On the technical front, Shrikant Chouhan of Kotak Securities said, the Nifty50 has taken support at 13,950 level and it is possible that the index may give a healthy bounceback to 14,400-14,500 ahead of the Budget or the day of the Budget.
The Dow Jones Industrial Average fell 575.3 points, or 1.86%, at the open to 30,361.35. The S&P 500 fell 65.8 points, or 1.70%, at the open to 3,784.35, while the Nasdaq Composite dropped 262.5 points, or 1.93%, to 13,363.49 at the opening bell.
The size of the QIP could be in the range of Rs 1000 crore so that PNB’s shareholding is maintained around 27%. PNB had earlier announced that it would like to maintain a minimum 26% stake in PNB Housing.
In 2001, debt raised through such route stood at a low Rs 50,019 crore and for the first such money raising had crossed the Rs 1-lakh crore mark in 2007 when companies raised Rs 1,05,782 crore, it said in the report.
“This decline of Nifty of around 800 points from the top ought to be seen as a healthy correction and an interim consolidation phase before the markets begin the next leg of movement,” said Pankaj Pandey, head of research at ICICI Direct.
Analysts said the index tested its 34-day exponential moving average (EMA) during the session and hit an intraday low of 13,929. This level can now prove to be a crucial support for Nifty, followed by the 13,765 mark, they said.
The Nifty broke the 14,000 level today even though Asian and European markets were marginally down. The fall could be due to profit-booking by FIIs and other participants in the F&O segment ahead of the expiration of monthly derivatives due tomorrow. Some unwinding of positions is visible before the Budget. Volatility is normally higher on the last two days of monthly expiry but this time, the fall with higher volatility shows cautiousness amongst market participants before the event. Earnings are coming out better than expected but profit-booking is seen in most companies that have declared results so far.
HUL’s revenues were expected to grow 19 per cent on-year to Rs 11,647.8 crore, while its net profits were seen rising 28.4 per cent to Rs 2,075.2 crore, according to estimates from 12 brokerages polled by ETMarkets.com.
In the first half of FY 21, government spending came down marginally over previous year due to a shortfall in revenue. We don’t have the luxury of raising tax rates.
Markets witnessed a 2% cut in Indices today even as the IMF put out an impressive 11.5% growth for India in 2021, the highest for any major economy globally. Autos, Metals & Financials bore the brunt of selling as we saw unwinding ahead of the Union Budget. Absence of FII buying this week too added to the nervousness in Wednesday's afternoon trade.
- S Ranganathan, Head of Research at LKP Securities
FII buying has been a mainstay of the current rally pushing it to record highs. But the selling in the market is now on expected lines as analysts had predicted some consolidation.
This is how the 30-pack Sensex moved in today's session. It touched a high of 48,387.25 and a low of 47,269.60 to finally settle at 47,409.93
CLOSING BELL: RIL, private lenders send Sensex tumbling 938 pts; Nifty ends below 14K ahead of F&O expiry; IndusInd Bank, Titan tank 4% each
RIL and financials lead the market fall
23 of 30 Sensex stocks end the day in the redreen
Index contributors: HDFC Bank, RIL, HDFC, ICICI Bank, Infosys
Top Index gainers: TechM (2.57%), ITC (1.42%), HCL Tech (1.03%)
Top Index losers: IndusInd Bank (4.26%), Titan (4.16%), Axis Bank (3.74%)
All BSE sectoral indices end the day in the red
S&P BSE BANKEX biggest sectoral loser, down 2.93%
Volume toppers: RIL, TCS, IndusInd Bank, ITC, L&T
BSE 500 index falls 1.7%; BSE Midcap down 1.5%
Price as on 27 Jan, 2021 03:30 PM, Click on company names for their live prices.
Investors going light on portfolio ahead of Budget: Ajay Bagga
Market expert Ajay Bagga told ET NOW that investors are going light in positions ahead of the Union Budget. He noted that FPIs have sold domestic equities in the last two days. "Maybe there is a tapering off of the FII inflows while DII outflows continue. Somewhere there will be a point where the liquidity, which is sitting on the sidelines, domestically, would find it value accretive to come in," he added.
Read more at:At intraday lows, both Sensex and Nifty gave up their entire gains of 2021 so far.
Budget fever has struck the market, with the index (Nifty) giving up all of its gains this year... There is pre-Budget nervousness among investors...it's hard to say where it will stop... Investors were also aggressively long on F&O with highly leveraged positions.
- AK Prabhakar, IDBI Capital Markets
ICICI Securities, Info Edge and Kansai Nerolac plunge up to 8% from day's high
Market valuations have become stretched and most of the positives are factored in the price. The upcoming budget will be a tight rope walk for the government and negative surprises in terms of higher taxation cannot be ruled out. Needless to say, the market has become jittery ahead of this major event. Investors should build for a defensive portfolio and also hold cash, as there will be good buying opportunities in the future.
- Naveen Kulkarni, Axis Securities
S&P BSE OIL & GAS down 2%. Here are the top laggards
Price as on 27 Jan, 2021 03:00 PM, Click on company names for their live prices.
