Business Standard

Sensex drops 652pts, Nifty near 17,750 as growth concerns weigh; banks sink

CLOSING BELL: The broad-based sell-off was led by financials including IndusInd Bank (down 4 per cent), Bajaj twins, SBI, ICICI Bank, Kotak Bank, and HDFC duo

Image SI Reporter New Delhi
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CLOSING BELL

Stock market highlights: 
Equity markets cracked, while bond yields on the 10-year government securities firmed up, in the second half of the trading session on Friday as growth concerns weighed on investor sentiment. The S&P BSE Sensex crashed 937 points from the day's high and hit a low of 59,474 during the day. It, eventually, closed at 59,646, down 652 points or 1.08 per cent.

The NSE Nifty50, meanwhile, touched an intra-day low of 17,710 before settling 198 points, or 1.1 per cent, lower at 17,758.

The broad-based sell-off was led by financials including IndusInd Bank (down 4 per cent), Bajaj twins, SBI, ICICI Bank, Kotak Bank, and HDFC duo. That apart, Tata Steel, NTPC, HUL, Maruti Suzuki, RIL, and M&M were the other heavyweight losers. The only Sensex gainers were L&T, Infosys, and TCS.

Sectorally, the BSE Metal index shed 1.8 per cent, the BSE Bankex index 1.7 per cent, and the BSE PSU index 1.6 per cent

In the broader market, the BSE MidCap and SmallCap indices fell 1.27 per cent and 0.93 per cent, respectively. 

Sensex @ 65,000?
Domestic equity markets have staged a dramatic turnaround over the last two months. The frontline indices – the S&P BSE Sensex and Nifty – have rallied over 17 per cent each from their respective lows in June. Thus far in August, they have surged around 6 per cent each. Technically, both frontline indices – the BSE Sensex and Nifty 50 – have crossed their respective 61.80 per cent Fibonnaci retracement levels. Typically, surpassing 50 per cent is considered as a bullish reversal. READ MORE

Global cues
European markets were lower Friday morning, tracking global uncertainty as investors chart the course for monetary policy and continue to digest corporate earnings reports. The pan-European STOXX 600 index was down 0.33 per cent, while DAX and CAC40 fell up to 0.7 per cent. 

On Wall Street, futures linked to main indices were down up to 0.8 per cent. Earlier in Asia, Nikkei ended flat with negative bias, Kospi declined 0.6 per cent, but Hang Seng rose 0.05 per cent. 


4:03 PM

Nifty tech view: Markets may trade sideways to negative

"The Nifty has fallen lower as the Indian equities failed to absorb the selling pressure around the 18,000 mark. Besides, the index has formed a bearish engulfing pattern on the daily chart. The index has found support at the falling trend line. In the near term, the trend is likely to remain sideways to negative. However, a fall below 17,700 may trigger a serious correction in the market. Support on the lower end is visible at 17,500/ 17,400. On the higher end, resistance is visible at 17,900 -18,000."
 
- Rupak De, Senior Technical Analyst at LKP Securities

NSE, national stock exchange, nifty50

3:54 PM

Expert view: Strength in dollar index, FII selling surprised bulls

"Profit booking amid weak global cues impacted domestic indices as concerns about interest rate hikes hung over the markets. Additionally, the recent rally of the dollar index and FIIs turning net sellers has surprised bulls. Broad-based selling was witnessed with the index heavyweights dragging the index further down."
 
- Vinod Nair, Head of Research at Geojit Financial Services
3:50 PM

Adani Power surpasses NTPC in m-cap ranking; zooms 318% thus far in 2022

In the past one month, share price of Adani Power has appreciated by 41 per cent, as compared to 6 per cent gain in the market price of NTPC. The S&P BSE Sensex, meanwhile, rallied 10 per cent. READ MORE

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3:49 PM

IRCTC gains 3% on data monetisation plan

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) jumped to a high of Rs 752.80, up 5.5 per cent in intra-day trade on Friday as the company announced plans to monetise its passenger data bank. READ MORE

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3:45 PM

Tata Chemicals hits new high; surges 38% in one month on healthy outlook

An anticipated reduction in imports and the ongoing programs on driving cost reductions and efficiencies will likely yield benefits in margins.

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3:44 PM

Power Mech hits new high on order win from Adani Group; jumpst over 8%

The company said it bagged an order worth Rs 6,163.2 crore for five flue gas desulphurization [FGD] projects from the Adani Group. READ MORE

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3:42 PM

Ambuja Cements gains 2%; stock inches towards 52-week high

Last week, the Competition Commission of India (CCI) approved Adani Group's acquisition of Ambuja Cements and ACC from Switzerland's Holcim. READ MORE

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3:35 PM

Sensex 30 Heatmap:: Only three gainers; IndusInd, Bajaj twins fall the most

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3:33 PM

Closing Bell:: S&P BSE Sensex ends 652 points lower at 59,646

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3:22 PM

BSE 500:: Volume Shockers

Cams Services has witnessed unusually high volume of around 2.37 lakh shares so far on the BSE as against its five-day average volume of around 6,800-odd shares. Similarly, Gland Pharma, IIFL Finance, Adani Green and Vardhman Textile witnessed a significant spike in volume on Friday. VIEW MORE

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3:13 PM

RBI on PSBs privatisation: Prefer gradual rather than bang app approach

RBI researchers are of the view that instead of a big bang approach, a gradual approach to privatisation would result in better outcomes. READ PRESS RELEASE

Reserve Bank of India, RBI

3:03 PM

Financial shares slip; SBI Cards, Bajaj twins decline up to 4%

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2:53 PM

Global Check:: US, UK stocks futures deep in red

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Source: Investing.com

2:45 PM

Jubilant Foodworks bullish about medium-term market potential in India

The company achieved a remarkable feat of delivering more than 70 per cent of delivery orders in less than 20 minutes, the company claimed. READ MORE

Jubilant feels the bite of faltering demand

2:36 PM

BSE 500:: Top losers so far

Zomato has slipped nearly 8 per cent and was the top loser among the BSE 500 stocks so far. It was followed by Mazagon Dock, MRPL, IIFL Finance and Varun Beverages. VIEW MORE

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First Published: Aug 19 2022 | 8:13 AM IST

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