Sensex drops over 300 pts, Nifty below 17,750

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Indian equity market closed lower for the second consecutive session on Wednesday led by a sell-off in banking and IT stocks amid weak global trends. Sensex tumbled 566 points to end at 59,610.41. During the day, it fell 666.66 points or 1.10 per cent to 59,509.84.

Nifty declined 149.75 points or 0.83 per cent to settle at 17,807.

What’s next? Here are the latest updates.

10:00 am: Coffee Day stock slips 9% after firm defaults on Rs 479-crore loan

Shares of Coffee Day Enterprises fell over 9% in early trade today after the firm said it has defaulted a total of Rs 479.68 crore on repayment of loans and unlisted debt securities in the quarter ended March 31, 2022.

The stock opened with a loss of 9.4% at Rs 54 today against the previous close of Rs 59.60 on BSE. At 9:28 am, the stock was trading 5.03% lower at Rs 56.60.

The company in a regulatory filing said it has defaulted on Rs 224.88 crore of repayment of loans or revolving facilities like cash credit from banks and financial institutions, along with default in interest amount for the same at Rs 5.78 crore.

Additionally, there was a default of Rs 200 crore on payments of unlisted debt securities — non-convertible debentures and non-convertible redeemable preference shares. Read more

9:16 am: Market opening

The benchmark indices opened lower amid weak global cues. Sensex opened over 300 points lower at 59,303.26 and Nifty fell over 84 points to 17,723.30.

Titan was the top loser, declining 2 per cent, followed by HDFC twins, Maruti Suzuki and RIL.

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Dr Reddy’s and Tata Steel were the top gainers.

9:00 am: Pre-market comment by Mohit Nigam, Head – PMS, Hem Securities 

Benchmark Indices are expected to open on a negative note today as suggested by trends on SGX Nifty.  NASDAQ closed -2.22% lower yesterday after minutes from FED’s March meeting showed that Central Bank will move aggressively to head off inflation. 

European Indices also closed in red yesterday. All the major Asian markets are trading in negative territory in the early Thursday trade.

Veranda Learning and Uma Exports will list on bourse today. Some of the stock specific actions can be witnessed in stocks such as Godrej Consumer Products (double-digit sales growth expected in Q4FY22), Motherson Sumi Systems (completed acquisition of a 55 percent stake in CIM Tools Private Limited), Zee Entertainment Enterprises (Invesco Developing Market Funds will launch a block deal to sell 7.8 percent stake in the company).

On the technical front, Immediate support and resistance in Nifty 50 are 17,500 and 18,000 respectively. Bank Nifty immediate support and resistance are 37000 and 38000  respectively.

8:45 am:  FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 2,279.97 crore on April 6, and domestic institutional investors (DIIs) purchased shares worth Rs 622.92 crore, as per provisional data available on NSE.

8:40 am: Global updates

Wall Street’s main indices fell on Wednesday, with steep declines in tech and other growth stocks, after minutes from the Federal Reserve’s March meeting sharpened investors’ focus on the US central bank’s plans to fight inflation. The tech-heavy Nasdaq logged a decline of over 2 percent for a second straight day.

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The Dow Jones Industrial Average fell 144.67 points, or 0.42 percent, to 34,496.51, the S&P 500 lost 43.97 points, or 0.97 percent, to 4,481.15 and the Nasdaq Composite dropped 315.35 points, or 2.22 percent, to 13,888.82.

Asia-Pacific markets dropped on Thursday following two days of declines on Wall Street. The Nikkei 225 in Japan fell 1.87 percent in early trade, while the Topix slid 1.98 percent. Australia’s S&P/ASX 200 was down 0.58 percent. In Korea, the Kospi slipped 0.93 percent, while the Kosdaq declined 1.02 percent.

8:30 am: SGX Nifty

The Indian equity market is likely to open lower today as SGX Nifty was trading 91 points lower at 17,768.80.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Wednesday

Indian equity market closed lower for the second consecutive session on Wednesday led by a sell-off in banking and IT stocks amid weak global trends. Sensex tumbled 566 points to end at 59,610.41. During the day, it fell 666.66 points or 1.10 per cent to 59,509.84.

Nifty declined 149.75 points or 0.83 per cent to settle at 17,807.

HDFC Bank, HDFC, HCL Technologies, Tech Mahindra, Infosys, TCS, M&M, Kotak Mahindra Bank, Axis Bank were the top Sensex losers, falling up to 3.51%.

NTPC, Tata Steel, Power Grid, Bharti Airtel, Nestle and Larsen & Toubro were the top Sensex gainers rising up to 2.61% in trade today.