Sensex sheds 551 pts, Nifty below 19,700 as Middle East crisis worsens

Closing Bell on Wednesday, October 18, 2023: Brent crude futures jumped 3 per cent after Iran called for sanctions and oil embargo against Israel

4:15 PM

Tech View :: 'Consolidation in Nifty getting over; track these levels'

Nifty50
On the daily charts, we can observe that Nifty has faced resistance from around the 61.82% fibonacci retracement level (19,850 – 19,885). On account of the correction , the Nifty has now reached the zone of 19,670 – 19,640 where support in the form of 20- and 40-day moving averages are placed.

Bollinger bands are contracting, indicating that consolidation is likely over the next few trading sessions. In terms of levels, 19,640 – 19,600 shall act as a crucial support and 19,770 – 19,800 is an immediate hurdle zone for the Index.

 

Bank Nifty

Bank Nifty witnessed a sharp correction and in the process of retesting the previous swing low  (44,800). The fall appears overstretched on the downside and is also around support of the daily Bollinger band placed in the zone 43,800 – 43,700 which increases the probability that the fall might not worsen from current levels. Signs of a positive divergence on the daily charts are developing however it needs to be confirmed by price. Overall, we expect the Bank Nifty to witness a pullback over the next few trading sessions.

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

4:07 PM

Comment :: 'Maintain hedged positions'

Fresh weakness in banking and financial majors combined with a downtick in other heavyweights like Reliance is pointing towards further slide. On the index front, a decline below 19,600 in Nifty would again turn the bias on the negative side. We suggest maintaining hedged positions and advise keeping a check on position size citing the prevailing choppiness.

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

4:05 PM

Comment :: 'Weak global cues, disappointing early Q2 nos leading to profit booking'

Profit booking ensued in Indian markets, spurred by weak global sentiments and escalating Middle East tensions. A sudden rise in the tension has led to instability in energy prices; Brent prices rapidly rose above $92.5 by the day’s closing time. While the US bond yields was cautiously placed, awaiting the FED chair’s speech.

The initial Q2 earnings disappointments by the IT & financials sector may have prompted attention in the domestic markets. All these all factors are presumed to be a knee jerk reaction as the total outlook on domestic market is stable, underpinned by healthy Q2 result forecast and favourable fiscal position.

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

4:03 PM

ALERT :: Wipro's large deal bookings reach $1.3 billion, up 79% YoY

4:00 PM

Q2 Earnings :: Wipro posts net profit of Rs 2,6673 crore

>> Revenue at Rs 22,515.9 crore

3:57 PM

Bond market :: Yields on 10-year G-Sec settle at 7.35%

3:55 PM

Commodity check :: Oil prices rise 3% as Iran calls for oil embargo on Israel

3:54 PM

Currency check :: Rupee ends flat at 83.27/$

3:54 PM

BSE Stats :: 2 stocks decline for every 1 gaining stock

3:52 PM

Market Check :: Top losers on the BSE today

3:51 PM

Market Check :: Top gainers on the BSE today

3:50 PM

Oil India ends lower after hitting record high intraday

>> Stock hits record high after a gap of 9 years

3:48 PM

Biocon slips 6% after USFDA asks for corrective measures at Malaysian unit

3:47 PM

Hudco plummets around 11% as govt begins 7% stake sale via OFS

3:46 PM

Bajaj Finance drops nearly 3% post Q2 results

>> Management forecasts up to 30bps NIM contraction in H2FY24

3:43 PM

Broader markets fall in tandem with benchmarks; MidCap index slides 0.8%

3:42 PM

Sectoral trends :: Investors turn to defensives; Pharma index up 0.8%

3:39 PM

Sensex Heatmap :: 26 of 30 index stocks sink; Bajaj twins, Axis, HDFC Bank worst hit

3:38 PM

Closing Bell :: Nifty ends below 19,700

3:38 PM

Closing Bell :: Sensex tanks 551 pts as Middle East tensions escalate

3:23 PM

ALERT :: Iran calls for sanctions on Israel; oil prices jump 3%

>> Iran emphasises need to sanction Israel, implement oil embargo & withdraw ambassadors in Jeddah meet

 

3:11 PM

IPO Update :: IRM Energy nearly sails through on first day of the offer

2:57 PM

Bond market :: 10-year bond yields harden on rising crude oil prices

2:44 PM

ALERT :: Sensex slides nearly 500 pts as sell off deepens

2:32 PM

ALERT :: India to be 3rd largest global economy by 2027, says JPMorgan

>> India to surpass Germany, Japan

 

>> Indian GDP to value $7 trn by 2027

 

>> Manufacturing to contribute 25% towards GDP vs 17% right now

2:31 PM

ALERT :: Israel didn't attack Gaza hospital, says US Prez Biden

>> US stands with Israel

2:30 PM

ALERT :: Benjamin Netanyahu, Joe Biden hold joint press conference

>> Oct 7 is another day that will live in infamy, says Israeli PM

 

>> Biden rightly said that Hamas is worse than ISIS, he says

 

>> US stands with Israel, says Biden

 

>> It's a tough time for the US, says Biden

 

>> US to support Israel is every way possible

2:28 PM

Q2 Earnings :: Polycab India posts PAT of Rs 430 crore

>> Revenue at Rs 4,218 crore

>> Ebitda at Rs 609 crore

>> Ebitda margin at 14.4%

>> All metrics beat estimates

2:17 PM

ALERT :: Joe Biden lands in Tel Aviv

>> US President Joe Biden on Wednesday arrived in Israel where he plans to show "solidarity" with the country

>> The White House has, so far, fully supported what it says is "Israel's right to defend itself"

>> Biden has requested that Congress approve more military funding for Israel

>> Israel responded to the Oct. 7 Hamas attack with a ferocious bombing campaign over the Gaza Strip

Source: CNBC

2:02 PM

ALERT:: Tips Industries Q2 net zooms 90%; stock gains 2%

Tips Industries today posted 90.4 per cent surge in Q2 net profit at Rs 39.65 crore for the quarter ended September 2023 when compared with Rs 20.82 crore for the quarter ended September 2022. Total income increased 27.2 per cent YoY to Rs 64.47 crore.