Sensex, Nifty end flat amid late sell-off; IT, broader indices hold gains

CLOSING BELL: The BSE Sensex hit a fresh calendear year high at 61,682, before forfeiting most gains at close. Midcap, Smallcap indices gained nearly a per cent Thursday.

4:04 PM

Comment :: 'Underperformance of banking majors is capping the recovery'

Markets traded volatile on the weekly expiry day and ended almost unchanged. Upbeat global cues triggered a gap-up start which further strengthened with renewed buying in the IT majors. However, profit taking in the banking,financials and auto heavyweights pared all the gains as the day progressed. Finally, the Nifty index settled at 18035.85 level. Meanwhile, the broader indices outperformed the benchmark index and gained in the range of 0.7%-1%.

 

The underperformance of banking majors is capping the recovery while IT, energy and auto majors are playing their parts on rational basis. Amid all, we reiterate our target of 18200 for the Nifty and suggest focusing on buying opportunities on dips.

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

4:00 PM

Comment :: 'Worries that stronger economy would attract tighter monetary policy capped gains'

The domestic market absorbed the buoyancy in the global market, led by IT stocks, while upstream oil companies gained as a result of the slash in windfall tax. After robust jobs data, strong retail sales numbers in the US showed proof of resilience in the US economy amidst concerns over elevated inflation numbers. However, the gains were capped by worries that a stronger economy would attract a tighter monetary policy.

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

3:58 PM

Tech View :: 'Hourly momentum indicator has triggered a negative crossover, consolidation likely in near term'

The Nifty opened on a positive not and witnessed price action during the first half of the session. It witnessed some profit booking around the zone of 18,100 - 18,150 and as a result the Nifty gave up most of the gains though closed the day on a positive note. The hourly momentum indicator has triggered a negative crossover which indicates that a consolidation is likely in the near term.

On the way down, the Nifty can retest the breakout zone of 18,000 – 17,950 where support in the key hourly moving averages are placed. The daily momentum indicator still has a positive crossover and thus incase of a dip it should be bought into and the strategy to trade would be to buy on dip near the support zone 18,000 – 17,950. Today, the Nifty has achieved our short term target of 18,100 and hence we revise the target upwards to 18,300 with a reversal of 17,850.

 

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

3:55 PM

Bond Market :: Yields on 10-year end lower

3:54 PM

Rupee closing :: Rupee ends at 82.72/$ against Wednesday’s close of 82.80/$

3:53 PM

BSE Snapshot :: Market breadth favours buyers, but 140 stocks hit 52-week lows

3:50 PM

Buzzing stock :: Nestle ends near day's high on robust Q4 result

FMCG major Nestle India Ltd on Thursday reported an increase of 65.50 per cent in its net profit at Rs 628.06 crore for the fourth quarter ended December 31, 2022.

3:48 PM

Buzzing stock :: PI Industries extends rally into second day, gains over 8%

Shares of PI Industries moved higher by 9 per cent to Rs 3,410.70 on the BSE in Thursday’s intra-day trade amid heavy volumes on better growth outlook. In past two days, the stock of pesticides & agrochemicals company has soared 12 per cent after the company reported December quarter (Q3FY23) earnings. The management is confident of delivering 20 per cent plus revenue growth with continued improvement in margins and returns.

3:46 PM

Buzzing stock :: Bharat Dynamics zooms 12% on signing 10 MoUs during Aero India 2023

Shares of Bharat Dynamics Limited (BDL) rallied after the state-owned aerospace & defense company said that it has entered into 10 Memorandum of Understandings (MoU) with several foreign and Indian companies during the Aero India – 2023.

3:45 PM

Buzzing stock :: Hindustan Aeronautics rises 7% on various deals signed during Aero India Show

3:44 PM

Buzzing stock :: IndiGo down over 4% after block deal

According to a Business Standard report, Rakesh Gangwal was set to pare his stake in IndiGo by a further 4 per cent via block deals on Thursday. The block deal was said to be for 1.56 crore shares worth Rs 2,930 crore.

