 2021, 02:47:13 PM IST

All Nifty sectoral indices in the red

Nifty sectoral indices.
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Nifty sectoral indices.
28 Jan 2021, 02:33:17 PM IST

Route Mobile Q3 net profit doubles to ₹38 cr

Route Mobile on Thursday reported a consolidated net profit of Rs38 crore for the quarter ended December, up from Rs19 crore in the year-ago period.

Consolidated revenue from operations rose 46% to 385 crore.

28 Jan 2021, 02:28:11 PM IST

West Bengal govt tables resolution in Assembly against the three central farm laws

28 Jan 2021, 02:11:54 PM IST

European indices in the red in opening deals

European stock markets sank at the open on Thursday, extending the previous day's heavy losses as a global sell-off gathered speed.

European stock markets.
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European stock markets.
28 Jan 2021, 02:03:27 PM IST

IDBI Bank Q3 PAT at Rs378 cr vs loss of Rs5,763 cr YoY

Net interest income rose 18.1% to Rs1,809.5 crore during the December ended quarter.

28 Jan 2021, 01:56:45 PM IST

Maruti Suzuki Q3 results: Net profit rises 24% ₹1,941 crore

India's largest carmaker Maruti Suzuki on Thursday reported a 21% year-on-year increase in its December quarter profit, aided by a strong jump in sales. Net profit rose to Rs1,941.4 crore compared with Rs1,565 crore a year ago.

The company sold a total of 4,95,897 vehicles during the quarter under review. Revenue from operations rose 13.3% to Rs23,458 crore.

28 Jan 2021, 01:47:22 PM IST

Mukesh Ambani's Reliance Jio among top 5 brands in Brand Finance Study

Billionaire Mukesh Ambani's telecom venture Reliance Jio is the fifth strongest brand in the world, according to the 'Brand Finance Global 500 2021' report.

The annual report on the most valuable and strongest brands in the world said that despite being the latest entrant in India's telecom scenario, Jio has quickly become the largest mobile network operator in the country and the third-largest mobile network operator in the world, with nearly 400 million subscribers.

28 Jan 2021, 01:30:41 PM IST

Bitcoin price back below $30,000 level, but traders stay bullish

28 Jan 2021, 01:23:28 PM IST

Pfizer-BioNTech say their Covid vaccine is effective against UK, South Africa variants

28 Jan 2021, 01:15:31 PM IST

Govt opens bid for coal blocks: CNBC TV-18

The government has opened the bid for three coals blocks offered a second time for commercial mining. It has received single bid for just one coal block of the three offered for auction

Vedanta is the only bidder for Kuraloi (A) North coal block, no bids received for Chendipada and Seregarha coal blocks.

28 Jan 2021, 01:12:53 PM IST

Nifty PSU Bank index worst hit, down 3.8%

Nifty PSU Bank index.
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Nifty PSU Bank index.
28 Jan 2021, 01:08:52 PM IST

All Nifty broad market indices in the red; India VIX up 2%

Nifty indices.
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Nifty indices.
28 Jan 2021, 01:05:25 PM IST

Nifty falls over 200 points to 13,750

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28 Jan 2021, 01:03:00 PM IST

Dubai imposes more coronavirus-linked curbs on air travel

28 Jan 2021, 01:02:27 PM IST

Bharti Airtel tests 5G over commercial network in Hyderabad

Bharti Airtel Ltd has tested 5G wireless service over commercial network in Hyderabad, becoming India’s first telecom operator to conduct on-field rollout of the next-generation mobile technology, the company’s chief executive Gopal Vittal said on Thursday.

The telco used a spectrum block in the 1,800MHz band to operate both 5G and 4G simultaneously on its network. The trial shows the 5G readiness of Airtel’s network across all domains—radio, core and transport, he said.

Bharti Airtel stock.
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Bharti Airtel stock.
28 Jan 2021, 12:33:09 PM IST

Stove Kraft IPO subscribed 3.7 times on final day of bidding

The issue received total bids for 2.17 crore equity shares against the IPO size of 58.94 lakh equity shares (excluding anchor book).

