Sensex trims losses, ends 176 pts lower led by IT, metals; Banks shine

CLOSING BELL: The key benchmark indices ended lower for the seventh straight trading day. The Sensex has shed 2,032 points, while the Nifty 50 has declined 643 points in this period.

4:41 PM

F&O analysis :: What do OIs in Nifty, Bank Nifty suggest?

Nifty today saw huge call writing at the 17,400, 17,500 and 17,600 strikes with the highest call writers being present at 17,600 indicating the short-term top of Nifty to be at 17,650 odd levels. Another silver lining that can be seen from the OI data is that the 17,500 PE of Nifty in the monthly expiry still has the second highest concentration of OI, signalling that traders are expecting a bounce.

Bank Nifty, on the other hand, saw huge unwinding of open interest in the 40,000 CE and continued to see addition in OI at the 40,000 PE today. The 40,000 PE did not lose any OI even on Friday when Bank Nifty fell as Put writers were confident for this level to hold.

There was massive put writing right from the 39,000 PE strike all the way up to the 40,300 PE strike which made sure Bank Nifty was strong throughout the day. 

From a level point of view, it is important to keep in mind that any rallies that happen in Bank Nifty should be approached with caution until the level of 42,000 is decisively taken out by a bullish closing.

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

4:19 PM

Tech View :: 'Nifty Bank remains buy-on-dip pick'

The Bank Nifty bulls came back strong for the lower levels and managed to hold the support of 39,700. The index immediate resistance is at the 40,500 level and if it sustains above it can witness a pullback rally till 41,000 where fresh call writing is visible. The index remains in a buy-on-dip mode as long as the mentioned support is held.

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

 

4:12 PM

Comment :: 'US dollar index surpassed 105, adding pressure on the INR'

Bears continued to wreak havoc in the domestic market as the latest data releases from the US heightened the existing worries of aggressive rate hikes. The personal consumption expenditure in the US, which is Fed’s key monitorable of inflation, increased in January, pressuring investors to stay away from equities markets. The US dollar index surpassed 105, adding further pressure on the INR.

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

4:06 PM

Tech View :: 'Use pullbacks to create fresh short positions'

The Nifty opened on a weak note and witnessed volatile trading action throughout the day. It closed the day on a negative note for the seventh consecutive trading session.

On the daily charts, we can observe that the Nifty has broken the support of the rising support trend line and  also closed below it which is a sign of weakness. The Nifty is hovering around the 200-day moving average (1,7376) which is likely to provide cushion and attract interest from long term investors.

The hourly momentum indicator has a positive divergence along with a positive crossover which indicates that selling pressure is weakening on the downside. After a continuous fall for seven trading sessions, a pullback is possible which is likely till the levels of 17,570 – 17,600. The pullback is likely to just a relief rally and unlikely to result in to trend reversal.

Overall, the downtrend is still intact and any bounce should be used as an opportunity to create fresh short positions. Today, Nifty has achieved our short-term target of 17,350 and hence we are revising it downwards to 17,200.

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

 

 

 

3:59 PM

Comment :: 'Prudent to wait for a rebound for creating fresh shorts'

The pressure in banking and financial majors was weighing on the sentiment during the initial phase of correction and now it’s cascading to the other sectors as well. Besides, the fall in the US markets is adding to the pessimism. Amid all, we feel it’s prudent to wait for a rebound for creating fresh shorts citing oversold positions and some resilience in select private banking names.   

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

3:56 PM

BSE Snapshot :: Market breadth extremely bearish; M-Cap at Rs 258 trn

3:53 PM

Bond market :: Yields on 10-year G-Sec harden

3:51 PM

Currency check :: Rupee ends 9 paise weaker

3:49 PM

Buzzing stock :: Olectra Green soars over 30% in 2 days on hydrogen bus unveiling

>> The bus is in partnership with Reliance Industries.

3:47 PM

Buzzing stock :: Mphasis plummets 7% as Citi maintains 'sell' rating

3:46 PM

Buzzing stock :: Weakness in ZEE continues amid insolvency concerns

3:45 PM

Buzzing stock :: SpiceJet erases all intra-day gains; co to raise Rs 2,500 cr via QIB

SpiceJet's board has also agreed to enter into a Business Transfer Agreement with its subsidiary namely SpiceXpress and Logistics Private Limited (SXPL) for transfer of its cargo business undertaking as a going concern, on slump sale basis.

