Business Standard

Sensex snaps 2-day winning run, slips 289pts; Nifty below 17100; banks fall

CLOSING BELL: Selling in heavyweights like SBI (down 2 per cent), HCL Tech, Infosys, Reliance Industries, HDFC Bank, HDFC, and ICICI Bank weighed on the benchmarks

Image SI Reporter New Delhi
Sensex snaps 2-day winning run, slips 289pts; Nifty below 17100; banks fall

CLOSING BELL

Stock market highlights: Equity markets staged a U-shaped trade on Thursday as investors juggled between the US Federal Reserve's interest rate decision, and weekly F&O expiry. Globally, the US Fed  hiked rates by 25 basis points on Wednesday, but signalled just one more hike this calendar year. However, US Treasury Secretary Janet Yellen said that regulators are not looking to provide any "blanket" deposit insurance to stabilise the US banking system, without working with lawmakers.

Given this, the S&P BSE Sensex settled near the day's low level of 57,839, at 57,925, down 289 points or 0.5 per cent. The Nifty50, too, ended at 17,077, down 75 points or 0.44 per cent. 

Check today's buzzing stocks

Selling in heavyweights like SBI (down 2 per cent), Kotak Bank, HCL Tech, Infosys, Reliance Industries, HDFC Bank, HDFC, and ICICI Bank weighed on the benchmarks. Elsewhere, realty, energy, and PSU bank stocks kept broader markets in check.

The BSE MidCap and SmallCap indices fell 0.45 per cent, and 0.15 per cent. 

4:13 PM

COMMENT:: 50 bps rate hike by Swiss National Bank dampen mood

"Although the Fed's decision to increase rates by 25 basis points was in line with expectations, concerns were raised by the US Treasury Secretary's statement that blanket insurance for all deposits was not being considered. The domestic market attempted to recoup its initial losses with the help of favourable US futures as the Fed hinted at its plan to pause rate hikes sooner. However, the recovery was short-lived due to a sluggish start in the European market led by a 50 bps hike by the Swiss National Bank."
 
- Vinod Nair, Head of Research at Geojit Financial Services
 
4:13 PM

COMMENT:: Nifty to remain sideways between 16,720 - 17,500

“The Nifty Index will remain in a sideways territory between the levels of 16,720 on the downside and 17,500 on the upside. A decisive candle close beyond these levels is what would decide the next course of direction for the Index. For the coming monthly expiry, the 17,000 PE did not shed any OI today, in spite, of this fall in the Index indicating that expiry traders are not expecting the market to go significantly below the 17,000 level."
 
- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform
 
4:09 PM

Global Surfaces makes stellar debut; soars 22% premium over issue price

It earns 99% of its revenues from overseas markets like US, Canada and the Middle East. Segment wise, engineered quartz make for 83% of its revenue while natural stones make for 17%. READ MORE

chart

4:07 PM

Tega Industries rallies 6.5%, hits 52-week high on strong growth prospects

Last month, National Company Law Tribunal (NCLT) approved Tega's Resolution Plan for the acquisition of McNally Sayaji Engineering through Corporate Insolvency Resolution Process (CIRP). READ MORE

chart

4:04 PM

Hindustan Aeronautics sheds 5% as govt offloads partial stake via OFS

The government will be offloading 3.5 per cent stake in the company through an Offer for Sale at Rs 2,450 per share from March 23 - 24, 2023. READ MORE

chart

4:02 PM

GR Infra jumps over 6% on emerging L-1 bidder for Rs 872 cr project

Shares of GR Infraprojects jumped over 6 per cent in Thursday's trade, after the company emerged as the L-1 bidder for a six-lane project worth Rs 872.17 crore in Maharashtra. READ MORE

chart

4:00 PM

Infosys nears 52-week low; stock slips 12% in one month on growth concerns

Following recent developments around bankruptcy of Silvergate, SVB and Signature Bank in the US and UBS-CS merger will likely lead to further curtailing of discretionary tech spends in the near term. READ MORE

chart

3:58 PM

Nazara Tech jumps over 3% intra-day on buying majority stake in Pro Football Network

Brokerage firm ICICI Securities has a 'Buy' rating on the stock with a target price of Rs 700 per share. READ MORE

chart

3:56 PM

VA Tech Wabag rallies 6.5%, hits 3-month high on strong growth outlook

The company has won a design, build and operate (DBO) order in Bangladesh worth Rs 800 crore, fully funded by World Bank & AIIB. READ MORE

chart

3:54 PM

Star Cement soars 5.7%, nears 52-week high on heavy volumes

The long-term demand prospects remain positive given the government's thrust on the affordable housing and infrastructure segments, ICRA said. READ MORE

chart

3:52 PM

Market Breadth was negative; 192 stocks hit 52-week lows

chart

3:50 PM

BSE Smallcap Heatmap:: SPARC, JK Tyre zoom over 11%; Vakrangee slumps 9%

chart

3:48 PM

BSE Midcap Heatmap:: Gland Pharma, Oil India shine; HAL, Page Industries whine

chart

3:44 PM

Nifty PSU Bank index drops 1.7%; Bank of Baroda, PNB, SBI slide

chart

3:42 PM

Broader indices fall in tandem with benchmark Nifty 50; India VIX dips 2%

chart

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 23 2023 | 8:19 AM IST

Explore News