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Sensex tanks 1,023 pts, Nifty ends above 17,200; HDFC twins drag

Market Closing: Sensex, Nifty closed 1.75% lower on Monday (MINT_PRINT)Premium
Market Closing: Sensex, Nifty closed 1.75% lower on Monday (MINT_PRINT)

  • Market Closing: Sensex closed Monday's session with a sharp cut of 1,023 points to 57,621.19, while Nifty50 slipped 302 points to end at 17,213.60. HDFC Bank, ICICI Bank, Wipro, ITC, L&T came under heavy selling pressure

Indian indices struggled on Monday as the market witnessed heavy selling.  Both the Sensex and the Nifty50 plunged closed to 1.75% as most sectors were in the red except PSU bank and power. HDFC twins, Bajaj twins, Infosys, Wipro ICICI Bank dragged the indices. In Asia, shares in Shanghai and Hong Kong advanced, while Japan, Australia and South Korea saw a decline.

07 Feb 2022, 03:38:33 PM IST

Market meltdown: Sensex ends 1,023 pts lower, Nifty just above 17,200; PSU Banks gain

Worries over rising inflation, a stunning US jobs data, continuing Ukraine concerns hit the market sentiments badly on Monday. With major central banks signalling aggressive tightening of rates, the volatility in global markets is set to continue for the next few days.

On Monday, the key benchmark Indian indices crashed as most sectors including IT, FMCG, telecom, capital goods ended in the red. The few sectors that managed to stay positive were PSU banks and power. This is the third straight session that saw the markets shedding points.

The Sensex opened the session lower at 58,549.67 and the loss widened as the day went. The index reached a high of 58,707.76, before sliding downwards to settle at 57,621.19, 1,023.63 points lower, tracking weak global cues. The Nifty50 slipped marginally to open at 17,456.30, reaching a high of 17,536.75, before plunging 302.70 points to end at 17,213.60. Persistent foreign fund outflows added to the weak market sentiment.

PowerGrid, SBI, NTPC, Tata Steel, and Ultratech were the only gainers among the 30 Sensex constituents. HDFC twins, Bajaj twins, Kotak Bank, ICICI Bank, Wipro, ITC, Bharti Airtel, Asian Paints were among the losers.

On the Nifty50, SBI, PowerGrid, ONCG were among the few who managed to eke out gains, while HDFC Bank, Britannia, Bajaj Finance, Tata Consumerer were among the top losers.

Sensex at close
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Sensex at close
07 Feb 2022, 03:20:40 PM IST

Axis Securities on Dabur India

Management remains confident of delivering double-digit revenues while maintaining current EBITDA Margin for FY22 despite RM headwinds through price hike, judicious A&P spend and cost optimization. Maintain BUY with revised TP of Rs. 680 as we continue to value it at 49x FY24E.

07 Feb 2022, 03:10:42 PM IST

Mr. Narendra Solanki, head- equity research (fundamental), Anand Rathi Shares & Stock Brokers on today's market performance

“Indian markets opened in red following mixed Asian market cues as investors continued to monitor the situation around Ukraine crisis and digest U.S. jobs data and central bank moves in region. During the afternoon session markets added losses to continue their weak trade amid persistent foreign fund outflows, foreign portfolio investors (FPIs) pulled out as much as 6,834 crore from Indian markets in the first four trading sessions of February. Traders were seen adding positions in Utilities, Metal and PSU stocks while selling was witnessed in Capital Goods, Healthcare and Telecom sector stocks."

07 Feb 2022, 02:43:20 PM IST

HDFC Securities on Aditya Birla Capital

We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720 (29x Sep-23 NOPLAT+ cash and investments).

07 Feb 2022, 02:27:28 PM IST

Top Sensex losers; Lupin down over 7%

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07 Feb 2022, 02:24:49 PM IST

BSE FMCG down 2%

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07 Feb 2022, 02:11:16 PM IST

Nift50 down almost 2%; ONGC leads

NSE
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NSE
07 Feb 2022, 02:06:17 PM IST

27 stocks in red

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BSE
07 Feb 2022, 01:57:28 PM IST

Meltdown continues; Nifty50 drops below 17,200

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NSE
07 Feb 2022, 01:47:18 PM IST

Sensex slide continues, slumps 1,000 pts

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07 Feb 2022, 01:40:31 PM IST

Weak global cues hit markets; Sensex close to 1000 pts lower

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07 Feb 2022, 01:25:19 PM IST

SBI share price surges on robust Q3 earnings

The share price of State Bank of India (SBI) surged on Monday after the company announced robust growth in its earnings and profit on the weekend.

