Sensex sinks 398 pts, Nifty below 16,950 as STT hike, global cues weighs

CLOSING BELL: The debt mutual fund (Debt MF) investors will no longer receive the long-term capital gain tax benefit. Moreover, the Centre also hiked the STT on the sale of F&O contracts

SI Reporter New Delhi
Sensex sinks 398 pts, Nifty below 16,950 as STT hike, global cues weighs

2 min read Last Updated : Mar 24 2023 | 4:14 PM IST

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Key Event

4:13 PM Mar 23

COMMENT:: Volatility in European markets fuel weakness

"Cues from both the global and domestic markets were subdued. The asset management industry was hit hard by tax changes and the elimination of the indexation benefit of debt mutual funds. The volatility was fuelled by weak European markets, which was driven by banking stocks as CDS spread increased. Although all major sectors traded in the red, selling in the IT sector was limited despite warnings of muted growth."
- Vinod Nair, Head of Research at Geojit Financial Services

4:09 PM Mar 23

Nifty: The NSE benchmark could drop to 16,750

"Nifty slipped below the crucial level of 16,950 as the bears gained control of the market. Furthermore, the Nifty fell after a few days of consolidation, indicating an increase in bearish bets. The momentum indicator RSI is in bearish crossover. In the short term, the index may fall, with a potential drop to 16,750. On the higher end, resistance is visible at 17,200."
- Rupak De, Senior Technical Analyst at LKP Securities

4:09 PM Mar 23

Bank Nifty:: Momentum in favour of the bears; sharp slide possible below 39,000

"The Bank Nifty bears took over the control on the last day of the week and the index ended on a negative note. The index as long as does not surpass the level of 40,000 remains in a sell on rise mode. The immediate support on the downside is at 39,000 and a breach below this will lead to a sharp decline. The momentum indicator RSI trading in the bearish zone confirms the weakness in the index."
- Kunal Shah, Senior Technical Analyst at LKP Securities

4:04 PM Mar 23

GQG Partners' investment in Adani Green Energy soars 100% in 15 days

Imvestment made by GQG Partners in Adani Green Energy have fetched the Australia-based asset management company over 100 per cent returns in just 15 trading sessions. GQG Partners have earned over Rs 2,900 crore or 104 per cent during the period. READ MORE


4:02 PM Mar 23

Sundaram-Clayton trades ex-date for scheme of arrangement; stock cracks 20%

The board at its meeting held on February 9, 2022 had approved the Composite Scheme of Arrangement of the company for issue of bonus NCRPS and demerger of manufacturing undertaking. READ MORE


4:00 PM Mar 23

Two smallcap stocks touch new highs; have zoomed up to 49% in past three months

In the past three months, Vardhman Special Steels has zoomed 49% and KPIT Technologies has surged 41% as compared to a 3% decline in the S&P BSE Sensex. READ MORE


3:59 PM Mar 23

Campus Activewear tanks 8% after over 9% equity changes hand on NSE

According to media report private equity firm TPG had plans to sell 7.62 per cent stake worth Rs 800 crore in Campus Activewear via a block deal at Rs 345 per share. READ MORE


3:56 PM Mar 23

LIC plans investment exposure caps post Adani share rout: Reports

After the Adani group lost over $100 billion in valuation post scathing allegations by U.S.-based Hindenburg Research, state-run LIC was criticized for having over $4 billion exposure. READ MORE

LIC, Life Insurance Corporation

3:55 PM Mar 23

Govt deals tax blow to debt mutual funds, AMC stocks tumble

In a move to remove the tax advantage enjoyed by debt mutual funds over bank fixed deposits, the government has proposed to tax gains arising from debt MFs at the investor's slab rate, irrespective of the investment period. READ MORE


3:53 PM Mar 23

Godrej Properties, Amber Enterprises hit 52-week lows; LIC at life-time low

LIC hit a life-time low of Rs 562.35, falling below its previous low of Rs 566 touched on February 27, and was down 9% in three weeks. READ MORE

3:51 PM Mar 23

Market Breadth was extremely negative; 322 stocks hit 52-week lows


3:49 PM Mar 23

BSE Smallcap Heatmap:: TTK Healthcare, ITI zoom over 13%; Sundaram-Clayton sinks 20%


3:47 PM Mar 23

BSE Midcap Heatmap:: TI India, Patanjali shine; AB Capital, Rajesh Exports whine


3:45 PM Mar 23

Nifty Oil & Gas index ends 1.4% lower; Petronet, OIL India dip up to 3%


3:44 PM Mar 23

Nifty PSU Bank index slips over 2%; Bank of India, Maha Bank decline around 4%


3:41 PM Mar 23

Nifty Metal index slumps 2.3%; Jindal Steel, SAIL drop up to 4%


3:40 PM Mar 23

Broader indices end with deeper cuts; India VIX jumps over 5%


3:38 PM Mar 23

Nifty 50 Losers:: Bajaj twins, metal shares take a knock


3:37 PM Mar 23

Nifty 50 Gainers:: Cipla up 1%; Kotak Bank, Apollo Hospitals notable movers


3:35 PM Mar 23

Sensex 30 Heatmap:: 5 Gainers v/s 25 Losers


Topics :MARKET LIVEMARKET WRAPMarkets Sensex NiftyMarket trendsIndian marketsstock market tradingBSE NSECrude Oil PriceFII flowsDIIsSGX Niftystocks to watchBuzzing stocksGlobal Markets

First Published: Mar 24 2023 | 8:06 AM IST

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