 

This would be the Gangwal family's second such share sale in six months. Last September, Rakesh Gangwal and his wife sold 2.74 per cent in InterGlobe Aviation, mopping up Rs 2,005 crore.
 

3:41 PM

SmallCap Heatmap :: Orient Hotels jumps 15.5%, EKI Energy falls 10%

3:39 PM

MidCap Heatmap :: Vodafone Idea, Lodha drop 3%, PI Industries rallies 8%

3:38 PM

Broader indices :: Mid-, small-cap indices gain 0.9% each

3:37 PM

Sectoral trends :: Financials, auto exert pressure; IT index gains over 1.5%

3:35 PM

Sensex Heatmap :: 18 stocks slide in red; Tech M outperforms, rallies 5%

3:34 PM

CLOSING BELL :: Nifty holds 18,000

3:33 PM

CLOSING BELL :: Sensex erases gains in late sell-off, ends flat

3:24 PM

MARKET CHECK :: Sensex turns negative

>> Nifty mildly in green

>> Broader indices exhibit strength

3:21 PM

India's plan to lift curbs on solar imports to hit local production

The proposal risks stalling efforts by Indian companies to expand local production, a step that’s seen as crucial to meet Prime Minister Narendra Modi’s targets to both raise the use of renewable energy and encourage more manufacturing under his “Make in India” campaign. READ MORE

3:09 PM

BSE 500:: IndiGo Airlines, Adani Total, DLF among volume shockers

InterGlobe Aviation (IndiGo) witnessed unusally high volume of around 17 million shares so far on the BSE as against its five-day average volume of around 8,400-odd shares. Similarly, Adani Total Gas, Godrej Consumer, DLF and Adani Transmission were among the other BSE 500 volume toppers on Thursday.

2:59 PM

Gokaldas Exports hits 4-month high, rallies 15% in one week post Q3 results

Shares of Gokaldas Exports hit four-month high of Rs 419.90 as they rallied 8 per cent on the BSE in Thursday's intra-day trade. READ MORE

2:48 PM

FPI surpass retail in getting investment calls right in Dec 2022 quarter

Foreign portfolio investors (FPIs) tend to influence the stock markets more than retail investors. Sample this: A total of 639 companies in which they hiked stakes during the three-month period ended December 2022 gained an average 6.4 per cent. READ MORE

2:37 PM

BSE 500:: Brightcom, Motherson, Nykaa lose notable ground from day's high

Adani Total Gas has shed 9.5 per cent from its high of the day so far. Among others in the BSE 500, Brightcom Group, Adani Transmission, Motherson Wiring and Aptus Value Housing were down over 5 per cent from their respective highs of the day.

2:27 PM

Global Check:: US, UK stock futures eke gains

Source: Investing.com

2:15 PM

Adani Group denies reports of hiring Grant Thornton for audits amid crisis

Adani Enterprises on Thursday issued a clarification on reports of appointing Grant Thornton for audits after the Hindenburg crisis. The flagship company of Adani Group termed it as a market rumour. READ MORE

 

2:04 PM

BSE 500:: Adani Total Gas, IndiGo Airlines, Lodha among top losers

Adani Total Gas down 5 per cent was the top loser among the BSE 500 stocks. InterGlobe Aviation, Campus Activewear, Macrotech Developers and Vodafone Idea, down 3 - 4 per cent each were the other significant losers so far on Thursday.

1:55 PM

Adani Group to consider privately placed bond offerings for 3 subsidiaries

If it moved ahead with any offering and was able to secure investors, it could be the first debt issuance for Adani since shortseller Hindenburg Research alleged fraud and stock manipulation. READ MORE

1:44 PM

HDFC prices its biggest ever rupee bond issuance; to raise Rs 25,000 crore

HDFC is stepping up borrowing from notes because its merger with HDFC Bank Ltd. will make accessing the bond market more difficult. The merged entity will be classified as a bank, which means it can only raise funds through bonds either to meet capital requirements or for funding infrastructure projects. READ MORE

hdfc

1:35 PM

Global Check:: Asian markets barring China log smart gains

Source: Yahoo Finance