Defying the general weakness in the market, trading in SBI share started with significant gains at 534 against its previous session's close at 530.20.

At the BSE at around 13.23 pm, the share of SBI was trading 1.09% higher at 536. Earlier the scrip surged to a high of 549.05.

State Bank of India share has rallied despite a sharp drop in the key indices. The benchmark Sensex was down 1.42% or 835.59 points.

07 Feb 2022, 01:16:33 PM IST

Tokyo shares end lower

Tokyo shares ended lower on Monday following selloffs prompted by worries over US interest rate hikes.

The benchmark Nikkei 225 index dropped 0.70 percent or 191.12 points to end at 27,248.87 and the broader Topix index fell 0.24 percent, or 4.57 points, to 1,925.99.

The dollar stood at 115.30 yen in Asian trade, up from 115.21 yen on Friday in New York.

07 Feb 2022, 12:49:16 PM IST

Metals continue to shine

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07 Feb 2022, 12:46:56 PM IST

Capital goods index cracks

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07 Feb 2022, 12:45:41 PM IST

Auto firms turn red

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07 Feb 2022, 12:42:20 PM IST

Top Sensex drags

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07 Feb 2022, 12:36:07 PM IST

Bank of Baroda gains 8%

NSE
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NSE
07 Feb 2022, 12:33:08 PM IST

Stocks to Watch: GSK, SBI, TVS Motor, Indian Bank, P&SB

Here is the list of the top 10 stocks that are likely to be in focus on Monday

07 Feb 2022, 12:28:12 PM IST

RBI may increase the repo rate by 20 bps outside MPC: SBI Ecowrap report

State Bank of India (SBI) Research Report stated that the Reserve Bank of India (RBI) is likely to increase the repo rate by 20 bps outside MPC. The report titled ‘20 bps hike in reverse repo rate outside MPC’ is authored by Dr Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India.

07 Feb 2022, 12:26:15 PM IST

Lupin stock at 52-week low on margin pressure, earnings downgrade

Lupin Ltd's performance for the quarter ended December failed to lift investor confidence. The stock slipped to 52-week lows on Monday.

07 Feb 2022, 12:24:09 PM IST

Day trading guide for Monday

6 stocks to buy today - 7th February

07 Feb 2022, 12:23:36 PM IST

CDSL Q3 net profit rises 55%, highest ever quarterly demat accounts added

Central Depository Services (India) Limited (CDSL) consolidated net profit for the third quarter ending December 2021 rose 55% to 83 crore as compared to 54 crore in the same quarter last year. The total income for the quarter under review rose 58% to 163 crore from 103 crore in the year-ago quarter. Shares of CDSL were trading over 3% lower on the NSE in Monday's deals.

07 Feb 2022, 12:16:14 PM IST

Sensex slips sharply

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BSE
07 Feb 2022, 12:14:51 PM IST

L&T top loser

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07 Feb 2022, 12:12:42 PM IST

HDFC Bank tanks almost 3%

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07 Feb 2022, 12:04:47 PM IST

Kansai Nerolac: Near-term outlook dull for the stock

Shares of paint maker Kansai Nerolac Ltd fell around 3% on the National Stock Exchange in opening deals on Monday. The December quarter earnings of the company were lacklustre, especially as the industrial paints segment, where it is a market leader, continued to lag.