TVS Motor, Apollo Hospitals among BSE200 stocks hitting fresh 52-week lows
Price as on 27 Jan, 2021 02:54 PM, Click on company names for their live prices.
This time around, there are heightened concerns after the government proposed a new cigarette policy that could severely dent the prospects of the industry, which makes up for majority of ITC’s operating profit.
Here are the top losers in the tourism and hospitality space
Price as on 27 Jan, 2021 02:15 PM, Click on company names for their live prices.
Nifty Bank drops over 2%, Nifty Private Banks down 2.5%
Price as on 27 Jan, 2021 01:45 PM, Click on company names for their live prices.
Bank and financial stocks are the top sectoral losers
Price as on 27 Jan, 2021 01:13 PM, Click on company names for their live prices.
India VIX index gains 1.24%
NSE's India VIX index -- which gauges the market's expectation of volatility in the near term -- traded 1.24% lower at 23.54 at the last count, having climbed up as much as 3.91% to 24.16 earlier on Wednesday.
Sensex sheds 600 points!
Out the 30 shares in the headline index, 19 blue-chips are trading with losses.
With the IPO rush on in full steam on Dalal Street, investors are keenly waiting for the primary market issue of National Stock Exchange (NSE), India’s largest stock exchange. The bourse has various feats and a near-monopoly status to boast of.
Heavyweights HDFC Bank, Reliance Industries pull market lower
Reliance Industries slips 2%, top drag on Nifty
Price as on 27 Jan, 2021 10:22 AM, Click on company names for their live prices.
Rupee marginally higher at 72.95 vs dollar
The rupee traded two paise -- or 0.03% -- higher at 72.95 against the US dollar, having started the day at the same level and moved between 72.88 and 72.97 thereafter.
Reliance, HDFC, HDFC Bank and ICICI Bank top drags on Sensex
The four heavyweights accounted for more than 250 points in the fall in the 30-scrip index. Sensex contribution (in points)
On the other hand, L&T and ITC were the biggest supports.
Financial, energy, auto, metal stocks weigh on markets; IT bucks trend
After falling in Tuesday's trade, Nifty futures on the Singapore Exchange traded 110.5 points, or 0.78 per cent, higher at 14,191.50. Domestic bourses, which were closed on Tuesday on account of Republic Day, would play a catch up on Wednesday.
Tech View: Nifty charts suggest negative momentum
Nifty50 on Monday fell below its five-day, 13- and 20-day simple moving averages, which resulted in a ‘Three Black Crows’ formation on the daily chart. The index also formed lower highs and lows for the second straight session. Support levels also shifted lower, with analysts suggesting a weak momentum ahead.
HUL, Axis Bank to announce Q3 results today
Hindustan Unilever, Axis Bank, ICICI Prudential Life, Marico, United Spirits, Bank of Baroda, Canara Bank, Emami, Nalco, Quess Corp, PNB Housing, Nippon LIfe Asset Management and India Cements are among companies which will announce their December quarter results on Wednesday.
Asian stocks rise in early trade
Asian equities rose on Wednesday, bouncing back from a steep sell-off on Tuesday. Japan's Nikkei added 0.48 per cent to 28,683.63. Korea's Kospi climbed 1.01 per cent to 3,171.96. Hong Kong's Hang Seng added 0.6 per cent to 29,568.71. China's Shanghai Composite index rose 0.16 per cent to 3,575.25.
China industrial profits surge 20.1% in Dec
Profits at China's industrial firms surged 20.1% year-on-year in December to 707.11 billion yuan ($109.40 billion), official data showed on Wednesday. The rebound followed a 15.5% gain in November and marked the eighth month of growth in a row, according to data from National Bureau of Statistics.
US stocks settled lower
Stocks ended lower on Wall Street Tuesday after spending most of the day in the red as investors weighed solid corporate earnings results against growing concerns about the pandemic. The S&P 500 fell 5.74 points, or 0.1 per cent, to 3,849.62. The Dow Jones Industrial Average declined 22.96 points, or 0.1 per cent, to 30,937.04. The Nasdaq dropped 9.93 points, or 0.1 per cent, to 13,626.06.
Rupee rises for 5th session, settles 3 paise higher at 72.94
The rupee rose by 3 paise to settle at 72.94 against the US dollar on Monday, extending its gains for the fifth straight session despite heavy selling in the domestic equity market. At the interbank forex market, the rupee opened at 72.95 against the American currency, and hit an intra-day high of 72.89 and a low of 72.96 in day trade.
Sensex, Nifty on Monday
The benchmark Sensex dived nearly 531 points to close at 48,348 on Monday, extending its losses to the third straight session due to massive selling in energy and IT stocks. After swinging nearly 1,000 points during the session, the BSE benchmark settled with a loss of 530.95 points or 1.09 per cent at 48,347.59. The broader NSE Nifty plunged 133 points or 0.93 per cent to end the session at 14,238.90.
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