IT shares, RIL, F&O expiry send Sensex 610 pts down, Nifty near 19,500

Closing Bell on September 28, 2023: Tech M, which sank 4 per cent, was the top laggard on the benchmarks after Morgan Stanley downgraded the stock to 'underweight'

4:06 PM

Tech View :: Key levels to watch on Bank Nifty

The Bank Nifty witnessed a resurgence of bearish sentiment as the bears took control, pushing the index lower. Strong resistance has formed at the 20-day moving average (20DMA) located at the 45,000 mark.The immediate support on the downside is situated at 44,200, and a breach below this level could trigger further selling pressure, potentially taking the index down to the 43,800 mark. In this scenario, it's advisable to maintain a "sell on rise" approach as long as the index remains below the 45,000 mark. 

Views by: Kunal Shah, Senior Technical & Derivative analyst, LKP Securities

4:05 PM

Tech View :: 'Prevailing sentiment favours sell-the-rally approach'

The Nifty has experienced a significant correction as it was unable to maintain levels above 19,750. On the daily timeframe, the most recent candle has engulfed the bodies of the preceding few days' candles, which suggests a negative sentiment. The prevailing sentiment continues to favor selling during rallies. Looking ahead, the Nifty may decline towards 19,250, with immediate support situated at 19,450. Resistance is positioned at the higher end at 19,600.

Views by: Rupak De, Senior Technical analyst, LKP Securities

 

4:03 PM

Comment :: 'Expect Nifty to hit 19,400'

The prevailing weakness in heavyweights across sectors combined with feeble global cues is weighing on the sentiment. After the failed attempt to reclaim 19,750, we expect Nifty to inch further lower and test 19,400; however the major support is at 19,200. Participants should align their trades accordingly and focus more on risk management.

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

4:02 PM

Comment :: 'Rising oil prices, bond yields keeping FPIs away'

The selling was broad-based, as investors are on alert given the rise of oil prices. If crude continues to stay above the 90 USD level, it will be a threat to inflation and boil the operational margins. Globally, US GDP data and the FED chief speech will be watched carefully, which will set the future trend. Currently, the combination of higher interest rates and US bond yields are influencing FIIs to stay in the selling mode.

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

3:58 PM

Bond Market :: Yields on 10-year G-Sec surges

3:57 PM

Currency check :: Rupee gains 4 paise to end at 83.19/$

3:55 PM

Buzzing stock :: Hindustan Oil Exploration vaults 10% as oil prices rise

3:51 PM

Buzzing stock :: MCX zooms 8.5% amid heavy volume

>> New trading platform to go Live in October

3:49 PM

Buzzing stock :: L&T gains 1.7% in weak market, hits record high

>> UBS raises target price on stock to Rs 3,600 on capex cycle

3:48 PM

Buzzing stock :: Yatra Online settles at Rs 136 vs issue price of Rs 142

3:47 PM

Buzzing stock :: Tech M slides 4.6% on Morgan Stanely downgrade

>> Brokerage downgrades Tech M to 'underweight'

>> Cuts target price to Rs 1,210

3:45 PM

Broader markets :: SmallCap index ends low, but still outperforms peers

3:44 PM

Broader markets :: MidCap index ends near day's low, down 1.2%

3:42 PM

Sectoral trends :: IT stocks bleed the most in broad-based selling

3:41 PM

Sensex Heatmap :: 24 of 30 constituents sinkin trade; Tech M slides 4%, Infy 2%

3:39 PM

Closing Bell :: Nifty ends near 19,500

3:37 PM

Closing Bell :: Sensex sinks over 600 pts

3:29 PM

MCX surges 9%, nears record high; stock zooms 32% in one month

A combined around 7 million equity shares, representing 13 per cent of total equity of MCX, changed hands on the NSE and BSE till 3:00 PM READ MORE

3:15 PM

Bank credit growth to dip to 13-13.5% this year from 15.9% in FY23: CRISIL

According to CRISIL, the third reason is that bond issuances have been robust in the first half of FY24. This will substitute credit from banks with debt capital markets. Lastly, the second half of the year is likely to see a base effect due to strong growth in that period last year. READ MORE

3:00 PM

ALERT:: Nitin Spinners commences operations at Hamirgarh, Begun units; stock up over 1%

Nitin Spinners in an exchange filing said that commercial production in Ring spinning Unit of 94,848 Compact Spindles, Open end Spinning with 3,312 Rotors at 

Hamirgarh unit and 264 position of Airjet spinning at Begun unit have started with effect from today, September 28, 2023.

 

2:47 PM

ALERT:: LT Foods launches quick cooking red rice; stock trades flat

LT Foods has strengthened its Super Food portfolio by launching 'Daawat Quick Cooking Red Rice'.

The latest Super Food, 'Daawat Quick Cooking Red Rice', that cooks in 15 minutes, shall be available across 9 States and 1 Union Territory, the company said in a release.

2:38 PM

Housing sales up 36% in top 7 cities to record 120,280 units: Anarock

Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year. Hyderabad saw the highest rise of 18 per cent. READ MORE

2:26 PM

ALERT:: Apar Industries board okays Rs 1,000 cr fund raise; stock drops 4%

The board of directors of Apar Industries have approved a proposal to raise up to Rs 1,000 crore by way os issure of various instruments as deem fit.

2:13 PM

ALERT:: KSB wins Rs 55 cr order; stock jumps 3%

KSB in an exchange filing said it has received orders of Rs 55 crore from Nuclear Power Corporation of India (NPCIL) for supply of Vertical Safety Class Pumps for their GHAVP 1&2 Project. 

2:00 PM

ALERT:: Ahluwalia Contracts wins Rs 832 cr orders; stock down 1%

Ahluwalia Contracts has been awarded projects worth of Rs 832.40 crore off late. In an exchange filing the company said, it won an order of Rs 616.94 crore for construction of expansion of Max Super Specialty Hospital in Haryana from Max Healthcare Institure; and a contract worth Rs 216.46 crore for Construction and expansion of Max Super Specialty Hospital in Punjab from Hometrail Buildtech.

1:49 PM

UBS Group takes lead in $50 billion bond market left by Credit Suisse

The biggest winner in this market from the March demise of Credit Suisse — the leading arranger of Swiss franc bonds for most of the last 20 years - is its acquirer UBS Group AG, though others such as Deutsche Bank AG and BNP Paribas SA have also boosted their share of the niche debt. READ MORE

1:36 PM

India retains 40th rank in Global Innovation Index 2023, Switzerland tops

India retained its 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organisation (WIPO) on Thursday. The ranking was topped by Switzerland, followed by Sweden and the USA. READ MORE

1:23 PM

Market check:: Sensex at day's low, down over 400 points

1:10 PM

Sluggish domestic demand, rising costs to hit prospects of tile firms

Stocks of tile companies are down 9-11 per cent over the past month over concerns about a rise in input costs and sluggish domestic demand. While strong exports are expected. READ MORE

12:56 PM

Current account deficit widens to 1.1% of GDP during Q1FY24: RBI

India's current account deficit widened in the April-June quarter, from the previous three months, largely due to a higher trade deficit, lower surplus in net services and a drop in private transfer receipts, the central bank said on Thursday. READ