SENSEX, NIFTY stage partial recovery led by SBI, ICICI Bank

The Indian equity benchmarks staged a partial recovery in morning deals on the back of buying interest in heavyweights like State Bank of India, ICICI Bank, Power Grid, Tata Motors and Tata Consultancy Services. The SENSEX which fell as much as 453 points was down 129 points at 72,960 by 10:05 am and NIFTY50 index touched an intraday high of 22,076.70 after hitting a low of 21,964.60 in the opening deals. Mid- and small-cap shares also staged a strong recovery as Nifty Midcap 100 index recovered 1,215 points from day's lowest level and Nifty Smallcap 100 index surged 467 points from the day's lowest level.

Global markets

Asian markets were trading lower taking cues from weak closing of US shares after the US President Donald Trump signed an order to hike tariffs on Chinese imports to 20% from 10% and he also confirmed 25% tariffs on imports from Canada and Mexico. Following Trump's decision, US markets came under heavy selling pressure and Nasdaq declined 2.64%, S&P 500 dropped 1.76% and Dow Jones fell 1.48%.

Asian markets also reacted negatively with Japan's Nikkei declining 1.88%, China's Shanghai Composite dropped 0.1%, Hong Kong's Hang Seng fell 0.58% and South Korea's KOSPI fell 0.12%.

Market statistics

As many as 3,161 stocks traded on the BSE during the early session, among which 1,375 stocks were trading in the green, 1,540 in the red and 146 shares remained unchanged.

This indicated that the market breadth was in favour of bears.

As many as 379 stocks hit their one-year low in the early trade, while 18 stocks touched their 52-week highs.

Further, 166 stocks hit their lower circuits while 63 hit their upper circuits.

India VIX, the volatility gauge, was trading around 1.32% higher at 13.95 levels.

Broader market

The broader markets were underperforming their larger peers as Nifty Midcap 100 index dropped 1.7% and Nifty Smallcap 100 index fell 1.61%.

Sectoral picture

Seventeen of 21 sector gauges compiled by the BSE were trading lower led by the BSE Focused IT index's 1.34% fall. IT, Consumer Discretionary, Energy, FMCG, Telecommunication, Auto, Consumer Durables, Metal and Oil & Gas indices also fell between 0.5%-1%.

On the other hand, financial services, industrials, banking and capital goods shares were witnessing buying interest.

Gainers and losers

Nestle India was top loser in the NIFTY50 basket of shares, the stock dropped 2.53% to Rs 2,130. Bajaj Auto, HCL Technologies, Titan, Tech Mahindra, Infosys, Eicher Motors, Bharti Airtel and Britannia Industries also fell between 1.5-2.3%.

On the flipside, Bharat Electronics, State Bank of India, IndusInd Bank, ICICI Bank, Adani Enterprises, Power Grid, Tata Motors, UltraTech Cement and Mahindra & Mahindra were among the gainers.

Stocks in news

The stock fell 0.52% to ₹395.4 apiece on the National Stock Exchange (NSE) at 9:23 am. Its market valuation stands at ₹4,94,743.44 crore.

According to the block deal data on the NSE, Wells Fargo Emerging Markets Equity CIT, an affiliate of Wells Fargo, divested 26.55 lakh shares of ITC at an average price of ₹401.60 per unit for ₹106.62 crore.

TICL is among the largest shareholders of Tata Sons, the holding company for Tata Capital.

Tata Investment shares climbed to an intraday high of 5.09% to ₹6,235 apiece on the National Stock Exchange. At 9:30 am, the stock was up 4.41% to ₹6,178.5 per share.