"Company’s brand value, margins and return on capital are lower than its peers so it won’t get such premium valuation like its peers, so we recommended "NEUTRAL" rating to the Stove Kraft IPO in our IPO Note," said Keshav Lahoti

associate equity analyst, Angel Broking.

28 Jan 2021, 12:30:40 PM IST

Kejriwal says AAP will contest elections in six states: PTI

28 Jan 2021, 12:19:08 PM IST

Shapoorji Pallonji Real Estate to invest Rs4,000 cr on new project in Pune

Shapoorji Pallonji Real Estate on Thursday said it will invest around Rs4,000 crore to develop a large mixed-use project in Pune as part of its expansion plan.

Shapoorji Pallonji Real Estate, the realty arm of business conglomerate Shapoorji Pallonji, has launched a 148-acre project 'VANAHA' near Bavdhan, western Pune.

The project will be a mixed-use development and will be a part of one of the largest townships in India.

28 Jan 2021, 12:15:38 PM IST

Glenmark Pharma gets ANDA approval for Amphetamine Sulfate Tablets USP, 5 mg and 10 mg: BSE filing

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration for Amphetamine Sulfate tablets USP, 5 mg and 10 mg, the generic version of Evekeo tablets, 5 mg and 10 mg, of Arbor Pharmaceuticals, LLC.

According to IQVIATM sales data for the 12 month period ended November, Evekeo tablets, 5 mg and 10 mg, had annual sales of approximately $21.5 million.

28 Jan 2021, 12:12:49 PM IST

Brookfield to launch ₹3800 crore REIT IPO on 3 February

Brookfield India Real Estate Trust, backed by Canadian asset manager Brookfield Asset Management Inc, will raise Rs3,800 crore through an initial public offering (IPO).

The issue will open on 3 February and close on 5 February, Brookfield said in an advertisement on Thursday. The issue price will be set at 274-275 per unit of the REIT.

Proceeds from the issue will be used for partial or full repayment of existing debt, the company said in its offer document.

Currently BPG Holdings Group Inc, a Brookfield entity, holds 99% stake in the REIT.

28 Jan 2021, 12:01:11 PM IST

Tata Coffee up amid broader market weakness

Tata Coffee Ltd reported a 20% year-on-year rise in its December quarter consolidated net profit to Rs50.18 crore.

Total income rose to Rs538.19 crore in the fiscal third quarter from Rs505.75 crore in the year-ago period.

The rise in income was driven by improved performance from the group's value-added businesses, Tata Coffee said.

28 Jan 2021, 11:58:34 AM IST

Gold demand in 2020 slumps to 11-year low as pandemic-led disruptions: WGC

Demand for gold, across the world, fell to its lowest in 11 years in 2020 as the coronavirus upended the market, triggering massive stockpiling by investors but collapsing sales of jewellery and purchases by central banks, the World Gold Council (WGC) report said on Thursday.

The pandemic transformed the geography of the bullion trade, sucking gold from Asia, where most gold is sold as jewellery, to Europe and the US, where investors are the dominant consumers.

It also pushed the value of gold up 25% in 2020, because investors have much more impact on prices than the jewellery market.

28 Jan 2021, 11:52:30 AM IST

India rupee at 73.08 per dollar vs at 73.13 a dollar at open

28 Jan 2021, 11:41:47 AM IST

Covid-19 update

India's coronavirus caseload rose to 1,07,01,193 on Thursday, with 11,666 fresh cases reported in the last 24 hours. The country recorded 123 new fatalities, pushing the death count to 1,53,847.

There are 1,73,740 active cases in the country, which comprises 1.62% of the total caseload, as per the data.

Recoveries so far total 1,03,73,606, with national recovery rate to 96.94%.

Coronavirus active cases remained below the 2-lakh mark for the ninth consecutive day now.

