Sensex drops 379 pts, Nifty nears 21,650 amid Covid scare; pharma stocks up

Closing Bell on January 2, 2024: Among sectors, the Nifty Pharma index zoomed 2.5 per cent, followed by the Nifty Media index (0.43 per cent), and the Metal index (0.26 per cent)

3:59 PM

Comment :: Here's why markets fell on Jan 2

The market extended Monday's last hour’s sell-off, taking negative cues from Asian peers due to weak Chinese manufacturing data and mounting tensions in the Red Sea, which has the potential to disrupt global trade and crude supplies.

Ahead of the impending results season, investors are adopting a profit booking strategy.

Auto stocks declined on below-expected volume numbers, while pharma stocks were the standout due to catch-up in the US economy.

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

3:47 PM

Tech View :: 'Breach below 47,600 my intensify selling in Nifty Bank'

The Bank Nifty witnessed sustained bearish pressure throughout the trading day, leading to a close below the crucial support level of 48,000.

To resume the upward trend and regain positive momentum, the index needs to achieve a breakout above the resistance at 48,300, targeting levels of 49,000/50,000.

The immediate support for the index is positioned at 47,600, coinciding with its 20-day moving average (20DMA).

A decisive breach below this level could intensify the downward momentum.

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

3:45 PM

Tech View :: 'Nifty to stay bearish as long as it remains below 21,750'

A bearish candle has emerged on the daily Nifty chart, indicating a potential bearish trend in the near future.

Sentiment is expected to stay bearish as long as it remains below 21,750.

Any upward movement toward 21,750 could encounter selling pressure.

However, a clear breakout above 21,750 could shift sentiment in favor of the bulls.

Support is established at 21,500 on the lower end.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:43 PM

Currency check :: Rupee ends 8 paise weaker

3:42 PM

SmallCap Heatmap :: Index dips 0.03%; VST Ind zooms 20%

3:40 PM

MidCap Heatmap :: Index slips 0.08%; Vi, Lodha top laggards; ABFRL surges 7.5%

3:38 PM

Nifty Heatmap :: IT, Auto stocks see most profit taking; pharma bucks trend

3:37 PM

CLOSING BELL :: Nifty nears 21,650 amid rising Covid-19 cases

3:35 PM

CLOSING BELL :: Sensex drops nearly 400 pts on Jan 2

3:31 PM

ALERT :: M&M Fin Services reports total disbursements of Rs 4,900 crore in Dec 2023

>> This is 5% growth over previous year.

>> The Q3FY2024 disbursements is at about Rs 15,500 crore, up 7% Y-o-Y

>> YTD December disbursement estimated at approximately Rs. 40,950 crore, up 15% Y-o-Y

>> Business Assets at the end of H2FY24 are at around Rs 96,850 crore, growth of about 17% over March 2023 and approximately 25% over December 2022.

>> The collection efficiency was at 98% for December 2023, 
 

3:23 PM

Easy Trip Planners gets board nod for raising funds up to Rs 1,000 cr

The company further said that the board's in-principle approval pertains to "identifying the optimum combination of equity shares and/or warrants convertible into equivalent number of equity shares of the company to be issued on preferential basis for raising funds up to Rs 1,000 crore." The exercise will be on such terms and conditions as may be determined by the board in accordance with SEBI regulations and other applicable laws and to identify the list of proposed allottees for the aforesaid purpose, it added. READ MORE

3:08 PM

Rupee may rise to 81/$ by 2024 end amid robust inflow hopes: Goldman Sachs

India's external balances remain favourable, with a combination of low current account deficit, strong public market capital flows, adequate forex reserves and low external debt. READ MORE

2:59 PM

VST Industries freezes in 20% upper circuit as 3% equity changes hands

As of 12:04 PM; as many as 449,389 equity shares, representing 2.9 per cent of total equity of VST Industries, changed hands on the BSE, exchange data showed. READ MORE

2:46 PM

ALERT:: Vedanta inks MoU with GACL for exploring biz prospects; stock up 0.5%

Vedanta in an exchange filing that the company has signed a Memorandum of Understanding (MoU) with Gujarat Alkalies and Chemicals (GACL) for exploring various business opportunities in the areas of Caustic-Chlorine and other allied businesses. 

