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

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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, 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, 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 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.

11:28:28 IST

JSW Steel shares drop 4% on report of tax evasion by company

Shares of JSW Steel dropped as much as 4 percent on Friday after CNBC-TV18 reported that the Mumbai GST zone has detected tax evasion of Rs 265 crore by the steel maker. GST authorities claim that JSW Steel had wrongly availed input tax credit of compensation cess on coking coal used for captive consumption, said sources.

11:17:31 IST

Market Watch | Nirav Sheth, CEO – Institutional Equities, Emkay Global Financial Services on consumer durables

We are fairly bullish and Dixon Technologies is also a stock that we have under coverage. So it is a very large market and the PLI template is extremely well set and there’s a long runway for growth. So you will always get that feeling that valuations are ahead of the story, but I suspect that because of the longevity of the growth and because of the very large addressable market, there is merit to be invested in a lot of these kinds of stocks.

But consumer durables, we had an okay sort of festive season, which I believe is also largely because of supply problems. A lot of these companies where supply was largely an issue and not necessarily demand, I believe are the stocks that will perform very well going into FY23 and FY24.

11:05:40 IST

At 11 am, the S&P BSE Sensex was down 1,382.75 points or -2.35 percent at 57,412.34, while the Nifty 50 tanked 414.80 points (2.37 per cent) to 17,121.45. Both the indices had opened over 1 per cent higher and extended losses as the session progressed on Friday.

10:56:48 IST

Nifty FMCG declines on fears over new covid variant; ITC, HUL, Radico Khaitan dip

FMCG shares traded under pressure on Friday with sector gauge Nifty FMCG down 0.65 percent in early trade. Only 3 out of 15 stocks listed on the gauge traded positive led by Dabur. Among laggards, UBL, McDowell, Radico, Tata Consumer, ITC, Marico declined by up to 3 percent.

10:44:42 IST

Market Watch | Nirav Sheth, CEO – Institutional Equities, Emkay Global Financial Services on stocks

Two sectors that stand out very clearly one is consumer discretion and autos. We are super bullish on banks. Despite the COVID waves and the impact of that most of the banks are getting access provisions in the region of 60-80 basis points (bps), which means that even if there is a mild third wave, we are sort of protected in terms of earnings evolution.

On Tata Steel data, people are expecting 30-40 percent lower earnings in FY24. So I don’t see too much of a scope of earnings downgrades. And the sector that stands out to me is clearly banks, which is a very heavyweight, consumer discretion. But obviously, outside the broader Nifty, real estate, consumer durables, a lot of these reopening trades.

10:31:45 IST

Paytm shares snap 3-day winning streak; stock tanks over 7%

Shares of One97 Communications, parent of Paytm, tanked over 7 percent after rising for three trading sessions back to back. Overall weakness in the broader market also weighed on Paytm’s shares. Nifty50 and Sensex both fell close to 2 percent today. At 9:36 am, the stock was down over 3 percent at Rs 1,740.5 on the BSE. In this week, the stock has risen over 11 percent.

10:17:56 IST

Latent View shares trade volatile; fall over 4% after rising 20% in early trade

Following a blockbuster market debut on Tuesday, shares of Latent View Analytics fell over four percent on Friday after rising 20 percent during opening trade.

At 9:25 am, Latent View was trading 4.23 percent lower, or down 29.70 points, at Rs 672.65 while the equity benchmark Sensex plummeted over 900 points in early trade on heavy across-the-board selling amid a negative trend in global markets and unabated foreign fund outflows.

10:17:04 IST

Long-term investors can hold Tarsons Products shares: Swastika Investmart’s Santosh Meena

Santosh Meena, Head of Research at Swastika Investmart, suggests long-term investors to hold Tarsons Products shares. Those who had applied for a listing gain can keep a stop loss of Rs 590, he said. Risk-taking investors can also buy the stock with the same stop loss, he added. 

“Tarsons Products is backed by a strong management team with great brand awareness and high-quality goods… We may see profit booking in the stock tracking global cues amid concerns about a new variant of COVID-19. However, it is expected that we may see demand for Tarsons products,” he said. 

10:07:49 IST

Market Debut | Tarsons Products shares list at 6% premium over issue price

Tarsons Products made a strong debut on stock exchanges, with shares listing at a premium of almost six percent over its issue price.

On BSE, the stock of Kolkata-based life sciences company Tarsons Products listed at Rs 700 apiece, a premium of 5.7 percent over the issue price of Rs 662.

On NSE, the Tarsons stock began its secondary market journey at Rs 682, a premium of three percent over the issue price. (Read more on Tarsons listing)

10:02:55 IST

Market Watch: Shrikant Chouhan of Kotak Securities

We should look for creating some short positions on IndiGo based on the specific in news flow. Even if it is opening around Rs 2,030-2,040 levels, you should look for creating short positions because the next base level or support level for the stock is around Rs 1,900. So IndiGo is short at current levels.

– Sell Asian Paints with a stop loss of Rs 3,180 and on the downside, Rs 3,000 or maybe Rs 2,950 is more visible.

09:57:24 IST

Sell HUL, CCI, Persistent Systems: Mitessh Thakkar of

– Sell Hindustan Unilever with a stop loss of Rs 2,370 for targets of Rs 2,310

– Sell Container Corporation of India with a stop loss of Rs 640 for targets of Rs 585

– Sell Persistent Systems with a stop loss of Rs 4,100 for targets of Rs 3,950

– Buy ONGC with a stop loss of Rs 151 for targets of Rs 160

09:34:08 IST

Most Nifty50 stocks in the red; Tata Steel, Hindalco among top losers

As many as 46 stocks in the Nifty50 pack were in the red in early deals.

09:29:54 IST

Sensex tumbles over 850 points, cracks below 57,950 

The 30-scrip index plunged as much as 880.9 points or 1.5 percent to 57,914.2 in early deals after a gap-down opening. The Nifty50 benchmark slid to as low as 17,272, down 264.3 points or 1.5 percent from its previous close. 

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