Sensex sheds 338 pts, Nifty ends near 17,050; IT, Adani Group stocks tumble

CLOSING BELL: The BSE benchmark index ended lower for the fourth straight trading session, and has shed 2,448 points during this period.

4:23 PM

Comment :: 'Upisde on relief rally seems capped'

Markets inched further lower and lost over half a percent, in continuation to the prevailing trend.  After the initial decline, Nifty tried to recoup losses in the middle but selling pressure in index majors from IT, banking and energy pack pushed the index to a newer low. It slipped below the psychological mark of 17,000 levels for a brief and finally settled at 17,043.30 levels. The broader indices traded in tandem and lost in the range of 0.5%-08%.

 

Markets are dancing to the global tunes and we’ll see the reaction to the US inflation in early trade on Wednesday. Indications are in the favor of some breather after the recent slide but the upside seems capped too. Meanwhile, participants should stay light and focus more on risk management. 

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

4:15 PM

Tech View :: 'If Nifty Bank manages to hold 39,400, it can witness pullback rally towards 40,000'

The BANK NIFTY index continued to witness selling pressure from higher levels and tested the support zone of 39,500-39,400. The index has formed a doji candle on the daily chart which indicates indecisiveness amongst the participants. The index, if it manages to hold the level of 39,400, can witness some pullback rally towards 40,000.

Views by: Kunal Shah, Senior Technical Analyst at LKP Securities.

4:07 PM

Comment :: 'Yields will take time to moderate to the long-term trend'

The selling continued while the degree of ambiguity over the US Banks reduced due to supportive measures announced by the US FED. The underlying issue of the market is high interest rates, which will continue to wreak havoc in the world economy. Yields will take time to moderate to the long-term trend given hawkish monetary policy & high inflation. However, the disruptive development in the US Banks and slowing economy have created a precursor to presume that yields will peak in the near future, supported by a change in monetary policy from hawkish to neutral, which will diminish the worries of long-term investors.

Views by: Vinod Nair, Head of Research at Geojit Financial Services. 

 

3:58 PM

Tech View :: 'Relief rally in Nifty can't be ruled out but overall structure weak'

The Nifty formed the fourth consecutive negative close for the Index. It has corrected around 800 points during this period and hence a relief rally cannot be ruled out.

The momentum indicator has a negative crossover which is a sell signal and, with prices trading along the expanding lower Bollinger band, the fall is likely to continue.

The preferred strategy to trade in Nifty would be to sell on rise around 17,150 – 17,200 zone. On the downside, we expect the Nifty to target levels of 16,950 where the lower end of the downward sloping channel is placed. 

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

3:53 PM

IPO Update :: Global Surface issue subscribed 90% so far on day 2

>> Bidding closes at 5 PM

3:51 PM

Rupee Closing :: Rupee ends at 82.49/$ vs Monday’s close of 82.12/$

3:49 PM

BSE stats :: Market breadth negative amid global weakness; M-Cap slips to Rs 256.5 trillion

3:48 PM

Market Check :: Top losers on the BSE today

3:47 PM

Market Check :: Top gainers on the BSE today

3:45 PM

Infosys ends near 5-month low amid 2 consecutive senior level exits

Mohit Joshi, President of the company has resigned effective March 11, 2023. This is second large exit from the company in 3 months.

ICICI Securities believe that considering multiple responsibilities that Mohit was handling, the brokerage firm can’t rule out near term vulnerability especially in BFSI, Products space as well as large deal space.
 

3:43 PM

Adani group stocks remain volatile; Adani Ent crashes 7%, 5 others hit lower circuits

>> Nervousness continues to plague the group despite expedited efforts towards debt payment.

3:41 PM

Divgi Torqtransfer ends 3% higher against issue price of Rs 590

>> Stock debuted at Rs 600 on the BSE, and Rs 620 on NSE

3:40 PM

Sona BLW Precision rallies nearly 7% in a weak market

>> Many institutional investors picked up Blackstone's stake

3:37 PM

Broader markets bleed with SMallCap index sliding 0.8%

3:35 PM

Sectoral trends :: PSU banks, IT lead broad-based fall; Pharma, Media indices eke out tepid gains

3:34 PM

Sensex Heatmap :: Volatile session ends with just 7 gainers on the index

3:33 PM

CLOSING BELL :: Nifty ends below 17,050

3:32 PM

CLOSING BELL :: Sensex's decline continues on contagion fears amid SVB crisis

3:18 PM

Global Check:: US, UK stock futures marginally up

Source: Investing.com

3:07 PM

SVB crisis: IBA panel meet next week may discuss strategy to back start-ups

Banks need a multi-pronged strategy to boost presence in start-up ecosystem following SVB's collapse, say experts. READ MORE

2:58 PM

BS Opinion: Inflation - Central banks can't fix the mess that politicians have created

Only politicians can fix the problem because, contrary to public belief, it is they who create money, not central banks, says T C A Srinivasa-Raghavan . READ MORE

2:48 PM

Silicon Valley Bank collapse: RBI weighs up impact on banks, NBFCs

Days after the collapse of Silicon Valley Bank (SVB), the Reserve Bank of India (RBI) has swung into action to take stock of its impact on Indian companies and banks. The regulator has started collecting information on banks and non-banks exposure to the failed Santa Clara-headquartered lender. READ MORE

2:39 PM

Nifty Pharma index hits 2-year low; Cipla, Divis, Laurus Labs at 52-week lows

Analysts said the pace of US FDA inspections has again picked-up in the last few months post Covid, and they have seen increased incidents with 483 observations and adverse outcomes. READ MORE

2:27 PM

BSE 500:: Adani Enterprises, Indian Bank, PNB Housing among top losers

Adani Enterprises plunged 9.5 per cent and was the top loser among the BSE 500 stocks. Indian Bank, PNB Housing, Ambuja Cements and Intellect Design down 6 - 9 per cent each were the other major losers so far on Tuesday.

2:15 PM

Hackers steal $197 mn from crypto lending platform Euler Finance

Blockchain monitoring firm PeckShield tweeted that Euler Finance was exploited in a flurry of transactions on Ethereum, "leading to the loss of $197 million from the project." READ MORE

2:07 PM

Global Check:: Major Asian markets decline over 2%

Source: Yahoo Finance

1:57 PM

News Alert:: CARE upgrades ratings on India Cements bank facilities

1:46 PM

Banks may hike MCLR by 150 bps in FY24 amid tight liquidity: Report

Commercial banks are likely to increase the marginal cost of funds based lending rate (MCLR) by 100-150 basis points (bp) in the next financial year (FY24) amid a rise in the cost of money and tight liquidity. The transmission of monetary policy in the banking system could intensify in FY24, according to India Ratings and Research (Ind-Ra). READ MORE

1:35 PM

BSE 500:: Sona BLW, Gland Pharma, Mahindra CIE among top gainers

Sona BLW Precision up nearly 7 per cent was the top gainer among the BSE 500 stocks so far on Tuesday. It was followed by Gland Pharma, Mahindra CIE, Lemon Tree Hotel and Greaves Cotton, up 3 - 5 per cent were the other prominent gainers.

1:24 PM

Sona Comstar up 8% as institutional investors buy Blackstone's 20.5% stake

Marquee investors like the Government of Singapore, Fidelity, FMR, ICICI Prudential Life Insurance and HDFC MF bought shares from Blackstone in the bulk deal. READ