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Sensex, Nifty stage dramatic pull back after Japanese monetary policy tweak crashes Asian equities

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Stock Market Today HIGHLIGHTS: In a spirited fightbackDalal Street recovered from an intraday crash to end the day with marginal losses. The Bank of Japan’s decision to widen bond yield target range came as shock for Asian markets including India’s S&P BSE Sensex and NSE Nifty50. The 30-stock Sensex ended at 61,702.29, down 103.90 points or 0.17 per cent while the broader market Nifty50 closed at 18,385.30, down 35.15 points or 0.19 per cent. Banking gauge Nifty Bank finished 54 points or 0.12 per cent lower at 43,359.50. The intraday low was 42,955.

Here are key takeaways from the day’s action:

1) Sensex fell nearly 700 points in the intraday trade while Nifty50 nearly 220 points.

2) In the 50-stock Nifty50, 39 stocks declined. The top gainers were Adani Enterprises, TCS, Reliance Industries, Axis Bank and Indusind Bank while top losers were SBI Life, Eicher Motors, UPL, Tata Motors and Hindustan Unilever.

3) All 15 Nifty Sectoral indices ended today’s session in the red. Nifty PSU Bank (-1.57 per cent), Nifty Auto (-1.52 per cent) and Nifty Realty (-1.44 per cent) were the worst performers in the pack.

4) India VIX, a measure of volatility in Nifty was up 5.44 per cent at 14.99.

5) Selling pressure was seen in in broader markets too. Nifty Mid Cap 100 and Nifty Small Cap 100 ended down 0.87 and 0.75 per cent respectively. In the 100-stock Mid Cap 100, 40 stocks advanced, 59 declined and 1 remained unchanged. Max Health, IPCA Lab and Cummins India were top gainers while Godrej Properties, Bank of India and MFSL were top losers. In the latter, 34 stocks advanced 64 declined and two remained unchanged. Chemplast Sanmar, Balrampur Chini and IIFL while Deepak Fertilizers and Angel One were biggest losers.

6) Out of the 3,657 stocks that traded on BSE on Tuesday, 1,672 stocks advanced, 1850 declined while 135 remained unchanged. 133 stocks hit their 52-week highs while 32 hit their 52-week lows.

7) The rupee depreciated 13 paise to settle at 82.75 (provisional) against the US dollar on Tuesday as investors turned cautious in view of a negative trend in domestic equities and rising crude prices in the global markets. Besides, renewed forex outflows and a waning appetite for riskier assets also dragged down the local unit, forex dealers said. However, a sharp decline in the greenback against major rivals overseas restricted the rupee’s loss, they added. At the interbank forex market, the local unit opened weak at 82.69 against the greenback and witnessed an intra-day high of 82.69 and a low of 82.88. It finally ended at 82.75 against the American currency, a decline of 13 paise over its previous close of 82.62. PTI

8) Singapore-based SGX Nifty was trading in the red and was down 61 points or 0.33 per cent at 18,426 while Dow futures were trading at 32,733.10, down 24 or 0.07 per cent.

9) It was day-2 for KFin Technologies IPO. The issue is subscribed 0.36 times by retail investors with overall subscription standing at 0.12 times. Elin Electronics IPO opened today. The issue was overall subscribed 0.17 times with retail portion subscribed 0.27 times at the time of filing this report.

10) MCX February Gold and March Silver futures were trading with strength. While the former was up by Rs 467 per 10 gram, the latter was higher by Rs 1500 per kg.

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