Sensex Tanks 1,491 Points, Nifty Ends Below 15,900; IndusInd Bank, Axis Bank & Maruti Suzuki Top Losers

Mon, 7 Mar Closing

   Previous Close   

   Pre-Open   

   SGX Nifty   

   10:30 am   

Indian share markets witnessed negative trading activity throughout the day today and ended deep in the red.

Benchmark indices slumped to their lowest level in eight months as the US and European Union mulled boycotting importing oil from Russia.

Consequently, fears of tighter oil and gas supplies, higher inflation and, faster-than-expected rate hikes by global central banks dampened investor sentiment.

Brent crude futures hit their highest level since 2008, hitting the US$130 per barrel-mark in intraday trade.

The Sensex slumped nearly 2,000 points and hit a low of 52,367. It recovered marginally on the back of buying in Bharti Airtel, HCL Tech and Infosys.

The NSE Nifty index touched an intraday low of 15,711 before settling at 15,863.

At the closing bell, the BSE Sensex stood lower by 1,491 points (down 2.7%).

Meanwhile, the NSE Nifty closed lower by 382 points (down 2.4%).

ONGC and Hindalco were among the top gainers today.

IndusInd Bank and Maruti Suzuki, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,841, down by 400 points, at the time of writing.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 2.3%.

Sectoral indices ended on a mixed note with stocks in the realty sector, banking sector and finance sector witnessing most of the selling pressure.

Metal stocks, on the other hand, witnessed buying interest.

Shares of GMDC and ONGC hit their respective 52-week highs today.

Asian stock markets ended on a negative note today.

The Hang Seng and the Shanghai Composite tanked 3.9% and 2.2%, respectively. The Nikkei ended slumped 2.9% in today's session.

US stock futures are trading on a weak note today with the Dow Futures trading down by 493 points.

The rupee is trading at 76.96 against the US$.

Gold prices for the latest contract on MCX are trading up by 2.5% at Rs 53,854 per 10 grams.

Speaking of gold, in his latest video for Fast Profits Daily, India's #1 trader Vijay Bhambwani explains whether you should worry about Russia selling its gold.

Can the price of gold crash due to Russian selling pressure? And should you worry about it?

Vijay answers these questions in the below video. Tune in to find out more...

In news from the mining sector, Coal India was among the top buzzing stocks today.

State-run Coal India (CIL) has recorded a total supply of 608.2 m tonne of coal so far in the financial year of 2022.

The company achieved the feat on 4 March, with 21 days still left in the financial year.

Its previous annual record high was 608.14 million, achieved in the financial year 2019.

Nearly all its subsidiaries are ahead in their respective coal off-take numbers over corresponding period last year.

CIL is concentrating its efforts to increase its supplies further in a bid to touch 670 million tonne off-take mark in the financial year of 2022.

During the same period, the public sector major had supplied 575 m tonne, while in the financial year 2020 it was around 580 m tonne.

On 4 March, the company said its annual supplies to the power sector touched a record high of 493 m tonne in the current financial year. Its previous record supply to the power sector of 491.5 MT registered in the fiscal 2019.

Coal India is an Indian government-owned coal mining and refining corporation. It is under the ownership of Ministry of Coal, Government of India headquartered in Kolkata.

It is the largest coal-producing company in the world and a maharatna public sector undertaking.

Coal India share price ended the day up by 4.1% on the BSE.

In news from the banking sector, interest rate sensitive stocks were under pressure today with banks, non-banking finance companies (NBFCs), housing finance companies (HFCs), automobiles and real estate sector stocks down around 6-10% on concerns of reversal in interest cycle due to rising inflation.

The auto, realty, Nifty bank index, and Nifty financial services indices were down in the range of 4-5%.

Speaking of the Nifty bank index, ace chartist at Equitymaster and editor of Fast Profits Report Brijesh Bhatia shared a critical update on the Bank Nifty index on his telegram channel.

As per Brijesh, this is a long-term buying opportunity in Bank Nifty index. Here's Brijesh in his own words:

• It has been tough times for traders in the last few weeks as markets are trending in gaps offering an unfavorable risk-reward trades.

 

• From the highs of 41,820 (Futures), Bank Nifty has slipped below 33,000 mark today, a correction over 20% on geo-political tensions.
  
  Technically, it's a screaming buy as it trades around the long-term support area of 32,500-31,500 zone.
  
  The Bullish Gartley harmonic reversal pattern is visible on weekly chart at the recent lows of ~32,700 which is near the support zone.
  
  Additionally, the 100WEMA is placed at 33,176 offering the support to bulls.
  
  Traders/investors should gradually accumulate till 32,000 levels. The pattern negates on the breach of 30,400 levels.
  
  Considering the favorable risk-reward, I believe this is the long-term buying opportunity in Bank Nifty.
  
  The volatility will continue to stay higher amid the Russia-Ukraine developments and traders should risk only what they can afford.

Smart investors, by the thousands, have already joined Brijesh's telegram channel - Fast Profits.

If you're interested in being a part of Brijesh's charting journey as he shares how to create wealth from the profitable trade setup, we highly recommend you join his channel.

You'll get access to the best trading ideas in the stock market.

Moving on to news from the IT sector...

TCS Plans Organisational Revamp to Double Revenue Before 2030

Tata Consultancy Services plans to overhaul its organizational structure with specialized groups targeted to help startups as well as large global firms as Asia's largest software outsourcing provider gears up to double its revenues to US$50 bn before 2030

The Mumbai-based company will create four internal teams -- a business transformation group, incubation group, enterprise growth and another aimed at new business models.

TCS is expected to present this proposed new structure at its board meeting this week.

The rejig is aimed at aligning TCS with the changing needs of its clients who are increasingly looking to digitize in the post-Covid-19 world and the boom in startups.

Indian IT sector has been on a roll, buoyed by the pandemic-induced rush among enterprises to transform into work-from-anywhere, digital businesses, boosting growth and making it a US$227 bn industry by end of March 2022.

TCS's new structure is based on where its customers are in their business journey, the people said. It factors in, for instance, that a sub-US$5 billion start-up would have a very different set of technology and business requirements than a large global corporation.

TCS, which employs over half-a-million around the world, the bulk of them in India, reported US$25 bn in revenues for the year ended 31 December.

Riding the sector boom, TCS and its rivals Infosys and HCL Technologies have been signing on new customers, expanding contracts and hiring software programmers by the thousands every quarter.

The outsourcing giant, part of the Tata Group, is also planning to open a dozen innovation centers globally including the US and Europe, according to reports.

TCS share price ended the day down by 1.2% on the BSE.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers