Sensex ends at day's low, sinks 470 pts; Nifty below 14,300; metals crack
Stock market updates: The S&P BSE Sensex hit an intra-day low of 48,404 today
 "Sensex ends at day's low, sinks 470 pts, Nifty below 14,300; metals crack")
Stock markets updates: With largely all the positives priced-in the markets, equity indices continued to consolidate at current levels on Monday with bouts of volatility keeping investors on the edge. Volatility index, India VIX, jumped over 4 per cent in the intra-day trade today before cooling-off to settle 1.2 per cent higher at 24 levels.
That apart, expectations that the Reserve Bank of India may set out proposals in a discussion paper this week, recommending that bigger shadow banks hold a share of deposits in cash, gold or government securities, weighed on financial counters. Shares of HDFC fell 2.4 per cent, while Bajaj Finance and Bajaj Finserv dropped over 3 per cent, dragging down the Nifty 50 index.
Amid up to 2 per cent gains in Reliance Industries and HDFC Bank, the benchmark S&P BSE Sensex and Nifty50 managed to contain losses but still closed around 1 per cent per cent lower. The Sensex index ended at 48,564 levels, down 470 points or 0.96 per cent, on the BSE with RIL, Titan, HDFC Bank, and ITC ending the day as the only gainers. On the downside, ONGC (down 5 per cent), Sun Pharmaceuticals, Bajaj Finance, and PowerGrid remained as top drags. The index hit an intra-day low of 48,404 today.
Nifty50, meanwhile, gave up 14,300 and ended at 14,281 levels, erasing 152 points or 1 per cent. 44 of the 50 constituents ended the day in the red.
In the broader market, the S&P BSE MidCap index underperformed the frontline indices and ended 2 per cent lower. The S&P BSE SmallCap index closed with a 1.89 per cent cut.
Market breadth remained in the favour of bears as 2,089 stocks declined on the BSE today, as against 938 stocks that rose.
On the sectoral front, all the indices ended the day in the red with Nifty Metal index sliding over 4 per cent. Nifty Realty, Pharma, and Auto index each slipped 2 per cent on the NSE.
Global cues
Global stock markets sank on Monday as soaring Covid-19 cases offset investor hopes of a quick economic recovery, while the Chinese economy posted a better-than-expected rebound in the fourth quarter of 2020.
European stocks as measured by the STOXX 600 index opened 0.3 per cent weaker, after failed merger talks between French retailer Carrefour and Alimentation Couche-Tard. Germany's DAX fell 0.2 per cent, France's CAC 40 index fell 0.3 per cent, and Italy's FTSE MIB index slipped 0.3 per cent. Britain's FTSE 100 index fell 0.1 per cent.
In Asia, Chinese blue chips gained 0.8 per cent after the economy was reported to have grown 6.5 per cent in the fourth quarter, on a year earlier, topping forecasts of 6.1 per cent.
Elsewhere in Asian markets, Japan's Nikkei slipped 0.8 per cent. MSCI’S All Country World Index, which tracks stocks across 49 countries, fell 0.1 per cent, down for a second session after hitting record highs only last week.
(With inputs from Reuters)
4:21 PM
MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive VP, Equity Technical Research at Kotak Securities
Unusual strength in the dollar index and sustained run up in the commodities have battered the sentiment of the equity market. Nifty/Sensex fell more than one percent during the day and made a low of 14222/48460. It has triggered selling in commodities and the Nifty Metal index closed 4.57% lower. Reliance Industries and HDFC Bank have supported the market otherwise it could have closed below the levels of 14200/48400. On a daily chart, Nifty/Sensex has formed bearish continuation formation following to a Doji star of formation on a weekly chart. As the market closed below the crucial support 14350/48800, Nifty could fall to 14100/48100 or 14000/47900 in next couple of days. On the higher side, 14350/48800 and 14460/49150 would be major hurdles. The strategy should be to trade on bounces and keep a final stop loss at 14470/49200 levels. Select buying is advisable between 14100 and 14000 (48100/47900) levels, strictly with a medium term view.