28 Jan 2021, 11:38:50 AM IST

Axis Bank erases early losses, top gainer on Sensex now

Axis Bank stock.
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Axis Bank stock.
28 Jan 2021, 11:37:04 AM IST

Market view

Markets, globally, have turned weak following the steady decline in the mother market US. Heightened speculative activity in certain segments in US markets have become an area of concern.

Back home, in India, the third day of consecutive selling by FIIs ( Rs1,688 crore) have turned the market mood bearish, said V K Vijayakumar, chief investment strategist at Geojit Financial Services.

The budget uncertainty will keep the bulls in restraint. On the positive side, Fed affirming the continuation of accommodative monetary policy and bond purchases of $ 120 billion every month ensures adequate liquidity for markets. In brief, a confuse set of market signals, he added.

28 Jan 2021, 11:15:49 AM IST

Birla Corporation's expansions to allay capacity constraint concern

Birla Corporation's sales volumes grew 3.2% year-on-year (y-o-y) to 3.55 million tonnes in the December quarter. Since the company is operating at a higher utilisation of 92%, capacity constraints are limiting it's volume growth. In this context, the company's expansion plan is a positive. The company plans to scale up from its current capacity of 15.4 mtpa to 20 mtpa by fiscal year 2023. Mtpa is short for million tonnes per annum. By 2025, it aims to reach 25 mtpa capacity. (Full Report)

28 Jan 2021, 11:14:00 AM IST

Nifty view: Sameet Chavan, chief analyst-technical and derivatives, Angel Broking

The way market behaved in the previous two sessions, it is a clear sign of weakness and we had hinted towards the possible correction from the levels of 14600-14750. The main reason behind this pre-emption was the 3-points ‘Negative Divergence’ at new high. This anticipation turned into a conviction after banking index confirming a ‘Double Top’ on Friday by closing below crucial swing lows. The Nifty was yet to follow this and on Wednesday, it finally broke the important support of 14222 with some authority.

It is rare to see market giving trend reversal ahead of the major event, but looking at yesterday’s close, further correction looks on cards. We continue to remain cautious and advice using bounce back to go short with a momentum perspective. For the coming session, 14100 followed by 14200 are to be seen as immediate hurdles, while on the flip side, 13850-13772 are the levels to watch out for.

Since the much awaited correction has come before the event, things have become extremely tricky now. It would be difficult for both counter parties (Bulls and Bears) to carry their positions on the event day as both would find themselves stranded at the middle of the ocean."

28 Jan 2021, 11:05:15 AM IST

Cadila's Zydus granted Orphan Drug Designation by the US FDA: BSE filing

The US FDA has granted Orphan Drug Designation to the company's Saroglitazar Mg for treatment of patients with Primary Biliary Cholangitis. Orphan drug designation provides eligibility for certain development incentives, including tax credits for qualified clinical testing, prescription drug user fee exemptions and seven-year marketing exclusivity upon FDA approval. This follows the grant of ‘Fast Track Designation’ by the USFDA to Saroglitazar Mg for PBC in December 2020.

28 Jan 2021, 11:00:27 AM IST

Salman Khan cameo, better cost control helps Emami report record margins in Q3

Emami Ltd’s December quarter results are encouraging, to say the least. Consolidated revenues increased by nearly 15% year-on-year to 933 crore. Volume growth of the domestic business, accounting for 83% of December quarter’s sales, came in at 13%. This is better than September quarter volume growth of 10%. (Full Report)

28 Jan 2021, 10:58:57 AM IST

ICICI Securities revises Kotak Bank's rating to Buy with target price at ₹2,040

Kotak Mahindra Bank reported a good set of numbers on the operating front with profitability aided by healthy margins and controlled cost. Sequential pick-up in loan book is a positive and was in line with the management’s intent to pedal growth from here on.

"Adequate provision provides comfort to deal with volatility in asset quality and, thus, earnings. The bank’s focus on improving liability franchisee makes it attractive. Consistent performance over a period of time, healthy return ratios and capable management are reasons for premium valuations," the brokerage said..