07 Feb 2022, 12:02:52 PM IST

Sectoral indices: PSU Bank gains 4%, Metals shine

NSE
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NSE
07 Feb 2022, 11:57:20 AM IST

Broad market indices

Nifty50
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Nifty50
07 Feb 2022, 11:55:51 AM IST

Nifty50 hovers above 17,300

Nifty50
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Nifty50
07 Feb 2022, 11:54:32 AM IST

Only 6 stocks in green; Tata Steel, SBI lead, L&T slumps

BSE
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BSE
07 Feb 2022, 11:53:08 AM IST

Sensex tanks 700 pts, Nifty slips 200 pts

Equity benchmark Sensex fell 700 points in early trade on Monday, tracking losses in index majors HDFC twins, Infosys and Maruti amid persistent foreign fund outflows and a mixed trend on Asian bourses.

The BSE gauge was trading 710.78 points or 1.22% lower at 57,933.22 in early trade. Likewise, the Nifty dropped 209 points or 1.19% to 17,307.

07 Feb 2022, 10:19:30 AM IST

SBI shares surge post strong Q3 results. What should investors do?

India's biggest bank State Bank of India (SBI) reported 62% jump in standalone net profit at 8,432 crore for the quarter ended December 2021, helped by lower provisions, as compared to 5,196 crore in the year-ago quarter. Shares of SBI surged in Monday's opening deals to 531 apiece on the BSE.

07 Feb 2022, 10:13:42 AM IST

Bank of Baroda rises

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07 Feb 2022, 10:11:34 AM IST

Paytm slips

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07 Feb 2022, 10:10:17 AM IST

Indigo performs well in early trade, investors ignore oil

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07 Feb 2022, 10:08:27 AM IST

Tata Steel stock  down

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07 Feb 2022, 10:01:18 AM IST

Gujarat Narmada Valley Fertilisers & Chemicals gains 10%

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07 Feb 2022, 09:57:01 AM IST

Top Sensex losers

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07 Feb 2022, 09:56:36 AM IST

Top Sensex performers

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07 Feb 2022, 09:46:52 AM IST

Godrej Properties rises over 6%

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07 Feb 2022, 09:34:13 AM IST

Market in early trade

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07 Feb 2022, 09:23:32 AM IST

Sensex at open

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07 Feb 2022, 09:16:17 AM IST

Market pre-opening

At market pre-opening, the Sensex was down 95 points at 58,547.67, while Nifty50 was at 17516, lower by 43 points

07 Feb 2022, 09:13:19 AM IST

Sensex at pre-open

Sensex at pre-open
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Sensex at pre-open
07 Feb 2022, 09:00:19 AM IST

Volatility to rule stock markets, domestic factors to drive sentiment this week: Analysts

Stock markets are expected to witness volatility this week with domestic factors such as RBI policy decision and quarterly earnings by big players driving the investor sentiment, analysts said.

Also, movement of the rupee, Brent crude and foreign institutional investors (FIIs) would be keenly watched by investors, they added.

"Among important events, participants will be closely eyeing the MPC’s monetary policy review meet this week and its outcome is scheduled on February 9. Besides, on the macro front, IIP data will be released on February 11," said Ajit Mishra, VP Research, Religare Broking.

"We have some big names like Bharti Airtel, Jindal Steel, ACC, Hero Motocorp, Tata Power, Hindalco and M&M that will announce their numbers during the week along with several others," Mishra added.

"Markets have been witnessing volatile swings, mirroring their global counterparts and it may continue in near future. Besides, the upcoming event i.e MPC's review and earnings would further add to the choppiness," he said.

Among others, TVS Motor Company, Union Bank of India, IRCTC, NMDC and SAIL will also announce their quarterly results.

07 Feb 2022, 08:59:46 AM IST

SGX Nifty at 17,421, down almost 100 points

07 Feb 2022, 08:45:03 AM IST

Tata Steel Q3 net profit more than doubles to ₹9,598 cr

Steel major Tata Steel on Friday said its consolidated net profit more than doubled to 9,598.16 crore for the quarter ended December 2021, mainly on account of higher income.

In a regulatory filing, the company said it had clocked a net profit of 4,010.94 crore in the year-ago period.

Total income during the October-December quarter also jumped to 60,842.72 crore, from 42,152.87 crore earlier.

07 Feb 2022, 08:37:43 AM IST

Shree Cements Q3 net profit down 23.5% at ₹482.70 cr

Shree Cements Ltd on Friday reported a decline of 23.57 per cent in its consolidated net profit at 482.70 crore for the third quarter ended December 31, 2021.

