Sensex sheds 311 pts on Fed rate hike scare; banks, IT shares wither

CLOSING BELL ON JUNE 15, 2023: The weekly Nifty and Bank Nifty options expiry pressure saw the NSE benchmark drop 0.4 per cent, while the latter tumble 1.2 per cent.

4:01 PM

Tech View :: 'Bank Nifty breaks 20-EMA; next support at 43,150'

The banking sector has been disappointing in the past few sessions as it did not participate in the broader market rally. With today's price action, the short-term charts appear distorted.

On the daily chart, prices have fallen below the 20-day exponential moving average (20-ema), which had been a strong support level recently. This break below the 20-ema does not bode well for the bullish sentiment. Considering today's bearish momentum, we may observe more weakness in the near future with the next support level around the 50-day simple moving average (50-sma) at around 43,150, followed by the swing low of 42,600 recorded in May.

On the upside, the previous support level of 43,700 - 43,800 will now act as immediate resistance. Traders should take note that this recent weakness is merely a price correction, and the overall trend remains positive. Any further dips should be seen as buying opportunities.

Views by: Rajesh Bhosale, Technical Analyst at Angel One

3:56 PM

Tech View :: 'Near-term outlook changes to sideways from positive'

On the daily charts, the Nifty has formed an Engulfing Bear candle stick pattern which has bearish implications. The daily momentum indicator has a negative crossover which is a sell signal. Thus, both price and momentum indicators are suggesting weakness in the near term, and thus we change our short term outlook on the index to sideways from positive.

The range of consolidation id likely to be 18,800 – 18,500. The 20-day moving average, which has been holding out during this rally, is placed at 18,532 and so only a decisive break below that shall reverse the trend. In terms of levels, 18,780 – 18,800 shall act as an immediate hurdle zone, while 18,530 – 18,500 is the crucial support zone to watch out.

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

3:53 PM

Comment :: 'Despite weakness in benchmarks, there is buying interest in broader markets'

The domestic market is responding to the Fed's hawkish commentary, which suggests the possibility of 2 more rate hikes in the future this year, although they have currently opted for a halt.

Due to concerns about inflation persisting above their target range, Fed officials have increased their rate projections by 47.5 bps for the end of 2023 to 5.6%.

Despite weakness in the benchmark index, there is buying interest observed with the Nifty Mid-cap index trading at an all-time high.

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

 

 

3:50 PM

Currency check :: Rupee ends 8 paise lower at 82.18/$

>> Wednesday's close was 82.10/$

3:48 PM

Buzzing stock :: IndiGo climbs over 2.5% on achieving highest-ever market share in May

>> InterGlobe Aviation commanded over 61% market share in May amid Go First grounding

>> Air India, Vistara other market share winners, SpiceJet losses

3:46 PM

Buzzing stock :: Lokesh Machines hits 20% upper circuit on order win from GoI

3:44 PM

Buzzing stock :: IDFC First Bank ends near 6-year high in a weak market

3:42 PM

Buzzing stock :: Axis Bank ends with a slight downtick post block deal

3:40 PM

Broader market indices extend their winning ways

3:39 PM

Sectoral trends :: Banks, financial services stocks weigh on the bourses

3:37 PM

Sensex Heatmap :: 12 of 30 index stocks scalp gains; Nestle, M&M, ITC top winners

3:35 PM

CLOSING BELL :: Nifty ends below 18,700

3:33 PM

CLOSING BELL :: Sensex slides over 300 pts as US Fed eyes 2 more rate hikes

3:22 PM

Global Check:: US, UK stock futures down up to 0.7%

Source: Investing.com

3:08 PM

Stock Alert:: Hero Moto plunges over 5% from day's high

Shares of Hero MotoCorp witnessed a sudden dip to Rs 2,810. The stock was down over 5 per cent from the day's high of Rs 2,961 on the BSE.

CNBC TV-18 reports that Ministry of Corporate Affairs initiates investigation against the company.

