Investors book profit ahead of US Fed meet outcome; Sensex drops 271 pts

5:40 PM

MARKET OUTLOOK :: Broader indices may see further profit-booking

Since last couple of days, we have been advising on booking profits and staying light in the market. The way market is behaving around 15,800 – 15,900, the strength is clearly missing. Also if we take a glance at the NIFTY MIDCAP 50 index, it is struggling around the crucial juncture (as it’s placed around the key Fibonacci ratios). In fact, today’s weakness in the broader market is clearly hinting towards some sort of profit booking in the near term. Hence we continue to remain cautious and advise traders to stay light on positions.

 

As far as Nifty is concerned, 15820 – 15900 to be seen as strong resistances; whereas on the lower side, 15700 is to be considered a crucial support. For the weekly expiry session, we would advise traders existing longs and aggressive traders can opt to short as well if we see Nifty around 15820. If the selling happens as per our expectation, the possibility of breaking 15700 increases, which could then lead to some extended correction in the following sessions

Views by: Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking

5:30 PM

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

After forming a Doji candle pattern in Tuesday’s session, Nifty formed a bearish candle on daily chart & has given a close at 15,767 with loss of  0.6 per cent. Nifty has reached to its good support zone of 15,750 and if it breaks below this, then some more slide towards the next support zone of 15,650 is likely. However, if the fall is contained, then some decent pullback can be witnessed towards 15,850-15,900 zone

5:20 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Indian Benchmark equity indices broke a four day winning streak and retreated from record highs following weak Asian cues and ahead of the US Fed meet outcome. The Nifty opened marginally in the negative, rose to go into the green in the first 20 minutes of trade but resumed its downtrend later. It closed almost at its intra day low. At close, the Nifty ended 101.7 points, or 0.64 percent, lower at 15,767.55.

 

Nifty fell ahead of the US Fed meeting as traders brought down their positions ahead of the event. This is also reflected in low volumes and sharply negative advance decline ratio. The market might be reluctant to push higher ahead of the Fed meeting beyond a point. While economists don't expect US Fed to alter rates or cut bond buying immediately, any indication of an earlier than expected roll back of stimulus may dampen sentiments. 15648-15835 is the band for the near term for the Nifty. 

5:10 PM

MARKET OUTLOOK :: Technical patterns suggests more correction in the offing

Technically, the index has confirmed a shooting star candlestick pattern on the top which suggests correction in the counter. Furthermore, the index has given closing below 21&50 HMA, which further adds bearishness to the counter. Moreover, Hourly Momentum Indicator MACD is also showing negative crossover, which indicates weakness for the near term. At present, the nifty seems to have resistance at around 16000 levels while immediate support shifted up to 15650 levels.

Views by: Sumeet Bagadia, Executive Director at Choice Broking.

 

5:00 PM

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

The short term trend of Nifty seems to have shattered by Wednesday's decline. The immediate support of 15715-15700 is going to be crucial for a sustainability of uptrend. A decisive move below this support could confirm trend reversal and also a crucial top formation at 15901 levels. Any pullback rallies could find resistance at 15825-15850 levels.

4:51 PM

MARKET STRATEGY :: Traders should limit naked leveraged positions

Markets lost over half a percent in a volatile trading session as participants were in the profit taking mood from the beginning. After the flat start, the benchmark gradually inched lower as the day progressed. Though it tried to recoup some of the intraday losses in the middle however selling pressure in the final hour dragged the Nifty again to day’s low around 15,767 levels. The broader indices too followed suit as both midcap and small cap ended lower by 1.1% and 0.6% respectively. Amongst the sectors, except the defensives like IT and FMCG, all the other indices ended with losses wherein metal, capital goods and banking were the top losers.

 

All eyes are on the US Fed rate decision which is scheduled tonight. We expect the Fed to maintain the status quo on rates however commentary on economy and inflation would be actively tracked by investors. We expect volatility to remain high in the indices due to scheduled weekly expiry. In case of a further slide, Nifty would find support around 15,600-15,650 zone on Thursday. On the higher side, the 15,800-15,850 zone would act as a hurdle. Traders should limit naked leveraged positions and wait for further clarity.