It had reported a net profit of 631.58 crore in the October-December quarter a year ago, Shree Cements said in a filing to the BSE.

Its revenue from operations was up 2.24 per cent at 3,637.11 crore during the quarter under review as against 3,557.21 crore in the corresponding quarter last fiscal.

07 Feb 2022, 08:31:09 AM IST

Paytm Q3 loss widens to 778 crore

Digital payments and financial services firm One97 Communications, which operates under Paytm brand, on Friday reported widening of consolidated loss to 778.5 crore in the December 2021 quarter.

Paytm had registered a loss of 535.5 crore in the same period a year ago, according to late night BSE filing by the company.

Its consolidated revenue from operations, however, increased by about 88 per cent to 1,456 crore during the reported quarter from 772 crore it posted in the December 2020 quarter.

07 Feb 2022, 08:25:17 AM IST

SBI Q3 profit jumps 62% to ₹8,432 cr; stock in focus

The country's largest lender State Bank of India (SBI) on Saturday reported 62.27 per cent jump in standalone net profit at 8,432 crore for the quarter ended December 2021, helped by lower provisions.

This is the highest ever quarterly profit reported by the lender.

SBI had posted a standalone net profit of 5,196 crore in the same period of 2020-21.

07 Feb 2022, 08:18:32 AM IST

China Stocks Rally in Catch-Up Trade After Week-Long Holiday

Chinese shares started Monday with strong gains after a week-long holiday, tracking an earlier jump in Hong-Kong listed names and as concerns eased about regulatory headwinds for the nation’s battered tech sector.

The CSI 300 Index, which fell into a bear market just before the Lunar New Year holidays, rallied as much as 2.4% in early trading. The Shanghai Composite Index also rose. In Hong Kong, the Hang Seng China Enterprises Index edged up 0.2% after adding nearly 3% on Friday in its first session post the break.

07 Feb 2022, 08:17:39 AM IST

SGN Nifty at 17,421.80, down 0.38%

07 Feb 2022, 08:03:09 AM IST

RBI reschedules policy meeting after Lata Mangeshkar's death

India's central bank has rescheduled its monetary policy committee meeting by a day to Feb. 8-10, it said in a statement on Sunday, citing a public holiday in the state of Maharashtra to mourn the death of Bollywood singer Lata Mangeshkar.

The Reserve Bank of India's decision on key interest rates, scheduled for Wednesday, is now expected on Thursday.

RBI also said there will be no transactions in government securities, foreign exchange, money markets and Rupee Interest Rate Derivatives on Monday, Feb. 7.

Mangeshkar, one of India's best known cultural icons and a singer who defined music for generations, died on Sunday and was given a state funeral.

07 Feb 2022, 08:00:40 AM IST

Gold gains as inflation worries outweigh higher yields

Gold prices rose on Monday, as growing worries over broadening price pressures lifted the metal's appeal as an inflation hedge and helped cushion pressure from higher U.S. Treasury yields after a surprisingly upbeat jobs report.

Fundamentals

* Spot gold rose 0.2% to $1,810.38 per ounce by 0129 GMT, hovering close to its highest nearly a week reached last Friday, while U.S. gold futures edged up 0.2% to $1,812.10

* The dollar index was flat, while benchmark 10-year U.S. Treasuries hit their highest levels since December 2019 on Friday.

* The Labor Department's employment report showed nonfarm payrolls jumped by 467,000 jobs last month, which could sustain the Federal Reserve's plan to raise interest rates.

* Wild swings in stocks and a sharp run-up in government bond yields have put the spotlight on this week's U.S. inflation data, as investors brace for more volatility across assets.

* Due out on Thursday, the U.S. consumer price index for January was expected to have risen 0.5%, culminating in an annual rise of 7.3%, which would be the largest such increase since 1982, according to a Reuters poll.

* Gold is considered a hedge against inflation and geopolitical risks, yet rate hikes would raise the opportunity cost of holding non-yielding bullion.

07 Feb 2022, 07:56:21 AM IST

Tokyo shares open lower on US monetary policy concerns

Tokyo shares opened lower on Monday as worries mounted over a tightening of US monetary policy.

