Sensex falls 260 pts, Nifty nears 18,650; Adani Ent crashes 7%, RIL, SBI 1%

Closing Bell on June 23, 2023: Among sectors, the Nifty Metal index fell 2.5 per cent, followed by the Nifty Media index (2.13 per cent), the Nifty IT index (0.89 per cent)

4:11 PM

COMMENT:: Domestic markets may not experience a significant correction

"Global central banks are currently focused on addressing inflation and have reiterated their commitment to reaching their target levels, as evidenced by the hawkish commentary from Powell and the unexpected rate hike by the Bank of England. The downward revision of earnings guidance by a major US tech company Accenture has raised concerns about potential earnings downgrades in the Indian IT sector, resulting in pressure on IT stocks. However, the domestic market is not expected to experience a significant correction due to favourable domestic economic indicators and correction in international commodities prices to sustain earnings growth on a QoQ basis."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:10 PM

VIEW:: Support for Nifty visible at 18,500

"The Nifty has shown weakness recently, as it has experienced a decline for two consecutive days. On a smaller time frame, the index slipped further. Additionally, the Relative Strength Index (RSI) indicates negative divergence, indicating a weakening bullish momentum. Looking at the support levels, there is visible support at 18,500, and if the index breaks below this level, it could potentially drop towards 18,200. On the other hand, there is resistance at 18,800 on the higher end of the index."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:08 PM

VIEW:: Bias for Bank Nifty likely to remain bearish below 44,000 level

"The Bank NIFTY index witnessed an ongoing battle between the bulls and bears throughout the week. The index faces resistance at the 44,000 level, where the highest open interest is built up on the call side. On the other hand, support is observed at the 43,500PE level, where put writers are active. A break on either side of this range is likely to result in a directional move for the index. However, the overall sentiment remains bearish as long as the index stays below the 44,000 level."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

 

4:04 PM

Adani Group shares tumble amid reports of US regulatory scrutiny

The US Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate, report. READ MORE

4:02 PM

Accenture's lowered guidance spells more trouble for IT sector: Analysts

Brokerages have maintained a cautious to negative stance on the Indian IT sector given Accenture's muted deal bookings, lagging demand in key verticals, and emerging pricing pressure. READ MORE

4:01 PM

ICICI Securities surges 7% to hit 7-month high on strong growth prospects

Analysts anticipate the broking revenue to remain stable in FY24, while expect strong growth in the distribution business and in interest income, led by strong growth in the MTF book. READ MORE

3:59 PM

IKIO extends rally post strong listing; zooms 67% over issue price

Shares of IKIO Lighting (IKIO) hit a new high of Rs 477.15, surging 7 per cent on the BSE in Friday's intra-day trade, in an otherwise weakj market, after strong listing gains last week. READ MORE

3:57 PM

Tube Investments hits new high in intra-day deals on healthy business outlook

The stock of auto components & equipments company has gained near about 14 per cent in the last four trading sessions. READ MORE

3:54 PM

Voltas sheds 4%, nears 52-week low on concerns of tepid growth in RAC biz

As per management, the Room Air Conditioner business did well in April, but Voltas saw below-expected volume growth in the key month of May due to unseasonal rain. READ MORE

3:52 PM

Market breadth fairly negaitve for 2nd straight day; declining stocks outnumber advances in nearly 2:1 ratio

3:50 PM

Nifty Auto index slip 1%; Balkrishan Inds, Motherson dip over 2%

3:48 PM

Nifty Metal index top sectoral loser, down 2.5%

3:47 PM

Nifty Consumer Durables index slumps over 1.5%; Rajesh Exports, Voltas top laggards

3:45 PM

BSE Smallcap Heatmap:: 63Moons, Antony Waste zoom up to 20; Dish Tv, HCC crack 6%

3:43 PM

BSE Midcap Heatmap:: Adani Power, Primal Enterprises, Rajesh Exports fall around 5%

3:41 PM

Broader indices slip over 1% as against 0.6% decline on the Nifty 50; India VIX down 2.7%

3:40 PM

Nifty 50 Losers:: Adani Enterprises tanks 7%; Adani Ports, BPCL, Hindalco topple up to 4%

3:38 PM

Nifty 50 Gainers:: IndusInd Bank, Dr.Reddy's. Asain Paints jump up to 3%

3:37 PM

Sensex 30 Heatmap:: 8 Gainers v/s 22 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 finishes with a loss of 106 points at 18,665

3:33 PM

CLOSING BELL:: S&P BSE benchmark extends losses, ends 260 pts lower at 62,979

3:29 PM

Why General Electric's plan to make jet engines in India is big deal

The GE engine in question is called the F414 and it has been used by U.S. Navy aircraft for more than 30 years.

 

The F414 powers or is on order to power jets in the U.S., Sweden, Australia, Kuwait, Brazil, South Korea, India and Indonesia. READ MORE

3:23 PM

Not aware of any subpoena from US regulators to investors: Adani Group

According to the report, the US Attorney's Office in Brooklyn, New York, has sent inquiries in recent months to institutional investors with large holdings in the conglomerate. The requests for information were focused on what Adani Group told those investors. READ MORE

3:10 PM

Global Check:: US, UK stock futures notably in red

Source: Investing.com

2:58 PM

Tycoon Shapoor Mistry's firm set to sell India's biggest low-rated bond

The offering comes at a time when investors are turning bullish on India's credit market as a strong economy and improved corporate balance sheets have alleviated concerns. READ MORE

2:50 PM

ALERT:: Dr. Reddy’s enters the trade generics business in India; stock up 2%

Dr. Reddy's Laboratories today announced its entry into the trade generics business in India with the launch of its new dedicated division 'RGenX'. Through this, Dr. Reddy's aims to provide patients with access to a wider range of products and increased affordability. The new business will further the company's goal of reaching over 1.5 billion patients by 2030., the company said in a release.

2:38 PM

Aurobindo Pharma arm signs pact with Medicines Patent Pool to develop drug

The product will be produced at the Eugia Pharma Specialities Ltd. Unit-I, Medchal, in Telangana, the company said adding it has adequate capacities to meet the global demand. READ MORE

2:27 PM

ICICI Securities surges 7% to hit 7-month high on strong growth prospects

Analysts anticipate the broking revenue to remain stable in FY24, while expect strong growth in the distribution business and in interest income, led by strong growth in the MTF book. READ MORE

2:17 PM

Reliance Jio in talks to raise about $1.6 billion for equipment from Nokia

Banks involved in the discussions with billionaire Mukesh Ambani's telecoms company include Citigroup Inc., HSBC Holdings Plc. and JPMorgan Chase & Co., said the people. READ MORE

2:06 PM

Egypt to offer exclusive industrial cluster to India in Suez Canal EZ

The chairman of the SCZONE said the SCEZ is a strategic location for India to reach out to markets in Europe, Africa, and the Middle East. READ MORE