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Sensex down 208 pts, Nifty below 18,650 day head of RBI decision; PSBs gain

CLOSING BELL: Among sectors, the Nifty IT index fell 1.5 per cent, while the Nifty PSU Bank index gained 1.2 per cent

SI Reporter New Delhi

Bombay Stock Exchange

CLOSING BELL

Stock market highlights: Equity markets remained weak on Tuesday after hotter-than-expected services data for November spooked Wall Street investors overnight on Monday. A rebound in employment level, along with pick-up in service activity, fueled fears that the US Federal Reserve may stay on course regarding rate hikes.

Back home, nervousness ahead of the Reserve Bank of India's (RBI's) interest rate decision on Wednesday kept investors on the sidelines.

The S&P BSE Sensex fell 208 points, or 0.33 per cent, to end at 62,626, while the Nifty50 closed at 18,643, down 58 points or 0.31 per cent.

ALSO READ | Rally in PSU banks to sustain on higher margins, loan surge: Morgan Stanley

The indices were dragged by Tata Steel, BPCL, Dr Reddy's Labs, Hindalco, UPL, Infosys, TCS, Bharti Airtel, ICICI Bank, HCL Tech, Tech M, SBI, Hero Moto, and Maruti Suzuki. On the upside, Adani Enterprises, HUL, Bajaj Auto, Nestle India, PowerGrid, Axis Bank, Bajaj Finance, HDFC, and RIL lent support.

The broader markets, too, fell in tandem with the benchmarks with the BSE MidCap and SmallCap indices dropping 0.53 per cent and 0.32 per cent, respectively.

Among sectors, the Nifty IT index fell 1.5 per cent, while the Nifty PSU Bank index gained 1.2 per cent.

Rupee back below 82

Extending its weakness into second straight day, the domestic currency weakened below the 82 per US dollar mark on Tuesday. The rupee lost nearly 80 paise in the intra-day trade and hit a low of 82.64/$. It, eventually, closed at 82.62 as against Monday's close of 81.80 per USD.

4:09 PM

Nifty view: Index may trade sideways in 18,600 - 18,800 band

"Investors mostly remained on the sidelines as they preferred waiting for the RBI monetary policy announcement. The Nifty found support around the previous low before closing a bit higher. The trend may remain sideways as long as the index remains within the bands of 18,600 - 18,800. Any decisive move on either side will induce a directional move."

- Rupak De, Senior Technical Analyst at LKP Securities

4:08 PM

Bank Nifty Outlook: Short covering likely above 43,500

"The BANK NIFTY index witnessed mild profit booking a day before the key event of RBI policy. The index is stuck in a broad range between 42,800-43,500 and a break on either side post the event will witness some trending moves. The undertone remains bullish and if holding long positions the level of 42,800 should act as a strict stop loss. The index if breaks above 43,500 will witness a sharp short covering move on the upside towards 44,200-44,500 levels.

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:07 PM

COMMENT:: Markets fall amid unfavourable global cues

"Bears kept pushing domestic indices lower amid unfavourable global cues, with significant selling in metals and IT stocks. The mood was dampened by renewed concerns over policy tightening by the Fed in response to strong economic data out of the US. However, while easing COVID curbs in China benefited the demand outlook, fresh sanctions on Russian oil further added volatility to global oil markets. Investors at home await the RBI policy meet tomorrow, which is expected to slow the pace of rate hikes, in light of easing food prices"

- Vinod Nair, Head of Research at Geojit Financial Services.

4:03 PM

Adani Group shares trade firm in weak market

Shares of Adani Group companies were trading firm, gaining up to 3 per cent on Tuesday in an otherwise weak market amid positive newsflow. Adani Enterprises, the flagship company of Adani Group, was up 3 per cent at Rs 4,057.35. It was trading close to its record high level of Rs 4,098.10 touched on November 16. READ MORE

4:01 PM

Ion Exchange hits new high; gains 6% in two days on securing IOCL order

In the past one month, the stock price of Ion Exchange has zoomed 41 per cent, as compared to 2.7 per cent rise in the S&P BSE Sensex. The company recently won Rs 343.36 crore order from Indian Oil Corporation. READ MORE

3:59 PM

Westlife Foodworld soars 6%, hits new high on strong revenue growth guidance

Shares of Westlife Foodworld (WFL), the master franchisee of McDonald's restaurants for West and South India, moved higher by 10 per cent to Rs 815.25, hitting a fresh record high on the BSE. READ MORE

3:57 PM

Five-Star Business Finance hits 20% upper limit

Shares of Five-Star Business Finance Ltd (FSBF) zoomed 20 per cent to Rs 624.35, hitting its highest level since listing on Tuesday. The stock of the non-banking finance (NBFC) made its market debut on November 21. The stock of FSBF is now 31 per cent higher against its issue price of Rs 474 per share. READ MORE

3:55 PM

Bajaj Consumer rallies 5% in intraday deals as board to consider share buyback on Friday

Shares of Bajaj Consumer Care gained 5 per cent at Rs 184.65 in intra-day deals, after the personal care products' company announced that it's board will meet on Friday, December 9, to consider share buyback proposal. READ MORE

3:53 PM

Astra Microwave jumps 5%; board to mull Rs 400 crore-fund raise on Friday

In the past three months, the stock of the aerospace & defence company has underperformed the market by falling 2 per cent, as compared to a 6 per cent rise in the S&P BSE Sensex. READ MORE

3:51 PM