The benchmark Nikkei 225 index dropped 1.21 percent or 335.37 points to 27,104.62 in early trade and the broader Topix index fell 0.90 percent, or 17.45 points, to 1,913.11.

Wall Street stocks finished mostly higher on Friday following a surprisingly good US jobs report that raised expectations for aggressive tightening in monetary policy.

The Dow Jones Industrial Average ended down 0.1 percent but the broad-based S&P 500 gained 0.5 percent and the tech-rich Nasdaq Composite Index jumped 1.6 percent.

07 Feb 2022, 07:55:18 AM IST

China could take further measures to rein in yuan- former regulator

The Chinese government could take further measures if needed to keep the yuan stable, potentially putting downward pressure on the currency, a former foreign exchange regulator said.

Policymakers could increase yuan's flexibility, expand capital outflows, or control capital inflows to rein in the yuan, which could deviate from economic fundamentals in the short term, wrote Guan Tao, global chief economist at BOC International and a former official at the State Administration of Foreign Exchange (SAFE).

07 Feb 2022, 07:49:18 AM IST

Euro near three-week top, but looming Fed tightening could help dollar

The euro was near Friday's three-week high on Monday morning, after the European Central Bank's hawkish turn last week, but analysts said further short-term gains looked less likely with looming Fed tightening supporting the dollar.

Meanwhile, in cryptocurrency markets, Bitcoin held around a two week high.

Investors this week will be watching for U.S. inflation data due Thursday, with a strong reading cementing expectations that the Fed will raise rates at its March meeting and hint at the possibility of a large 50 basis point rise.

The euro was last at $1.1451, not far from Friday's high of $1.4183, equalling mid-January's top.

The yen was at 115.16 per dollar, and sterling was at $1.35310, both in the middle of their recent ranges.

This left the dollar index at 95.461, having been given a late boost by strong U.S. jobs data Friday at the end of a bruising week for the greenback.

07 Feb 2022, 07:46:03 AM IST

Oil falls after signs of progress in US-Iran nuclear talks

Oil prices fell on Monday on expectations the U.S.-Iran talks may be nearing a conclusion on reviving a deal restricting the OPEC country's nuclear weapons development, which would raise crude supply, though global supply concerns capped losses.

U.S. President Joe Biden's administration on Friday restored sanctions waivers to Iran to allow international nuclear cooperation projects, as the talks on the 2015 international nuclear deal enter the final stretch.

If the United States lifts sanctions on Iran, the country could boost oil shipments, adding to global supply.

Brent crude was down 53 cents, or 0.6%, to $92.74 a barrel by 0055 GMT, after rising $2.16 on Friday.

U.S. West Texas Intermediate crude dropped 74 cents, or 0.8%, to $91.57 a barrel, having gained $2.04 the previous session.

07 Feb 2022, 07:40:44 AM IST

China's Jan services activity expands at slowest rate in five months - Caixin PMI

Activity in China's services sector in January expanded at the slowest pace in five months, as a surge in local COVID-19 cases and containment measures hit new business and consumer sentiment while employment fell, a private survey showed on Monday.

The Caixin/Markit services Purchasing Managers' Index (PMI) dropped to 51.4 in January - the lowest since August - from 53.1 in December. The 50-point mark separates growth from contraction on a monthly basis.

07 Feb 2022, 07:30:09 AM IST

Asia shares slip as US jobs stunner hammers bonds

Asian share markets eased on Monday after stunningly strong U.S. jobs data soothed concerns about the global economy but also added to the risk of an aggressive tightening by the Federal Reserve.

Geopolitics also remained a worry as the White House warned Russia could invade Ukraine any day and French President Emmanuel Macron prepared for a trip to Moscow.

The cautious mood saw MSCI's broadest index of Asia-Pacific shares outside Japan dip 0.1% in early trade. Japan's Nikkei fell 0.4% and South Korea 0.6%.

Both S&P 500 futures and Nasdaq futures were little changed, after last week's market turmoil saw Amazon.com Inc gain almost $200 billion while Facebook-owner Meta Platforms Inc lost just as much.

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