SVB impact: Sensex slumps 897 pts, Nifty ends near 17,150; PSBs worst hit

CLOSING BELL: The Sensex and Nifty hit fresh calendar year lows in trades on Monday amid the broad-based sell-off. Reliance Industries registered 52-week low

4:23 PM

Tech View :: 'Bank Nifty remains in 'sell on rise' mode'

The bears attacked the index with full force and the market index continued to slide down throughout the day. The Nifty bank index remains in a sell-on-rise mode with strong resistance at 41,000 where aggressive call writing has been observed. The index immediate support stands at 39,500 and can witness a pullback rally if it manages to hold it.

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

4:16 PM

Tech View :: 'Daily momentum indicator has given sell signal on Nifty'

On the daily charts, we can observe that the Nifty has breached and closed below the previous swing low of 17,255 which is a sign of weakness. The daily momentum indicator has triggered a negative crossover which is a sell signal.

Prices are trading along the expanding lower Bollinger band that the fall is likely to continue. On the way downside, we expect the Nifty to touch the lower end of the falling channel (16,950). On the upside, 20 day moving average placed at 17,630 shall act as an immediate hurdle for the Nifty.

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

 

 

4:11 PM

Tech View :: 'Our market is in the cycle of lower tops – lower bottoms formation'

>> The Nifty50 index, today, slipped to a fresh low in the current calendar year.

 

>> Technically, our market is in the cycle of lower tops – lower bottoms formation. The psychological mark of 17,000 is in the vicinity now, followed by 16,900. While on the flip side, the 200-SMA placed around the 17,400-17,450 odd zone is expected to act as a sturdy hurdle in a comparable period.

 

>> Going ahead, we advocate to avoid aggressive bets and keep accumulating quality propositions in a staggered manner.

Views by: Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One

4:06 PM

Comment :: 'The support from financials is weakening'

Today's market move shows that participants are not comfortable, citing the US banking crisis and reducing positions, ignoring the news of the bailout. Banking and financials were acting as saviors earlier but the tone has changed completely now, which is further adding to their worries. We reiterate our negative view and eyeing the 17,000 level as immediate support in Nifty. Traders should align their positions accordingly.

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

4:01 PM

Comment :: Indices at 5-month low; what's driving the markets?

Bloodbath was seen in the global market as the fallout of Silicon Valley Bank was followed by turmoil at Signature Bank, keeping investors worried about the strength of the US banking system. Importantly, the Fed's decision in the upcoming meeting will have a crucial impact on the market sell-off, as the consensus is reversing to no rate hike trajectory. Also, the US inflation due on Tuesday will have a vital impact in the short-term as the market anticipates a cool down from January levels.

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

3:55 PM

IPO Update :: Global Surfaces' issue subscribed 31% so far on day 1

>> Retail investors' quota filled 48% so far

>> Bidding ends at 5 PM.

3:52 PM

European markets in red amid selling in bank stocks

3:51 PM

US Futures indicate mixed start for Wall Street later today

3:50 PM

Bond market :: Yields on 10-year G-Sec ease on Monday

3:49 PM

Rupee Closing :: Rupee ends at 82.12/$ against Friday’s close of 82.04/$

3:47 PM

RIL hits 52-week low intra-day

3:45 PM

IndusInd Bank plunges over 7% on shorter-than-expected extension of MD's tenure

>> RBI extended Sumant Kathpalia's tenure by 2 years against Bank's recommendation of 3 years

3:43 PM

Mahindra CIE declines nearly 8% post block deal

>> M&M likely sold partial stake

3:42 PM

YES Bank ends 5% lower as lock-in period expires today

YES Bank on Sunday, March 12, 2023 informed the stock exchange that the shares would get released through the automated system of depositories by Start of Day (SOD) on March 13, 2023 without any further action required from the Bank.

3:40 PM

Tech M ends over 6.5% higher as Mohit Joshi gets appointed as MD & CEO

>> Mohit will take over as CEO & MD from CP Gurnani after his retirement on December 19, 2023. The joining date of Mohit is not mentioned in the press release.

>> He is finishing his tenure at Infosys on June 9, 2023. Infy shared fall 2%

3:39 PM

ALERT :: India VIX ends 21% higher at 16 level

3:37 PM

ALERT :: Nifty Bank index ends below 40,000-mark

3:36 PM

Broader market check :: Mid, SmallCap indices fall up to 2%

3:35 PM

Sector Close :: Across-the-board selling keeps bulls away; PSB, Media index drop the most

3:34 PM

Sensex Heatmap :: 29 of 30 index constituents slide; Tech M jumps over 6%

3:33 PM

CLOSING BELL :: Nifty tad higher than 17,150

3:32 PM

CLOSING BELL :: Sensex crashes 897 points as SVB jitters enter second day

3:18 PM

4 Adani group stocks locked in 5% upper circuits in weak market

Adani Group said it has completed full prepayment of margin linked share backed financing aggregating to $2.15 billion, well before committed timeline of 31 March 2023. READ MORE

3:11 PM

ALERT :: Potential loss to creditors of Future Retail to be Rs 14,809.44 crore

3:08 PM

Stock Alert:: Reliance Industries hits 52-week low, down 1.8%

3:03 PM

BSE 500:: IndusInd Bank, Mahindra CIE, Kalyan Jewellers among top losers

IndusInd Bank down 7.5 per cent was the top loser among the BSE 500 stocks. Mahindra CIE, Kalyan Jewellers, Lloyds Metals and Tejas Networks down 6 - 7 per cent each were the other major losers so far on Monday.

2:50 PM

Fitch Affirms 'BBB-' ratings for Adani Electricity Mumbai's dollar bond

The affirmation reflects the view that the Hindenburg report alleging governance issues at the Adani group has a limited near-term impact on AEML's cost of funding and access thereof, at the current rating level. READ MORE

2:38 PM

SVB: Indian banks stand out amid 'global gloom and doom', says Macquarie

"Despite concerns of a slowdown in loan growth and margin compression, the earnings upgrade cycle continues for the banking sector," the analyst wrote. READ MORE

Photo: Reuters

2:27 PM

News Alert:: GMDC emerges as highest bidder for two coal mines;

Gujarat Mineral Development Corporation (GMDC) informed BSE that it had emerged as the highest bidder for Two Coal Mines in Odisha in the recently concluded commercial coal block auction by the Ministry of Coal, Government of India.

 

The company won the bids for Odisha’s Burapahar Block in Sundargarh District, having a Geological Reserve of 548 million Tonnes and the Baitarani (West) Block in Angul District a geological reserve of 1152 million Tonne.

 

2:16 PM

YES Bank tanks 13% intra-day as 3-year shareholder lock-in period ends

Analysts at ICICI Securities believe near term risk include decision to write-down AT-1 bonds being challenged in court, which is currently stayed and supply overhang post expiry of stock lock-in. READ MORE