28 Jan 2021, 10:47:39 AM IST

Infosys to accelerate US hiring even after Trump's departure: Bloomberg

Infosys Ltd. will accelerate hiring in the U.S. and Europe, after Trump-era immigration curbs forced the Asian tech-services giant and its rivals to overhaul their traditional reliance on serving global clients with Indian talent.

Asia’s No. 2 IT services company has recruited 2,000 college graduates outside of India in the past 12 months and will only hire more over the next year, Chief Executive Officer Salil Parekh told Bloomberg Television. That’s despite expectations that President Joe Biden will adopt a more relaxed view on immigration in general than his predecessor.

28 Jan 2021, 10:43:01 AM IST

Kumar Mangalam Birla spurs spending after ‘surprise’ India revival: Bloomberg

Indian tycoon Kumar Mangalam Birla’s $46-billion metals-to-telecommunications conglomerate is reviving investments, betting India’s economy will soon bounce back from a recession induced by the pandemic.

As the vaccines roll out, and governments and central banks provide stimulus, India will be among economies to rise above pre-pandemic levels, the billionaire said in a Bloomberg Television interview on Wednesday. His Aditya Birla Group has already unveiled plans to plow in about $2.4 billion across businesses in the past few weeks, months after putting on hold some of its expansion programs on account of the Covid-related lockdowns. (Full Report)

28 Jan 2021, 10:36:30 AM IST

Nifty PSU Bank worst hit among sectoral indices

Nifty PSU Bank index.
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Nifty PSU Bank index.
28 Jan 2021, 10:24:31 AM IST

India rupee opened at 73.13 per dollar vs Wednesday's close of 72.92

28 Jan 2021, 10:07:47 AM IST

Barring one, all Nifty sectoral indices in the red

Nifty sectoral indices.
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Nifty sectoral indices.
28 Jan 2021, 10:05:40 AM IST

Market view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

14200-14250 was a key support which the market disrespected in a jiffy. The fall thereafter has happened on the back of very high volumes. We could slide further to test 13600. If we are unable to hold that level, we could fall more towards 13100-13200. As of right now, any up move can be utilised to short the Nifty. The resistance on the upside is at 14400-14500.

28 Jan 2021, 09:56:04 AM IST

Tremors felt in national capital as earthquake of magnitude 2.8 strikes west Delhi

28 Jan 2021, 09:50:54 AM IST

RIL bucks broader market weakness, up 1%

28 Jan 2021, 09:33:47 AM IST

Axis Bank’s bad loan problems drag but lender to see better days in FY22

It is not over until it is over. A pandemic close to the heels of an adverse corporate loan cycle has stretched Axis Bank’s asset quality problems. The private sector lender had to set aside 75% of its operating profit as provisions in the December quarter which meant that its net profit dropped 36% from a year ago period. (Full Report)

28 Jan 2021, 09:29:51 AM IST

Gainers/losers on Sensex at this hour

Sensex constituents.
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Sensex constituents.
28 Jan 2021, 09:29:11 AM IST

India likely to announce sale of IDBI Bank, stake in LIC: Reuters

India's government plans to announce the sale of a 10% to 15% stake in state-run Life Insurance Corp, the country's biggest insurer, in next week's federal budget, as part of a privatisation push to improve public finances, two government sources said.

Finance Minister Nirmala Sitharaman's plans to divest government control of large companies such as Air India and Bharat Petroleum Corp Ltd failed to make much headway in the current fiscal year because of the pandemic.

28 Jan 2021, 09:24:57 AM IST

Nifty falls 1%

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28 Jan 2021, 09:19:16 AM IST

Sensex check

BSE indices.
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BSE indices.
28 Jan 2021, 09:09:44 AM IST

Nifty check

Nifty 50
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Nifty 50
28 Jan 2021, 09:07:02 AM IST

Markets at pre-open

BSE indices.
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BSE indices.
28 Jan 2021, 08:57:27 AM IST

Market view

After a robust rally in 2020, Indian markets have turned negative this year following the sharp sell-off in the past few sessions. In both rupee and dollar terms, the Sensex is down about 1% in 2021 so far while MSCI Emerging "Markets index is up 7% and MSCI World has gained over 2% in the period.

