Sensex sinks 505 pts, Nifty gives up 19,350 amid global weakness; PSBs soar

Closing Bell on July 7, 2023: PowerGrid, IndusInd Bank, HUL, NTPC, Bajaj Finance, HCL tech, Tech M, L&T, Asian Paints, ICICI Bank, ITC, Kotak Bank, Infosys, and HDFC twins declined up to 3 per cent

4:09 PM

COMMENT:: Domestic market succumbs to weak global cues

"The domestic market succumbed to profit-booking as heat waves from weak global markets hit the shore. Global equities declined due to a spike in US bond yields, fuelled by expectations of a prolonged high-interest rate environment following a sharp increase in US private payroll data. Investors are eagerly awaiting the release of key US non-farm payroll and unemployment data today, which will provide further clues on the Fed's policy direction ahead of its July meeting."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

4:08 PM

VIEW:: Immediate support for Nifty seen at 19,300

"The Nifty experienced a significant decline after failing to maintain its position above 19,500. This drop led to the index falling below the 21-EMA on the hourly chart, indicating an increasing bearish sentiment in the market. Furthermore, the hourly RSI has shown a bearish crossover, adding to the negative outlook. The immediate support level is identified at 19,300, while the resistance level remains at 19,500."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:07 PM

VIEW:: Potential trend reversal seen in Bank Nifty

"The Bank Nifty index experienced selling pressure from the bears, leading to a correction throughout the day. This upper end movement by the bears suggests a potential reversal in the trend. The hurdle for the index is currently at 44,500, where aggressive fresh call writing is observed. This level is expected to act as a resistance for further upside movement. The index broke below the support level of 45,000, indicating a shift in the trend. However, a follow-up action is required to confirm and sustain the downward momentum. If the index manages to sustain below 45,000 on a closing basis, it is likely to continue its downward momentum towards the levels of 44,500 and 44,200."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities
 

4:04 PM

IdeaForge Technology doubles investors' wealth on stock market debut

Post listing, the market price of the company doubled against its issue price of Rs 672, hitting an intra-day high of Rs 1,344 on the BSE. READ MORE

4:02 PM

Tata Motors hits a new high after over 8 years; stock up 57% so far in CY23

Based on preliminary cash balances, JLR expects to report positive free cash flow of over £400 million in the June quarter. READ MORE

4:00 PM

BSE buyback: Should you tender your shares?

Given company's strong cash balance and prospects of robust growth, long-term investors can skip the share buyback, recommends A K Prabhakar. READ MORE

3:59 PM

Olectra Greentech zooms 18% to hit an all-time high on new order win

So far this calendar year (CY23), shares of Olectra has rallied over 144 per cent, as against 8 per cent rise in the S&P BSE Sensex. READ MORE

3:57 PM

Praj Industries jumps 7%, to form JV with IOC for biofuel production capacities

Analysts believe this is a positive development for Praj Industries as biodiesel could be the next growth driver for the company. READ MORE

3:54 PM

Titan hits new high, gains in a weak market on strong June quarter business update

The company's jewellery division witnessed a satisfactory performance and grew 21 per cent YoY in the April-June quarter. READ MORE

3:50 PM

Market Breadth was negative; BSE m-cap of all listed firms dips below Rs 300 lakh crore

3:49 PM

Nifty PSU Bank index bucks trend, gains 1%; PNB, Canara Bank lead

3:47 PM

Nifty FMCG index sheds 1.5%; Dabur, McDowell, UBL top drags

3:45 PM

BSE Smallcap Heatmap:: Olectra, Zee Media soar over 16%; Genus Power slips 6%

3:43 PM

BSE Midcap Heatmap:: Zee zooms 9%; Glenmark, Castrol, Canara Bank 2 - 3%

3:41 PM

Broader indices fall in tandem with benchmark Nifty 50; VIX dips 2.5%

3:39 PM

Nifty 50 Gainers:: Only five gainers; SBI ends flat

3:38 PM

Nifty 50 Losers:: Adani Ports, PowerGrid dip up to 3%; six more decline more than 2%

3:36 PM

Sensex 30 Heatmap:: 4 Gainers v/s 26 Losers

3:35 PM

CLOSING BELL:: NSE Nifty50 snaps 8-day winning run; ends 165 pts lower at 19,332

3:33 PM

CLOSING BELL:: S&P BSE Sensex hits fresh high at 65,899; reverses course, and sheds 505 pts to end at 65,280

3:25 PM

Global Check:: US stock futures flat; UK marginally up

Source: Investing.com

3:21 PM

ALERT :: Zerodha faces tech glitch related to BFO segment

3:17 PM

Sebi unveils new disclosure framework for issuers of debt securities

Markets regulator Sebi has notified rules for introducing the concept of general information and key information document to avoid multiple filings of documents by issuers of debt securities. READ MORE

3:09 PM

RBI looking to enhance fintech regulations, says Dy Guv T Rabi Sankar

The central bank has been monitoring the fintech space lately to ensure financial stability and mitigate risks related to cybersecurity and prevent fraud. READ MORE

3:00 PM

Market Check:: Zee Entertainment zooms 10% on strong volume

2:53 PM

ALERT:: JLR sales rose by 30% YoY in Q1; Tata Motors gains 2%

JLR today reported 30 per cent year-on-year (YoY) growth in Q1FY24 wholesales to 93,253 units, excluding China. Retail sales also grew by 29 per cent YoY to 101,994 units.

2:43 PM

ALERT:: Ugro Capital to issue CPs worth Rs 25 crore

Ugro Capital board has approved issue of commercial papers (CPs) to the tune of Rs 25 crore for a period of 183 days.

2:32 PM

India's El Nino silver lining: Resilience to poor rainfall improving

Agriculture's role in the economy has reduced over the decades, easing impact of 'climatic shock'. READ MORE

2:23 PM

Olectra Greentech zooms 15% to hit an all-time high on new order win

So far this calendar year (CY23), shares of Olectra has rallied over 144 per cent, as against 8 per cent rise in the S&P BSE Sensex. READ MORE

2:12 PM

Tomatoes now at Rs 250 per kg in Gangotri Dham, Rs 180 to 200 in Uttarkashi

Many attributed the sharp rise in the vegetable prices to the prevailing heatwave in key tomato-growing areas, as well as heavy rains, leading to a disruption in supply chains. READ MORE