Global sell-off grips D-Street; Sensex plunges 486 pts, Nifty holds 15,700

Sectorally, all but IT index closed in the red with the Nifty Metal and PSU Bank indices leading the list of losers, down over 2 per cent each

5:28 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a correction after a failed attempt to hold the support level around the Nifty 50 Index level of 15800. Market suggests, 15650 will be an important support level from a short-term perspective. Sustaining above 15650-15670 levels, the market expects to bounce back, and trade in the range of 15650-15900. Technical indicator suggests, a volatile movement in the market in the range of 15650-15900.

5:14 PM

Trading Strategy for Friday :: 15,780/ 52,750 could act as important resistance levels for the traders

The market plunged over 150/450 points as weekly expiry fuelled consistent selling pressure at higher levels. In the second half of the day the Nifty/ Sensex broke the important support level of 15780/ 52750 and post breakdown selling pressure intensified, which is broadly negative for key benchmark indices.

Among sectors, profit booking was seen in Metal and PSU banks stocks, falling over 1.5 percent each.

Technically, on intraday charts the index has formed lower top formation which indicates further weakness from the current level. For the next few trading sessions, 15780/ 52750 could act as important resistance levels for the traders and below the same, correction wave could continue up to 15635-15600/52200-52000 levels. On the other hand, the immediate hurdle would be 15780/ 52750, and trading above the same we can expect continuation of uptrend up to 15830-15860/ 53000-53150 levels

Views by: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities

5:02 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The uncertainty of bulls at the crucial hurdle of 15900 continued, as the market tumbled down sharply from near the hurdle. Although Nifty placed at the minor support of 15700-15640 levels, a sharp follow through weakness could open decline towards 15450 in the near term. Any pull back rally from here could initially find resistance at 15800 levels.

4:47 PM

MARKET STRATEGY :: Avoid aggressive overnight positions

Nifty started the weekly expiry day marginally negative on back of soft global cues. Post some consolidation in the first hour, the indices witnessed selling pressure and it crept lower throughout the day to end with a loss of about a percent.

 

The way markets ended on Wednesday, it seemed that we were on a path for a resumption of the uptrend and mark new records on the weekly expiry session. However, the global sell-off caught the traders (including us) on the wrong foot and the index breached the intraday supports which resulted in more selling pressure. With today’s correction, Nifty is back within the range that it has been consolidating since last one month. Hence, the trend still continues to be sideways with support around 15635 and resistance at 15900-15920. This indicates that traders will still have to wait for a breakout on either side to predict the next directional move. Until that happens, one should continue to trade with a stock specific approach and avoid aggressive overnight positions.

Views by: Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

 

4:34 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

The Nifty index, yet again, witnessed strong profit booking from the same hurdle zone of 15,900 and closed a day at 15,728 

Now, the index is near its demand zone of 15,700-15,600 which suggests that we may see some swift bounce towards 15,800-15,900 if current levels are held.

4:25 PM

MARKET STRATEGY :: Investors should not read much into the intermediate correction

Markets traded under pressure and lost nearly a percent, pressurised by weak global cues. After the flat start, the benchmark gradually drifted lower and settled closer to the day’s low to close at 15,728 levels on the weekly expiry day. Among the sectors, selling pressure across metal, banking and pharma pack widened the losses. The broader markets too ended in the red and lost in the range of 0.1-0.4%.

 

Markets would first react to TCS numbers in early trade on Friday and that might set the tone for the result of the session as well. Further, demand scenario and management commentary will be crucial factors to watch in Q1FY22 results. We suggest keeping a check on naked leveraged positions and wait for clarity. Investors, on the other hand, should not read much into the intermediate correction and continue with the “buy on dips” approach in fundamentally sound counters with a long term view

Views by:  Ajit Mishra, VP - Research, Religare Broking

4:14 PM

MARKET RECAP :: Vinod Nair, Head of Research at Geojit Financial Services

Pessimistic global cues dented the morale of Dalal Street with selling pressure seen across the sectors amid high volatility. Global markets were deep in the red, shadowing a weakness in the Asian markets following the widening Chinese tech crackdown and concerns over the country’s economic recovery. As we kickstart Q1FY22 results season, initial releases of IT sector and a good number of lucrative IPOs will be in focus for the coming weeks

4:06 PM

MARKET RECAP :: S Ranganathan, Head of Research at LKP Securities

Bulls seemed happy to let Bears cheer today as they booked profits across key pivotals after a stupendous rally across market capitalization. Supply of paper through IPO & OFS pushed back investors as metals dragged Indices lower by a percentage in afternoon trade

