Stock Market Live: Sensex turns negative, Nifty below 15,100; bank, IT sectors drag

Sebi comes out with a disclosure format under insider trading rules

Stock Market Live:

Indian indices pared gains to turn negative on Wednesday as losses in IT, banking and fin services sectors weighed on the sentiment. The IT index fell the most over half a percent dragged by Infosys and Tech Mahindra while Nifty Bank fell 0.4 percent.

Market update:

Sensex turns negative, Nifty below 15,100; bank, IT sectors drag Indian indices pared gains to turn negative on Wednesday as losses in IT, banking and fin services sectors weighed on the sentiment. The IT index fell the most over half a percent dragged by Infosys and Tech Mahindra while Nifty Bank fell 0.4 percent.

Opening Bell :

Sensex opens 100 points higher, Nifty nears 15,100; all sectors in the green.

Indian indices opened higher on Wednesday led by gains in heavyweights ICICI Bank, TCS, RIL, Asian Paints and Kotak Bank. At 9:18 am, the Sensex was up 154 points to 51,483 while the Nifty rose 35 points to 15,144. All sectoral indices were also trading positively adding to the gains. Metal index led the gains, up over 1 percent while Nifty Bank, Nifty Auto, Nifty Fin Services and Nifty Pharma added around 0.3 percent each. Broader markets were also in the green with the midcap index up 0.3 percent and smallcap index up 0.8 percent.

Titan Q3 earnings: Here’s what to expect

It is expected to be a glittering quarter for Titan this time around and that is because of the festive demand, the wedding season and also pent-up demand that the company saw and that is something that the company gave in its Q3 update as well. Jewelry sales grew around 15 percent odd and which excluded the sale of raw gold of around Rs 350 crore. The management said the studded mix in Q3 improved quarter-on-quarter (QoQ) basis and it is still down year-on-year (YoY). Watches and wearables division saw 88 percent recovery, eyewear saw 92 percent recovery and CaratLane delivered growth of 39 percent growth for the quarter. Watch this video for more

Bitcoin’s value could touch $1,00,000-mark by year-end, says Galaxy Digital founder

Bitcoin’s value could more than double by the end of this year to $ 1,00,000, cryptocurrency investment firm Galaxy Digital’s founder Michael Novogratz told BloombergQuint. As per Novogratz, this growth will be due to the fact that more companies are set to allow the use of Bitcoin for purchases, the report said. In an interview with BQ, coming on the back of Tesla’s decision to allow customers in the future to buy its electric cars with bitcoins, the long-time crypto enthusiast and investor said that it is these decisions that will have a big impact on the market.

“You’re going to see every company in America do the same thing… One of the things that connect Bitcoin, and Tesla and solar stocks and ESG investing is millennials and Gen Z, young people are buying into the future, and they see cryptocurrencies — Bitcoin and other cryptos — as their currencies,” he was quoted as saying in the report.

Sebi comes out with a disclosure format under insider trading rules

Capital markets watchdog Sebi on Tuesday came out with a new format for disclosures to be made under the insider trading norms. In light of amendments to the PIT Regulations affecting the inclusion of members of the promoter group, and the designated person in place of employee and on the basis of feedback received from market participants and exchanges, the relevant disclosure formats have been suitably revised, Sebi said in a circular.

Under the new format, details of securities held upon becoming a member of the promoter group of a listed company and immediate relatives of such persons need to be disclosed, besides, any change in shareholding also needs to be disclosed. In September, the Securities and Exchange Board of India (Sebi) had decided to implement system-driven disclosures for members of the promoter group, directors and designated persons of a listed company.

Equity mutual funds see outflow for a seventh straight month in Jan on profit-booking

Equity mutual funds witnessed an outflow of Rs 9,253 crore in January, making it the seventh consecutive monthly withdrawal, primarily due to profit booking and portfolio rebalancing amid markets touching new highs. The pace of outflows from equities has however slowed for the third month and Gautam Kalia, Head Investment Solutions, Sharekhan by BNP Paribas said that it will likely turn positive soon as investors get used to the new normal.

In addition, investors pulled out Rs 33,409 crore from debt mutual funds last month after investing Rs 13,863 crore in December, data from the Association of Mutual Funds in India showed on Tuesday. Overall, the mutual fund industry witnessed a net outflow of Rs 35,586 crore across all segments during the period under review, compared to Rs 2,968 crore inflow seen in December on investment from hybrid and other schemes.

First up, here is quick catchup of what happened in the markets on Tuesday

Indian indices ended in the red on Tuesday, snapping six straight sessions of gains dragged by losses in major key sectors including IT, auto, pharma, and metals. The Sensex ended 20 points lower at 51,329 while the Nifty lost 6 points to settle at 15,109. Both benchmarks hit their respective record highs for the seventh straight session in intraday deals. The Sensex rose as much as 487 points to its new high of 51,835.86 while the Nifty jumped 140 points to its all-time high of 15,255.80. On the Nifty50 index, Asian Paints, SBI Life, HDFC Life, IOC and Wipro were the top gainers while M&M, Tata Motors, JSW Steel, Bajaj Auto and ITC led the losses.

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