Sensex down for 2nd day, dips 365 pts; Nifty near 19,400; all but PSBs fall

CLOSING BELL ON AUGUST 11, 2023: 14 out of the Sensex 30 stocks declined over a per cent each, while HCL Tech gained 3 per cent on Friday.

4:09 PM

Comment :: What strategy should traders adopt now?

Apart from the continued underperformance from the banking majors, profit taking in other key sectors is adding to the pressure. Indications are pointing towards the possibility of retesting 19,300 in Nifty again. Traders should align their positions accordingly and focus more on risk management.

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

3:55 PM

Tech View :: 'Nifty headed towards 19,100, Bank Nifty 44,000'

Nifty50
On the daily charts, we can observe that the Nifty has witnessed follow-through selling pressure and broken down from the inside bar pattern formed in the previous trading session on the downside. The Nifty is likely to witness continuation of the selling pressure and with both the daily and hourly momentum indicators having a negative crossover it is likely to be trending moves on the downside. On the downside we expect the Nifty to target levels of 19,100. The crucial support zone on the downside is placed at 19,350 – 19,290 and on the upside, resistance is placed at 19,530 – 19,500.

 

Bank Nifty

Bank Nifty has decisively broken the 44,500 – 45,000 range on the downside indicating weakness. The momentum indicator has a negative crossover which is a sell signal. Thus both price and momentum indicators are suggesting a further downside over the next few trading sessions. On the downside 44,000 is the short-term target.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:54 PM

Comment :: What's dragging the markets?

The domestic market continued to experience selling pressure, with banking stocks extending their decline in reaction to the RBI's liquidity absorption measures. The escalating concerns about inflation further weighed down domestic market sentiments. Despite the US CPI coming in lower than expected and the UK GDP beating estimates, global sentiment remained unfavourable.

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

3:52 PM

Currency check :: Rupee ends 13 paise weaker

3:51 PM

Market Check :: Top losers on the BSE today

3:50 PM

Market Check :: Top gainers on the BSE today

3:49 PM

Buzzing stock :: Supreme Industries hits record high in morning trade on MSCI inclusion

3:48 PM

Buzzing stock :: Indian Overseas Bank soars 13% on 'A1+' rating to CoD by Care Ratings

3:46 PM

Buzzing stock :: LIC ends 3% higher in a weak market on healthy Q!1 results

3:45 PM

Buzzing stock :: Zee Entertainment falls 5% after 18% rally on Thursday

3:43 PM

Broader markets fall in fag-end; SmallCap index down 0.3%

3:42 PM

Sector check :: Pharma stocks second worst hit on profit booking

3:40 PM

Sector check :: Media Index ends as top laggard; Dish TV, ZEE fall up to 4.7%

3:38 PM

Sectoral trends :: Nifty PSU Bank index settle as the only gainer

3:37 PM

Nifty Losers :: Asian Paints cracks on rising crude oil price

3:36 PM

Nifty Gainers :: HCL Tech rallies on order win, Power Grid up 1%

3:35 PM

Sensex Heatmap :: 23 of 30 index stocks sink; IndusInd Bank, NTPC worst hit

3:33 PM

CLOSING BELL :: Nifty ends below 19,450

3:32 PM

CLOSING BELL :: Sensex extends slide into second day, down over 350 pts

3:23 PM

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3:15 PM

Alkem Labs sinks 9% in 2 days; FY24 India sales to miss double-digit growth

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3:06 PM

ALERT :: Coffee Day Enterprises in focus

3:05 PM

RBI's incremental CRR move a surprise, policy signal: Standard Chartered

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2:57 PM

ALERT:: Dredging Corporation reports Q1 turnaround; stock surges 4%

Dredging Corporation of India posted a net profit of Rs 15.15 crore for the quarter ended June 2023 as against a net loss of Rs 14.18 crore in the corresponding quarter a year ago. Total income, howver, declined 39.2 per cent YoY to Rs 205.19 crore.

2:49 PM

PSU Bank index up 2% in weak market; IOB, UCO, Central Bank rally upto 15%

The Nifty PSU Bank index hit an intra-day high of 4,516.75, trading close to its record high level of 4,647.95 touched on July 27. READ MORE

2:38 PM

ALERT:: BEML Q1 net loss narrows to Rs 74.64 cr; stock dips 2%

BEML Q1 standalone net loss narrowed to Rs 74.64 crore for the quarter ended June 2023 when compared with a loss of Rs 82.33 crore in the corresponding quarter a year ago. Total income declined by 13.6 per cent YoY to Rs 578.37 crore.

2:27 PM

ALERT:: Apollo Hospitals Q1 net dips 36%; stock flat

Apollo Hospitals Q1 standalone net profit declined 35.7 per cent to Rs 214.10 crore for the quarter ended June 2023 when compared with Rs 333.10 crore in the corresponding quarter a year ago. Total income, however, grew 10.8 per cent YoY to Rs 1,706.20 crore.

2:15 PM

ALERT:: Kalpataru Projects Q1 net up 28%; stock trades flat

Kalpataru Projects International Q1 standalone net profit rose 28.4 per cent to Rs 113 crore for the quarter ended June 2023 when compared with Rs 88 crore in the corresponding quarter a year ago. Total income was up 15.4 per cent YoY at Rs 4,259 crore.

2:05 PM

Domino effect: India rice export ban puts market on edge for similar curbs

Thailand, Vietnam and Pakistan, world's second, third and fourth biggest exporters, respectively, have said they are keen to boost sales since demand for their crops has been rising after India's ban. READ MORE

1:55 PM

ALERT:: Info Edge Q1 net rises 35%; stock slips 1%

Info Edge Q1 standalone net profit surged 34.7 per cent to Rs 199.90 crore for the quarter ended June 2023 when compared with Rs 148.43 crore in the corresponding quarter a year ago. Total income was up 16.8 per cent YoY at Rs 642.09 crore.