Sensex sinks 826 pts, Nifty ends below 19,300; SmallCap index slides 4%

Closing Bell on October 23, 2023: The broad-based losses were led by PSU banks, metals, real estate, and IT stocks. Their respective indices, thus, fell 3.89%, 3.3%, 3.14%, and 2% on the NSE

3:58 PM

Tech View :: Weakness to continue in near-term; check key levels on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty has breached the previous swing low of 19,333 it touched in first week of October and has closed below that indicating a breakdown. Weekly, daily and hourly momentum indicator has a negative crossover which is a sell signal.

Thus, both price and momentum indicator is suggesting a further decline. On the downside, the Nifty is likely to drift towards 19,000 from a short-term perspective. On the way up, 19,500 - 19,530 shall act as an immediate hurdle zone as per the principle of role reversal.

 

Bank Nifty

Bank Nifty also witnessed a sharp fall. It broke below the 43,500 zone and witnessed a sharp decline. On the way down, 43,000 is the psychological level and below that it can slip towards 42,490. Today, there has been a breakdown and hence the weakness is likely to persist over the next few trading sessions

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

 

3:55 PM

Comment :: 'Period of consolidation will be shaped by global events'

Despite the healthy performance of private banks and marginal reductions in oil prices, investor confidence remained pessimistic, and a widespread consolidation persisted in the domestic markets.

The global markets echoed the same trend as the unrest in West Asia has the potential to spiral further. Increased apprehensions surrounding prolonged elevated interest rates fuelled a continued upward movement in the US 10-year yield.

Amid worries over moderation in growth on account of elevated interest rates and higher energy prices, heightened risk aversion was witnessed in the Indian mid- & small-cap space, banks, metals, and energy stocks.

While a period of consolidation in the short term seems certain, the extent of this phase will be shaped by global factors

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

3:50 PM

Commodity check :: Oil prices off lows, Brent holds above $90/bbl

3:48 PM

US Treasury Yield hits 5% for the first time since 2007

3:46 PM

Bond market :: Yields on 10-year G-Sec climb amid risk averse sentiment

3:45 PM

Broader markets :: BSE SmallCap index falls the most in 2023

3:43 PM

Sectoral trends :: Broad-based selling clouds markets; PSBs, Metals bleed the most

3:41 PM

Sensex Heatmap :: 28 stocks tank led by JSW Steel, Tata Motors, Tata Steel

3:39 PM

Closing Bell :: Nifty ends below 19,300

3:37 PM

Closing Bell :: Sensex falls for 4th day, drops 826 pts

3:27 PM

BSE SmallCap index tumbles 3.5% in second sharpest single-day fall of 2023

At 02:17 PM: the S&P BSE Smallcap index, the top loser among broader indices, was down 2.93 per cent or 1,117 points at 37,081.82. In comparison, the S&P BSE Sensex was down 0.45 per cent and the S&P BSE Midcap index down 1.4 per cent. READ MORE

3:17 PM

Bond market :: 10-year yield at day's high

3:07 PM

Global check:: US stock futures down around 0.4%

Source: investing.com

2:59 PM

Market check:: Sensex slides over 500 pts; IT, metals weigh

2:53 PM

4% inflation focus may not signal 'higher for longer' rates: MPC members

India's monetary policy committee's (MPC) decision to reinforce the 4% retail inflation target follows inflation returning to its 2%-6% comfort zone, but does not necessarily signal rates will remain higher for longer, two external members of the committee told Reuters. READ MORE

2:42 PM

RBI's $5 billion swap maturity causes flutter, but no major turbulence

The maturing of the Reserve Bank of India's $5 billion swap on Monday led to a surge in demand for cash dollars and a drop in the overnight swap rate, but did not cause major disruptions in the premium and spot forex markets. READ MORE

2:32 PM

ALERT:: Genus Power Infra arm bags Rs 3,121 cr order; stock gains 2%

Genus Power Infrastructures said that there is a possibility of seeing a "consistent and noteworthy surge" in order volumes over the upcoming quarters of the financial year 2023-24. READ MORE

2:20 PM

European Market Update:: FTSE, DAX down 0.4%

Source: Yahoo Finance

2:08 PM

SmallCaps Alert:: SmallCap 250 index down 2.5%; Amber Enterprises, Jubilant Pharma crack 8%

1:58 PM

1,200-km range, 10-min charge: Toyota near solid-state battery breakthrough

If successful, Toyota said that solid-state batteries will double the range of EVs up to 1,200 km, and the charging time will be 10 minutes or less. READ MORE

1:52 PM

Ceinsys Tech hits 20% upper limit on winning Rs 248 cr order from Maha govt

The company has secured work allocation order from State Water and Sanitation Mission (SWSM), Water Supply and Sanitation Department (WSSD), Government of Maharashtra amounting to Rs 248.39 crore. READ MORE

1:40 PM

ALERT:: Aurobindo Pharma arm gets USFDA nod for Testosterone Cypionate injections; stock marginally up

Aurobindo Pharma informed BSE that its subsidairy Eugia Pharma has received the  USFDA approval for Testosterone Cypionate Injection USP 1,000 mg/10 mL (100 mg/mL) and 2,000 mg/10 mL (200 mg/mL) in Multi-Dose Vial and 200 mg/mL in Single-Dose Vial. 

1:28 PM

Market Check :: Data shows small-caps may underperform large-caps from here on

Source: SAMCO Securities

1:15 PM

Asian Market Update:: A sea of red across Asia on Monday

Source: Yahoo Finance

1:00 PM

Outweighing HDFC Bank, better return ratios: How analysts see ICICI Bank Q2

Shares of ICICI Bank may outperform shares of HDFC Bank in the near-term, analysts said on Monday, after the Sandeep Bakhshi-led private sector lender reported a strong set of numbers for the July to September quarter (Q2) of financial year 2023-24 (FY24). READ MORE

12:46 PM

ALERT :: India VIX eases 5% to 10.28 levels

12:32 PM

Q2 Earnings :: PNB Gilts reports net loss of Rs 48.7 crore on one-time loss

>> An exceptional item loss of Rs 86,000 was added to the financial results of the current quarter, as it could not be provided for last year

>> PAT last year was Rs 0.7 crore

>> Total income rises by 2.17% at Rs 346.9 crore

 

12:21 PM

Market Check :: Top gainers on the BSE at this hour

12:08 PM

CreditAccess Grameen hits new high; soars 13% on strong Q2 results

Shares of CreditAccess Grameen hit a new high of Rs 1,560, soaring 13 per cent on the BSE in Monday’s intra-day trade in an otherwise weak market after the company reported a strong set of earnings for the September quarter (Q2FY24). READ MORE

11:56 AM

RIL, HUL, ITC: Top 50 APAC firms lose over $185 billion in m-cap in Q3

Top 50 firms in the Asia-Pacific (APAC) region lost a cumulative $185 billion in market capitalisation (m-cap) in the September 2023 quarter (Q2-FY24 / Q3-CY23), suggests a recent report by GlobalData, a London-based analytics and consulting company. READ MORE