Israel-Hamas war spooks markets; Sensex plunges 483 pts, Nifty nears 19,500

Closing Bell on Monday, October 09: Brent crude oil prices were up 3.5 per cent at $87.5 per barrel as Israel-Hamas war intensified

4:16 PM

Tech View :: 'Gap downs in Nifty should be seen as buying opportunity'

Nifty50
On the daily charts, we can observe that the positive momentum from the previous week could not continue today and the Nifty has witnessed a correction. We believe that the Nifty is in the process of retracing the rise it has witnessed from 19,333 – 19,676.

On the way down, support is placed in the zone 19,500 - 19,460 which coincides with the gap area formed on 5th October and the 61.82% Fibonacci retracement level.

The Nifty is likely to resume its next leg of up move from the support zone and hence in case of a gap down opening or a dip it should be used as a buying opportunity.

 

Bank Nifty

Bank Nifty opened the gap down and made a new low of 43,796 which is a sign of weakness. It is currently trading around the previous swing lows 43,700 – 43,600 which can be tested over the next few trading sessions.

The Bank Nifty is currently oversold, and we can observe signs of divergence on the daily charts however price confirmation is awaited. In terms of levels, 43,700 – 43,600 shall act as a crucial support zone while 44,200 – 44,300 shall act as an immediate hurdle zone for the Bank Nifty.

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

3:59 PM

Comment :: 'Geopolitical tensions could potentially disrupt this optimistic outlook'

An unforeseen escalation in the Middle East has rekindled pessimism in global markets. Moreover, the rapid surge in oil prices presents a significant threat to the global market, which is already dealing with elevated inflation and interest rates.

In the mid- and small-cap segments, we observe consolidation as investors reshuffle their portfolios due to premium valuations in this space.

While consensus estimates for Q2FY24 remain positive, it's important to note that geopolitical tensions could potentially disrupt this optimistic outlook.

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

3:50 PM

Bond market :: 10-year bond yield harden on war fears

3:49 PM

Currency check :: Rupee ends 2 paise weaker at 83.27/$

3:47 PM

Oil Prices :: Brent advances 3% as war in Middle East triggers panic

3:45 PM

SmallCap index heatmap :: Jubilant Ind, JP Power drop up to 9%

3:44 PM

MidCap index heatmap :: Oil India jumps 5% on oil price rebound

3:42 PM

Broader markets end lower with the BSE SmallCap index down 1.7%

3:41 PM

Sectoral trends :: Broad-based selling hits markets; PSBs sink

3:40 PM

Sensex Heatmap :: 27 of 30 index stocks end lower Monday

3:38 PM

Closing Bell :: Nifty settles near 19,500

3:37 PM

Closing Bell :: Sensex cracks 483 points on Israel war

3:26 PM

Stock price of these 5 recently listed IPOs hit lowest levels since debut

These stocks have slipped between 3 per cent and 10 per cent on the BSE in today's intra-day trade. The stock price of Sai Silks (Kalamandir) (down 10 per cent at Rs 220.05 against issue price of Rs 222 per share) and Updater Services (down 3 per cent at Rs 276.16 against issue price of Rs 300 per share) fell below their issue price. READ MORE

3:13 PM

Measures in place to ensure safety of employees at Haifa port: APSEZ

"We are closely monitoring the action on ground which is concentrated in south Israel, whereas Haifa port is situated in the north. "We have taken measures to ensure safety of our employees and all of them are safe," spokesperson of Adani Ports and SEZ Limited said. READ MORE

2:58 PM

Global check:: US stock futures off day's lows; Dow down 150 pts

Source: Investing.com

2:45 PM

ALERT:: Raminfo wins Rs 4 cr order; stock up 2%

2:36 PM

HPCL aims to cut diesel purchase from other cos following output boost

Vizag refinery will operate at 13.5 mtpa capacity in the current fiscal year and at full capacity of 15 mtpa in the next fiscal, Bharathan said. READ MORE

2:23 PM

ALERT:: Shashijit Infraprojects wins Rs 21 cr order; stock zooms 6%

Shashijit Infraprojects in an exchange filing said, it has received a Letter of Intent (LOI) for the construction of Effluent Treatment Plant (ETP), Chemical and Utility Building and other civil work Project from Waaree Energies. The order size in Rs 21 crore.