 

2:34 PM

Rally in tech stocks in India faces earnings test as growth worries linger

While the rally was initially driven by a global rebound in tech stocks, the Federal Reserve's dovish pivot at the December policy meeting turbocharged the run. READ MORE

2:22 PM

Not in talks with Musk's Starlink for a tie-up, says Vodafone India

On Monday, the Bombay Stock Exchange, where Vodafone Idea's stock is listed, had asked the company for a clarification, citing the BusinessWorld report. READ MORE

2:09 PM

Better risk-reward, FPI flows augur well for LargeCap MFs in 2024: Analysts

Valuation is comfortable for large-caps, but there is little margin of safety in the broader market categories, analysts said. READ MORE

1:55 PM

Stock of this pharma company has nearly doubled against its issue price

Mankind Pharma hit record high of Rs 2,132.10, rallied 8% in intra-day trade and zoomed 97% against its issue price of Rs 1,080 per share. READ MORE

1:43 PM

Gold expected to move much higher in 2024, could touch Rs 70,000

The yellow metal has boomed from the lows seen in the last six months to levels above $2000, and currently, it is perched at the $2050 level. READ MORE

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1:30 PM

SC to consider hearing Vedanta's plea on Sterlite copper unit in Tami Nadu

The Tamil Nadu government had on May 28, 2018, ordered the state pollution control board to seal and "permanently" close the mining group's plant following violent protests over pollution concerns. READ MORE

1:16 PM

ALERT:: Intellect Design Arena arm wins deal from OTP Bank; stock down 2%

OTP Bank has chosen Intellect Digital Core (IDC) core banking system by Intellect Global Consumer Banking (iGCB), the consumer banking arm of Intellect Design Arena to power its banking experience, the company said in an exchange filing.

1:03 PM

YES Bank hits 52-week high in dismal trade; stock soars 14% in 4 days

Shares of YES Bank jumped 5 per cent to hit a 52-week high of Rs 23.71 on the BSE in Tuesday’s intra-day trade on the back of heavy volumes. READ MORE

12:51 PM

Russian crude oil cargoes head away from India amid payment issues

"China seems to have stepped in to save the idling Sokol cargoes," said Viktor Katona, lead crude analyst at data intelligence provider Kpler. READ MORE

12:38 PM

Asian Market Update:: Hang Seng down nearly 2%; Kospi up 0.5%

Source: Yahoo Finance

12:25 PM

As Covid-19 cases rise in India; should you keep pharma stocks on radar?

Barring Dr Lal Pathlabs, the other four healthcare related stocks listed below seem to be trapped in a range for now, charts suggest. READ MORE

12:11 PM

5 Reasons why Sensex fell 650 pts, Nifty below 21,600 intra-day on Tuesday

The S&P BSE Sensex fell over 650 points, while the NSE Nifty 50 shed nearly 200 points in intra-day trades on Tuesday. READ MORE

12:00 PM

ALERT :: Lloyds Metals and Energy in focus; stock up 2%

11:43 AM

JBM Auto rallies 23% in 3 days on plan to deliver 2,000 e-buses in FY24

The company is also an Original Equipment Manufacturer (OEM) as it is engaged in the production of Passenger Buses.

India’s electric bus market has experienced rapid growth in the past two years, driven by demand aggregation, standardization efforts, product advancements, and improved charging infrastructure. READ MORE

11:28 AM

Vedanta Resources faces investor reckoning over $3.2 billion of bonds

Bondholders have until Jan. 2 to give an early consent on a plan to push out due dates on $3.2 billion in bond repayments, a move that prompted S&P Global Ratings in December to cut the company’s rating deeper into junk. READ MORE

11:12 AM

India Inc billionaire promoter club: Count swells to record 152 in 2023

The 2023 list reveals a democratisation of the billionaire’s club, with new members entering and the richest promoters’ share in the overall net worth declining. The country’s two wealthiest promoters — Mukesh Ambani and Gautam Adani — accounted for 25.5 per cent of the combined net worth of all billionaire promoters in 2023, down from their 34.8 per cent share in 2022. READ MORE