Sensex falls for 5th straight day, ends 344 pts down; Nifty breaks 17,000

CLOSING BELL: The Nifty 50 ended below the 17,000-mark for the first time since October 11, 2022. The NSE benchmark has now shed 630 points in the last five trading sessions.

4:44 PM

Comment :: Check key levels on Nifty50

Mixed global cues are currently weighing on the sentiment in absence of any major trigger from the domestic front. On the index front, Nifty has the next crucial support at the 16,800 mark while 17,200-17,300 would act as a hurdle in case of a rebound. We reiterate our negative view and suggest continuing with “sell on rise” until we see some sign of reversal.

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

4:38 PM

Tech View :: 'Nifty Bank's momentum indicator is in bearish crossover'

Bank Nifty failed to capitalise on the early gain as the index closed below the previous session's low at the end of a volatile session. The index has sustained below the critical short-term moving averages on the daily chart. The momentum indicator is in bearish crossover. A fall below 39000 may trigger further corrections towards 38800/38500. On the higher end, resistance is visible at 39500.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

4:24 PM

Tech View :: 'A close below 16,950 may trigger further correction'

Market bears continued to hold control as the Nifty slipped further, registering its fifth straight day of decline. On the lower end, the index neared the lower band of the falling channel. Going forward, 16,950 will likely act as crucial support on a closing basis for the index. Only a close below 16,950 may trigger further correction. On the higher end, resistance is visible at 17,150-17,200.

Views by: Rupak De, Senior Technical Analyst at LKP Securities.

 

4:09 PM

Tech View :: 'Next downside target for Nifty is at 16,750'

The key hourly moving averages placed at 17,200 for Nifty acted as a stiff resistance. Despite the strong opening, Nifty was not even able to surpass the previous trading session high and as the day progressed selling pressure intensified resulting in fifth consecutive negative close for the day. It has achieved our short term target of 16,950, and hence we revise it downwards to 16,750 which is the previous swing low. On the hourly charts, we can observe a positive divergence developing however it needs to be confirmed by a daily positive close, and hence we shall assign more weightage to the price action as of now and continue to maintain our negative outlook on the index.

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

4:01 PM

Comment :: 'Domestic gains were short-lived,as European markets fell on rate hike fears'

The in-line data showing a decline in US inflation provided a gap-up opening in context with the global relief rally, bringing confidence that the Fed would not opt for a harsh rate hike following the turmoil in the banking sector. Broader rate hike expectation has reduced from 50bps to 25bps  and there are possibilities that the Fed may even consider not to hike in the March policy meeting. Domestic gains were short-lived, as European markets fell on fears that the ECB would raise interest rates by at least 25 bps at its meeting on Thursday, high interest rate is the worry of the stock market.

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

3:58 PM

Rupee Closing :: Rupee ends lower at 82.606/$ vs Tuesday's close of 82.491/$

3:56 PM

MARKET CHECK :: Top losers on the BSE today

3:53 PM

MARKET CHECK :: Top gainers on the BSE today

3:52 PM

Buzzing stock :: 8 of 10 Adani Group stocks rise in a weak market; Adani Ent gains 6%

3:49 PM

Buzzing stock :: Nazara Tech rises over 1% as subsidiaries transfer cash holding from SVB

3:47 PM

Buzzing stock :: GMR Airport Infra zooms nearly 5% in a weak market on fund raise plan by subsidiary

3:44 PM

Buzzing stock :: EKI Energy freezes at 5% upper circuit on bagging order from Kochi Metro

3:42 PM

Buzzing stock :: Varun Beverages settles off highs

3:40 PM

Buzzing stock :: Ramkrishna Forgings hits record high intra-day

Ramkrishna Forgings and Titagarh Wagons (RKFL-TWL Consortium) emerged as the lowest bidder (L1) as per the financial bid opening dated 14 March, 2023, for manufacturing and supply of forged wheels under Aatma-Nirbhar Bharat by the Ministry of Railways, Government of India, the company said in an exchange filing.

3:39 PM

Broader market check :: SmallCap index outshines, gains 0.1%

3:38 PM

Sectoral trends :: Metal index leaps 2% as China plans production cuts, all other indices largely lower

3:36 PM

Sensex Heatmap :: 9 index stocks eke out gains; Asian Paints, Tata Steel buck trend

3:35 PM

CLOSING BELL :: Nifty breaks below 17,000

3:34 PM

CLOSING BELL :: Sensex drops for 5th day amid SVB fallout, ends over 300 pts down

3:21 PM

BSE 500:: Swan Energy, SPARC, Brightcom Group among top losers

Swan Energy tumbled 11.5 per cent and was the top loser among the BSE 500 stocks. SPARC, Brightcom Group, Phoenix Mills and Network 18 Media down 4 - 5 per cent each were the other major losers so far on Wednesday.

3:19 PM

Sectoral check :: Most indices reverse gains; Metal, Pharma indices buck weakness

3:14 PM

ALERT :: Sensex cracks nearly 350 pts

3:04 PM

MARKET CHECK :: Nifty gives up 17,000 intra-day

>> 27 stocks decline, while 23 advance

>> Airtel, Nestle India, HUL, IndusInd Bank, and RI trade as top laggards

2:51 PM

Technocraft Industries hits record high; stock zooms 40% in 5 weeks

Last month, Technocraft had bought 1.5 million equity shares at a price of Rs 1,000 per share via buyback offer through tender route. READ MORE

2:40 PM

SVB fallout :: Exposure to revenues from US regional banking clients is very limited, clarifies Coforge

>> The company said, we do not see current market events in any manner impacting our performance. We remain consistent with commentary provided during the last investor call around our performance outlook and continue to target robust growth.

2:32 PM

News Alert:: LIC cuts stake in NMDC by 2%

LIC has recuded holding in NMDC from 13.70 per cent to 11.69 per cent during the period December 12, 2022 to March 14, 2023 through open market sale at an average price of Rs 119.37 per share, the company said in a release.

2:21 PM

FPIs seek six more months from FinMin to comply with PMLA tweaks

Foreign portfolio investors (FPIs) are likely to seek from the finance ministry a six-month extension of the date for complying with the amendments to the Prevention of Money-Laundering Act (PMLA), citing implementation challenges. READ MORE

2:20 PM

ALERT :: China plans to cut steel output for third straight year, reports Bloomberg

>> Move is aimed to achieve climate goals

>> Nifty Metal Index trades as top sectoral gainer

2:10 PM

Global Check:: Hang Seng, Kospi log strong gains in Asia trade

Source: Yahoo Finance

1:57 PM

SVB says Goldman Sachs was the buyer of portfolio it booked losses on

The loss on the portfolio was the reason SVB, a technology-focused lender known as Silicon Valley Bank, attempted a $2.25 billion stock sale last week using Goldman Sachs as an adviser. READ MORE

Photo: Bloomberg