The Nifty metal index was up 1% while IT stocks declined with the Nifty IT index down 1.3%.
Asian stocks declined after a spike in European energy prices stoked recession fears. U.S. Treasury yields topped 3% on Monday, aiding bearish sentiment.
“Early fall in other Asian indices could prompt investors to extend their profit-booking,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
!1 New UpdateClick here for latest updates
Devyani International plunges 7% amid bulk deal reports
Shares of Devyani International plunged as much as 7 per cent during the early trade on Tuesday following reports of bulk deals on the counter. On BSE, 3.17 crore equity shares worth Rs 581.11 crore were traded. On the other hand, more than 1.08 crore shares worth Rs 202.54 crore exchanged hands on National Stock Exchange (NSE). According to a Bloomberg report, about 2.5 per cent of the equity of the company was traded during the early hours on Tuesday. However, the details of buyers and sellers were not known by the time of writing this report.
Selling Returns! Nifty slips below 17,450
The benchmark Nifty50 remained volatile in trade and was last trading below the 17,450 mark. It touched a high of 17,588.55 in trade earlier.
GOLDMAN SACHS ON GLAND PHARMA | Initiate BUY | TARGET PRICE: Rs 2830
- Gland Pharma is a leading global player
- Expect a rebound in FY24E, with a
- 27% topline growth
- EBITDA margins to remain largely stable between FY22 and FY24E (Text Source: ET NOW)
What’s protecting Indian market from severe fall? Nithin Kamath tells
And when the markets are in a bearish phase, people squaring off positions creates a really large impact. That’s what happened in the US from March to June this year. The last bit of the fall was leverage being unwound really fast.
In India, we did not have that problem this year because there was hardly any leverage – be it at the customer level, broker level or at the entire industry level. There were hardly any forced leverage square offs, which meant that when other markets fell we fell less. And as it bounced back, we are almost close to all-time highs.
Apple Inc plans to start manufacturing iPhone 14 in India about two months after the product’s initial release out of China, Bloomberg News reported on Tuesday.
Price as on 23 Aug, 2022 10:17 AM, Click on company names for their live prices.
Yes Bank, Adani Power, Tata Steel among most active stocks on NSE
Price as on 23 Aug, 2022 10:16 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The sharp decline in India is also due to some profit taking by DIIs who have been sustained sellers in recent days. Profit booking is normal since the market had risen too fast ( Nifty rallied 18% from the June lows) in 2 months. Investors can now buy the dips in a calibrated manner. High quality financials, autos and capital goods can bounce back sharply when the market trend turns.
SENSEX RECLAIMS 59,000
Nifty is now back to Oct-2021 level; Financials, cement, telecom and L&T are top picks, notes Neelkanth Mishra of Credit Suisse in his latest note
#MarketsWithETNOW | Nifty is now back to Oct-2021 level; Financials, cement, telecom and L&T are top picks", notes… https://t.co/TIQUYAJXyR
— ET NOW (@ETNOWlive) 1661217571000
MOSL on IT sector
Macroeconomic weakness due to rising interest rates, elevated inflation, and the resultant slowdown in corporate growth has led to heightened concerns on demand for IT Services. We analyzed 40 companies across seven key industries to attain a sense of demand environment. Key snippets of their commentaries suggest limited cutbacks, with the exception of severely impacted sectors such as Retail. We continue to see long-term demand for IT Services, and retain our positive stance on the sector.
You always get opportunities in market: Sandip Sabharwal
There is no "Missing the Bus" in the #Stockmarkets You always get opportunities You actually should be careful wh… https://t.co/8mK64ceSpj
— sandip sabharwal (@sandipsabharwal) 1661166942000
Auto stocks in fast lane! Here are the 5 top winners
Price as on 23 Aug, 2022 09:46 AM, Click on company names for their live prices.
MARKET NOW | Sensex recovers from day’s low, trades flat
After starting the session with deep cuts, the benchmark index traded flat 15 mins into the session as buying returned after 2-day selloff.
Crypto Price Today: Bitcoin stays above $21,000; Solana & Shiba Inu top losers
Solana topped among the losers followed by Shiba Inu with a 2 per cent cut, whereas Cardani and Ethereum posted similar gains each. The global cryptocurrency market cap was trading marginally higher at the $1.02 trillion mark, almost unchanged in the last 24 hours. However, the total trading volume rallied over 18 per cent, close to $70.62 billion.
Barring Metal, all indices trade lower on NSE
OPENING BELL: Sensex drops 380 points, Nifty below 17,400; Adani Power tanks 4%, Wipro 2%
Europe’s energy woes haunt euro, Asian stocks
Asian shares were down for a sixth straight session on Tuesday after a renewed spike in European energy prices stoked fears of recession and pushed bond yields higher, while tipping the euro to 20-year lows. Benchmark gas prices in the European Union surged 13% overnight to a record peak, having doubled in just a month to be 14 times higher than the average of the past decade.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 49.5 points, or 0.28 per cent, lower at 17,440.50, signaling that Dalal Street was headed for a negative start on Tuesday.
Tech View: Nifty confirms failed breakout, bears in driving seat
Nifty50 on Monday fell for the second straight day and formed a bearish candle on the daily chart. This was after the formation of the Bearish Engulfing pattern on Friday. Analysts said the index slipped back below a falling trend line, indicating a failed breakout. They see further weakness ahead.
Oil prices rise after Saudi says OPEC could cut output
Oil prices edged up on Tuesday, after Saudi Arabia warned that OPEC could cut output to correct a recent drop in oil futures. Brent crude futures rose 32 cents to $96.80 a barrel by 0004 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat.
Tokyo shares open lower after US falls
Tokyo stocks opened lower Tuesday after jitters over the speed of rate hikes by the US Federal Reserve drove down Wall Street shares overnight. The benchmark Nikkei 225 index fell 1.00 percent, or 288.64 points, to 28,505.86 in early trade, while the broader Topix index lost 0.84 percent, or 16.73 points, to 1,975.86.
Wall Street ends sharply lower on fears of aggressive Fed
Wall Street ended sharply lower on Monday as investors fretted about a U.S. Federal Reserve gathering later this week in Jackson Hole, Wyoming, that is expected to reinforce a strong commitment by the central bank to stamp out inflation.
Rupee ends flat at 79.84 against US dollar
The rupee recovered early losses to close flat at 79.84 against the US dollar on Monday amid a strong greenback overseas and massive sell-off in equities. However, lower crude oil prices supported the local unit, forex dealers said.
Sensex, Nifty on Monday
The 30-pack BSE Sensex tanked 872 points or 1.46 per cent, to end below the 59,000 level at 58,773.87. Nifty50, meanwhile, fell 267.8 points to end at 17,490.70.
Good morning, dear reader! Here’s something to kickstart your trading day
Read More:Sensex Today: Stock Market LIVE Updates: Sensex back below 59,000 mark, Nifty tests 17,450; IT stocks bleed the most;
2022-08-23 05:19:00
