Sensex plunges 906 pts, Nifty below 22K; Investors lose Rs 21 trn in 3 days

Stock market highlights on March 13: The BSE m-cap has plummeted by Rs 20.69 trillion in three days

4:02 PM

Tech View :: 'Nifty may remain under pressure in near-term'

The Nifty has experienced a breakdown from a rising channel on the daily chart, signaling the conclusion of the previous uptrend and the potential beginning of a downtrend. Additionally, the index has descended below the recent consolidation phase on the daily timeframe, further emphasizing the increasing weakness.

The Relative Strength Index (RSI) with a period of 14 is showing a bearish crossover and has dropped below the 50-mark. In the short term, the index may continue to be susceptible to selling pressure with resistance anticipated around 22,250. On the downside, support levels are positioned at 21,800 and 21,700.

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

3:49 PM

Comment :: 'Use rebound to create short positions'

It is a double whammy for participants as Nifty has slipped below its immediate support of short-term moving average i.e. 20 DEMA and also breached the trendline support.

Midcap and Smallcap space are already under tremendous pressure. We suggest maintaining negative bias in the index now and utilizing rebound to create short positions.

At the same time, traders shouldn’t add to their loss-making positions and prefer index majors over others.  

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

3:48 PM

Comment :: 'FMCG, contrarian plays like gold offering some refuge'

In contrast to the global uptrend, unfavourable risk-reward balance of mid and small-cap stocks, fuelled by prolonged premium valuations, has aggravated the downfall.

Meanwhile, FMCG and contrarian plays like gold are offering some refuge. Other than the premium valuation, no fundamental issue is noticed to drawback the long-term growth image of domestic midcaps.

 

Globally, the persistent US inflation rate has cast doubt on the Fed's ability to implement imminent rate cuts. While domestic inflation appears to be showing signs of easing. However, the easing trend in global commodity prices may prompt central banks to consider rate cuts in the latter half of 2024, which could be positive for equity.

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

3:45 PM

Currency check :: Ruoee ends 9 paise weak vs US dollar

3:44 PM

Broader markets :: Broader indices underperform; SmallCap index drops 5%

3:43 PM

Sectoral trends :: Metal, Media indices sink over 5% each

3:42 PM

Sensex Heatmsp :: Power, mettal stocks hammer indices; ITC, banks support

3:40 PM

CLOSING BELL :: Nifty ends below 22,000

3:38 PM

CLOSING BELL :: Sensex slides 906 pts on Wednesday

3:25 PM

Coal ministry will fulfill 874 mn tonnes coal requirement in FY25: Govt

Their (power ministry's) demand has been met. They had asked for 821 million tonnes and it has been supplied, the Minister said. READ MORE

3:10 PM

Bear Hammering: Paytm, Adani Power among 1,010 stocks at lower circuit

Of these 1,010 stocks, more than half or 697 stocks were from the XT (387), T (250), MT (25) and Z (35) segment on the BSE. T group shares are securities that are put into the Trade to Trade segment by the BSE. These stocks are not allowed for intraday trading. The T2T stocks can only be delivery based i.e. the buyer has to take the delivery of these shares. READ MORE

2:56 PM

Broader market check

2:36 PM

99 out of 100 Nifty small cap 100 firms see dip

2:33 PM

98 out of 100 Nifty midcap firms in red

2:17 PM

Alert: Nifty small cap and Nifty mid cap down by 4% each

1:54 PM

Alert: SJVN bags 500 MW Solar Project order from GUVNL worth Rs 2,700 cr

1:44 PM

Sensex sheds 755 pts, Nifty breaks 22,100: Key factors behind today's crash

At the headline level, the BSE Sensex index tumbled 755 points during the day, breaking below the 73,000-mark. The Nifty50 also breached the 22,100 level, declining over 250 points. Read more

1:33 PM

'India's economy has parallels to 2000s when growth averaged over 8%'

Investment has become a major driver of India’s booming economy, according to economists at Morgan Stanley, adding that the country’s current expansion resembles that of the mid-2000s when growth averaged more than 8 per cent. Read

1:18 PM

Broader mkt weakness, slow capex to halt rally in cement shares: Analysts

The recent price correction in broader markets has hit cement companies hard in the month of March. Thus far in the current month, small-cap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. Read

1:04 PM

CPSE index plunges 6%; Rites, IRFC, RVNL, Hudco, MTNL, IRCON tank up to 12%

Shares of Central Public Sector Enterprises (CPSEs) were under sharp pressure on Wednesday, slumping up to 12 per cent on the BSE in intra-day trade amid a broad market sell-off.
 

