Stock Market Highlights: Sensex drops 458 pts from day's high, Nifty below 17,250; TCS down 2%; Butterfly Gandhimathi surges 8%

17:55:24 IST

Thank you, readers! That’s all from’s live market coverage on February 21, 2022. Stay tuned for other updates on our website:

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17:19:47 IST

Raymond can provide reasonable upside: Mithun Aswath

Mithun Aswath, Managing Partner at Kivah Advisors, believes valuations of companies such as Raymond are reasonable. “Raymond has had issues on corporate governance earlier, but if you look at the last 5-12 months, they are really focused on de-leveraging the balance sheet. They are trying to bring down the debt by selling and utilising proceeds from real estate; they are embarking upon a potential IPO of their auto components business. If we see a rebound in the domestic economy, there is huge pent up demand even for weddings, which have not taken place because of COVID,” he says.

17:04:57 IST

Natural for indices to correct a little bit: Deepak Shenoy

Deepak Shenoy, Founder of Capitalmind, believes it is only natural for market indices to correct a little bit. “Smallcaps have done the best in the last maybe 12-15 months; midcaps a little bit less than smallcaps but way better than the Nifty50. I expect the correction to come to a point where there’s some kind of mean reversion. The deeper correction that one is talking about has already happened in a lot of stocks. Some more may happen,” he says.  

His advice: This is a year to consider building a portfolio rather than trying to book profits.

“It is the year when you will be able to identify good opportunities, some of which will get beaten down more; I would say right now, as long as uncertainty remains, prices will be volatile. Don’t look to exit, but look more at entries right now,” he adds. 

16:46:08 IST

Prefer largecap stocks to new age co stocks: Hemang Jani 

Hemang Jani of Motilal Oswal Financial Services says he would rather like to focus on the known space, largecap stocks in particular with comfort on liquidity and valuations, to stocks of new age companies. “We have seen many of the new age companies correct by about 30-50 percent. We have to remember that when the liquidity dries up, people will not be comfirtable in high PE names, particularly where performance is not coming through. However, the floating stock for names like Nykaa and few others is very small, so there may not be a wide spread kind of sell-off,” he adds. 

16:27:30 IST

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Rupee ends higher at 74.50 vs US dollar

The rupee appreciates to settle at 74.50 against the greenback. On Friday, it had closed at 74.66.

16:12:15 IST

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Market At Close |Geopolitical tensions keep Sensex, Nifty50 volatile

Here are some highlights: 

–Banking stocks support market

–Nifty Bank only frontline index in the green, up 86 points at 37,686

–ICICI Bank, HDFC Bank, Axis Bank among top index movers

–Market fails to hold on to day’s gains 

–39 Nifty stocks close lower

–Midcap stocks underperform frontline shares

–Midcap index falls 358 points to 28,576

–Market breadth firmly in favour of bears; NSE advance-decline ratio at 1:7

–Hindalco, UPL, ONGC, Divi’s, Adani Ports top Nifty losers

–TCS underperforms peers; Monday was last day to participate in buyback

–Wipro, Infosys, Shree Cement, PowerGrid, ICICI Bank top Nifty gainers

–Indiabulls Housing Finance top midcap loser, down 10 percent

–BHEL, Hindustan Copper, AB Capital, HAL, DLF top midcap losers

–Vodafone Idea, Coforge, Federal Bank, ABB, Mphasis, Mindtree top midcap gainers

15:57:26 IST

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Market At Close | Wipro, Infosys, Shree Cement, PowerGrid top blue-chip gainers

Hindalco, UPL, Divi’s, Adani Ports and Sun Pharma the worst hit among the 38 laggards in the Nifty50 universe.

Here’s how the 30-scrip basket fared:

15:44:57 IST

Closing Bell | Sensex drops 458 points from day’s high, Nifty at 17,207

Both headline indices finish the day with minor cuts. The Sensex down 149.4 points or 0.3 percent at 57,683.6 and the Nifty50 at 17,206.7, down 69.7 points or 0.4 percent from its previous close. 

15:28:37 IST

Gujarat Mineral up over 1%, gets clearance to mine at Tadkeshwar lignite mines

Gujarat Mineral Development Corporation (GMDC) up 1.6 percent after the company said it has received an amendment to its environment clearance from the Ministry of Environment and Forest to mine up to a depth of 135 meters from its earlier approved depth of 94 meters at the Tadkeshwar, Lignite Mines.

15:20:36 IST

IndiGo shares fall 3% as promoter Rakesh Gangwal resigns from board

Shares of InterGlobe Aviation fell more than 3 percent on Monday after the airline after market hours on Friday said that Rakesh Gangwal, a Non-Executive, Non-Independent Director has tendered his resignation from the company’s Board of Directors with immediate effect.

15:16:01 IST

BSE Healhcare index fell 1 percent dragged by the Bliss GVS Pharma, Solara Active Pharma Sciences, Krishna Institute of Medical Sciences

15:08:14 IST

Euro gains, dollar eases on potential Biden-Putin summit

The euro rallied and the dollar retreated on Monday as investors pulled capital away from safe havens after U.S. President Joe Biden and Russian President Vladimir Putin agreed in principle to meet to discuss the crisis in Ukraine. The euro rose 0.5 percent to $1.1376 after losing some ground in early trade while the dollar index shed 0.4 percent against major currencies.

15:02:00 IST

Indiabulls Housing slips 9% from highs

14:54:36 IST

CBI to question former CMD Rishi Aggarwal today in ABG Shipyard case

Rishi Aggarwal, the former chairman and managing director (CMD) of ABG Shipyard Limited on February 21 reached the headquarter of the Central Bureau of Investigation (CBI) to join the ongoing investigation into the Rs 22,842 crore bank loan fraud.