 

Further, the company's board has also approved a proposal to raise up to Rs 2,500 crore within a period of one year.
 

3:43 PM

Buzzing stock :: LIC ends near all-time low amid concerns over investment in Adani group

According to a report, LIC has lost over Rs 20,000 crore of investment value in the Adani Group since January 30. The biggest fall in the value has been in Adani Total Gas and Adani Enterprises. Out of all the Adani Group stocks, LIC holds the maximum in Adani Ports followed by Adani Enterprises and Adani Total Gas. Since January 24, the market value of Adani Group company has fallen by up to 82 per cent.

3:42 PM

Buzzing stock :: Uflex tumbles 15%; I-T dept ends raid after 6 days

According to reports, bogus transactions worth Rs 500 crore have been detected with search at 66 locations, including NCR. Ten shell companies and documents revealing suspicious transactions have also been found.

3:39 PM

SmallCap Heatmap :: Index drops over 1% led by Uflex, Deep Polymers

3:38 PM

MidCap Heatmap :: Macrotech Developers surge over 1% after extended weakness

3:36 PM

Broader markets :: Weakness persists across indices; SmallCap index worst hit

3:35 PM

Sectoral trends :: Nifty Bank, Realty indices shine in a weak market; Media index slumps 4%

3:34 PM

Sensex Heatmap :: Financials lead recover as ICICI Bank, SBI, HDFC gain up to 2%

3:32 PM

CLOSING BELL :: Nifty ends below 17,400

3:31 PM

CLOSING BELL :: Sensex ends down for 7th straight session

3:30 PM

ALERT :: Reports of $400 mn debt against Australian Port's assets "false and untrue", says Adani group

3:23 PM

ALERT :: Ashoka Buildcon receives Notification of Award from Bangladesh govt for project worth $80 million

Ashoka Buildcon Limited has received Notification of Award (NoA) from Ministry of Road Transport and Bridges (MORTB), Govt. of Bangladesh for the Project viz. ‘Improvement of Baraiyerhat - Heanko - Ramgarh Road (R151 & R152) by widening & Reconstruction of Existing Pavement, Bangladesh.

The accepted Contract Value for the Project is $ 80,154,324.32.
 

3:11 PM

NCLAT upholds Adani bid; asks Shapoorji Pallonji to pursue arbitration

Shapoorji Pallonji & Co has claims of Rs 45.22 crore and an arbitration was going for the same.

 

However, Korba West Power has itself triggered the Corporate Insolvency Resolution Process (CIRP) under section 10 of the Insolvency and Bankruptcy Code. READ MORE

2:57 PM

MFIs' net profit more than doubles in Q3 on buoyant interest income

The interest income expanded by 25% YoY to Rs 2,414 crore and sequentially, it rose 9.7% from Rs 2,201 crore in Q2FY23. READ MORE

2:47 PM

BSE 500:: Uflex, Mphasis, Adani Group among top losers

Ulfex cracked over 15 per cent and was the top loser among the BSE 500 stocks. Adani Enterprises, Mphasis, Mahindra CIE and Zee Entertainment, down 6 - 10 per cent each were the other major losers so far on Monday.

2:35 PM

Income Tax dept concludes raids at premises of Uflex after 6 days

Tonnes of documents, 120 hard disks and 50 diaries containing information related to bogus transactions have been recovered during the raids. READ MORE

2:26 PM

Sensex Heatmap:: Banks bounce back, while IT, Auto, Metals remain weak

2:15 PM

COMMENT:: Nifty breaks the Budget day low, key support of 17,353

Nifty has slipped below its key support of 17,350, which is its 200-DMA as well as the budget day's low. However, we should wait for a close because if this breakdown is false, we can expect a short covering move. There is a sharp divergence between the Nifty and Bank nifty today, with Bank nifty showing decent strength while the Nifty is under pressure. Bank Nifty is a leading indicator in general, and the market is oversold based on FIIs' short exposure and PCR, so we should wait for the day's close. However, if Nifty does not recover, then 17,130 is the next target level.

 

- Santosh Meena, Head of Research, Swastika Investmart Ltd
 

2:05 PM

SpiceJet soars 6% as board okays debt restructuring plan worth Rs 2,555 cr

The company's board approved transfer of cargo business in lieu of issuance of securities including Compulsorily Convertible Debentures (CCDs) aggregate to Rs 2,555.77 crore. READ MORE