3:56 PM

Ahead of results :: TCS ends half a per cent lower

3:55 PM

Stock of the day :: Tata Motors extends decline, falls over 11% in 3 days

3:54 PM

Sector Watch :: Nifty IT index eke out slim gains

3:53 PM

Sector Watch :: Metal stocks crack the most; SAIL, Jindal Steel fall 4% each

3:51 PM

Volatility Alert

India VIX ends 11% higher at 13.56 levels

3:50 PM

Nifty gainers :: Only 7 stocks ended in the green today

3:48 PM

Index contributors :: Financials, RIL drag Sensex lower today

3:47 PM

BSE SmallCap index ends flat in an otherwise weak market

3:45 PM

BSE MidCap index slips 0.37%

3:42 PM

Sectoral trends on the NSE

3:40 PM

Sensex Heatmap at Close

3:35 PM

CLOSING BELL :: Benchmarks slide 1%

The frontline S&P BSE Sensex ended 486 points down at 52,569 levels

The broader Nifty50, meanwhile, defended the psychological zone of 15,700 to end at 15,728 level, down 152 points.

3:29 PM

NEWS ALERT

3:24 PM

Nifty IT index rallies in a weak market led by Coforge, Tech M

3:15 PM

Tide Water Oil trades higher for 7th straight day; zooms 255% in 2 months

The stock continued its northward movement after the company announced stock split and bonus issue plan on May 26. On June 10, the company announced 1:1 bonus issue i.e. one bonus share for every share held in the company on record date. The company also declared sub-division of the face value of equity shares from Rs 5 to Rs 2. The company said the board of directors considered that the sub-division will be in the interest of the company. READ MORE

3:00 PM

Views on AMFI Data

Investors continue to invest in pure equity schemes resulting in positive net sales of almost 6000 cr, this is slightly lower than last month due to higher redemptions. For now, the trend surely is in favour of Indian Equities by domestic investors. It is particularly very encouraging to witness good amount of interest in dynamic / asset allocations funds with higher gross sales of 4300 cr and net sales of 2056 cr. The prime objective of the funds in this category is to use valuation models and then dynamically rebalance portfolio between equities and fixed income ensuring better risk-adjusted returns for investors. In current environment, dynamic / asset allocations funds are good option for investors certainly.

-- Akhil Chaturvedi, Associate Director, Head of Sales & Distribution, Motilal Oswal Asset Management Company

2:50 PM

IPO MARKET CHECK

>> GR Infraprojects IPO subscribed 4.37 times on Day 2 so far

 

>> Clean Science & Technology IPO garners 2.88 times bids

Source: NSE

2:38 PM

MARKET UPDATE:: ICICI Bank, HDFC Bank, and RIL top contributors to Sensex's 500-pts fall today

2:38 PM

E-commerce firm DealShare's valuation crosses $455 mn after raising $144 mn

DealShare, a startup that has built an e-commerce platform for middle and lower-income groups of consumers in India, has raised $144 million in its latest funding round.

 

The round was led by Tiger Global and was co-led by WestBridge Capital, Alpha Wave Incubation (a venture fund backed by ADQ, and managed by Falcon Edge Capital) and Z3Partners. There was also participation from Partners of DST Global, Matrix Partners India, and Alteria Capital. READ MORE

(L-R) Vineet Rao, Founder & CEO, Rajat Shikhar, Founder & Chief Product Officer, Sourjyendu Medda, Founder, Chief Business Officer & CFO and Sankar Bora – Founder & COO

2:20 PM

Q&A | Correction in bank stocks offers a good entry point: Gautam Duggad, MOSL

Underperformance in the banking space is owing to the uncertain impact of the second Covid wave on growth and asset quality. However, FY21 performance of large-cap banks has been very robust with strong earnings growth coupled with good asset quality, high PCR ratios and decade-high capital adequacy levels. READ MORE

2:04 PM

Sensex tanks 500 points, at day's low

1:55 PM

Camlin Fine hits record high as Ind-Ra upgrades long-term issuer rating

Shares of Camlin Fine Sciences (CFSL) hit fresh record high of Rs 215.65, up 6.5 per cent on the BSE in the intra-day trade on Thursday, after credit rating agency, India Ratings & Research or Ind-Ra (Fitch Group), upgraded the long-term issuer rating the company. In the past two weeks, the stock has outperformed the market by surging 29 per cent as compared to a 0.01 per cent decline in the S&P BSE Sensex. READ MORE