Sensex crashes 928 pts, ends below 60K; Nifty near 17,550 amid global rout

CLOSING BELL: The market cap of Adani Group companies fell below Rs 8-trillion-mark in Wednesday's intra-day trade, down from Rs 25 trillion recorded before the release of the Hindenburg report

4:30 PM

Nifty: Bears to have the upper hand as long as index remains below 18,000

"NIFTY 50 index is trading in a downtrend with lower high and lower low formation intact on the daily and weekly chart. The momentum indicator RSI is on the verge of a breakdown and is likely to enter the weak zone. The view remains bearish as long as the index stays below the 18,000 mark and can slide towards 17,400/ 17,200 levels."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

4:29 PM

Bank Nifty:: Index in oversold territory; 40,000 key level to watch out

"The Bank Nifty index continued to witness selling pressure from the higher levels. The index is now trading in an oversold territory and if it sustains above 40,000 can witness a pull back rally towards 40600/ 40800 levels."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:16 PM

COMMENT:: Trading strategy for Nifty, Bank Nifty based on options data

However, if there is a gap-down opening seen in the Bank Nifty Index tomorrow, the put writers will have to run for cover propelling Bank Nifty further down and all the way up to the 39,000 level. Nifty too, saw a similar situation today with large amount of call shorting happening at 17,600, 17, 700 and 17, 800 call option strikes. The highest OI on the put side remains at the 17, 500 PE strike and this will move in the same manner depending on whether there is a gap opening tomorrow. Also, as the level of 17,710 has been taken out, the near term trend has now become sideways to bearish pending the take out of the 200-day EMA and SMA. Once this also gets taken out, the trend will get confirmed to bearish.”

 

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

4:14 PM

Comment :: 'Traders can expect dead cat bounce in Nifty Bank index on Wednesday'

On Tuesday, we saw huge shorting of ITM 40, 500 CE of Bank Nifty of next month expiry indicating sharp bearishness in the markets. This huge OI build-up on this strike today was replaced by shorting of the 40,000 PE of Bank Nifty, which was one of the primary reasons for Bank Nifty not being able to break the 40,000 level so easily today. The 40,000 PE has the highest OI among the puts side units indicating there might be a dead cat bounce, which traders can expect tomorrow. 
 

However, if there is a gap-down opening seen in the Bank Nifty Index tomorrow, the put writers will have to run for cover propelling Bank Nifty further down and all the way up to the 39,000 level. Nifty too, saw a similar situation today with large amount of call shorting happening at 17,600, 17,700 and 17,800 call option strikes. The highest OI on the put side remains at the 17,500 PE strike and this will move in the same manner depending on whether there is a gap opening tomorrow.

Also, as the level of 17,710 has been taken out, the near term trend has now become sideways to bearish pending the take out of the 200-day EMA and SMA. Once this also gets taken out, the trend will get confirmed to bearish.

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

 

4:10 PM

Comment :: Resurgence of cold war between US & Russia made the market apprehensive

Resurgence of cold war between US & Russia has brought apprehension in the market. Although it should be a short-term effect, the fear of sanctions against Russia and its degree of implication on the economy, especially on food and oil exports, is adding to the anxiety. The market is just recovering from the pandemic, and high interest & inflation are the headwinds in the background. It is presumed that this war will be fought on an economic front, limiting its effect on strong economies like the US & India. Awaiting the release of Fed and RBI minutes are the other major elements that kept investors on the side lines.

 

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

4:08 PM

These 4 factors were behind Wednesday's market fall

Analysts believe that this down trend is a short-term gyration and investors' should use this dip to accumulate high quality growth stocks. READ MORE

4:04 PM

Adani group shares extended fall; Adani Total Gas tanks 79% in one month

Shares of Adani group companies continued to reel under pressure, falling up to 11 per cent in Wednesday's trade. Adani Enterprises was the top loser, while Adani Total Gas extended its lower circuit hitting streak. READ MORE

4:00 PM

Cyient hits 52-week high on inking pact with Thingtrax

Last month, electronic Manufacturing Services (EMS) firm Cyient DLM, a subsidiary of Cyinet, filed preliminary papers with capital markets regulator Sebi to raise Rs 740 crore through an IPO. READ MORE

