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MARKETS: Sensex down 600 points, Nifty at 18K; Nykaa IPO so far drawn 34%

Markets at noon

LIVE Market Updates: The benchmark indices are off the daily lows but are still trading about 1 percent lower during Thursday’s midday trading.

Significant profit bookings at public sector banks and select heavyweights like HDFC Twins, ITC, ICICI Bank, Infosys and Reliance Industries (RIL) keep markets under pressure.

At 12:00 p.m. the BSE Sensex was at 60,736 levels, down 408 points. The Nifty50, on the other hand, was at 18,075 points, which corresponds to a minus of 135 points.

On the front line of results UCO Bank reported net income of Rs 205.4 crore and NII of Rs 1,598 crore. The quality of the lender’s assets improved in Q2FY22, with the GNPA ratio decreasing from 9.4% QoQ to 9% while the NNPA ratio improving from 3.95% QoQ to 3.4%. The stocks are up 1 percent.

Nykaa IPO update: The initial public offering of FSN Ecommerce Venutres, Nykaa’s parent company, has so far been subscribed to 34 percent. The retail quota was drawn 1.6x while the NII share was drawn 7 percent.

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Markets at 11 a.m.

LIVE Market Updates: The sell-off on Dalal Street has intensified as investors rush to aggressively sell public sector stocks in the banking, metals and real estate sectors. Their respective industry indices lost around 3 percent each.

At 11:06 a.m., the Sensex index was trading at 60,510, down 633 points, while the Nifty50 tested the 18,000 mark at 18,009, down 202 points.

The breadth of the market favors sellers with over 2,000 share declines on the BSE compared to around 970 price gains. The India VIX volatility index also climbed 5 percent to the 18 mark.

The broader BSE MidC – and SmallC – indices each lost 1 percent.

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Markets at 10 a.m.

LIVE Market Updates: Indian stocks continued to decline, trading near the daily lows in morning trades. The BSE Sensex, which hit a low of 60,680 today, traded at 60,724 levels, down 419 points at 10:11 am.

The broader 50-share nifty index, on the other hand, tested the 18,050 level at 18,072.

23 of the 30 Sensex components and 40 of the 50 Nifty components were in the red. Individually, Adani Ports filled up 6 percent and was the top loser in the Nifty index. Hindalco, ONGC, Titan, ITC, Coal India and ICICI Bank followed.

However, stocks in IndusInd Bank (plus 5 percent), L&T, UltraTech Cement, Bajaj Auto and M&M limited the downward trend.

Shares in IndusInd Bank On Thursday, BSE rose 6.4 percent to 1,214.90 rupees in intraday trading after the bank posted stable operating performance for the quarter ended September 2021 (Q2FY22), with net interest income (NII) up 11 year-over-year .6 percent year-on-year and 2.7 percent quarterly (QoQ) to Rs 3,658 billion due to stable margins and a sequential pickup in credit growth. CONTINUE READING

On the other hand are the shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose 15 percent to Rs 949.65 on the BSE in intra-day trading on Thursday after the scrip at a ratio of 1: 5 became the ex-stock split (division of stocks). READ HERE

By doing Currency market, the rupee opened higher at 74.95 per dollar compared to Wednesday’s closing price of $ 75.03

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Opening bell

LIVE market updates: Benchmarks started in negative territory on Thursday before the monthly F&O expiration date. In early deals, the BSE Sensex was at 60,962 levels, down 181 points, or 0.3 percent, led by Titan, ICICI Bank and ITC.

The NSE counterpart Nifty50, on the other hand, was at 18,139 levels, a decrease of 72 points or 0.4 percent.

In the broader markets, the BSE MidC – and SmallC – indices slid to 0.34 percent.

On a stock-market basis, ITC’s shares fell 2 percent after the cigarette-to-hotel major spearheaded a 10.09 percent year-over-year increase in net income to Rs 3,763.73 billion in the September quarter of FY22 of a recovery in all segments.

Meanwhile, Titan lost 4 percent after the jewelry company’s net income rose 270.5 percent to 641 billion companies in the second quarter of fiscal 22.

IndusInd Bank and L&T stocks rose 4 and 1.3 percent, respectively, on Q2 results.

In terms of sectors, all but the Nifty Healthcare Index were in the red, led by the Nifty PSU Bank Index (minus 2.4 percent) and the Nifty Metal Index (minus 2 percent).

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Pre-Open Session (updated at 9:07 am)

LIVE Market Updates:

The pre-open session suggests a negative start for the benchmark indices. The BSE barometer of the 30 stocks is down 61 points to 61,083 levels while the Nifty50 is at 18,187 levels, 23 points.

IndusInd Bank, Titan and L&T were the top Sensex winners in the pre-open session.

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Updated at 8:10 a.m.

LIVE Market Updates: The October F&O series expiration, along with the current season of corporate results, is expected to keep secondary markets volatile on Thursday.

Around 150 companies, including Bajaj Finserv, CarTrade Tech, DLF, InterGlobe Aviation, JK Tire, Marico, NTPC, Tata Power, SBI Card and Westlife Development, will publish their Q2 results today.

Nykaa IPO opened today

Nykaa’s highly anticipated Rs 5,320 billion IPO will open for subscription in a price range of Rs 1,085 to Rs 1,125 per share.

While most analysts recommend subscribing to the topic from a long-term perspective, they caution against the reviews and online segment the company operates in.

Global notices

Asia Pacific stocks were mixed in Thursday’s trading as investors await the latest monetary policy announcement from the Bank of J -an.

The Nikkei 225 in J -an lost 0.88 percent while the Topix index lost 0.65 percent. Mainland China stocks were also lower, with the Shanghai Composite down about 0.6 percent. Hong Kong’s Hang Seng index rose 0.24 percent.

Elsewhere, South Korea’s Kospi was trading 0.24 percent higher. Shares in Australia fell as the S&P / ASX 200 fell 0.26 percent. Meanwhile, at 8:08 a.m., SGX Nifty only rose 4 points to 18,215 levels.

Overnight in the US, the Dow Jones Industrial Average fell 266.19 points to 35,490.69 while the S&P 500 was down about 0.51 percent to 4,551.68. The Nasdaq Composite was unchanged at 15,235.84.

Brent Crude Oil Futures

Oil prices were lower on the morning of Asian trading hours, with international benchmark Brent crude futures falling 2.12% to $ 82.79 a barrel. US crude oil futures declined 1.9% to $ 81.09 a barrel.

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