MARKETS: MARKETS: Sensex, Nifty exhibit volatility; pharma firm, IT weakens

Markets at 10 am

LIVE market updates: The benchmark indices continued to inch up and held onto mild gains. The BSE Sensex was testing the 58,000-mark and was up over 100 points, while the NSE Nifty 50 was nearky 30 points higher, at 17,272.

The broader market was a bit higher than the frontline indices. The BSE MidCap and SmallCap indices were trading 0.4 and 0.7 per cent higher, respectively.

Among stocks, Amara Raja Batteries was up 1 per cent after the company, as part of its strategic initiatives to venture into new-energy business and EV batteries, agreed to invest up to Euro 10 million by way of equity and convertible bonds in InBot Auto AS, Oslo Norway.

Further, private banks continued to trade higher, with IndusInd Bank, ICICI Bank, Bajaj twins, Axis Bank, Kotak Bank being the major gainers among the Sensex-30 constituents.

Among sectors, the shares of pharmaceutical companies were trading firm, with Nifty Pharma index gaining nearly 1 per cent on the National Stock Exchange (NSE), on expectation of improved outlook. READ MORE.

Metals remained the worst hit, being the only sector in red on the NSE. IT, Auto, FMCG and Oil and Gas also remained weak, up only marginally.

——————————————————————————————–

Opening Bell

LIVE market updates: In tandem with weak global market cues, the benchmark indices opened tepidly on Wednesday. The BSE Sensex was up 50 points at 57,947 while the Nifty50 was at 17,253, 20 points higher.

In the broader markets, the BSE MidCap and SmallCap indices were in the green zone, trading 0.4 and 0.7 per cent higher.

Among Sensex-30 constituents, IndusInd Bank, Sun Pharma, Dr Reddy’s Labs, Reliance, ICICI Bank, L&T, and Axis Bank were the leading gainers, trading 0.3-1.7 per cent higher. On the Nifty50, Cipla was the additional gainer, up over 1 per cent.

Sectorally, the Nifty Pharma and Healthcare indices were trading nearly 0.8 per cent higher, leading the gains on the back of India approving Merck’s anti-Covid pill Molnupiravir. As many as 13 pharma companies will manufacture and supply the drug globally and domestically.

Major sectoral losers, on the other hand included Auto, FMCG, IT and Metal.

PowerGrid, NTPC, HDFC Bank, Tata Steel, Infosys, M&M, TCS and Wipro were among the top losers on the Sensex, down 0.2-0.8 per cent.

——————————————————————————————-

Pre-open session

LIVE market updates: Benchmark indices were trading lower in the pre-open session indicating a tepid start on Wednesday. Both the indices were in red. The BSE Sensex was lower 9 points at 57,888, while the Nifty50 was at 17,220, down 13 points.

——————————————————————————————–

LIVE market updates: The benchmark indices may start on a muted note on Wednesday, mirroring the weak sentiment of their global counterparts amid rising threat of the rapidly-spreading omicron variant.

At 8:15 am, the SGX Nifty was quoting 17,274, as compared to Nifty’s spot close of 17,233 on Tuesday.

Meanwhile, SEBI in its board meeting on IPO reforms, as expected, has tightened norms for public share sales. It has prescribed a minimum 5 per cent gap in IPO price bands, extended the lock-in period for anchor investors to 90 days and capped the amount a majority investor can sell through an offer for sale. READ MORE

Among stocks, Mahindra & Mahindra will be in focus today as the company’s wholly-owned subsidiary, Mahindra Engineering and Chemical Products, has agreed to sell its entire stake aggregating to 49 percent of the paid-up equity share capital held in MahindraTsubaki Conveyor Systems.

Financial stocks will also be watched out for as the RBI has warned that banks’ asset quality could get dented and it specifically warned that NBFC asset quality could see a further hit.

Global cues

The benchmark indices in the US had ended on a mixed note, with the S&P 500 registering a new all-time high in intra-day trades. Dow Jones was up 0.3 per cent, while the S&P 500 and Nasdaq slipped 0.1 per cent and 0.6 per cent, respectively.

Oil prices ended with marginal gains on Tuesday despite rapid spread of the Omicron Coronavirus variant. Brent Crude rose 0.4 per cent to $78.94 a barrel, and WTI Crude added 0.5 per cent to $75.98 a barrel.

Markets in Asia too were mixed this morning. Hang Seng had declined 0.7 per cent. Nikkei and Kospi were down 0.5 per cent each, while Shanghai Composite was down 0.2 per cent. Straits Times and Taiwan Weighted, however, were up 0.2 per cent each.