Sensex drops 440 pts on Thursday; Nifty ends July F&O series 3.6% higher

CLOSING BELL ON JULY 27, 2023: Sectorally, auto and energy shares bore brunt of the selling, while pharma and realty stocks ended with smart gains on Thursday.

4:12 PM

ALERT :: Bharat Forge granted license by the Ministry of Home Affairs Under Arms Rules, 2016

>> Allows company to participate in potential defence programmes in future

4:02 PM

Comment :: 'Normal to see volatility during consolidation phase'

We are in a consolidation phase so it is normal to see volatile swings. The key is to manage risk until the trend resumes. Meanwhile, we feel it is prudent to restrict positions and use intermediate dips to gradually add quality stocks.

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

4:00 PM

Tech View :: 'Nifty to likely consolidate between 19,500-19,900'

Nifty50

On the daily charts, we can observe that the Nifty has faced resistance from the 61.82% Fibonacci retracement level (19,850) and started the next leg of the fall. The daily as well as hourly charts, momentum indicators have a negative crossover which is a sell signal. Thus, both price and momentum indicators are suggesting that there could be some weakness in the short term.

The daily Bollinger bands are also contracting, which points towards consolidation in the short term and thus we change our short-term stance from positive to sideways and the range of consolidation is likely to be 19,900 - 19,500. In terms of levels, 19,550 – 19,500 shall act as a crucial support zone, and on the upside 19,850 - 19,900 shall act as an immediate hurdle zone.

 

Bank Nifty

Bank Nifty also witnessed a correction from the resistance zone 46,300 – 46,400 where the previous swing highs were placed. The daily momentum indicator has triggered a fresh negative crossover which is a sell signal. Thus, until the bank Nifty does not manage to sustain above the 46,300 – 46,400 zone, we can expect it to slip down to 45,330 – 45,300 levels where support in the form of the 20-day moving average is placed.

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

 

3:58 PM

COMMENT :: What all happened in the markets today?

The FOMC's decision aligned with market expectations as they implemented a 25bps hike and expressed a data-centric approach for future rate actions. Positive global sentiment prevailed due to the reduced prospects of a US recession. Despite this, the domestic market witnessed sharp corrections led by banks and autos, while pharma stocks performed on a positive start to their earnings season.

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

3:55 PM

Currency check :: Rupee ends higher at 81.94 per $

3:54 PM

Market Check :: Top losers on the BSE today

3:53 PM

Market Check :: Top gainers on the BSE today

3:52 PM

Buzzing stock :: Netweb Technologies ends 82% higher over issue price

>> The stock listed at 89% premium over issue price

3:51 PM

Buzzing stock :: RVNL cracks 6% as govt begins 5% stake sale via OFS

3:50 PM

Buzzing stock :: Nestle India slips 25 post Q1 show

Shares of Nestle India cracked 3 per cent in Thursday's intra-day trade after the company's volume growth in the June quarter (Q2CY23) was 4-5 per cent year-on-year (YoY), lower than the Street estimates of 7-8 per cent. READ MORE

3:48 PM

Buzzing stock :: Tech M drops 4% as Q1 misses estimates on all fronts

Shares of Tech Mahindra tumbled 5 per cent to Rs 1,082 per share in Thursday's intra-day trade after the company's June quarterly result (Q1FY24) disappointed Street. From soft deal wins to weakness observed across all geographies in the Q1, brokerages turned cautious on the counter. READ MORE

3:46 PM

Buzzing stock :: RBL Bank ends near day's low after hitting 52-week high intra-day

3:45 PM

Buzzing stock :: M&M tumbles 6% on stake purchase in RBL Bank

>> Mahindra & Mahindra (M&M) has picked up a 3.53 per cent stake in private sector lender RBL Bank for Rs 417 crore.

 

>> The company said in an exchange notification on Wednesday that it may consider further investment, subject to pricing, regulatory approvals, and required procedures. However, in no circumstance will it exceed 9.9 per cent.
 