Markets are looking oversold from a short-term perspective and could see some bounce-back in the next couple of days. Such corrections are healthy for markets, and we remain constructive on equities from the medium term outlook," said Gaurav Dua, head of capital market strategy and investments at Sharekhan by BNP Paribas.

On Wednesday, the Sensex fell 937.66 points, or 1.94%, to 47,409.93 while the Nifty shed 1.91% to 13,967.50.

Naveen Kulkarni, chief investment officer at Axis Securities, said the budget will be a tightrope walk for the government and negative surprises such as an increase in taxes cannot be ruled out. “Needless to say, the market has become jittery. The valuations have become stretched, and most positives are factored in the price," he said.

28 Jan 2021, 08:44:05 AM IST

Chevron, Reliance meet with US officials to discuss Venezuela restrictions

Chevron Corp. and Reliance Industries Ltd. are meeting with U.S. State Department officials to request a rollback of some of the previous administration’s restrictions against Venezuela’s oil industry.

Representatives from the two companies are holding virtual discussions with officials this week, according to people with knowledge of the matter, who asked not to be identified because the information isn’t public. High on the agenda: reinstating transactions known as oil swaps that would allow companies to receive Venezuelan crude in exchange for supplying diesel, one person said.

28 Jan 2021, 08:39:34 AM IST

Crude oil update

Oil prices slid in Asian deals on Thursday on fresh worries about weakened fuel demand, after the UK clamped down on travel, and China, the world's second-largest oil consumer, also sought to limit Lunar New Year trips to stem a surge in COVID-19 cases.

U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.1%, to $52.72 a barrel, erasing some of Wednesday's gain.

Brent crude futures fell 16 cents, or 0.3%, to $55.65 a barrel, after losing 10 cents on Wednesday.

28 Jan 2021, 08:38:02 AM IST

FDI into India jumps 37% to $43.85 billion during April-November

28 Jan 2021, 08:28:14 AM IST

Stocks to Watch

Shares of Vodafone Idea, Maruti Suzuki, M&M, Axis Bank, HUL, among others, will be in focus today.

Maruti Suzuki, Lupin, InterGlobe Aviation, IRCTC, Mahindra & Mahindra Financial Services, Tata Chemicals, TVS Motor Company are among 129 companies that are scheduled to report their December quarter earnings today.

SAIL is under the F&O ban for January 28. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 of the market-wide position limit.

28 Jan 2021, 08:24:46 AM IST

SGX Nifty futures point to lower opening for domestic benchmarks

Nifty futures on the Singapore Exchange fell 121 points, or 0.87%, at 13,863.20, indicating a gap-down start for domestic equities on Thursday.

28 Jan 2021, 08:22:32 AM IST

Asian equities skid on delay in vaccine availability, Wall Street sell-off

Asian shares slid on Thursday while the safe-haven dollar rallied as a sudden sell-off on Wall Street and delays with coronavirus vaccines shook investor optimism about an early recovery for the global economy.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2%, with valuations looking stretched given the index had risen more than 6% just this month.

Japan's Nikkei fell 1.3%, its sharpest drop since October, and Chinese blue chips 1.5%. South Korea eased 0.9% led by losses in Samsung after it reported earnings

28 Jan 2021, 08:20:52 AM IST

US stocks fall as Fed flags slowdown in economic recovery

U.S. stocks suffered their biggest one-day percentage drop in three months on Wednesday on fears that that the market had been overbought in a rally since October. The US Fed's statement, a slump in Boeing's stock, and a selling of long positions by hedge funds also added to the losses.

The Dow Jones Industrial Average fell 633.87 points, or 2.05%, to 30,303.17, the S&P 500 lost 98.85 points, or 2.57%, to 3,750.77 and the Nasdaq Composite dropped 355.47 points, or 2.61%, to 13,270.60.

While the Fed kept settings unchanged as expected, policymakers flagged a concerning slowdown in the pace of the economic recovery.

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