4:10 PM
MARKET CLOSING COMMENT :: Deepak Jasani, Head of Research, HDFC Securities
Indian equity benchmark indices witnessed profit taking for the second consecutive day on January 18 on the back of soft global markets. A second round of fall post 1410 Hrs took the Nifty down to close almost at its intra-day lows – the average value of the last half hour however was higher. At close, the Nifty was down 152.40 points or 1.06% at 14,281.30.
Volumes on the Nifty were in line with those of the previous two days. Among sectors, Metals, Pharma, PSU Bank, Media, Auto and Realty fell the most. Broader markets performed worse than the Nifty with smallcap and midcap indices down almost 1.8-2.1%.
The near term downtrend in the Nifty has gained momentum on Jan 18 even as the stocks (more so in small and midcap categories) seemed to have run out of steam. In the process the upgap made on Jan 11 has been filled. US markets are closed for Martin Luther King holiday on Monday. Hence our markets may not get any overnight cues from there. On the Nifty 14040-14215 band is the next support area. On rises 14358 could act as a resistance.
4:00 PM
TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research
The market manages to hold above the Nifty 50 Index support zone of 14170-14230. The technical factors are aligned to support a range-bound market movement in the coming week. Therefore, the short-term traders to use the rally to exit while buying any dip towards the support level around 14170-14230 (considered best practice in a volatile market). The market breadth to deteriorate, indicating a likelihood of higher volatility.
3:57 PM
MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services
The market has gotten choppy ahead of the upcoming Union Budget and due to weakness in an expensive global market. A good part of the economic gains is well factored in by the upside of the last 11 weeks. A short-term correction was being anticipated for some time, it will be welcome for the market on a long-term basis
3:54 PM
Market stats :: BSE m-cap slips to Rs 192.6 trillion after soaring as high as Rs 197 trillion
3:51 PM
Nifty Bank index declines over 400 pts
3:49 PM
BUZZING STOCK OF THE DAY :: ITC hits 11-month high
>> The stock hit an over 11-month high of Rs 221, up 1.4 per cent, in the intra-day trade
>> It settled flat on the NSE at Rs 218 apiece
>> It settled flat on the NSE at Rs 218 apiece
3:48 PM
STOCK OF THE DAY :: HDFC Bank hits record high post Q3 result
3:46 PM
SAVER OF THE DAY :: Gains in RIL support markets
3:45 PM
Sectoral trends on NSE :: Metals index underperforms on NSE
3:43 PM
Sensex Heatmap at Close :: Only 4 constituents end the day in the green
3:42 PM
CLOSING BELL
Amid around 2 per cent gains in Reliance Industries and HDFC Bank, the benchmark S&P BSE Sensex and Nifty50 managed to contain losses but still closed 0.96 per cent lower.
The Sensex index ended at 48,564 levels, down 470 points or 0.96 per cent, on the BSE with RIL, Titan , HDFC Bankm and ITC ending the day as the only gainers. On the downside, ONGC (down 5 per cent), Sun Pharmaceuticals, Bajaj Finance, and PowerGrid remained as top drags. The index hit an intra-day low of 48,404 today.
The Sensex index ended at 48,564 levels, down 470 points or 0.96 per cent, on the BSE with RIL, Titan , HDFC Bankm and ITC ending the day as the only gainers. On the downside, ONGC (down 5 per cent), Sun Pharmaceuticals, Bajaj Finance, and PowerGrid remained as top drags. The index hit an intra-day low of 48,404 today.
Nifty50, meanwhile, gave up 14,300 and ended at 14,281 levels, erasing 152 points or 1 per cent. 44 of the 50 constituents ended the day in the red.
3:29 PM
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3:23 PM
Bears tighten grip; Sensex slumps over 550 pts
3:13 PM
Metal stocks crack; Nifty Metal index tanks 4%
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First Published: Jan 18 2021 | 8:06 AM IST
