Sensex tumbles 931 pts, Nifty holds 21,150; SmallCap index sheds 3.4%

Closing Bell on Wednesday December 20: Sectorally, the Nifty Media index tumbled 4.86 per cent, the Nifty PSU Bank index 4.2 per cent, the Nifty Metal 4 per cent

4:00 PM

Tech View :: 'There might be a consolidation phase for the Nifty in the near term'

The Nifty experienced a sharp correction as bearish sentiment persisted. It failed to sustain above 21,500, resulting in increased call writing at the 21,500 strike, subsequently leading to a significant downturn.

At its lowest point, the Nifty dropped just below 21,100 before recovering to close above that level.

Looking ahead, there might be a consolidation phase for the Nifty in the near term. Resistance is expected around 21,500, while support is anticipated at 21,100.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:57 PM

Comment :: 'It is too early to conclude the uptrend has faded'

This is the first serious slide in the Nifty index after the seven weeks of up move and it may result in further dip.

However, it is too early to conclude the uptrend has faded until the Nifty breaks 20,700 i.e. 20 EMA on the daily chart.

We reiterate our preference for index majors and suggest accumulating quality names during this phase.

At the same time, the pressure could be higher in the midcap and smallcap space so participants should reduce their positions and maintain strict stop losses in remaining trades.

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

3:51 PM

Comment :: What led to the sudden fall in markets?

The domestic market saw a sharp and abrupt sell-off in the second half, despite the positive trend in global peers.

This is attributable to profit booking from the recent sharp rally stretching valuations of mid- and small-cap stocks. The recent uptick in crude prices prompted investors to book profits.

Most of the sectors witnessed decline, with the least fall in FMCG, banking, and IT.

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

3:48 PM

Currency check :: Rupee ends flat vs USD

3:44 PM

SmallCap Heatmap : Index drops 3.4% after hitting record high of 42,649 intraday

3:43 PM

MidCap Heatmap :: Index ends 3% lower after hitting record high of 36,483 intraday

3:42 PM

Sectoral trends :: All indices bleed; Media crashes 5%, PSB 4%

3:40 PM

Nifty Heatmap :: Only 4 stocks end higher on Nifty; Adani Ports drops 6%

3:38 PM

Closing Bell :: Nifty slides to 21,150

>> Index hit record high of 21,593 intraday

3:36 PM

Closing Bell :: Sensex cracks 931 pts after hitting record high intraday

>> Index swings 1,610 points intraday

>> Hit record high of 71,913

3:26 PM

ICICI Bank faces Rs 7.47 cr GST demand from Maharashtra department

Starting December, the Maharashtra GST department has issued notices to multiple banks concerning the taxability of custodial services provided to foreign portfolio investors (FPIs), according to a report by the Hindu Businessline. The state GST authorities assert that the custodial services offered by SEBI-registered custodian banks do not qualify as zero-rated supplies for export purposes.READ MORE

3:16 PM

Sector check :: All sectors bleed; Media index crashes 5%

3:04 PM

Global check:: US, UK stock futures down up to 0.5%

Source: Investing.com

2:53 PM

At Rs 3.79 trn, PSU capex hits 52% of budget target by September end

Capital expenditure by central public sector enterprises touched about 52 per cent of the Budget target at Rs 3.79 lakh crore in the first half of current fiscal, the finance ministry said. READ MORE

2:42 PM

ALERT:: DCB Bank, Easy Home Finance ink co-lending tie-up; stock down 4%

DCB Bank and Easy Home Finance have entered a co-lending business alliance to offer affordable home loans in the country. 

2:31 PM

ALERT:: Karur Vysya Bank inks pact with Geojit for wealth management products; stock down 4% amid market fall

Karur Vysya Bank in an exchange filing that it executed an agreement with Geojit Financial Services to empanel them as channel partner in offering wealth management Products.

2:17 PM

Blackstone exits Embassy REIT; sells entire 23.5% stake for Rs 7,100 cr

Global fund Blackstone has sold its entire 23.5 per cent stake in Embassy Office Parks REIT for around Rs 7,100 crore through block deal on stock exchanges, sources said. READ MORE

2:03 PM

ALERT:: MidCaps under pressure too; IOB, IRFC, IRCTC fall up to 7%

1:51 PM

ALERT:: BSE SmallCap index cracks over 2%; SpiceJet, Indiabulls Realestate tumble 7%

1:39 PM

Sensex Heatmap:: NTPC, SBI take a knock; only 6 gainers

1:28 PM

ALERT:: Sensex slips into red, down over 500 pts from day's high

1:18 PM

Asian Market Update:: Nikkei, Kopsi shine in Asian trade

Source: Yahoo Finance

1:03 PM

Angel One, Motilal: What do charts suggest for brokerage shares in 2024?

India has witnessed a phenomenal rise in investor participation, especially from the youth of the country. As of September 2023, the number of demat accounts in India surged to 12.97 crore, marking a 26 per cent year-on-year increase.  READ MORE

12:43 PM

Oil India surges 19%; ONGC hits nearly 6-year high on heavy volumes

Shares of state-owned upstream oil companies, Oil India, and Oil and Natural Gas Corporation (ONGC), surged up to 19 per cent on the BSE in Wednesday's intraday trade on the back of heavy volumes, extending their previous day's gain after the government on Monday cut the windfall profit tax on crude oil produced in the country and on exports of diesel. READ MORE

12:29 PM

ALERT :: Transformers and Rectifiers winds order worth Rs 219 cr from PowerGrid

12:19 PM

Netherlands Tata Steel plant forces choice between public health or economy

Locals have voiced concerns about the factory’s pollution for decades. However, it was only in September that the Dutch national public health agency first established a direct link between the plant and elevated lung cancer rates and reduced life expectancy in the surrounding area. READ MORE

12:06 PM

India Shelter Finance makes robust debut; lists 26% higher over issue price

The IPO attracted a healthy subscription of 38.59 times. It was a combination of a fresh issue (Rs 800 crore) and an offer-for-sale (OFS) portion (Rs 400 crore). READ MORE

11:50 AM

Profits of unlisted corporate sector have weakened in post Covid era

According to Motilal Oswal Financial Services, the unlisted corporate sector is not only much bigger than its listed counterpart, the latter has moved in a different direction vis-a-vis the former. While the financial position of listed sector has improved markedly in the post-Covid period (FY20-FY23), this is clearly not the case for the aggregate corporate sector. It means that the financial position of the unlisted corporate sector has weakened in the post-Covid period. READ MORE

11:35 AM

HCLTech hit by ransomware attack, IT major says investigation underway

In Q2FY24, HCL had posted a modest 8 per cent year-on-year revenue growth and maintained strong margins. It is also expected to report improved profitability owing to major deals during the quarter. During the second quarter, HCL Tech secured 16 significant deals, with contract values totalling $3.969 billion. Of these, 7 were in the services space and 6 in the software space. READ MORE

11:20 AM

Telcos' satellite spectrum wait may end in 5 months; Trai to fix price

With the telecommunications (telecom) Bill allowing satellite spectrum to be administratively allocated, satellite communication (satcom) providers will have to wait at least four to five months or more for the process to start. Having received all clearances, Reliance Jio and Airtel-backed OneWeb just require the necessary spectrum to start providing satcom services. READ MORE