3:43 PM

Sector check :: DLF extends rally, helps take Realty Index 2% up

3:41 PM

Sector check :: Pharma Index zooms 3% on 10% rally in Cipla, 6% in Aurobindo Pharma

3:40 PM

Broader markets end mixed on Thursday; Mid, SmallCap indices shine

3:38 PM

Sectoral trends :: Pharma, Realty shine in a dull market; Auto index declines the most

3:36 PM

Sensex Heatmap :: 17 of 30 index stocks tumble; M&M, Tech M, Nestle, Bajaj Finance fall up to 6%

3:34 PM

CLOSING BELL :: Nifty ends near 19,650; rises about 4% in July F&O series

3:32 PM

CLOSING BELL :: Sensex drops 500 pts intra-day, ends 440 pts lower

3:25 PM

ALERT :: Lupin announces resolution of US FDA warning letter for Goa and Pithampur facilities

>> Company says Satisfactory evolution of corrective action taken by the company in response to warning letter issued on November 6, 2017

3:20 PM

ALERT:: Laurus Labs Q1 net tumbles 89%; stock up 2%

Laurus Labs Q1 net profit plunged 89.4 per cent to Rs 26.79 crore for the quarter ended June 2023 when compared with Rs 252.23 crore in the quarter a year ago. Total income declined by 23.1 per cent YoY to Rs 1,185.39 crore.

3:14 PM

ALERT:: Dr Lal PathLabs Q1 net surges 44%; stock gains 2%

Dr Lal PathLabs Q1 net profit surged 43.6 per cent to Rs 84 crore for the quarter ended June 2023 when compared with Rs 58 crore in the quarter a year ago. Total income was up 7.6 per cent YoY at Rs 541 crore.

3:05 PM

Stock of this industrial products company has zoomed 100% in 2 months

Shares of Texmaco Rail & Engineering hit a fresh 52-week high of Rs 108.50 as they rallied nearly 14% on the BSE in Thursday's intra-day trade. READ MORE

2:53 PM

ALERT:: Latent View Analytics Q1 net up 4%; stock down 2%

Latent View Analytics Q1 net profit grew by 4.4 per cent to Rs 32.86 crore for the quarter ended June 2023 when compared with 31.48 crore in the quarter a year ago. Total income rose by 27.6 per cent YoY to Rs 165.57 crore.

2:44 PM

Market Check:: Nifty nears 19,600 level ahead of F&O monthly expiry; down 150 points

2:32 PM

ALERT:: Indian Energy Exchange Q1 net up 8%; stock down 1%

Indian Energy Exchange Q1 net profit increased 8.1 per cent to Rs 74.14 crore for the quarter ended June 2023 when compared with Rs 68.59 crore in the quarter a year ago. Total income was up 12.4 per cent YoY at Rs 127.28 crore.

2:22 PM

Marico to acquire 58% stake in Satiya Nutraceuticals for Rs 369 cr

The company has signed a definitive agreement to acquire a majority stake of 58 per cent in Satiya Nutraceuticals for a consideration of Rs 369.01 crore, Marico said in a regulatory filing. READ MORE

2:13 PM

ALERT:: Shriram Finance Q1 net jumps 27%; stock up 1%

Shriram Finance Q1 consolidated net profit jumped 26.7 per cent to Rs 1,712.19 crore for the quarter ended June 2023 when compared with Rs 1,351.62 crore in the year ago period. Net Interest Income increased by 13.2 per cent YoY to Rs 4,576.81 crore.

2:03 PM

ALERT:: RITES inks MoU with IRFC mutual collaborations; stock down 4%

RITES has entered into an MOU with Indian Railway Finance Corporation (IRFC) to identifying mutual areas of collaboration for expanding IRFC's role in providing financial assistance to projects/ institutions that have got backward and/ or forward linkages with Railways.