2:14 PM

Europe Market Check:: DAX, CAC slip over 0.5%; FTSE holds positive territory

Source: Yahoo Finance

2:02 PM

Valuation hurdle, competition may cap upside for Dixon Technologies

Company leads India's electronic manufacturing services and has improved revenue by 32% in the last decade. READ MORE

1:53 PM

Comment:: Spread of Israel-Hamas war could impact markets negatively

"Israel - Hamas war will add to global geopolitical uncertainty in Middle East and higher price of crude. Prolonged escalation and increase in geographical spread can have negative impact on equity markets in the near term."

 

- Amnish Aggarwal, Head of Research, Prabhudas Lilladher

 

1:40 PM

ALERT:: LIC sells 2% stake in National Fertilizers; NFL down 2%

Life Insurance Corporation of India (LIC) in an exchange filing said, it diluted 2.02 per cent stake in National Fertilizers (NFL) between August 10 and October 06 at an average cost of Rs 70.60 per share. LIC now holds 7.26 per cent stake in NFL.

1:27 PM

Expect 28 IPOs worth Rs 38,000 cr in the next six months

The first half of 2023 have seen 31 corporates raise Rs 26,300 crore through main board IPOs. As many as 21 out of the 31 IPOs came in just 2 months of August and September. READ MORE

 

1:14 PM

Strategies for Godrej stocks as group likely finalises separation terms

Godrej Agrovet, Godrej Industries, Godrej Properties can potentially rally up to 10% from current levels, while Astec Life and Godrej Consumer Products can fall up to 17%, suggest charts. READ

1:00 PM

Comment: Israel-Palestine conflict raises caution for high-risk assets

As a result of the Israel-Hamas war, the market has experienced a state of panic, leading to a notable increase in the demand for safe-haven products. This surge in demand has caused a significant jump in the prices of various commodities during the morning trading session.

 

Presently, there is a prevailing concern within the financial markets regarding the potential protraction of the ongoing conflict, leading to sustained upward pressure on crude oil prices.

In conjunction with the OPEC+ production reduction agreement, this will likely contribute to a persistently elevated inflation rate.

Consequently, central banks in diverse nations are expected to uphold elevated benchmark interest rates, which may exacerbate the economic downturn.

If a recession becomes likely, it is assessed that high-risk assets such as the S&P 500 and DJ30 could encounter heightened vulnerability to declining valuations.

Views by Jayden Ong, Senior Market Analyst, APAC at Vantage.

12:46 PM

MCX gains 5%, hits record high on Sebi's nod to launch new trading platform

Shares of Multi Commodity Exchange of India (MCX) hit a record high of Rs 2,149.50 as they gained 5 per cent on the BSE in Monday's intra-day trade after the company received market regulator Sebi's approval to launch new trading platform. READ

12:30 PM

ALERT: Election Commission announces state poll schedule; results on Dec 3rd

Assembly polls to begin with Mizoram on Nov 7, followed by Chhattisgarh phase-1 on Nov 7 as well. Phase-2 in the state will be held on Nov 17.

Madhya Pradesh will also go to polls on Nov 17, followed by Rajasthan on Nov 23 and Telangana on Nov 30. 

Poll results to be declared on December 3 for all states. 

12:15 PM

Banking liquidity returns to surplus mode after three weeks: RBI data

Liquidity in the banking system returned to surplus on Friday, helped by government spending and after being in the deficit mode for three weeks. READ

12:00 PM

Citigroup to sell China's consumer wealth business worth $3.6 bn to HSBC

The deal covers total deposits and investment AUMs of about $3.6 billion, and is expected to close in the first half of 2024. Financial details of the transaction were not disclosed. READ

11:44 AM

Ather Energy planning to set up new manufacturing plant to expand capacity

Ather Energy, a manufacturer of electric two-wheelers, is planning to bolster its production capabilities with the addition of a new manufacturing facility, according to a report in Hindu Businessline. READ