IT drags benchmarks lower for 3rd day; Sensex dips 159pts, Nifty near 17600

CLOSING BELL: Infosys, TCS and HCL Technologies, down 1.3 - 2.4 per cent, collectively accounted for a loss of 156 points on the BSE Sensex.

4:02 PM

Tech View :: 'Both Bulls and Bears are trying to defend their respective boundaries'

The Nifty opened on a flat note and drifted lower for most part of the day. It closed down ~40 points for the day. It traded within the range 17,863 – 17,574 of the penultimate trading session. The hourly Bollinger bands are contracting on account of the sideways price action and is also suggesting rangebound price action. Both Bulls and Bears are trying to defend their respective boundaries. The ideal strategy to trade this sideways consolidation is to take a contrarian view at the extremes of the range. So, traders should look for signs of strength around 17500 and go long. During this phase of consolidation, we can expect sector rotation and stock specific price action. The range of consolidation is likely to be 17,500 – 17,800 for the next few trading sessions.

Source: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

4:00 PM

Comment :: 'Dark clouds of weak Q4 numbers are haunting markets'

The dark clouds of weak Q4 numbers are haunting the domestic market leading to a consecutive third fall in the week. IT stocks continued their selling spree ahead of the release of earnings from other tech majors. Tepid cues from the global peers are also creating havoc as the market prices in the possibility of another rate hike by the Fed. The biggest risk for the market today is a downgrade in the corporate earnings forecast.

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

3:59 PM

Currency check :: Rupee ends at 82.23/$ against Tuesday's close 82/$

3:58 PM

Market Insights :: YES Bank sets record for most shareholders

Source: SAMCO Securities

3:57 PM

Market Insights :: Most Mukesh Ambani-led companies slide in FY23

Source: SAMCO Securities

3:55 PM

BSE Stats :: Market breadth nearly 1:1

3:53 PM

Buzzing stock :: KTRBL leaps 12% amid reports that global rice shortage may be highest in 20 years in 2023

>> Chaman Lal Setia Exports jumps 8.7 per cent, L&T Foods 8 per cent, and Kohinoor Foods hits 5 per cent upper circuit,  

3:48 PM

Buzzing stock :: BEML Land Assets stays locked in 5% lower circuit post debut

3:47 PM

Buzzing stock :: HCL Tech ends 2% down ahead of Q4 result on Thursday

3:45 PM

Buzzing stock :: Prism Johnson leaps 11%, hits highest level since December 2022

 

3:42 PM

Buzzing stock :: Mirza International freezes at 20% upper circuit aid heavy volumes

3:40 PM

Sector check :: Metal stocks outperform in a weak market as global prices drop

3:39 PM

Sector check :: IT stocks bleed for 3rd straight session; Coforge, LTIM worst hit

3:38 PM

Broader markets :: Smallcaps shine bright amid broad-based selling

3:36 PM

Sectoral trends :: Most indices reverse gains in fag-end; metal, pharma buck trend

3:35 PM

Sensex Heatmap :: Only 10 stocks settle higher on 30 pack index

3:33 PM

CLOSING BELL :: Nifty ends near 17,600

3:32 PM

CLOSING BELL :: Sensex slips for 3rd day, ends 159 pts down

3:27 PM

ALERT :: Prestige Group registers highest ever sales of Rs 12,930.9 crore in FY23; stock up 3%

3:24 PM

Global Check:: US, UK stock futures decline up to 0.5%

Source: Investing.com

3:12 PM

JSW Steel plans to sell specialty steel to Russia: Company source

India's JSW Steel plans to sell specialty steel products to Russia this year, a senior company official told Reuters on Wednesday. READ MORE

3:04 PM

Angel investment at high premium under Income-Tax department scanner

Indian start-ups that raised capital from domestic investors at an “excessive premium” between Assessment Years 2018-19 and 2020-21 have come under the income-tax (I-T) department scanner. READ MORE

2:53 PM

Stock Alert:: Patel Engineering zooms 18% on heavy volumes

2:43 PM

As the economy rebounds, India's hotel industry may have its best year ever

After posting a hike of 13 per cent in FY22 the ARR of premium hotels is estimated to have increased by 24 to 26 per cent in FY23, a decadal high of Rs 7,500 to 10,000, according to a Crisil report. READ MORE

2:35 PM

Stock Alert:: Mirza Intl remains locked at 20% upper limit on heavy volumes

The stock has been locked at the 20 per cent upper limit since early noon deals on Wednesday. The counter has seen trades of around 15.80 lakh shares so far on the BSE as against the two-week average traded volume of around 3.32 lakh shares. There were pending buy orders for nearly 1.36 lakh shares at the counter.

2:25 PM

Mankind Pharma IPO to open next week: Check price band, GMP, other details

Mankind Pharma IPO GMP: According to reports, the IPO is commanding a great market premium of Rs 80 per share today. READ MORE

2:14 PM

Market Check:: Nifty PSU Bank index dips 1%; PSB, Canara Bank lead fall

2:02 PM

This Rekha Jhunjhunwala-owned stock hit new peak after a gap of 15 years

After a gap of over 15 years, the stock has touched a new peak. It surpassed its previous high of Rs 448.5 per share, which it had touched in December 2007. READ MORE

1:48 PM

News Alert: ITC IT subsidiary incorporates new arm in Mexico

ITC Infotech India, a wholly-owned subsidiary (WOS), of ITC has incorporated a WOS in Mexico as 'ITC Infotech de México, S.A. de C.V.' on April 17, 2023. 

1:40 PM

Once booming startups set for more pain as funding crunch worsens

A funding squeeze at Indian startups that has already led to layoffs and delayed stock listings is set to worsen as investors reckon with stretched valuations and faltering consumption growth, likely laying the ground for industry consolidation. READ MORE