Sensex down 316pts, Nifty below 19550 amid global selling; JSW Infra up 32%

Closing Bell on October 3, 2023: In the broader markets, the key indices outperformed the frontline indices with the BSE MidCap index gaining 0.09%, and the BSE SmallCap index advancing 0.6%

4:03 PM

Tech View :: Here's why Nifty may test 19,300, Bank Nfifty 43,800

Nifty50
On the daily charts, we can observe that the Nifty is unable to sustain at higher levels. The key hourly moving averages, placed in the zone 19,590– 19,640, is acting as a stiff resistance. Until the Nifty does not manage to close above this resistance zone, we can expect the weakness to continue.

On the downside, it can slip towards 19,440 – 19,320 where support parameters in the form of 78.6% fibonacci retracement level, and 20 week moving average are placed.

We have been anticipating a pullback; however, the attempts have been fragile and thus we shall await for a decisive price confirmation. Now, 19,500 – 19,440 is the crucial support zone while 19,590 – 19,640 shall act as an immediate hurdle zone.

 

Bank Nifty

The pullbacks towards the key hourly moving averages are being sold into and hence until the bank Nifty does not sustain above 44,700 – 44,800 zone, we can expect the weakness to continue. On the downside the Bank Nifty can slip towards 44,000 – 43,800.

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

4:00 PM

Comment :: 'Keep leveraged trades in check'

The move reaffirms our negative bias on the index. However, buying in select heavyweights is capping the damage. Besides, resilience in midcap and smallcap space is also offering opportunities on the long side. We thus recommend maintaining focus on stock selection while keeping a check on leveraged trades.

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

3:58 PM

COMMENT :: What all happened in the markets today?

Consolidation continued given the rising US bond yields and dollar index, prompting FIIs to pull funds. The moderation in oil prices, however, provided some respite on the downside.

Infrastructure activity indicates an acceleration led by the rise in core sector output. The auto stocks declined due to mixed bag monthly data, while a near-normal monsoon will aid positive sentiment for consumption in the near-term.

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

3:56 PM

Bond Market :: India 10-year yield hardens in-line with US Treasuries

3:55 PM

Currency check :: Rupee ends 17 paise weak vs US dollar

3:54 PM

Market Stats :: BSE Market Breadth fairly equal; VIX up over 2.6%

3:52 PM

Buzzing stock :: Apollo Micro Systems ends off highs; co plans Rs 150-cr capex

3:50 PM

Buzzing stock :: Vedanta gains over 3% on demerger plans

3:49 PM

Buzzing stock :: JSW Infra settles 32% higher over issue price on debut day

>> Issue price was foxed at Rs 119

3:47 PM

Broader market indices outshine benchmarks

3:45 PM

Sector check :: Auto index falls 1% as tractor, 2W sales enter slow lane in Sept

3:42 PM

Sector check :: Union Bank, Indian Bank log solid gains in subdued session

3:40 PM

Sectoral trends :: PSBs, Media stocks rally in a weak market

3:39 PM

Sensex Heatmap :: Maruti Suzuki, Sun Pharma drag index; Bajaj twins trim losses

3:37 PM

Closing Bell :: Nifty ends below 19,550

3:36 PM

Closing Bell :: Sensex ends over 300 pts down

3:25 PM

ALERT :: JK Cement appoints Anuj Khandelwal as business head for grey cement business w.e.f October 16

3:18 PM

Jyothy Labs soars 14% on heavy volumes, zooms 91% in 3 months; here's why

The average trading volumes jumped over five-fold, with a combined 6.37 million shares representing 1.7% of total equity of Jyothy Labs changing hands on the NSE and BSE till 02:58 PM. READ MORE

3:03 PM

JSW Infrastructure has huge potential to grow its business: Sajjan Jindal

Commercial ports operator JSW Infrastructure, which got listed on the bourses on Tuesday, said it has a huge potential to grow its business and aims to become a global company, JSW Group Chairman Sajjan Jindal has said. READ MORE

2:51 PM

ALERT:: Ind-Swift reports fire incident at Chandigarh office; stock hits 5% lower limit

2:39 PM

CSB Bank shares jump 6% in weak market, hit 52-week high; more steam left?

According to analysts, the bank's management has a multipronged growth strategy, leading to a compelling investment argument. READ MORE

2:26 PM

Vedanta split unlikely to help parent's near-term debt crisis: Analysts

Vedanta Resources, is battling a host of rating downgrades triggered by worries over outstanding dues - $6.4 billion as of May - according to the company. READ MORE

2:14 PM

HDFC Bank's ADR premium plunges below 5%, lowest since June last year

Ample room for FPI investment, fundamental headwinds drive premiums down. READ MORE

2:02 PM

Steel Strips hits new high, up 5% on record net turnover in September

SSWL expects a sharp pull back of export demand with alloy exports being the key factor for Financial year 2023-24. READ MORE

1:48 PM

European Market Update:: FTSE, CAC, DAX marginally in red

Source: Yahoo Finance

1:34 PM

Despite global headwinds, World Bank keeps India's growth forecast at 6.3%

World Bank also said that it expects fiscal consolidation to continue in FY24, with the central government fiscal deficit projected to continue to decline from 6.4% to 5.9% READ MORE

1:21 PM

ALERT:: UltraTech Cement arm inks deals with UAE-based Cemex; stock up 0.5%

UltraTech Cement in an exchange filing said, Star Cement, its wholly-owned subsidiary, has entered into a cooperation agreement with Cemex UAE to recycle concrete waste in the construction industry as well as reduce carbon emissions and improve the overall environmental impact of construction projects.

1:11 PM

Asian Markets Update:: Nikkei, Hang Seng set to end with steep losses

Source: Yahoo Finance

12:59 PM

China Evergrande soars after property developer's stocks resume trading

Evergrande is the world's most heavily indebted real estate developer and is at the center of a property market crisis that is dragging on China's economic growth. READ

12:46 PM

Apollo Micro up 8% on Rs 150-cr capex plan to set up defence mfg facility

The proposed new units will add an additional infrastructure of 300,000 sq ft to its existing infrastructure, and will be capable of handling bulk production. READ