At 12:26 pm; the BSE CPSE index, was the top loser among indices, having tanked nearly 6 per cent, while BSE PSU index plunged nearly 5 per cent. Read

12:44 PM

Foreign inflows into index-eligible India bonds set to hit $10 billion

Foreign inflows into India’s sovereign bond market are closing in on the $10 billion mark ahead of the country’s inclusion in the JPMorgan Chase & Co’s emerging markets debt index.

 

Investments into index-eligible Fully Accessible Route bonds have risen by Rs 81,218 crore ($9.8 billion) since the announcement in September, data from the Clearing Corp. of India show. Inclusion starts in phases from June. Read

12:29 PM

Credit Suisse client accused of dodging taxes for a decade gets $15 mn bail

A Brazilian-American businessman charged with dodging US taxes for decades using accounts at Swiss banks including Credit Suisse Group AG was granted a $15 million bail package on Tuesday.

 

Dan Rotta, 78, who was arrested March 9 at Miami International Airport as he prepared to fly to Barcelona, must remain under house arrest with an electronic monitor, a federal judge in Miami ruled. Prosecutors had sought to keep Rotta locked up, arguing he’s lied to the Internal Revenue Service for 35 years and has a motive to flee the US before his trial on tax charges. Read

12:18 PM

Stress tests by AMCs: Risk metrics of small, midcap funds in focus

Mutual funds (MFs) are poised to release their inaugural stress test reports later this week but this will necessitate additional disclosures. These will range from investor concentration to portfolio turnover ratio of smallcap and midcap funds. Read

12:05 PM

India's rising valuations prompt foreign companies to sell holdings

At least seven firms including US home appliance giant Whirlpool Corp. and Singapore Telecommunications Ltd., have reduced holdings in their local units since June, data compiled by Bloomberg show. British American Tobacco Plc. said Monday it’s preparing to sell a part of its stake in partner ITC Ltd. Read

11:45 AM

23 IPOs hit lowest level since listing; 13 fall below issue price

One in three recently listed main board initial public offers (IPOs) hit lowest level since their market debut on Wednesday, amid a sharp sell-off in mid, small, and micro-cap stocks.
 

As many as 23 IPOs, including Happy Forgings, Valiant Laboratories, Cello World, Gandhar Oil Refinery (India), Mukka Proteins, and Aeroflex Industries, were quoting at their lowest level since listing, BSE data showed. Read

11:34 AM

Market Check :: Sensex tanks to day's low, down 450 pts

11:21 AM

Brokerages see up to 14% upside for ITC post BAT stake sale

ITC has been an underperformer so far in the calendar year 2024, having declined almost 12 per cent as of March 12 as against a near 3 per cent rise on the Nifty 50. When compared to the stock's record high of Rs 499.70 touched on July 24, 2023, the stock was down over 19 per cent. READ MORE

11:08 AM

Government allows RBI to import gold without paying import levies

As of September 2023, the Reserve Bank of India held 800.79 metric tonnes of gold, including gold deposits of 39.89 tonnes. READ MORE

10:48 AM

ALERT :: L&T Construction wins order for Buildings & Factories Business

>> The Buildings & Factories (B&F) vertical of Larsen & Toubro (L&T) has secured an order from the All-India Institute of Medical Sciences (AIIMS) Madurai, Tamil Nadu under the PMSSY division, Ministry of Health and Family Welfare, Government of India in this month.

>> The order falls under 'Significant' category, implying order value in the range of Rs 1,000-2,500 crore

10:34 AM

Nifty 500 beats S&P 500, other leading global indices in last 10 yrs: study

During the December 31, 2013 to December 31, 2023 period, the tech-heavy Nasdaq 100 gave returns of around 21.5 percent in Indian rupee terms while the Nifty 500 gave 16 percent, clinching the second spot. In comparison, the S&P 500, MSCI Emerging Markets, and MSCI EAFE (Developed Markets ex-US) have demonstrated growth rates of 15.4%, 6.1%, and 7.9%, respectively, during the same period, noted the study. READ MORE