3:58 PM

Chaman Lal, KRBL: Firm demand to keep rice shares steaming, say analysts

Analysts expect global and domestic rice demand to remain firm, which they believe, would keep the stock prices piping hot going ahead. READ MORE

3:56 PM

Shares of air-conditioner makers gained on Wednesday amid heat wave alert

Analyst at Jefferies believes FY24E should see both Air-Conditioner (AC) and Engineering segments of Voltas being in a sweet spot. READ MORE

3:53 PM

IRB Infra soars 15% as stock trades ex-split in 1:10 ratio

Recently, the company also emerged as a preferred bidder for Rs 2,132 crore built-operate-transfer (BOT) project in Gujarat. READ MORE

3:50 PM

Market Breadth was extremely bearish with over 2,500 stocks declining v/s 950 advancing shares on the BSE

3:48 PM

Nifty Media index cracks 1.9%; NDTV, Zee Entertainment fall over 4%

3:46 PM

Bank Nifty slumps 1.7%; PNB, IDFC First Bank slip over 2%

3:44 PM

BSE Smallcap Heatmap:: IRB Infra, CCD zoom up to 15% in a weak market

3:42 PM

BSE Midcap Heatmap:: Aurobindo, Voltas gain; Adani Power, Aditya Birla top losers

3:40 PM

Broader indices also ended with deep cuts; VIX soars over 11%

3:38 PM

Nifty 50 Losers:: Adani Enterprises tanks 11%; Grasim, Bajaj Finance shed 3%

3:36 PM

Sensex 30 Heatmap:: ITC sole gainer; RIL, financials take a solid knock

3:34 PM

CLOSING BELL:: NSE Nifty 50 ends 272 points lower at 17,554

3:32 PM

CLOSING BELL:: S&P BSE Sensex sheds 928 pts to 59,745 ahead of Fed minutes

3:24 PM

BSE 500:: JSW Steel, IFB Inds, ITI among volume shockers

Johnson Controls Hitachi-Air witnessed unusally high volume of around 17,000 shares so far on the BSE as against its five-day average volume of around 900-odd shares. Similarly, IFB Industries, JSW Steel and ITI were among the other BSE 500 volume toppers on Wednesday.

3:15 PM

Sticky inflation to nudge RBI to hike interest rates once more: Poll

The survey also showed inflation was likely to remain sticky at 6.00% this quarter, higher than the RBI's forecast of 5.70%. READ MORE

3:08 PM

Two-wheeler electric vehicle sales may fall short of 1-million target

With just a month left in this financial year, electric two-wheeler sales, so far, are at just 62 per cent of the ambitious target of 1 million units set for 2022-23 by the NITI Aayog. According to VAHAN data, compiled by the Society of Manufacturers of Electric Vehicles (SMEV), 620,006 units of electric two-wheelers were sold across the country until February 21. READ MORE

3:02 PM

Nifty stocks defying Wednesday crash at this hour

2:53 PM

Adani group's m-cap wiped off by Rs 51,000 crore on Wednesday

2:45 PM

European shares decline; Fed minutes eyed

2:37 PM

Citigroup forecasts 'less hard' landing for world economy this year

Citigroup economists on Wednesday raised their global growth forecast slightly and see a "less hard" landing but still expect the world's economy to grow at the slowest pace in 40 years. READ

2:23 PM

Real estate shares weak; Godrej Properties, DLF, Mahindra Life shed 3% each

Godrej Properties, DLF and Mahindra Lifespace Developers were down 3 per cent, while Macrotech Developers (Lodha), Sobha, Oberoi Realty, Indiabulls Real Estate and Prestige Estates fell 1-2 per cent. READ

2:14 PM

News Alert:: Allcargo Logistics to buy majority stake in Madanahatti Logistics

Allcargo Logistics has entered into a Securities Purchase Agreement with BRE Asia Urban Holdings to acquire 5.40 lakh equity shares, representing 90 per cent of the equity share capital, and 1.08 crore Class A Optionally Convertible Debentures of Madanahatti Logistics and Industrial Parks.