3:02 PM

Market Check:: BSE Healthcare index up 1.5%; Poly Medicure soars 14%

Among individual stocks, Bank of Baroda, IndusInd Bank, Federal Bank and Bandhan Bank decline over 2 per cent each.

2:53 PM

Monsoon has arrived, agri sector looks healthy: CEA V Anantha Nageswaran

Monsoon has arrived "well" in India and the country's agriculture sector looks in good health, Chief Economic Advisor V Anantha Nageswaran said at an event on Thursday. According to news agency Reuters, he said that India is "well covered" in handling the impact of monsoon on output and prices. READ MORE

2:52 PM

ALERT :: All India monsoon below 51% of normal thus far in June

2:41 PM

Market Check :: Bank Nifty down 1%; private banks weigh

Among individual stocks, Bank of Baroda, IndusInd Bank, Federal Bank and Bandhan Bank declined over 2 per cent each.

2:30 PM

ALERT:: G R Infraprojects wins Rs 1,085 cr order; stock jumps 2%

G R Infraprojects has been emerged as L‐1 bidder for a project "Four laning of NH 530B from Kasganj Bypass End (Existing Km. 150.100 of NH 530B/ Design Km. 123.100) to Chandan Nagar (Existing Km 96.200 of NH 530B/Design Km. 179.500) section of NH 530B in the State of Uttar Pradesh on HAM mode – Package 3". The order is worth Rs 1,085.47 crore.

2:16 PM

Sensex Heatmap:: Private Banks, IT shares top drags; Auto hold fort

2:02 PM

Tata Steel, Germany's SMS group to explore low carbon steel-making tech

The EASyMelt (electric-assisted syngas smelter) technology is an iron-making solution that can be implemented in existing integrated steel plants to accelerate decarbonisation. READ MORE

1:52 PM

ALERT: SAT defers Zee appeal against Sebi to June 19, Monday

SAT has deferred the hearing of Subhash Chandra and Puneet Goenka appeal against Sebi order to Monday, June 19, reports ET Now.

1:47 PM

Maruti sitting on 100,000 plus pending deliveries as MPV market expands

Maruti Suzuki's popular multi-purpose vehicles (MPVs), Ertiga and XL6 have a combined order backlog of more than 100,000 vehicles, Autocar India (ACI) reported. The delay in deliveries is due to supply chain crises and production-related limitations. READ MORE

Photo: Website

1:36 PM

ALERT:: ECB rate decision later today, rate hike expected

ECB is expected to hike interest rates by another 25 bps later today.

1:27 PM

ALERT:: KFin Tech wins awards for advisory-led Wealth Management; stock down over 1%

KFin Technologies has won three advisory-led wealth management awards at Sahamati Samvaad 2023. The awards were for Easy Banking (One Money Account Aggregator - Money One TSP - Goal Teller) and two for Wealth - Balanced Portfolio HNI Investors (One Money AA - KFintech TSP - Dezerv) and Mid and Low- Income Investors (One Money AA - Money One TSP - Goal Teller).

1:19 PM

As work-from-office resumes, TCS employees get less time to upgrade skills

After IT giant Tata Consultancy Services (TCS) asked employees to come to the office at least three days a week, there has been a sharp decline in the average number of learning hours per employee, according to a report in The Times of India. Average learning hours fell from 121 in the FY22 to 82 in FY23, according to TCS’ annual report. READ MORE

1:09 PM

Stock Market Live: Sensex near day's low, down 150 pts; IT, banks weigh

Source: Yahoo Finance

1:01 PM

ALERT :: PVR Inox rallies 3% as 'Adipurush' sees nearly 4,80,000 ticket sales for first weekend

12:55 PM

ALERT :: US FDA clears FDC's Aurangabad unit, classifies as ‘No Action Indicated’

>> US FDA inspection for Aurangabad unit is closed, issues Establishment Inspection Report