Sensex drops 671pts, Nifty nears 17,400 in broad sell-off; bank stocks tank

CLOSING BELL: The Nifty PSU Bank index declined 2.2 per cent, while the Nifty Bank and Private Bank indices fell 1.8 per cent each

4:25 PM

Nifty: Markets in sell-on-rise mode

"On the daily chart, the index has been falling within a downward-sloping channel, which again confirms the bearish trend. The 14-day moving average and the 50-day moving average, are in the bearish crossover, with the index value remaining below both averages. On the lower end, the Nifty may roll down towards the lower band of the falling channel. The sentiment remains bearish, and the market will remain in sell-to-rise mode until Nitfy closes below 17,850. On the lower end, supports are placed at 16,950 / 16,750."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:10 PM

COMMENT:: Markets await US unemployment, non-farm payroll data

"The global market's cautious attitude towards the probability of a sharper rate hike was exacerbated by further negative signs from the US market. Selling intensified as the market awaited the release of US unemployment and non-farm payroll data, which will have a significant impact on the upcoming Fed meeting. However, higher-than-expected jobless claims in the US that came in yesterday helped alleviate some concerns about the Fed becoming stricter."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:07 PM

COMMENT:: Nifty can surprise on the upside, given the monthly OI data

“The Nifty index yesterday had seen a shift in its highest OI of puts from the 17,500 level to the 17,000 level, clearly signalling that there was opening up for room for markets to move to the downside. Although the downside seems to be the popular choice of direction today and going forward, there is one additional anecdote that can spring a surprise in the days to come...

 

...The Nifty monthly OI data of the 17,500 PE once again is seen to be increasing in open interest. This is an ITM put option, and shorting of this gives evidence to the fact that traders are not yet convinced with this fall. It is also important to note that Nifty is in a demand area and has support up to the 17,250 level...

 

...Only a close below this level will make these short sellers of PE run for cover, but until that happens, markets will try to make a move in the positive direction above 17,500. The Bank Nifty monthly OI data, still has traders with the highest position of short straddles at 41,000. Even these traders have not shifted their positions as yet. The highest open interest on the Bank Nifty side lies at the 40,000 level, which is also incidentally a strong support for it.”

 

- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform
 

4:04 PM

No SVB-like scenario in India; banks are on a strong footing, say analysts

The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances. READ MORE

4:03 PM

Tata Motors gains 1% in weak market as Tata Technologies files DRHP with Sebi

This possible IPO along with the receipt of consideration of EV deal with TPG will support FCF generation from the India business to attain near debt zero in the India business, MOFSL said. READ MORE

4:01 PM

Titagarh Wagons hits new high; zooms 65% in six months on healthy outlook

On March 1, the consortium of Titagarh Wagons and Bharat Electricals (TWL-BHEL Consortium) emerges as the 2nd Lowest Bidder (L2) for manufacturing cum maintenance of Vande Bharat Trainsets. READ MORE

3:59 PM

Seamec soars 16%; rallies 32% in two days on winning ONGC work order

Seamec has entered into a subcontract with its consortium partner in Pipeline Replacement Project (PRPVII) for subsea installation works of ONGC on unit rate basis. READ MORE

3:58 PM

Hind Rectifiers soars 10% as new plant kicks off commercial production

The company said that the benefits of these new production lines at Sinnar will however be availed from 2023-24 onwards. READ MORE

3:56 PM

Motilal Oswal sees 17% upside potential for top-100 stocks by market-cap

Top-100 stocks by market capitalisation (market-cap) could see an upside of 17 per cent from the current levels in a year, suggest findings of a recent study from Motilal Oswal Securities (MOSL). The top-100 pack, the research and broking house said, constitutes 68 per cent of India's market-cap. READ MORE

3:55 PM

KSB surges 7%; trades near record high on strong order book position

The management believes that the demand for capital products will further grow, owing to increased capital investment in infrastructure in this budget. READ MORE

3:53 PM

Equitas SFB slips over 6% as new shares list post merger with Equitas Holdings

Total 789.53 million shares have been listed pursuant to the scheme of amalgamation of Equitas Holdings with Equitas Small Finance Bank. READ MORE

3:47 PM

Nifty PSU Bank index drops 2.2%; Canara Bank, Bank of India worst hit

3:45 PM

Bank Nifty tanks almost 2%; HDFC Bank, Bank of Baroda, IndusInd major laggards

3:43 PM

BSE Smallcap Heatmap:: Deep Inds hits 20% upper limit; Nucles plunges 10%

3:42 PM

BSE Midcap Heatmap:: Adani Power, Balkrishna Inds gain; Delhivery slips

3:40 PM

Weakness seen across market breadth; India VIX jumps 5%

3:39 PM

Nifty 50 Losers:: Adani Enterprises, HDFC Bank, Apollo Hospitals, HDFC slip up to 3%

3:37 PM

Nifty 50 Gainers:: Tata Motors, NTPC among notable movers

3:36 PM

Sensex 30 Heatmap:: 9 Gainers v/s 21 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 declines 177 points, settles at 17,413

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends 671 points lower at 59,135

3:24 PM

Tata Tech IPO: After 2 decades a Tata group firm will test public markets

Tata Motors subsidiary Tata Technologies is heading for an initial public offering (IPO), almost two decades after IT bellwether Tata Consultancy Services became the last Tata group firm to test Indian public markets in 2004. READ MORE

3:16 PM

Global Check:: US stock futures down up to 0.5% ahead of jobs data; UK decline nearly 2%

Source: Investing.com

3:10 PM

ALERT :: HUL Board appoints Rohit Jawa as MD & CEO for 5 years

>> Appointment effective from June 27, 2023

3:05 PM

Stock of this shipping company has zoomed 32% in two days

Seamec has entered into a subcontract with its consortium partner in Pipeline Replacement Project (PRPVII) for subsea installation works of ONGC on unit rate basis. READ MORE

2:56 PM

Marksans Pharma gets USFDA nod for generic version of Famotidine tablets

Marksans Pharma Ltd on Friday said it has received final approval from the US health regulator for its generic version of Famotidine tablets indicated for the treatment of acid indigestion. READ MORE

2:48 PM

No SVB-like scenario in India; banks are on a strong footing, say analysts

The sell-off in the banking pack, analysts said, was a knee-jerk reaction to the developments with US-based Silicon Valley Bank (SVB) that announced a share sale to shore up its finances. READ MORE

2:37 PM

BSE 500:: Equitas SFB, Shilpa Medicare, Canara Bank among top losers

Equitas Small Finance Bank down 8 per cent was the top loser among the BSE 500 stocks. Shilpa Medicare, Polycab India, Sonata Software and Canara Bank down 4 - 6 per cent each were the other major losers so far on Friday.

2:25 PM

Why does India not have its own Warren Buffet?

SEBI is mulling on allowing permanent capital vehicles or PCVs in India. Unlike regular private equity and venture capital funds, which have a limited life cycle, PCV can last in perpetuity. VIDEO

2:17 PM

ALERT :: Moody's downgrades Vedanta; stock slips 3%