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

 

4:41 PM

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

Indian indices slipped ahead of the Fed policy announcement as global markets turned cautious. Weakening MoM sales data and rising prices in the US are adding concerns to ongoing inflationary trend. But Fed maintaining an accommodative policy and a calm comment on short-term inflationary pressure can drive the markets ahead

4:28 PM

IPO Alert :: Sona Comstar issue subscribed 2.3x till so far on Day 3

4:24 PM

IPO Alert :: Shyam Metalics and Energy issue subscribed 121x till 4 PM on Day 3

4:19 PM

IPO Alert :: Dodla Dairy issue sails through on Day 1

Issue fully subscribed till 4:00 PM

4:08 PM

IPO Alert :: KIMS issue subscribed 21% till 4:00 PM on Day 1

4:01 PM

BSE Snapshot

3:58 PM

Volatility Alert

India VIX gains around 2% to end at 14.87 levels

3:55 PM

Sector Watch :: FMCG index ends higher for second day; Tata Consumer hits record peak

3:52 PM

Sector Watch :: All metal index constituents end in the red; Adani Ent SAIL top drags

3:49 PM

Broader market :: BSE SmallCap index slips 068%

3:46 PM

Broader market :: BSE MidCap index falls nearly 1%

3:44 PM

NSE Snapshot :: Stocks that bucked the falling trend on the Nifty

3:43 PM

Heavyweights that dragged the Sensex today

3:41 PM

Sectoral trends on the NSE :: Metals, PSBs skid; FMCG stocks rally

3:40 PM

Sensex Heatmap at Close

Top gainers: Nestle India, ONGC, NTPC

Top losers: Power Grid, IndusInd Bank, Reliance Industries

3:33 PM

CLOSING BELL

The benchmark S&P BSE Sensex traded within a band of 391 points before settling the day at 52,502 levels, down 271 points or 0.5 per cent. On the NSE, the Nifty50 index erased 102 points, or 0.64 per cent, to close at 15,767 levels.

 

In the broader markets, the BSE MidCap index slipped 0.95 per cent while the BSE SmallCap index dipped 0.68 per cent.

3:27 PM

Total haircut of 95.85% to all the creditors in Videocon resolution plan

The Mumbai bench of the National Company Law Tribunal (NCLT) has questioned the haircut that creditors have to take in the Videocon Industries Limited (VIL) Ltds (VIL) resolution plan, a global news wire reported.

 

The resolution applicant was paying close to the liquidation value to acquire the company, the tribunal noted in the order approving the resolution plan submitted by Anil Agarwal's Twin Star Technologies. READ MORE

3:16 PM

NEWS ALERT :: Cabinet decisions

3:02 PM

Nifty sectoral indices at this hour; Metals remain under pressure

3:01 PM

NEWS ALERT

2:59 PM

China's economic data disappoints in May as consumer spending lags

Industrial output rose 8.8% in May from a year earlier, below the 9.2% forecast by economists in a Bloomberg survey. Retail sales increased 12.4% versus an estimate of 14%. Fixed-asset investment increased 15.4% in the first five months of the year from the same period in 2020. The unemployment rate eased to 5% in May from 5.1% in the previous month. READ MORE

2:48 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
Jai Corp	137.00	169.60	168.70	23.14
Alok Industries	27.10	30.80	30.20	11.44
BASF India	2584.00	2863.25	2847.40	10.19
WABCO India	6856.95	7870.45	7512.05	9.55

2:38 PM

Q4 RESULTS | RITES net profit slips 1.6% YoY at Rs 141.5 crore

-- Revenue up 11.4% at Rs 636 cr

-- EBITDA up 13.3% at Rs 185.4 cr

-- Margin at 29.1% vs 28.6%

 

2:34 PM

European markets check

(Source: Reuters)