14:45:40 IST

Dhani Services falls over 16%

Dhani Services Ltd fell over 14 percent after some users of the Dhani Loans and Services app started complaining about unknown parties misusing their PAN card details to seek loans on the platform. Stock is down over 34 percent so far this year while in 2021, it lost nearly 49 percent. The stock was trading at Rs 107.55, down Rs 21.80, or 16.85 percent. It has touched a 52-week low of Rs 105.50.     

14:35:13 IST

Crude oil futures decline on low demand

Crude oil futures on Monday dropped 0.39 percent to Rs 6,704 per barrel as participants trimmed their positions on low demand. On the Multi Commodity Exchange, crude oil for the March delivery fell by Rs 26, or 0.39 percent, to Rs 6,704 per barrel with a business volume of 6,453 lots. West Texas Intermediate crude oil was trading lower by 0.3 percent to $ 90.8 per barrel. Brent crude was trading 0.53 percent down to $ 93.04 per barrel in New York.

14:27:54 IST

Tata Power, RWE tie up to develop offshore wind projects         

Tata Power on Monday said it has collaborated with Germany-based RWE Renewable GmbH to explore the potential for joint development of offshore wind projects in India. A corresponding Memorandum of Understanding (MoU) has been signed between Tata Power Renewable Energy Limited, a 100 percent subsidiary of Tata Power, which is one of India’s largest integrated power companies, and RWE Renewables GmbH, one of the world’s leaders in offshore wind, according to a Tata Power statement.

14:17:45 IST

Ambuja Cement shares fall 2%; brokerages cut target price post Q3 earnings

Shares of Ambuja Cements were trading in the red on Monday after various brokerages cut the target price following its fourth-quarter numbers.The stock fell as much as 2 percent in early trade. However, at 11:25 am, the stock pared initial losses to trade flat with a positive bias. (Read to know what brokerages said)

14:06:20 IST

Jio’s new IAX undersea cable system to connect Maldives to India, Singapore

Reliance Jio Infocomm Ltd. (Jio) will land the next generation multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives. The high capacity and high-speed IAX system will connect Hulhumale’ directly with the world’s major internet hubs in India and Singapore.

(Read more here)

13:54:59 IST

Nifty Bank index added 1 percent led by the Federal Bank, ICICI Bank, IndusInd Bank

13:47:09 IST

Buy Tech Mahindra, HDFC Bank: Jay Thakkar

Jay Thakkar of Marwadi Shares & Finance shares two stock recommendations: 

–Buy Tech Mahindra for a target of Rs 1,500-1,540 with a stop loss at Rs 1,400 

–Buy HDFC Bank for a target of Rs 1,600-1,640 with a stop loss at Rs 1,490 

13:46:07 IST

Tata Power forms pact with RWE to explore development of offshore wind projects in India

Tata Power shares rise as much as 0.8 percent to Rs 227.6 after the announcement. 

13:32:11 IST

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FMCG stocks mixed after Skymet monsoon prediction

Nifty FMCG stock Change (%)
ITC -0.7
UBL -1.3
PGHH -1.4
VBL -1.4

Here’s a look at the top gainers and losers of the S&P BSE FMCG basket:

13:19:20 IST

Skymet predicts normal monsoon in 2022           

Private weather forecaster Skymet says monsoon in 2022 is expected to be in the normal range, with rainfall at 96-104 percent of the long-period average (LPA)

13:01:01 IST

Buy HDFC Bank, target Rs 1,550: Prakash Gaba 

Prakash Gaba of suggests buying HDFC Bank shares for a target of Rs 1,550 with a stop loss at Rs 1,510. 

12:46:47 IST

Nifty50 can reach 17,350-17,400 levels as early as Tuesday as long as it holds 17,100: Himanshu Gupta

Himanshu Gupta, VP Research at Globe Capital, is of the view that the Nifty50 can head higher towards 17,350-17,400 levels as early as Tuesday as long as we it holds 17,100 on a closing basis. Any dip towards 17,150-17,160 on Monday brings pretty good reward to risk on the long side, where he prefers to place a stop loss below 17,100, and targets close to 17,300 can be eyed for the day, he says. 

The Nifty Bank is also showing better relative strength and it would be interesting to see if it goes higher from current levels, he says. One can initiate long positions at 37,650-37,600 levels for a target of 38,000-38,100 with a stop loss at 37,450, according to Gupta.

12:32:57 IST

Strides Pharma gets US regulator’s nod for Parkinson’s disease treatment drug

Strides Pharma Science shares down 0.9 percent at Rs 361.6, having declined as much as two percent to Rs 1,357.7 earlier in the day. 

12:26:40 IST

ICICI Prudential Life can perform well: Siddarth Bhamre

Siddarth Bhamre, Director-Alternate Investment and Research at InCred Equities, believes ICICI Prudential Life can do well from current levels. He believes it is the cheapest stock in the insurance space now. 

He also feels HDFC Bank is looking positive, with shorts having completely moved out. Technically, it has made a triangular pattern, suggesting decent upside, he adds. 

12:10:10 IST

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ICICI Bank, HDFC Bank, Infosys, Kotak Mahindra Bank top Sensex movers

Gains in Axis Bank, Bajaj Finance and Maruti Suzuki were also among the top contributors to the gain in the 30-scrip index. 

Disclaimer: Network18, the parent company of, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

12:03:20 IST

Noon Update | Sensex up 62 pts, Nifty at 17,275; Nifty Bank up 1%

Stock Change (%)

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