Sensex falls 710 pts, Nifty holds 15,400; Metal index drops 5%, RIL 3%

CLOSING BELL: In the broader markets, the Nifty MidCap100 and SmallCap100 indices fell up to 1.6 per cent.

hare brokers react to falling stock prices on screens of computers and television

CLOSING BELL

Stock market highlights: Stock markets were back on the downtrend after a two-day hiatus, as lack of triggers erased momentum. The BSE Sensex index slumped 710 points, or 1.35 per cent, to end at 51,823 with 28 of the 30 index constituents settling in the red.

The Nifty50, meanwhile, closed at 15,413, down 226 points or 1.44 per cent.

ALSO READ: 5 reasons why BofA Securities has cut year-end Nifty target to 14,500

The laggards on these indices, including Hindalco, UPL, Tata Steel, JSW Steel, Wipro, ONGC, Reliance Industries, Adani Ports, Coal India, HCL Tech, SBI Life, Bajaj Finserv, Tata Consumer Products, and IndusInd Bank, dropped between 2.5 per cent and 6 per cent.

Maruti Suzuki, TCS, Power Grid, Hero MotoCorp, and BPCL were the only gainers, adding up to 1.3 per cent.

ALSO READ: 5 PSBs form 'falling knife' pattern; charts say stay away

In the broader markets, the Nifty MidCap100 and SmallCap100 indices fell up to 1.6 per cent. On the sectoral front, all the key indices closed in the red with the Nifty Metal index down 5 per cent, and Nifty Oil & Gas index 2 per cent.

Global markets

European stocks fell sharply on Wednesday, with the pan-European Stoxx 600 dropping 1.6 per cent in early trade. On Wall Street, Dow Jones Futures fell 1.4 per cent, or over 400 points, while S&P500 and Nasdaq Futures shed up to 2 per cent.

Earlier in Asia, Nikkei fell 0.4 per cent, Kospi plunged about 2.7 per cent, and CSI300 declined 1.3 per cent.

4:08 PM

Nifty tech view: Trend may remain weak as long as index stays below 15,500

Nifty slipped lower after a volatile trading session.

On the higher end, 15,500 remains a level of resistance.

The trend is likely to remain weak as long as the Nifty remains below 15,500.

On the lower end, support is visible at 15,300.

Views by Rupak De, Senior Technical Analyst at LKP Securities.

markets, stock market, brokers, brokerages, sensex, correction, nifty, shares, growth, profit, economy, gain

4:06 PM

Post closing view: Market in very fragile mode; likely to be rangebound in near-term

Markets once again went into a plunge mode as panic-stricken investors taking cues from an early slump in European indices and weakness in other Asian gauges dumped equities, especially metal, power & realty stocks.

The market is currently in a very fragile mode as any signs of negativeness is prompting traders to exit stocks at will.

Technically, the Nifty has also formed a bearish candle which suggests further weakness from the current levels.

On intraday charts, the index has formed non directional formation while the texture of the chart is suggesting that a range bound activity is likely to continue in the near future.

For traders, 15500 would act as an immediate resistance level, above which it could rally till 15600-15650. On the flip side, 15350 could be the key support level to watch out for. Below the same, the index could slip till 15250-15200.

Views by Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

4:03 PM

Rupee ends at record closing low of 78.39/$ vs Tuesday’s close of 78.07/$

Imaging: Ajay Mohanty

3:59 PM

Telecom stocks in focus: DoT says no SUC charge on spectrum assigned post September 2021

DoT says there would be no spectrum usage charge (SUC) on spectrum assigned post September 2021. Also, floor of minimum SUC of 3% of AGR has been removed.